The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The
I financial.
ntrit
VOL. 130.
SATURDAY, MARCH 22 1930.
NO. 3378.
ever man does, the fertile soil remains; a heritage
and patrimony, glorious in power and potentiality.
PUBLISHED WEEKLY
Titles are told in the language of section, township,
Terms of Subscription—Payable in Advance
and range. For all this, there are no two farms
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00 alike.
In Dominion of Canada
11.50
6.75
Other foreign countries, U. S. Possessions and territories... 13.50
7.75
Of late years politics has invaded this magnificent
The following publications are also Issued. For the Bank and Quotation Record the subscription price Is $6.00 per year: for all the others Is
$5.00 per year each. Add 50 cents to each for postage outside the United domain, offering the "Law" as a means of relief
:States and Canada.
COMPENDIUMS—
MONTHLY PUBLICATIONS—
from the vicissitudes that Nature brings upon the
PUBLIC U
rr—(semi-annually)
BANE AND QUOTATION RECORD
RAILWAY & INDUSTRIAL—(f3UP IL year) MONTHLY EARNINGS RECORD
farmer. With the Law there is offered money out
STATZ AND MUNICIPAL—(s01121-8/111.)
of the public treasury in the form of loans. The
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request last effort in this behalf is a Federal Farm Board,
CHICAGO Orrics—In charge of Fred. H. Gray, Western Representative,
empowered to buy grain in behalf of price-fixing.
208 South La Salle Street. Telephone State 0613.
LONDON ()slums—Edwards & Smith, 1 Drapers' Gardens. London. E. 0.
Congress and this Board have caught the fever of
WILLIAM B. DANA COMPANY, Publishers,
"co-operation." It is a beautiful dream—that ends
William Street, Corner Spruce. New York
in Russia in "collectivism"; and in the United States
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor Jacob Seibert: Business Manager, William D. Riggs
:
Tress.. William Dana Seibert; See., Herbert D.Seibert. Addressee of all, Office of Co. in grain corporations, manned by theorists to manage dirt farmers. Dreams add not a single acre to
the "bread-basket of the world," plant no seeds, plow
no furrows, fertilize no fields, build no "corn-pens"
Change of Address of Publication.
or wheat bins, haul no harvests to market. Dreams
The Commercial & Financial Chronicle,
give rise only to laws, boards, co-operatives. These
having long suffered from inadequate
control no winds that carry the rain-bearing clouds;
facilities for handling its growing size
scatter no storms that they no longer harry the
and growing subscription list, has moved
earth; mitigate no droughts that sometimes parch
into new and larger quarters, and is now
the grasses and burn up the corn. They work not
located at
from sunrise to sunset. They promise, but never perWilliam Street, Corner Spruce.
form. Despite their spontaneous and ever-increasP. 0. Box 958.
New York City.
ing numbers, they cut no weeds, turn no furrows.
In this vast valley of the interior that constitutes
the nation the wealthiest and strongest of earth,
The New Godmother of Agriculture, the Farm criss-crossed by hundreds of thousands of farms priLoan Board—Reducing Acreage.
vately owned there is great general uniformity; but
When the bluebird sings, down in the far-famed Nature provides variety. No two farms, irrespective
Middle West, they know "right-off it sure enuf is of size, are or can be alike. Over the huge area grow
spring"! The rolling prairies, instinct with life, succulent grasses, wheat, oats, rye, corn, alfalfa,
take on a tinge of green. Immemorial fields awake kaffir corn, foodstuffs for man and beast, a sufwith expectancy. And the farmer goes forth to ficiency for a growing population and a surplus for
scatter grain in good ground! He knows every acre -export. Toward the South cotton blooms; in the
of his soil and what it will produce. For the most Far West citrus fruits invite to intensive culture;
part, the detritus of falling vegetation for a million everywhere there are bounteous orchards; and there
years has given him a rich black loam that will are forests of many woods. But he who owns a secrespond to almost any call. There are uplands and tion, a half, a quarter or a quarter quarter, operates.
lowlands. Creeks wind their sinuous ways to small He is the master of his own menage. He knows every
rivers, and these to the mighty streams that reach rocky hillside, every bit of ash-land, every stumpy
the Gulf.
field, every wash, gully, brush-patch, on his own
The vast interior has been surveyed and section- farm; and knowing, makes the most and best of it.
ized. Usually roads follow the section lines. Now, This is his problem. Often before him his father
transcontinental highways, North and South, East sowed, cultivated, reaped. His acreage is part of
and West, span the continent. The covered-wagon him. Bed soil, ashen, or black, thin or deep, heavy
has given way to the railroad and the air-rail line. or mellow, creek bottom or prairie upland, he knows
Thousands of small cities dot the plains. Yet, what- what each field will do, and all the organizations,
„
g nxantial Thronult
1890
FINANCIAL CHRONICLE
the laws and boards in the land can tell him nothing
of value.
This "dirt-farmer" is wise in the lore of experience. When a new and brilliant Federal Farm
Board at Washington tells him to reduce his acreage
in wheat to prevent a surplus and enhance price, he
wonders what "the world is coming to." When it
tells him to join the farmers' "co-operative marketing association" or "hoe his own row" he often prefers the latter. And when he is not carried away
by the theories of his professional guides he sticks
to the fashions of his fathers. He no longer plows
with a forked stick or reaps his grain with a scythe
or a sickle; he has more or less all the new machinery; but he claims the right to select his own
fields for planting and to value the varying qualities
of his own soil.
For if he gives this up what is there left but serfdom? How muc!1 more free is he than the collectivist
peasants of Russia To limit his acreage in corn,
wheat or cotton is to disorder his farm and deride
the bounty of Nature. Well, springtime comes.
Whether a member of the organization or the cooperative, in or out of the schemes of the Federal
Farm Board, he finds he must yield to the force of
cireumstances. He cannot follow the far-off command of his would-be benefactor. His corn and
wheat lands are not so easily interchangeable.
Theory may be all right, but practice is imperative.
So in the springtime the sower goes forth to scatter the seed in good ground. We will suppose our
farmer owns a farm of one hundred and sixty acres.
If he is in the "spring wheat" country he may yet
do something toward reducing his wheat crop 25%.
But being a Midwest grower of fall wheat it is too
late. Still he ponders on the advice and request
of the Federal Farm Board, for in the fall he must
do something. He has sixty acres. A lusty field,
level, slightly rolling, near to his barns, and the
road—a tract specially adapted to wheat. Will it
be better to abandon the far end or the near? What
will he plant in place of wheat? It requires some
reasoning. For years, with little fertilizer, he has
put the field in wheat—it may be a little too much
in a well-balanced farm, but it always produces well
—averaging 20 bushels to the acre. Twelve hundred
bushels of even dollar wheat is 41,200; 45 acres is
$900—shall he heed the appeal of his far-off mighty
friend, the Federal Farm Board, and reduce his
assured income three hundred dollars? Corn may
be planted, but will corn bring as much or be as
sure a shot as wheat? Well—time enough to think
of this in the fall, and, for that matter, what difference will his small amount make in the whole?
Of course dollar and a quarter wheat will be very
acceptable, but will a 25% reduction in acreage produce a 25% increase in price? Only if all farmers
do so—and no assurance then. There are other
wheat countries besides the United States. To reduce and trust to others to do the same, even in
the Midwest, is not exactly comforting. To reduce
on a gamble that reduction will raise price is a
[VoL. 130.
guess and hazard at best. After all, what is the
Midwest production in the total world-crop? That
controls price, every farmer knows. Oh, but the
Federal Farm Board, now patron saint of the old
vocation of agriculture, has ;500,000,000 to peg the
price, and is making a valiant effort to do so. But
when the next crop-time rolls around, what price
will it determine is the proper one? It is a gamble,
any way you look at it—and there is gamble enough
in the business as it is.
This Board is even dealing in futures in order to
save its losses or equalize them in case of an unforeseen slump. Our farmer is puzzled. He deals only
in cash wheat. He often wishes there were no dealers in futures. Only yesterday he read of the establishment of an exchange for dealing in futures in
hogs! Talking of counting the chickens before they
are hatched—this is counting the pigs before they
are born. One thing seems certain, if it is a drouthy
year, 60 acres of wheat is a better proposition than
45 acres.
Yes, there is gamble enough. When the wheat is
heavy and ripe and yellow, "waving like a sea of
gold," a storm may come and lay it low. The reaper
cannot reap. There may be a dead loss. Why
gamble with reduced acreage at the will of a Federal Farm Board, created to fulfill a promise of the
Republican party to aid the "poor farmer"? It is
politics pure and simple—and the "dirt farmers"
know it. Congress is great, the Federal Farm Board
is wise, but Providence controls. This our farmer
knows in his cogitation—if he is allowed to sow his
land to corn, and alfalfa and grass as well as wheat,
one crop will be good—he cannot lose, he has never
lost, on all counts. So, now, as he turns the black
furrows in the field beside the tract of wheat, as he
watches his dairy cattle grow sleek in his grass
pastures, as he prepares for the first cutting of his
alfalfa, in his low ground, he is forced to the conclusion that it is better to trust in God than in the
Federal Farm Board. He has done so for lo these
many years, and though his occupation is precarious,
though it is beaten upon by the whole world's production and markets, he has never starved. He loves
his lands and his home. Unemployment to him is a
myth. He is independent, and asks no alms. And
the spring is benign and beautiful.
The Financial Situation.
A surfeit of banking credit has suddenly become
available and interest rates for all classes of loans
have been declining the present week with a rapidity
that probably has no parallel in the past. The Bank
of England on Thursday further lowered its rate
from 4% to 31 2%, but it is in New York that mone/
tary congestion has become especially pronounced.
Call money renewed on the Stock Exchange on
Thursday at 2%, being the lowest renewal figure
since November 1924. And the result has been to
revive speculation for the rise on the Stock Exchange. That, however, is not so significant as the
tumble in rates for bankers' acceptances. These
have been marked down day after day, no less than
five reductions of / 0 each having been made dur1 87
MAR. 22 1930.]
FINANCIAL CHRONICLE
ing the week, namely, one on Tuesday, two of/
%
1
2
on "Wednesday, and two of/ on Thursday. This
%
1
2
followed, howeover, two reductions of/ last week
1
2
%
and three reductions the previous week, making altogethsr 10 reductions of y each since the beginning
8%
of the month.
The result is that the rates running for 30 days,60
days, 90 days, and 120 days are all down to the
extremely low figure of 258% bid and 2 % asked.
/
/
1
2
Funds appear to have been pressing for employment
from all quarters, and the action of the Federal Reserve Bank of New York last week in reducing its
rediscount rate from 4% to 31 2 obviously had the
/%
intended effect of accentuating the prevailing ease.
But what has perhaps served still more to add to the
prevailing ease has been the course of the Reserve
Banks in thrusting out Reserve credit through .their
open market operations. The member banks are fast
reducing their borrowing at the Reserve institutions,
no longer being in need of Reserve credit, and, besides, being unable any longer to make a profit out
of the operation, since money rates are ruling so
low. Bankers' acceptances for the same reason are
no longer finding lodgement with the Reserve Banks.
But these latter are repeating their practice of three
years ago of thrusting Reserve credit out in a market
already glutted with banking funds instead of allowing the diminution in member bank borrowing to
have its natural effect in restoring the proper equilibrium.
The present week the Reserve Banks have further
enlarged their holdings of United States Government
securities in amount of no less than $47,326,000. In
part this is due to temporary borrowing by United
States Treasury, but only in part, not more than
$29,000,000 representing temporary certificates
issued by the Treasury to the New York Reserve
Bank pending the collection of the quarterly income tax payments. The fact is, the process of enlarging the holdings of Government securities has
been in progress for a long time, with the result that
these holdings the present week stand at$561,439,000,
at which figure comparison is with only $185,351,000
a year ago on Mar. 20 1929. That tells the story of
what is going on plainly enough.
The glut in the money market is having one fortunate result. It is working an improvement in the
bond market, and in that respect is not without
attendant good. Bond prices, indeed, have been rising in a perfectly noteworthy fashion, and it is possibe that the pace may be too fast, though, on the
other hand, it is to be remembered that bond values
suffered great shrinkage during the last two years
at a time when the stock market was being skyrocketed and bonds were in decided disfavor. Accordingly, an upward rebound now can hardly be
deemed out of order. High grade issues have been
especially prominent in the upward movement, but
second grade issues have not failed to participate
in the general upward course of bond prices.
A
few illustrations will serve to indicate the
character and extent of the appreciation that is under
way. Thus Achison general 4s, which closed Feb. 28
at 924, closed yesterday at 951/4; St. Louis-San
3
Francisco cons. 4y which closed Feb. 28 at 90 ,
2s,
/
1
2
closed yesterday at 94½; Chicago-Milwaukee-St.
Paul & Pacific 5s series A, which sold Feb. 28 at
92%, closed yesterday at 96; Southern Ry. gen. 4s
sold Feb. 28 at 89%, but closed yesterday at 92;
Missouri Pacific gen. 4s, as against 75 Feb. 28, closed
1891
yesterday at 81%, and Chicago & Great Western 4s,
as against 65 Feb. 28, closed yesterday at 70y..
Another good effect of the ease in money is that
foreign loans are once more being floated in the
American market with considerable ease and great
freedom. The present week a number of these have
appeared among the public offerings. Yesterday a
syndicate headed by Dillon, Read & Co. brought out
$40,000,000 Royal Dutch Co. 4% debentures. The
National City Co. has brought out a $20,000,000
issue of Rhine-Westphalia Electric Power Corp. 6s.
The banking syndicate which early in the month
offered $5,000,000 City of Sydney (New South
Wales, Australia) 25-year 51 2% sinking fund gold
/
bonds has this week made another offering of
$5,000,000. Still another banking syndicate has
placed ,000,000 City of Helsingfors (Finland) 30year 6 % external sinking fund gold bonds. Cer/
1
2
tain American bankers have also participated in the
underwriting of a 6% Spanish loan. The loan is for
350,000,000 pesetas, and 15,500,000 pesetas were subscribed for by two American institutions exclusive
of 6,000,000 pesetas taken by the English affiliate of
an American banking house. All this will be beneficial in supplying foreign countries with means for
enlarging their activities, and should also serve to
equalize money conditions if only our Federal Reserve authorities can be prevailed upon to stop meddling and keep their hands off. Economic law can be
depended upon to work its own corrective.
The trade outlook cannot be said to show any signs
of a change for the better, notwithstanding the reassuring statements that come with increasing frequency from Washington. The Washington authorities are to be commended for their efforts to promote
trade revival, which everyone earnestly desires to
see brought about, but it seems to us that they are
proceeding in the wrong direction. Their efforts are
directed mainly toward creating activity in the
building trades and in prosecuting construction
work, and it is precisely there where there is the
greatest need for going slow and for bringing about
readjustments before it will be possible to go ahead
with promise and assurance.
Some plain truths are beginning to be told about
conditions in the building trades, and they should
serve as an eye-opener. Testimony along right lines
is coming from unexpected quarters. Colonel Ayres
of the Cleveland Trust Co., in the March 15 "Business Bulletin" of that company, makes some admissions which must be regarded as highly enlightening
at this time. He undertakes a comparison between
building booms and stock market booms, greatly to
the disadvantage of the former, and in so doing incidentally throws a flood of light upon the building
situation which cannot but serve a good purpose
coming at the present time. In the course of his
discussions Colonel Ares points out that if cheap
and abundant credit could effect a recovery in building, and especially in residence construction, the
prompt return of prosperity would be made sure.
Building booms destroy depressions. So far this
year the progressive easing of credit conditions has
had a stimulating effect on security prices, but it
has not succeeded in checking the long decline in
residence building. The reason for this does not
seem far to seek, he well says. During several years
past the American people have used truly enormous
sums of our national savings for two sorts of invest.
1892
FINANCIAL CHRONICLE
ments, the purchase of homes, and the purchase of
securities. It was a period of prosperity in two
phases. First, every city had its real estate boom,
and then every exchange had its stock market boom.
The two kinds of booms overlapped and intermingled. Finally both booms flattened out, the real
estate boom going down first.
Probably it is true, Colonel Ayres observes, that
the nation-wide shrinkage of values, from the top
figures to the present ones, has been greater on the
real estate than it has been on the securities. While
the two sets of booms were going forward great
amounts of credit were being extended in the form
of loans to help purchase real estate, and loans to
help buy securities. Now that both booms have
come to an end there is ample opportunity to compare the results of lending on real estate with those
of lending on securities, and the comparison is painfully to the disadvantage of the real estate loans,
Colonel Ayres thinks. Foreclosures and tax sales, he
declares, are everywhere numerous. "Many building and loan companies have suspended. Almost
every bank has taken losses on its real estate loans,
and is still taking them."
Colonel Ayres argues that one reason for the lack
of activity in the building of new houses and apartments is the scarcity of funds for junior financing,
usually in the form of second mortgage loans, but
behind this scarcity lies the still more important
fact that second mortgage credit is hard to obtain
because many of those who have extended such loans
during the past several years have had bad experiences with them.
In normal times the value of residence construction is about equal to that of all other forms of
building combined. In the summer of 1928 a decline
in residence building began which has continued so
far that the recent figures show the values for that
sort of construction to be only about one-half as
great as those for the other classes. The clear fact
is, he observes, that there has been a good deal of
over-building in American cities in recent years, and
the evidence of this is found in the marked and widespread increase in real estate foreclosures and tax
sales. These forced sales constitute the real explanation of the virtual disappearance of new second mortgage loans. "The scarcity of such junior credit for
building is in reality a result of former over-building,
and in only secondary degree a cause of present
under-building. This situation will be helped by a
general easing of interest rates, but probably the improvements resulting from that influence will come
somewhat slowly."
One further point, not made by Mr. Ayres, deserves emphasizing. Building has not only in many
cases been overdone and recklessly carried on, but it
has been conducted in very extravagant fashion.
This is especially true as regards labor costs, which
by all odds constitute the most important item in
building construction work. In cities like New
York, where the demand for building and for labor
in all the allied trades has been very active in more
recent periods, every opportunity has been availed
of by the laboring element to take advantage of the
situation, by imposing higher and still higher levels
of wages. Indeed, it is no exaggeration to say that
building contractors have been gouged at every stage
of their work. Bricklayers are getting $15 a day
and make $75 a week working only five days during
the week. They will not work for less even when
[Vol.. 130.
there is very extensive idleness in the building
trades. Some classes of employees get as much as
$18 a day and disdain taking less.
The union leaders in the different trades profess
a desire to co-operate with the President in preventing large-scale unemployment by graciously agreeing not to ask for any further advances in wages,
which are forsooth already preposterously high. It
might as well be recognized that there can be no
revival in building while such conditions continue.
That that is so is made plainly evident from the
building statistics for this city. These show plans
filed involving aggregate expenditure of only $23,757,921 in February 1930 against $106,296,335 in
February 1929 and $122,449,025 in February 1928.
In the Federal Reserve statements this week a
further large growth in brokers' loans is again the
feature. After an increase of $137,000,000 last week
and $94,000,000 increase the previous week, making
an addition for the two weeks combined of $231,000,000, there is a further increase the present week
of $121,000,000, giving an expansion of $352,000,000
for the three weeks. Such figures show clearly how
speculation on the Stock Exchange is again proceeding and developing. It happens again, as was the
case last week, and the week before, that the increase
is entirely in the loans made by the reporting member banks in New York City for their own account
and in those made for account of out-of-town banks,
loans "for account of others" continuing to diminish.
The reason for the diminution in this latter case is,
of course, perfectly clear. With call loans ruling at
the very low figure now prevalent there is no inducement for large capitalists to indulge in direct lending on the Stock Exchange. The loans for own account increased during the week from $1,146,000,000
to $1,266,000,000, and those for account of out-oftown banks from $1,079,000,000 to $1,171,000,000,
while loans "for account of others" fell from $1,494,000,000 to $1,404,000,000. The grand total under the
three headings combined stands at $3,841,000,000 the
present week against $3,720,000,000 last week, but
comparing with $5,793,000,000 a year ago on
Mar. 20 1929.
Money is in such abundant supply that the member banks still keep reducing their borrowing at the
Federal Reserve institutions, notwithstanding the
expansion in brokers' loans. This week there has
been a further reduction in the discount holdings of
the 12 Reserve Banks (which discount holdings reflect'member bank borrowing) from $266,338,000 to
$205,634,000. The holdings of acceptances have also
sharply declined, falling from $256,538,000 to $185,017,000. As against this, however, as already remarked further above, the 12 Reserve Banks have
increased their holdings of United States Government securities from $514,113,000 to $561,439,000, at
which figure comparison is with only $185,351,000
12 months ago on Mar. 20 1929, which shows how
persistently the Reserve institutions have adhered to
their policy of offsetting,in part at least, the diminution in member bank borrowing by purchases of
United States Government securities. However, in
face of the increased holdings of Government securities, total bill and security holdings this week are
down to $960,870,000 as against $1,049,069,000 last
week. Federal Reserve note circulation declined
during the week from $1,609,006,000 to $1,583,701,000. Gold reserves are somewhat smaller at
MAR. 22 1930.]
FINANCIAL CHRONICLE
1893
/
/
$3,036,037,000 Mar. 19 as against $3,039,159,000 on Harvester at 9478 against 9034; Sears, Roebuck &
Co. at 88 against 88; Montgomery Ward & Co. at 41
Mar. 12.
/
against 43 ; Woolworth at 641 8 against 64%; Safe/
1
2
Further revival of activity has marked the course way Stores at 100 against 102; Western Union Tele/ American Tel. &
1
4;
of speculation on the Stock Exchange during the graph at 204 ex-div. against 209
/,
/
present week. Ease in money has been the stimu- Tel. at 24738 against 23778 and Int. Tel. & Tel. at
/.
/
1
2
lating influence, and to this the market responded 64 ex-div. against 6378
Allied Chemical & Dye closed yesterday at 288
with great promptness and readiness. The call loan
rate on the Stock Exchange at no time during the against 268 on Friday of last week; Davison Chemweek ruled higher than 3 % prior to Friday, and on ical at 41% against 41; E. I. du Pont de Nemours
/
1
2
/
1
2
/
Wednesday the rate dropped as low as 2%, and at at 13614 against 128 ; Radio Corp. at 51% against
/
this figure even renewals were effected on Thursday, 502 General Electric at 7714 against 75%; Na/
1;
being the first time that accommodation has been tional Cash Register at 65% against 77%; Fox Film
/
1
2
available at so low a figure since Nov.18 1924. Later A at 29% against 34 ; International Combustion
on Thursday, however, the Stock Exchange call loan Engineering at 10% against 7%; International
rate advanced to 2 %, and yesterday it rose to Nickel at 411 8 against 38%; A. M. Byers at 99
/
/
1
4
/
1
2
4 %. The volume of business has been steadily against 92%; Simmons Co. at 48 against 53 ; Tim/
1
2
/
1
2
expanding, transactions running in excess of ken Roller Bearing at 83% against 82; Warner Bros.
4,000,000 shares a day on every day after Monday. Pictures at 76 against 69%; Mack Trucks at 8538
/
1
2
/
Prices have moved appreciably higher all through against 81; Yellow Truck & Coach at 23% against
the different lists of stocks, though not a few share 21%; Johns-Manville at 138 against 13614; Gillette
/
/
1
2
properties have proved exceptions to the rule and Safety Razor at 841 8 against 89 ; National Dairy
/
have moved lower, this being true more particularly Products at 51% against 49%; National Bellas Hess
of some of the specialties. It appeared at times as at 12 against 1278; Associated Dry Goods at 4178
/
/
if pretty liberal distribution was going on in certain against 43%; Lambert Co. at 103 against 10634;
/
1
2
/
stocks under the cover of the advances in the general Texas Gulf Sulphur at 63% against 602 and Kol/
1
,
list. It is not possible to say to what extent the ster Radio at 4% against 5.
public has been, participating in the speculation,
The steel shares have been foremost in the week's
though unquestionably the market has been in the rise, notwithstanding the slowing down of the steel
hands of the room traders, and these have been gov- business. United States Steel closed yesterday at
erned almost entirely by considerations growing out 190% against 179% on Friday of last week; Beth/,
of the ease in money. And the fact that accounts lehem Steel at 104 against 10038 and Republic Iron
regarding the steel trade have been growing steadily & Steel at 75 against 74%. The motor stocks have
less favorable from week to week, and that evidence also moved higher. General Motors closed yesterof a setback in general trade is multiplying has been day at 48 against 45 on Friday of last week;
/
1
2
/
1
2
entirely ignored. The action of the Bank of England Nash Motors at 48 against 4778; Chrysler at 40
/
/
1
2
on Thursday in making still another reduction in against 3734; Packard Motors at 22% against 212
/
1;
/
its discount rate, this time to 3 %,tended still fur- Hudson Motor Car at 581 8 against 5478 and Hupp
/,
/
/
1
2
ther to strengthen reliance upon ease in money as Motors at 21 against 21. The rubber group has
/
1
2
the controlling factor in the situation, for the time also advanced. Goodyear Rubber & Tire closed yesbeing at least. Accordingly, the rise in prices made terday at 93% against 89 on Friday of last week;
/
1
2
further progress on Friday—though checked some- B. F. Goodrich at 52 against 4814; United States
/
/
1
4
what by the advance in the call loan rate to 4 %.
/
1
2
Rubber at 28 against 27 , and the preferred at
/
1
2
/
1
2
The volume of trading has continued to expand. 5614 against 53.
/
At the half-day session on Saturday the dealings
Railroad stocks have been conspicuous in the upon the New York Stock Exchange were 1,530,730 ward movement. Pennsylvania RR. closed yesterday
shares; on Monday the sales were 3,639,640 shares; at 84% against 81% on Friday of last week; New
on Tuesday, 4,241,300 shares; on Wednesday, York Central at 187 against 182%; Erie RR. at
/
1
2
4,336,260 shares; on Thursday, 4,262,830 shares, and 58 against 57%; Del. & Hudson at 177 against
/
1
2
on Friday 4,629,290 shares. On the New York Curb 172; Baltimore & Ohio at 1202 against 117½; New
/
1
Exchange the sales last Saturday were 603,400 Haven at 12614 against 122 ; Union Pacific at
/
1
2
/
shares; on Monday, 809,200 shares; on Tuesday, 234 against 224; Southern Pacific at 12478 against
/
/
1
2
1,346,200 shares; on Wednesday, 1,164,400 shares; 12114; Missouri Pacific at 93% against 93½; St.
/
on Thursday, 1,248,600 shares, and on Friday, Louis-San Francisco at 11278 against 110%; Mis/
1,106,200 shares.
-Texas at 61% against 53%; Rock
souri-Kansas
Prices are quite generally higher. American Can Island at 12134 against 118; Great Northern at 9934
/
/
closed yesterday at 1481 4 against 14058 on Friday against 9718 and Northern Pacific at 95 against 93.
/
/
/,
of last week; United States Industrial Alcohol at
The oil shares have continued to display strength
100 against 107 ; Commercial Solvents at 3238 on improved outlook for the oil industry. Standard
/
1
2
/
against 33; Corn Products at 9778 against 941/8; Oil of N. J. closed yesterday at 69 against 6578 on
/
/
Shattuck & Co. at 46% against 44%; Columbia Friday of last week; Simms Petroleum at 36
/
1
4
/
Graphophone at 2878 against 281 8; Brooklyn Union against 31; Skelly Oil at 35% against 33; Atlantic
/
Gas at 16734 against 169; North American at 12178 Refining at 48 against 47%; Texas Corp. at 57
/
/
1
2
/
1
2
/
against 117; American Water Works at 1092 against 5478; Pan American B at 55 against 55;
/
/
1
2
/
1
against 1044; Electric Power & Light at 80 against Phillips Petroleum at 38 against 3634; Richfield
/
1
/
1
4
/
785s; Pacific Gas & Elec. at 67
/
/ against 662 Oil at 262 against 27%; Standard Oil of N. Y. at
1
2
/
1
/
1;
Standard Gas & Elec. at 11558 against 115%; Con- 3478 against 33%, and Pure Oil at 2438 against
/
/
/
solidated Gas of N. Y. at 121% against 119%; Co- 24' 8
/.
7
lumbia Gas & Elec. at 941 8 against 903 Public
%;
/
The copper shares have recovered some of their
Service of N. J. at 103 against 95%; International losses of last week. Anaconda Copper closed yester-
1894
FINANCIAL CHRONICLE
/
day at 75 against 701 on Friday of last week; Kennecott Copper at 58% against 55%;Calumet & Hecla
at 28 against 26%; Andes Copper at 33 against
/
1
2
31%;Inspiration Copper at 28% against 2758;Calu/
met & Arizona at 82 against 77½; Granby Consolidated Copper at 5578 against 54%; American Smelt/
4
ing & Refining at 741 against 70%,and U. S. Smelting & Refining at 32% against 30%.
[Void. 130.
and enthusiastic market since the depression of last
autumn which followed the Wall Street slump and
the Hatry crash. The gild-edged list surged forward,
while international issues and British industrial
stocks showed comparable gains. The advance in
gilt-edged issues was continued yesterday, and other
sections of the market also gained.
The Paris Bourse was unsettled in the opening
session of the week by heavy selling of copper issues,
which was followed by weakness in almost all other
issues. Bank shares and chemical issues suffered
substantial losses for the day and rentes also sold
off. Gains registered in the eutire preceding week
were wiped out in the session, dispatches said. Tuesday's dealings were started in a better atmosphere,
but the improvement was not maintained. The
Bourse relapsed into inactivity and prices again
settled down to the low levels of the previous session. Sharp improvement followed in Wednesday's
session, however, owing to an announcement by the
Government that a measure reducing the taxes on
Bourse transactions would soon be brought up in
the Chamber of Deputies. Buying developed after
this statement was made and substantial gains in
prices resulted. Bank stocks and electrical issues
were strongest, but steel shares and railway securities also showed a good trend. Optimism spread on
the Bourse Thursday, owing to the fall in money
rates everywhere and the firmness of all markets.
The tone of the market became buoyant and sharp
gains were registered in all sections of the list.
Depression prevailed on the Berlin Boerse at the
opening Monday and prices sagged in all departments. The unsettlement was due in part to rumors
that President von Hindenburg would refuse to sign
the German-Polish liquidation agreement and thus
probably hold up international legal operation of
the Young plan. The opening Tuesday was more
favorable, but the buying waned later in the day
and prices again fell back. A few issues in the mining group resisted the general trend and showed
small advances. Final approval of the Polish liquidation agreement and reports of firmer markets in
other centers, stimulated the Boerse Wednesday and
the general trend was upward. Prices began to move
up sharply toward the close, with resultant gains in
the artificial silk, electrical and mining groups.
Bank shares also were in demand. Vastly improved
reports from London and Paris stimulated the
Boerse further Thursday, particularly on the announcement of the Bank rate reduction in London.
Buying increased materially and the entire market
advanced, with closing prices the highest of the day.
Stock exchanges in the larger European centers
improved sharply in the week now ending, partly on
the basis of easier money rates and partly because
of a generally more favorable turn in sentiment.
The event of the week was, of course, the reduction
in the Bank of England rediscount rate from 4%
to 3 %,or the lowest figure since July,1923. When
/
1
2
the new rate was announced to the throng of brokers,
messengers and clerks in the corridors of the Bank
of England on Thursday, cheers echoed through the
building, reports said. Stock prices in all centers
responded quickly to the new rate. This development,
moreover,followed reductions in open market money
rates in all financial centers to extremely low levels,
giving added stimulation to the securities exchanges.
The low charges and the added fact that large
amounts of gold are on the way to London gave the
market an inkling of the reduction in the Bank rate.
Complaints were not lacking of the state of trade
and industry and of the steady drift of commodity
prices to lower levels. No visible improvement occurred in Britain or Germany, while reports from
France indicated increased perturbation regarding
trade reaction. General sentiment, nevertheless,
showed much improvement, particularly in London,
where underlying factors for prosperity are now
considered in sight. "History shows," one authority
remarked,"that if Britain gets cheap food and cheap
money a trade revival ultimately follows."
Business on the London Stock Exchange was of
moderate proportions in the first sessions of the
week, and price changes also were small, but in later
dealings stocks moved upward quickly in a general
buying movement. Drastic reductions in money
rates, culminating with the lowering of the Bank of
England rediscount figure Thursday, furnished both
direct and indirect stimulation to the market.
There was much less anxiety regarding the forthcoming budget which Chancellor of the Exchequer Snowden is to present. Unpleasant surprises had been
looked for in this document, but the fall in money
rates is now counted upon to reduce the cost of financing the Government's floating debt and this is expected to offset other features to some extent. Political uncertainties also were allayed, owing to the
decision of the Liberal party leaders to abstain from
Although more than two months have now gone
any action that might endanger the Labor Govern- by since the London naval armaments conference
ment at this time. Stocks were quiet and irregular began its deliberations, little progress has so far been
at the opening Monday, with the gild-edged section made toward the widely proclaimed original aim of
firmer than the rest of the market because of the effecting a reduction in the building programs of
downward trend of money. Although the volume the five naval powers represented. An obvious damof business was again moderate Tuesday, a more per was placed on the discussions last week when
cheerful tone prevailed and prices in all departments both the American and the British delegations inmoved upward. Favorable overnight reports from formed the French that they were unable to enter
New York contributed to the improvement in inter- into agreements for consultation or for mutual asnational issues. The likelihood of a reduction in the sistance in the event of war or the threat of war.
Bank rate was discussed hopefully Wednesday,lend- Broad hints that such pacts would be welcome to
ing particular strength to gilt-edged securities. France were made by Premier Tardieu both at the
British industrials and international issues also opening of the conference on Jan. 21 and in the
shared in the gains. Announcement of the rate re- statement of French policy issued Feb. 13. Foreign
daction Thursday was followed by the most active [Minister Briand took the question up more pointedly
MAR.22 1930.]
FINANCIAL CHRONICLE
1895
early last week, and the American and British state- proposals which had not previously been reported.
ments resulted. This development appeared to make It made clear that the French delegates will refuse
more probable French adherence to the building pro- definitely to participate in a treaty providing for
gram outlined by Premier Tardieu which calls for a naval parity between France and Italy, notwithfleet of 724,000 tons by 1936, as any lowering of the standing the Italian admission that it is not a questotal was predicated on the conclusion of the security tion of tonnage but one of prestige. "Neither will
pacts desired by France. Grave misgivings were France accept any proposal to purchase Italy's surcaused, moreover, by the likelihood that France render on prestige parity by ceding territory in
would seek such a relatively large fleet, sitce the Northern Africa," the dispatch continued. A buildbuilding program of each naval power is based to a ing program by which both countries would agree
large degree on those of all the other powers. A to construct the same amount of tonnage by 1936
high tonnage for France would bring about more was said to be acceptable to France, as this would
building by Britain and Italy directly; a large Brit- leave the French fleet superior at all times by at
ish program would stimulate American building in least the 250,000 tons that it now exceeds the Italian
accordance with the proclaimed desire of this Gov- fleet. On the Franco-British issue no new suggesernment for parity with Britain, and Japanese build- tions were reported, but it was again broadly stated
ing would increase if British and American pro- that the French figures would be revised in the
event of a political agreement.
grams were high.
With developments at this stage, much significance
The outlook for the conference was thus anything
but brilliant after this settlement of the question of was attached to a long private conference in which
security pacts, and a further note of discord was in- Prime Minister MacDonald and Premier Tardieu
troduced by suggestions that a three-Power treaty engaged at the former's official residence last Sunmight be concluded by Britain, America and Japan. day. "Perfect agreement" was reached at this meet"On high American authority it was stated tonight," ing, dispatches reported, that the conference should
a dispatch of Mar. 14 to the "New York Times" said, keep on trying to reach a five-Power agreement. A
"that unshakable bases for a three-Power naval limi- communication issued by the British delegation
tation treaty had been laid and that it was now a thereafter said the two Premiers "considered fully
question of whether the French and Italians could the best means adapted to insure success of the nebe brought to make it a five-Power pact." The state- gotiations." M. Tardieu issued a statement which
ment was made, the report indicated, following what said: "We consider the result sought important
was said to be complete agreement between the enough to exclude all imprudent haste. It is not a
United States and Japan on the much-disputed point question of hurrying; it is a question of succeeding.
of the 70% ratio in large cruisers desired by Japan. I have a conviction we will reach a satisfactory
The agreement was said to represent a compromise, result." The Premiers decided, it was said unofsubject to Tokio's confirmation, whereby the Japa- ficially, upon further efforts along three lines:
nese committed themselves to 60% of the American firstly, further discussion of political agreements
heavy-cruiser displacement, if allowed close to 70% which would enable the French to reduce their proin general auxiliary naval tonnage of the American gram; secondly, discussions by French and British
or British fleets. "In Japanese and other quarters experts in an endeavor to bring the British and
the American optimism was received with great in- French figures nearer together, and thirdly, efforts
terest and what appeared for some reason or other in which the British and Americans would share
to be no little surprise," the "Times" dispatch said. toward persuading Premier Mussolini to abandon
Although it was readily agreed by the Japanese that his oft-proclaimed demand for parity with France.
new figures had been submitted by the American No official meetings of the delegations in which Predelegates, some doubt was thrown on the reported mier Tardieu might have taken part were reported
"complete agreement" Reports from Tokio on this over the week-end. Nevertheless, when the French
development have conflicted. Dispatches indicated Premier left London Monday morning dispatchs deover the past week-end that the plan was being clared that "enthusiasm seemed to go out of the
studied and was apparently acceptable to the Japa- naval conference." Such statements indicate, of
nese Government. On further consideration, how- course, the key position occupied by the French at
ever, the agreement seemed to be less desirable to the meeting.
In accordance with the plan said to have been outJapan. At a conference of the Japanese Ministry
of the Navy and the Navy General Staff, Tuesday, lined by Premiers MacDonald and Tardieu, efforts
the decision was reached that the Cabinet decline were made early this week to secure relaxation by
the American proposal on the ground that it fails Italy of her demand for parity with France. Foreign
to meet fundamental Japanese requirements.
Minister Dino Grandi of Italy, who heads the Italian
More hopeful reports began to emanate from con- delegation, conferred Monday with Mr. MacDonald
ference circles last Saturday when Premier Tardieu and Tuesday with Secretary of State Stimson, but
arrived in London on the first of his projected series the atmosphere of the conference appeared only to
of week-end trips to the British capital. Before his thicken in consequence. It was suggested in a dispreceding Cabinet fell on Feb. 17, Premier Tardieu patch of Tuesday to the New York "Times" that
spent most of his time in London directing the nego- there is, perhaps, "some connection between this
tiations in behalf of France, but since his political atmospheric condition and what Signor Grandi told
troubles at home were in part attributable to his long Mr. MacDonald yesterday, which, while not officially
absences, he decided after reconstructing a Cabinet confirmed,is said to represent a warning that if any
to appear in London only at week-ends. "In his serious attempt were made to place the onus for
short stay here, M. Tardieu hopes to help set things the sad situation on Rome, the Italian delegation
in a straight line both as regards the Franco-Italian might find such a position too painful to permit it
issue and the Franco-British issue," a dispatch to to remain in the British capital." In unofficial
the "New York Times" said. The dispatch hinted at comments on the conference, delegates were reported
4i
1896
FINANCIAL CHRONICLE
as describing the situation as one of "precariousness," while one official remarked simply that the
"gloom is so thick you can cut it with a knife." Discussions proceeded, nevertheless, on such items as
plans for restricting the use of submarines in warfare, indicating that a treaty will result from the
meeting in any event.
Discouragement regarding the prospects for the
conference appeared to spread at London, Wednesday and Thursday, owing to the impasse in the
Franco-Italian situation and the lack of favorable
news from Japan on the reported "complete agreement" between the American and Japanese delegations. Dispatches indicated Wednesday that the
British and American delegations had drawn up
a tentative tonnage schedule, alloting 600,000
tons to France and 500,000 tons to Italy, but both
the French and Italian representatives apparently
took umbrage at this proceeding. The private discussions continued, but no announcement was made
of any results. Foreign Minister Briand, nominal
head of the French delegation, let it be known Wednesday that he would leave for Paris Thursday, but
he explained that he was departing only because it
was necessary for him to appear before the Foreign
Affairs Committee of the Chamber of Deputies. It
appeared subsequently, however, that his return
might be delayed until well into next week, and further discouragement was occasioned by the definite
news that Premier Tardieu would omit his projected
trip to London over the present week-end. "M. Tardieu's continued absence will cause a new and perhaps a serious hiatus in the conference," a dispatch
to the New York "Times" said. "Mr. MacDonald
has evidently not found it practicable to achieve what
the French apparently think he should have achieved,
and indeed if M. Tardieu intends to stay away until
Mr. MacDonald has persuaded Premier Mussolini to
recede on his demand for parity with France, the
French Premier may not cross the Channel for some
time."
Acceptance by the German Government of the
Young plan and the related accords reached in the
conference of governments at The Hague was completed Tuesday when President von Hindenburg
signed the Polish-German liquidation agreement.
He also affixed his signature to the liquidation
arrangements with France, Belgium, Great Britain,
Italy and other countries, but this action was never
in doubt. Some significance attaches, on the other
hand, to formal acceptance of the agreement with
Poland, as much opposition to this pact was registered in the German Reichstag which passed the
measure last week with a vote of 236 to 217. President von Hindenburg indicated at the time that he
entertained some doubts regarding the constitutionality of the measure. On affixing his signature, however, he declared that he was convinced after consultation with the Minister of Justice and other legal
advisers that there were no grounds for objections
on this score. The complete set of Young plan documents having thus been accepted in full by the
Reich, formal action by other parliaments is expected to follow shortly. That all the creditor governments will accept the accords is considered a foregone conclusion, as no objections have been raised
to the settlement in any of these countries. Chancellor Mueller of Germany discussed the Reich's acceptance of the Young plan in a public address last
[Vox,. 130.
Saturday at Stuttgart, and he pointed out again
that the plan must be ratified by the other parties
to it before it becomes legal. Complete ratification
by all countries, he declared, will be followed by a
new influx of capital into Germany, with a corresponding stimulation of trade and industry and a
reduction of unemployment. He admitted, however,
that permanent recovery is possible only through the
accumulation of domestic capital.
Consideration of The Hague agreements was begun
by the important Finance and Foreign Affairs Commissions of the French Chamber of Deputies Thursday, and it was considered likely that the legislation
will be approved by the French Parliament within
the next two weeks. Premier Tardieu urged the
Chamber Commissions to hasten their deliberations,
so that the first installment of reparations bonds
can be issued by the first of May. The date of April 6
was set by the Premier as the time limit for passage
of the legislation is sufficient time to insure the
first issue of reparations bonds this spring, and he
indicated that public subscription might otherwise
be delayed until November. In a Paris dispatch to
the New York "Times" it was indicated that some
party differences might be aired in the Chamber
debate on the Young plan accords, but "serious obstruction" was regarded as unlikely. Foreign Minister Aristide Briand, who with the late Dr. Gustav
Stresemann of Germany was a prime mover in the
new reparations settlement, returned to Paris from
the London naval conference Thursday in order to
aid Premier Tardieu in the explanation of The Hague
accords to the Chamber Commissions.
The problem of double-taxation by France of foreign corporations doing business in that country
was much discussed this week owing to reports that
Paris contemplates the enforcement of an old statute
which would increase still further the taxation on
American industries as well as others. France
already levies a tax on such corporations of 15% on
undivided profits originated in France, while an
additional levy of 18% is made on the dividends distributed by the resident company. The new proposal, according to the reports, is for the resurrection of the 18% extraterritorial tax on dividends,
which in some cases might increase the total tax to
as much as 51%. It was admitted in Washington,
Monday, in view of the reports, that conferences are
being arranged in Paris between the American Embassy and the French Foreign Office for adjustment
of the matter. It was suggested also that a Treasury
expert might be sent to France to take part in these
discussions.
Paris dispatches indicate, however, that little is
likely to develop along this line for some time. "In
well-informed circles," a Paris report to the New
York "Times" said, "double-taxation is looked upon
as affecting perhaps eight or ten commercial issues
now outstanding between France and America and
which may form part of a general commercial treaty
which both countries would welcome but which
France would not enter except on the basis of mutual
concessions. For this reason it would be surprising
if the French Government agreed to a solution of
the double-taxation problem without first having
attempted further to win some of the concessions
she would like to have from America, notably those
concerning tariffs." That settlement of the doubletaxation problem would be indefinitely delayed was
MAR. 221930.]
FINANCIAL CHRONICLE
indicated Tuesday by a decision of the judicial
authorities in France to postpone consideration of
appeals on the matter now pending. The right to
levy the disputed tax has been sustained by lower
courts in France and efforts are being made to secure
a final ruling from the highest tribunal of the
country.
A provisional treaty designed to terminate the
tariff war of the past five years between Germany
and Poland was signed at Warsaw Monday by the
Polish representative, M. Twardowski and the German envoy, Ulrich Rauscher. Commercial and political interests in both countries expressed gratifi
cation at the conclusion of the accord, as the tariff
war had produced much friction. In commenting
on this agreement and on the liquidation accord
signed the following day in Berlin, the "Boersen
Courier" of Berlin remarked Tuesday that "a state
of economic peace has been introduced for European
territory containing nearly 100,000,000 inhabitants."
The trade accord will be in effect for one year, but
will be renewable unless a general trade agreement
of wider scope has been concluded in the meantime.
Twnty-four different sections dealing with such questions as imports and exports, immigration, shipping
and transit are included in the treaty. "The treaty,
which opens the Western frontier, is one of the most
important in Polish economic history," a dispatch
to the New York "Times" said. Polish agricultural
interests, it was indicated, expect to relieve the
pressure on their markets caused by over-production
by an increase in exports to Germany, and new
credits also are looked for. "The agreement, essentially a compromise, is based on the granting of
mutual contingents," the "Times" dispatch continued. "The Poles receive an import contingent
of 320,000 tons of coal a month and 200,000 hogs a
year will be taken by the German meat merchants'
association. The Poles, in turn, allow free entry to
a number of German industrial products on the
most-favored-nation basis. Both countries agree
that transit should be unhindered. German shipping companies get their quota of emigrants' traffic.
A police clause provides for amnesty for all those
fined during the tariff war."
1897
Pilsudski last Saturday regarding the formation of a
new Cabinet.
Acceptance of the resignation of the Bartel Cabinet was postponed,in the meantime,in order to make
possible formal signature of a Polish-German trade
agreement. The agreement having been signed Monday, effect was given to the resignation and on the
following day President Moscicki charged Professor
Stanislaus Szymanski, Marshal of the Senate, with
the mission of forming a new Cabinet. The new Premier was described in a Warsaw dispatch to the New
York "Times" as a "very devoted follower and admirer of Marshal Pilsudski." Government papers in
Poland carried an article by Marshal Pilsudski Wednesday in which he said: "I refused the President's
offer to form a new Cabinet, for it would present
a situation beyond my power. Every Pole is aware
of my organic disgust with the methods and works
of Parliaments as a whole and the Polish Sejm particularly. I invented the Sejm in New Poland and
therefore the Deputies, and I must say the Deputy
is one of the meanest acquisitions of reborn Poland."
Political tension in Spain has dwindled in recent
weeks under the strict internal control exercised by
the Berenguer Government since former Premier
Sanchez Guerra made his speech in Madrid hinting
at the overthrow of the Monarchy and the formation
of a Republican Government. Unofficial reports
indicate that the Spanish Attorney General will
take proceedings against Senor Guerra because of
his utterances. A note was published in the Royal
Gazette last week reminding court prosecutors of
laws against insults or calumnies made publicly
against the King and calling for the prosecution of
offenders. Political difficulties were temporarily
forgotten, however, on the death from illness in
Paris of the self-exiled former Dictator, Captain.
General Miguel Primo de Rivera. His death last
Sunday caused general mourning in Spain, as General Primo de Rivera ruled the country until Jan. 28
last, when he handed his resignation as Premier to
the King. Although much opposition had been manifested to his rule in the last two years, it was generally recognized that the former Dictator had
brought stability and economic improvement to
Spain in the six years that he was in power. A
The Cabinet formed in Poland by Premier Casimir national funeral was given the "benevolent DictaBartel in the closing days of 1929 was defeated late tor" in Madrid Wednesday.
last week on a motion of non-confidence presented
Arrangements for the re-establishment of reprein the Sejm, or popular chamber of the Parliament,
and the entire Cabinet promptly resigned. The sentative government in Haiti were completed last
motion of non-confidence was presented by the Saturday by the commission which President Hoover
Socialists on the ground of alleged financial mis- appointed to make suggestions regarding the policy
management of the Ministry of Labor by Colonel of this Government. The commission, headed by W.
Aleksander Prystor, who is an important member Cameron Forbes, arrived at Port-au-Prince Feb. 28,
of the "Colonels'" group that the Polish Dictator, and it formulated its conclusions with remarkable
Marshal Pilsudski, has formed around himself. speed. Haitian leaders testified almost unanimously
Members of the Nationalist and Peasant parties in the hearings of the commission that the disaffecjoined with the Socialists in the voting in order to tion of the people which led to the disturbances of
register their objections to M. Bartel and the Gov- last December was due to the protracted rule of
ernment therefore went down to defeat by a vote President Louis Borno. The plan of the commission,
of 197 to 120. At a Cabinet meeting held immedi- accordingly, aims at the replacement of President
ately thereafter, the Premier and his Ministers de- Borno by an Executive to be chosen by the popularly
cided to resign, thus ending the 10 weeks of political elected representatives of the people. A formal
truce during which an attempt was made to achieve agreement in acceptance of the plan was signed last
co-operation of the Pilsudski forces with the Sejm. Saturday both by President Borno and by the reThe defeated Government was virtually named by sponsible leaders of the opposition. By this agreeMarshal Pilsudski. President Moscicki, who also ment Eugene Roy, a wealthy business man who has
owes his office to the Dictator, conferred with M. never been in politics, will become temporary Presi-
A
1898
FINANCIAL CHRONICLE
dent on May 15, when M. Borno is to give up his
office. An electors' assembly of 35 delegates gathered at Port-au-Prince Thursday and gave legal
form to the agreement by casting 34 favorable and
one blank vote for M. Roy as temporary President.
A huge celebration, in which most of the inhabitants of Port-au-Prince joined, was held thereafter in
honor of the event. A general election is to follow
"at the earliest possible date," at which a representative Assembly is to be chosen. The Assembly,
in turn, will select a permanent President. These
arrangements having been concluded, President
Hoover's commission slipped away last Sunday on
the cruiser Rochester for their return to Washington,
where they arrived yesterday. Dispatches indicate
that they expect to work out a program for ending
the American occupation.
The Bank of England on Thursday reduced its
discount rate from 4%, the figure fixed Mar. 6, to
3 %. The Bank of Norway on Thursday reduced
/
1
2
from 5% to 4 %. The 5% rate had been in effect
/
1
2
since Dec. 27. The National Bank of Austria yesterday reduced from 6 % to 6%. Rates remain at
/
1
2
/
1
2
6 % in Italy and Hungary; at 5 % in Germany
/
1
2
and Spain; at 4 % in Denmark; at 4% in Sweden;
/
1
2
at 3 % in Holland, Belgium, and Switzerland, and
/
1
2
at 3% in France. In the London open market discounts for short bills yesterday were 2I/ @2 5/16%
4
against 3 3/16% on Friday of last week, and 23/16%
@2y for long bills against 278@3%. Money on
4%
/
call in London yesterday as 2%. At Paris the open
market rate remains at 3%, and in Switzerland
at 2%%.
The Bank of England discount rate was this week
lowered to 336%, marking the third reduction in the
,
rate this year. The Bank's statement for the week
ended March 19 shows a gain of £1,622,537 in gold
holdings and this together with a contraction of
£1,557,000 in circulation brought about an increase
of £3,180,000 in reserves. The gold holdings now
aggregate £154,245,375 in comparison with £152,825,852 a year ago. Public deposits increased £3,895,000 during the week and other deposits £2,225,394.
The latter includes bankers accounts, which rose
£3,085,073 and other accounts which fell off £859,679.
The ratio of reserves to liabilities is now 58.95% as
against 49.53% last year. A week ago the figure
was 59.36%. Loans on government securities increased £4,150,000 while those on other securities
decreased £1,211,630. Other securities consist of
"discounts and advances" and "securities." The
former showed a decrease of £1,899,779 and the
latter an increase of £688,149. Below we furnish a
comparison of the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1929.
1926.
1930.
1927.
Mar. 22.
Mar. 21.
Mar. 20.
Mar. 19.
Mar. 24.
£
Circulation
*348.891.000 353,868.000 134.392,000 136,254.260 141.617,310
Public deposits
12,882,000 19,424,000 14.141,000 17.396,554 14.405.513
Other deposits
97,969,498 99,594,000 101,573,000 104,031,366 108,372,702
Bankers' accounts 62,086,473 62,332,000
Other accounts__ . 35,883,025 37,262,000
Government sectrr's 41,481,855 47,916,855 32,880.000 30,797.560 43,585.328
Other securities__ __ 22,318.484 30,466,000 58,131,000 74,733,078 72,520.510
Disct. & advances 6,060,054 12,582,000
Securities
16,2.58,430 17,884,000
Reserve notes & coin 65,354,000 58,957.000 43.011,000 34,220,743 24,975,493
Coln and buMon_ -.154,245.375 152,825,852 157,653,289 150,725,003 146,842,803
Proportion of reserve
to liabilities
58.95
20.34%
28.19%
37.17%
49.53%
Bank rate
%
5%
434%
535%
5%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
[Vol,. 180.
The statement of the Bank of France for the
week ended March 15, shows a decrease in gold
holdings of 159,162,893 francs. The total of the gold
stock now stands at 42,593,848,215 francs, as compared with 34,034,736,350 francs at the corresponding date last year. French commercial bills
discounted show a contraction of 197,000,000 francs
during the week. An increase appears in bills
bought abroad of 9,000,000 francs and a decline
in credit balances abroad of 22,000,000 francs.
Notes in circulation show a reduction of 403,000,000
francs, bringing the total of the item down to 69,970,261,450 francs, as compared with 62,897,373,510
francs a year ago. Advances against securities and
creditor current accounts register declines of 41,000,000 francs and 84,000,000 francs respectively.
Below we compare the various items with last week
as well as with the corresponding week last year:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Mar. 15 1930. Mar. 8 1930. Mar. 16 1929for Weak.
Francs.
Francs.
Francs.
Francs.
Gold ho1dings-_Dec. 159.162,893 42,503,848,215 42,753,011.108 34.034.738,350
Credit bats. abr'd_Dec. 22,000,000 0,937,760,744 6,959,760,744 10,965,483,593
French commercial
bills dIscounted_Dee. 197,000.000 6.706,081.073 6,903.081,073 4.486.415.010
Bills bought abed_ Inc. 9.000,000 18,720.897,037 18,711,897.037 18,282.654.185
Adv. agst.secur5__Dec. 41,000,000 2.603.989,652 2.644,989,652 2.383,732,452
Note circulation_ _Dec. 403.000.000 69,970,261.450 70,373,281,450 62,879,373,510
Cred. cum accts__Dec. 84,000.000 15,501,572,559 15,585.572,559 18,104,250,874
The German Bank statement for the second week
of March reveals an increase in gold and bullion of
18,309,000 marks, raising the total of the item to
2,480,458,000 marks. The amount of gold in the
corresponding week last year was 2,646,874,000
marks and the year before 1,888,103,000 marks.
An increase appears in reserve in foreign currency
of 10,123,000 marks, while the items of deposits
abroad and investments remain unchanged. Bills
of exchange and checks and other assets record declines of 293,760,000 marks and 14,255,000 marks,
whereas silver and other coin and notes on other
German' banks show increases of 15,420,000 marks
and 6,860,000 marks respectively. Notes in circulation fell off 214,216,000 marks reducing the
total of notes outstanding to 4,266,015,000 marks,
which compares with 4,165,804,000 marks at the
corresponding week last year. Decreases also appear in advances of 27,228,000 marks, in other
daily maturing obligations of 71,772,000 marks,
and in other liabilities of 1,457,000 marks. A comparison of the various items of the Bank's return for
the past three years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Mar. 151930. Mar.151929. Mar. 151928.
for Week.
Retchsmarks. Reichsmark*. Refaismarks.
Reichsmark:.
Assets
Gold and bullion
2,480,458,000 2.648,874,000 1,888,103,000
Inc. 18.309,000
85,626.000
Of which depos. abed. Unchanged
149.788,000
85,626,000
Res've in torn curr. Inc. 10,123,000 311.915,000
87.769.000 262,070,000
Bills of exch. & checks.Deo. 293.760.000 1,639.426,00(1 1,720,214,000 2,000,685,000
Silver and other coin_Ino. 15,420,000 153,860,000 120,945.000
69.518,000
19.103,000
21,078.000
Notes on oth.Ger.bks_Ina. 6.860.000
22,428,000
58,345.000
58,983.000
Advances
91,040,000
Dec. 27,228.000
93,246,000
Investments
93,136.000
94.239.000
Unchanged
Other assets
Dec. 14,255,000 502,550,000 517.443.000 534,433.000
LiaSUftis,—
Notes in circulation_Deo. 214,210,000 4,266,015.000 4,165,804,000 3,885,783,000
Oth.dally matur.oblIg.Dee. 71.772.000 458.514,000 448,517,000 492.057,000
Other liabilities
Dec. 1,457,000 147,507,000 194.725,000 177,737,000
Unusually low rates for money were reached in
the New York market this week under the combined
influences of lack of commercial demand, heavy purchases of Government securities by the Federal Reserve Bank, and a large Treasury overdraft incident
to the Mar. 15 tax payment date. The pronounced
trend toward lower levels, however, was in line with
the tendency in all financial centers. Bank rates
MAR. 22 1930.]
1899
FINANCIAL CHRONICLE
in foreign centers were again lowered, the principal activity throughout the week, a good part of the
action in this regard being the reduction in the demand coming from banks and other institutions.
Bank of England rediscount rate Thursday from 4% Rates were unchanged at 4% for names of choice
/
1
4
/0
1
2
to 3 7. The decline in this market, moreover, character maturing in four to six months, 4 % for
affected not only call and time loans against stock names less well known and shorter choice names,
/
and bond collateral, but also bankers' acceptances while other names were quoted at 412%. On Thurs/
1
2
on which the rates were cut several times. It is day the rate of 4 % was entirely eliminated, the
/
noteworthy that the lowest levels were succeeded by 41 4% rate applying to all except extra choice names
a quick rise yesterday which left call loans at the maturing in four to six months.
highest figures of the week. This occurred as the
The demand for prime acceptances showed no
result of heavy withdrawals by out-of-town banks
and the virtual wiping out of the Treasury overdraft. diminution, and the offerings were insufficient to
Call loans renewed Monday at 312%,but in subse- meet the requirements, leading to repeated reduc/
/
quent dealings of the day a level of 3% was reached, tions in rates, which were marked down 18%
while in the unofficial outside market transactions in both the asked and the bid columns for all mawere arranged as low as 2 %. Although the turities on Tuesday, were twice marked down an/
1
2
%
official rate followed the same course Tuesday, other/ on Wednesday, and further reduced twice
1
2
dropping from 3 % to 3%, funds were offered in 18% on Thursday, making five cuts this week in
/
/
1
2
large amounts, whereas demand was light. The over- addition to two last week and three the previous
flow into the "Street" market caused a drop there week. The Federal Reserve's buying rate for accept1
2
to 12
/
1
%, which is the lowest figure reached since ances was also further reduced / of 1% on Friday
1917. Stock Exchange call loans renewed at 3% for maturities above 45 days, making the rate 3%
Wednesday, while in later dealings a level of 2% was for all maturities from 1 to 120 days. The Reserve
established. In the outside market money was again Banks further reduced their holdings of acceptances
available in quantity at 12
%. Renewals Thursday during the week from $256,538,000 to $185,017,000.
/
1
were fixed at 2%, but this level produced a change Their holdings of acceptances for their foreign correin the situation, as out-of-town banks made heavy spondents also decreased slightly, falling from $505,withdrawals. The funds thus taken out of the call 599,000 to $503,362,000. The posted rates of the
/
loan market were simply deposited with New York American Acceptance Council are now at 258% bid
/
1
2
and 2 % asked for bills running 30 days, and also
banks where interest of 2% is paid, whereas on call
loans at 2% the return to such banks is lower be- for 60 and 90 days, and likewise for 120 days, and
/
4
cause of the commission charge. Under this influ- 23 % bid and 258% asked for 150 days and 180 days.
ence money in the later dealings advanced to 2 %. The Acceptance Council no longer gives the rates
/
1
2
Renewals yesterday were 3%, but the supply of for call loans secured by acceptances, the rates varyfunds dwindled rapidly as further withdrawals were ing widely. Open market rates for acceptances have
made, while in addition the Treasury called for the also been marked down as follows:
payment of $60,000,000 from the banks throughout
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days-the country. The call loan rate was moved quickly
Bid. Asked.
Bid. Asked.
Md. Asked.
234
234
244
234
24
2(
upward to 4 %, which was the closing figure for Prime eligible bills
/
1
2
—90Days- —60Days— —30Days
the day. Time loan rates declined much more modBid. Asked.
Bid. Asked.
Bid. Asked.
234
214
23.4
234
234 23.4
erately, the range at the close of the week being Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
3 (44%, as compared to rates of 4@414% last
/
1
2
/
234 bid
Eligible member banks
234 bid
week. Brokers' loans against stock and bond col- Eligible non-member banks
lateral, as reported by the Federal Reserve Bank
for the week ended Wednesday night, increased in
The Federal Reserve Bank of San Francisco yes/
1
2
the further large amount of $121,000,000. Gold terday reduced its rediscount rate from 4 % to 4%.
/
1
2
Reserve Bank reduced from 4 %
movements for the same period consisted of imports The Philadelphia
The following is the schedule
of $5,331,000 and exports of $20,000. No net change to 4% the day before.
in the amount of gold held ear-marked for foreign of rates now in effect for the various classes of paper
account was reported.
at the different Reserve Banks:
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate
on both Monday and Tuesday was 3 %,with a drop
/
1
2
each date in the rate for new loans to 3%. On Wednesday the renewal rate was marked down to 3%,
while the rate for new loans fell to 2%. On Thursday the renewal rate also fell to 2%, being the lowest renewal figure since Nov. 18 1924; in the afternoon, however, the rate for new loans rose to 2 %,
/
1
2
On Friday the course of the market was completely
reversed. The renewal charge was raised to 3%,
and on new loans there was an advance to 41 2%,
/
The feature of the market for time money was the
reduction on Monday to 334% in the rates for 30 to
/
90-day loans, followed by a further dip on Wednesday to 3 % for 30- and 60-day paper, while 334%
/
1
2
/
was quoted for 90-day paper. The rates for four to
six months remained unchanged throughout the week
at 4%. Prime commercial paper maintained great
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boaton
New York
Philadelphia
Ch-eland
Richmond
Atlanta
Chime()
St louis
Minneapolis
Kansan City
Dalian
Flan yretnetaeo
Rate in
&fled on
Mar. 21.
Date
Established.
Previous
Rate.
4
314
4
4
43.4
43.4
4
414
414
4
414
4
Feb 13 1930
Mar 14 1930
Mar. 20 1930
Mar. 15 1930
Feb. 7 1930
Dec. 10 1929
Feb. 8 1930
Feb. 11 1930
Feb. 8 1930
Feb. 15 1920
Feb 8 1930
Mar. 21 19311
43.4
4
415
434
5
5
414
5
5
4(4
5
414
Sterling exchange has been quiet, but firmer than
at any time in the past few weeks. The outstanding
event pertaining to exchange is the reduction in the
Bank of England rate from 4% to 3IA% which
occurred on Thursday. The lower rate was confidently expected throughout foreign exchange circles
ever since the previous reduction in the rate on
March 6, and this feeling of assurance, together
with seasonal factors, have been largely responsible
1900
FINANCIAL CHRONICLE
for the generally firmer tone this week, although
trading has been extremely hesitant and dull. The
range this week has been from 4.85 11-16 to 4.86 9-16
for bankers' sight bills, compared with 4.853 to
%
4.86 3-32 last week. The range for cable transfers
has been from 4.861 to 4.86 13-16, compared with
4
4.86 1-32 to 4.863á the week before. The Bank of
/
England rate was changed from 432% to 4% on
March 6 1930. The present reduction is the sixth
since Sept. 26 1929, when the rate was raised to
63/2% from 532%. The current rate is the lowest in
effect since July 5 1923, when the rate was raised to
4% from 3%. The last time that the 332% rate
was in force was on July 13 1922, when the rate was
lowered to 3% from 332%. The market based its
expectation of a lower Bank of England rate on
recent developments in the money and bond markets
both in London and New York. There has been a
steady decline in British money rates since the peak
was reached during last October. Even the new
Bank rate is out of line with the London bill market,
as rates there are well below 3%, and in banking
circles it was expected that this week's issue of
3
-months Treasury bills would be allotted around
23/2%. Hence in foreign exchange circles a further
reduction in the Bank of England rate is looked
for.
The market is more confident in its belief in a
lower official rediscount rate owing to a remark attributed to Emanuel Rodocanachi, an important
stockholder of the Bank of England, at the annual
meeting of the Bank. Mr. Rodocanachi stated that
it would be a great thing for British industry and
trade if a 3% Bank rate should be in force for the
next year. It is asserted in banking quarters that
there is a steady, if slight, return flow of European
funds to the New York investment market. This
would be a factor for weakness in foreign exchange
were it not largely offset, with the approach of
April, by seasonal factors favoring sterling and the
European currencies. This week the Bank of
England shows an increase in gold holdings of £1,623,537, the total standing at £154,245,375, which
compares with £152,825,852 a year ago. On Saturday the Bank of England sold £249,973 in sovereigns
released £125,000 in sovereigns and exported £2,000
in gold bars. On Monday the Bank bought £96
in foreign gold coin and received £10,000 in sovereigns.
On Tuesday London dispatches stated that of the
£809,000 South African gold in the open market
£350,000 was taken by an unknown buyer, £75,000
by the trade and India, and the balance, unsold,
£334,000 was bought by the Bank of England. On
Wednesday the Bank received £25,788 in sovereigns.
from abroad. On Thursday the Bank bought
£25,500 in gold bars and £8 in foreign gold coin.
On Friday the Bank bought £2,952 gold bars and
£16 foreign gold coin; it exported £2,000 sovereigns
and set aside £500,000 sovereigns.
At the Port of New York the gold movement for
the week March 13-March 19 inclusive, as reported
by the Federal Reserve Bank of New York, consisted of imports of $5,331,000, of which $5,239,000
came from Brazil and $92,000 chiefly from other
Latin American countries. Exports consisted of
$20,000 to Germany. There was no change in gold
earmarked for foreign account. In tabular form the
gold movement at the Port of New York for the week
ended March 19, as reported by the Federal Reserve
Bank of New York, was as follows:
[VOL. 130.
GOLD MOVEMENT AT NEW YORK,MARCH 13
-MARCH 19,
INCLUSIVE.
Imports.
ExPorta.
$5,239,000 from Brazil
$20,000 to Germany
92,000 chiefly from other Latin
American countries
$5,331,000 total
$20,000 total
Net Change in Gold Earmarked for Foreign Account.
None
Approximately $10,250,000 gold was received at
San Francisco on Saturday. On Wednesday $2,440,000 of gold was received at San Francisco,
$1,950,000 of which was from Japan and $490,000
from China.
Besides the above officially reported gold received
at New York the Equitable Eastern Banking Corp.
let it be known that it received during the week at
San Francisco $1,960,000 from Japan, $2,000,000
from Shanghai, and $500,000 from Hongkong. The
total consignment of metal from China including
gold now on the water amounts to approximately
$5,000,000.
Canadian exchange, while still at a discount, continues to work more in favor of Montreal and bankers
are inclined to believe that Montreal funds will go
to par by April. If so, it will be the first time that
Canadian exchange has been at that level • since
November, 1928,.when for a short time exchange rose
to the gold export point and metal went to Montreal.
On Saturday Montreal funds were at X of 1%
discount; on Monday and on Tuesday at 3-32; on
Wednesday at 1-16; on Thursday at 1-32, and on
Friday at 1-64 of 1% discount.
Referring to day-to-day rates, sterling exchange on
Saturday last was inclined to ease in a dull half-holiday market. Bankers' sight was 4.85 11-16@4.85%
and cable transfers 4.86 5-32@4.86 7-32. On Monday the market was dull. The range was 4.85%@)
4.857 for bankers' sight and 4.863@4.86 7-32 for
4
cable transfers. On Tuesday sterling was firmer.
The range was 4.85M@4.86 for bankers' sight and
4 863/8@4.863 for cable transfers. On Wednesday
.
firmness continued. Bankers' sight was 4.857
4@
4.86; cable transfers, 4.86 7-32@4.86 516.
On
Thursday sterling continued firm, ranging from
4.857 @4.86 5-16 for bankers' sight and 4.861
4
4@
4 863/i for cable transfers. On Friday sterling was
.
still firmer; the range was 4.86 1-16(4)4.86 9-16 for
bankers' sight and 4.86 9-16@4.86 13-16 for cable
transfers. Closing quotations on Friday were 4.863
%
for demand and 4.86 11-16 for cable transfers. Commercial sight bills finished at 4.863,sixty-day bills at
4.837 ,ninety-day bills at 4.827 ,documents for pay4
4
ment(60.days)at 4.837 ,seven-day grain billsat4.85%
4
Cotton and grain for payment dosed at 4.863i.
Exchange on the Continental countries has been
steady and slightly more active than in recent weeks.
German marks have been more active than the major
European units. Bankers note a tendency of European funds to participate in the New York security
markets. This tendency has gathered force in the
past few weeks, and together with the low money
rate, is a factor of weakness in exchange offsetting
seasonal trends which might be expected to give firmness to the Europeans. The flow of surplus funds to
this market, however, is largely offset by a return
flow of American funds to the short-term markets
abroad and especially to Berlin. Day loans in Berlin
are now down to 332% and 532% and first-class
houses are able to get credit even more cheaply. A
MAR. 221930.]
FINANCIAL CHRONICLE
week ago the private discount rate was reduced to
53/8%, which is the lowest rate recorded since 1927.
Now that the Bank of England has made a second
reduction in its rediscount rate, bankers confidently
expect that the Reichsbank will follow the German
market and reduce its rate of rediscount from the
/
present 51 2%. The Reichsbank is in an exceptionally strong position. Its note cover now stands at
68%. For the week ended March 15, the Reichsbank
showed an increase in gold holdings of 18,309,000
marks, the total standing at 2,480,458,000 marks.
French francs are fractionally easier, due in large
measure to the extremely low money rates prevailing in Paris in consequence of which there is a steady
flow of French funds to other markets, especially
to Berlin, London and New York. Three months'
discounts in Paris are at the rate of 23/2% and 25 8%,
/
while 30-day accommodations secured by defense
bonds are as low as 23.%. The Bank of France
continues to part with its gold holdings. The
Bank's statement for the week ending March 15
shows a decrease in gold holdings under the previous
week of 159,162,893 francs, the total standing at
42,593,000,000 francs. This compares with 34,034,000,000 francs a year ago. The Bank's ratio
of reserves is very high, standing at 49.84%, which
compares with 42.03% a year ago and with the legal
requirement of 35%.
Italian lire are fractionally lower, due, it is believed, to the removal of the ban on foreign exchange operations in Italy. The annual report of
the Bank of Poland for 1929 throws an interesting
light on the gold earmarking operations of that
institution during the past year. On Dec. 31 the
total gold holdings of the Bank amounted to 700,517,411 zlotys, compared with 621,079,025 zlotys
on Dec. 31 1928. Of this amount the Bank held
520,964,757 zlotys in its vaults at home, compared
with 425,677,103 zlotys at the end of the previous
year. The balance is composed of gold held under
earmark in New York, London and Paris. The
New York item is totaled at 111,363,831 zlotys at
the end of 1929, compared with 83,799,661 zlotys
at the end of 1928. The Bank's holdings of metal
in the Bank of England decreased during the year
to 33,081,657 zlotys from 76,495,095 zlotys, while
holdings at the Bank of France show no change
at 35,107,165 zlotys.
The London check rate on Paris closed at 124.31
on Friday of this week, against 124.25 on Friday
of last week. In New York sight bills on the French
center finished at 3.91%, against 3.913/i on Friday
of last week; cable transfers at 3.91 9-16, against
3.91 5-16; and commercial sight bills at 3.91 3-16,
against 3.90 8. Antwerp belgas finished at 13.94%
for checks and at 13.953, for cable transfers, against
13.93 and 13.94. Final quotations for Berlin marks
were 23.853 for checks and 23.86% for cable trans%
fers, in comparison with 23.843 and 23.853 a week
earlier. Italian lire closedeaat 5.233 for bakers'
sight bills and at 5.23 11-16 for cable transfers,
against 5,23% and 5.23% on Friday of last week.
Austrian schillings closed at 143, against 143.
Exchange on Czechoslovakia finished at 2.963.,
against 2.963; on Bucharest at 0.60, against 0.60;
on Poland at 11.25, against 11.25; and on Finland
at 2.52, against 2.52. Greek exchange closed at
1.30 for bankers' sight and at 1.303j for cable
transfers, against 1.30 and 1.303.
1901
Exchanges on the countries neutral during the war
are on the whole steadier and firmer than the main
European list. The Scandinavians are especially
steady owing largely to the beginning of seasonal
influences favoring these currencies. Here as elsewhere money rates have been moving downward.
On Thursday the Bank of Norway reduced its
rediscount rate to 43% from 5%. Guilders have
been especially strong and although Dutch funds
have been moving to Germany, London and New
York during the past few weeks, this outflow has
been offset by commercial demand for guilders at
these centers. A more lively export trade in the
Dutch tropical countries is partly responsible for the
guilder demand. Spanish pesetas have fluctuated
widely during the week, but the unit seems to
have found strong official support in London and
other centers, so that on balance pesetas show little
change from a week ago.
Bankers' sight on Amsterdam finished on Friday
at 40.11, against 40.073' on Friday of last week;
2
cable transfers at 40.123', against 40.093/; and
2
commercial sight bills at 40.073/, against 40.05.
Swiss francs closed at 19.36% for bankers' sight bills
and at 19.37% for cable transfers, in comparison with
3
19.34% and 19.35% a week ago. Copenhagen checks
finished at 26.773' and cable transfers at 26.79,
against 26.75 and 26.763'. Checks on Sweden closed
3
at 26.86% and cable transfers at 26.883, against
26.833' and 26.85; while checks on Norway finished
at 26.76 and cable transfers at 26 8,against 26.743'
and 26.76. Spanish pesetas closed at 12.39 for checks
and at 12.40 for cable transfers, which compares with
12.40 and 12.41 a week earlier.
Exchange on the South American countries has,
as during the past few weeks, been steady and showing on average a slightly better tone. Improvement in Brazilian milreis results chiefly from gold
exports from Rio to New York and London for the
support of exchange. As noted above, the Federal
Reserve Bank of New York reported the receipt of
$5,239,000 from Brazil. This was accounted for
here last week as having been received on Thursday.
The lower money rates in New York and London
are especially favorable to the South American
countries. In banking circles this week there was
some discussion of a $100,000,000 loan to be floated
in New York by Argentina, and cable advices stated
that it is reported in Buenos Aires that Horaco
Oyhanarte, the present foreign minister, is coming to
Washington as Ambassador with the special mission
of 'negotiating the loan. No official confirmation
could be had regarding the report, but it ha3 been
felt for some time in foreign exchange circles that an
important loan would be floated in the near future to
aid peso exchange. Argentine paper pesos closed
at 37 11-16 for checks, as compared with 37 7-16
%
on Friday of last week;and at 373 for cable transfers,
against 373'. Brazilian milreis finished at 11 9-16
for bankers' sight and at 11% for cable transfers.
against 11 7-16 and 113/ Chilean exchange closed
2
.
at 12 1-16 for checks and at 123/i for cable transfers,
against 12 1-16 and 124; Peru at 4.00 for checks
1
and at 40.1 for cable transfers, against 4.00 and 4.01.
The Far Eastern exchanges with the exception of
Japanese yen continue to feel the demoralization resulting from the lower silver prices and the frightfully unsettled social and political conditions in China.
FINANCIAL CHRONICLE
1902
For.. 130.
As noted above, consignments of gold are reaching Reserve Bank of New York was creditor at the ClearSan Francisco from China. The total received and ing House each day as follows:
on the water amounts to approximately $5,000,000. DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Shipments of gold from China are an extremely rare
Saturday, Monday, Tuesday. Wednesday177sursday, Friday,
Aggregate
occurrence and have been caused in this instance by March 15. March March 18.IMarch 19. March 20. March 21 for Wed.
17.
the sensational decline in silver prices during the
$
S
latter part of February. As a rule small consign- 171,000,000 248,000,000 217,000,000 173,000,000 165,000,000 171,000.000 Cr. 1.145.000,000
reflect the huge mass of checks which come
Note.
ments of gold flow from this country to China, but to the -The foregoing heavy credits all parts of the country In the operation of
New York Reserve Bank from
These large credit
par collection
it is believed that the present movement from China the Federal Reserve System'sof the Reservescheme. operations with the balances.
Bank's
Clearing
however, reflect only a part
Milne institutions, as only the items payable in New York City are represented
will reach sizable dimensions. It is stated that these in the daily balances. The large volume of cheeks on institutions located outside of
York are not accounted
such checks do
shipments are in the nature of straight exchange Newpass through the Clearingfor In arriving at these balances, asFederal Reserve
not
House but are deposited with the
Bank for collection for the account of the local Clearing_House banks.
transactions carried out between the branches of the
Equitable Eastern Banking Corporation. Japanese
The following table indicates the amount of bulyen are firm and show a strong undertone owing to
lion in the principal European banks:
official operations undertaken to support the yen
Mar. 211929.
Mar. 20 1930.
since the resumption of the gold standard on Jan. 11. Banks of
Total.
Gold.
Total.
Gold.
I SaUCT.
Closing quotations for yen checks yesterday were
49.40@49.50, against 49 8@49 7-16; Hongkongclosed England__ 154,245,3751
154,245,375 152,825,852
152,825,852
d
d
272,277,891
at 37%®38 1-16 against 37%@37 13-16; Shanghai at France a__ 340.750,786 c994.600340,750,786272,277,891 994.600129.057,000
117,528.100128,062,4
GermanY b 116 533 500
. .
Spain
4
4
473 against 473-@478; Manila at 497 against49%; Italy ---- 98,679,000 28,320,000I126.999.000102,377,000 28,415.000I130.792,000
56,130,000 54,711,000
54,711,000
0
56 130 00
/
8
/
Singapore at 56%@561 1 against 563/@561 4; Bom- Netherl'ds 36,415.000 1,288,oK 36,415,000 30,627.II, 1,761.000 32,388,000
34,966,000 25,902,000 1,288,000 27,170,000
Nat. Bela_ 33,678,00
0
'
Switzerl
bay at 363.4 against 361
4, and Calcutta at 363.1 Sweden_ d 22,438,000 777.000 23.215.000 19,257,000 1,813,000 21.070,000
13.548.111 13,076,000
13.076,000
13.548,000
470,000 10,063,000
398.000 9,971.000 9,593,000
Denmark _ 9.573.000
against 363(.
8,145,000 8.158.111
8,158,000
Norway __ 8,145,000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
MARCH 15 1930 TO MARCH 21 1930. INCLUSIVE.
Country and M
Unit.
Noon Buying Rate for Cable Transfers in New York
Value in United States MOW.
March 15.March 17.March 18 March 19 March 20.march 21.
$
EUROPEI
Austria.schIlling
I .140680
.139340
Belgium. belga
Bulgaria, ley
I .007217
Czechoslovakia, kron .029622
I .267577
Denmark, krone
England, pound
s61304
sterling
025166
Finland, markka
0,.,t18
France, franc
Germany. reichsmark .238489
.012958
Greece, drachma
.400911
Holland, guilder
.174723
Hungary. pengo
.052366
Italy, Lira
.267493
Norway. krone
.112027
Poland. zloty
.044900
Portugal.escudo
.055954
Rumania,leu
124777
Spain. peseta
.288446
Sweden. krona
Switzerland, franc_ _ _ .193539
Yugoslavia, dinar-- .017637
ASIAChina-Chefoo Mel- .494375
488437
Hankow,tael
.475892
Shanghai, tael
500625
Tientsin. tael
Hong Kong, dollar_ .373571
.341250
Mexican. dollar__
Tientsin or Peiyang,
.342916
dollar
339583
Yuan, dollar
.361150
India, rupee
.493443
Japan, yen
Bingapore(S.S.), dollar .558658
NORTH AMER..997534
Canada, dollar
999468
Cuba, peso
.474425
Mexico, peso
Newfoundland, dollar .995231
SOUTH AMER.Mgentina. Peso (gold) .847760
.114895
Brazil, miltels
120440
Chile, peso
.877889
Uruguay, peso
_ .983900
''',Inrn Twin na..
$
$
$
.140668 .140720 .140800
.139321 .139353 .139388
.007205 .007212 .007230
.029628 .029625 .029627
.267822 .267673 .267835
$
.140688
.139331
.007205
.029622
.267590
$
.140756
.139321
.007210
.029626
.287572
4.881073
.025164
.039111
.23.3466
.012960
.400851
.174720
.052361
.287505
.112025
.044916
.005950
.126056
.268450
.193520
.017642
4.861372
.025163
.039107
.238480
.012955
.400888
.174743
.052340
.267494
.112250
.044950
.005945
.125929
.288428
.193461
.017849
4.861888
.0215165
.039113
.238484
.012960
.400961
.174745
.052354
.267534
.112027
.044980
.005953
.124981
.268502
.193481
.017844
4.863281
.025165
.039115
.238572
.012980
.401026
.174733
.052353
.267569
.112055
.044916
.005949
.125959
.283594
.193550
.017648
4,866946
.025171
.039143
.238658
.012958
.401132
.174728
.052361
.267714
.112035
.044916
.005956
.125322
.268738
.193664
.017652
.492291
.485625
.472321
.498541
.371964
.339843
.488333
.482187
.469642
.494583
.371607
.337187
.487083
.481875
.469464
.493333
.372678
.338875
.491666
.485781
.473946
.497916
.374285
.339375
.492916
.486718
.474553
.499166
.376250
.340625
.341875
.338541
.360714
.493431
.558625
.337916
.334583
.380746
.493537
.558658
.337500
.334186
.360789
.493737
.558858
.340416
.337083
.360660
.493650
.558658
.341666
.338333
.360900
.493996
.558958
.998133 .999231
.999156 .999281
.474275 .474350
.995750 .996750
.999019
.999156
.474837
.996562
.999496
.999203
.474900
.997045
.999601
.999156
.475200
.997095
.846861 .847906
.115085 .114980
.120438 .120449
.877382 .878070
.983900 .983900
.853042
.115100
.120564
.879903
.963900
.854073
.115300
.120801
.884297
.983900
.853762
.115130
.120657
.885024
.963900
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Total week 890,135,681 31,777,800921,913,261 :16,867,143 34,721.800851,588,745
Prey. week 890,883,976 31,870,600922,754,576 821,752,13 34,827.800 852,579.730
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £7.489.400. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
The Future of the London Conference.
The eighth and ninth weeks of the naval Conference at London have not witnessed any important advancement of the business for which the
Conference was called. There had apparently been
some hope that M. Briand, who came to London as
the head of the French delegation after the reconstruction of the Tardieu Ministry, would bring some
modification of the French demands, but it presently
appeared that M. Briand had no instructions particularly different from those under which the delegation had been acting, and his discussions with
the other heads of delegations showed that the
French position was unchanged. The arrival of
Premier Tardieu last Saturday for a week-end visit
and a luncheon with Prime Minister MacDonald
revived hope, but although it presently appeared
that M. Tardieu, by eliminating vessels exempt from
regulation, had brought down the French figure
from 724,000 to 660,000 tons, the basis of an agreement had not been reached. The exact status of the
Japanese demand for a 70% cruiser ratio is not clear,
but the latest dispatches from London and Tokio
indicate that an informal agreement said to have
been reached with 'Mr. Stimson for an increase of
something less than 70% has met strong objection at Tokio, and that the original Japanese demand still stands.
With no record of actual accomplishment during
these two weeks, interest in the Conference has
centred upon the difficulties that have blocked
action, and upon ceitiain suggestions brought forward as possible means of breaking the deadlock.
Of the difficulties, the most serious appears to be
the demand of Italy for tonnage parity with France.
On this point Signor Grandi, the head of the Italian
delegation, who presumably voices the policy of
Premier Mussolini, has been entirely unyielding.
The Italian position, courteously but firmly adhered to from the first, is simple. Italy does not
care at what figure the French naval tonnage is
fixed, and it has joined with the other Governments
MAR. 22 1930.]
FINANCIAL CHRONICLE
1903
in expressing the hope that an agreement may be and that fear of the Senate, which at first was
reached under which the tonnage of all the Powers treated lightly, has come to be both real and influwill be both reduced and limited. Whatever the ential. Mr. Hoover's opposition to a course which
French figure, however, Italy demands the right would constitute a fundamental change in American
to build up to the same figure. In other words, it policy has doubtless had weight in the scale. The
declines to accept by international agreement a per- United States can have no possible objection to any
manent inferiority to any Continental Power. The security agreement that the European nations may
fact that Italy is not at present financially able conclude among themselves, but it should not allow
to make extensive additions to its fleet does not itself to be made a party to such an agreement
alter its insistence upon the right to attain parity either directly or indirectly.
The suggestion of a security pact with American
with France if, when and as it sees fit to do so. If,
accordingly, the very high tonnage demanded by participation was the more objectionable because it
France is to be admitted, the way will be open for took the form of a proposed implementation of the
a huge increase in the Italian navy beyond its pres- Kellogg-Briand anti-war pact. We have already exent strength, and the possibility of such an increase pressed the opinion that the anti-war pact should
would overhang the naval future even though actual be left to stand as it is, as a declaration of policy
construction were delayed. It is obvious that if this to which the signatory Powers undertake to adhere,
demand is adhered to, an attempt to put pressure and that any attempt to set up an international
upon Italy might lead, as has already been hinted, machinery for its enforcement would be a mistake.
to the withdrawal of Italy from the Conference, and It is greatly to be feared that the continued disthe withdrawal of one of the Powers would almost cussion of a security pact, with an implementation
of the anti-war pact as the essential part of it, would
certainly bring the Conference to an end.
The feeling that the Conference may here have tend to rob the anti-war pact of such moral value
encountered an insurmountable obstacle has led to as it possesses. The long and thus far fruitless negothe suggestion of a three-Power agreement between tiations at London, with their demonstration that
the United States, Great Britain and Japan, instead the nations still fear war and intend to prepare for
of the five-Power treaty which it was at first ex- it notwithstanding their formal agreement to abanpected would be made. There seem to be a good don war as an instrument of national policy, have
many difficulties in the way of such an agreement, undoubtedly done much to bring the anti-war pact
quite aside from the failure of the original purpose of itself into question. The process of weakening the
the Conference which it would register. It is not moral force of the pact by debating ways and means
yet sure that Japan will yield its demand for an in- of enforcing it should certainly cease, and it is greatcreased cruiser ratio, or that Great Britain and the ly to be hoped that the American delegation will
United States are ready to yield if Japan insists. refuse to allow the question to be debated further.
The future of the London Conference is unquesThe conclusion of a treaty to which France and
Italy were not parties, it is urged, would not only tionably clouded. There seems to be no longer any
leave those countries with a grievance against the reasonable hope that the prime aim of the Conferother members of the Conference, but would also ence, an actual reduction of existing naval armabe likely to intensify the Continental opposition ments, can be achieved either theoretically or practo anything suggestive of an Anglo-American al- tically. M. Tardieu's reported confidence that a
liance which showed itself quite openly before the useful agreement will eventually be reached naturalConference was called. M. Tardieu is represented ly suggests that France may, after all, modify its
as not only strongly opposed to a three-Power treaty, demands, and that Franco-Italian parity, if it has
but as confident that the five Powers represented to be conceded, may rest upon tonnage figures very
at London will yet be able to reach common ground, much lower than those which France has proposed.
although it is not easy to discover upon what his We do not yet know, however, that M. Tardieu or
confidence is based. A three-Power treaty would H. Briand will yield, or that Italy will look with
also mean a. reversal of the original American posi- favor upon any compromise of its parity claim. The
tion, as defined several months ago by the State De- attitude of Japan, as reported in the press, does
partment, that unless all the five Powers signed a not suggest any important concession in that quartreaty there would be no treaty at all. It seems ter. The defeat in the House of Commons of a resofair to conclude that the proposal of a three-Power lution of general censure upon the Government
treaty, in so far as it finds favor with either the merely strengthens Mr. MacDonald's domestic posiBritish or American delegations, is regarded as only tion for the time being, but the MacDonald Governa kind of last resort, to be avoided as long as hope ment is clearly living by the grace of a party truce
of something better remains.
which the Liberals have declared, and it is by no
The one gain that appears to have been scored means impossible that it may be overthrown by disduring the past two weeks is the dropping of the sension in its own ranks over the question of unemidea of a security pact to which the United States ployment. It is hardly likely in.any case to survive
should be a party. It is too early to say that this long after the conclusion of the Conference, and a
mischievous proposal has been put aside once and return of the Conservatives to power, with or withfor all by the American delegation, or that M.Briand out a general election, would give contrtl of the Comand H. Tardieu will not press it again if there is mons to a party much less interested in armament
opportunity. The idea of security by international reduction than Mr. MacDonald and the majority of
agreement is so deeply rooted in the French mind his followers have been.
as not to be easily abandoned. The fact that the
It is a fair question, therefore, whether under
American delegates have quietly let the matter drop, the circumstances it would not be better for the
however, suggests that the wide protest against Conference to dissolve, and leave the naval issue to
American entanglement in European affairs which direct negotiation among the Powers specially conhas been voiced in this country has had its effect, cerned. It is plain that the matters which the Con-
1904
FINANCIAL CHRONICLE
ference was called to consider have turned out to be
far more complicated than they were supposed at
first to be, and that account has had to be taken of
political factors which it was hoped would not appear. The long delay at London, the acute differences of opinion that have developed, and the repeated occurrence of crises for which first one and
then another delegation was regarded as responsible,
have dampened popular interest in the proceedings,
and even the warmest friends of armament reduction
and limitation will feel little enthusiasm for any
compromise agreement that may now be made. Unless the unexpected happens, and happens quickly,
it would seem better for all parties concerned to
bring the Conference to a close. The aim of the Conference was high, and the result, if it could have
been reached, would have been beneficent, but no
useful purpose is ordinarily served by continuing the
pursuit of an object which, after prolonged effort,
is clearly not now to be attained.
A Misleading Oath by the American Federation
of Labor.
Now that we are no longer hypnotized by the cry
of perpetual prosperity, now that we are becoming
exercised over actual unemployment, would it not
be well to consider the principles of industrial peace?
And first, must it not be true that despite all artificial aids by government and through organization,
the wages of labor must follow in some degree the
general condition of production, exchange and distribution? It would seem so. But what shall we
say to the following pledge? The incident is related
as follows: "Mackley" (Carl Mackley, an unemployed hosiery worker) "was shot and killed on
Thursday night by employees of the H. C. Aberle Co.,
hosiery manufacturers, whose mills here" (Philadelphia) "have been the scene of labor troubles for
nearly two months. Two others who were with
Mackley were wounded in a clash with mill employees, who, union officials declare, were strikebreakers, although the mill owners have denied the
existence of a strike and have refused to arbitrate
the dispute."
The public funeral services for Carl Mackley, the
Philadelphia dispatch to the New York "Times,"
dated Mar. 9, says, were conducted in McPherson
Square, Kensington, where an estimated 25,000 were
present. "William Green, President of the American Federation of Labor, was represented at the
funeral services by Edward F. McGrady, legislative
representative of the Federation at Washington."
. . . "At the conclusion of his address, Mr. McGrady asked the crowd, with upraised hands, to
hereby
repeat after him the following pledge:
solemnly promise that I will continue the struggle
against low wages, poverty and oppression, and that
I will not falter nor be intimidated by hired assassins, nor discouraged by a subservient and ofttimes
tyrannical judiciary. That, if necessary, we, too,
will lay down our lives in order that all those who
toil may !le delivered from industrial enslavement
by the un-American, avaricious industrial despots.'"
• • . "To all of which I, at the grave of our martyred brother, Carl Mackley, do pledge my most
sacred word of honor."
The death of any man, seeking to secure what he
believes to be his rights, by violence, in the midst
of a peaceful civilization and country, is by the right
thinking universally deplored. The dispatch from
[vol. 130.
which we have just quoted gives u. no details of the
actual clash, nor of conditions which led up to the
encounter. But these are not necessary to our
present thought; had the death been on the other
side it would awaken like commiseration. The
point is that the circumstance of violent endeavor
is lamentable. We must grant to employer as to
employee a belief in the right. Doing this there can
follow but one course of action—arbitration--or, if
that cannot be mutually secured, the quiet and peaceful withdrawal of the aggrieved. And for this reason the violent language of this proposed oath must
be condemned. Note the severity of the statements,
taken from their context—"a subservient and ofttimes
tyrannical judiciary" . . . "industrial enslavement" . . . "un-American, avaricious industrial despots." If this fiery oath had been proposed
by Red Communists we would not be surprised, but
it is proposed by a representative of the President
of the American Federation of Labor, which will
have none of these active revolutionists. Services
over the dead on an occasion like this are peculiarly
solemn, and should be composed and deliberate.
Note the difference in language used by the Rev.
Frederick B. Halsey, rector of St. Ambrose's Episcopal Church, who, the report continues, "asked his
hearers in McPherson Square to 'keep firmly implanted in our minds the ends of justice and peace:
ends not to be obtained by violence, discord and
strife, but by seeking to work continually for true
spiritual justice, and by following the example of
Jesus of Nazareth, in bringing His kingdom to be
among men of good will.'"
We know not what lies before us. There is among
prognosticators both optimism and pessimism. A
resurgence of the former "prosperity" may be imminent. But when we consider that on analysis it was
not perfect in every phase we may readily believe
that there are stirring times to come, be it soon or
later. Undoubtedly the temperate frame of mind is
best. There must always be some "give and take"
in all settlements of whatever nature. We only precipitate the darker issues by haste and passion.
One of the great troubles in all labor disputes,
where outside organizations concern themselves in
behalf of the workers, is that the latter meet the
owners through delegates and not direct. It may
be urged that so they must through inside unions.
But it is not quite the same. The natural sympathy
between a committee of an inside union and the
managers and operators is closer and more tolerant.
This, however, is not the concern in these remarks.
We have had a severe jar in our industrial progress.
It may be that in a short time the inherent power
of our industrialism will assert itself and prove that
stock speculation has little to do with our real and
permanent welfare. But whether this be true or the
opposite, our best hope lies in the benign spirit of
good will.
The violent language of the oath throws a baleful
light on our social and political system. Where is
the "subservient and tyrannical judiciary"? Let
the Judges and the Courts be named! Certainly no
cry like this comes up from the people at large. If
it is only apparent at times ("oftimes"), when and
how and where and why? Who are the "avaricious
industrial despots"? Can this characterization by
any stretch of the imagination be made to apply to a
majority, or even a respectable minority, of our employers? If so, why did they hasten to Washington
MAR.22 1930.]
FINANCIAL CHRONICLE
1905
nitude and of steadily rising proportions, which
alone would suffice to place this great industrial
undertaking in a class all by itself, but that everything connected with the same seems unique, having
few, if any, parallels elsewhere in the corporate and
industrial world.
During the calendar year 1929, which is the period
covered by the present annual report, the financial
transactions, perhaps, overshadowed the operating
and income results, though these latter were both
noteworthy and striking. In the year under review
the corporation was engaged in freeing itself from its
funded indebtedness, by no means a task of small proportions even in the case of a company of thefinancial
strength of the Steel Corporation, since the amounts
involved were of great size. The details are set out
in the report and they make an impressive exhibit,
though the facts were known in a general way before. In the early part of 1929 the directors of the
company decided to retire, or provide for the retirement, of the two whole issues of Steel Corporation
bonds, namely the fifty year 5% gold bonds of 1951
and the ten-sixty year 5% bonds of 1963. What this
involved will appear when we say that of these
issues there were outstanding at Jan. 1 1929, exclusive of bonds previously purchased and then in
the treasury of the company,$134,830,000 and $136,632,000 respectively, or a total for the two issues
combined of no less than $271,462,000.
The plan for providing the funds with which to
carry through this large financial undertaking was
distinctive if not unique since it required taking the
greater part of the sum needed for the purpose out of
cash funds in the treasury, in itself evidence of the
financial strength of the company. Stockholders, to
be sure, were given the right to subscribe for $1,016,605 shares of new common stock at $140 per share,
(par value $100). This was a valuable right to the
share holders, as the shares were then selling away
above the offering price, and yet this yielded in the
aggregate only $142,697,624 of actual cash, while
the amount required for taking up the $271,462,000
of bonds, (including the premium which had to be
paid in order that the bonds might be acquired in advance of actual maturity) was no less than $305,323,731. In other words $162,626,107 of cash had to
be taken out of funds in the treasury, representing
surplus and reserves. It is a remarkable fact that
this was accomplished without the slightest impairment• of the corporation's cash position, which at the
end of 1929 remained as impregnable as at the end
of 1928, attesting of course, the wonderful earnings
which the company enjoyed in a year the greater
part of which was marked by an era of exceptional
prosperity in the steel trade and which redounded
to the advantage of the United States Steel Corporation more than any other of the great steel corporations.
The Annual Report of the United States Steel
In addition there were also called for redempCorporation.
tion on November 1 1929 the entire then outstanding
One cannot take up an annual report of the United issues of the Indiana Steel Company first
mortgage
States Steel Corporation without marveling at the bonds in the sum of $20,858,000 and the
National
results disclosed. We find ourselves becoming more Tube Company first mortgage bonds in
amount of
and more impressed with that fact as the years roll $10,791,000. Altogether it appears from the
annual
by and new evidence accumulates in support of the report that, including $45,918,000 of U. S.
Corporastatement through further progress along the same tion bond issues in the treasury of the
company on
lines as before. And the remark applies whether we December 31 1928, and which have been
cancelled,the
have reference to the financial, the income or the bonded and mortgage debt of the
company was reoperating results. It is not alone that in all these duced in the huge amount of
$344,344,437, besides
respects we are dealing with figures of huge mag- which cash was deposited with
trustees for redemp-
at the call of the President to lay plans for more
work for labor?
These intense, exaggerated statements are inflammatory appeals to prejudice and suffering. Swearing an oath over a dead comrade is not lightly forgotten. It were better, far better, for all concerned
to merely resolve to work for peaceful settlements.
And in the matter of wage disputes it must ensue
that only the huge and ever-acting economic powers
are the final control. To realize this is to acknowledge that artificial and arbitrary efforts will fail
in the end unless fitted to conditions. The industry
must run if there is to be a fair wage.
In every crisis and in every country there are
those who strive and fail; there are also the misfits,
the indolent, and the mentally weak—these easily
become the disgruntled. Taught by adventurous
minds and self-seeking leaders that "the world owes
them a living," they decry law and order, grow
restive under restraint, become morose in spirit, and
turn against the very government that harbors and
protects them. Any impossible Utopian scheme that
promises all for nothing catches their attention and
is soon adopted as a cure-all. They are more ready
to march than to fight. They are more ready to
shout than to work. They nurse their wrath to
keep it warm. Too easily at the first touch of the
laws of the land they believe themselves martyrs.
A problem in every country where they "organize,"
they fall an easy prey to those who literally live by
agitation. Under a regime of free speech and free
press the proper line to draw is no disorder and no
rioting. Mobs are insensate. Excitement distorts
the mind's vision. Emotion awakened in a darkened
soul flames often into crime. And the "martyr"
dies.
We are surprised and astonished that a great labor
organization, striving by its own account to banish
Communists from its ranks, should indulge in intemperate language calculated to arouse hate and vengeance. It gains nothing good for the cause of labor.
Looking on the progress of the relations of labor
and capital for the last 25 years, it would be easy
to show an abiding increase in the interest of employers in employees. The closed or open shop is
still a question for investigation and discussion.
The open shop is increasing. The inside union is
proving a success. The A. F. of L. is recruiting its
ranks only by strenuous efforts. But in the presence
of the dead, to request an oath that attacks the
judiciary and maligns industrial managers is going
too far and can only recoil upon the organization
by a lowered estimate of the people not directly concerned with either side. As we have said at the
beginning, labor as well as capital must bear some
of the brunt of the readjustment from a mad war, a
readjustment not even now complete.
1906
FINANCIAL CHRONICLE
tion on presentation of $8,091,000 more, making with
the $344,344,437 a total of $352,435,437. Furthermore, as we have already seen, the company had to
pay a premium of roughly $34,000,000 on the Steel
Corporation bonds called for redemption, raising the
grand total of the amount required to roughly $386,000,000.
Then also the Steel Corporation and its subsidiary
corporations had to provide for large capital expenditures, the same as in previous years, for additional
property, new plants and extensions and improvements. For 1929 the amount thus spent aggregated
459,329,674. While on the subject it seems well
enough to point out that this process of making large
capital expenditures each year, while concurrently
reducing the aggregate indebtedness of the corporation and its subsidiaries is no new development. It
has been a distinctive feature of the administration
of the property for almost its entire history, as we
have repeatedly pointed out in reviewing previous
annual reports. In 1929 the reduction process was
promptly carried a step further and was of unusual
magnitude by reason of the special operation just
noted aggregating, as already stated, $344,344,437,
while at the same time the new capital expenditures
reached $59,329,674. Nevertheless, the whole thing
was in continuance of a practice and a policy that
has been steadily adhered to from almost the inception of the company.
It will not be out of place to recount again some
of the facts in that regard treated by us in previous
years. During 1928 the capital expenditures by all
companies for the acquisition of additional property,
new plants, extensions and betterments, including
stripping and development expense at mines, aggregated $47,146,275. Yet there was a net decrease
of $18,572,113 during the year in the bonded and
mortgage debt of the Steel Corporation and its subsidiaries through sinking fund operations and other
processes for retiring debt. In 1927 the new capital
additions were no less than $97,585,998 while net indebtedness was reduced $17,514,824. In 1926 the
new capital expenditures amounted' to $76,080,520,
while there was a reduction in net indebtedness of
$16,776,225. In 1925 the capital expenditures
reached $70,893,944 while net debt was reduced
*1,774,852. In 1924 the capital expenditures
amounted to $79,619,986 and were coincident with
a debt reduction 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 net debt
of $13,870,450. And in 1919, when the capital expenditures aggregated .7,091,515 net debt diminished $13,921,885.
Thus the heroic way in which debt was reduced
in 1929 comes as the culmination of a long series of
similar operations, all of the same character, differing from those for which 1929 will always be distinguished in that they were not of the same large
scale, and yet taken together they are of imposing
magnitude.
As a result of the operations carried through in
1929 the bonded, mortgage and debenture debt outstanding has been reduced from $456,602,415 Dec.
[vol.180.
31 1928, to only $112,257,977 Dec.31 1929,$8,091,000
of this latter being bonds of the Steel Corporation for
the payment of which cash has been deposited and
is being held by the trustees of the issues of the remainder consists of bonded indebtedness of one kind
or another of subsidiaries of the Steel Corporation.
We have adverted above to the strength of the
company's cash position. That has been a feature
of the annual reports for a long time past and is
no less a feature after the huge operations of the
past year in the line of debt reduction. At the end
of 1928 the balance sheet reported $563,155,190 of
current assets with $112,515,999 of current liabilities, showing excess of current assets (including inventories) of $447,639,191. At the end of 1929 the
current assets stand at $562,232,507 with $121,358,052, of current liabilities, leaving an excess of current assets in amount of $440,874,455 or not quite
$7,000,000 less than at the end of 1928. Of the assets
on Dec. 31 1929 $130,673,563 consisted of cash in
hand and on deposit with banks, bankers and trust
companies, subject to cheque.
At the same time the usual conservative policy has
been pursued in the statements of the accounts in
the balance sheet. This appears when it is seen that
the property investment accounts have been reduced
in amount of nearly $120,000,000 during the twelve
months notwithstanding the $59,329,674 applied on
new capital expenditures, the amount for Dec. 31
1929, standing at $1,541,492,587 as against $1,661,123,969 on Dec. 31 1928. The reduction merely represents write-offs to credit of property investment
account of amounts of earned surplus appropriated
for amortization of investment cost. There was also
written-off in 1929 in reduction of property investment account the $25,000,000 provided at formation
of the corporation and previously carried to credit
of "Surplus provided in organization."
Notwithstanding the writing down of accounts
and the elimination and marking off of items such
as the $25,000,000 capital provided at the organization of the company the balance sheet shows a larger
earned surplus at the end of 1929 than at the beginning. This earned surplus as given for Dec. 31
1929, after the making of all adjustments, stands at
no less than $704,711,117. Let the reader ponder
well what it means for a company to be able to show
an earned surplus in excess of $700,000,000. And
of this surplus of $704,711,117, $270,000,000 has
actually been appropriated for and invested in capital expenditures. It is this application of surplus
earnings for the improvement and extension of plant
and property and to strengthening financial condition that furnishes the key to its wonderful success.
At the same time shareholders have been very liberally dealt with. In 1927 they received a stock dividend of 40% and in 1929 they got cash dividends of
8% (one per cent extra in addition to the seven per
cent regularly paid) on this 140%, making 11.20%
on the original 100% of stock.
The year 1929 was, of course, one of phenomenal
prosperity and showed a large surplus above the
8% actually paid out to the shareholders. The income results for the year have been known for some
time, the company making it a practice to issue
quarterly returns with great promptness, but it
should be noted here that after paying the 8% dividends a surplus on the operations of the year remained in the large sum of $108,523,342 and this, of
course, played its part in swelling the accumulated
MAR.221930.1
FINANCIAL CHRONICLE
1907
into jail the best, the most honored, the most respected people, empty your universities, your
schools. . . ."
It has been charged that the "press" has given
inordinate space to the "Wet" side of this disturbing
issue. We have no means of comparing the relative
space granted to the contestants. But this is the
first time that the so-called "Wets" have been
granted an open hearing before this Judiciary Committee. And these emphatic charges, printed as
news, must serve to awaken the people to the seriousness of the situation. Indication is plain that
the opponents of the amendment and law have the
courage of their convictions and do not intend to
rest until what is now an intolerable condition is
rectified as near as may be and as speedily as time
will allow.
The tide of all the talk is now swinging toward
the involved abrogation of human rights. Whether
there is more drinking or less, whether enforcement
is possible or not, whether light wines and beer
would afford a measure of relief or would not, the
belief is growing that deeper questions underlie the
Amendment that threaten the very stability of our
Prohibition, Whither Does It Carry?
institutions and the very nature of our Government.
In the open hearing before the Judiciary Commit- Almost at the time this hearing goes on in Congress,
tee of the House, on Feb. 20, on the question of Pro- "The Easy Chair," Edward S. Martin, in the March
hibition and its enforcement, Frederic R. Coudert, issue of "Harper's," is writing: "The main trouble
New York attorney, made some statements which, is not that the Eighteenth Amendment is bad, but
if they do not alarm the friends of this absorbing that it cannot be corrected, except by a political
matter, must at least arouse them to the earnestness convulsion. The crime was in putting it into the
of the opposition. Among other things, he said: 'Constitution, where it had no business to be. Bad
"I believe it is fundamentally and absolutely anti- laws are made every day, but when intelligence and
constitutional. It is opposed to the whole spirit of experience overtake them they can be repealed. Not
our Federal Government, which rests upon two foun- so amendments to the Constitution. Good or bad,
dation pillars: the rights of the general government they stick. If the Eighteenth is ever struck out, it
in matters of admittedly general concern; the rights will be an exploit for which there is no precedent;
but if it is ignored, there are precedents for that."
of the States in matters of local concern."
Later in his argument, Mr. Coudert, speaking of And Mr. Martin writes further in this article: "The
enforcement, said: "What would the consequences idea that any law which can be injected into the Conbe? I think it is easy to predict that the Govern- stitution has a moral sanction is gradually being
ment, legislative or administrative, that attempted shown up as untrue. An idea of the amount of regusomething like real enforcement would be swept out lation of private conduct which can be inflicted by
of existence at the next election, and if that were Legislatures on voters is being clarified and the line
not so, they would have on their hands a civil war." located that determines what degree of restraint of
. . "This is becoming a very real question. absolute free will is necessary to social beings in our
Great masses of men, a million at a time, will not present civilization."
suffer themselves to be treated as lawbreakers and
Ten years of at least partial failure! Sincere drys
outside the pale of the law. It was all right to pass usually are willing to admit this. Ten years of trial
a law under war psychology that the chairman of what has been termed, in politics, "a noble experihas so well outlined; and the amendment was ment," and a more determined effort than ever to
carried through under that over-stimulated mental repeal or to modify! At the same time calls louder
state, when a great part of the nation believed that and louder for "enforcement." A bill pending to
every German was a felon and should be extermi- change control from the Treasury to the Department
nated, and that we were carrying on a war for of Justice. The "Drys" yielding not an inch—save
humanity and must destroy other people in doing it. a liberal element now convinced of its inefficacy, an
It was quite natural that a matter like prohibition element now growing. But on every hand societies
should have gone through as a patent nostrum for of opposition springing up. Men and women of high
the conditions prevailing at that time." . . . "I standing, known for public service, for ability, for
realise the difficulties, the almost impossibility of honesty, organizing to effect some means of relief,
repealing it, but I say that is objective. There are of remedy. Yet, as they are now not uncommonly
only two things that can happen. Repeal it and called, the "fanatical" "Drys" standing pat and
restore to the localities those rights which from time defying those who are striving for a way out. Save
immemorial they have held in Anglo-Saxon communi- slavery, has there ever been such division over a
ties, or which, when those rights were violated, had law? What is to be the outcome? A political revoled to a revolution and thus those rights had been lution is easily conceivable. But not civil war!
restored—either that or enforce it." . . . "Call That is beyond conception. Internecine strife, riots
out the navy and go into every home and put every and rebellion in our cities—that is easily possible.
citizen who violates the law in jail and have accom- Can an Amendment, which is a denial of unalienable
modations for 50,000,000 or 60,000,000 people. Put personal rights, be put into the Constitution—the
surplus, leaving it larger than before, notwithstanding the numerous adjustments made. The 8% dividends on the common shares declared out of the
year's earnings called for only $63,849,040, whereas
the surplus remaining after such distribution was,
as just stated, $108,523,342. It is evident, therefore,
that had it been the policy to distribute the whole
of the year's earnings (which of course it never has
/
been) a total of over 211 2% might have been paid,
on the common shares.
Since the close of the year the stock has been further increased in amount of $42,803,600 in the acquisition of the Atlas Portland Cement Co. and the
Columbia Steel Corp., but even on the enlarged
amount of stock of say, roughly, $856,000,000 the
earnings of 1929, after allowing 7% dividends on
the preferred stock are equivalent to over 20%.
There is of course no likelihood that the company's
income in 1930 will be of the phenomenal extent as
that of the year past but these calculations are interesting as showing how exceedingly large the margin
is that will have to be wiped out before the dividend
requirements at 8% will be encroached upon.
1908
FINANCIAL CHRONICLE
protection of human rights and the rights of property—be written into that immortal charter that
cannot be taken out? The difficulties are apparent,
but are not insuperable!
There is so much to say, 60 much being said, pro
and con, as to the evil effects on all law observance
and all social justice, that some form of remedy
should be attempted. Are the people to sit still and
suffer that which though a tyranny of the majority
is fastened upon them forever? And if it be not a
tyranny, then must not that majority prove that it
is right, or allow another "noble experiment" to be
tried? A farmer from North Dakota appears before the committee to say that the lack of markets
for rye and barley is part of the farm depression.
The ins and outs of the incessant argument are past
recital or description. That a free people cannot
escape its own toils is unbelievable. That a free
people, a free minority, cannot escape the constriction of an Amendment, contrary to the spirit of the
[Vox.. 130.
Constitution, is to admit that representative government is a farce and a failure.
Is not 10 years' test long enough? Must the people
be bedeviled for another 10 years? What of the
Supreme Court? What of a presentation before that
body, clear cut, and limited to the question whether
or not there are personal rights which not even the
Government can take away, because reserved to the
people; which not even majorities can take away
because inherent in the individual? Against a background of autocracy a government was constructed,
limited in its powers—limited by rights of the man
and men. Justice admits of no sentiment, is deaf to
fanaticism, is the greatest safeguard we have. Why
not a new presentation of the Constitutionality of
the Amendment itself? Has this phase been brought
squarely before the Court? We think not. To continue to countenance these divisions is to embroil
politics, to disorder society, to degrade law. Something ought to be done, but what?
Gross and Net Earnings of United States Railroads for the
Month of January
Earnings of United States railroads for the opening month of the new year make a disappointing
exhibit, as they did for the closing months of the
old year, and in much the same way and for much
the same reason. In other words, there is a very
substantial loss in gross revenues, and as this was
not attended by a reduction in expenses proportionate to the falling off in revenues, the shrinkage in
net earnings is relatively much heavier than that in
the gross. Our compilations show that the total of
the gross earnings for January of the present year
was $36,102,247 smaller than in January last year,
being a loss of 7.41%. As against this, operating
expenses, not including taxes, were curtailed in
amount of only $13,097,071, or but 4.88%, leaving
therefore a decrease in net earnings of $23,005,176,
or not far from 20%, the actual percentage of loss
being 19.55%. The ratio of expenses to earnings
has run up from 75.78% in January 1929 to 78.95%
in January 1930. This is without including the
taxes. The comparative totals for the two years are
given in the table which follows. It will be seen
that the net earnings for 1930, before the deduction
of the taxes, stand at only $94,759,394, as against
$117,764,570 in January last year.
1929.
1930.
Month of January—
(1 ) or Dec. (—).
242,175
+175 0.08%
242,350
Miles of road (179 roads)__—
$450,526,039 3486,628,286 —636,102,247 7.41%
Gross earnings
368,863,716
355,766.645
—13,097.071 4.88%
Operating expenses
75.78%
78.95%
+3.17%
Ratio of expenses to earnings
Net earnings
$94,759,394 $117,764,570 —$23,005,176 19.55%
The chief factor in the falling off in revenues the
present year has of course been the depression in
trade and business, and the contrast in that respect
with last year is the more marked because trade
and business then were unusually active and kept
expanding thereafter month by month until in the
autumn of 1929, when the crash in the stock market
caused a complete reversal of trade currents. The
failure of expenses to show contraction more in
accord with the extent of the shrinkage in gross revenues may doubtless be ascribed in great measure, if
not entirely, to the action of railroad managers in
seeking to comply with the injunction of President
Hoover to curtail operations no more than absolutely
necessary in order to prevent large scale unemployment. As to the decline in trade, statistics regard-
ing the production of iron and steel come first in
order, even though the rebound from the extreme
depression experienced in December was much more
pronounced in the steel industry than in other lines
of activity, in some of which, indeed, there was no
rebound at all. The American Iron and Steel Institute estimates the output of steel ingots for the 27
working days of January at 3,786,450 tons, as
against only 2,896,269 tons in the 25 working days
of December, but even after this recovery the output
was well below that for the 27 days of January 1929,
which was 4,490,354 tons. It is perhaps well to add
that as the month advanced orders for steel constantly increased, so that the rate at which capacity
was engaged at the end of the month was very much
higher than at the beginning, a fact which is hidden
in the statistics relating to the month as a whole.
This qualification is applicable also to the statistics
appertaining to pig iron production. The "Iron
Age" calculates the make of iron in the United States
in January 1930 at 2,827,464 tons, which was only
slightly different from the figures for December,
when the product was 2,836,916 tons, and compares
with 3,442,370 tons in January 1929. In explanation of the lack of recovery, the "Iron Age" pointed
out at the time that there was a sharp increase in
the number of active furnaces in January, but so
many of them blew in late in the month that the
increase in output was not sufficient to bring the
January total above that of December.
One important element in the growing activity. of
the steel trade was the freedom with which the railroads placed orders and the liberal way in which
they drew on such orders. This served to offset the
falling off in the orders on behalf of the automobile
concerns. The automobile industry has perhaps been
suffering the greatest setback. According to figures
supplied by the Department of Commerce the production of motor vehicles in the United States in
January 1930 reached only 273,089, against 401,037
in January 1929.
As it happened, coal mining was also on a reduced
scale compared with a year ago. Previously, coal
production had been running above that for the
corresponding period of the previous year. In January, on the other hand, the output of bituminous coal
MAR. 22 1930.]
FINANCIAL CHRONICLE
1909
in the United States reached only 49,778,000 tons gross and net, to which reference has already been
against 52,140,000 tons in January last year. Con- made, was repeated in 1930. We allude to the fact
sidering the importance of the coal output as an that both January 1929 and January 1930 contained
item of freight, the part played by the smaller pro- one less Sunday than January 1928, giving, thereduction of the same will be readily recognized. The fore, an extra working day.
With conditions so generally unfavorable the
diminished output may be accepted as effecting the
lessened activity of general trade. It happens, too, present year, as outlined in what has been said
that the production of Pennsylvania anthracite was above, and with the showing for the railroad system
somewhat smaller,though some of the anthracite car- as a whole so poor, it cannot be deemed strange that
riers nevertheless transported more coal to tide- the record for the separate roads and systems is one
water in the month the present year than they did of large and general losses. The losses, too, come
in the same month last year. The output of Penn- from all parts of the country and from all classes
sylvania anthracite in January 1930, it appears, was of roads. No gains of any considerable size appear
only 7,038,000 tons as against 7,337,000 tons in Jan- anywhere outside of, say, half a dozen roads favored
by special circumstances in widely separated parts
uary 1929.
An idea of the course of general trade may also be of the country, and perhaps it should also be added
gained from a comparison of the building statistics that as a group the New England roads have done
for the two years. From the statistics compiled by somewhat better than the rest. The large losses are
the F. W. Dodge Corp. we learn that the building so numerous, in the case of the gross and net earnand engineering contracts let during January the ings alike, that it would be wearisome to attempt to
present year in the 37 States east of the Rocky Moun- mention them all, or even the greater part of them.
tains amounted to only $323,975,200, which was 21% As showing, however, how widely distributed the
less than in January 1929. In addition to all this, losses are, we may mention that among the trunk
Western roads suffered a decided contraction com- lines the Pennsylvania RR. falls $3,313,396 behind
pared with a year ago in their grain movement due to in gross and $1,931,613 behind in net; the New York
the poor export demand and the holding back of wheat Central (including the various auxiliary and conbecause of the low price prevailing for the same and trolled roads), $3,969,367 in gross and $1,579,874 in
the fact that the Federal Farm Board encouraged net; the Baltimore & Ohio, $1,346,867 in gross and
the practice by making loans to farm co-operatives $515,007 in net, and the Erie, $1,060,155 in gross
at prices much higher than those prevailing in the and $610,713 in net. In the Southwest we have the
market. We give the details of the grain movement Atchison,with $2;119,417 loss in gross and $2,180,394
further along in this article, and will only say here in net, and the Southern Pacific with $2,059,554 loss
that for the five weeks ending Jan. 31 the receipts in gross and $1,305,935 in net. Then there is the
of wheat, corn, oats, barley and rye combined aggre- Rock Island with $1,440,568 decrease in gross and
gated no more than 67,203,000 bu., as against 85,- $1,271,852 in net. Coming further North, in the
677,000 bu. in the corresponding five weeks of 1929. Western half of the country, the Union Pacific re
As a sort of composite picture of the general trade ports $1,418,342 decrease in gross and $928,440 in
situation, the weekly figures of carloading reported net, and the Burlington & Quincy, $1,346,062 deby the American Railway Association are perhaps crease in gross and $1,062,019 in net. In the Norththe best for the purpose. From these it appears that west the Chic. Mil. St. Paul & Pac. suffers a diminufor the four weeks in January the loading of revenue tion of $1,136,051 in gross and of $808,816 in net,
freight in 1930 aggregated only 3,349,424 cars, as and the Great Northern $897,258 in gross and
against 3,571,455 cars in the corresponding four $332,464 in net, and the Northern Pacific $729,233
weeks of 1929, and 3,448,895 cars in the same four in gross and $593,856 in net, while in the South the
weeks of 1928, the 1930 loading thus being smaller Louisville & Nashville reports $436,298 decrease in
than in either of the preceding years.
gross and $283,653 in net, and the Southern Ry.
Speaking of the roads as a whole, this year's losses $879,485 in gross and $742,149 in net. In the followwiped out the gains shown in January last year, and ing we show all changes for the separate roads for
as these gains in 1929 were in turn merely a recovery amounts in excess of $100,000, whether increases or
of the losses sustained in January 1928, the results decreases, and in both gross and net:
for the present year are really the poorest seen in PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF JANUARY. 1930.
January for a long term of years. We discuss the
Decrease.
Increase.
413.024
in this article New On Tex & Mex(3).... $280.073 Lehigh Valley
figures of the back years further along
412.555
229,974 NY Nil & Hartford-Maine Central
405,122
Atlantic
and will only say here that as against a decrease Chesapeake & Ohio -- 222,879 Chicago Coast Line
374,375
179,624
& Northwestern
Bangor & Aroostook131,143
Delaware & Hudson- of $36,102,247 in gross and $23,705,176 disclosed for Chi St P Minn & Omaha 109.765 St Louis-San Francisco(3) 335,998
335.238
Pittsburgh & Lake Erie-320,686
Detroit Toledo dr Ironton
January 1930, our compilations for January 1929 Total(8 roads)
317.696
$1.153,258 St Louis Southwestern (2)
303.446
Seaboard Air Line
disclosed a gain of $28,833,685 in gross and $23,Decrease. Wheeling & Lake Erie_ —
300.146
289,301
Pennsylvania
$3.313,396 Minn St PSESSM
578,213 in net.
Atch Top & Santa Fe (3) 2,119.417 Chic & Eastern Illinois—
263.597
261.724
Southern Pacific (2)-.-- 2,059,554 Chicago & Alton
As to the part played by the weather in affecting NY Central(a)
233.042
1.847.785 International & Cit Nor_
222.749
Rock Island Lines (2).-- 1.440,568 N Y Chicago & St Louisresults, January being a winter month, it may be Illinois Central
217,931
1,438.358 Colorado & Southern (2)..
214,575
1,418,342 PereMarquette
said that while here in the East the winter was a com- Union Pacific (4)
214.131
Baltimore & Ohio
1.346,867 Mobile & Ohio
On & Tex Pacific_
Burlington & Quincy
Cin
paratively mild one, as had been the case in the years Chi Milw St P & Pacific.. 1.346.062 Can N Lines in Maine.. 171.755
Pae
163.647
Chi
1,136.051
Erie (3)
1,060.155 Central RR of N J
158.802
1,042.466 Kansas City Southern......
157,221
immediately preceding, in the West, on the other Michigan Central
-Texas—
925.716 Nashville & Chatt & St L
155.767
Missouri-Kansas
133.458
897.258 Boston & Maine
hand, temperatures over extensive areas were quite Great Northern
879,485 Term Ry Assoc of St L....
128,665
Southern Railway
740,764
Delaware Lack &
low, but there appear to have been very few obstruc- Northern Pacific West-- 729,233 Minneapolis & St Louis.... 127.031
WesternPacific
123,545
728.732 Los Aug & Salt Lake___..
Missouri Pacific
123,526
tions otherwise to railroad operations, at least in C CC & St Louis
719,789 Hocking Valley
122.778
816.393 Chic Ind & Louisville__
118.511
the shape of heavy snowfalls or extensive snow Texas & Pacific
488,284 Pitts & West Virginia...._
Wabash
106,038
450.403 Alabama Great Southern
Grand Trunk Western...
103,252
blockades. One advantage which the roads had in Louisville & Nashville
436.298
Total (69
418.302
$34,927,008
1929 as compared with 1928, and which played its Reading figures merely cover the operations of roads) York Central
the New
a These
various auxiliary and controlled roads,like the Michipart in bringing about the improvement in earnings, itself. Including the Four," &c.,the result is a decrease of $3,969.367.
gan Central.the "Big
1910
FINANCIAL CHRONICLE
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF JANUARY, 1930.
Decrease.
Increase.
Chesapeake & Ohio
3545,057 Atlantic Coast Lines_ _ _ _
413,076
New On Tex & Mex (3)_
252,091 000& St Louis
384,164
Maine Central
379.404
166.274 Wabash
Chi St P Minn & Omaha151,892 Grand Trunk Western_ _
343,832
NY Connecting
148,264 St Louis-San Francisco_ _
332,783
Bangor & Aroostook_ _ _ _
112.780 Great Northern
332,464
Missouri Pacific
299.138
Total (8 roads)
$1,376.358 Louisville & Nashville _ _ _
283,653
DeCrease. Detroit Toledo & Ironton
250.338
Atch Top & Santa Fe (3) 82.180.394 St L Southwestern
228,995
Pennsylvania
Chic & Eastern Illinois_ _
208,147
, .
Southern Pacific(2)- - - 1,305,935 Western Pacific
168,700
Rock Island Lines (2)-- 1.271,852 NY Chic & St Louis__ - _
164,425
Illinois Central
1.133.709 Minn St P & S S M__
163,986
Chic Burl & Quincy
1,062,019 Colorado & Southern (2)_
157,453
Union Pacific (4)
928.440 Hocking Valley
139.829
Chic Mllw St P & Pacific
808,816 Boston & Maine
135,759
N Y Central(a)
755,006 Wheeling & Lake Erie- -124.365
Southern Railway
742.149 Term Ry Assoc of St L..119,404
Reading
618.468 International & Gt Nor_
117.378
Erie (3)
610.713 Denver & Rio Or West'n
111,297
Pere Marquette
601,917 Nash Chatt & St Louis_ _
108.653
Northern Pacific
593,856 Pitts & West Virginia__ _
102,505
Delaware Lack & West.._
566,673 Minneapolis & St Louis-101.695
Baltimore& Onto
101,444
515,007 Mobile & Ohio
Texas & Pacific
508,223 Gin New Or!& Tex Pay.
101,182
Missouri-Kansas
-Texas_ _
493.351
Michigan Central
452,374
Total (55 roads)
$22,454.584
a These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central. the "Big Four," &c., the result is a decrease of $1,579,874.
When the roads are arranged in groups or geographical divisions, according to their location, it is
natural to find,in view of what has been said above,
that with the single exception of the roads in the
Pocahontas region (where the coal traffic was
heavier and a slight increase appears), all the different districts and all the different regions in those
districts record a falling off in gross revenues. In
like manner, all the different districts and regions
also show a loss in net earnings with the same exception of the Pocahontas region, which has a small
increase, and likewise the New England region,
which has also slightly enlarged its net. Our summary by groups is as below. As previously explained, we group the roads to conform with the
classification of the Inter-State Commerce Commission. The boundaries of the different groups and
regions are indicated in the footnote to the table:
District and Region.
Gross Earning
Month of January1930.
1929.
Inc.(+)or Dec.
Eastern District.$
$
New England region (10 roads)____ 20,596.439 20,948.268
-349,829
1.73
Great Lakes region (34 roads)
83.406,676 90,774.965 -7.388.289 8.02
Central Eastern region (28 roads) _102.844.756 110.221,719 -7,376,963 6.73
Total(72 roads)
Southern DistridSouthern region (30 roads)
Pocahontas regton (4 roads)
206,847,871 221,942,952 -15,095.081
6.84
59,591,383
22,832.639
84.265,848
22.518.403
-4.674,465
+314,236
7.36
1.42
Total(34 roads)
82,424,022
P7estern District
Northwestern region (18 roads).....46.042.632
Central Western region (24 roads)._ 74.038,620
iouthweetern region (31 roads).-- 41,172.994
66,784,251
4,360,229
5.03
49,817,858
82,242.264
45.840,961
-3.775.226 7.57
8,203.744 9.98
-4.667,967 10.21
Total(73 roads)
161,254,146 177,901,083
Total an districts (179 roads)
16,646,937
9.41
450,526,039 486.628.286 --36.102,247
7.41
District and Region.
Net Earnings
Month of Jan.- -Mileage1930.
1929. Inc•(+) or Dec.(-)
Eastern District-1930.
1929.
3
S
$
%
New England region__ 7,289 7.283 5,597,091
5,335,213 +261.878 4.01
Great Lakes region... 25,253 25,263 16,699.066 21,C69,429 -4.370,363 20 77
Central Eastern region 27,330 27.285 20,617,799 25,158,455 -4,540,656 18.07
Total
59,922 59,831 42,913,956 51,563.097 -8,649,141 I6.7S
Southern District
40,123 40,127 12,201.816 15.457.335 -3,255.519 21.04
Southern region
5,633 8,672,930 8,154,326
Pocahontas region
5,638
+518,604 6.36
Total
Western District
Northwestern region
Central Western region
Southwestern region
Total
Total all districts
45,761
45,760 20.874,746
23,611.661 -2,736,915 11.62
48,960 48,994
52,
614 52.450
35,093 35,140
5.598.835
7,525,485 -1.928.650 25.19
16,006,021 23,351.010 -6.444,998 27.63
8,463,836 11,713,308 -3,247.472 27.78
136,667 136,584
30.970,632 42,580,812-11,619,120 27.25
4°,350 242,175 04.759,394 117,764,570-23,005,176 19.55
'
,
NOTE.
-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following Indicates the
reclines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-Thla region comprises the New England States.
Great bakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.-Thls region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
Parkersburg. W. Va.. and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region -This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W.Vs.. and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
[VoL. 130.
Southern Region.-ThEs region comprises the section east of the Missiesippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginie
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.
-This region comprises the section adjoining Canada War
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.
-This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a tine from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwesters Resion.-Thle region commit/es the section lying between the Mlesifelppi River south of St. Louis and a line from St. Louts to Kansas City and thenor
to El Peso and by the Rio Grande to the Gulf of Mexico
Western roads, taking them collectively, suffered
a heavy contraction in their grain movement in
January the present year, the falling off extending
to all the different items with the single exception
of rye, which ran somewhat heavier than in January
1929. The receipts of wheat at the Western primary
markets for the five weeks ending Jan. 31 1930 aggregated'only 19,347,000 bushels, as against 25,484,009
bushels in the corresponding five weeks of 1929; the
receipts of corn but 35,632,000 bushels, as against
43,575,000 bushels; of oats only 7,531,000 bushels,
against 11,105,000 bushels, and of barley only
2,887,000 bushels, against 4,392,000 bushels. Adding
rye, the receipts of which were 1,806,000, as compared with 1,121,000 bushels, the total receipts for
the five cereals combined reached only 67,203,000
bushels, as against 85,677,000 bushels in the same
period of 1929. The details of the Western grain
movement in our usual form are shown in the table
we now introduce:
WESTERN FLOUR AND GRAIN RECEIPTS.
Corn.
Oats.
Harley.
5 Wks.End. Flour,
Wheat.
(bush.)
(bush.)
(bush.)
Jan. 31.
(bbls.)
(hush.)
Chicago
489,000 10.275.000 1,665,000
484,000
1930 _ 1.027,000
999,000 13.560,000 2,981,000
758.000
1929 .._ 1,202,000
Milwaukee
188,000
81.000 1,454,000
729,000
1930 ___ 100.000
50,000 2,020.000
392,000
668,000
1929 .._ 176,000
Si. Louis
1,481,000
1930 ___ 664,000 2.594.000 2.969,000
89,000
1929 .... 668,000 3,731,000 5.343,000 2,372,000
151,000
Toledo
164.000
956.000
402,000
2,000
1930
243.000
631.000
435,000
1929
16,000
Detroit
48.000
133.000
68.000
5,000
1930 113,000
141,000
126,000
1,000
1929
Peoria
230.000
3,231,000
1930 ___ 208,000
478.000
359,000
129.000 2,815,000
659,000
1929 ___ 339,000
599.000
Duluth
384,000
2,086.000
438,000
218,000
1930 554.000
138.000
2,443.000
1929
197,000
Minneapolis
4,615.000 2,137.000 1,091,000
1930
986,000
7,217.000 2,058.000 1,606,000 1,995,000
1929 _
Kansas City
4,915.000 4.062.000
444,000
1930 _
5,444.000 6.547,000
470,000
1929.
Omaha et Indianapolis
1.284.000 7,579.000
1,084.000
1930
2,371.000 6.033,000
1,358,000
1929
Hour City
1,110,000
39.000
128,000
1930
15,000
155,000 1.506.000
364,000
1929
7,000
St. Joseph
891.000 1.713,000
46.000
1930 _
1,888,000
906,000
1929 _ _
150,000
Wichita
1,054.000
506,000
20.000
1930.
895,000
1,267,000
54,000
1929-
Rye.
(bush.)
889.000
247.000
35,000
26,000
1,000
2,000.
4.000
10.000
27.000
18,000
6,006
83.000
421.000
251.000
441,000
482,000
2,000
Total ,41l1930 ___ 1.999,000 19.347.000 35,632.000 7,531,000 2.887,000 1,808.000
1020
2.385.000 25,484.000 43.575,000 11,105,000 4,392.000 1,121.000
The Western live stock traffic also appears to have
been smaller than in January 1929. The receipts at
Chicago embraced only 22,263 carloads, as against
25,236 in the month last year; at Kansas City but
8,485 carloads, as against 9,087 cars, though at
Omaha the receipts were 8,212 carloads, as compared with 7,272 cars.
As to the cotton movement over Southern roads
in January the present year, this, too, was on a
greatly reduced scale, both as regard the shipments
of the staple overland and the receipts at the Southern outports. The gross shipments overland in January 1930 were the smallest in many years, being
only 74,315 bales, as against 167,997 bales in 1929;
93,929 bales in 1928; 154,186 bales in 1927; 166,115
bales in 1926, and no less than 240,964 bales in 1925.
MAR.22 1930.]
FINANCIAL CHRONICLE
At the Southern outports the receipts of the staple
in January the present year were only 478,823 bales,
as against 735,209 bales in 1929; 535,905 bales in
1928; 1,033,906 bales in 1927; 739,040 bales in 1926,
and 962,316 bales in 1925, as will be seen by the subjoined table:
1911
encouraging monthly exhibit it had been our privilege to present in a long time. Revival in trade, we
noted, had added substantially to the traffic of the
roads, thereby swelling the gross revenues, while at
the same time operating expenses, though showing
continued augmentation, had not increased to such an extent
as to absorb the whole of the gain in gross. As compared
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF
with the same month of 1922, there was then an improveJANUARY FROM 1925 TO 1930 INCLUSIVE.
ment of no less than $105,816,364 in the gross and of $35,Month qf January.
Ports.
012,892 in the net. On the other hand, however, the very
1926.
1925.
1927.
1930.
1929.
1928.
bales
Galveston
111,410 251,115 169,568 290,205 259,993 358.975 large gain in gross In 1923 was merely a recovery of what
Texas City, .ite
137,400 248.438 140.215 337,902 140,007 268.715
New Orleans
127.313 162,554 144,493 241,145 216,885 213,227 had been lost in the gross in the two preceding years,
12,041
13,118
21,910
Mobile
42.575
14,437
23,393
525
897 namely, 1922 and 1921, though in the net the 1923 improve6.90
Pensacola
3
129
8
42,986
48,855
Savannah
76,585
20,958
20.506
27.506
350 ment was additional to an improvement in 1922, the two
Brunswick
Corpus Christi
5.251
3,530
8,557
22,532 successive gains in net reflecting the transformation effected
25,146
25.519
Charleston
8.384
9,463
11,538
7,845
9.011
Wilmington
13.149
6,659
6,056
5,283
of Government
30.949
Norfolk
29,624 as regards expenses with the relinquishment
26.666
16,255
12,073
10,467
Newport News
control of the properties.
Lake Charles
556
1.557
The reason for the loss in gross in January 1922 was, of
47g MAR 723 ano FAS OM 1 onn QM 739 940 0R231
Total
course, that at that time the country was still suffering
intense depression in business, and the falling off in JanuRESULTS FOR EARLIER YEARS.
Extending the comparisons back beyond 1929, ary 1921, which amounted to $33,226,587, was due to much
United States
when, as already stated, our compilation showed an the same circumstance. In January 1921 the
was in the earlier stages of that intense prostration of trade
increase of $28,853,685 in gross and of $23,578,213 in
from which the country was still suffering at the beginning
net, but when the improvement was subject to the
of 1922, and as a consequence there was a substantial reducqualification that it followed decidedly poor results tion in the gross receipts in that month, notwithstanding
in January 1928, it becomes important to note the the much higher rate schedules, both passenger and freight,
extent of the falling off at that time. Our compila- put in force the previous August (1920). The shrinkage
tion then showed (January 1928) $30,161,749 loss in the gross in January 1921 was $33,226,587 and it was
in gross and $5,558,796 loss in net. It happens, followed by a further shrinkage of $75,303,279 in January
too, that in January 1927 comparison was with 1922, and it should be noted that the January 1923 gain of
decidedly indifferent results. The increase in the $105,816,364, though large, did not entirely wipe out the
gross then was no more than $6,119,441, or only antecedent loss. In the net, however, as already stated,
1.27%, while in the net there was actually a loss of the 1923 improvement followed a substantial improvement
$2,853,250, or 2.79%. As a matter of fact, results In the net in 19= also. We have already pointed out that
$75,303,279. That
were indifferent, too, in the previous year (January the gross in 1922 fell off no less than
reduction in gross revenues was accompanied by a cut in
1926), due to the strike then prevalent at the anthraexpenses in the prodigious amount of $104,392,928, yieldcite mines, and the losses suffered by southwestern the
ing, hence, a gain in the net of $29,089,649. Contrariwise,
roads at that time because of the previous season's
in 1921 the showing was a poor one, both in the gross and
poor winter wheat yield. In the gross our figures in the net, and particularly in the latter. And it is the
in January 1926 showed a trifling decrease, namely, poor results of that year and of the years preceding that
$3,960,038, or not quite 1%; in the net there was has made possible the better net the carriers have enjoyed
an increase, but equally diminutive, namely, $946,- since then. The simple truth of the matter is that owing
994, or also less than 1%. As it happens, too, the to the prodigious expansion in the expenses, the net had got
exhibit for January 1925 was likewise hardly up to down to the vanishing paint. In brief, our statement for
the mark, while in January 1924 there were actual January 1921 showed $33,226,587 loss in gross, notwithstanding the much higher rates, and this was attended by
losses in both gross and net.
As explained by us at the time, the showing made an augmentation of $27,124,775 in expenses, the two comby our compilations in January 1925 was satisfac- bined causing a loss in net in the huge sum of $60,351,362.
It is true, on the other hand, that there was substantial
tory chiefly because of the renewed testimony it
gains in January of the two years immediately preceding,
afforded of the increased efficiency and economy
January 1920 and January 1919. In January
with which the roads were being operated. The namely, in
1920 our compilations showed an increase over January 1919
gross earnings recorded moderate improvement,
of $101,778,760 in the gross, and of $49,809,654 in the net,
namely, ;15,866,417, or 3.30%, but the improvement though a special circumstance accounted for the magnitude
in the net then reached $17,341,704, or 20.73%, ex- of the gains. In other words, in the January 1920 total
penses having been slightly reduced. The gain in there was included an estimate covering back mail pay for
gross in January 1925 did not suffice to wipe out the years 1918 and 1919, accruing to the Railroad Administhe loss in gross earnings sustained in January 1924. tration as a result of a decision of the Inter-State Commerce
On the other hand, the loss in net in January 1924 Commission on Dec. 23 1919. The addition in that way was
was no more than $9,412,390. The mild weather iroughly $53,000,000, and both gross and net were enlarged
in 1924, as compared with the exceptionally severe to the extent of this $53,000,000. With that item eliminated
weather the previous year, enabled the managers there would have been at that time instead of the $101,greatly to reduce expenses at that time, thereby 000,000 increase in gross an increase of only $48,000,000,
earnings would have recorded an actual loss
offsetting the greater part of the loss in gross and the net
of about $3,000,000. Below we furnish a summary of the
receipts, then sustained, while in 1925, as just January comparisons for each year back to 1906. For 1911,
shown, still greater efficiency of operation per- for 1910 and for 1909 we use the totals of the Inter-State
mitted a further saving in expenses. Moreover, Commerce Commission, which then were more comprehenit is to be said, with reference to the 1924 losses sive than our own, but for the preceding years we give the
-a
in. both gross and net, that these were in compari- results just as registered by our own tables each year
portion of the railroad mileage of the country being always
son with extraordinarily favorable results in Jan- unrepresented in the totals in these earlier years, owing to
uary 1923. In reviewing the January statement of the refusal at that time of some of the roads to give out
the last-mentioned year we referred to it as the most monthly figures for publication.
Nd Earnings.
Gross Earnings.
Jan.
Year
Given.
[VOL. 130.
FINANCIAL CHRONICLE
1912
Year
Preceding.
$
$
1906128,566,988106,741,980
1907 133.840,696 123,664.663
1908 135.127,093 155,152,717
1909 182,970,018 173,352.799
1910 211.041,034 183,264,063
1911 215,056,017 210,808.247
1912 210,704,771 213,145,078
1913 248,663,737 208,535,060
1914 233,073.834 249,958.641
1915 220,282,196 236,880,747
1916 267,043,835 220,203,595
1917 307,961,074 267,115,289
1918 282,394,665 294,002,791
1919 395,552,020 284,131,201
1920 494.706,125 392,927,365
1921 469.784,502 503,011,129
1922 393,892,529 469,195,808
1923 350,816,521 395,000,157
1924 467.887,013 501,497,837
1925 483,195,642 467,329.225
1926 480,062,657 484,022.695
1927 485.961,345 479,841,904
1928 456.560,897 486,722,646
1929 486,201,495 457,347.810
1930 450,528,039 486,628,286
Increase or
Decrease.
Year
Given.
Year
Preceding.
$
A-21,824.988 38,673,269 26.996,772
A-10,I76.033 36,287,044 37,096,918
-.20,025,624 29,659,241 41,155,587
A-9,617,219 50.295,374 41,036,612
A-27,776,971 57,409.657 50,491,080
A-4,248,770 53,890,859 57,373.968
-.2,440,307 45,940.705 52,960,420
i-38,128,677 64,277,164 45,495,387
-.18,884.807 52,749,889 65.201,441
---18.598.551 51,582,992 52,473,974
A-46,840,040 78,899,810 51,552,397
1-40,845,785 87,748,904 79.089,573
-.11,608,126 17,038,704 83,475.278
A-111420,819 36,222,169 13,881,674
A-101,778.780 8.5,908,709 36,099,055
-.33,226,587 28,451.745 88,803,107
-.75.303.279 57,421,605 28,331,956
A-105.816,364 93.279.686 58.266,794
---33,610,824 83.953.867 93,366,257
A-15.866,417 101.022,458 83,680,754
-.3,980,038 102.270,877 101.323,883
A-6,119,441 99,428.246 102,281,496
-.30,161,749 93,990.640 99,549,436
A-28,853.685 117,730,186 94,151,973
---36.102,247 94,759.394 117,764.570
Increase or
Decreae.
A-11.676.497
-.809,874
-.11,496,346
A-9,258,762
A-6,918,577
-.3,483,309
--7.019,7I4
A-18,781,777
-.12,451,572
-.890.982
4-27.347,413
A-8.879,331
-.66.436,574
A-22.340,495
+49.809.654
---80.351,382
A-29,089,649
A-35.012,892
-.9,412,390
A-17,341.704
i-946,994
---2,853.250
-5,558.798
4-23.578.213
-23,005,176
-In 1908 the returns were based on 157,629 miles of road; in 1909, 231,970:
Note.
In 1910, 239,808; In 1911, 242,479; In 1912, 237,888; in 1913, 235,607; I 1914,
243,732; in 1915, 246,959: In 1916, 247,620; In 1917, 248,477; in 1918, 204,046; In
1919, 232,655; in 1920, 232,511; In 1921, 232,492; In 1922, 235,395; In 1923, 235,678;
In 1924,238,698;in 1925,236.149;in 1926,236,944;in 1927,237,846;in 1928,239,476
In 1929, 240,833; In 1930, 242,350.
January being a winter month, the part played by weather
conditions must always be taken into consideration. It has
happened that in the more recent years the weather has
imposed no great hardships on the operation of the roads
or interfered seriously with the running of trains. This
appears to be true of 1930, for while west of Chicago some
extremely cold weather was experienced, yet there seems to
have been no serious interruptions from extensive or prolonged snow blockades. In 1929, however, though the roads
between the Atlantic seaboard and Chicago were comparatively free from weather disturbances, in the Western half
of the country some decided drawbacks appear to have
been encountered by reason of the severity of the weather
low temperatures and extensive snow drifts. The latter
half of the month newspaper dispatches from numerous
points in Wisconsin, Iowa, Colorado, Utah, Wyoming, Montana, Idaho, all the way west to the State of Washington,
spoke of snow drifts of one kind or another, making the
winter one of unusual severity.
As already indicated, neither in January 1928, nor in
that month of 1927 or 1926, did weather conditions impose
much of an obstacle to railroad operations over any large
sections of the country. Bad weather was somewhat of a
drawback in January 1925 on certain lines here in the East,
though not to any great extent for the country as a whole.
There were repeated snow storms in these parts in the
month in 1925, and in New York City the fall of snow was
the heaviest of any January in the history of the local
weather bureau, reaching 26.2 inches. A storm which came
toward the end of the month-that is, Thursday, Jan. 29,
-proved particularly
and extending into FrIday, Jan. 30
mischievous in New York State. The New York Central RR.
reported it as the worst in its history, especially between
Albany and Rochester, causing considerable delay in the
running of trains. The Twentieth Century train from
Chicago was almost 16 hours late in reaching the Grand
Central Terminal in New York City. It was due at
9:40 a. m., but did not arrive until 1:18 and 1:33 the following morning (Saturday), coming in two sections. The area
of disturbance, however, in this way was very much circumscribed, being confined largely to New York and New England, while elsewhere in the northern part of the country
the winter was comparatively mild, and little complaint
was heard of obstruction because of snow and ice or because
of extreme cold. In 1924 mild weather conditions prevailed
nearly everywhere in January in the United States, though
In 1923, on the other hand, the winter during January, and
also a great part of February, was of exceptional severity,
heavy snowfalls having then made it difficult and unusually
expensive to operate the railroads all through New England
and the northern part of New York, as also to some extent
in other parts of the country.
Public Utility Earnings in January.
Gross earnings of public utility enterprises in January,
exclusive of telephone and telegraph companies, as reported
to the Department of Commerce by 95 companies or systems
operating gas, electric light, heat, power, traction and water
services were $211,000,000, as compared with $211,500,000 in
December, and $203,000,000 in January 1929. Gross
earnings consist,in general, of gross operating revenues, while
net earnings in general represent the gross, less operating
expenses and taxes, or the nearest comparable figures. In
some cases the figures for earlier years do not cover exactly
the same subsidiaries, owing to acquisitions, consolidations,
&c., but these differences are not believed to be great in
the aggregate. This summary presents gross and net public
utility earnings by months from January 1927, the figures
for the latest months being subject to revision.
PUBLIC UTILITY EARNINGS.
Gross Earnings.
1927.
January
February
March
April
May
June
July
August
September
October
November
December
Total (year)
1928.
$191,702,022 $196,573,107
187,383.731
177.612,648
187,726,994
179,564,670
181,143,683
176,467,300
180.255,407
171,255,699
178,696,556
167,976,072
173,645,919
161,638,462
173.952,469
162,647,420
179,348,145
169.413.885
190,795,668
177.734,493
198,032,715
182,077,497
202.000,000
194,985.134
1929.
1930.
$203,000,000 8211,000.000
194,000,000
195,000,000
190.000.000
189,750,000
183,000,000
178,000,000
179.500,000
185,000,000
197,500,000
202.500.000
211,500.000
$2,113,074,302 $2,229,552,394 82,308,750,000
Net Earnings,
1927.
January
February
March
April
May
June
July
August
September
October
November
December
Total (year)
$73,746,891
66,907,757
65,412.739
64,907,729
81,194,779
59,167,096
53,980,280
53,5151,164
81.897,207
85,259.727
70,214,468
78,837,417
$775,177,254
1928.
$79,013.279
74,296,576
72,811.148
68,971.324
67,732,911
87,537.149
62,260,336
61,809,794
68,235.698
73,670.561
81,363,806
91,000,000
1929.
192.000,000
86.000,000
85.000.000
83,000,000
82,500.000
79,000,000
71,000,000
73,000,000
80.000,000
83,000.000
92,000,000
100.000,000
1930.
$92,000,000
$868,702.577 81,006,500.000
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME. ments from the Southern Hemisphere have fallen off rather
sharply. Corn has been in better demand and the outside
Friday Night, March 211930.
The outstanding features of the week were the sharp ad- public has shown more interest in the speculation. The
has
vance in grain and cotton and the remarkably low rates of stocks of corn are anything but burdensome. Even rye
call money here, with a steady decline in acceptance rates. been more active on speculation with a better home demand
Moreover, the stock market has shown more snap and trans- for cash rye although the export trade is still absent. There
-day were in excess of 4,600,000 shares. A sub- has been a good cash demand for oats. The receipts of both
actions to
stantial increase in brokers' loans was another indication of corn and oats have been small. Rubber has advanced here
greater interest in the stock market on the part of the out- and in London and Singapore, evidently quite as much beside public. Another feature was some increase in spring cause of an oversold condition as anything else, for supplies
trade. Meanwhile cotton has advanced 34 to lc., wheat 4 are ample and consumption is none too satisfactory. Hides
to Sc., corn 5 to 634c., oats 2 to 354c., rye 8 to 11c., coffee have declined somewhat owing to the refusal of the Senate to
A
5 to 20 points and rubber M to 3 c. There seems to be a take hides, leather and shoes off the free list. This caused
tendency towards lower rates for money both in the United for a time very heavy selling of hides at the Exchange here.
States and in Europe. The Bank of England rate of dis- There is no great improvement in the trade in shoes,furniture
count is down to 33% and it would be nothing surprising or automobiles. The sales of jewelry, glass and tiles also lag.
Building of the ordinary kind is still slow. Yet the lumber
to see a further reduction in the bank rate in Berlin. Of late
there has been a steady advance in foreign exchange. trade has recently shown some improvement and the business
European and Far Eastern currencies have alike risen. In in paints has also increased somewhat. Shipments of cement
wheat there has been a rather better export inquiry and ship- for February showed an increase of 28.7% over those of the
MAR.22 1930.1
FINANCIAL CHRONICLE
same months last year, although there was a decrease in
production of a little over,4% as compared with February
1929. The decrease in production in two months of the
present year was 9M% while the shipments gained a little
over 7%. Money is so cheap that no doubt building will
feel the stimulus when the time comes for normal construction. The production of automobiles shows some gain in
recent months, and although it is smaller than a year ago
it is equal to that of 1928. Woollens and worsteds have
only a moderate sale, and price cutting is rather pronounced
in men's wear lines, whereby the market has naturally
become unsettled. There was a fair demand for silk piece
goods at lower prices in conformity with recent declines in
raw silk. Of late raw silk has been quiet and steady.
Broad silk production is reported to be heavy, though that
of narrow looms is the smallest for some years past. Retail
trade at the South has increased somewhat, but seems to
be about stationary in other parts of the country. Steel
production has decreased, reflecting some recent falling off
in business. Pig iron has been quiet. With cotton up
recently some $8 a bale the textile trades have been somewhat more active, though it would be a mistake to suppose
any marked increase in business has yet occurred. The
belief is, however, that if cotton continues to advance, print
cloths, which now have a fair sale, will advance further.
The trade in farm implements and hardware has been
good. Large exports of tractors are predicted for this spring.
Final returns from chain stores for January showed an
increase in sales of 103i% over those for the same time last
year, by 61 concerns. In February the gain was close to
7% over those for the same month last year in the case of
58 stores. It is believed that needed improvement will be
stimulated by the current low rate for money. In the agricultural districts active outdoor operations have spread
well up into the Northwest.
Coffee has latterly been advancing in Brazil and this is
reflected in the advance here. Sugar has declined coincident
with reports that the Cuban Selling Agency is likely to be
dissolved. Provisions have advanced in response to higher
prices for grain and at times for hogs, though the hog production flows seems likely to increase and prices to-day
were rather weak. Cotton is attracting more attention. A
rather remarkable situation exists here. It is reflected it is
said in a very large short interest at home and abroad, not
only in the United States but in Europe and the Far East
in the shape of hedges and straddles centered in New York
rather than out and out short selling. At the same time the
Farm Board here is credited with very large holdings of
May and July cotton. There is a belief among not a few of
the trade that the Board will call for delivery on May contracts. Significantly enough there has been a good deal of
transferring of hedges from May to the next crop months on
the part of spot houses and there also seems to have been not
a little buying by Europe if not Bombay to cover short
obligations of one kind or another. Wholesale prices dropped
1 1-3% in February as compared with January and came
within 4 of 1% of the lowest level reached since the United
3
States entered the World War, according to the Department
of Labor.
The stock market has been advancing with call money
plentiful and down to 13 to 2%, the lowest in 13 years.
Bonds for a time were active and advancing under the spur
of cheap money. Acceptance rates have been steadily
falling. Time money has been the cheapest for several
years past. The Clearing House reduced the interest rate
on deposits. On the 18th inst. stocks advanced 3 to 10
points in some cases with sales of over 4,000,000 shares.
On the 20th inst. stocks reacted after an early advance. The
Bank of England rate of discount was reduced 3 of 1% to
34%, the lowest since 1914. The call rate hero closed on
that day at
To-day stocks advanced on larger trading, reaching 4,600,000 shares, though call money was up to
43%. Bonds were a little less active. Cotton, grain,
rubber and coffee were higher. There had been an increase
in brokers' loans of $121,000,000, but this had no effect.
Industrial bonds advanced. Sterling Exchange advanced
and in its train came advances in francs, guilders, marks,
Scandinavians, rupees and Brazilians. Chinese exchange
was firm with indications of covering by shorts.
At Fall River, Mass, although not at all active the local
cloth business increased slightly. Trading was in both
wide and narrow odds, narrow standards, curtain cloths,
tobaccos and sateens with contracts mostly small. New
Bedford, Mass. wired that curtailment in that center con-
1913
tinned and that the stock of goods on hand was very limited.
The general impression was that depression in fine goods had
resulted in a big accumulation, but such proves not to have
been the case, particularly in this center. From authentic
sources it is learned loom operation is approximately 55%
with 25,000 looms idle out of a total of 55,000 with a corresponding percentage of curtailment in preparatory machinery. Providence, R. I. wired March 17 that Rhode
Island cotton mills consumed 2,000 bales less in February
than in January, a fact tending to substantiate claims of
local millmen that the industry failed to make anything
approaching a recovery last month.
Manchester wired unofficially that the workers in the
Amoskeag Mills had voted 4 to 1 against accepting a wage
cut which the Amoskeag officials asked them to take in the
interest of better business. Amoskeag officials asked about
1,000 workers in the print cloth division to accept the wage
reduction of 10% to make it possible for the mills to take a
big cloth order and insure steady employment for the next
six months. The Berkshire Fine Spinning Associates report that their sales for the week past showed a very slight
recession from the four previous weeks and were barely
under production for the period. The week's business was
characterized by extreme spottiness and a large number of
small orders. Despite the steadying of cotton with a net
gain for the week, volume buying was not forthcoming.
Charlotte, N. C., wired that the tendency towards higher
cotton prices was a bright spot in the textile situation.
Millmen believe that a further upward trend in the cotton
market should bring out a good volume of business, as buyers
have been postponing purchases on account of declining
prices. An upward swing, especially in view of the low
prices prevailing on cotton *Dods and yarns, would cause
large buying. There seems to be a general opinion that
cotton prices and goods prices have about reached a point
where they will not go lower this year. Later Charlotte,
N. C., reported increasing sales of yarns. Small orders are
more frequent and quantities are somewhat larger. At
Mebane, N. C., the hosiery mill will resume operations
next week after several weeks of idleness. It will run only
in daytime for a season, but plans later to maintain both a
day and a night shift, as formerly. Greenville, S. C., wired
that curtailment among cotton mills of the Piedmont section,
which was about 17% of the total output about two weeks
ago has increased steadily until now the total output has
been cut by 25%. The majority of mill men appear to be
agreed that stringent curtailment is necessary. Spartanburg, S. C., reported that curtailment continued in plants
of that section with a decided tendency to tighten it as
Spring and Summer months draw nearer. Unless the cloth
market is more favorable within the next 60 or 90 days, it
is asserted there will be prolonged periods of curtailment.
In the Philadelphia district employment in rug and carpet
mills increased 2.1% last month compared with January.
A gain of 0.7% over February 1929 was also noted.
It was seasonable weather here early in the week and 40 to
52 degrees on the 18th inst. Boston had 32 to 38 degrees,
Chicago 32 to 36, Cincinnati 36 to 58, Cleveland 28 to 32,
Detroit 28 to 32, Kansas City 30 to 40, Milwaukee 32 to 38,
Minneapolis 22 to 32, Montreal 22 to 30, Oklahoma City
34 to 38, Omaha 28 to 36, Philadelphia 44 to 52, Portland,
Me. 26 to 34, Portland, Ore. 40 to 66, San Francisco 50 to
64, Seattle 40 to 62, St. Louis 38 to 42, Winnipeg 4 below
to 20 above. Of late temperatures have been a little cooler
especially to-day towards nightfall. Yesterday New York
was 32 to 50 degrees; to-day 38 to 44 and the forecast is for
fair and colder weather to-night and to-morrow, with warmer
and probably fair on Sunday. Chicago was 26 to 56, Cincinnati 32 to 60 degrees, Cleveland 24 to 58, Milwaukee 18
to 48, Philadelphia 42 to 54, Kansas City 28 to 54, St.
Louis 34 to 70, Winnipeg 2 below to 8 above zero.
Col. Ayres of Cleveland Trust Co. Finds Overbuilding—
Compares Real Estate Boom With Security Boom,
The Cleveland Trust Co. "Business Bulletin" under date
of March 15 1930 points out that the hope for improvement
in business rests on the fact that credit has become cheap
and is becoming plentiful. If cheap and abundant credit
could effect a recovery in building, and especially in residence
construction, the prompt return of prosperity would be made
sure. Building booms destroy depressions. So far this year
the progressive easing of credit conditions has had a stimulating effect on security prices, but it has not succeeded in
1914
FINANCIAL CHRONICLE
checking the long decline in residence building. The reason
for this does not seem far to seek.
Col. Ayres goes on to say that, during several years past
the American people have used truly enormous sums of our
national savings for two sorts of investments, the purchase
of homes, and the purchase of securities. It was a period of
prosperity in two phases. First, every city had its real estate
boom, and then every exchange had its stock market boom.
The two kinds of booms overlapped and intermingled.
Finally both booms flattened out, the real estate boom
going down first. Probably it is true, Mr. Ayres observes,
that the nation-wide sluinkage of values, from the top
figures to the present ones, has been greater on the real
estate than it has been on the securities.
While the two sets of booms were going forward great
amounts of credit were being extended in the form of loans
to help purchase real estate, and loans to help buy securities.
Now that both booms have come to an end there is ample
opportunity to compare the results of lending on real estate
with those of lending on securities, and the comparison is
painfully to the disadvantage of the real estate loans, Mr.
Ayres thinks. Foreclosures and tax sales, he declared, are
everywhere numerous. "Many building and loan companies
have suspended. Almost every bank has taken losses on its
real estate loans, and is still taking them." Col. Ayres then
proceeds as follows:
Lenders on securities suffered no such losses. Call loans in Wall
Street proved to be entirely safe. Few banks are worried about their
collateral loan accounts. The result is that abundant credit supplies
do not now make second mortgage loans available to the prospective
home builder, but they do stimulate the stock market. In time they
will create a demand for bonds, which will bring increased municipal
and corporate building activity, but the process is slow.
Building Construction.
It is probably true that the mchi important single element in the
present business depression is the low level of residence construction.
One reason for the lack of activity in the building of new houses and
apartments is the seemly of funds for junior financing, usually in the
form of second mortgage loans, but behind this scarcity lies the still
more important tact that second mortgage credit is hard to obtain
because many of those who have extended such loans during the past
several years have had bad experiences with them.
In normal times the value of residence construction is about equal to
that of all other forms of building combined. In the summer of 1928 a
decline in residence building began which has continued so far that
the recent figures show the values for that sort of construction to he
only about one-half as great as those for the other classes. The present
quarter is drawing toward its close with residential building down to
little more than one-third of its normal volume, with industrial and
commercial construction well below their averages for recent years, but
with such engineering projects as are represented by public and utility
work at levels well above normal averages.
In the diagram lwe omit the diagram—Ed.1 the lines show the monthly
fluctuations in the value of construction contracts awarded in 36 States
during the past five years, according to the F. W. Dodge figures. The
data have been adjusted to allow for seasonal changes, and have been
slightly smoothed. The line and cross-hatched surface in the upper left
hand portion of the diagram show the volume of residential contracts.
From 1925 through 1928 these averaged about $8,500,000 a day. They
are now down to a little mo.e than a third of that amount, even after
allowance has been made for normal seasonal shrinkage.
The changes in the value of the public work and utility contracts are
more encouraging, for the records of January and February have been
Both industrial and commercial
better than those of recent years
buildings are at rather low levels, and they are not now showing many
signs of improvement. In the course of time easier credit conditions will
stimulate construction, but it does not seem likely that important
increases in building activity will get under way soon.
The clear fact is that there has been a good deal of over-building in
American cities in recent years, and the evidence of this is found in the
marked and wide-spread Increase in real estate foreclosures and tax
sales. These forced sales constitute the real explanation of the virtual
disappearance of new second mortgage loans. The scarcity of such junior
credit for building is in reality a result of former over-building, and in only
secondary degree a cause of present under-building. This situation will
be helped by a general easing of interest rates, but probably the improvements resulting from that influence will come somewhat slowly.
Stock Prices.
Movements of prices on the Stock Exchange are usually discussed by
reference to changes in the average of the prices of a group of stocks.
The most commonly used, because they are the oldest and the best
known, are the Dow Jones averages of 30 industrial issues, but there are
many other standard series, such as those of the New York "Times," the
"Herald Tribune," the Standard Statistics Co., the Fisher averages,
and so on.
People interested in the movements of security prices often wonder
how accurately changes in such an average of 20 or 30 issues can reflect
the changes going on in the whole market in which about 800 different
Issues are ordinarily dealt in on a single day. The accompanying diagram
we omit the diagram—Ed.' has been constructed as a partial answer
to such questions in so far as they may apply to the trading done so far
In 1930. The solid line in the diagram shows the daily changes in the
Dow Jones industrial average during 1930 up to the second week of
March. The line is drawn on the basis that the average of the daily
figures for January and February has been taken as being equal to 100.
The dotted line represents the changes in the average value of all the
Issues dealt in on each day this year up to the second week in March.
It has also been drawn on the basis that the average of its values for
January and February has been taken as being equal to 100. The degree
of correspondence between the two lines is close. On almost all the trading
days the two lines have moved in the same direction.
The changes in the dotted line are less abrupt than those in the solid
one, and the Dow Jones average has declined much more in periods of
recessicn than has the inclusive average. The proportional degrees of net
[vol.. 130.
change in the two averages during the period of 10 weeks have been most
similar, but it seems probable that important divergencies would develop
if both were carried forward together for a period of months. The general
conclusion is that well constructed averages based on limited number of
issues may safely be trusted to reflect short term changes in the general
market.
Col. Ayres also has the following to say regarding the
iron trade and the automobile industry:
Iron and &eel.
The most important development in the iron and steel industry is the
waning vigor of its activity. When corrected for seasonal changes, steel
activity has receded some 5% in as many weeks. Pig iron production,
more sluggish than steel in its response to diminishing demand, advanced
in February, but at a much reduced rate. During Jan. 17 blast furnaces
were lighted; in February six. But these six were lighted in the early
part of the month, while during the latter part it is reported that considerable pig iron, failing of a market, ws piled for storage. The composite prices of iron and steel have continued the gradual decline which
commenced in the middle of 1929.
The vigorous recovery of steel activity in the early weeks of this year
generated, perhaps, too much confidence. The halting of that recovery
may in turn create too much discouragement. The iron and steel industry
curtailed operations suddenly in the closing months of the year. It was
then forced to expand them again suddenly to meet the demands of the
automobile industry for new 1930 cars for stocking up dealers, and to fill
the unusually large orders of the railroads. The resulting rate of recovery
could not continue indefinitely, but if the industry can maintain about
its present volume of output, it will have little real cause for complaint
about business in 1930.
Automobile Prod ction.
It is as yet too early to form any just estimate as to the probable
production of automobiles during the months directly ahead, but the
indications are that increases will come somewhat slowly. One of the
evidences of this is found in the figures published by the Department of
Commerce showing the changes in the orders received by makers of
malleable castings. Large tonnages of these castings are used by manufacturers of automobiles, and orders for them must be increased or
diminished well ahead of changes in the production schedules of the
makers of motor cars. For this reason the data for orders of castings
constitute relatively reliable indicators to foretell coming changes in the
volume of automobile output a month or two ahead.
In the diagram the solid line shows the monthly changes in the output
of passenger cars and trucks in this country during the past five years,
If the average for that period is considered as being equal to 100. On that
basis production has fallen as low as 37 in the closing months of 1927,
and to 33 in December of last year. It has risen as high as 174 in April of
1929. The dashed line represents in the same way the monthly fluctuations in the orders for malleable castings. This dashed line moves up and
down in much the same way as does the line for automobile production,
and almost always a month or two in advance.
The noteworthy fact about the present situation is that there was no
increase in the castings figures in January; in fact there was a slight
decrease. In former years these figures have always shown a sharp
increase from December to January, which has sometimes amounted to
as much as 25%. Moreover, this year the January figures are at an
exceptionally low level. In 1925 they were 110; in 1926 they rose to 121;
in the following year they were just above 100. In 1928 they were 102,
and last year they were above 125. In January of 1930 they were only 70.
The conclusion which must be drawn from all this has already been
confirmed by the preliminary figures showing that the increase in automobile production was distinctly moderate in February, and it seems
Probable that the March output will be relatively low.
Further Decline in Wholesale Prices in February, 1930
Reported by U. S. Department of Labor.
With the decrease of 1 1-3% in February compared with
3
January, wholesale prices dropped to within 4 of 1% of
the lowest level reached since the World War, according to
information collected in the leading markets of the country
by the Bureau of Labor Statistics of the United States Department of Labor. The bureau's weighted index, with
average prices in 1926 as 100.0, stands at 92.1 for February
compared with 93.4 for January. With the exception of
January, 1922, when the index registered 91.4, this is the
lowest level to which wholesale prices have dropped since
October, 1916. Compared with February, 1929, with an
4
index of 96.7, a decrease d 43 % is shown. Based on these
figures, the purchasing power of the dollar in February,
1929, was 103.4 cents, January, 1930, was 107.1 cents
and February, 1930, was 108.6 cents, compared with 100.0
cents for the year 1926. All groups showed a downward
tendency, with decreases ranging from 3i of 1% to nearly
3%. Further particulars are given as follows:
Farm products, with a decrease of practically 3%,showed the greatest
decline in the commodity groups. Decided decreases took place in the prices
of grains, cotton, eggs, fresh apples, hay, leaf tobacco, onions, white potatoes and wool. Livestock and poultry showed an upward tendency, the
Increased prices for steers and hogs more than offsetting the lower prices
of cows, sheep and poultry.
The decrease in the group of foods as a whole was about 1,1%. Butter.
cheese, and milk showed a slightly lower level. Declining prices for fresh
beef, dressed lamb, mutton, and veal forced the index for meats to drop
1%. Lower prices were also shown for rye and wheat flour, coffee, sugar
and dried fruits.
Hides and sldns continued to show a recession in average prices. Little
change took place in boots and shoes, and no change is shown in other leather
products. Textile products continued to show the effect of the lower prices
for the raw materials. The group, as a whole, decreased more than 1%
with all subgroups showing a falling off from the month before.
Anthracite coal remained at the January level, while bituminous coal and
Petroleum products moved downward, and coke increased slightly. The
fuel and lighting group decreased nearly 1 y, %.
Lower prices for certain steel products, nails, bar silver and pig zinc,
caused only a slight drop in the group of metals and metal produsts. as no
MAR. 22 1930.]
FINANCIAL CHRONICLE
change was shown in agricultural implements, automobiles and other metal
products.
Lumber, brit*, structural steel and paint materials showed a downward
tendency, while cement and other building materials moved upward in
average prices.
The chemicals and drugs group, including mixed fertilizers and fertilizer
materials, decreased nearly 1%. Only a minor change occurred in the housefurnishing goods group. The price of crude rubber advanced over 5% in
the month, but the decreases in cattle feed and paper and pulp, forced the
index for the miscellaneous group down slightly.
A decline was shown for each of the groups classified as raw materials,
semi
-manufactured articles, finished products and non-agricultural commodities.
Of the 550 commodities or price series for which comparable information
for January and February was collected, increases were shown in 63 instances and decreases in 201 instances. In 286 instances no change in price
was reported.
Comparing prices In February with those of a year ago, as measured by
changes in the index numbers, it is seen that considerable decreases have
taken place in farm products, hides and leather products, textile products
and chemicals and drugs. Foods, fuel and lighting materials, metals and
metal products, building materials, and miscellaneous commodities are
somewhat lower than in February, 1929, while housefurniehing goods
showed a minor advance.
IND= NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=100.0).
Groups and Sub-Orouys.
All commodities
Farm products
GraIns
Livestock and poultry
Other farm products
Foods
Butter, cheese, and milk
Meats
Other foods
Rides and leather products__ _ _
Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods
Other textile products
.Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Manufactured gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
•
Other metal products
Blinding materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Mixed fertilizers
Houseturntshing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
paper and pulp
Rubber
Automobile tires
Other miseeilanoues
Raw materials
Semi-manufactured articles- Finished products
Non-agricultural commodities
•Data not yet available.
February
1929.
January
1930.
Febrsurry
1930.
96.7
105.4
102.0
101.8
109.2
98.1
109.9
102.3
90.9
109.0
106.4
117.1
106.6
107.6
96.1
100.8
83.1
100.9
85.6
81.3
91.6
93.7
55.1
92.2
68.9
104.4
96.9
105.0
98.8
111.6
98.4
97.5
95.0
92.5
94.6
97.0
86.3
108.6
96.1
102.4
71.1
94.7
97.1
96.6
95.0
97.6
80.4
129.3
87.8
49.6
56.1
100.3
98.1
97.2
95.9
94.3
93.4
101.0
03.8
100.5
103.9
97.2
97.5
106.2
91.7
105.1
104.2
108.3
103.8
105.8
89.4
95.4
76.0
94.0
72.3
79.9
91.2
92.2
84.1
92.5
67.3
101.2
95.7
100.6
96.1
106.8
98.4
06.2
02 7
90.4
90.4
97.0
93.7
106.4
93.0
08.9
(9.).0
89.8
97.1
97.3
96.6
97.7
78.7
113.5
87.3
31.1
55.2
108.3
94.0
93.0
93.3
91.4
92.1
98.0
89.0
101.3
98.9
95.5
97.4
105.1
89.2
103.9
99.0
107.7
103.8
105.8
88.3
93.8
74.9
93.2
72.2
78.8
91.2
91.4
84.2
•
65.7
100.9
94.8
100.2
96.1
106.8
98.4
95.7
91.9
88.3
92.7
91.9
93.0
106.5
92.3
97.9
68.6
89.5
96.2
97.0
96.6
97.3
78.5
107.5
87.0
32.8
55.2
108.5
91.8
92.1
92.6
90.6
Purchasing
Power of
the Dollar
Feb. 1930.
108.6
102.0
112.4
98.7
101.1
104.7
102.7
95.1
112.1
96.2
101.0
92.9
96.3
94.5
113.3
106.6
133.5
107.3
138.5
126.9
109.6
109.4
118.8
2:2
1-5
99.1
105.5
99.8
104.1
93.6
101.6
104.5
108.8
113.3
107.9
108.8
107.5
93.9
108.3
102.1
145.8
111.7
104.0
103.1
103.5
102.8
127.4
93.0
114.9
304.9
181.2
92.2
108.9
108.6
108.0
110.4
The Department of Commerce's Weekly Statement
of Business Conditions in the United States.
The dollar volume of trade during the week ended Mar. 15
was lower than in either the preceding week or the same
week of 1929, according to the weekly statement of the Department of Commerce. Steel-plant activity covering the
latest reported week was likewise lower than in either
period. The production of bituminous coal was larger than
In the preceding week but declined from a year ago.
The general level of wholesale prices was fractionally
lower than in the previous week, and was more than 7%
below a year ago. Cotton prices averaged higher than in
the preceding week, but were lower than last year. Iron and
steel prices were lower than in either period. Copper prices
were unchanged from the previous week, but were lower
than a year ago.
Loans and discounts of Federal Reserve Member Banks
at the end of the week were higher than in either the
previous week or the same week of the preceding year.
Prices for stocks showed further recovery during the week,
but were lower than last year. Bond prices, for the first
time in months, showed gains over both the preceding week
and the corresponding week of the previous year. Interest
rates for both time and call funds averaged lower than in
either prior period. Business failures were more numerous
1915
during the week than in either the previous week or the
corresponding period of 1929.
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-25=100.)
1930.
1929.
Mar. Mar. Mar. Feb. Mar. Mar. Mar. Feb.
15. 8.
1. 22. 16. 9.
2. 23.
_ 100.0 103.9 105.3 125.0 123.7 122.4 118.4
Steel operations
_- 87.9 .83.9 97.6 98.4 105.3 114.5 120.6
Bituminous coal production_
Petroleum produen(daily average) __ ... 121.7 126.0 130.7 126.0 128.0 129.8 129.3
__ __ ..._ 93.8 86.5 99.9 98.6 101.9 94.6
Freight car roadings
a Lumber production
102.2 101.1 102.1 - -. 107.8 107.2 103.1
Building contracts, 37 States
139.4 86.0 127.9 93.2 124.5 93.1
(daily average)_________ - 75.8_
66.4 *78.5 52.7 79.6 82.8 105.9 79.0
Wheat receipts
Cotton receipts
48.8 51.5 60.4 56.5 84.2 68.5 80.0 702
71.8 69.3 73.1 69.3 64.6 63.3 59.8
Cattle receipts
76.0 98.1 92.0 63.6 83.7 94.1 93.5
Hog receipts
82.2 86.8 86.8 92.2 90.7 91.5 93.0
Price No. 2 wheat
54.0 52.2 56.3 56.3 79.4 79.8 76.1 74.6
Price cotton middling
Price iron and steel, composite- 84.4 84.8 85.1 85.1 87.9 87.9 87.9 87.6
129.0 129 . 129.0 152.9 139.9 139.1 129.0
Copper, electrolytic,
90.9 91,0 91.9 92.2 98.2 98.2 98.4 98.0
Fisher's index (1926=100)
Check payments
116.2 139.9 109.0 130.7 180.0 157.8 124.8 145.5
133.7 132.2 131.4 132.2 181.5 131.4 130.9 129.5
Bank loans and discounts
93.9 97.0 106.1 109.1 178.3218.2 187.9 169.7
Interest rated, call money
137.6 129.5 129.2 143.7 113.0 120.4 131.9 101.0
Business failures
Stock prices
233.1 232.9 228.7 229.4 250.7 250.3 253.5 244.9
105.9 105.2 105.0 104.8 105.7 106.3 106.4 106.5
Bond prices
100.. 102.9 111.4 111.4 180.0 177.1 177.1 177.1
Interest rates, time money
104.3 103.0 101.7 101.3 91.2 89.9 90.2 91.4
Federal Reserve ratio
b Detroit employment
-- -- -_ -- __ __ 137.8- __ 135.0
•Revised. a Relative to weekly average 1927-1929 for week shown. ['Data
available semi-monthly only.
Gas Utility Sales for January Show Somewhat Slower
Rate of Growth.
The retardation chacterizing general business and economic conditions during January was reflected in sales Of
manufactured gas utilities for the month, which showed an
increase of only 3% over the same month of the preceding
year, according to Paul Ryan, Chief Statistician of the
American Gas Association. As of January 31 the customers
of the reporting companies aggregated 8,919,063 while revenues for the month totalled $34,884,673, an increase of
some 2% over January a year ago.
Most sections of the country reported little if any increase
in domestic sales other than househeating, while in a great
many regions the use of gas for industrial-commercial purposes registered declines of from 1 to 5%. In numerous
cases, however, this temporary retardation in sales of gee
for factory and industrial operations was offset by pronounced increases in gas used for househeating purposes.
It is added:
In New England, while industrial sales declined slightly, househeating
sales increased by 30%. and gas consumed for this purpose constituted
15% of the total sales for the month in this region.
In the East North Central States, while industrial sales showed a slight
increase, househeating sales gained nearly 25%. The most pronounced
gains in this region occurred in Indiana, where total sales were up nearly
7%, influenced in part by an increase of over 40% in gas used for househeating purposes. Despite a decline of more than 4% in industrial sales.
Michigan reported total sales for the month about equal to those of a year
ago, as househeating sales increased some 26%. Illinois also reported a
22% increase in househeating sales, while gas used for this purpose constituted nearly 13% of the total sales for the month in this state.
During January the gas produced by these reporting companies declined
by nearly 5%. The total manufactured and mixed gas produced and purchased for distribution, however, gained 2%. owing largely to an increase
of 27% in by-product coke oven gas purchased.
A group of the larger natural gas distributing utilities reported customers aggregating 2,015,834 as of Jan. 31 1930. while sales of natural gas
for the group totalled nearly 23 billion cubic feet during the month, an inCrease of 8% from the same month of the preceding year.
Retail Prices of Food Also Decline in February, 1930.
Retail food prices in the United States as reported to the
Bureau of Labor Statistics of the United States Department of Labor showed a decrease of about 13i% on Feb. 15
1930, when compared with Jan. 15 1930, and a decrease
of slightly less than 1% since Feb. 15 1929. The Bureau's
weighted index numbers, with average prices in 1913 as
100.0, were 154.4 for Feb. 15 1929, 155.4 for Jan. 15 1930,
and 153.0 for Feb. 15 1930.
During the month from Jan. 15 1930 to Feb. 15 1930,
24 articles on which monthly prices were secured decreased
as follows: Strictly fresh eggs, 15%;leg of lamb, navy beans,
coffee and bananas, 3%; cornmeal and sugar, 2%; sirloin
steak, round steak, rib roast, fresh milk, evaporated milk,
oleomargarine, cheese, lard, bread, macaroni, pork and
beans, canned corn, and raisins, 1%; and plate beef, pork
chops, vegetable lard substitutes, and tea, less than fivetenths of 1%. Seven articles increased: Cabbage, 31%;
oranges, 6%; sliced ham, hens, and butter, 1%; and sliced
bacon and wheat cereal, less than five-tenths of 1%. The
following 11 articles showed no change in the month: Chuck
roast, canned red salmon, flour, rolled oats, cornflakes,
rice, potatoes, onions, canned peas, canned tomatoes, and
prunes.
FINANCIAL CHRONICLE
1916
Changes in Retail Prices of Food by Cities.
During the month from Jan. 15 1930 to Feb. 15 1930 there was a decrease
In the average cost of food in 48 of the 51 cities, as follows: Detroit, 4%;
Birmingham, Houston, Jacksonville, Los Angeles, and Savannah, 3%;
Atlanta, Bridgeport, Chicago, Dallas, Fall River, Minneapolis, Mobile,
New Haven, Norfolk, Pittsburgh, and San Francisco, 2%; Baltimore,
Boston, Buffalo, Charleston, S. C., Columbus, Denver, Kansas City,
Little Rock, Memphis, Milwaukee, Newark, New Orleans, New York,
Omaha, Philadelphia, Portland, Me., Portland, Ore., Providence, Rochester, St. Louis, St. Paul,Scranton, Seattle and Washington, 1%; and Cleveland, Indianapolis, Louisville, Manchester, Peoria, Richmond and Springfield, Ill., less than five-tenths of 1%. In Butte and Cincinnati there
was an increase of less than five-tenths of 1%, and in Salt Lake City there
was no change in the month.
For the year period Feb. 15 1929 to Feb. 15 1930, 36 cities show
decreases: Atlanta, Birmingham, Detroit, and Louisville, 4%; Dallas an
Pittsburgh, 3%; Cleveland, Denver, Houston, Los Angeles, Mobile
Norfolk and Savannah,2%; Bridgeport, Buffalo, Jacksonville, Little Rock,
Memphis, Minneapolis, New Haven, New Orleans, New York, Omaha,
Portland, Me., Portland, Ore., Richmond, Rochester, St. Paul, Salt Lake
City and Seattle, 1%; and Charleston, S. 0., Columbus, Fall River,
Indianapolis, Manchester and Washington, less than five-tenths of 1%.
Twelve cities showed increases: Cincinnati, 2%; Boston, Butte, Peoria,
Providence, St. Louis. San Francisco and Springfield, Ill.. 1%; and Baltimore, Chicago, Philadelphia and Scranton, less than five-tenths of 1%.
-Kansas City, Milwaukee and Newark-there was no change
In three cities
In the year.
As compared with the average cost in the year 1913, food on Feb. 15
1930 was 66% higher in Chicago; 62% in Cincinnati and Scranton; 61%
in Washington; 60% in Richmond; 59% in St. Louis; 58% in Baltimore;
57% in Buffalo and Milwaukee; 56% in Boston, Charleston. S. C., Philadelphia and Providence; 55% in New York; 54% in Birmingham, Detroit,
Kansas City, Minneapolis, New Haven, and New Orleans; 53% in Atlanta,
Indianapolis and Pittsburgh; 52% in Dallas; 51% in Fall River, Manchester and San Francisco; 50% in Cleveland,•Little Rock and Louisville: 48%
In Memphis, Newark and Omaha; 46% in Seattle; 40% in Portland, Ore.;
39% in Jacksonville and Los Angeles; 37% in Denver; and 31% in Salt
Lake City. Prices were not obtained in Bridgeport. Butte, Columbus,
Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul,
Savannah, and Springfield, Ill., in 1913, hence no comparison for the 17year period can be given for these cities.
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES (1913=100.0).
ButYear and SUM Rou'd Rib Ch'k Plate Pork BaMonth, steak, steak, roast, roast, beef. chops con. Ham. Hens Milk. ter. Cleat
[VoL. 130.
These seasonal increases were smaller than in February of
any one of the seven preceding years for which the bureau
has information, however, the increase in payroll totals
was much nearer the normal increase than was the increase
in employment. In practically every industry there was a
marked improvement in payroll totals as compared with
the change in employment.
In addition to the survey of employment in manufacturing
industries, the Bureau of Labor Statistics now makes monthly
surveys of employment in seven other major industrial
groups. Employment increases in these groups in February
1930, as compared with January, were: Anthracite mining,
4.7%; quarrying, 0.2%; and hotels, 1.3%. Employment
decreases in February were: Bituminous coal mining, 0.1%;
public utilities, 1.4%; wholesale trade, 1.5%; retail trade,
4.6%; canning, 0.9%; and metalliferous mining, 3.6%.
The combined figures of manufacturing and the other
seven major industrial groups in February show a decrease
in employment of 0.1%, with an increase of 2.9% in payroll
totals.
The total number of establishments reporting in the
combined eight groups of industries for February 1930, was
35,515, having in February 4,821,771 employees, whose
combined earnings in one week were $129,872,832.
The figures of the several groups are not weighted according to the relative importance of each industry, as shown
by the United States Census, and, therefore, they represent
only the employees in the establishments reporting.
No comparison of these per cents of change in February
1930, for the eight industrial groups combined, can be made
with February a year ago, it is stated, as adequate data over
-month period are not available in all groups.
the 12
Manufacturing Industries.
-4-4,
1==.04..00=M0,
-.00.0
.a.0N004WWWWW000w0
-3-4-4-4-4-4-4..,-3-4-4
-4 ,
WWWW
0
Ceine.;5664,bo OaW.6;-,,q6;oionaboocub
4.00W0=0NO..0
Nta
N.
40
M0
q0
nia
4.4.W.WA,
laWW-4q1N00c§
W.4n,WW04 00.W..4.•lwwa.
,
cOn
.n,omnint-oomocorm Cc
8gmoomoommneon
The per cents of increase in employment and payroll totals noted above
in manufacturing industries, are based upon returns made by 12,568 estab100.0 100.0 100.0 100.0
1913
100.0 100.0 100.0 100.0 100.0
104.4 104.1
101.8 101.7 102.2 100.5
lishments in 54 of the principal manufacturing industries of the United
1914
102.0 105.8 103.0
99.8 97.2 97.5 99.2
101.1 103.0 101.4 100.6 100.0
1915
States. These establishments in February 1930, had 3.210.129 employees,
106.4 109.2 110.7 102.2
1916
107.5 109.7 107.4 106.9 106.0
whose combined earnings in one week were $85,895,404.
151.9 142.2 134.5 125.4
1917
124.0 129.8 125.5 130.6 129.8
The bureau's weighted index of employment for February 1930 is 90.3,
195.9 178.1 177.0 156.2
1918
153.2 165.5 155.1 166.3 170.2
205.2 198.5 193.0 174.2
1919
164.2 174.4 164.1 168.8 166.9
as compared with 90.2 in January 1930, 91.9 in December 1929, and 97.4
193.7 206.3 209.9 187.6
172.1 177.1 167.7 163.8 151.2
1920
in February 1929; the Index of payroll totals for February 1930 is 90.7. as
158.2 181.4 186.4 164.0
1921
152.8 154.3 147.0 132.5 118.2
compared with 87.6 fcr January 1930, 92.0 for December 1929, and 101.8
147.4 181.4 169.0 147.2
1922
147 2 144.8 139.4 123.1 105.8
for February 1929. The monthly average for 1926 equals 100.
144.8 169.1 164.3 155.1
1923
153.9 150.2 143.4 126.3 106.6
139.6 168.4 165.7 155.1
155.9 151.6 145.5 130.0 109.1
1924
Seven of the 12 groups of industries had more employees in February
173.0 195.5 171.8 157.3
1925
159.8 155.6 149.5 135.0 114.1
than in January-iron and steel, leather, chemicals, stone-clay-glass, non186.3 213.4 182.2 167.3
1926
162.6 159.6 153.0 140.6 120.7
ferrous metals, tobacco and vehicles-while there was no change in em174.8 204.5 173.2 158.4
167.7 166.4 158.1 148.1 127.3
1927
163.0196.7 175.6 159.6
ployment in the textile group.
188.2 188.3 176.8 174.4 157.0
1928
161.1 204.1 186.4 160.7
196.9 199.1 185.4 186.9 172 7
1929
Twenty-nine of the 54 separate industries reported increased employ1929
ment in February,the outstanding Increases having been: 10.5%,in stoves;
159.3200.0 184.0 160.7
190.6 191.0 180.8 181.3 170.2
Jan
9.9%,in stamped ware; 7.5%. in fertilizer; 6.5% each,in cigars and pianos:
158.2 199.6 186.4 160.7
Feb.- 188.2 188.8 178.8 179.4 167.8
158.9 201.9 190.1 160.7
188.6 189.2 179.3 180.0 167.8
March
5.8%, in millinery; 4.7%. In automobiles; 4.4%, in glass; 3% each, in silk
160.4 203.3 196.2 159.6
192.9 194.6 183.8 184.4 170.2
Aprll_
goods, steam fittings and carriages and wagons; 2.7%, in agricultural im160.7 204.8 198.1 159.6
198.4 201.3 187.9 190.0 174.4
May
plements; 2.4%, in iron and steel; and between 1 and 2% each, In hosiery
162.2 205 6 193.9 159.6
June.-- 201.6 205.4 189.9 191.9 176.0
and knit goods, finishing textiles, men's and women's clothing, cast-Iron
164.1 209.7 187.3 160.7
206.7 210.8 192.9 195.6 177.7
July
165.6 211.2 185.0 160.7
200.3210.8 191.9 194.4 176.0
Aug
pipe, millwork, and boots and shoes. Smaller increases were shown in
1644 209 7 184.0 160.7
Sept..... 202 8 206.7 189.4 191.9 175.2
shirts, foundry and machine-shop products, paper and pulp, petroleum,
161.9 204.8 180 3 161.8
Oct.__ 198 0 1096 186 9 187 5 1738
cement, ice cream, flour, baking and pottery.
159 3 200 4 177 0 161 8
194.1 196 4 183 3 183 8 171 1
Nov
The outstanding decreases in employment in February were: 4%, in
157.4 198 5 174 2 161 8
Dec
192 5 1948 181 8 183 1 170.2
1930
confectionery; 3.5%, in woolen goods; 3%,in sawmills; and between 2 and
157.0 198.9 178.4 159.6
192.9 195.5 183.3 184.4 172.7
Jan
2.8% each, in carpets, structural ironwork, machine tools, furniture.
v..y.
101 2 1052 1121 R IRA 4 171 0
157 5 zoo 7 170 A 1555
smoking tobacco, steam-railroad car shops, electrical machinery, rubber
INDEX NUMBERS OF RETAIL PR CES OF THE PRINCIPAL ARTICLES boots, paper boxes, book and job printing, and brick; 1.9% each, in cotton
OF FOOD IN THE UNITED STATES.
goods and rubber tires; 1.6%, in chemicals; 1.5%, in brass goods; 1.3%. in
hardware; and 1% in slaughtering and meat packing. Smaller decreases
Weighted
were reported in sugar refining, leather, electric-railroad car shops, newsFood
Year and Lard Epps Bread Flour Corn Rice Polo- giver Tea Cofpaper printing and shipbuilding.
toes
fee
meal
Index
Month,
Increased payroll totals were reported in February in 35 of tho 64 inroom room 100.0 room loom room loom roo o room room room
1913
dustries, the notable increases having been: 25.3%, In automobile plants;
102.4
98.6 102.3 112.5 103.9 105.1 101.2 108.3 108.2 100.4 99.7
1914
14.8%, in stamped ware; 12.5%, in stoves; 11.8%, in millinery; 10.2%. in
101.3
93.4 98.7 125.0 125.8 108.4 104.3 88.9 120.1 100.2 100.6
1915
iron and steel: 9%,in cast-iron pipe; 8.3%, in glass; and from 6.5 to 6.9%
113.7
111.0 108.8 130.4 134.8 112.6 104.6 158.8 146.4 100.4 100.3
1916
each, in silk goods,steam fittings, carriages and wagons and pianos.
174.9 139.4 164.3211.2 192.2 119.0 252.7 169.3 106.9 101.4
146.4
1917
168.3
210.8 164.9 175.0 203.0 226.7 148.3 188.2 176.4 119.1 102.4
1918
Among the 19 decreases in payroll totals, those in only eight industries
185.9
233.5 182.0 178.6 218.2 213.3 173.6 223.5 205.5 128.9 145.3
1919
were over 2%; carpets, confectionery, cane sugar refining, slaughtering
203.4
186.7 197.4 205.4 245.5 216.7 200.0 370.6 352.7 134.7 157.7
1920
and meat packing, woolen goods, machine tools, electrical machinery and
153.3
113.9 147.5 176.8 175.8 150.0 109.2 182.4 145.5 128.1 121.8
1921
141,6
rubber boots and shoes.
107.6 128.7 155.4 154.5 130.0 109.2 164.7 132.7 125.2 121.1
1922
146.2
112.0 134.8 155.4 142.4 136.7 109.2 170.6 183.6 127.8 126.5
1923
The rayon and radio industries, which are not yet included in the bureau's
145.9
120.3 138.6 157.1 148.5 158.7 116.1 158.8 167.3 131.4 145.3
1924
indexes, both reported decreased employment in February, but there were
157.4
147.5 151.0 167.9 184.8 180.0 127.6 211.8 130.9 138.8 172.8
1925
increased payroll totals in the former industry and notably decreased pay160.6
138.6 140.6 167.9 181.8 170 0 133.3 288.2 125.5 141.0 171.1
1926
155.4
roll totals in the last named.
122.2 131.0 166.1 166.7 173.3 123.0 223.5 132.7 142.5 162.1
1927
154.3
117.7 134.5 162.5 163.6 176.7 114.9 158.8 129.1 142.3 165.1
1928
Increased employment was shown in February in four of the nine geo156.7
1929
115.8 142.0 160.7 154.5 176.7 111.5 188.2 120.0 142.6 164.8
graphic divisions, the East and the West North Central divisions halting
1929
154.6
increases of 1.7% and 1.8% respectively, the East South Central division
117.1 146.7 160.7 154.5 176.7 112.6 135.3 121.8 142.5 166.1
Jan
154.4
an increase of 1.3%, and the South Atlantic division an increase of 0.1%.
Feb........ 116.5 142.3 160.7 154.5 176.7 112.6 135.3 120.0 142.6 166.1
153.0
March._ 116.5 122.0 160.7 154.5 176.7 112.6 135.3 118.2 142.6 166.4
The decreases In the Pacific and Mountain divisions were over 2% each,
151.6
Apr11...._ 117.1 106.4 160.7 154.5 176.7 112.6 135.3 116.4 142.6 166.4
while in the New England, Middle Atlantic and West South Cental
153.3
May...... 116.5 112.2 160.7 151.5 176.7 111.5 158.8 116.4 142.6 166.1
154.8
divisions the decreases were 0.4. 0.7 and 0.6% respectively.
June- 115.8 120.0160.7 148.5 176 7 111.5 182.4 116.4 142.5 165.8
158.5
July- 116.8 127.8160.7 151.5 176.7 111.5 229.4 116.4 142.3 165.8
The level of employment in manufacturing industries in February 1930
160.2
116.5 140.0 160.7 157.6 176.7 112.6 235.3 1200. 142.5 165.4
Aug
was 7.3% lower than in February 1929, six industries only having reported
160.8
Sept
117.1 153.6 160.7 160.6 176.7 111.5 229.4 121.8 142.6 165.1
more employees at the end of the period than at the beginning. These
160.5
Oct..,... 115.8 168.1 158.9 157.6 176.7 111.5 223.5 121 8 142.6 164.8
increases were: 1.2%, in paper and pulp; 2.1%, in newspaper printing;
159.7
Nov
1180 183.5 158.9 157.6 176.7 111.5 223.5 121.8 142.5 162.1
158.0
142.8 155.4
1)ee_ 111.4 182.0 158.9 154.5 180.0 110.3 223.5 120.0
4.5%, in ferilizers; 13.4%, in petroleum refining; 5.7%, in electrical ma1930
chinery; and 28.3%, in shipbuilding.
155.4
Jan
108.9 160.6 158.9 154.5 180.0 110.3 229.4 120.0 143.4 147.0
-month interval
....i..
ino n ton 1 ...., ie•. t,te n 1ln n nnn A 1112 0 Id/ 9 d1 /
15211
The outstanding decreases in employment over this 12
were: 31.9% in pianos; 30.7%. in automobiles; and 26.8% in automobile
tlres. Other notable though smaller decreases were reported in the following industries: Cotton goods, woolen goods, steam fitting, sawmills
Employment in February 1930.
millwork furniture cement brick and brass goods.
The Bureau of Labor Statistics of the United States DeThe West South Central geographic division reported an increase of
3.2% in
partment of Labor reports an increase of 0.1% in employ- 0.1% in employment and an increase of while thepayroll totals in February
1930 as
remaining eight divisions
with February 1929
ment in manufacturing industries in February as compared reported compared in both items the East North Central division leading
decreases
with January, and an increase of 3.5% in payroll totals. In the decreases owing to changed conditions in the automobile industry.
MAR. 221930.]
FINANCIAL CHRONICLE
The New England and Pacific divisions each showed 7.2% fewer employees
at the end of the period.
Per capita earnings in manufacturing industries In February 1930 were
3.4% higher than in January 1930 and 3.9% lower than in February 1929.
In February 1930 10,571 manufacturing establishments reported an
average of 87% of a full normal force and an average of 95% of full-time
operation.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(Monthly Average 1926=100).
Payroll Totals.
Etripi0VMeril.
1929.
Feb.
1930.
Jan.
97.4
90.3
90.3
101.8
87.6
99.8
103.9
91.8
81.1
104.1
101.3
95.8
102.2
100.3
101.6
103.7
99.6
103.3
110.0
94.8
91.4
117.0
98.8
102.5
100.2
70.3
99.2
106.7
99.1
138.0
88.0
85.2
84.9
80.1
81.1
97.0
91.2
92.0
91.0
104.7
98.5
99.1
105.3
110.0
99.5
110.2
90.2
90.9
79.6
74.1
85.2
02.7
96.8
109.4
95.7
114.8
87.2
96.2
93.9
105.6
132-5
71.0
96.1
85.2
85.6
87.7
62.3
93.9
90.7
86.5
91.6
64.2
96.0
86.1
114.8
143.3
75.6
90.5
90.5
90.1
91.3
82.8
104.6
126.8
83.5
105.2
118.1
81.6
103.6
121.3
87.6
107.3
134.3
106.1
114.9
47.5
94.9
81.7
121.1
112.1
50.6
92.5
80.2
121.0
108.0
69.0
91.0
117.8
96.2
74.3
96.1
109.5
94.3
1930.
Feb.
1101
96.5
98.6
97.3
103.4 103.7 102.7
88.1
90.5
91.7
77.3
79.3
76.7
104.2 100.2 101.0
100.5
97.7
97.7
90.6
89.9
92.4
91.9
98.8
91.9
88.7
99.1
90.4
95.5
92.4
93.8
97.9
94.2
97.0
84.8
97.6
87.9
108.4 101.7
99.3
104.7
99.3 100.4
89.7
92.2
88.5
90.8
90.3
92.5
110.9
98.6 100.0
90.3
95.5
98.4
92.9
97.2
91.7
90.8
88.7
94.0
66.7
67.6
69.1
94.7
97.4
97.6
97.8
191.3
97.3
86.7
94.8
87.8
124.3 119.6 116.5
71.6
69.6
84.3
80.8
73.1
88.4
85.5
76.4
74.7
74.7
72.5
82.1
70.1
83.6
68.9
83.3
85.5
95.4
91.4
90.4
93.1
89.9
90.5
91.3
91.8
90.4
93.5
100.4 102.1 101.0
96.1
98.0
96.0
90.9
92.8
92.6
102.9 104.9 102.8
107.0 109.8 109.2
98.6
97.3
98.4
97.1
106.1
98.7
99.4
92.4
95.1
88.3 100.0 100.1
72.9
72.3
81.7
66.1
66.0
77.5
57.7
68.9
70.2
92.4
91.8
95.4
89.0
8,5.2
93.9
re
85.2
100.7
83.7
83.1
91.4
75.6
86.2
105.1
87.6
91.1
94.2
88.4
....
.
..,
•-• r...
00Q000000OVOODOCCOODCPC,,,050,
, 0,-.000t001001
1.
00,40 .. . 1 0
0500.0050,00000.-.00C0c1.00,
01.4,
1•40 CO OOCAGO
2
.
11
.00 0, ..
. . O.
C000
00
. ..CACOCAOKOC UI CS.
.
I
.
CO NDOC , .0. NIC..),-, . 0002.1 00C0CDPOONCOW0.-.0•WOONIP&OCAO..... Cat. .
. . . . . . .. .
. . ,. . . . . . .
. . . .
.. . . . . . .
OCONW.ODCOO..000..A.C4Con400.000,10.CDC.NCTOItOM.C.4000"-•CAC,.110314000.00c400,0P,
....10. t
t...100.00toi .44
,
1,
1930.
Feb.
90.7
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
8.5.6
99.9
94.8
93.5
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
85.1
78.9
87.5
84.8
97.1
83.3
89.0
90.2
70.7
CO
It..2
.
CO
Food and kindred products.
Slaughtering and meat packingConfectionery
Ice Cream
Flour
Baking
'Sugar refining, cane
Textiles and their products
Cotton goods
Hosiery and knit goods
Silk goods
Woolen and worsted BoothCarpets 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 az machine-shop prods
Hardware
Machine tools
Steam fittings
Stoves
Lumber and its products
Lumber,sawmills
Lumber, millwork
Furniture
Leather and its products
k, Leather
IF, Boots and shoes
Paper and printing
Paper and pulp
Paper boxes
Printing, book and lob
Printing, newspapers
Chemicals and allied products
Chemicals
Fertilizers
Perelman refining
Stone, clay and glass products....
Cement
Brick, tile and terra cotta
Pottery
Glass
Metal products, other than iron
and steel
Stamped and enameled wareBrass, 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 implements
Electrical machinery,apparatus
and supplies
Pianos and organs
Rubber boots and shoes
Automobile tires
Shipbuilding
1930.
Jan.
91.3
....
1-.000
COCO
. .
0,...1i-•
General index
1929.
Feb.
87.8
105.7
126.4
....
.•-•
..../00..
0-4C.nt403
.
003004343
Manufacturing Industries.
115.0
45.1
93.0
81.9
124.0
Chain Store Profits Set High Record.
Total net profits for 1929 reported by 53 representative
chains show a dollar gain over 1928 greater than the gain
shown in 1928 over 1927, according to a digest prepared
by E. A. Pierce & Co. This showing, it is pointed out, is
specially noteworthy when consideration is given to the
financial and business conditions prevailing during November and December last year, which is normally the most
profitable season for retail trade. This list comprises
grocery, 5
-and-10-cent, restaurant, drug, apparel, shoe and
miscellaneous chains. Large increases reported by 41 of
the systems offset lower earnings reported by ten and small
losses by two others.
Total net profits of these 53 companies amounted to
$152,143,402 in 1929, compared with $136,862,366 in 1928
and $122,375,656 in 1927. The increase in 1929 was
$15,281,036, or 11.16% over 1928, as compared with an
increase of $14,486,710 in 1928 over 1927. It should be
pointed out that in certain individual cases a part of the
gain in each year was contributed by established units
acquired during the period. However, the bulk of the gain
was the direct result of the opening of new outlets as well as
of increased profits of old stores.
The total 1929 profits reported by a group of twelve
grocery companies showed an increase of 29.12% over the
total reported in 1928, which compares with an increase
of 15.14% in 1928 over the previous year. Three drug
chains reported an increase of 29.10% as compared with
19.54%. The 1929 profits of a group of eight apparel chains
1917
were 20.25% greater than 1928, while five shoe chains showed
an increase of 12.95%.
Sales Increased $395,000,000.
While some companies effected broad expansion In stores during 1929,
the reports at hand indicate that the development in the industry as a
whole was more intensive than extensive. As a result of this policy, the
total volume of business done by the 53 companies showed a much larger
Increase than the number of stores operated. As a matter of fact, the sale,
Increase in 1929 was greater than that reported in 1928. whereas s smaller
Percentage of stores were added In 1929 than in 1928.
Total sales reported by the 53 companies under review last year were
$2,475.400,000, compared with $2,080,000,000 in 1928 and $1.768.200.000
in 1927. The increase in 1929 over 1928 was more than 395 million dollars.
or 19%, while in 1928 the increase was 312 million or 17.6%.
A total of 29.479 stores were operated by the 53 companies at the end
of 1929, as compared with 25,776 in 1928, a gain of 14.36%. In 1928 the
Increase in stores was 24.26% over the 20,743 units operating at the end
of 1927.
Sales reported by the grocery group in 1929 totaled 81,053.950.000, or
30% greater than 1928 sales of $808.600.000. The latter total represented
an increase of 25% over 1927 sales of $646,428,000. Stores operated, on
the other hand, showed a smaller increase during 1929, being 11.79%
against 28.22% in 1928.
The drug group also reported a larger sales Increase in 1929 than in 1928.
The total was $167,159,700, against $142,731,900 in 1928, a gain of 17%
as compared with a gain of 14.6% in 1928 over 1927.
The comparison of reported net profits follows:
COMPARISON OF CHAIN STORE NET PROFITS AFTER TAXES.
1929.
1928.
Grocery Group1927.
$6,594,822
$7,442,922
$5.570,668
American Stores
6,375,789
5,323,585
Kroger
4,377.104
6.147,192
3,505,098
1.906,675
Safeway
3,620,324
1,941,523
a First National Stores
1,171,933
2,731.266
2.822,440
2,046,041
National Tea
P2.100,000
2.047,860
1,493,548
MacMarr
1,691.302
1,530,888
1,261,391
Jewel Tea
1,128.349
857.316
720,603
Daniel Reeves
1,021,385
568.300
512,520
Grand Union
592,755
900.337
H. C. Bohack
579,699
550,913
590.550
488,653
Dominion Stores
287,715
321,198
390.777
D. Pender
Total
Floe and Ten Cent Group
F. W. Woolworth
S. S. Kresge
S. H. Kress
F. az W. Grand-Silver
Nelsner Bros
McLellan Stores
Metropolitan Stores
G. C. Murphy
$22,322,287
$25,702,123
633,189,031
$35,350,473
13,977.065
5.089,036
1.240.638
458,590
850,818
666,211
580,853
$35,385,606
15.642,853
5.627,701
1,599,763
779,698
939,007
798,095
670,680
$35.664,252
14,952.211
5,834,400
1.812.693
1,025,363
1,001.457
P930.204
897,168
Total
Apparel and Department On:mit-J. C. Penney
Lerner Stores
Interstate Department
National Family Stores
Sally Frocks
Mengel Stores
National Shirt Shope
Kaybee
$58,213,684
$61,443,403
$62,117,748
$8,948,699
568.111
970,957
214.380
131,404
276,495
185.444
105,630
$10,688,971
770.847
1,233,194
381,387
264,396
467,104
71.395
132,219
$12,413,378
1,385.441
1,101,873
852,113
310.277
228.780
219,177
P216.000
Total
Restaurant Group
Shattuck
J. R. Thompson
Childs
Waldorf
Bickfords
a Exchange Buffet
B-G Sandwich Shops
$11,401,120
613,909,613
$16,727,039
$1,851,974
1,530.317
1,496,858
1,024,289
448,828
316.656
137,486
$2,190,379
1,152,206
61,002,425
981.947
531,110
364,630
69.413
$3,355,720
1,584,836
1,277,138
1,205.546
509.572
406,483
133,287
66,806,408
$6,292,110
$8,472,582
$1,231,151
650.121
801,545
205,392
182,690
81.657,139
884,981
857,346
294,339
31,191
$1,594,216
1,186,624
P893.829
499,623
33,329
Total
Shoe Group
Melville
Diamond Shoe
G. R. Kinney
Schiff Co
Feltman a Curme
z
Total
Drug Group
Drug, Inc
Walgreen
Peoples Drug
Total
Miscellaneous Group
A. G. Spalding
Spiegel-May-Stern
Hartman
Western Auto Supply
Fanny Farmer
Nedicks
Trunz Pork Stores
Federal Bake Shops
Loft, Inc
National Belles-Hess
Total
Grand total
$3,070,899
$3,724,998
$4,207,621
611,664,375
1,501,252
465,693
$12,797,871
2,752,424
744,529
$17,013,543
3,130,466
893,920
613,631,320
$16,294,824
$21,037,929
$1,333,300
2,002,971
1.012,633
931,578
366.573
213.317
223.181
129,730
312,656
403,999
$1,843,447
1,756,108
935.930
1,002,607
371,407
313,500
354.038
158.121
192,771
2,567.488
$2,050,446
1,717.909
1,103.432
532.671
444.120
351.762
315,591
240.809
L151,174
L214,I14
$6,929,938
$9,495,397
$6,381,452
6122,375,656 6136,862,366 $152,143,402
a First 9 months of each fiscal year. b Includes real estate profit.
P Preliminary. L Loss.
Annalist's Weekly Index of Wholesale Commodity
Prices.
The "Annalist" weekly index of wholesale commodity
prices stands at 133.4, a decrease of 0.9 points from last
week (134.3 revised), and compares with 146.5, the index
on the corresponding date last year. The decline this week
brings the index to a record post-war low, 9% below the
corresponding date last year, and 11.4% below the 1929
high on July 30.
Of the eight groups included in the index, two, the textiles
and miscellaneous groups, have advanced and six are lower.
The textiles index, for the first time since September, has
interrupted its downward course and has turned up, though
only slightly; the reversal in cotton goods prices and an ad-
1918
vanes in silk prices have contributed to the advance. The
upturn in the miscellaneous group is because of an advance
in rubber prices.
•The farm products group again has declined sharply,
fully 1% for the week, and is now 13% below the price level
of last year at this time. The price movement in the group
is mixed, with livestock, wheat and hides in sharp declines,
only partially balanced by advances in barley, corn, oats,
cotton and eggs.
In the food products group, advances in butter and eggs
are outweighed by declines in ham, veal, pork bellies and
flour. A sharp decline in bituminous coal has moved the
fuel index down in spite of an advance in crude petroleum;
further declines in tin prices have moved the metal index
down and lower prices in cement and lumber have made
for a lower building materials index.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(191100)
Mar. 18 1930. Mar. II 1930. Mar. 19 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All nnmmnaltlas
128.5
136.3
132.3
149.5
122.7
149.9
131.8
115.5
1254
127.8
136.4
132.0
151.8
122.8
151.6
131.9
115.3
1245
145.4
143 4.
154.3
161.1
131.8
154.0
134.9
123.1
145 5
Loading of Railroad Revenue Freight at Low Levels.
Loading of revenue freight for the week ended on Mar.8
totaled 873,548 cars, the Car SeMce Division of the American
Railway Association announced on Mar. 18. This was a
reduction of 25,641 ears below the preceding week and a
reduction of 73,991 cars below the same week in 1929. It
also was a reduction of 78,008 ears under the same week in
1928. Details are outlined as follows:
Miscellaneous freight loading for the week of Mar.8 totaled 337,554 cars,
26,706 cars below the same week in 1929 and 15.920 cars below the corresponding week in 1928.
Loading of merchandise less than carload freight amounted to 250.338
cars, a reduction of 9.621 cars under the same week last year and 7.578
cars under the same week two years ago.
Coal loading amounted to 144.895 cars, a decrease of 24.442 cars under
the same week in 1929 and 29.855 cars below the same week in 1928.
Forest products loading amounted to 58,011 cars, 0,892 cars below the
same week last year and 9,508 cars under the corresponding week in 1928.
Ore loading amounted to 8.127 cars, a decrease of 2,605 cars under the
same week in 1929 and 794 cars under the corresponding week two years ago.
Coke loading amounted to 10.107 cars, a decrease of 2,914 cars under the
corresponding week last year and 1,248 cars below the same week in 1928.
Grain and grain products loading for the week totaled 40,974 cars, a
reduction of 933 cars under the corresponding week in 1929 and 8,570 cars
below the same period in 1928. In the Western districts alone, grain and
grain products loading amounted to 27,017 cars, a reduction of 1.806 cars
under the same week in 1929.
Live stock loading totaled 23.542 cars, 122 cars above the same week
in 1929 but 4.535 cars below the corresponding week in 1928. In the western
district's alone, live stock loading amounted to 18,622 cars, an increase of
441 cars compared with the same week last year.
AR districts reported reductions in the total loading of all commodities
compared not only with the same week in 1929 but also with the same week
in 1928.
Loading of revenue freight in 1930 compared with the two previous
years follows:
1928.
1929.
1930.
3.448.895
3,571,455
349,424
Four weeks in January
3,590.742
3,766,136
3,505,962
Four weeks in February
959,494
978,201
899,189
Week of March 1
951,556
947.539
873,548
Week of March 8
Total
8,628,123
9,263,331
8,950,687
New Building Permits Still on the Decline According
to S. W. Straus & Co.
Further declines in building were indicated generally
throughout the United States during the month of February,
according to official reports received by S. W. Straus & Co.
Building permits issued in 572 principal cities and towns in
the 48 States during the month amounted to $125,521,978, a
decline of 2% from January, when the permits totalled
$128,481,626, and a loss of 50% from February of last year,
when the volume was $253,308,639. In interpreting the
figures, the Straus Review says:
While it may seem distressing to note from these data the continued downward trend of building operations, it should not be forgotten that this let-up
In activities is forming a base for a prosperous era of operations in the near
future. Manifestly, such conditions are bringing us nearer and nearer the
Point where housing demands will compel more widespread construction.
The processes of obsolescence, a continued growth in population and an
advancing standard of living are factors which will readjust the balance of
supply and demand. The decline now taking place, therefore, while adding to the quota of unemployment, is nevertheless a factor of fundamental
strength.
The Straus Index.
The Straus Index of building permits for the country as a whole was 40.2
for February. (For details of the Straus Index, a new feature of the
National Monthly Building Survey, see inside pages of this folder.) As
may be seen from an examination of Chart It, this index is 38.5% below a
computed statistical normal which takes into account both seasonal and
[Vora. 130.
FINANCIAL CHRONICLE
trend factors, as compared with an index for January of 41.4, which was
29.4% below the normal expectancy. It may be noted in this connection
that February usually registers a greater amount of building permits than
January, the normal seasonal index being 8.2% higher in February than in
January. There was apparent during February no reversal In the downward tendency of building permits which began about the middle of 192&
and has persisted to date.
The 25 Leading Cities,
The 25 cities reporting the largest volume of permits for the month showed
a group loss of 5% from January; 56% from February 1929, and 65%
from February 1928.
Only six of the 25 cities showed gains over January 1930, February 1929,
and February 1928
-namely, Milwaukee, Cincinnati, Baltimore, Oklahoma City, Tacoma and Oakland. Sixteen of the cities, Milwaukee.
Cincinnati, Baltimore, Oklahoma City, Pittsburgh, Tacoma, Oakland,
Houston, Kansas City, San Antonio. Topeka, Jersey City, St. Louis.
Yonkers, Akron and Indianapolis, gained over January. Thirteen gained
over February 1929, and six over February 1928.
In New York City, permits shrank to 323.757.921. compared with
$29,591,511 in January, 2106,296,335 In February 1929, and S122.449,02a
in February 1928. Chicago ranked second with permits totaling *5,400,600. Milwaukee, with substantial gains over January and February.
ranked third, with Los Angeles in fourth place. Detroit was fifth with
33,578,291. Philadelphia's permits were 32,685,800, a decline from.
January and February. Boston also declined, permits totaling $2,369,785.
against $2,836.853 in January.
Building Materials.
Building material prices have remained fairly stable during the past
month. Common brick has shown the greatest weakness, average delivered prices dropping a few cents per thousand under last month and over50 cents below 1929. Many price rises in cement have been reported,
chiefly in the Mid-West, which accounts for an increase of six cents in
average mill prices. Steel and lumber prices remain about the same aa
last month.
The Labor Situation.
The American Federation of Labor reports that in the building trades
43% of union workers are out of work. This is 30% more than a year age
and 10% more than in 1928. According to a recent survey, reports from
both employers and unions in New York City indicate that unemployment
here amounts to 40 to 50% of the 179,000 union membership.
25 Cities Reporting Largest Volume of Permitsfor February 1930. With Comparisons.
Feb. 1929.
Feb. 1928.
Feb. 1930.
Jan. 1930.
323,757.921 2106.296.335 3122.449.023 $29.591,511
New York(P.F.)
8,756.300
23.256,300
5,400,600
5.484,500
Chirac°
2,231,815
1.949,853
4,076,292
1,412,956.
Milwaukee
9,480,160
7,947.728
3.897,064
9,115,845
Los Angeles
5,533,315
3,578,291
7,769,939
3,993.889'
Detroit
2.798,165
1,885,905
3,523,975
2,922,483
Cincinnati_
2,353,800
1,952.550
2.782,120
2.596.800
Baltimore
5.024.620
9.157.835
2,719,925
2.685.800
Philadelphia
2,549.880
4,126,795
5.249.425
2,594.850
Seattle
2,711,132
4,818,865
2,836.853
2.369.785
Boston (P. 3'.)
2.871,400
3.031,200
2,369,275
2,334.650
Cleveland
1,349,402
1,121.225
1.347,080
1,854.270
Oklahoma CItY
2,476,115
672.140
2,008,717
1,421,702
Pittsburgh
342,830
170,925
415,473
1,390,670
Takoma, Wash
1,348,380
466.292
731,189
1,315,300
Oakland
1,096,413
2,129,657
1,246.891
2,121,622
Houston
1,835.850
320.350
1,185.600
1.187.550
Kansas City, Mo
1,431.983
2,314.112
2.398.450
1.144.062
San Francisco
733,860
1,132,455
1,069,365
1,222,429
San Antonio
23.100
39,025
187,039
1,127.067
Topeka, Kant
330,234
404.086
1,344,861
1,092.157
Jersey City
961,982
287,348
2,302,957
2,594,812
St. Louis
956,020
346,970
1,191.737
2.694.779
Yonkers
947.413
348.765
920.070
1,244,475
kitron
515,803
887.898
923.467
1.093,433
Indianapolis
$73.702.854
(P. F.) Isenestes rains Med.
8167,546.753
2210,946.330
277.820.700
Union Trust Co. of Detroit on Business ConditionsThe "Monthly Business Review" prepared by Dr. Ralph
E. Badger, Vice-President and Carl F. Behrens, Economist,
of the Union Trust Co., Detroit, Mich., finds that general
business in the United States failed to maintain in February
the sharply upward movement inaugurated in January.
Improvement was moderate, and not equally shared by all
groups in industry, trade and finance. Among the basic
industries, steel, automobile, and building, the movements
were quite dissimilar. The number of automobiles produced
was larger and steel production maintained a level slightly
above the level reached during the final week in January,
but building failed to equal its January total. Some improvement was made in employment, but the number of unemployed is still large, and presents a serious problem in
12 States, it is said. There is a wide difference of opinion as
to the number who are without work, but it probably is in
excess of two million, even when allowances are made for the
number who are normally unemployed and for unemployment of a seasonal nature. The Trust company goes on
to say:
Retail trade normally declines In February, and February 1930 was no
exception to the rule. Compared with February 1929, preliminary estimates of department store sales as reported by the Federal Reserve Board
allow a 2% decline. The heaviest declines occurred in the Chicago and
Cleveland districts, and amounted to 7% and 5%, respectively_
Prices have continued to decline but the amount of this decrease since
last July still falls far short of the precipitous drop In prices which occurred
In 1020-21. Two explanations are advanced for the present decline: one
of them is based upon monetary theory, and attributes the declining price
level Le a credit shortage, the other attributes it to the fact that because of
improved methods, production has outstripped for the time being, at least,
the ability of consumers to purchase and utilize the commodities produced.
The position of the banking group in February continued to improve.
Total borrowings of member banks from the Federal Reserve banks dedined to 5152.000.000 in the last week of' February, BA compared vritb
$193,000.000 in the final week of January, and with $729,000.000 on
Oct. 30 1929. The rediscount rate at the New York Federal Reserve
Bank declined to 4% during February and each of the other 11 banks
MAR.22 1930.]
FINANCIAL CHRONICLE
made reductions during the month. On March 13 the New York Federal
Reserve Bank made a further reduction to 3%%•
What has been said of the contribution made in February toward improvement in the business situation in the Unitel States may be applied
with greater force to Michigan. Automobile production was greater than
January output. If, however allowance is made or increases which are
purely of a seasonal nature and for a long time growth such as has been
evident over the past 15 years, it appears that, relatively, February was a
poorer month than January. The Union Trust Co.'s index of passenger
automobile production stood at 95% of normal lu January, but declined
to 91% in February.
' Factory operations in the furniture cities of Michigan are, without
exception, reported as below normal. Manufacturers of farm implements
in such cities as Port Huron, Jackson and Kalamazoo have participated in
the general improvement which has taken place In this industry throughout
the United States. Sixty-ono agricultural implement manufacturers in
the United States report sales 30% greater during January 1930 than in
the same month of 1929. The chemical industry in Michigan alto continued to enjoy good business in February and reports indicate a very good
outlook for the future. One large chemical company is eo confident of
improvement that it Is expanding its production facilities. Activity in
cereal manufacture is dropping off somewhat from its previous high rate of
production. The paper industry shows little or no improvement over
January and is still below normal„ though some gain in activity is articipated. Excessive production faciliti. a are leading to price cutting tactics
by some paper manufacturers, however, and this makes for uncertainty
regarding the future of the industry.
As evidenced in the amount of electrical energy used by industrial concerns, indu.trial activity in February was one-half per cent higher than In
January, but 17% lower than in February 1929. Building activity in
February. as indicated by the value of building permits issued in 16 cities,
in Michigan declined 41% from January*, and was 44% lees than in February 1929.
The situation In agriculture shows little change from last month. Declining prices for dairy products,such as milk and butter,are affecting adversely
the areas where this type of farming is carried on, and the outlook for a
higher level of prices is not good. Potato growers are reported to be holding
a large part of their 1929 crop. Most of the crop will be moved in the
next 30 days, although at relatively low prices. Bean grower!. are In about
the same position as the potato producers. As indicated last month, those
farmers who are classed ar livestock feeders, are faced with considerable
loss because of the drop in livestock prices in the period since their stock
was purchased. Lamb feeders, especiady, are affected in this manner.
Some improvement took place in the unemployment situation in Michigan
during February. It was not enough, however. to keep Michigan out of
the group of 12 States in which "unemployment amounting to distress was
reported to exist. The automobile manufacturing centers are more seriously affected than the smaller cities and the rural districts in the State.
In the Upper Pentnrula there has been some decrease in mining and lumbering activity, but the situation in this part of the State is not bad, and has
not been serious all winter, With but two exceptions, the reports from 14
Upper Peninsula cities indicated normal employment.
Retail trade for the State as a whole was slight* below normal In Febru,
ary. Goods which fail outside the necessities class are said to have moved
siovny, and then only at substantial concessions. Inclement weather in
various parts of the State during the month was responsible for some of
the decline in general trade. Collections were reported as fair except in
the southwestern part of the State. Merchants in the summer resort
section of Michigan are looking forward to another good year. and tourist
associations are preparing the way for this Influx of people who spend, it
Is estimated, from one-quarter to one-half billion dollars in the State.
Debits to individual accounts in five large cities in Michigan outside
Detroit decreased 24% in February compared with January, and were
17% leas than debits in February 1929. General commodity prices in
Michigan continue to fall in sympathy with the decline in the United
States as a whole.
The season of year approaches when bank loans arc sought for variou,
productive enterprises. Only in the industrial southeastern portion of
Michigan is money reported as scarce and insufficient for local needs.
Some loans, especially in agricultural communities, are being made to meet
tax payments, which is an unusual and highly undesirable situation.
Although no easing of the rates on commercial loans has yet appeared, the
reduction In rediscount rates in this district should eventually make
money
available at lower rates. Mortgage money is tight, but some improvement occurred in February.
Many people are looking to the automobile and steel industries for further
indications of business revival. In the case of the automobile
industry, at
least, this seems illogical. Automobiles can be sold at
home only if general
business recovers so that sufficient purchasing power is placed
in the hands
of the industrial and agricultural workers. A
continued foreign demand
for American cars and trucks is also desirable, but will depend
to someextent
on the development here during the next few months of a market for
foreign
securities. The lower discount rates which have been inaugurated at the
Federal Reserve banks recently should make for a better bond market,
both for domestic and for foreign issues.
As funds made available through new flotations flow into industry the
general commodity and labor markets should benefit, the commodity price
decline will tend to be stopped and the laborers will be furnished with
buying power. The present ease in credit conditions and the added purchasing power created by virtue of large capital undertakings should
thus
eventually prove a powerful stimulus to general business, at which time the
demand for automobiles as well as for other commodities in this class should
increase. It seems, therefore, that general business recovery
will Precede
any increases which may occur in the automobile industry.
Navigation on the Great Lakes will soon commence and should lead to
improved business. Tourist trade, which has in recent years become one
of Michigan's greatest sources of revenue, is also expected to be large this
summer. Thus, while the return to normal of automobile
manufacture
may be slower than desired, considerable improvement is nevertheless
possible in Michigan business.
Factory Employment and Wages in Pennsylvania.
Factory employment and wage payments in Pennsylvania
showed some gain between January and February, following
a steady decline from the peak reached in the fall of last
year, according to figures compiled by the Department of
Statistics and Research of the Philadelphia Federal Reserve
Bank on the basis of 850 reports received from manufacturing
industries employing about 340,000 workers. The number
of wage earners increased about two-tenths of 1% from
1919
January to February and was 1.7 larger than in February
1929. Groups comprising industries manufacturing textile,
food, tobacco, stone, clay and glass, and chemical products,
and transportation equipment, had more workers in February
than they had in January, reflecting seasonal improvement.
Metal, lumber, and leather products, on the other hand,
reported a drop in employment. The paper and printing
industry also had fewer workers than in January. In comparison with a year ago, building materials generally and
some of the metal products had fewer men on their payrolls;
other groups, however, maintain a favorable comparison.
The volume of wage disbursements in February increased
about 2% from the January total but was nearly 2% smaller
than in February 1929. Seasonal increases in wage payments occurred in all industrial groups except lumber,leather,
and food products. The rise from January to February last
year was much more pronounced both in employment and
wage payments than this year. Wage payments by factories
making metal and textile products, building materials, and
transportation equipment were smaller than in February
1929, whereas groups producing food, tobacco, leather,
and chemical products, and paper and printing had larger
payrolls.
Compared with the number of wage earners at the reporting plants in October 1929, employment in February was
about 3% lower. Similarly, the volume of wages paid in
February was about 7% smaller than in October, which was
the peak month of last year. Last year at the same time,
on the contrary, there was an increase both in employment and wage payments, a fact which .was due principally to steady expansion in manufacturing from lower
,
levels prevailing in 1928.
Reports on employee hours worked in Pennsylvania in
about 550 plants, employing 232,000 workers in February
showed a gain of 2.1% over the January figure. The
.
majority of the reporting industrial groups worked more
hours in February than in January, reflecting an upward
tendency in the rate of factory operation.
Delaware manufacturing industries on the whole showed
slight declines in employment and wage payments between
January and February. Plants manufacturing metal and
chemical products, however, were exceptions since they
reported appreciable gains in the number of workers and
in the volume of wage disbursements. .The largest percentage drop in wage payments occurred in the lumber and
stone, clay and glass products industnes.
-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
EMPLOYEE
IN PENNSYLVANIA
Complied by the Federal Reserve Bank of Philadelphia and the Department of
Industry. Commonwealth of Pennsylvania.
Labor and
Croup and Industry.
Snug.
Average
Average
No, Hours
Change Hourly Wages. *Weekly Wages.
of
Plants Iss5.1930
deport- from
Jan.
Jan.
Fri.
tag. Jan. '30 Feb.
+2.1 $.593 $.588
All manufacturing industries (46) 549
.627
.633
+0.8
186
Metal products
.588
.588
-1.7
6
Blast furnaces
.639
.642
+1.1
32
Steel works and rolling mills_
.531
.565
-5.2
8
Iron and steel forgings
.567
.548
+6.4
7
Structural iron work
.611
.620
+8.8
Steam & hot water heat. annar. 13
.606
.605
-0.6
31
Foundries
.629
.624
+0.4
37
Machinery and parts
Electrical atucirat us
.637
.648
-0.4
19
.613
.614
+0.8
10
Engines and pumps
.536
.564
+3.8
14
Hardware and tools
.560
.556
+3.5
9
Brass and bronze products
.616
.627
+1.9
Tranaportation equipment
33
.630
.643
+7.8
Automobtres
6
.594
.603
10
+0.5
Automobile bodies and parts
.575
.600
Locomotives and cars
+3.6
9
.718
.725
-2.2
Railroad repair shops
4
.657
.652
-4.9
Shipbuilding
4
.442
.448
+7.1
Textile products
1 93
.487
.467
Cotton goods
+2.8
9
.476
.467
+5.8
Woolens and worsteds
9
.428
.414
+18.4
32
Silk goods
.565
.644
7
+6.3
Textile dyeing and finishing
.504
.561
-15.8
5
Carpets and rugs
.474
.532
9
+0.2
Hosiery
.350
10
-4.5
.388
Knit goods. other
.320
+0.1
Women's clothing
.316
8
4
.327
+0.5
.326
Shirts and furnishings
.463
49
Foods and tobacco
+1.6
.468
20
.484
Bread and bakery products_
.478
+2.5
Confectionery
.424
+5.5
.439
6
.554
+1.7
Ice cream
.550
8
.561
Meat packing
9
-2.8
.577
Cigars and tobacco
6
.360
-0.9
.368
Stone. clay and glass products- 39
.537
+11.9
.542
Brick, tile and pottery
.496
.501
+7.9
19
Cement
8
+1.9
.535
.537
Glass
.591
.690
+28.6
12
.546
Lumber Products
.554
-4.2
44
Lumber and planing milb
13
-6.2
.615
.614
26
Furniture
-6.4
.561
.542
5
Wooden boxes
+9.1
.466
.484
Chemical products
.591
.576
+6.8
2
6
12
Chemicals and drugs
+2.0
.504
.506
Paints and varnishes
.557
9
.540
+7.1
Petroleum refining
+7.5
5
.610
.593
Leather and rubber produces
31
-2.0
.469
.485
Leather tanning
.523
9
+2.6
.540
12
-5.6
Shoes
.325
.358
6
-3.6
Leather products, other
.555
.555
4
Rubber tires and goods
-5.3
.568
.568
48
Paper and printing
-0.9
.652
.652
8
-1.5
Paper and wood pulp
.549
.542
6
Paper boxes and bags
-0.1
.362
.385
Printing and publishing
34
-0.6
.747
.750
• These figures are for the 850 firms reporting employment.
$27.15 126.58
29.68 29.15
29.61 29.35
30.26 30.21
25.02 25.84
29.71 26.89
30.40 27.63
27.72 27.94
31.62 31.39
29.71 28.43
28.47 27.83
23.89 22.11
28.38 28.56
29.24 28.46
29.56 28.42
28.93 27.60
30.52 29.47
28.28 28.94
25.61 27.77
21.45 20.69
21.59 20.41
21.79 21.34
19.09 17.88
26.44 26.40
22.10 22.71
26.26 24.84
15.65 17.20
14.43 14.81
15.55 14.32
19.67 20.37
27.60 27.89
20.04 19.48
32.75 32.95
29.21 29.02
13.51 14-86
25.97 24.85
23.18 22.33
29.48 28.92
25.22 23.15
22.33 21.46
22.47 21.29
23.60 22.95
18.27 16.97
29.56 28.41
28.03 27.79
27.06 24.36
30.98 29.26
23.14 22.02
26.43 25.57
16.60 17.94
24.18 22.71
26.70 27.91
34.45 32.63
29.44 28.94
15.98 15.87
38.42 35.89
[VoL. 130.
FINANCIAL CHRONICLE
1920
EMPLOYMENT AND WAGES IN DELAWARE.
Compiled by Federal Reserve Bank of Philadelphia.
Increase (4-) or Decrease(-)
No.
Feb. 1930 Over Jan. 1930.
of
Plants
Average
Total
Report- EmployWages.
Wages.
ment.
ing.
Industry.
55
12
All 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
5
7
4
4
4
7
-0.7
+16.6
-4.6
+2.6
-3.0
-14.2
-25.9
+2.0
-4.2
-3.0
-0.6
+7.1
-0.4
-1.9
0.0
-8.5
-27.2
+3.7
-3.4
-1.2
-0.1
+8.9
-4.2
+4.6
-3.0
-6.2
+1.8
-1.7
-0.7
-1.8
EMPLOYMENT AND WAGES IN CITY AREAS.
Federal Reserve
Compiled by the Department of Statistics and Research of the
Bank of Philadelphia.
Payrolls
Employment
No. Percentage Change Percentage Change
Feb. 1930 Since
Feb. 1930 Since
of
Plants
Feb.
Jan.
Feb.
Report- Jan.
1929.
1930.
1929.
1930.
tog.
81
13
23
35
20
15
31
10
257
91
66
30
23
27
25
28
111
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hasleton-Pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
Vetplr
+0.7
-0.1
-0.6
+0.2
+0.4
+6.5
+1.0
+1.1
-1.6
-0.5
+0.1
+5.0
0.0
+1.6
-1.9
-7.0
4-3.2
+2.2
+10.2
+12.0
-1.6
+3.3
+5.4
-4.3
-10.4
-2.4
-1.0
-0.3
+16.5
+2.5
+3.1
-12.2
+3.6
4-5.8
-2.1
+1.8
+2.9
-1.1
+2.4
-2.8
+0.5
+6.7
-0.7
+6.0
+2.5
+7.6
+6.8
+8.0
+1.1
-1.2
4-0.2
-3.1
+6.6
+11.6
-9.3
+2.5
-4.1
-8.1
-18.4
-3.3
-4.0
-0.6
+3.5
-3.3
+5.5
-31.2
+10.3
.441 2
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
and the Department of
[Compiled by the Federal Reserve Bank of Philadelphia
Labor and Industry. Commonwealth of Pennsylvania.]
100.
-1923-1925 avg.zIndex Numbers
&guy arid Industry.
Payrolls
Employment
February 1930.
February 1930.
No. of
Per Cent
Per Cent
Plants
Change Since
Change Since
ReportFeb.
Ina. Feb.
Feb.
Feb. Index. Jan.
Index. Jan.
1930. 1930.
1930. 1930.
Rt......NMOWNOVMOV.5,-,e1ROVIN.-.0*NNOVOMOMONN.M.-.001:1
+1.1
+2.9
+1.0
-1.4
-6.3
-1.2
+1.9
+5.1
+0.4
+5.8
-2.3
+0.7
-8.2
+2.4
+1.9
-3.0
+0.2
+5.3
+2.5
+2.1
-3.0
+0.5
-1.4
-2.1
+8.6
-1.2
+3.7
+0.8
+0.2
+0.9
-2.2
+7.6
+5.5
+1.2
0.0
+14.6
-5.7
-6.4
-8.9
0.0
+3.2
+1.3
+9.5
+1.3
-0.5
+2.2
-2.2
-0.5
-3.9
-6.3
-1.1
-1.0
-1.9
-0.3
-0.6
04..Vtle?COCC2WW
+0.2
-1.2
-0.3
+0.7
-6.0
+0.2
tic ,
00nWOOt.
COMONy000,0=WQ0
00.0000..
WO0c1C,o000WW0C.ONOt-CoMaomMel=00nWOD01.-CWO005W
,........,-.
... .. .-...,-. -..-....
,-.
.-...
...... ..... -..,
-.
850
All manuf.Indust.(51)
244
Metal products
9
Blast furnaces
Steel works & rolling mills 48
Iron and steel forging._. 10
10
Structural iron work
Steam and hot water heat16
ing appliances
8
Stoves and furnaces
36
Foundries
44
and Parts
Machinery
21
Electrical apparatus
10
Engines and pumps
20
Hardware and tools
Brass and bronze products 12
42
Transportation equipment
6
Automobiles
Automobile bodies & parts 13
13
and cars.
Locomotives
6
Railroad repair shops-_4
Shilbuilding
171
Textile products
13
Cotton goods
14
Woolens and worsteda
49
Bilk goods
Textile dyeing & finishing 12
9
Carpeta and rugs
4
Hats
28
Hosiery
14
Knit goods, other
10
Men's clothing
9
Women's clothing
9
Shirts and furnishings.-99
and tobacco
Foods
27
Bread and bakery prods._
13
Confectionery
11
Ice Cream
14
Meat packing
34
and tobacco
Cigars
Stone,clay & glass products_ 68
32
Brick, tile & potter"'
14
Cement
22
Glees
54
Lumber products
17
, Lumber & planing mills_ _
30
r Furniture
7
' Wooden boxes
57
Themical products
32
Chemicals and drugs
3
Coke
3
[Explosives
12
Paints and varnishes
7
Petroleum refining
49
Leather & rubber products
17
Leather tanning
20
[Shoes
8
Leather products, other
4
Rubber tires and goods
66
Paper and printing
12
Paper and wood pulp
9
Paper boxes and bags
45
- PrIntlosr le oublIshIna_ _
+1.7
-0.1
-0.7
-3.7
+8.8
+3.2
101.3 +2.1 -1.6
100.5 +0.8 -4.6
59.0 +0.9 -4.1
89.9 +0.8 -11.8
101.0 -9.1 -2.4
119.8 +10.7 +6.1
-1.7 106.3
-1.0 66.8
+6.7 104.6
+7.1 116.1
+9.4 139.2
-5.5 103.3
-10.2 101.4
-18.0 112.4
+2.8 .79.9
-2.0 46.6
-37.4 87.8
+18.0 58.3
-0.6 86.1
+124.1 126.1
+0.7 112.5
-16.6 70.7
-14.2 60.0
+6.5 131.9
-10.3 110.1
+0.7 60.4
-8.2 90.9
+3.3 162.9
+19.1 94.2
-9.7 96.9
-9.7 138.6
+13.2 152.8
+7.5 104.1
+4.9 113.6
-1.5 110.9
-1.3 94.9
+0.8 97.3
+15.2 88.9
-5.7 70.8
-6.6 74.7
-11.8 57.7
+1.0 91.2
-16.7 78.4
-21.1 70.8
-19.9 82.7
-0.4 63.6
+7.9 105.2
+0.9 87.7
-1.7 82.8
-9.1 100.4
+0.5 99.6
+20.0 142.3
+3.3 103.0
+7.7 110.1
-0.6 94.9
-3.6 103.4
-1.4 98.3
+3.3 115.0
+3.5 95.2
-3.0 102.2
-2.0 121.6
+10.5
-5.0
+0.2
-0.7
-2.2
+1.1
+10.5
+4.5
+3.2
+9.9
+2.4
+4.5
-1.6
-5.6
+5.5
+2.5
+1.2
+12.6
+2.6
-1.5
-2.3
+5.7
-7.2
-1.2
+5.9
+7.3
0.0
+0.6
+3.4
+0.5
-1.6
-1.6
+10.3
+5.1
+2.1
+24.8
-1.8
-0.8
-4.4
+7.6
+7.3
+2.2
+6.8
+2.4
+10.7
+8.2
-1.6
+2.9
-11.1
-0.3
-5.4
+4.5
-0.2
+0.4
+6.4
-7.2
-7.7
+1.9
+8.8
+13.9
-12.5
-14.4
-16.5
-0.5
-16.5
-45.8
+24.8
+4.9
+96.7
-3.8
-19.9
-16.8
+3.8
-13.4
-13.8
-14.2
+3.3
-13.3
-8.6
-15.9
+10.7
+2.8
+4.8
-6.9
-1.2
+1.6
+9.8
-7.7
-9.7
-11.8
-1.5
-21.0
-20.0
-26.1
-11.0
+8.8
-0.5
-4.6
-11.2
-2.2
+22.6
+2.1
+11.6
-11.4
+1.0
-12.1
+7.7
+2.9
-1.5
+3.8
•Preliminary figures.
Country's Foreign Trade in February-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on March 14 issued its statement on the
foreign trade of the United States for February and the 2
months ended with February. The value of merchandise
exported in February 1930 was $351,000,000, as compared
with $441,751,000 in February 1929. The imports of merchandise are provisionally computed at $281,000,000 in
February the present year, as against $369,442,000 in February the previous year, leaving a favorable balance in the
merchandise movement for the month of February 1930 of
$70,000,000. Last year in February there was a favorable
trade balance on the merchandise movement of $72,309,000.
Imports for the 2 months of 1930 have been $591,967,000,
as against $762,325,000 for the corresponding 2 months of
1929. The merchandise exports for the 2 months of 1930
have been $762,325,000, against $929,774,000, giving a
favorable trade balance of $170,358,000 in 1930, against a
favorable trade balance of $1,191,435,000 in 1929. Gold imports totaled $60,198,000 in February, against.$26,913,000
in the corresponding month in the previous year, and for the
2 months were $73,106,000, as against $75,490,000. Gold
exports in February were only $207,000, against $1,425,000
in February 1929. For the 2 months in 1929 the exports of
the metal foot up $9,155,000, against $2,803,000 in the 2
months of 1929. Silver imports for the 2 months of 1930
have been ,679,000, as against $12,718,000 in 1929, and
silver exports $11,223,000, as against $14,859,000. Following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
[Preliminary figures for 1930 corrected to March 12 1930.]
MERCHANDISE.
2 Mos. Ended February.
February.
1930.
Exports
Imports
Excess of exports
Excess of Imnerte
1929.
1930.
1929,
Increase(+)
Decrease(-)
1.000
Dollars.
351,000
281,000
1.000
Dollars.
441,751
369.442
1.000
Dollars.
762,325
591.967
1,000
Dollars.
929.774
738,339
1,000
Dollars.
-167,449
-146.372
70.000
72.309
170.358
191,435
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1929.
1930.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1928.
1927.
1926.
1925.
1,000
1.000
1,000
1,000
1.000
1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
411,325 488.023 410.778 419,402 396.836 446.443
351,000 441,751 371,448 372.438 352.905 370,676
489,849 420.617 408,973 374,406 453.653
425.264 363.928 415,374 387.974 398.255
385,013 422,557 393,140 356,699 370.945
393,176 388.661 356,966 338,033 323.348
402,861 378,984 341,809 368.317 339,660
380.564 379.006 374,751 384.449 379.823
437,163 421,607 425,267 448,071 420,368
528,514 550.014 488,675 455,301 490.567
442,254 544,912 460,940 480.300 447,804
426.551 475,845 407,641 465,369 468,306
2 mos. ended Feb.__ 762,325 929,774 782,226 791,840 749.741 817,119
8 mos. ended Feb__ 3,380,233 3.680,142 3,281,309 3.393,647 3,296,269 3,318,380
5,240,995 5,128,356 4,865,375 4.808.660 4,909.848
12 mos. ended Dec__
Imports
January
February
March
April
May
June
luly
August
September
Dctober
Vovember
December
310,967
281.000
368,997
369,442
383,818
410,666
400,149
353,403
352,980
369,358
351,304
391,063
338,472
309,809
337,918
351,035
380.437
345.314
353,981
317,249
317,848
346.715
319.618
355,358
326,565
339.408
356.841
310.877
378,331
375.733
346,501
354,892
319,298
368.875
342,154
355,738
344,269
331,234
416,752
387,306
442,899
397,912
320.919
336.251
338.959
336,477
343,202
376,868
373,881
359,462
346,165
333.387
385.379
346,091
327,519
325,216
325,648
340,086
349,954
374,074
376,431
396.640
2 mos. ended Feb_ 591.967 738,339 688.951 667,718 804,058 679,552
8 mos, ended Feb_ 2,704,953 2.743,851 2,750,519 2,796,567 2.966,891 2,439,924
4 399,361 4,091,444 4.184,742 4,430.888 4,226,589
[2 mos. ended Dec
MONTHS.
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY
Silver.
Gold.
1927.
1930. 1929. 1928. 1927. 1930. 1929. 1928. 1.000
1,000 1.000 1,000 1,000 1,000 1,000 1,000 Dollars.
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. 7.388
Exports6,692
8.948 1,378 52,086 14,890 5,892 8,284 7.479 6.233
January
207 1,425 25,806 2.414 6,331 6,595
February
7.814 7.405 6,077
____
1.635 97,536 5,625
March
5,752 6,587 6,824
____
1,594 96,469 2,592
____
April
7,485 6.712 6,026
__
467 83,689 2,510
May
5,445 7.456 5,444
____
550 99,932 1,840
June
____ 6,795 6,160 6.650
74.190 1.803
807
July
8,522 9,246 5,590
____
1,698 1,524
881
--August
4,374 6.229 6.627
____
1,205 3,810 24,444
___
September
7.314 7,252 5,945
--_
992 10,693
5
3,80
October____ 8,678 7.674 5,634
_ 30,289 22,916 55.266
-November
____ 6,369 8.489 7,186
1,636 77,849
72,547
December
13,621
2 mos. end.Feb. 9,155 2,803 77,892 17,304 11,223 14,859 14,171
56.509
8 rnos. end.Feb. 118,688 108,045 249,476 91,276 53,274 59,909 51,803
____ 83,407 87.382 75,625
____ 116,583 560.760 201,455
12 mos. end.Dee.
Imports
January
February
March
April
May
June
July
August
September
October
November
December
12,908 48,577 38.320
60,198 26.913 14,686
28,470 2.683
24.687 5,319
_ 24,098 1,968
30,762 20,001
35.525 10,330
19.271 2,445
18,781 4,273
21,321 14,331
7.123 29.591
8,121 24,950
59,355
22.309
16.382
14,503
34,212
14,611
10,738
7,877
12,979
2,056
2,082
10.431
4,756
3,923
____
____
___
___
____
____
____
____
_ __
____
6,305
4,658
5,134
4,888
4,247
6,221
6,544
6,496
5,739
7,319
5,448
5.120
5,151
3,849
4,308
3,815
5,803
4,790
4,288
4,856
4,992
5,069
5,102
3.770
10,963 9,000
2 mos.end.Feb. 73,106 75.490 53,006 81,664 8,679 12,718 39,040 41.609
8 mos. end.Feb. 183,248 161,410 99.169 172,049 39.884 49,384 68,117 55.074
____ 63,940
291.649 168,897 207,535
____
12 mos.end.Dec.
MAR. 22 1930.]
FINANCI;-L CHRONICLE
GOLD AND SILVER.
February.
1930.
Gold
Exports
imports
Excess of exports
of Importa
EXCe88
SUrerExports
Imports
Excess of exports_ _ _
Excess of imports_
1929.
2 Mos. Ended February.
1930.
1929.
Inerease(+)
Decrease(-)
1.000
Dollars.
+6,352
-2,384
1,000
Dollars,
207
60,198
1,000
Dollars.
1.425
26,913
1,000
Dollars.
9.155
73,106
1,000
Dollars.
2,803
75.490
59,991
25,488
63,951
72.687
5,331
3,923
6,595
4.458
11,223
8,679
14,859
12,718
1,408
2,137
2,544
2,141
-3.636
-4,039
Industrial Situation in Illinois Shows Improvement in
February Over January.
According to the Bureau of Statistics and Research of the
Illinois Department of Labor, manufacturing industries
of the State registered an increase of 0.2% in employment
and 3.1% in payrolls for the period Jan. 15 to Feb. 15.
Non-manufacturing industries reduced employment 2.6%
and wage payments 0.1% during this period. All reporting
industries registered a decrease of 0.6% in employment but
an increase of 2% in total wage payments. Results a
detailed as follows:
Conditions in the manufacturing industries of the State improved somewhat during the period Jan. 15 to Feb. 15. An increase of 0.2% in number
of workers and of 3.1% in weekly payrolls was reported by 1,034 factories,
employing 254,562 men and women. February Is normally a month of
seasonal gain in manufacturing and the current upward trend is less marked
than in preceding years. A year ago during the corresponding period,
employment increased 2.2% and payrolls 6.3%. The present gains, however, are in sharp contrast to the heavy curtailments during the previous
4 months, which reduced employment approximately 7.6% and caused a
drop of 13.1% in payrolls throughout the factories of the State. While no
later figures than those of Feb. 15 are as yet available, statements from
various sources indicate that there has been a continued improvement during the latter part of the month and into early March.
Non-manufacturing industries reported a lower volume of employment,
continuing the curtailments that have been made since the beginning of
the year. A loss of 2.6% in employment in thsee industries more than offset
the slight gain at manufacturing plants, since the combined total for all
reporting industries showed a reduction of 0.8%. Payroll totals were only
slightly affected, the drop of0.1% in non-manufacturing industries reducing
the 3.1% gain in manufacturing to a 2% increase for all reporting industries.
Average weekly earnings were $31.98 for men engaged in manufacturing and
$34.53 for those in other lines of work. The corresponding figures for women
are $19.19 and $20.95. In all industries the average wage for men was
$32.69 a week, and for women $16.93.
Of the 10 major groups into which the manufacturing industries are
classified, 7 registered gains in both employment and payrolls while the
other 3 showed declines in both of these items. Metals, machinery, and
conveyances-the most important of these groups as far as the number of
workers employed is concerned-added 0.9% to its forces while increasing
payrolls 4.9%. Iron and steel mills increased the number of their employees
by 4.6% and their payrolls by 14%; automobile and accessories plants
registered even heavier percentages of increase; and farm implement factories showed a substantial gain. The latter Industry has been greatly
aided by a heavy demand for tractors for export to other countries. Sheet
metal work and hardware and the manufacture of tools and cutlery also
showed definite improvement, while the non-ferrous metals and cars and
locomotives reported lighter gains. The outstanding declines in this
group occurred in the machinery and olectiical apparatus industries. The
former curtailed employment 1.4% and the latter 3.2%. Other industries
which reduced employment were cooking and heating apparatus, instruments and appliances, watches and jewelry, and miscellaneous metal
products.
The food products group, the second largest in number of workers
employed, registered a slight decline of 0.1% in volume of employment and
a somewhat greater loss, 1.4%, in payrolls. Slaughtering and meat packing declined 1.5% in employment and 2.5% in payrolls; dairy products
showed a similar percentage decline in number of workers but no loss in
payroll amounts; and beverages experienced the largest percentage decreases
with a drop of 5.9% in number employed and 9.6% in payrolls. Several
industries in this group showed a larger volume of employment
-among
these were flour mills, fruit and vegetable canning, miscellaneous groceries,
confectionery, and tobacco products. The manufacture of ice and icecream registered the usual seasonal decline.
A downward trend in the printing and paper goods industries is normal
at this time of the year. The curtailments this year, however, were
unusually heavy. The number of workers employed was reduced by 7.8%
and payrolls decreased 5.4%. Job printing establishments contributed the
largest share to the decline. In this industry approximately 1,200 employees, practically the same number of men as women, were laid off and
the volume of employment was thereby reduced 11.9%. Newspapers and
periodicals and firms engaged in lithographing and engraving also reported
a sharp curtailment in the number of workers employed. Paper mills and
plants manufacturing paper containers reduced employment 4.2%. This
was partly offset by a gain of 2.2% in the miscellaneous paper goods
industries.
With the exception of knit goods, all textile industries were operating
with larger forces than in January. The clothing and millinery trades
showed a seasonal upward tendency, which was especially marked in the
manufacture of women's clothing.- There was a pronounced decline in the
manufacture of overalls and work clothes, amounting to 26.7%. In the
millinery industry the reported gain of 7.2% was considerably smaller than
the 37.7% increase recorded for February a year ago.
The wood products industries showed a generally heightened activity.
Saw and planing mills added 5.6% to their number of workers and furniture
and cabinet factories increased forces 2.8%. In the stone, clay, and glass
products industries, the increased employment at glass factories caused a
general gain for the group, although stone quarries, brick and cement
plants and miscellaneous stone and mineral products remain inactive.
Increased activity in the manufacture of paint brought employment in the
chemicals, oils, and paints group above the level of the preceding month.
1921
While boot and shoe factories showed practically no change in volume of
employment, the payrolls in this industry registered a gain of 8.6%.
All of the major industries classified as non-manufacturing registered
declines in employment during February. Public utilities reported 1,575
fewer names on their payrolls, which caused a reduction of 1.9% in employment from the preceding month. Mail order houses reduced forces 9.5%,
when they laid off 1,316 men and women. Most of the other distributive
industries, especially the department stores, also found it necessazy to
reduce the number of their employees. In the service group, hotels curtailed
employment 1%, and laundries laid off 5.3% of their employees. There
has been no seasonal increase in activity in the building industries as yet.
although building permit figures for February showed a gain. Employment
in this industry decreased another 6.2%. Coal mines reported a slight
reduction in the number of workers employed, 0.3%, but the payrolls in
this industry increased 21% and an increase in operations is thus reflected.
An unsettled condition prevails at some of the mines due to the disagreement
within the union.
Of 1.350 establishments reporting employment and payroll figures to
this bureau, 1.086 gave information also on weekly hours of work. From
these figures approximate man-hours of work have been computed and
changes from month to month calculated. The change from January to
February shows an improvement of 0.4% in manufacturing industries and
of 0.2% in all reporting industries. This indicates a somewhat larger
increase in industrial activity than is shown by employment figures but less
than that reflected by the payroll totals. A comparison between the manhours on the one hand and employment and payrolls on the other is rendered
difficult by the fact that the number of reporting firms is not the same, and
that in some cases firms determining the trend in the employment and
payrol -did not report their weekly hours of work.
he Business Situation in Wisconsin and Surrounding
Territory.
The Wisconsin Bankshares Corp., in discussing agricultural, industrial and banking conditions in its trade territory,
adverts to the fact that prediction was made at the beginning of the year that sustained recovery of business would
get under why toward the end of the second quarter. This
forecast, it says, seems likely to prove about right, but
meanwhile certain difficulties have temporarily slowed up
the improvement which started in January and carried over
into February. The report then proceeds as follows:
The year started out with steel and automobile production and heavy
construction contracts in a sharp rise. This initial recovery has recently
lost some of its momentum. Steel activity has been shaded during the last
fortnight, although for the full month of February daily steel output was
considerably higher than in January. Likewise, construction contracts
awarded last month did not maintain the rate of gain made the month
before. In the case of the automobile industry, production rose from
283,477 cars and trucks in January to an estimated 358,300 last month,
but production for the combined two months was about 30% below the
corresponding months of last year.
The most obvious adverse factor of recent weeks has been the continued
softness of commodity prices. Wheat and cotton have claimed the most
attention, but similar conditions of oversupply and price weakness have
prevailed as to rubber, wool, silk, sugar, coffee, petroleum, hides and the
non-ferrous metals. This is a natural aftermath of curtailment of production here and abroad which had its beginning about the middle of last
year. Fortunately, we do not have to deal with any serious overaccumulation of finished goods. Curtailment of production and hand-to-mouth
buying have backed up on the raw material producer who is not able to
regulate his output as easily as the finished goods manufacturer.
December and early January marked the low point in manufacturing
volume. Following the decline from the middle of last year to the end of
December, manufacturing, construction work and employment picked up in
January, and although the recent rate of advance has been temporarily
retarded, there is hardly any question but that the improvement will
continue and that prices will stabilize with the rise of production and
increase in demand for raw materials.
Reports on distribution through wholesale and retail channels last month
indicate a less satisfactory condition than January figures showed. This
can only be considered as normal, since there is always a lag between the
low point of production and employment and the low point of consumer
purchasing. Lower commodity prices and lower consumer purchasing
power result from curtailment of manufacturing and vice verse, prices
and sales to consumers begin to rise after recovery in production and employment has gotten well under way.
The Industrial Situation in Illinois by Cities During
February 1930.
Eight of the 15 reporting Illinois cities for which employment figures are separately compiled show an increase in
both factory employment and payroll totals during February.
Five of the remaining 7 cities, while, showing decreases in
the number of men employed, report increases in payroll
totals. Total figures for other reporting cities, for which
returns are not separately compiled, show an increase in
both employment and payrolls during the month. The
fact that payroll totals increased in 13 of the 15 cities for
which separate figures are compiled, and increased on the
average for all other cities, indicates a trend toward improvement in the industrial situation, since it reflects a fairly
general decline in the amount of part-time work throughout
the State. The tendency toward improvement is mainly seasonal, since employment normally improves in February;
nevertheless it presents a more hopeful situation than has
been evident for some months, the Illinois Department of
Labor says, adding:
Average weekly earnings for all cities show an increase of 3.2%, both
for men and for women,over the earnings of the preceding month. Weekly
earnings in Chicago averaged $34.03 for men and $21.68 for women in the
1922
FINANCIAL CHRONICLE
[Vol.. 130.
week of February 15. The average earnings in all reporting cities in the surplus of common labor is reported. Many industries in this city are
working part time. Contrary to the general tendency, a farm implement
State except Chicago were $28.75 for men and $13.20 for women.
size of
The ratio of applicants to jobs available in the free employment offices plant is reported to be working full time and is steadily increasing the
of the State, the unemployment ratio, also reflects a seasonal improvement. its working force.
Employment in Springfield showed an improvement of 2.5%
Springfield.The ratio for February was 245.6, compared to the ratio of 257.2 in January.
in payrolls.
The current ratio, however,is still far above 169.4, the figure for a year ago. during the month with an approximately equivalent increase
a
for 13 of the cities in which free employment A decrease of 15.3% in the unemployment ratio is reported. Although
Ratios have been calculated
a plant
offices are located. Seven of these 13 cities reported that the unemploy- number of plants are still affording only part-time employment,
is working overtime and has steadily added to
ment ratio had decreased since January, while 6 reported an increase. In manufacturing machinery
is an
the main, the decreases are due to a decline in the number of applicants its force of employees. The decrease of activity in the coal mines
for positions, rather than to an increase in the number of positions open. unfavorable factor in the local situation and may result In increasing the
The February ratios of registrations to jobs available in all reporting cities amount of unemployment in the future.
Sterling-Rock Falls.- The improvement of the previous month in employdeclined in all but one of the industrial groupings for which ratios have
with an increase of 7.6% in employment
been calculated. The declines are especially large in the boys, miscellaneous ment was continued in February
This substantial increase was caused mainly by
agricultural, clerical, and metals and machinery groups. The only In- and 18.0% in payrolls.
dustrial grouping in which the ratio increased during the month was that activity in the metals industries.
of common labor, showing an increase of 1.6%.
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
FEBRUARY 1930.
-A slight improvement In the industrial situation is shown by
Aurora.
6.8% increase in earnings during
an 0.6% increase in employment and a
By Howard B. Myers, Chief of Bureau of Statistics and Research.
the month. The unemployment ratio decreased from 180.9 to 143.1.
Employment
Earnings (Payroll).
Despite this increase in activity, many plants are still operating part-time
with forces below normal for this period of the year. A large surplus of
Total
Index of
Average
however, that increases In the
Common labor still exists. It Is reported,
Per Cent Employment
Earnings
Weekly
(Average
Per Cent Earnings
Change
activity of many factories are probable during the coming month.
Industries.
from a 1925-27-100). of Chge. Feb. 1930.
Bloomington.- The decline in the number of persons employed In factories
from
Month
was 4.1% during the past month, and the unemployment ratio increased
Jan.
FeAgo. Feb. Jan. Feb.
from 124.0 to 125.3. An increase of 9.8% in payrolls, however, indicates
(a) 1930. 1930. 1929. 1930. Males. males.
a larger proportion of full time work than in January and reports indicate a
$
3
distinct improvement in the situation during the last ten days of the month.
-0.8 96.2 97.0 99.1 +2.0 32.69 19.93
The free employment office reports that there was a marked increase in the All industries
+0.2 98.0 97.8 100.3 +3.1 31.98 19.19
All manufacturing industries
part of the month.
number of placements during the latter
+1.5 77.4 76.3 88.6 +2.5 28.28 12.97
Stone, clay. glass
Chicago.- In this city employment in manufacturing industries decreased
Nliscellaneous stone-mineral_ -8.3 71.0 75.8 87.1 -.16.7 29.55 13.75
-8.0 66.1 70.3 88.8 +3.9 28.46 17.75
Lime-cement-plaster
1.0% during February, while payroll totals showed an increase of 0.1%•
-5.7 48.6 51.5 67.8 -4.4 28.59 11.95
Brick-tile-pottery
The unemployment ratio decreased from 343.6 in January to 309.5 in Feb+12.9 122.3 108.3 106.3 +18.2 29.11 13.05
Glass
ruary. The group of industrials reporting the largest increase in employ- Metals
-machinery-conveyances_ +0.9 108.2 107.2 109.7 +4.9 32.41 21.33
+4.6 112.1 107.2 112.5 +14.0 31.55 16.01
ment during the month was the chemicals oils and paints classification,
Iron and steel
95.8
Sheet metal work-hardware_ +2.8 89.2 86.9 104.8 +7.0 31.59 17.55
with a figure 3.2% above that for a month ago. Other groups which
+2.4 80.8 78.7
+8.8 32.95 15.19
Tools
-cutlery
whowed improvement were clothing and millinery, textiles, and furs and
94.4 954
Cooking Os heating aPoaratus- -1.1 1044 104.2 103.4 +1.3 30.86 15.27
industries, in
110.9 +4.6 28.53 14.82
leather goods. Heavy declines in the stone, clay and glass
Brass-copper-sinc and other_ +0.3
+0.9 83.0 82.3 64.7 +6.3 32.72 21.76
the printing and paper goods industries, and In miscellaneous manufactures
Cars-locomotives
+8.4 109.9 101.4 127.1 +19.1 31.27 17.71
Autos-accessories
more than offset increases in other groups, however. Metals, machinery
-1.4 114.3 115.9 121.1 +0.1 29 22 17.33
Machinery
and conveyances, the largest group of industries In Chicago, suffered a
-3.2 122.4 128.4 119.0 -3.7 38.18 25.47
Electrical apparatus
+4.5 130.9 125.3 127.5 +9.8 29.79 13.69
slight decline of 0.2% in employment during the month, but the decrease
Agricultural implements
83.0
-2.0
19.25
in part-time work Is evidenced by a 1.8% increase in payroll totals.
Instruments and appliances_ --1.2 82.0 95.6 85.7 +10.5 32.02 15.84
97.9
30.09
-1.0 94.6
Watches-Jewelry
-The most marked improvement during the month in any of
Cicero.
-2.4 ------------+6.4 25.01 11.89
All other
the 15 cities was reported for Cicero. The industrial Inactivity In this Wood products
+2.7 67.0 65.2 76.2 +10.5 25.92 14.42
,.
+5.8 59.8 56.6 69.2 +8.4 27.29 8.31
city during the last few months was partially offset by an increase of 10.9%
Saw-planing mills
+2.8 76.6 74.5 85.9 +15.0 26.49 15.93
work
The unemployment ratio decreased
Furniture-cabinet
in employment and 32.2% in payrolls.
61.5
Pianos-musical instruments_ +0.2 46.0 45.9 69.3 +4.2 28.28 12.67
from 469.6 in January to 412.9 in February. While the February improveMiscellaneous wood products. +1.6 67.4 66.3 96.3 +1.5 22.70 11.78
+8.4 26.13 14.51
ment Is thus manifested, the ratio is still abnormally high when compared Furs and leather goods
+0.6 95.1 94.5
+5.1 89.2 84.9 92.2 +9.2 31.59 17.78
with the figure of 191.7 for a year ago.
Leather
+6.1 63.6 59.9 62.0 +3.5 42.77 30.69
the downward
Furs-fur goods
Danville.- The decrease of 0.5% in employment continued
-0.0 99.6 99.8 100.5 +8.6 23.07 14.17
Boots and shoes
trend of the previous month. The unemployment,ratio increased by 2.7%.
56.5 67.1 -5.9
Miscellaneous leather goods._ -3.8 54.4 95.3 101.2 +0.3 26.28 14.43
30.08 15.32
+1.4 98.6
A payroll increase of 2.8% indicates a greater amount of full time work, Chemlealteolls-paints
-0.1 78.3 78.4 94.9 +2.1 27.59 14.77
but brick yards and hardware manufacturers and some clothing factories
Drugs-chemleals
+13.1 97.6 86.3 103.7 +4.1 28.19 18.68
is
-dyes-colors
Paints
are still working on part-time schedules. A surplus of all kinds of labor
+0.0 92.0 92.0 93.4 +2.8 31.11 16.28
Mineral and vegetable oll
reported.
-6.6 103.8 111.1 113.3 -10.9 30.34 12.88
Miscellaneous chemkals
-7.8 103.1 111.8 101.8 -5.4 37.93 18.67
-This city suffered a further decline of 2.7% in employment Printing and paper goods
Decatur.
-4.2 88.3 92.2 98.7 -8.7 28.75 15.81
-tubes
during the past month. The unemployment ratio, while still high, dePaper boxes-bags
94.3
-2.2
+1.1 34.84 18.00
Miscellaneous paper goods... -11.9 96.4 104.6 104.9 --7.9 37.55 20.15
creased from 355.8 in January to 303.1 in February, and an increase of
92.2
95.6
Job printing
-6.3 97.5 104.1 106.2 -1.9 47.52 23.68
1.6% in payrolls indicates some improvement in industrial activity. The
-periodicals
Newspapers
-0.1 -------------1.6 35.82 17.83
automobile accesaoriea, plumbing, and farm implements industries continue
Edition book binding
Lithographing and engraving. -4.5 -------------9.0 48.04 19.06
to work part-time. The corn products industry, on the other hand, is
+0.8 90.8 89.9 87.1 +8.5 25.63 14.40
Textiles
working overtime.
+2.1 108.8 106.6 90.3 +17.6 21.52 13.36
Cotton-woolen goods
-1.9 83.1 84.7 88.6 -1.2 23.16 12.52
-The decline In employment of the previous month was
East St. Louis.
Knit goods
+2.7 92.7 90.3 94.1 +7.1 23.39 16.50
sharply reversed for the month of February with an increase of 8.0% in
Thread and twine
+2.0 100.6 98.6 92.3 +13.0 29.36 16.22
Miscellaneous textiles
employment. As further evidence of the improvement the unemployment
+2.8 87.9 85.5 89.4 +3.5 37.15 19.32
Clothing and millinery
ratio decreased by 10.3% in the past month. It is 15.2% lees than the
+0.6 75.5 75.0 84.7 +1.7 37.12 24.22
Men's clothing
-4.3 59.2 61.9 88.9 +9.4 38.50 23.09
ratio for a year ago. Altho gh some industrial plants are still working
Men's shirts-furnishings
-28.7 57.7 78.7 85.8 -40.6 27.77 12.09
part-time the general employment situation here appears to be more favorOveralls-work clothes
-2.9 89.3 02.0 102.9 -7.2 38.14 22.60
Men's hats-caps
able than in most of the other reporting cities.
+13.8 122.6 107.7 98.6 +16.8 38.73 15.25
Women's clothing
-The number of persons employment by the industries of this
Joliet.
+13.1 167.8 148.4 118.1 +7.4 29.65 12.47
Women's underwear
+7.2 48.4 43.3 67.1 +12.8 42.51 20.20
city changed little from the preceding month. While the unemployment
Women's hats
+0.1 90.0 90.1 92.3 -1.4 30.43 17.85
there is still a surplus of all kinds of labor. The rood-beverages-tobacco
ratio decreased slightly
+1.0 89.8 88.9 88.0 +1.6 29.58 14.63
Flour-feed-cereals
Increase of 15.8% In payroll totals, however, indicates that part-time
9.6 8.6 11.1 +9.0 20.01 12.57
+11.6
Fruit-vegetable canning
work is decreasing and gives hope for future improvement in the industrial
+3.1 97.1 94.2 101.3 +4.8 31.82 14.33
groceries
Miscellaneous
98.2 99.7
situation.
Slaughtering-meat packing.-- -1.5 98.5 100.0 101.2 -2.5 27.90 21.40
92.2 +0.1 39.34 12.80
-1.5
-Employment conditions in Moline during the month of Feb-- Dairy products
Moline.
+0.1 84.2 84.1 90.4 -1.6 35.18 16.32
Bread-other bakery products
ruary show some improvement on the whole, the volume of employment
+1.3 90.3 89.1 86.0 -3.6 30.01 15.31
Confectionery
-6.9 71.1 75.6 68.6 -9.6 34.12 13.90
increasing 1.2% and the payroll totals increasing 2.2%. The improvement
Beverages
+12.0 97.2 86.8 95.4 +10.9 27.39 22.11
was spotty, rather than general. Some machinery and implements firms
Cigars-other tobaccos
-0.8 47.4 47.7 51.0 -2.4 38.20 -Manufactured ice
others are still working on reduced
have reduced their working forces and
Ice cream
schedules. A farm implement plant,.on the other hand, is working over- discellaneous manufacturing
-9.0 -------------10.9 29.88 13.35
time. The organization of a large corn stalk products company is expected 'Ton-manufacturing industries- -2.6 ---- -- ____ -0.1 34.53 20.95
--6.5 76.4 81.7 87.9 -6.4 34.40 20.08
We-wholesale-retail
to give employment to a number of workers, and a large projected building
-2.8 99.6 102.5 100.7 -2.0 38.07 18.61
Department qtores
program will provide work for building trades in the near future.
+0.5 102.6 102.1 101.7 -11.3 19.70 17.33
Wholesale dry goods
-Employment conditions in Peoria show a distinct improvement
+1.0 81.4 80.6 91.9 -2.7 27.92 16.98
Peoria.
Wholesale groceries
-9.5 73.1 80.8 84.4 -12.2 24.66 20.83
month with an increase of 4.5% in employment and approxiMall order houses
during the
-0.9 -------------0.8 49.35 37.05
Milk distributing
mately the same increase in payroll totals. Several agricultural implement
-2.2 ------------+4.8 33.70 26.41
Metal jobbing
plants are still working part time. The increase in the unemployment
ervices
February is reported to be due to a
ratio from 122.6 in January to 150.5 in
Hotels-restaurants
-5.3 109.5 115.6 101.1 -3.6 82.41 15.14
Laundries
large influx of laborers from other cities. A shortage of moulders, pattern
-1.9 103.2 105.2 102.8 -1.3 36.32 22.07
'ublic utilities
makers and machinists is reported. A tractor concern is steadily increasing
-1.8 120.6 122.8 114.8 -0.3 30.85 23.94
-power
Water-gas-light
-2.0 110.9 113.2 109.8 -0.3 42.97 22.07
Its activity and this accounts for some of the general improvement. A
Telephone
-2.5 97.8 100.3 97.2 -3.7 37.47 19.45
projected building program is expected to give employment to many men
Street railways
-0.3 79.3 79.5 82.6 +0.4 30.04 22.46
Railway car repair
difficulties In some of the coal mines have
in the immediate future. Labor
-0.3 77.0 77.2 83.0 +21.0 30.34 .....ioal mining
resulted in decreased activity in this line of industry.
-6.2 50.6 53.9 69.9 +4.1 40.36 ...luilding and contracting
--6.8 46.4 49.8 72.1 +4.1 40.06 -Quincy.- The decline in employment which was reported for the previous
Building construction
+3.1 35.0 33.9 22.8 +63.9 33.02 ...Road construction
month continued in the month of February with a drop of 8.0% in employ-3.9 49.2 51.2 54.2 -2.1 44.17 -Miscellaneous contracting
unemployment ratio increased 4.0%.
ment and 2.2% in payrolls. The
a Includes firms not reporting by sex.
although it is still slightly under the figure for a year ago. Part of the
decrease in employment was due to the taking of inventory In several industries. Tractor, wheel, pump and incubator plants are reported to be
February Automobile Production Away Below 1929.
active with some overtime work. An improvement in the building industry
bridge construction is in prospect.
is reported and a considerable amount of
February production (factory sales) of motor vehicles in
Rockford.
-The employment decrease during the preceding month was the
United States, as reported to the Department of Comcontinued in February with a decline In employment of 1.9%, and an inpayroll merce, was 323,962, of which 275,811 were passenger cars,
crease in the unemployment ratio from 131.5 to 140.8. While
totals indicate a slight increase in operating time, most plants in this city 47,129 trucks, and 1,022 taxicabs, as compared with 273,170
are still working part-time, many for only three or four days a week. No
passenger cars, trucks and taxicabs in January and 466,418
definite prospect for improvement is reported for the near future.
Rock Island.- The improvement In employment conditions reported for in February 1929.
the previous month was reversed in February. a decline of 3.0% in emThe table below is based on figures received from 144
ployment and 7.3% in payrolls being reported. The unemployment ratio
United States for recent months, 42
for this city increased from 274.5 In January to 304.7 in February. A large manufacturers in the
Man. 221930.]
FINANCIAL CHRONICLE
1923
making passenger cars and 113 making trucks (11 making
both passenger cars and trucks). Figures for passenger ears
include only those designed as pleasure vehicles, while the
taxicabs reported are those built specifically for that purpose,
pleasure cars later converted to commercial use not being
reported as taxicabs. Figures for trucks include ambulances,
funeral cars, fire apparatus, street sweepers and busses.
Canadian figures are supplied by the Dominion Bureau of
Statistics.
pared with unfilled orders of 502 softwood mills on March 8 1930.of 1.053.870,000 feet, the equivalent of 22 days' production.
The 353 identical softwood mills report unfilled orders as 880,534.000
feet on March 15 1930, as compared with 1.160.850.000 feet for the same
week a year ago. Last week's production of 475 identical softwood mills
was 288.793,000 feet, and a year ago it was 309,986,000 feet;shipments were
respectively 265,225,000 feet and 326,231,000 feet; and orders received
259,677,000 feet and 318,603,000 feet. In the case of hardwoods, 207
Identical mills reported production last week and a year ago 38,456,000 feet
and 43,164,000 feet; shipments 29.240,000 feet and 42,921,000 feet; and
orders 30,751,000 feet and 39.230,000 feet.
AUTOMOBILE PRODUCTION.
(Number of machines)•
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that
new business for the 212 mills reporting for the week ended March 15
totaled 157,442,000 feet, of which 46,761.000 feet was for domestic cargo
delivery, and 34.150.000 feet export. New business by rail amounted to
65.034.000 feet. Shipments totaled 153.817,000 feet. of which 48,261,000
feet moved coastwise and intercoastal and 24,073,000 feet export. Rail
shipments totaled 69,986,000 feet, and local deliveries 11.497,000 feet. Unshipped orders totaled 624,530,000 feet, of which domestic cargo orders
totaled 228.393,000 feet, foreign 198,230,000 feet and rail trade 197.909,000
feet. Weekly capacity of these mills is 248.330.000 feet. For the ten weeks
ended March 8. 138 identical mills reported orders 1% below production,
and shipments were 2% below production. The same mills showed an
increase in inventories of 1.9% on March 8, as compared with Jan. 1.
United Sates.
Total.
1929.
January
February.__
March
April
May
June
July
August
September
October
November__ _
December..-.
Total (year)
. 1939
January
February
401.037
466,418
585,455
621,910
604.691
545,932
500,840
498,628
415,912
380,017
217,570
120,004
Passenger
Cars.
Trucks.
347,382
405,708
513,344
537,225
516,055
452,598
426,137
441,942
364,786
320,327
169,282
91,235
51,591
58,602
70,032
82,999
87,318
91,956
73,649
55.646
50,261
58,822
46.642
27,286
5.358,414 4,588,021 754,804
*273.170
323,962
234,527 *38,071
275,811 47.129
Canada
Pass'ger
Cars. Trucks.
7'oxfcabs
2,064
2,108
2,079
1,686
1,318
1,378
1,054
1.040
865
868
1,646
1,483
21.501
31,287
40.621
41,901
31,559
21,492
17.461
14.214
13,817
14.523
9,424
5,495
17,164
25.584
32,833
34,392
25,129
16.511
13.600
11,037
10.710
8,975
7,137
4,426
4,337
5,703
7.788
7,509
6,430
4,981
3,861
3,177
3,107
5.548
2,287
1.069
17.589 283,295 207,498
55.797
10,388
15,548
1,532
2,527
572
1,022
8,856
13,021
• Revised.
2 Includes only factory-built taxicabs, and not private passenger CAN converted
into vehicles for hire.
Consumption of Crude Rubber by Manufacturers
Fall Off in February-Imports Also Declined.
Consumption of crude rubber of all classes by manufacturers In the United States in the month of February is
estimated at 32,726 long tons, according to statistics compiled by the Rubber Manufacturers' Association. This compares with estimated consumption of 36,669 long tons in
January and 41,594 long tons in February 1929. Consumption of reclaimed rubber is estimated at 14,918 long tons
for February as compared with 16,785 long tons in January
and 19,068 long tons in February 1929.
Imports of crude rubber of all classes into the United
States during the month of February totaled 43,728 long
tons, according to estimate issued by the Rubber Manufacturers' Association. This compares with imports of 47,402
long tons in January and 64,538 long tons in February 1929.
The Association estimates total domestic stocks of crude
rubber on hand and in transit overland on Feb. 28 at 131,748
long tons compared with 120,649 long tons as of Jan. 31
and 90,057 long tons as of Feb. 28 1929. Crude rubber
afloat for United States ports on Feb. 28 is estimated at
63,404 long tons as against 61,863 long tons on Jan. 31 and
75,793 long tons a year ago.
Lumber Production Exceeds Orders and Shipments.
Lumber orders were 12% less and shipments 10% less
than production for the week ended March 15, it is indicated
in reports to the National Lumber Manufacturers Association
from 830 hardwood and softwood mills, which gave production as 357,399,000 feet. A week earlier 860 mills reported
shipments 7% less and orders 6% less than production,
which totaled 357,238,000 feet. Unfilled softwood orders
on hand at 486 mills on March 15 were the equivalent of
21 days' production, which may be compared with an equivalent of 22 days' reported by 502 mills a week earlier. As
compared with last year,475 identical softwood mills reported
production 7% below,shipments 19% below,and orders 18%
below figures for the same week last year; for hardwoods,
207 identical mills gave production 11% less, shipments 32%
less and orders 22% under the volume for the week a year
ago.
Lumber orders reported for the week ended March 15
1930, by 604 softwood mills totaled 276,824,000 feet, or 12%
below the production of the same mills. Shipments as reported for the same week were 287,309,000 feet, or 8%
below production. Production was 313,554,000 feet.
Reports from 246 hardwood mills give new business as
35,994,000 feet, or 18% below production. Shipments as
reported for the same week were 33,604,000 feet, or 23%
below production. Production was 43,845,000 feet.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 145
mills reporting, shipments were 4% below production, and orders
14%
below production and 10% below shipments. New business taken during
the week amounted to 55.671,000 feet, (previous week 61.026,000 at 150
mills); shipments 62,139,000 feet, (previous week 59,136,000); and production 64,971,000 feet, (previous week 65,289,000). The three-year
average production of these mills is 72,166,000 feet. Orders on hand at the
end of the week for 106 mills were 178,794,000 feet. The 128 identical mills
reported a decrease in production of 7% and in new business a decrease of
17% as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore., reported production from 79 mills as 36,252,000 feet. shipments 35,733,000
and new business 32,873,000 feet. Sixty-two identical mills reported production 9% less and new business 20% less, than that reported for the
corresponding week of last year.
The California White and Sugar Pine Manufacturers Association, of
San Francisco, reported production from 17 mills as 6,273,000 feet, shipments 13,832,000 and orders 12,615,000 feet. The same number of mills
reported a decrease in production of 44%, and in orders of 9% when compared with 1929.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from 8 mills as 2,066,000 feet, shipments 4,448.000
and new business 4,162,000. The same number of mills reported an increase
of 26% in production, and a decrease of 62% in new business, compared
with the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 20 mills as 1.999,000 feet, shipments 1,878,000 and orders 1,799.000. The same number of mills reported
a 50% decrease in production, and 18% decrease in orders, in comparison
with 1929.
The North Carolina Pine Association, of Norfolk, Va., reported production from 108 mills as 9,843,000 feet. shipments 9,241,000 and new business
6,106,000. Forty identical mills reported production 9% less, and new.business 24% leas, than that reported for the same period of last year.
The California Redwood Association, of San Francisco, reported production from 15 mills as 7,752,000 feet, shipments 6,221,000 and orders 6.156.000. The same number of mills reported an increase in production of 16%
and a decrease in orders of 8%,when compared with a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tenn.. reported
Production from 226 mills as 36,785,000 feet, shipments 30,290.000 and new
business 31,169,000. Reports from 187 identical mills showed a decrease
in production of 8%,and a decrease in new business of 21%, in comparison
with last year.
The Northern Hemlock and Hardwood Manufacturers Association, o
Oshkosh, Wis., reported production from 20 mills as 7,060,000 feet, ship
month 3,314,000 and orders 4.825,000. The same number of mills reporte
production 21% less, and orders 25% less, than that reported for 1929.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUC
TION FOR WEEK =WED MAR.15 1930 AND FOR 11 WEEKS TO DATE.
Production Shipments % of
Orders %
Association
(M Feel) (M Peet) Prod. (If Feet) Prc
Southern Pine
Week-145 mill reports
64,971
62,139 96
55,671
11 weeks-1,558 mill reports
655,332
609,000 93
643.818
West Coast LumbermensWeek-212 mill reports
184,398
157,442
153,817 83
11 weeks--2,341 mill reports
1,615,575 1,517.953 94 1,574,909 9
Western Pine Mfrs.
Week-79 mill reports
36,252
32,873 9
35,733 99
-855 mill reports
11 weeks
280,162
344.192 12
332,024 119
California White dr Sugar Pine
Week-17 mill reports
12,615 201
6,273
13,832 221
11 weeks
-277 mill reports
207,128 270
76,783
212,372 277
Northern Pine Mfrs.
Week
-8 mill reports
2,066
4,162 201
4,448 215
-93 mill reports
11 weeks
20.229
42,957 212
48,448 239
Northern Hemlock .4 Hardwood(Softwoods)
Week-20 mill reports
1,999
1,799 9
1.878 94
-352 mill reports
11 weeks
42,402
21.430 51
22,597 5
North Carolina Pine
Week-108 mill reports
9,843
9,241 94
6,106 62
11 weeks-1,213 mill reports_
.
112,061
100.672 90
85,397 7
California Redwood
Week-15 mill reports
7,752
6,221 80
6,156 73
-163 mill reports
11 weeks
85,919
73.183 85
78,113 91
Softwood total
Week-604 mill reports
313,554
287.309 92
276,824 88
11 weeks-6,852 mill reports
2.888,463 2,909,838 101 3,004,355 104
Hardwood Mfrs.' Institute
Week-226 mill reports
36,785
30,290 82
31.169 85
11 weeks-2,342 mill reports.-- 353,428
325.815 92
339,568 95
Northern Hemlock & Hardwood
Week-20 mill reports
7,060
3,314 47
4,825 63
Unfitted Orders.
11 weeks-352 mill reports
104,005
56,303 54
54,676 53
Reports from 486 softwood mills give unfilled orders of 989.652,000 feet.
on March 15 1930, or the equivalent of 21 days' production. This is based Hardwood total
Week-246 mill reports
43.845
33,604 77
35.994 82
upon production of latest calendar year-300
-day year-and may be com11 weeks-2,694 mill reports_ __ - 457,433
382.118 84
394,244 8
Droz. 130.
FINANCIAL CHRONICLE
1924
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 214 mills show that for the week ended March 8
1930 orders and shipments were 9.38% and 14.88%, respectively, below production, which totaled 181,565,305 feet.
The Association's statement follows:
WEEKLY REPORT OF PRODUCTION. ORDERS AND SHIPMENTS.
214 mills report for week ended March 8 1930
(All mills reporting production, orders and shipments)
181.565,305 feet (100%)
Production
164,542,381 feet( 9.38% under production)
Orders
154,552,875 feet (14.88% under production)
Shipments
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (299 IDENTICAL MILLS)
(All mills reporting production for 1929 and 1930 to date)
207.105,933 feet
Actual production week ended March 8 1930
162,041.864 feet
Average weekly production 10 weeks ended March 8 1930
204,892,184 feet
Average weekly production during 1929
212,176,061 feet
Average weekly production last three years
293,586,791 feet
Weekly operating capacity x
a Weekly operating capacity is based on average hourly production for the 12 last
months preceding mill check and the normal number of operating hours per week.
-I930.
WEEKLY COMPARISON (IN FEET) FOR 212 IDENTICAL MILLS
(All mills whose reports of production, orders and shipments are complete for
the last four weeks.)
Feb. 15.
Feb. 22.
March I.
March 8.
Week Ended181.449,188 173,903.152 175.326,625 172,407,197
Production
164.354,053 151,099.122 153.425.417 146,278.283
Orders
66.552,103 65,573,424 64.747.330 67,308,785
Rail
53,604,200 39.598,343 50,935,218 43.971,356
Domestic cargo
31,585,413 33,521.432 28,087,855 26.365,973
Export
8,632,169
9.655,014
12.405.923
12,612,337
Local
154.466.805 158,774.609 150,047,288 150.392,127
Shipments
65.634,364 68.742,573 62.275.151 61,246,686
Rail
55.740.588 57.551.759
54,757.110 50.748.381
Domestic cargo
21.482.994 26,877.732 22.376,535 22.961,513
Export
9,655,014
8,832.169
12,405,923
12,612,337
Local
625,566.905 618.619.848 629,952,421 630,228,197
Unfilled orders
205,015,304 204,328,014 209,166,148 207.589,513
Rail
231,400,525 236,002.068 248,554.151 256,295,576
Domestic cargo
189,151,076 178,289.764 172,232,122 166,363,108
Export
185 IDENTICAL MILLS
(All mills whose reports of production. orders and shipments are complete for 1929
and 1930 to date.)
Average 10
Average 10
Weeks Ended
Weeks Ended
Week Ended
March 8 1930. March 8 1930. March 9 1929.
149,664,783
135.924,197
169,974.603
Production (feet)
132,344,891
161,437,479
152,751,835
Orders (feet)
131,673,356
145,667,577
148,035,487
Shipments (feet)
DOMESTIC CARGO DISTRIBUTION WEEK ENDED MAR.1 1930(114 Mills)
Orders on
Hand BeOrders
gin'g Week
Mar. 1 '30. Received.
Washington and Oregon
Feet.
Feet.
(96 Mills)70,869,764 16,114,677
California
123.046,249 8,975,625
Atlantic Coast
8,740
4,729,995
Miscellaneous
CancelBatons.
Shipmeats.
Unfilled
Orders
Week Ended
Mar. 1 '30.
Peet,
Feet.
Feet.
309,140 15,617.485 71,057,816
700,298 18.439,581 112,881.995
651.025 4,087,710
None
Total Wash.& Oregon 198.646,008 25,099,042 1,009,438 34,708,091 188,027,521
Brit. Col.(18 Mills)
California
Atlantic Coast
Miscellaneous
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF JANUARY 1930.
BrodUdiOn.
Tons.
ailments,
Tons.
Stocks on Hand
End of Month.
Tons.
Newsprint
Book (uncoated)
Paperboard
Wrapping
Bag
Writing
Tissue
Ranging
Felts and building
Other grades
124.851
96,642
217,563
48,275
14,546
32,587
12,820
6.188
5.724
24.459
124,262
94,655
215,257
49,078
14,406
33,271
13,039
5,986
4,600
23.379
18.778
45,221
64,288
47,091
6,201
42,619
8,506
3,824
4,262
18,939
Total all grades
583.655
577.083
WA 720
Grads.
REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF JANUARY 1930.
Used During Shipped Dur- Stocks on Hand
Month,
big Month, End of Month,
Tons.
Tons.
Tons,
Grade.
Production.
Tons.
Groundwood
Sulphite newt grade
Sulphite bleached
Sulphite easy bleaching
Sulphite mItscherfichSulphite Pull)
Soda
Pull), other grades
92.701
38,521
29,442
3,622
7,153
29,189
25,578
48
91,116
35,695
26.810
3,149
6,502
24,851
16,612
2,808
3,432
2,316
434
972
4,195
9,072
67
09A 000
905 7.1K
0o0na
42,700
6,247
3,471
1,100
843
6,378
3,452
3
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 14,821,499 500-lb.
bales of lint cotton ginned, including 33,479 bales which
ginners estimated would be turned out after the March
canvass. This compares with 14,477,874 bales in 1928;
12,956,043 bales in 1927; 17,97,7,374 bales in 1926 and
16,103,679 bales in 1925.
Taking linters into consideration, the aggregate production
is likely to be 15,710,788 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 15,710,788
bales as the production of cotton lint and linters, the present
season compares with 15,562,518 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:
REPORT OF COTTON GINNED-CROPS OF 1929, 1928, AND 1927.
80,000
2,383,238
17,549,193 8,266.483
4,074,000 3,479,000
584,713 1,818,270
60,255
53,000 7,695,056 18,067,620
None 1,022,000 6,531,000
Total Brit. Columbia_ 24,006,431 11.825.483
113,255 9.301,769 28,416,890
Cotton Ginned (Exclusive of Linters).
State.
Total domeatie canto_ 222.652.439 36.924.525 1.122.69344.009,860 214.444.411
-ProThe Paper and Pulp Industry in January 1930
duction Shows Decline from a Year ago.
According to identical mill reports to the American
Paper and Pulp Association from members and co-operating
organizations, paper production in January showed an
increase of 16% over December 1929 and a decrease of 1%
under January 1929. The January production of paperboard, wrapping, bag, and building papers, registereed a
decrease under January 1929 output. Uncoated book paper
production showed an increase of 15%,, writing 7%,hanging
8%, tissue 2%, and newsprint 1% over January 1929.
Production of wrapping paper decreased in January 1930 as
compared with January 1929 by 17%, bag paper 9%,
paperboard 3%, and building paper 1%. Shipments in
January 1930 of wrapping, building, hanging, paperboard,
and bag papers increased over January 1929, the total shipments being 1% below the total of 1929. Further comparisons
are as follows:
Running Bales-(Counting Round
as Half Bales).
Equivalent
-600 Pound Bales.
1929.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi_
Missouri
New Mexico_ North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All 0th. States..
1928.
1927.
1929.
1928.
1927.
1,307.572
149.466
1,395.099
254.568
29,848
1,339,446
798,098
1,875,155
220.820
86.296
766,787
1,125,345
832.454
504,311
3,802,574
47,045
8,802
1,096.624
145.731
1,216,241
171,042
20,053
1,053,205
685,888
1,462,021
146,921
82,177
869,248
1,187.042
744,390
423,471
4,941,545
44,764
6,206
1,173,430
90,281
979,481
89,998
17.361
1,111.399
543,153
1,346,489
116,024
64,920
879,677
1,009,626
738,550
355.975
4,229,367
30,705
6.670
1,341,458
152,838
1,433,853
258,927
28,577
1,342,279
809,196
1,914,547
219,814
88.450
746,962
1,142,397
829.455
515,811
3,940,992
47,480
8,463
1,109.126
149,458
1,245.982
172,230
19,203
1,029.499
690,958
1,474,875
146,900
83,544
836,474
1,204,625
726,039
429,284
5,109,939
43,711
6,018
1,192,392
91,656
999,983
91,177
16,496
1,100,040
548,026
1,355,252
114,584
65,294
861,468
1,037,141
730,013
359,059
4,356.277
30,609
6,576
United States *14544584 •14296549 *12783112 14,821,499 14,477,874 12.956,043
* Includes 86,970 bales of the crop of 1929 g nned prior to Aug. 1 which was
counted in the supply for the season of 1928-29, compared with 88,701 and 162,283
bales of the crops of 1928 and 1927.
The statistics in this report for 1929 are subject to revision. Included In
the figures for 1929 are 33,479 bales which sinners estimated would be
turned out after the March canvass. Round bales included are 572,092 for
1929: 674.506 for 1928; and 550,277 for 1927. American-Egyptian bales
Included are 28.771 for 1929; 28.313 for 1928: and 24,223 for 1927.
The average gross weight of bale for the crop, counting round as half
bales and excluding linters is 509.5 pounds for 1929; 506.3 for 1928; and
506.8 for 1927. The number of ginneries operated for the crop of 1929 is
Newsprint, wrapping, writing, and tissue papers registered decreases 14,867 compared with 14.974 for 1928; and 14,863 for 1927.
-United States.
Consumption, Stocks, Imports, and Exports
In inventory at the end of January 1930 as compared with the end of
Cotton consumed during the month of February 1930, amounted to
December 1929. As compared with January 1929 inventory, newsprint
Feb. 28.
wrapping, bag, and tissue papers showed decreases. The total stocks 495,204 bales. Cotton on hand in consuming establishments on
was 1.811,639 bales, and in public storage and at compresses 4,858.609
on hand for all grades was 2% above December 1929 and 3% below that
cotton spindles for the month was
bales. The number of active consuming
of January 1929.
Identical pulp mill reports for January 1930 indicated that the total 28.926,580. The total imports for the month of February 1930. were
23,613 bales and the exports of domestic cotton, excluding linters were
than January 1929.
production of all grades of pulp was 2% less
During January 193018% more mitscherlich sulphite,9% more bleached 402,074 bales.
World Statistics
sulphite, and 7% more soda pulp was consumed by reporting mills than
The estmated world's production of commercial cotton exclusive of
in January 1929. The total shipments to outside markets of all grades of
January 1929.
linters, grown in 1928, as compiled from various sources Is 25.611,000 bales
pulp in January 1930 were 5% below the total for
All grades of pulp, excepting bleached sulphite, easy bleaching sulphite counting American in running bales and foreign in bales of 478 pounds lint,
and kraft. showed decreases in inventory at the end of January as com- while the consumption of cotton (exclusive of linters in the United States)
pared with the end of December 1929. As compared with January 1929, for the year ending July 31 1929, was approximately 25,782,000 bales.
all grades, excepting bleached sulphite, easy bleaching sulphite and kraft The total number of spinning cotton spindles, both active and idle, is about
pulp, registered decreases in inventory.
164.000,000.
1925
FINANCIAL CHRONICLE
MAIL 22 1930.]
-Linters exported, not included above, were: 10.577 bales during February
Note.
In 1930 and 16,127 bales in 1929: 75,706 bales for the 7 mos. ended Feb. 28 In 1930
Weevil Hibernational Reports on Cotton to Be
and 119,472 bales in 1929. The distribution for Feb. 1930 follows: United
Discontinued.
Kingdom. 191; Netherlands. 140: France, 1,669; Germany, 6,088; Italy, 1,215:
$60; Canada, 1,052; Mexico, 2; Chile, 10; New Zealand, 150.
The issuance of boll weevil hibernation reports by the Belgium,
WORLD STATISTICS.
Department of Agriculture has been discontinued, accordThe estimated world's production of commercial cotton exclusive of linters;
bales, counting Amer
Department on March grown In 1928, as compiled from various sources, Is 25,611,000while the consumption
ing to an announcement made by the
lean in running bales and foreign in bales of 478 pounds lint,
States) for the year ended July 31 1929
19. These reports as issued in the past dealt with the num- of cotton (exclusive of linters in the United total number of spinning Cotton spindles.
was approximately 25,782,000 bales. The
ber of boll weevils entering hibernation in the fall, the mor- both active and idle. is about 164,000,000.
tality of weevils in winter as determined by moss examinations and the emergence during spring of weevils in hiberNorth Carolina Tobacco Sales Report, by Belts,
February 1930.
nation cages.
This decision has been reached because an estimate of
The Crop Reporting Service of the State-Federal Departboll weevil damage based solely on these hibernation data ments of Agriculture at Raleigh, N. C., has issued the folis likely to be misleading, the announcement stated, in lowing statement on the tobacco sales during February:
view of the fact that weather conditions during the growing
-FLUE CURED TYPE NO. 11.
OLD BRIGHT BELT
season may change entirely the status of the weevil as a
Season's
Aver.
Dealers'
ProNo.
factor affecting the crop. Even if such data were more
Price Producers'
Total
Reducers'
of
Markds.
Balm.
1930.
Sales.
sales.
significant as indicating boll weevil damage, to give a reHouses Sales.
liable indication as to regional or even local outlook, it was Burlington
120.548 $13.29 2,206.159
4,826
108,382
3
added, it would be necessary to secure the data at a much Durham
978,328 135,348 1,281,384 14.21 21,375,178
6
97,114 14.48 5,517.389
74,484 10.234
4
greater number of points throughout the cotton belt than Fuquay Springs
8,926 1,360.096 14.34 21,922,696
1,320.510
5
Henderson
has heretofore been feasible.
27.492 10.61 2,206.669
1,926
20,056
2
Louisburg
2
3
Madison
Mebane
69,763
149,370
2,250
5,660
80,154
175,900
8.40
15.69
2,267.896
4,139,328
117,470 10.03 5.064.675
2,862
103,972
3
Employees of Amoskeag Manufacturing Co. Reject Mt. Airy
1,124,082 41,154 1.400,982 13.90 20,821.103
6
Wage Reduction Intended To Procure a Large Oxford
929,117 11.67 9,577.683
882,043 31,006
4
Reidsville
509,068 14.85 8,138,284
449,206 47,662
4
Print Cloth Order.
Roxboro
166,244 10.47 2,766.764
2,414
146,696
3
Stoneville
260.240 19.34 3,066,486
348
256,816
9
By a vote of over four to one the operatives employed in the Warrenton
2,483,450 192.640 2.867.834 13.93 53,934.876
8
manufacture of print cloth by the Amoskeag Manufacturing Winston-Salem
4 107 lea 4R7 25R 0 392 A42 51240 4R1 AM Ital
en
Co. on March 19 refused to accept a 10% reduction in
summary and was not
-February 1929 report
Note.
wages. The company had told the workmen that a 10% Issued separately. Therefore no included In the season's
comparative prices are available.
cut would make possible its procuring a large print cloth
order. Officials of the United Textile Workers, said to be
Paint, Varnish and Lacquer Products.
surprised at the vote, will take up the matter at a meeting
Total sales of paint, varnish and lacquer products during
soon, it is stated.
January, as reported to the Department of Commerce by
502 firms, aggregated $23,305,186, as compared with
Census Report on Cotton Consumed in February.
$20,311,674 in December 1929 and $20,632,481 in January
Under date of March 14 1930 the Census Bureau issued 1929. This summary represents a revision of the data
its report showing cotton consumed, cotton on hand, active heretofore compiled and will be subject to further revisions
cotton spindles, and imports and exports of cotton for the in subsequent issues as reports are received from additional
month of February 1930 and 1929. Cotton consumed concerns.
amounted to 495,204 bales of lint and 60,923 bales of linters,
Detailed statistics are given below, by months, trade sales
compared with 577,235 bales of lint and 52,393 bales of and industrial sales being shown separately. Trade sales
linters in January 1930 and 594,720 bales of lint and 68,208 include shipments to dealers, jobbers, painters and conbales of linters in February 1929. It will be seen that there
industrial sales are those to manufacturers, railroad
is a decrease under February 1929 in the total lint and sumers;
16.2%. The following Government, marine and all other similar users.
linters combined of 106,801 bales, or
PAINT. VARNISH AND LACQUER PRODUCTS.
is the complete official statement:
FEBRUARY REPORT OP 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
-pound bales.1
500
Cotton Consumed
DuringYea,
United States
Cotton on Hand
February 28
Cotton
In Con- In Public Spindles
Seven
Active
Moot/as stoning Storage
End ed Establish- st at Coin- Owing
Feb. Feb. 28. mend. Presses. February
(braes) (baler) (Number)
(bates) (bales)
(1930 495,204 3,815.041 1.811.629 4,858,609 28,926,580
1 1929 594,720 4,042,365 1,744,229 3,862.223 31.008,794
Cotton-growing States__.... 1930 382.099 2,956,190 1,371,296 4,621,179 17,868,788
1929 451,562 3,089,893 1.272.4863.652,693 18,070,988
1930 96,119 719,740 373,338 112,487 9,816,100
New England States
93.659 11,667,226
1929 122,639 809,111 407,194
67,005 124.943 1,241,692
All other States
1930 16.986 139.111
64,549 115,871 1,270,580
1929 20,519 143,361
Included Above
36,623
66.221
1930 17,042 131,222
Egyptian cotton
45.621
25.937
1929 19,546 132,845
21,139
34.840
56,090
1930 7,978
Other foreign cotton
15.472
32.674
1929 6,432
41.171
4,076
8.744
7,897
Amer.-Egyptlan cotton__. 1930
878
7.357
5.387
6.613
1929
992
Not Included Above
1930 60,923 487.607 223.170 105.459
Linters
04.047
1o22 AR Owl 458 ;7% 222(145
Total
Sales.
1928.
Fanuary
zebruary
darch
kpril
day
rune
ruly
kugust
ieptember
)ctober
govember
>ecember
Total year
ranuary
Total year
Country of Production.
February.
1930.
22.603
1,270
9.956
4,822
485
489
109.768
12.678
27.349
32,263
32,005
1,328
146,375
10,471
29,441
40.640
17.126
2,038
Total
23,643
39,625
215,391
246,091
1929.
Exports of Domestic Cotton Excluding Linters
(Running Bales-See Note for Linters).
Country to Which Exported.
February.
1930.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
Not
Specified.
$26,712,182
28,233.702
34,309,692
35,166.508
41,688.910
38.564.496
30,864.223
35,485,285
32.381.312
33,374,460
27,551,630
22,571,900
$9,421,310
10.624.584
12,914,765
13,867.952
17,422,788
15,395,507
10.480.095
12,433,169
11.239,739
11.845,718
9,868,742
7,849,127
$8,963.163
9,239.768
11,042,287
10,636.746
11,735,736
11,539.738
10.070.556
12,236.298
11,140.725
11,588,220
10,112,537
8,355,921
$8.327,709
8.279.352
10.352,640
10,541,810
12.530,386
11.629.251
10.313,572
10,815.818
10,000,848
9,940,522
7,570,351
6.366,852
8386,904.300 $143,363,490 $126,771,693 $116,769,111
$28,632,481
28,979,212
37.413,696
40.302.496
43,397.383
38.812.077
33.074,863
39,663,611
33.815.655
34.262.898
27.195.302
20,311,674
$9,903.194
10,202,885
13,484,354
15,435,710
17,615,479
15,017,451
11,048,925
15,075,048
12,270,585
12,334,788
10,136,954
7,434.326
$8,278.916
8,010.571
11.511.006
11,958,793
12.446.164
11.834,947
10.476,187
11.427,217
10,289,514
10.121.867
7.861,281
5.916,945
$405,861,318 $149,959,699 $135,768,201 $120,133,418
1930.
fanuarY
$10,450,371
10,765,756
12,418.336
12,907,993
13,335.710
11,959,679
11,549,751
13,161.346
11,255,556
11.806.243
9,197.057
6,960.403
$23.305.186
$9,529,645
$8,239.186
$5,486,355
1929.
10,990
252
8,700
1,242
2,321
138
1930.
Egypt
Peru
China
Mexico
British India
All other
7 Mos. End. Feb. 28.
Industrial
Sales.
1929.
i'ebruary
darch
Writ
Ray
rune
fuly
tugust
leptember
>ctober
govember
lecember
Imports of Foreign Cotton (50040. Bales).
Trade
Sales.
1929.
7 Moo. End. Feb. 28.
1930.
1929.
76,207
52,203
54,292
86,561
44,444
51,899
36.468
152,068 1,064.447 1,503,261
63.122
681,747
647,396
49.221
504.603
467.882
108.023 1,350,038 1,507,456
83,537
607.992
705,240
113.614
790,551 1,031,523
43,809
293.708
327,360
402,074
613.394 5.293,086 6,190,118
Production of Portland Cement Falls Off-Shipments
Increase-Inventories Higher.
The Portland cement industry in Feb. 1930, produced
8,162,000 barrels, shipped 7,012,000 barrels from the mills,
and had in stock at the end of the month 28,231,000 barrels,
according to the United States Bureau of Mines, Department of Commerce. The production of Portland cement in
Feb. 1930, showed a decrease of 4.2% and shipments an
increase of 28.7%, as compared with Feb. 1929. Portland
cement stocks at the mills were 5.5% lower than a year ago,
but increased over the total at Jan. 31 1930.
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 at the close of Feb. 1930. and of 160 plants at the close of Feb. 1929.
In addition to the capacity of the new plants which began operating during
the 12 months ended Feb 28 1930. the estimates include increased capacity
due to extensions and improvements at old plants during the period.
1926
FINANCIAL CHRONICLE
RELATION OF PRODUCTION TO CAPACITY.
1
Feb. 1929. Feb. 1930. Jan. 1930. Dec. 1929. Nov. 1929.
Themonth
The 12 months ended---
44.9%
71.0%
41.5%
65-6%
38.8%
65.5%
66.6%
66.8%
51.5%
66.4%
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT BY DISTRICTS IN FEB. 1929 AND 1930(IN THOUS.OF BBLS.)
District.
Production.
Eastern Pa.,N.s.& Md
New York and Maine_,.
Ohio, western Pa.& W.Va
Michigan
Wis.. Ill., Ind.& Ky
Va., Tenn., Ala., Ga., Fla.& LaEast. Mo.,Ia., Minn.& S.Dak _ West. Mo., Neb., Kans., Okla &
Arkansas
Texas
Colo., Mont..Utah, Wyo & Ida_
California
Oregon and Washington
February.
Shipments.
Stocks at End
of Month.
1929. 1930. 1929. 1930. 1929. 1930.
2,199 2,033 1,354 1,419 6,933 6,689
187
257 1,984 1,545
412
232
762
651 3,611 3,401
829
442
525
302
543
297 2,658 2,754
883
664 3,911 4,145
862
373
887
727
881 2,180 1,598
662
678
748
492 4,353 3,396
215
482
399
74
1,071
104
709
482
130
755
203
311
416
57
984
100
8.522
8.162
5.448
764
521
104
793
169
1,834
779
441
1,130
519
1,782
513
541
871
533
7.012 29.870 28.231
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT BY MONTHS,IN 1929 AND 1930(IN THOUS. OF BARRELS).
1929.
January
February
March_
April
May
June
July
August
September
October
November
December
9,881
8,522
9,969
13.750
16,151
16,803
17.315
18.585
17.223
16,731
14,053
11,215
170.198
1930.
8.498
8,162
1929.
5.707
5,448
10.113
13,325
16,706
18,949
20,319
23,052
19.950
18.695
11,222
5,951
1930.
4,955
7.012
Stocks at End of
Month.
1929.
0...COMONOWCON,IV
Shipments.
p......2wwmwmwm
wooa-ao4.-4mpoom;
it,CwWWO600Li l
Production.
Month.
1930.
est contemplated expenditures. The Middle Atlantic States,
comprising New York, New Jersey, and Pennsylvania, plan
to spend $374,835,310 on improvement of State and local
roads; the East North Central States of Ohio, Indiana, Illinois, Michigan, and Wisconsin plan to spend $303,696,000.
The West North Central States, including Minnesota,
Iowa, Missouri, North Dakota, South Dakota, Nebraska, and
Kansas rank third in their contemplated expenditure of
$236,461,727, and the South Atlantic States of Delaware,
Maryland, Virginia, West Virginia, North Carolina, South
Carolina, Georgia, and Florida, with an expenditure of
$182,872,418, rank fourth; the West South Central States
of Arkansas, Louisiana, Oklahoma, and Texas rank fifth
with an expenditure of $154,109,000; and the Pacific States,
comprising Washington, Oregon, and California, rank sixth
with an expenditure of $121,590,000.
Kentucky, Tennessee, Alabama, and Mississippi, making
up the East South Central group, plan to spend $101,992,000
on State and local road Improvement; Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut, in the New England group, plan to spend $75,430,000;
and the Mountain States of Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Utah, and Nevada, $50,190,000.
827.081
28,231
169.437
•Revised.
Note.
-The statistics above presented are compiled from reports for Feb. 1930
from all manufacturing plants except two for which estimates have been included in
lieu of actual returns.
No Improvement in Portland Cement Output.
American portland cement mills show practically no improvement in the ratio of operations to capacity as indicated
by the figures for the 12 months' period ended Feb. 28.
According to statistics released on March 15 by the Bureau
of Mines of the Department of Commerce the ratio of
operations to capacity for the last 12 months was 65.6%.
The ratio percentage for 12 months' period ended Feb. 28
1929 was 71.0%.
The ratio percentage was at a maximum of 71.1% for the
12 months' period ended April 30 1929 and compares with
the ratio percentage of 65.6% for the 12 months' period
ended Feb. 28 1930.
During the month 8,162,000 barrels were produced,
7,012,000 barrels were shipped, and stocks on hand at the
end of the month were 28,231,000. Production in February
1930 was 4.2% less and shipments 28.7% more than February
1929. Stocks at the mills were 5.5% less than a year ago.
Bureau of Public Roads Reports States and Counties
Plan to Spend $1,601,167,455.
Co-operating with President Hoover in his plea to enlarge
all construction programs as much as is practicable to
ameliorate the unemployment situation, the States and their
counties will spend in their road building programs for
1930 at least $250,000,000 more than they spent in 1929.
Reports received from State Highway Departments and
compiled by the Bureau of Public Roads, United States Department of Agriculture, show that State and local authorities plan to spend $1,601,167,455 for highway improvement
in 1930.
The planned expenditure by State Highway Departments
for construction and maintenance of State highways is $937,500,455; the balance, $663,667,000, will be spent, according
to the estimates, on local roads and bridges. The State
highway officials of 45 States estimate the total length of
roads to be improved by them in 1930 as 32,532 miles, an
Increase of 3,126 miles over the estimate in the 1929 programs. Three States failed to report contemplated mileages
for 1930.
The highway departments of all States will control the
maintenance of 281,393 miles of highways this year, an
increase of 32,381 over the mileage under State maintenance
In 1929. Gradually, the States are taking over into their
r”stems for maintenance the more important county and
loa.'1.1 roads of the country.
The States of greatest population and industrialization in
whIch unemployment, naturally, is greatest, show the high-
[VoL.130.
Estimate Canadian Copper Production at 160,000
Tons Annually by End of 1930.
Production of copper in Canada amounted to 121,000
tons in 1929, and the Canadian Department of Mines is
estimating that Canada should be producing copper at the
rate of 160,000 tons a year by the end of 1930, according to
Montreal advices to Pask & Walbridge. Although the output
for 1929 increased 20% over 1928, the total value was more
than 80% greater, owing to the higher prices prevailing
because of the large use of copper in electrification work.
The output increase for 1930 is estimated at approximately
35%. It has doubled within the past four years.
Copper and Lead Demand Moderate
-Zinc Offered
-Tin Business Dull.
Freely at Easier Prices
Aside from continued weakness in zinc, the market for
non-ferrous metals in the past week showed little change so
far as the major items were concerned. Copper and lead
sales totals compared favorably with recent weeks. "Metal
and Mineral Markets" reports. Zinc was offered at lower
prices, but this failed to stimulate demand and the market
appeared to be easy toward the close. Tin made a new low
during the week. It is added:
Demand for copper continued at about the same rate as in recent weeks.
The market is by no means as quiet as most reports would indicate. Utilities
are not so active as earlier in the year and brass mills are suffering because
of the uncertainty surrounding the automobile industry. Export business
in the red metal has been fair.
Following almost daily price reductions a week or so ago, the lead market
seems to have become stabilized, temporarily, at 53i cents, New York.
and 5.40 cents. St. Louis. At these prices, lead is considered by both
producers and consumers to be selling below a normal level. Prompt or
April lead has been in principal demand during the week with every class
of consumer represented in the buying.
The call for zinc was exceedingly quiet throughout the week and prices
developed further weakness on liberal offerings. Prime Western zinc sold
down to 4.90 cents, East St. Louis, for prompt and nearby delivery. Galvanizers appear to be fairly well covered against April-May requirements,
which,in part, accounts for the present lack of buying interest.
Prompt Straits tin, sold at 354 cents, a new low for the movement,
although the market reacted to 38 cents. Demand was dull.
Petroleum and Its Products
-Crude Price Increase
Steadies Pacific Coast Market
-Plan to Continue
Oklahoma Proration After March 31-California
Gas Conservation Law is Held Constitutional
Production Steady Throughout Most Fields.
The situation in California has improved considerably,
following an upward revision of crude oil prices and the decision of Superior Judge William Hazlett that the State gas
conservation law is constitutional. The crude oil price increase last week, led by the Standard Oil Co. of California,
was unexpected, and included every field in the State except
Kettleman Hills. The increase ranged from 1 cent on heavy
oil to 25 cents a barrel on light refinable crude. The new
schedules have been met by the Union Oil Co. of California,
and the Associated Oil Co.
E. B. Reeser, President of the American Petroleum Institute, and President of the Barnsdall Oil Corp., states: "The
advance in the price of crude oil was a proper step in the
conservation movement and is positive proof that it pays.
It is only fair that the producer should be rewarded for his
efforts in curtailing production, and it will help the landowner as well by increasing his profits from royalties. This
MAR.22 1930.]
advance is not to be regarded as an indication of anything
other than the willingness of major companies to show appreciation for co-operation in balancing production and consumption. I hope in the name of the industry that this new
price schedule will assist to maintain the State's output at
the volume agreed upon."
The decision of Judge Hazlett means that, unless some
new technicality can be found to delay matters, initial enforcement of the gas law should be started at Santa Fe
Springs during the latter part of April. The law was originally intended to become operative last August. The State
thereupon filed blanket proceedings against all Santa Fe
Springs operators, asking a temporary injunction against the
waste of gas. This was in the nature of a test case, and the
decision of the court overruling the objections of the defendants is of prime importance.
Steadily mounting evidences of co-operation among operators in restricting California's crude output to the allowable
volume are reported. Oklahoma operators have agreed to a
curtailment of excess production during the second quarter
of this year under the direction of the Oklahoma Corporation
Commission. The present order of the Commission expires
March 31. Under the agreement, the State's output is limited to 600,000 barrels a day. However, it is especailly significant that Oklahoma accounted for practically all of the
increased production reported for the week ended March 15,
when daily average output of the country reached 2,853,200.
This was an increase daily of 47,850 barrels, and Oklahoma
increased 47,800 barrels daily. California dropped 9,800
barrels daily to a total average output of 651,600 barrels.
A drop to 609,000 barrels daily is the objective of the new
proration schedules, in effect since March 1.
The new prices as posted by the Standard Oil Co. of
California, retroactive to March 11, for Long Beach, Seal
Beach, Alamitos Heights and Huntington Beach, call for 70
cents a barrel for 14. to 17.9 gravity oil and run to $1.60 a
barrel for 32 and above gravity oil. Inglewood and Torrance
are quoted at 70 cents a barrel for 14 to 17.9 gravity and
from that amount to $1.42 a barrel for 28 gravity. MidwaySunset, Elk Hills and Buena Vista Hills schedule calls for
55 cents a barrel for 14 to 17.9 gravity and then on up to
$1.65 for 33 gravity and above. Lost Hills, Coalinga and
Wheeler,Ridge start with 55 cents a barrel for 14 to 17.9
gravity and then the first field goes up to $1.77 for 35
gravity, the second to $1.55 for 35 gravity, and the third to
$1.22 for 27 gravity.
Richfield, Whittier, Montebello, Coyote Hills and BreaOlinda start with 70 cents a barrel for 14 to 17.9 gravity,
and then the first field goes up to $1.50 a barrel for 30
gravity, the fourth to $1.45 for 30 gravity, and the fifth to
$1.55 for 31 gravity and above. Newhall, McKittrick, and
Kern River prices are 55 cents a barrel from 14 to 19.9
gravity. Santa Fe Springs' new prices range from 92 cents
for 21 gravity oil to $1.90 a barrel for 39 gravity and above.
In the high gravity fields Athens, Rosecrans and Dominguez
have a new schedule of $1.14 per. barrel for 24 gravity and
then up to $2.20 for 42 gravity. Elwood Terrace starts
with $1.32 a barrel for 34 to 34.9 gravity and runs to $1.84
for 42 to 42.9 gravity. Kettleman Hills, with 55 gravity
oil and above, remains unchanged at $1.65 per barrel.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P.1 degrees are not shown.)
.
Bradford. Pa
$2.80 Smackover. Ark., 24 and over
1.75 'Smackover, Ark. below 2
Corning, Ohio
1.35 Eldorado, Ark.. 34
Lebell. W. Va
hUnols
1.45 Urania, La
1.53 Salt Creek. Wyo., 37
Weetern Kentucky
1.23 Sunburst. Mont
Miehmntinent. Okla , 37
.80 Artosia, N. M
(broken*, Texas. heavy
.87 Santa Fe Springs. Calif.. 33
Hutellintion, Texas. 35
1.00 Midway-Sunset, Calif.. 22
Luling. Texas
1.20 Huntington, Calif.. 26
Spindletop, Texas, grade A
'
1.05 Ventura, Calif, 30
SPilidleton, Tema. below 25
Winkler. Texas
.65 Petrone, Canada
5.90
.75
1.)4
.90
1.23
1.66
1 Oe
1.45
1.05
1.34
1.13
1.90
REFINED PRODUCTS
-GASOLINE DEMAND IMPROVING, DESPITE
-FUEL OILS QUIET, SLIGHTLY
OFFERINGS BELOW MARKET
EASIER
-KEROSENE SALES LAGGING WITII PRICES WEAK.
The gasoline market has shown a definite improvement this
week, in spite of the fact that resale gasoline may still be
found from
to 4 of a cent under the posted prices of the
3
large refineries. The cut in tank car prices which seemed
unavoidable a week or so ago now appears to have been
avoided, and on the contrary, warm weather will probably
bring an upward turn.
In addition to better demand, the strengthened market
is also credited to the one-seventh curtailment of refinery
operations. As there are at least 15 major interests selling
in the East Coast wholesale markets,competition is naturally
keen. There is, of course, a chance that increasing competition during the first warm spell will bring about a tem-
1927
FINANCIAL CHRONICLE
porary cut in tank ear, but the present outlook is against
any such development.
The major factors in the local market quote U. S. Motor
at 832 cents per gallon, tank car, at refinery, while resale
gas was offered at 73% cents. The tank wagon situation in
the East is not firm. Local competition is the determining
factor in many instances. Small independents are under-,
selling leading marketers by about one cent per gallon.
An aggressive campaign is being conducted in this market
by Richfield, seeking new dealer accounts. Shell is also
very active in this retail field. Other large companies,
firmly entrenched here, are following the policy of acquiring
new retail outlets by direct purchase of stations, as against
marketing their output through independent filling stations
n competition with other marketing groups.
Fuel oils have been quiet this week, with an easier price
tendency reported in some grades. Domestic heating oils
are moving in a routine way, chiefly against existing contracts. Marine fuel oils hold steady with grade C bunker
at $1.05 per barrel, at refineries, and Diesel at $2 per barrel,
at refinery.
There has been no improvement in the kerosene market.
Stocks are large, and demand is light. Prices range from
73i to 73% cents per gallon for 41-43 water white, in tank
cars at refineries.
Prices in the lubricating oil division of the market are firm,
with a slight improvement in demand.
Gasoline. U. S. Motor, Tankcar Lots, F.O.B. Refinery.
3.0634 North Loutslana„.1.07)(
NV(Bayon$.0M.,a.0834 lArkansas
0634
084 North Texas
.0611 Celtic* nia
West Texas
.08
.094 ILoo Angeles. export_ .074 Oklahoma
CIA:ape_
0914
export-- .084 Pennsylvania
.0734 I Gulf Gaut.
New
New York
Merits.
bastiwore
Boston
Buffalo
Chicago
Gasoline. Service Station. Tax Included.
Minneapolis
5.18
S.163 Cincinnati
New Orleans
IS
Denver
.21
188 Philadelphia
Detroit
.22
San Francisco
.18
Houston
20
Spokane
.24
Jacksonville
l5
179 St. Louie
Kenos City
.15
183
.195
.21
.251
.195
IS
Kerosene. 41-43 Water White, Tankcar Lots. F.O.B Refinery.
3.0734
5.0534 I New Orleans
hY.(Bayonne).0734 @.074!Chicago
064
05411-oe Angeles, export _ .054[Tulsa
North Texas
Fu.1 011 18-22 Degree. F O.B. Refinery or Terminal.
.
5.75
3 851Gulf Coast
New York(Bayonne)$1.05 I Los Angeles
66
.. __
.2 001New Orierine.___. .. 951Chicago
Diesel
0.B Refinery or Terming:.
Gas Oil, 32-34 Degree, F.
$ 03
$.031Tulsa
N.Y.(Bayonne).--2.05Si IChlea.go
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,494,400 barrels, or 95.5% of the 3,660,
900 barrel estimated daily potential refining capacity of the
plants operating in the United States during the week
ended March 15 1930, report that the crude runs to stills
for the week show that these companies operated to 73.1%
of their total capacity. Figures published last week show
that companies aggregating 3,497,400 barrels, or 95.5%
of the 3,660,900 barrel estimated daily potential refining
capacity of all plants operating in the United States during
that week, but which operated to only 72.4% of their total
capacity, contributed to that report. The report for the
week ended March 15 1930 follows:
CRUDE RUNS TO STILLS. GASOLINE AND GAS AND FUEL OIL STOCKS.
WEEK ENDED MARCH 15 1930.
(Figures In barrels 01 42 gallons.)
Marta.
P. C.
PatenHal CaPaella
Report.
100.0
East Coast
91.0
Appalachian
98.6
Ind., III. and Kentucky
Dkla.. Kansas & Missouri 89.1
90.4
Texas
96.8
Louislana-Arkansas
93.6
Rocky Mountain
99.3
California
95.5
Crude
Runs to
Stills.
P. C.
OPer.
Tote
iCopac.
I Report
I
I
Gasoline
Stocks
Gat and
Fuel Oil
Stocks.
3,322,700
534,800 I
2,040,800 I
2,077,700 I
4,153,100 I
1,326,900 I
442,100
3,971,200
78.4
65.5
82.5
72.1
83.2
72.4
45.3
63.6
8,985,000
1,850,000
8.056.000
4,645,000
8,408,000
2,563,000
2,945,000
16,534,000
6,457,000
666,000
2.959,000
3,393,000
11,816,000
2,166,000
1.052.000
108,625,000
I
I
73.1
53,986,000
137,134,000
72.4
53,132,000
137.469.000
88.3
83.5
7,311,000
2_222 MO
9,173,000
1.335.000
Total week Mar.8
Daily average
Total week Mar. 1 --Daily average
95.5
17,878,300
2.554,000
17.728,700
2,532,700
Texas Gulf Coast
Louisiana Gulf Coast _ _ _ _
99.4
100.0
3,235,400
800.4011
-All crude runs to stills and stocks istures oliow exactly the Present
Note.
In California. stocks of heavy crude and all grades
Bureau of Mines definitions
of fuel oil are Included under the heading "Gas and Fuel 011 Stocks." Crude oil
runs to etWs include both foreign and domestic crude
Gross Crude Oil Stock Changes for February.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains increased 1,019,000 barrels in
the month of February, according to returns compiled by
the American Petroleum Institute from reports made to it
by representative companies. The net change shown by the
1928
FINANCIAL CHRONICLE
reporting companies accounts for the increases and decreases
n general crude oil stocks, including crude oil in transit, but
not producers' stocks at the wells.
Crude Oil Output in United States Higher.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ending March 15 1930 was 2,583,200 barrels,
as compared with 2,535,350 barrels for the preceding week,
an increase of 47,850 barrels. Compared with the output
for the week ended March 16 1929, of 2,625,150 barrels
daily, the current figure represents a decrease of 41,950 barrels per day. The daily average production east of California for the week ended Mar.15 1930 was 1,931,600 barrels,
as compared with 1,873,950 barrels for the preceding week,
an increase of 57,650 barrels. The following are estimates
of daily average gross production by districts:
[VOL. 130.
slight margin over Mexico. Trinidad advanced into tenth place, ahead of
Argentina and British India, while among the smaller producing countries.
Russian Sakhalin and Canada reached, for the first time, an annual production of more than a million barrels.
The three principal shipping fields in Venezuela, Lagunillas, La RosaAmbrosio and Mene Grande, showed an Increase of approximately 32.000.000 barrels over 1928, accounting for virtually all of the increased production of the country. Production in Russia increased by approximately
15,000,000 barrels. Persia and Rumania continued to increase crude oil
production at the rate noted for the two preceding years, while Mexico
again showed a decrease. Production of heavy crude in Mexico declined
throughout the year, while light oil production increased primarily as the
result of new developments at Tonala. Isthmus of Tehuantepec.
The following table shows the output of the various oil producing countries
as reported officially to the Bureau of Mines for 1927 and 1928 and the
estimated production of these countries for 1929. These estimates are based
upon data obtained through the co-operation of consular officers in various
foreign countries, various companies engaged in foreign production and
official reports.
WORLD CRUDE OIL PRODUCTION, 1927-1929.
(In thousands of barrels.)
x1929.
1928.
1927.
Country.
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Amount.
%. Amount. %. Amount. %.
Weeks EndedMar. 15'30. Mar.8 '30. Mar. 1 '30. Mar. 16'29.
Oklahoma
652,100
604.300
617.200
649.450 United States
901,474 68.0
1,000.000 67.6
901.129 71.4
Kansas
116,200
113.650
114.700
96,450 Venezuela
137,000
9.2
105,749
8.0
63.134
5.0
Panhandle Texas
91,800
88,900
55,950 Russia
89,100
8.9
103,000
y84.704
6.4
77.018
6.1
North Texas
80,150
79,850
78,800
81.750 Persia
3.0
45,250
43,461
3.3
39,688
3.2
West Central Texas
51,100
53.300
53.000 Mexico
52.750
3.0
50,151
44,689
3.8
64,121
5.1
West Texas
343,950
339,150
342.450
380,850 Netherland East Indies__.._
37,924
2.6
32,118
2.4
27.459
2.2
East Central Texas
25,450
28.050
25,100
19.900 Rumania
2.3
30.773
34,930
2.3
26,368
2.1
Southwest Texas
63.000
64,500
65,450
63,150 Colombia
1.4
20.385
19.897
1.5
15.014
1.2
North Louisiana
42,000
41.800
41,750
36,050 Peru
12.008
13,404
.9
.9
10,127
.8
Arkansas..
58.100
59,250
74,500 Trinidad
58,500
8.810
.6
7,684
.6
5,380
.4
Coastal Texas
180,200
184,550
180.500
129,000 Argentina
9.070
8.800
.6
.7
8.630
.7
Coastal Louisiana
19,650
22.950
20,800
21.200 India, British
8.741
8.470
.6
.7
8.032
.6
Eastern (not incl. Michigan)
120.500
120,000
104.050 British Borneo (Sarawak)-119.500
.4
5,277
5,223
.4
4,943
.4
Michigan
12,550
13,800
13.550
4.700 Poland
.3
5,493
4,953
.4
5,342
.4
Wyoming
45.050
50,600
53,650
47.450 Japan (including Talwan)
.1
2.010
1,944
.1
1,789
.1
Montana
7,900
8,350
9,100 Egypt
8.650
.1
1,842
1,866
.1
1.267
.1
Colorado
4.750
4.950
4,850
6.750 Ecuador
.1
1,084
1,351
.1
537
New Mexico
10,650
10.650
10.300
2,250 Sakhalin, Russian
.1
1.180
677
440
California
651.600
681,400
723.000
789.600 Canada
.1
624
1,133
477
Iraq
713
798
338
Total
2,583,200 2.535,350
2,623,950
2,625,150 Germany
711
630
683
.2
.1
512
516
.3
504
The estimated daily average gross production for the Mid-Continent Prance
94
93
112
field, including Oklahoma, Kansas, Panhandle, North. *est Central, Czechoslovakia
Italy
48
44
47
West, East Central and Southwest Texas, North Louisiana and Arkansas, Other countries
24
30
23
for the week ended March 15 was 1,524,800 barrels, as compared with
Total
1.488.604 100.0 1.324.734 100.0 1.262.582 100.0
1,466,300 barrels for the preceding week, an increase of 58,500 barrels
x 1929 figures subject to slight revision. Figures for previous years are final.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,483,100 barrels, as compared with 1,425,100 barrels, an increase y Production for fiscal year ended Sept. 30 1928. Calendar year 1928 production
estimated at 87,800,000 barrels.
of 58,000 barrels.
The production figures of certain pools in the various districts for the
current woek compared with the previous week, in barrels of 42 gallons, Production of Crude Petroleum in United States Reached
follow:
New High Record in 1929
-Stocks of All Oils Also
-Week Ended-Week Ended
OklahomaMar. 15. Mar. 8.
Southwest TexasMar. 15. Mar. 8.
Increased-Runs to Stills of Crude Petroleum Exceeded
Allen Dome
19,900 20,400 Darst Creek
15,500 18,000
1928 by 8%.
Bowlegs
28,600 19.600 Luling
10,200 10.300
Bristow-Slick
16,300 18,400 Salt Flat
23,600 24,200
According to preliminary figures compiled by the Bureau
Burbank
16,550 10.600 North LouisianaCarr City
9,950 9.250 Haynesyllle
4,650 4,500 of Mines, Department of Commerce, from companies
that
Earlsboro
40,450 33.350 Urania
5,350 5.050
East Earlsboro
41,600 41.750
Arkansasoperate gathering lines, 1,005,598 barrels of crude petroleum
Little River
44,800 38,100 Champagnolle
4,950 4.300
East Little River
15,150 19,350 Smackover, light
5,300 5,300 was transported from producing properties in the United
Maud
8,150 5.350 Smackover. heavy
41.700 41,200
States during 1929. The final figure of actual production
Mission
Coastal Texas
12,700 11,250
Oklahoma City
85.100 63.000 Barbers Hill
23,000 23,900 (oil brought to the surface), which will include revisions
St Louis
43,650 42,850 Pierce Junction
11,750 10.700
Sasakwa
8,400 9,300 Raccoon Bend
10.100 12,000 to the monthly data, crude oil consumed on the leases, and
Searight
8,600 9.150 Spindletop
15,750 18.300
Seminole
25,700 20,200 Sugarland
10,300 11,950 the net change in producers' stocks, may amount to 1,000,East Seminole
Coastal Louisiana
4,100 3.350
KansasEast Hackberry
1,200
1.200 000,000 barrels. This represents a new record for total
Sedawlek County
21,700 22,050 Old Hackberry
1,200 1,200 production and is 104,500,000 barrels, or 12% above the
Panhandle Texas
Sulphur Dome
5,350 6,000
Gray County
57,800 53.300
1928 output. According to preliminary data, the world's
Hutchinson County
Wyoming
23,350 23,500
North Texas
Salt Creek
30,700 26,250 production of crude petroleum in 1929 amounted to 1,488,Archer County
Montana
17,850 17,250
Wilbarger County
23,900 23,400 Sunburst
4,950 4,950 604,000 barrels, an increase over 1928 of 12%. Of this total
West Central Texas
the United States produced 67.6% as compared with 68%
Brown County
California
7,850 7,950
Shackelford County
6,600 8,400 Dominguez
9,000 10,000 in 1928 and 71.4% in 1927. The Bureau's statement adds:
West Texas
Elwood-Goleta
37,300 38,800
The production of crude petroleum in the United States increased
Crane & Upton Counties 45,400 45,000 Huntington Beach
28,500 31,500
Howard County
38,650 37,509 Inglewood
17,800 18,200 more or less steadily up to August, the peak month. The total output
Reagan County
16,850 16.700 Kettleman Hills
12,700 13.000 in August amounted to 92,288,000 barrels, or very close to a daily averWinkler County
88,900 91.000 Long Beach
103,000 104,000 age of
3,000,000 barrels. Production decreased steadily during the
Yates
135,950 132,500 Midway-Sunset
72,500 74,500
Balance of Pecos County 5.850 6,400 Santa Fe Springs
157.700 159.000 last four months of the year but this came coincident with a steadily
East Central Texas
Seal Beath
25.000 25,800 decreasing demand and stocks accumulated in all months except Novem6,100 6,050 Ventura Avenue
Corsicana-Powell
45,200 44,600 ber. A factor in the increased output during the summer months was
a price increase inaugurated in the Mid-Continent in May.
which over
Stocks of all oils increased 67,606,000 barrels in 1929,
World's Production of Crude Petroleum in 1929 Esti- 18,000,000 barrels was in refined products. November of the only
was
1,488,604,000 Barrels, an Increase of 12.4% month of the year 1929 to show a decrease in stocks of all oils. This
mated at
Over the Preceding Year-Ratio of United States decrease amounted to 3,010,000 barrels, and resulted mainly from a
drastic curtailment at Santa Fe Springs and a surprisingly small deOutput to the World Output Dropped Slightly crease in gasoline consumption.
From 68% in 1928 to 67.6% in 1929.
Texas, for the second successive year, was the leading producing
The world's production of crude petroleum during 1929 State, with an output of 298,441,000 barrels. California was comparatively close to the top, with a production of 292,037,000 barrels. Oklais estimated at 1,488,604,000 barrels, an increase over homa dropped from second to third place, although its output of
1928 of 163,870,000 barrels, or 12.4%, according to statistics 253,704,000 barrels represented a small increase over 1928. These three
States accounted for 84 per cent of the total output as compared with
compiled by E. B. Swanson, Acting Chief Economist of 82
per cent in 1928. The major portion of the new
Texas
the Division of Petroleum, Department of Commerce, came from West Texas, Gray County (Panhandle), production infield in
the Bruner
U. S. Bureau of Mines. Production outside of the United Guadalupe County, and from extensions and deeper wells in the Gulf
States reached a total of 482,604,000 barrels, or 59,344,000 coast fields.
The most important
the increased output of California were
barrels more than in 1928. Domestic production is esti- the rapid developmentfactors in
of the various deep sands at Santa Fe Springs
mated at 1,006,000,000 barrels, an increase of 104,526,000 and the new production secured at Elwood. Despite the discovery of a
barrels. The rate of increase in domestic production did not number of new pools in the Greater Seminole area and the extension
of some of the older ones, the output of the Greater Seminole
quite equal that of the foreign oil producing countries, con- showed comparatively little change in 1929. The major portion ofarea
the
sequently, the ratio of the United States production to the new production of the State was developed at the Oklahoma City field,
which produced nearly 9,000,000 barrels in 1929 as compared with pracworld total dropped from 68% in 1928 to 67.6% in 1929.
tically nothing in 1928. The output of the Appalachian district was
The report continues:
higher; that of the Central States, except Michigan, was lower.
Venezuela and Russia maintained their respective positions as the second
Imports of crude petroleum during 1929 amounted to 78,915,000 barand third largest producing countries, while Persia, with a production of rels, or about 850,000 barrels under the 1928 figure. Over 50,000,000
slightly more than 6,000,000 metric tons, moved into fourth place, with a barrels of these imports came from Venezuela and nearly 13,000,000
MAR.22 1930.]
FINANCIAL CHRONICLE
barrels, each, from Mexico and Colombia. Exports of crude oil increased from 18,966,000 barrels in 1928 to 26,374,000 barrels in 1929,
or 39 per cent.
Stocks of crude petroleum (exclusive of producers' stocks) east of
California increased from 368,353,000 barrels on hand January 1 to
381,391,000 barrels on December 31, an increase of about 13,000,000
barrels. This increase was less than the 1928 increase but in California the situation was quite different with about 36,000,000 barrels
added to crude and fuel stocks compared with 2,000,000 barrels accumulated in 1928.
Runs to stills of crude petroleum, both domestic and foreign, in 1929,
amounted to 987,708,000 barrels, an increase over 1928 of 8%. All of
this increase was recorded in domestic crude runs; in fact, the use of
foreign crude at refineries declined by slightly over 2,000,000 barrels in
1929.
The percentage recovery of gasoline continued its upward trend and
amounted to 44% in 1929, as compared with 41% in 1928. This and
the increased quantity of crude processed was reflected in a 15% gain
in output which, for the year, totaled 434,241,000 barrels. The indicated domestic demand for gasoline amounted to 371,852,000 barrels, an
increase over 1928 of 13%. Gasoline exports increased 16%; imports
more than doubled and amounted to 8,868,000 barrels. Stocks of gasoline accumulated rapidly early in the year, particularly in January,
reached a peak of 48,205,000 barrels on March 31, was at its low point
of 33,222,000 on Sept. 30, and increased to a total of 43,115,000 barrels
on the last of the year, this being over 10,000,000 barrels above the
total on the first of the year.
The statistics of both kerosene and lubricants in 1929 were Waal-ally unchanged from' 1928. The production of gas oil and fuel oil increased, due to the greater crude throughout but the demand east of
California increased sufficiently to result in a decline in stocks of 500,000 barrels. Wax production was unchanged but demand, both from
domestic and foreign sources, decreased and stocks increased materially.
According to the monthly (preliminary) figures, the output of natural
gasoline in 1929 was 2,195,400,000 gallons as compared with 1,777,700,000 gallons in 1928, a gain of 23 per cent. The major portion of
the increase was recorded in the California fields, particularly at Santa
Fe Springs, although the Greater Seminole area recorded a somewhat
surprising increase of nearly 100,000,000 gallons. Stocks at the plants
were practically unchanged, hence the increase in output was absorbed
by refineries for blending purposes and by the export trade, which is
reported to have grown rapidly in 1929.
1929
Tonnage orders in plates, shapes and bars continue to be taken at 1.80c.,
Pittsburgh, and that price has been shaded $1 a ton in extreme cases.
Manufacturers' wire has been sold at $2.30, although reports from the
Central West are that concessions on this product are disappearing. Irregularities in line pipe are expected to be straightened out by a schedule
of quantity discounts just announced.
The pig iron market is spotty both as to the volume of buying and the
rate of melt. In certain districts a fair amount of second-quarter business
has been placed, but many meiters will have a large carryover of firstquarter iron. Foundry iron at Birmingham has declined $1 to $14 a ton.
Lake Erie furnaces have reduced prices 50c. a ton on Iron for shipment
to northern Indiana and Michigan.
Scrap is weak in most centers, heavy melting steel having declined 25e,
a ton at Pittsburgh and 75c. a ton at Cleveland.
Fabricated structural steel orders in February (computed) were 292.000
tons, compared with 252,000 tons in January,and 265,650 tons in February.
1929.
The Ford Motor Co. has contracted for 190,000 tons of Wabana ore
for 1931-1933 delivery to its Dagenham. England, plant.
The "Iron Age" composite prices remain unchanged, pig
iron at $17.75 a gross tons and finished steel at 2.312c. a lb.,
as the following table shows:
Finished Steel
Mar. 18 1930, 2.3120. a Lb.
2.3120.
One week ago
2.3050.
One month ago
2.391e.
One year ago
689c.
10-year pre-war average
Based on steel bars, beams,tank plates,
wire, rails, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
Low.
High.
1930_2.3620. Jan. 7 2.4050. Jan. 28
1929_2.412c. Apr. 2 2.362c. Oct. 29
1928,2.391c. Dec. 11 2.314c. Jan. 3
1927_ .2.453c. Jan. 4 2.293c. Oct. 25
1926_2.453e. Jan. 5 2.403e, May 18
1925_2.560e. Jan, 6 2.3960. Aug. 18
Pig iron.
Mar, 18 1930, 317.75 a Gross Ton.
$17.75
One week ago
18 00
One month ago
18.29
One year ago
15.72
10-year pre-war average
Based on average of basic iron at valley
furnace and foundry Irons at Chicago.
Philadelphia, Buffalo, Valley and BirmIngham.
Low.
High.
1930-S18.21 Jan. 7 $17.75 Mar. 4
1929-- 18.71 May 14 19.21 Dec. 17
1928.- 18.59 Nov. 27 17.04 July 24
1927._ 19.71 Jan. 4 17.54 Nov. 1
1926... 21.54 Jan. 5 19.46 July 13
1.925_ 22.50 Jan. 13 18.96 July 7
Second quarter business in iron and steel is slow to develop,
says the "Iron Trade Review" of Cleveland on March 20.
Producers, unable yet to discern any definite upturn in the
general business situation, are not pressing the issue. ConFor preliminary figures for the month of December and sumers continue of a mind to specify against first quarter
12 months ended Dec. 31, 1929, see "Chronicle" of Feb. 22, contracts, of which the carryover will be heavy, before
making fresh commitments, adds the "Review," further
1930, page 1193.
saying:
Steel Output Again Declines Slightly-Prices
Unchanged.
The downward trend of steel specifications has been to
a large extent arrested but, with buying at close range,
mills lack their customary large backlogs as the second quarter approaches, according to the "Iron Age" of March 20,
which goes on to say:
Scattered evidences of expanding activity are seen in certain lines of
consumption, but no broad upturn in steel demand is yet in sight. With
prompt deliveries obtainable from the mills and with the price situation
by no moans clear cut, steel users have little indncement to commit themselves very far ahead. It is also possible that the disposition of the automobile industry to await developments that open weather may bring
extends to other groups.
In fact. indications are accumulating that the imponderables introduced
into the business situation by the stock market crash have generally accentuated caution, particularly among manufacturers of consumer goods,
and have discouraged the anticipation of expected spring requirements in
steel and other materials.
Steel production has undergone a further decline in the Valleys, but is
holding its own in most centers, with the average for the entire country
only a shade below the 75% rate of a week ago.
Rail mills continue to operate at capacity and tin plate production holds
at 85%. Railroad equipment business has been light of late, but present
commitments of car builders will keep them busy well through the first
half of the year. Steel producers are also getting good support from the
structural steel fabricators. Current awards of fabricating work,at 37,000
tons, compare with 22,500 tons last week and an average of 33.250 tons since
the first of the year. The comparable weekly averages In 1929 and 1928
were 36.800 tons and 42,900 tons respectively. Outstanding among new
pending projects is 10,000 tons for shipment to Russia.
The large highway construction program for this year is stimulating
activity among road machinery makers and will, no doubt,soon be reflected
In orders for an increasing tonnage of reinforcing steel. Concrete bar
awards this week were heavy, totaling 12,000 tons, although not on account
of highway work. The outstanding letting, 7,8b0 tons, was for a sea wall
at Lake Pontchartrain, La. Demand for light rolled steel products shows
little improvement, bookings thus far in March ranging from 50 to 55%
of capacity. Makers of barrels, drums, stoves, ranges and electric refrigerators are reported to be taking more sheets, but the requirements of the
automotive industry are still at a low level. Motor car output, in the aggregate, has taken no turn for the better. A leading maker of low-priced
cars has cut down production to 1,500 units a day and another manufacturer
in the same class is reported to be turning out less than 4,000. Moderate
gains however, have been made by two other important interests.
With so much hinging on the influence of open weather,signs of expanding
outdoor activities are of particular interest. The Pure Oil Co. has placed a
contract with the A. 0. Smith Corp. for 192 miles of 10-in, pipe, calling
for 17,500 tons, for a line from Van County, Tex., to Beaumont, while the
Southern National Gas Corp. has placed 60 miles of 6
-in. pipe, 2.000 tons,
for a natural gas line in Mississippi, with the National Tube Co. The
Sun Oil CO. is expected to take action soon on a gasoline line from Marcus
Hook, Pa., to Lake Erie, calling for 20,000 tons of 6 or 8
-in. pipe. The
13arnsdale Corp. is in the market for 40,000 tons of 6
-in pipe for an 800
mile gasoline line from Oklahoma to Milwaukee.
Steel prices are not well defined. Current orders, as a rule, are too small
to bring out concessions; yet a sufficient number of price cuts have been
reported to disturb the confidence of the trade. Sales of cold-rolled strip
steel have been more commonly made at 2.55c., or $2 a ton below the recent
minimum. Further business in black sheets has been taken at as low as
2.55c., and, since at least two large producers have not yet shared in recent
attempts to advance sheet prices, indications are that the industry will be
satisfied to continue present quotations.
Considering all districts, steel-making operations declined several points
in the past week to slightly under 75%. Except for isolated instances
where piling of pig Iron or semi-finished steel seemed preferable to complete
shutdown, production has been rigidly scaled down to actual requirements.
The practical absence of inventories, both in producers' and consumers'
hands, is a strong feature.
Rail mills and freight car builders have orders insuring good operating
rates to July 1. Bookings of track material, however, are negligible, while
equipment buying continues to slide off from the recent peak. In the past
week the Norfolk & Western ordered 1.000 hopper bodies, the "Soo" Line
placed 400 cars and the Bangor gc Aroostook 200. Only 750 freight cars
now are pending, the smallest number since fall.
No improvement has developed in the automotive situation, nor is any
in prospect until seasonable weather quickens retail selling. Unusual
caution is displayed by manufacturers in not accumulating a surplus of cars,
and there is no speculation in production. The spread between the Chicago district's operating rate of 90 to 95% and the 70% which the Pittsburgh, Youngstown and Cleveland districts average with difficulty is
traceable directly to the automotive situation.
Shipbuilding, which since Jan. 1 has been noted more for construction
work against 1929 contracts than for new business, is inspirited by the
prospect of maturity of the program of the United States Lines. The definite award of mail contracts is expected to bring prompt action on two ships,
each requiring 9.000 tons of plates and 3,000 tons of shapes. Two larger
ships, each taking 12.000 tons of plates and 6.000 tons of shapes, are in
prospect. All told, this ship work contemplates 60,000 tons of heavy steel.
Twenty thousand tons of structural steel will be bought shortly for an
elevated road in New York, with 10,000 tons pending for subways there.
Chicago reports structural awards of 4,500 tons and inquiry totaling 3,500
tons. The country over, structural steel requirements are within 10%
of the comparable period of 1929. This week's awards, totaling 27,000
tons, compare with 32,537 tons last weak and 48.019 tons a year ago, or
1930 to date 399.841 tons have been bought, compared with 438,782
tons a year ago.
Sheet production is up slightly this week at Pittsburgh and Youngstown,
due to a few automotive releases. A large Eastern maker has followed the
$2 advance in the common grades for the second quarter. but the new levels
are untested. Independent sheet mills in February booked 7,011 tons
daily, against 12,326 in January and 13.910 last February. Shipments in
February averaged 8,326 tons a day, compared with 7,796 in January and
11,637 last February. Tin plate specifications for May delivery are
broader.
The 25.000-ton gasoline pipe line which the Sun Oil Co. grgses to lay
from Marcus Hook, Pa., to Pittsburgh and Cleveland, I% followed by a
40.000-ton project by the Barn lali Corp. Private buying of cast iron
pipe for spring laying is heavier, but demand from utilities is disappointing.
Wire and fencing sales are responding moderately to spring buying in rural
districts. Strip and bars of all classifications continue sensitive to the
dragging automotive situation.
Fifteen thousand tons of Alabama pig iron has been bought by a Delaware River pipemaker. Southern makers have reduced their base price
for local delivery to $1, to $14, base, Birmingham. Basic iron in eastern
Pennsylvania is off 25 cents, to $18.80 to $19.25. Buffalo furnaces are
stiffening their prices for Eastern delivery. Heavier sales for second quarter
are reported at Cleveland, Buffalo, Chicago and New York. The Granite
City, Iii.. furnaces have reduced 50 cents, to $19.50, following the recent
cut at Chicago. Beehive coke is quieter and prices are slightly easier.
Scrap continues soft in all districts.
Ingot production at Pittsburgh at 75% is slightly lower than last week.
Chicago is unchanged at 90 to 95%, Cleveland at 68% and Youngstown at
65 to 70%. Steel Corp. subsidiaries are at 80%, compared with 83 last
week,and independents at 68,giving the industry an average of about 74%.
Continental and British iron and steel markets generally are dull,some
British plants having gone on short time as a result. World trade in iron
and steel is slow, and restricted inquiry forecasts continuation of this condition. Cartels are a fact( r in maintaining prices in the face of slack
demand.
1930
FINANCIAL CHRONICLE
A decline of $1 in Southern pig iron has lowered the "Iron Trade Review"
composite 4 cents this week. to $34.89. This compares with an average
of 835.24 for February,$35.56 for January and $36.42for March a year ago.
Ingot production of the United States Steel Corp. is at
80% of capacity, reported the "Wall Street Journal" on
March 18. This is a decline of 2% from last week and 5%
from two weeks ago. In the preceding week the corporation
was running at 82%, and two weeks ago the rate was 85%,
added the "Journal" which is further quoted as saying:
[VoL. 130.
E,tinsated Unlled States Production of Bituminous Coal (Net Tons).
1929 30-,
1928 29
-Coat Year
Coat Year
Week EndedWeek.
to Date.
Week.
to Date.
Feb. 22
9,515,000 474,293,000
11,908,000 461,058,000'
Daily average
1,613,000
1,716,000
1,669,000
1,985,000
Mar. 1 a
8,179,000 482,472,000
11,302,000 472,360,000
Daily average
1,363,000
1,708,000
1.884,000
1,674,000,
Mar. 8 b
8,565,000 491,037,000
10,396,000 482,736,000
Daily average
1,428,000
1,703,000
1,733,000
1,675,000
a Revised since last report.
b Subject to revision.
As already indicated by the revised figures above, the total production
Independent steel companies have shown similar reductions and are of soft coal for the country as a whole during the week ended March 1 1390
now at about 68% compared with 70% in the previous week and 73% amounted to 8,179,000 net tons. This is a decrease of 1.336,000 tons, or
14%, in comparison with the output in the preceding week, when Washtwo weeks ago.
For the entire industry the average is around 74%, contrasted with 76% ington's birthday wa: observed as a partial holiday. The following table
apportions the tonnage by States and gives comparable Mures for other
a week ago and 79% two weeks ago.
At this time last year the Steel Corp. was running at better than 97%, recent years:
with independents at about 9236%, and the average was 943i%.
,
ii Estimated Weekly Produdion of Coal by Stales (Net Tons).
In 1928, at this time, the United States Steel Corp. was at 8834%,
Week Ended
Feb. 1923
State-Mar. 1 '30. Feb. 22 '30. Mar.229, Mar. 3'28. Aver. a
independents at 78% and the average was 83%.
The American Metal Market this week says:
The daily rate of steel ingot production has declined a total of nearly
10% from the peak rate of five weeks ago, which was maintained for only a
few days, at the middle of February. The time is important for If this was
the spring peak it came unprecedentediy early, which is practically unthinkable in these days of conservative action. The idea that there will be another rise, a miller spring rise, Is commonly entertained and is perfectly
logical, but predictions should be made in conservative vein when adequate
explanation of what has occurred is difficult or impossible. Two theories
for the bulge that ended recently are replenishment of stocks after inventory
and survival of some of last year's momentum,since dissipated.
Consumption of Coal by Electric Public Utilities in
January Below That of a Year Ago
-Decrease is
Largely Due to Increased Use of Water Power.
Although the consumption of coal by the electric public
utilities in January 1930 shows a slight increase over that
for the preceding month, it was somewhat less than in the
corresponding month of last year, reports the U. S. Bureau
of Mines. Total consumption for the month amounted to
4,045,941 net tons, as compared with 4,145,709 tons in
January 1929, a decrease of 99,768 tons, or 2.4%. This
decrease is largely due to an increase in the production of
electricty by use of water power, as the total output of
electric energy was considerably above that of last year. In
spite of this decrease in the rate of coal consumption over
the country as a whole, certain districts reported substantial
gains, the largest being for the Lake Dock Territory where
consumption increased by nearly 20%.
CONSUMPTION OF COAL BY ELECTRIC POWER PLANTS IN THE U.S.
(As reported by the U. 8. Geological Survey.)
District.
Number
OfPlants.
Net Tons Consumed
In January.
Increase or Decrease.
1930.
New England
Middle Atlantic
Ohio
Southern Michigan
Illinols-Indlana
Lower Missouri Valley
Lake Dock Territory
Southeast
Southwest
So. Rocky Mountain
No. Rocky Mountain
Pacific
Total
62
150
85
37
116
164
117
158
97
986
1929.
Net Tons. Per Cent.
286,855
298,676 -11,821
1,341,166 1,328,306 +12,860 +1.0
434,512
425,555 +8,957
+2.1
208,764
228,037 -19,273 -8.5
805,039 826,132 -21,093 -2.6
273.965
270,890 +3,075
+1.1
221.078
184,791 +36,287 +19.6
317,089
385,036 -67,947 -17.7
82,160
114,630 -32.470 -28.3
57,637
55,827 + 1,810 +3.2
11,576
12,026
-450 -3.7
6,100
15,803 -9,703 -61.4
4.045,941 4,145,709 -99,768 -20.4
Production of Bituminous Coal and Pennsylvania
Anthracite for Week Ended March 8 1930 Exceeds
That of Preceding Week, but Falls Below That of
the Corresponding Week Last Year.
According to the United States Bureau of Mines, Department of Commerce, there were produced in the week
ended March 8 1930 a total of 8,565,000 net tons of bituminous coal, 1,177,000 net tons of Pennsylvania anthracite,
and 62,600 net tons of beehive coke. This compares with
8,179,000 tons of bituminous coal, 1,114,000 tons of Pennsylvania anthracite and 68,300 tons of beehive coke produced in the week ended March 1 last and 10,396,000 tons
of bituminous coal, 1,221,000 tons of Pennsylvania anthracite and 124,900 tons of beehive coke in the week ended
March 9 1929.
For the coal year to March 8 1930 the production of
bituminous coal amounted to 491,037,000 net tons as compared with 482,756,000 tons in the coal year to March 9
1929. The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the present coal year to March 8
(approximately 288 worldng days) amounts to 491,037.000 net tons.
Figures for corresponding periods in other recent coal years ate given below:
1928-29
482,756,000 net tons 1926-27
553,359,000 net 10103.
1927-28
448,084,000 net tons 11925-26
Total bituminous coal
Pennsylvania anthracite
Total all coal
8,179,000 9,515,000 11,302,000 10,200,000 10,956.000'
1,114.000 1,432,000 1.492,000 1,271,000 1,902,000
9,293,000 10,947,000 12.794.000 11,471,000 12.858,000
a Average weekly rate for entire month. b Includes operations on the N. k W.;
C. dr 0.: Virginian, and K. At M. Excludes loadings on Charleston division or
the B.& 0. c Rest of State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
March 8 1930 is estimated at 1.177,000 net tons. Compared with the output in the preceding week, this shows an increase of 63.000 tons, or 5.7%.
Production during the week in 1929 corresponding with that of March 8.
amounted to 1,221,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1920
193
Daily Aver.
Daily Aver.
Week.
Week.
260,400
1,463,000
266.000•
1 432,000
185.700
1,492,000
248.760
1114.000
196,200
1,221,000
203,500
1,177,000
WeekEndedFeb. 22
Mar. la
Mar. 8b
a Revised since last report.
b Subject to revision.
BEEIIIVE COKE.
The total production of beehive coke during the week ended March 8
1930 is estimated at 62,600 not tons. Compared with the output in the
preceding week, this shows a decrease of 5.700 tons, or 8.3%. The cumulative production from Jan. 1 to March 8 amounts to 657,700 tons. This
lain comparison with 1.069.300 tons for the corresponding period in 1929.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1930
Mar. 8 Mar. 1 Mar. 9
to
1930.b
1930.c
Region1929.
Date.
60.400 110,900
Pennsylvania, Ohio eft West Va... 54,600
571,800
Georgia, Ky.,Tenn.& Virginia__ 6,000
5,900
7,900
58,400
2,000
6,100
Colorado, Utah & Washington__ 2.000
27.500
United States total
Daily average
62,600
10.433
68,300
11,383
124,900
20,817
657,700
11,340
1929
to
Date.a
947,100
62,200
60,000
1,069,300
18,436
a Minus one day's production first week In January to equalize number of days
in the two years. b Subject to revision. c Revised.
Production of Coal Declinedln'February-Anthracite
Output Also Fell Off.
The total production of soft coal for the country as La
whole during the month of February, with 23.9 working
days, amounted to 39,555,000 net tons as against 49,778,000'
tons during the 26.4 working days in January, according to
the United States Bureau of Mines. The average daily rate
of output in February was 1,655,000 tons. Compared with
the average daily rate in January, this shows a decrease of
231,000 tons, or 12.2%.
The production of Pennsylvania anthracite in February is
estimated at 6,157,000 net tons. The average daily rate of
output in February was 262,000„tons, a decrease of 8,000
tons, or 3%, from the daily rate of 270,700 for January..
The Bureau also reports:
MONTHLY PRODUCTION OF BITUMINOUS:COAL7AND:ANTHRACITE
IN FEBRUARY (NET TONS).
Bituminous.
Month.
504,883,000 net tone.
The total production of soft coal during the week ended March 8 1930,
Including lignite and coal coked at the mines, is estimated at 8,565.000
net tons. This shows an increase f 386,000 tons. or 4.7%, in comparison
with the output in the pre-eding week. Production during the week In
1929 corresponding with that of March 8 amounted to 10,396,000 net tons.
Alabama
329,000
289.000
401.000
409,000
357,000
Arkansas
36,000
18,000
47,000
26.000
25.000
Colorado
132,000
130.000
250.000
204,000
231,000
Illinois
875,000 1,059,000 1,421,000 1,527,000 1,993.000
Indiana
305,000
347.000
439.000
486,000
613,000
Iowa
70.000
63,000
107,000
92,000
136,000,
Kansas
48,000
56,000
85,000
95,000
78,000
Kentucky-Eastern
849,000
626,000
968,000
556,000
873,000
Western
229,000
181,000
343,000
380,000
226,000
Maryland
49,000
54.000
63,000
49,000
51,000
Michigan
11,000
15,000
20,000
17.000
26,000
Missouri
61,000
80,000
97,000
82,000
79,000
Montana
44,000
40,000
77,000
73,000
80,000
New Mexico
30,000
30.000
56,000
62,000
58,000
North Dakota
37,000
44,000
55,000
37,000,
36,000
Ohio
423,000
360.000
451.000
694,000
200,000
Oklahoma
45.000
31,000
95,000
69,000
62,000
Pennsylvania (bitunt.)- 2,292,000 2,349.000 2,810,000 2,467,000 3,087,000
119,000
Tennessee
125,000
88.000
113,000
127,000
10,000
Texas
35,000
24,000
24,000
23,000
Utah
58.000
149,000
63,000
93,000
96,000
Virginia
265,000
284,000
228,000
232,000
212,000
37.000
Washington
41,000
68.000
52,000
77.000•
West VIrgInki-Southern b 1,531,000 1,850,000 2,021.000 1,758.000 1,127.000
700,000
660,000
Northern c
694,000
715,000
673,000
90.000
Wyoming
81,000
148,000
128,000
156,000
Other States
2,000
1,000
4,000
7,000
7.000
December 1929
January 1930
February.*
February 1929
a Revised.
Total
Produclion.
46,814,000
49,778,000
39,555.000
47,900,000
Anthracite,
No. of Aver. per `To'al
Work', Working Produo.
Days.
Day.
lion.
25
26.4
23.9
24
1,873,000 7,658,000
1,886,000 7,038,000
1.655,000 6,1
1,996,000 6,670,000
No. of Ae. per
Work'g Work'g
Days.
Day,
25
26
.5
.5
300,000
270,700
262,000
284,000'
MAR. 22 19301
1931
FINANCIAL CHRONICLE
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 19, made public by the Federal
Reserve Board, and which deals with the result for the
12 Reserve banks combined, shows decreases for the week
of $60,700,000 in holdings of discounted bills and $71,500,000
in bills bought in open market,and an increase of $47,300,000
in U. S. Government securities of which $29,000,000 represents temporary certificates issued by the Treasury to the
New York bank pending the collection of the quarterly
tax payments. Member bank reserve deposits decreased
$63,400,000, and Federal Reserve note circulation $25,300,000. Total bills and securities were $88,200,000 below the
amount reported a week ago. After noting these facts,
the Federal Reserve Board proceeds as follows:
All Federal Reserve banks except Minneapolis report reductions In
holdings of discounted bills, the principal declines being $14,200,000 at
Chicago, $9,100,000 each at Cleveland and San Francisco, $6,600,000 at
Atlanta and $5,900,000 at Philadelphia. The System's holdings of bills
bought in open market declined $71,500.000, of U. S. bonds $10,100,000
and of Treasury notes $2,700,000, while holdings of certificates and bills
increased $60,200,000.
Federal Reserve note circulation declined $8,100,000 at the Federal
Reserve Bank of Chicago $6,100,000 at Cleveland, $5,700,000 at New
York, $2,600,000 at San Francisco and $25,300,000 at all Federal Reserve banks.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages—namely, pages 1981 and 1982.
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended March 19, is as follows:
Total reserves
Gold reserves
Increase (+) or Decrease (—)
During
Week.
Year.
191930.
Mar.
$
—1.767,000 +343,304.000
3,221,095,000
3,036,037,000 —3,122,000 +324,024,000
960,870.000 --88,199.000
—410,901.000
Bills discounted, total
205,634,000 --60,704,000
Secured by U. S. Govt. obligations_ 82,970,000 --57,868,000
Other bills discounted
122,664,000 --22,836,000
--737,103,000
--505,469,000
--231,634.000
Total bills and securities
Bills bought in open market
185,017,000 --71,521,000
--51,821,000
U. 8. Government securities, total
Bonds
Treasury notes
Certificates and bills
581,439,000 +47,326,000
56,252,060 —10.087,000
211,763,000 —2,741,000
293,424,000 +60,154,000
+376,088.000
+4,641.000
+120,859,000
+250,588,000
Federal Reserve notes In circulation_ 1,583,701,000 --25,305,000
—57,876,000
Total deposits
Membors' reserve deposits
Government deposits
—50,812,000
—49,004,000
—1,562,000
2 319,495,000 —61,943,000
2 290,540,000 —63,362,000
+1.837.000
3,008,000
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 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows an increase of
$121,000,000, bringing the total of these loans on March
19 1930 up to $3,841,000,000. The present week's increase
of $121,000,000 follows an increase of $137,000,000 last
week and of $94,000,000 two weeks ago, making an expansion of no less than $352,000,000 in the last three weeks.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Mar. 191930. Mar. 121930. Mar.201920.
$
$
Loans and Investments—total
7 747,000,000 7,595,000,000 7,340,000,000
Loans—total
0,787,000,000 5,700.000,000 5,449,000,000
On securities
All other
Investments—total
U.S. Government securities
Other securities
3,160.000,000 3,065,000,000 2,833,000,000
2,627,000,000 2,635,000,000 2,616.000,000
1,960,000.000 1,895,000,000 1,892,000,000
1146.000,000 1,097,000,000 1,122,000,000
814,000,000 798,000,000 770,000,000
Mar.19 1930. Mar.121930. Mar. 20 1929.
Reserve with Federal Reserve Bank...._ 713,000,000
46,000,000
Cash in vault
755,000,000
48,000,000
744,000,000
53,000,000
5,278,000,000 5,276,000,000 5,290,000,000
1,304,050,000 1,295,000,000 1,160,000,000
99,000,000
129,000,000
Net demand deposits
Thee deposits
Government deposits
112,000,000
982,000,000
Due from banks
Due to banks
124,000.000
898.000.000
1,000,000
Borrowings from Federal Reserve Bank-
82,000,000
897,000,000
126,000,000
Loans on secu r. to brokers & dealers:
1,266,000,000 1,146,000,000 1,091,000,000
For own account
1.171,000,000 1,079,000,000 1,768,000,000
For account of out-of-town banks
1,404,000,000 1,494,000,000 2,934,000,000
For account of others
3.841,000,000 3,720,000,000 5,793,000,000
Total
3,387,000,000 3,302,000,000 5,332,000,000
454,000,000 417,000,000 460,000,000
1
Chicago.
1,984,000,000 1,974,000,000 2,142,000,000
On demand
On time
Loans and investments—total
1,591.000,000 1,575,000,000 1.678,000,000
Loans—total
979,000,000
612,000,000
On securities
All other
956,000,000
619,000,000
972,000,000
706,000,000
393,000,000
Reserve with Federal Reserve Bank
Cash In vault
464,000,000
170,000,000
229,000,000
206,000,000
258,000,000
168,000,000
15,000,000
U.S. Government securities
Other securities
399,000.000
162,000,000
231,000,000
Investments—total
177.000.000
15,000,000
176,000,000
16.000,000
1,236,000,000 1,250,000,000 1,255,000,000
618.000,000 620,000,000 655,000,000
10,000,000
33,000.000
Net demand deposits
Time deposits
Government deposits
150,000,000
341,000,000
Due from banks
Due to banks
132,000,000
327,000,000
Borrowings from Federal Reserve Bank
170,000,000
369,000,000
146.000.000
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 Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business March 12:
The Federal Reserve Board's condition statement of w.ekly reporting
member banks in leading cities on March 12 shows increases for the week of
$131 000 000 in loans and investments $212 000 000 in net demand
deposits ..nd $61 000 000 in time deposits and a decrease of 833 Ammo
in borrowings from Federal Reserve banks.
Loans on securities increased $146,000,000 at all reporting bank, $115,000,000 in the New York district. $20,000,000 in the Chicago district and
$66.000,000 in the Minneapolis district, and declined $8 000,000 in the
Philadelphia district. "All other" loans increased $10,000.000 at ah r Porting banks, $11,000,000 in the New York district, $8.000,000 In the
San Francisco district and $6,000,000 in the Boston district, and declined
$3,000,000 in the Atlanta district
Holdings of U. S. Government securities declined $13,000,000 at air
r,porting banks and $16,000,000 in the New York district and increased
Holdings of otlur securities
$10.000,000 in the San Francisco district
declined $13,000,000 at a.1 reporting banks, $16,000,000 in the New York
district, $7,000.000 in the Chicago district and $5,000,000 in the Cleveland
district, and ircrrased $11,000.000 infho San Francisco district.
The principal changes in borrowings from Federal Reserve banks for the
week were decreases of $9,000.000 at the Federal Reserve Bank of Chicago.
$8,000,000 at San Francisco and $5,000,000 at Kansas City.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
March 12 1930,follows:
Increase (+1 or Decrease (--)
Sines
Mar. 13 1929.
Mar. 121930. Mar. 5 1930.
$
$
Loans and Investments—total___22,232,000,000 +131,006,000 —150,000.000
Loans—total
On securities
All other
16,704,000,000
+157,000,000
+274,000.000
7.883,000,000
8,821,000,000
+146.000,000
+10,000,000
+372,000.000
—97,000,000
5,528,000,000
—26,000,000
—425,000.000
2,753,000,000
2.775,000,000
—13,000,000
--13,000,000
—283.000.000
--142,000,000
Reserve with Federal Res've banks 1,733,000,000
Cash in vault
222,000,000
+50,000,000
+4,000,000
+7.000,000
—23,000.000
13,152,000,000
6,948,000,000
+212,000,000
+61,000,000
—246,000,000
+93,000,000
6,000,000
1,113,000,000
2.827,000,000
+15,000,000
—83,000,000
—34,000.000
—18,000.000
95,000,000
—33.000,000
—621,000,000
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
1932
FINANCIAL CHRONICLE
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district,
with loans and investments of 8135,000,000 on Jan. 2 1929,
which was merged with a non-member bank.
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication Mar. 22 the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
The general situation has not improved, a condition attributed to the low
exchange, world cereal price situation, sluggish exports and railway labor
troubles. However, the recent rains were beneficial to the very late corn
crop, of which considerable areas were planted, and the construction work
showed a considerable improvement. Credit continues to be tight. The
gold deposited with Argentine legations declined to 12,500,000 gold pesos.
The yarn market continues to be dull.
AUSTRALIA.
Withdrawals of imported goods from bond in anticipation of a new tariff
schedule continue heavy and are resulting in record customs collections.
A recent conversion loan offered on the domestic market was over-subscribed.
The difficulty in obtaining exchange continues. The coal strike remains
unsettled. Mine owners are asking for volunteer labor at reduced wages,
and the response is reported to be fair. Wool sales during the past week
brought prices that were barely steady. It is reported that the Government
contemplates continuance of the cotton bounty for another five years.
BRAZIL.
Business conditions in Brazil continue unimproved. January and February customs receipts were approximately 27% below those for the
corresponding period of 1929, and internal revenue for the same period
was 14% lower. Approximately $25,000,000 worth of gold has been
shipped during the past 90 days. Coffee and exchange have been firm,
with coffee shipments normal volume. In 1929 coffee exports amounted
to 14,280,815 bags.
CANADA.
Although the manufactuzing field does not lack reflections of the approach
of spring on operating schedules, Dominion business conditions continue
unsatisfactory as the result of condition in the wheat market. In view of
the importance of this commodity in Canada's- economic organization, and
the short crop of last year, the persistence of low levels in current quotation
Is responsible for continued caution in all lines of commercial activity as
an offset to probable decreases in purchasing power. The past week recorded
still further declines in the Winnipeg market to near the dollar level. In
this connection the psychological effect of market developments to date on
general activity is perhaps more important than the depreciation suffered
by Canadian stocks in last fall's security decline, even though the paper
losses of that period are now estimated locally at five billion dollars, or the
equivalent of $500 per capita of Canadian population. One of the bright
spots of the present situation is the headway being made in mine develop.
scent programs, in spite of the lower metal quotations now prevailing.
Automobile and allied plants are seasonally busier, firms producing railway
equipment and heavy construction materials have been awarded substantial
contracts recently, and fairly heavy production schedules are being maintained by the silk and hosiery mills, rubber and furniture factories. The
agricultural equipment business remains quiet. Montreal shoe factories
are reported to be operating at about 70% of capacity. Textile stocks
In jobbers' and merchants' hands are reported to be low. Hardware trade
Is improving and a fair tone is exhibited in groceries. A shortage of oats
for feed is reported imminent in the Prairie Provinces and Ontario, and
sorhe authorities anticipate substantial importations from the United States.
Production of newsprint in Canadian mills in February is reported at 189,154
tons, an increase of about 1% over output in February last year, but the
operating ratio is now only 69% of rated capacity in comparison with a
ratio of 78% last year. The Canadian House of Commons has voted against
restoring Federal financial aid to the Provinces in the construction of
highways. Road construction is an important item in the Manitoba supplementary estimates presented to the provincial legislature during the past
week. Lake Head wheat stocks on Mar. 7 totaled 52,323,000 bushels, an
Increase of about 300,000 bushels over the Feb. 28 return. The statistician
of the Dominion Board of Grain Commissioners estimates that 180,000,000
bushels of Canadian wheat is available for export during the remaining
five months of the present crop year. The Alberta, Saskatchewan and
Manitoba co-operative pools have reduced initial payments on remaining
deliveries .of coarse grains to country elevators; rye payments by 35c. per
bushel and barley and oats each by 10c. Creamery butter in storage on
Mar. 1 amounted to 13,000,000 pounds, 59% more than the total for that
date of 1929, although a decline of 4% took place during February. Cheese
stocks of 8,859,000 pounds were 38% lower than last year. The lumber
trade appears to have marked time during February, according to current
reports. In British Columbia little hope is held for early spring trade
revival, but shingle producers are said to have improved their position
somewhat with stocks on hand approaching moderate proportions. In the
East buying is only to fill immediate needs, although retailers are reported
to be very short of supplies. Mill stocks are well above those on hand
a year ago. The Dominion Bureau of Statistics estimates the value of the
tourist business in Canada in 1929 at $300,000,000. Expenditures of
Canadian tourists in other countries during the year is estimated at
$111,000,000.
Shanghai trade circles continue uneasy with regard to prospects. Silver
stocks remain high. Exchange was steady during the past week, with only
little fluctuation. Manchuria business continues at a low ebb, with its
[VoL. 130.
recovery in North Manchuria much slower than was anticipated, due to
the destitution which exists in many outlying towns. A very poor demand
and declining prices of grains and cereals are causing hardship to numerous
large firms, particularly Harbin firms, where the increased exchange rate
in relation to Harbin dollars has resulted in a lowering of produce prices.
Many outlying municipalities are applying for provincial loans and exemption from taxation. While Mukden business continues stagnant, reports
from Darien indicate brisk activities in all lines, with large import stocks
held in warehouses. The Peking-fukden Ry. is planning a daily immigrant
train accommodating 2,000 immigrants, in anticipation of moving a total
of 300,000 immigrants during the season, not including arrivals via Darien.
FRANCE.
The French Chamber of Deputies adopted the 1930-31 budget on Mar. 13
by vote of 476 to 112, and the document is now under consideration by the
Senate. It is hoped that the budget law will be finally passed by Mar. 81.
As transmitted to the Senate the budget provides for receipts of 50,400,000,000 francs and expenditures of 50,200,000,000 trance, leaving a
surplus of 200,000,000 francs, which, however, will probably be reduced
to only 10,000,000 francs as the result of certain new credits which are yet
to be inscribed in the budget. The general index of wholesale prices at
the end of February was unchanged from the previous month at 576 ; an
increase of five points to 611 in national profits was offset by a decline
of eight points to 513 in imported products. On a gold basis the general
index amounts to 117. The index of Paris retail prices in February was
598, as compared with 609 at the end of January, continuing the decline
previously reported. On a gold basis, the retail index was 121, as compared with 124 for January.
INDIA.
Indian customs revenue for February indicates a considerable decline in
imports for the month compared with the corresponding month in 1929.
According to indications the chief declines were in receipts of iron and
steel, cutlery, hardware, cement, automobiles, motor cycles, piece goods,
tobacco, and matches. Receipts of sugar, mineral oils, pneumatic tires,
liquors and tin blocks, however, were larger. Exports of rice and jute
were heavier.
The Indian fiscal budget, published Feb. 28, included among tariff
changes an increase from 11 to 15% in the ad valorem duty on all piece
goods, effective immediately. This increase is expected to prove of great
benefit to the Indian textile industry and to curtail imports of Japanese
cotton piece goods. The legislature is also authorized by the Government
to approve a proposal to place an additional 5% duty on all non-British
cotton goods. It appears probable that this proposal may be adopted.
India's foreign trade registered a decline in January in comparison with
the corresponding month in 1929. Imports dropped from 268,459,000 to
229,300,000 rupees, and exports from 297,520,000 to 264,700,000 rupees.
Japan's share of January imports aggregated 11% of the total from all
sources compared with 7.5% for January of a year ago. Germany's share
increased from 5 to 6%, but that of the United States declined from
6 to 5%.
JAPAN.
Stock and commodity markets continue very dull, with a marked decrease
in foreign trade, especially imports. The Government is assisting in the
stabilization of raw silk prices at 1,250 yen per export bale by extending
30,000,000 yen in the industry. The aluminum industry may also receive
Government support. The Sino-Japanese Treaty has been initialed for
approval. Under the terms of the Treaty, China is granted customs
autonomy but agrees not to increase duty on a number of commodities,
including textiles, sugar, and flour, for a certain period. Local gold
conversions by banks now total 160,000,000 yen.
MEXICO.
An undertone of uneasiness prevails, with markets generally lacking in
animation. Sales of hardware, textiles and shoes were quiet. Automobile
sales were fair, while truck sales were good. The effects of short crops
and reduced mining activities, due to low silver prices, are beginning to be
felt, and a fairly prolonged period of dullness is anticipated.
NETHERLAND EAST INDIES.
Consumption of imported goods is slightly better, but profits are lower
and general trade conditions continue dull. The credit situation remains
unchanged. The Java bank rate was lowered %% on Feb. 10.
SWEDEN.
The Swedish industrial production index for 1929 reached 135 compared
with 110 for 1928 and 115 during 1927 (monthly average 1923-24= 100).
The low figures for 1928 was caused by the prolonged labor conflict in
some of the leading export industries. Production of pulp showed the
greatest gain, with the index recorded at 160 against 117 in 1928 and 134 in
1927. Paper advanced to 146 from 122 and 126 for the two previous years,
while the production of wood goods reached 103 against 100 and 97 during
1928 and 1927, respeetivily. The index for the iron and steel Industry
was 135 compared with 114 and 100, and the output of iron ore 189
against 71 and 164 for the years 1928 and 1927.
The Department's summary also Includes the following
regarding tile Island possessions of the United States:
PHILIPPINE ISLANDS.
Credits and collections continue unsatisfactory in most districts and general business conditions are quiet. The textile market of the past week
was featureless, with no improvement noted. After slight buying of abaca
during the week, with high grades scarce and medium and low grades
plentiful, there is now no demand and the market Is quiet. Receipts of
abaca during the week ended Mar. 10 totaled 30,676 bales, and exports
amounted to 32,387, of which 11,955 went to the United States. Copra
arrivals continued very slow, amounting to 58,159 sacks at Manila from
Mar. 1 to 11, and to 46,231 sacks at Cebu for the first seven days of the
month. To-day's price quotations at Cebu and Manila are 1,225 pesos per
picul, and Legaspi and liondagua 10 pesos. Exports of copra in January
amounted to 10,829 metric tons and coconut oil shipments totaled 12,062
tons, all of which went to the United States.
Stock of Money in the Country.
The Treasuiy Department at Washington has issued the
customary monthly statement showing tho stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note that,
beginning with the statement of Dec. 31 1927, several very
important changes have been made. They are as follows:
MAR.22 1930.]
FINANCIAL CHRONICLE
(1) The statement is dated for the end of the month instead
of for the first of the month;(2) gold held by Federal Reserve
banks under earmark for foreign account is now excluded,
and gold held abroad for Federal Reserve banks is now included; (3) minor coin (nickels and cents) has been added.
On this basis the figures this time, which are for Jan. 31
1930, show that the money in circulation at that date (including, of course, what is held in bank vaults of member
banks of the Federal Reserve System) was $4,562,027,826,
as against $4,864,824,312 Dec. 31 1929 and $4,656,617,424
Jan. 31 1929, and comparing with $5,698,214,612 on Oct.
31 1920. Just before the outbreak of the World War, that
is, on June 30 1914, the total was only $3,458,059,755.
The following is the statement:
rgNpr4
,
c 22,$)
J
,
r N? p ig a iggal s
I r
f
ss.
WOCOCC
Vo-••-•0004
Ote-40C0
0
1933
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
United States for their retirement. A 5% fund Is also maintained In lawful money
with the Treasurer of the United States for the redemption of National bank notes
secured by Government bonds.
Gold and Silver Imported Into and Exported from the
United States, by Countries, in February.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during the month
of Feb. 1930. The gold exports were only $207,118. The imports were $60,198,076, of which $40,906,014 came from
Japan and $11,822,646 from Brazil. Of the exports of the
metal $178,447 went to Mexico. Below is the report:
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES. BY COUNTRIES.
GOLD.
a
Countries.
Total.
8.732.677.064
8.211.982.901
8.479.620.824
5.396.596.677
3.796.456.764
1.007.084,483
1.774.113.022
1.484.593.458
1.212.360.791
1.877.545.019
Dollars.
Total (Incl. Coin).
Exports.
Imports.
Exports.
Imports,
Dollars. Ounces.
880
Ounces.
Dollars.
Dollars.
Exports. Imports.
w
SILVER.
Refined Bullion.
Total.
Held for
Federal
Reserve
Banks
and
Agents.
MONEY HELD IN THE TREASURY.
Amt. Held in Reeve Agairut
Trust Against United States
Gold & Silver
Notes
Certificates (ct (and Treasury
Treaty Notes
Notes
of 1890).
0 1890).
1
Belgium
6.371
3,911
France
580
Germany
10.000
99.897
847
• 43,081
Spain
8,720
10.016
1.103
265.372
115.300
United Kingdom --1,130
143.945
Canada
9.871 2,628.855
152,023 287.338
Costa Rica
13.515
9.702
Guatemala
7.713
97.313
43.791
Honduras
3.258
53.559
3.921
Nicaragua
100,000
Salvador
4,132.821
45.440 2.844.702
Mexico
178,447 1,490.553
1.300
4.215
Trinidad & Tobago_
Cuba
19.258
250
40,000
Dominican Republic
24.500
Haiti, Republic of.8,640
297.000
10,255
4.470
Argentina
1,956,333
Bolivia
11.822.646
Brazil
17.262
Chile
101.543
70.651
140
62
Colombia
144,102
Ecuador
5.806
5,046
Surinam
79.839
Peru
534,828
36.864
Venezuela
600.145
281.538
British India
86 4,317.254
99.253 9.906,480
phina
37
73,691
123.086
Lava and Madura_
41,920
20,000 891,007
387.233
Hong Kong
8,800
40,906,014
Japan
220.471
3.699
Philippine Islands16.606
29 ___...__
16
New Zealand
7.050
10.153
Belgian Congo
59
1.615
Union of Bo. Africa.
207.118 60.198.078 11.918.401 4.307.338 5.330.554 3.923.026
. AU
Other
Money.
MONEY OUTSIDE OF THE TREASURY.
a Includes United States paper currency in circulation in foreign countries and
the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
b Does not include gold bullion or foreign coin other than that held by the Treasury. Federal Reserve banks, aria Federal Reserve agents. Gold held by Federal
Reserve banks under earmark for foreign account is excluded, and gold held abroad
for Federal Reserve banks is Included.
c These amounts are not included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is included under gold win
And bullion and standard silver dollars. respectively.
d The amount of tnoney held In trust against gold and silver certificates and Treasury notes 01 1890 should be deducted from this total before combining it with total
money outside of the Treasury to arrive at the stock of money In the United States.
e This total includes 831.565,337 of notes in process of redemption, $58,258,598
of gold deposited for redemption of Federal Reserve notes, $29,277.802 deposited
for redemption of National bank notes. $1,900 deposited for retirement Cl additional
circulation (Act of May 30 1908), and $7,472,088 deposited as a reserve against
postal savings deposits.
I Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Note -Gold oertlfleates are secured dollar for dollar by gold held In the Treasury
for their redemption:silver certificates are secured dollar for dollar by standard silver
dollars held in the Treasury for their redemption: United States notes are secured by
a gold reserve of $158,039,088 held In the Treasury. This reserve fund may also
be used for the redemption of Treasury notes of 1890, which are also secured dollar
for dollar by standard silver dollars held In the Treasury. Federal Reserve notes
are obligations of the United States and a first lien on all the assets of the issuing
Federal Reserve bank. Federal Reserve notes are secured by the deposit with
Federal Reserve agents of a like amount of gold or of gold and such discounted or
purchased paper as Is eligible under the terms of the Federal Reserve Act. Federal
Reserve banks must maintain a gold reserve of at least 40%. Including the gold
redemption fund, which must be deposited with the United States Treasurer,
against Federal Reserve notes in actual circulation. Lawful money has been dePosited with Wm Treasurer of the United States for retirement of all outstanding
Deposits in London's "Big Five" Banks Decrease Due to
Heavy 1928 Borrowings and 1929 Business Depression.
Feature of an aggregate balance sheet of the "Big Five"
banks in 1929 are an increase in advances, a decrease in
deposits, and a consequent increase of the ratio of advances
to deposits to 55% from 52.7%, according to London
accounts published in the Feb. 19 issue of the "Wall street
Journal." These advice:4 go on to say:
The decrease In deposits is contrary to the movement of recent years,
during which they have expanded concurrently with advances. The increase in advances Was effected mainly at the expense of bill holdings, call
money and investments.
A comparative aggregate balance sheet of the five banks for the last two
Years follows.
-Dee.31 1929-Dec 31 1928
-Aura%•
%•
207.679.321 12.3
Cash in hand and at Bk.of England_ 210,066.717 12.9
Bala. with & checks in course of 00162,763,672 3.9
65.885.248 3.9
124.321,243 7.6
139.223.414 8.4
Money at call and short notice
196,067,528 12.1
231.062.019 13.9
Bills dIseounted
196.548.890 12.1
208.938.245 12.5
x Investments
878.853.810 52.7
893,775.171 55.0
Advances
32.938.824 2.0
31,444,819 1.9
Bank premises
1,901.798,421 --1,993,775.144
Aggregate of balancesheet.total
Dec. 31 1929. Dec. 315928.
Liabilities
£63,901,010
£63.901.010
Capital paid up
52.482.541
Reserve funds
52.482.541
1,625,579.584 1,686.226.701
Current deposits and other accounts
Acceptances endorsements. tite
• Percentage of current and deposit mounts. x Excluding those in iffIllited
Institutions.
Deposits Decline Misleading.
The fall in deposits, amounting to approximately £41,000.000, at first
Reference to monthly averages of the 10 London clearing
appears serious.
banks shows, however, this decline Is somewhat misleading. Though the
clearing banks figures for December show a decline of around £32.000.009
in deposits compared with December of previous year, the increase over
November was only £22.000,000 in 1929, compared with a similar Increase
of £55,000.000 in 1928.
The December figures in 1928 were abnormal, being affected by the
exceptionally heavy borrowing from the Bank of England that year,
But for this exceptional increase of deposits in 1928, this Year's comparative
decline would not have been so noticeable. Even so, there undoubtedlY
has been some real decline In deposits, although at the same time wholesale
prices fell by 7% during the year,so the relative amount of credit available
has increased.
Reginald McKenna. referring to a decline of £15.000,000 in deposits of
the Midland Bank. pointed out that this decrease had taken place In the
second half of the year when business took a decided turn for the worse. A
further Indication of this course was the continued downward trend in
proportion of the Midland's current account balances to total
&Modal.
which fell to 52.6% In October from 54.6% in January,
1934
FINANCIAL CHRONICLE
Lloyds' Ratio Also Off.
LloycLs' Bank, which has followed the Midland's example this year in
publishing this ratio, shows a similar decline, the proportion falling steadily
to 46.4% in 1928 from 51.5% in 1923 and reaching its lowest level since
1902 at the present time. On the subject of bank statistics, Beaumont
Pease, Chairman of Lloyd's, made the annoucnement that in the future
his bank would publish the annual turnover, showing the total value of
checks drawn on customers accounts. This bank led the way in giving fullest
publicity to reliable data which may reflect the general trend and activity
of trade, and alone of the "Big Five" has adopted the form of balance sheet
recommended by the Cunliffe committee.
Until the other banks follow suit, It is impossible with certainty to draw
the general comparative deductions which might otherwise be made.
Lloyds is the only bank which gives separately Its holding of treasury and
commercial bills. Its total bill holdings show a decline of £10,000,000. of
which more than £8,000,000 is represented by Its decreased holdings of
treasuries. The total bill holdings of the "Big Five" show a decrease of
nearly £35,000,000. As the total amount of treasuries outstanding declined
by £7,000,000 last year, Lloyds' proportion of holdings of treasuries to
commercial bills probably represents the ratio of other banks and points to a
decrease in the commercial bilis available in London last year. A fall of
£12,000.000 In'investments represents little more than the market depreciation of high grade securities and writing down by the banks to meet this.
Explaining Acceptances Decline.
The decline of more than £50,000,000 in acceptances is caused partly by
the action of the Midland in separating for the first time forward foreign
exchange items from its total of engagements on account of customers.
Apart from this change, there was, no doubt,a decline in amount of acceptance business done by London last year owing to the high level of money
rates. Ratio of cash to deposits was Improved by all the "Big Five" except
the National Provincial and is adequate in every case.
Only one bank, the Midland, is making an increase in its capital and
reserves. The average ratio to deposits of this Item in the "Big Five"
Is only 7.1% and recently was commented on by Mr. Beckett, Deputy
Chairman of the Westminster, as a reason why British banks. unlike
German contemporaries, would not make long term advances to industry or
participate in Investments in industries.
[VoL.130.
East. It is only in distinct expectation that this shall be
done that I have been able to relegate my own misgivings
against the German-Polish liquidation agreement to the
background and give the law my signature." President
von Hindenburg also signed all the other pacts in the series
of liquidation agreements to-day. It is pointed out that
had he refused, not only would all of the liquidation arrangements, including the French, Belgian, British, Italian
Australian, New Zealand and Canadian, have become void,
but the other nations might have even declined to ratify
the Young plan.
Clarence
Hatry, London Stock Promoter,
Loses Plea
For Cut in Prison Term.
Associated Press advices from London, dated March 17
reported that Clarence Hatry, stock promoter, had been
denied leave to appeal from a sentence of 14 years' imprisonment arising from his recent conviction on irregular
financial operations. Hatry contended that the sentence
was too severe, but Lord Chief Justice Hewart, dismissing
the appeal said: "The true conclusion is that this sentence
is not a day too long." In addition, he said, the sentence
would date from to-day instead of the date of conviction,
Jan. 24.
Associated Press advices from Milan, Italy, March 17,
also stated that John Gialdini, missing director of the Clarence Hatry group of companies which failed in London last
Fall, was in custody.
Comparative Ratios Higher in Germany.
Griscom & Co. Warns Against
Among German banks,comparative ratios are 8% for the Dresdner, 12% Max Winkler of Bertron,
for the Deutsche and 16% for the Disconto. Mr. McKenna,In commenting
Promiscuous Buying of Foreign Bonds.
on the reason for the Midland's increase, stated the scale of operations had
Although the rise in bonds, in response to the pronounced
become so vast that present paid up capital was too low in comparison with
liabilities to customers.
ease in money rates, is encouraging, it is beginning to appear
The Chairmen of all except the Midland, which was in no way Involved. that the enthusiasm for fixed income bearing securities
is
alluded to their possible losses from the Hatry affair and showed that In no
case had these affected their general stability or profits. Provisions in all being carried too far, according to a statement made by Max
cases has been made to meet the utmost losses which may be incurred. Winkler of Bertron, Griscom & Co., Inc., who says:
The main items in the balance sheets of each of the "Big Five" are shown
This would seem to be especially true as regards foreign bonda. It Is
below:
quite possible that large loans are In the process of being floated in behalf
(In millions of Pounds.)
finances of many of which are not what one
-Wartn't-Nal. Prefl- of foreign governments, the
-Midland- -BarclaysDec. 311929. 1928. 1929. 1928. 1929. 1928. 1929. 1928. 1029. 1928. might consider especially sound. However, in the midst of the excitement
rise or almost all foreign Issues, anew offering could be underTotal assets
445.7 491.7 385.5 386.1 431.1 439.8 332.5 340.5 306.8 329.7 over the rapid
Cap.& reserves 26.9 28.9 26.1 28.1 25.8 25.8 18.6 18.6 114.9 18.9 taken successfully. A somewhat similar situation existed in our bond
Deposits
376 7 394.6 337.4 335.1 351 6 352.1 285.1 294.1 271.5 290.3 market less than three years ago. The anxiety to float foreign loans knew
Acceptances._ 19.7 24.9 21 9 24.9
8.6 13.3 27.5 26.5 15.1 18.5
Cash
46.9 45.4 51.8 50 4 44.2 42.3 35.4 35.1 31.8 34.4 no bounds, due to the marked desire on the part of the public to acquire
Money at call. 21.6 27.7 23.5 24.0 26.4 26.8 33.1 34.8 19.4 25.9 such issues. We recall only too well that when a Hungarian city announced Its
Bills
58.7 63.3 369 38.2 3...6 49.8 32.5 36.8 28.1 43.5 willingness to borrow, 36 AMC3r1CSD banking houses were eager to lend. We
Investments
32 9 36.8 52 7 58.5 37.1 38.1 37 9 38.4 35.8 36.9
210.3 214.0 174.4 188.8 191.7 187.1 148.7 149.1 156.6 150.5 also remember that the call for funds Issued by a Serbian city attracted 12
Advances
American bids: that no less than 25 American firms were competing for an
Italian municipal loan: and that six were trying to obtain a Brazilian city
President von Hindenburg of Germany Signs Polish- loan. The result was that borrowers secured loans on terms which were
not
the existing state of affairs of these
German Liquidation Pacts-Initials Polish Agree- The always warranted by as he always does,somewhat too late. borrowers.
investor realized this,
Purchase
ment but Asks Aid for Agriculture in Eastern of bonds largely because of the high return is not always the safest policy
scrambling for Latin-American bonds, he
Is
Provinces-Reich's Promulgation of Reparation to pursue. If the investor the reasons why one of the
should endeavor to find out
Republics paid the
Laws Complete.
interest due on Mar. 1 1930, on the 18th. To be sure, these bonds are
President von Hindenburg on March 18 set his signature listed as internal, but large amounts are known to be owned abroad, and
it is difficult to conceive of a country with two different codes of ethics.
to the Polish-German liquidation agreement, thereby com- A default Is a default, irrespective from whom payments are withheld.
pleting the promulgation of all the laws which deal with the Once again, the American investor should be reminded of the hazards
agreements reached at The Hague. Justifying his signature incident upon promiscuous buying.
by declaring that he was convinced after consultation yesterday with the Minister of Justice and other legal advisers that
there were no grounds for constitutional objections, the President launched another stirring appeal to his countrymen,
this time on behalf of his native heath. The appeal took the
form of a letter addressed to Chancellor Mueller urging the
necessity of taking immediate steps to relieve the desperate
lot of the agrarain population in the Eastern frontier districts.
"Legal measures for the protection of the agricultural
Eastern districts are not sufficient," the letter read, according to a cablegram from Berlin to the Now York "Times",
which added:
These districts urgently need effective financial relief. Many estates,
farms and peasant holdings are so heavily overmortgaged at such excessive
rates of interest that it Is impossible for their owners to meet engagements
and avoid foreclosure out of their ordinary profits. Large sums must be
placed at their disposal in order to insure the maintenance of living conditions."
President von Hindenburg said he was aware that it was most difficult
In these times to find large sums, but that unless this were done the collapse of thousands of farms, necessitating emigration, was inevitable. He
held agricultural reform stands next in importance to financial reform.
Indicative of the strong impression the appeal made In Reichstag circles,
it was learned to-night that the coalition parties, which hitherto have
been unable to agree on a method of affecting agrarian reform, are now
almost in unison. They further showed their appreciation of the President's action by introducing a bill In the Reichstag to-day Providing that
his proclamation in connection with his signing of the Young plan laws
shall be placarded throughout the country.
President von Hindenburg proposed In his message to Chancellor Mueller
accompanying his signature of the Polish liquidation agreement that Industry should turn over part of its revenue for farm relief, thereby establishing a certain equilibrium between industry and agriculture.
The President closed his letter with the admonition to
'restore our agriculture and rehabilitate our crumbling
Bavarian Bank to Open Branch at Oberammergau.
Bayerische Hypotheken-Und Wechsel-Bank with head
offices in Munich and Nuremberg, announce plans for the
establishment of a branch office at Oberammergau which
will be especially equipped with conveniences for the reception of tourists and visitors to the Oberammergau Passion
Plays.
Mexican Debt Parley Asked, Says President Ortiz
Rubio of Mexico-Bankers Have Been Invited to
Confer in Mexico or New York, President Asserts
Conference of Silver Producers to Be Called.
A special cable to the New York "Times" from Mexico
City, Mar. 18, reports that President Ortiz Rubio told
newspaper men on that day that Communist activities
which were contrary to Mexican law had ceased. "Those
elements realize that they have been acting contrary to the
law, and have indicated to me that in the future there will
be no recurrence," he said. The President also said he had
invited the International Committee of Bankers on Mexico
to confer with his financial advisers either in Mexico or in
the United States regarding Mexico's foreign indebtedness.
He freely and frankly discussed points of major importance
in Mexico's financial, labor and economic problems, the
"Times" account goes on to say, adding:
The Interview took place In the President's offices at his official residence,
Chapultepec Castle. His chief of staff, General Agustin Mora, was
Present. The Executive Is still wearing heavy bandages and was fresh
from a dressing of the wound in his jaw, Inflicted by an assassin's bullet
on inauguration day.
MAR. 22 1930.]
FINANCIAL CHRONICLE
Aside from the bandages Senor Ortiz Rubio looked remarkably well.
'He spoke without difficulty except for the handicap of yards of bandages
:around his face.
Prompt in His Answers.
The President answered all questions without hesitating for his reply
and, considering their number, showed remarkable patience and a keen
-desire that the outside world understand how Mexico stands and what
he intends to do to ameliorate the industrial and agricultural despression
here.
ItaP'President Hoover," Senor Ortiz Rubio said, "personally accepted an
invitation from me to visit Mexico, but the date for the journey has not
been fixed."
In regard to the slump below production cost of silver
prices, which particularly affects Mexico as the world's
'chief producer, President Ortiz Rubio said he planned to
-call a conference of all silver producers in Mexico with a
view to evolving some plan of operation satisfactory to employers and employes. As to what that solution might be
he was unable to offer an opinion, but he thought restricted
-operations in the near future would be indispensable and
that work in other lines would have to be found for some of
the miners.
On the question of intensification of industrial development, the President said his government would make every
-effort to induce industrialists, both foreign and Mexican,
to run their factories and other enterprises at high pressure,
'counting upon official support as far as possible. "I want
-capital to work hard," he said, "and the government will
help." He insisted that the gains of labor in wages, hours
.and working conditions must not be lost or diminished.
"That is my duty and I will not depart from that principle,"
he_said.
.
As for Mexico's proposed labor code, which has been
-attacked by employers as ruinous, the President said that
was a matter for Congressional, and not executive, action.
This was taken to indicate that there would be at least a
-considerable delay in passage of the measure, the New York
"Times" correspondent says, and concludes as follows:
In regard to the recent incident on the Mexican-Guatemalan border
in which, it is alleged, armed bandits invaded Mexico on a raid, Senor
Ortiz Rubio said there would be no difficultues, as the frontier line itself
is well defined. He said that Mexico and, as far as he knows, Guatemala
have not sought the intervention of the Unitei States for a settlement of
the incident.
kThe governmental campaign against gambling, the President said, made
considerable progress under his predecessor. Senor Portes Gil, and stated
he would continue the efforts to stamp it out. He said that one of the
difficulties was that as soon as groups of gamblers were driven from one
point they gathered at another. He said the campaign would be extended
to resorts in Lower California.
WiAt the conclusion of the interview the President posed for news photographers. lie remarked that he would not grant interviews frequently
until he feels stronger. Ile lost more than twenty pounds in the course of
his recovery from his wound.
American Banks Acquire Spanish Government Loan.
One more country has just been added to those in whose
bonds America has invested, through the participation on
the part of U. S. bankers in the underwriting of the Spanish
6% gold loan. The loan aggregates 350,000,000 pesetas,
will mature in lOyears,and is guaranteed by gold receipts for
-customs duties. Of the total, 43,500,000 pesetas were taken
by foreign banks, of which more than 35%, or 15,500,000
pesetas, was subscribed by two American institutions,
.exclusive of 6,000,000 pesetas taken by the English affiliate
-of an American banking house. This transaction represents
the direct purchase for the first time of Spanish Government
bonds.
Bohemian Discount Bank and Society of Credit—
Annual Report for 1929 Shows Savings Deposits
Exceeded 1,000,000,000 Crowns for First Time in
Bank's History.
The annual report of the Bohemian Discount Bank &
Society of Credit, Prague, Czechoslovakia, announces
increased business during 1929, and maintenance of the 11%
dividend on the increased capital, which was raised from
Kc. 200,000,000 to Kc. 250,000,000 during the year. It is
-also announced that savings deposits and certificates of
deposits exceeded one billion crowns for the first time in the
history of the bank. (Czechoslovakian currency is stablized
at the equivalent of about U. S. $.02965 per crown).
The bank's balance sheet for December 1929 has just been
published and shows total resources of Kc. 4,396,601,674 as
-compared with Ke.3,964,376,743 on Dec. 31 1928. Deposits
increased during the year from Ko.3,345,708,000 at the close
-of 1928 to Kc. 3,712,715,636 at the end of 1929. Net profits
for the year amounted to Kc. 36,847,745 compared with
Kc. 35,665,837 for 1928. After the payment of Kc. 27,500,000 in dividends and the allocation of Ka. 12,212,733 to
1935
special reserves and expenses, the sum of Kc. 625,980 was
carried forward for the year.
The balance sheet as of Dec. 31 1929, follows:
Cash and liquid assets with Czechoslovak banks
278.935.748.75
Foreign exchange
69.208,344.60
Bills receivable
365.570.501.60
Securities
247.482.534.45
Participations
201.209.291.10
Debtors
3,099.220.277.40
Fixed Assets:
Real estate
91,254,413.00
Temporary assets
43,720,563.40
Guarantees, 8,:c
lic.1.596.932,061.25
4.396,601.674.30
Liabilities—
Capital
Reserves
Relief funds
Deposits
Creditors:
(a) Bankers
(b) Current accounts
Unclaimed dividends
Temporary liabilities
Guarantees, Ac.as per contra
Net Profit:
(a) Carried forward from 1928
(b) Net profit for 1929
250,000.000.00
293.330.040.65
1,270.000.00
1.062,157.730.35
Br.1,112.708,628.80
1,537,849,276.70
.650.557.905.50
50,066.00
98,897.217.35
1,596,952.061.25
3,490,968.90
36,847.745.55
40.338,714.45
4,396.601,674.30
Germany, Poland Sign Favored Nation Treaty.
Consummation of a most favored nation commercial
treaty between Germany and Poland, under which the socalled "non-German" certificate of origin will be no longer
required for American merchandise, was reported to the
Department of Commerce on March 20 in advices from
Commercial Attaches Clayton Lane at Warsaw and H. Lawrence Groves at Berlin. The treaty will be effective from
the date of ratification, indefinitely thereafter, subject to
abrogation on three months' notice. The treaty will remove
all special restrictions against German goods, as well as
against shipment of foreign wares into Poland through
Germany.
Soviet Russia Calls Halt to Violence in War on Religion
—Cannot Crush Church Over Night, Atheists Told
as All-Union Congress Opens.
The following Associated Press Advices from Moscow
March 20 appeared in the New York "Herald-Tribune" on
March 21:
Russian atheists at the opening of the All-Union Congress of Atheists
to-night declared that their propagandists must abandon the idea that
religion can be exterminated in Russia overnight.
Successive speakers told the delegates, whose proceedings were broadcast all over the country, that excesses committed by atheistic workers and
village officials in the Soviet war on religion must cease forthwith.
They warned their hearers that no attempt must be made to close churches
by force, to remove church bells, to coerce peasants into joining the League
of the Godless, or to proclaim whole districts as "atheistic regions."
Only by peaceful argumentt, persuasion and propaganda and by scientific explanation, said Emelyan Yaroslavsky, Chairman of the Society of
Militant Atheists, should members of the society attempt to remove God
and religion from the hearts of the people.
Throughout the proceedings it was apparent that the speakers had been
Instructed to account for the extremes to which they had gone in trying to
convert the Soviet Union all at once into a land without God, religion or
church.
At the same time the speakers lashed out at Pope Plus XI for his recent denunciation of the anti-religious campaign and for his prayers and yesterday's service at St. Peter's. They said there must be no slacking in the Communist war on the church by legal and peaceful means.
Discussing the atheist society's five-year plan for activities against religion, Yaroslavsky declared that propaganda must be intensified particularly among women, who he said were more ignorant and superstitious
than men. Special attention was also to be given to children.
The genus, the play, the books, and, in short, all the activities of children
must be "permeated with atheistic and materialistic principles.
"Quality rather than quantity must be the watchword in our activities.
We must not strive for big figures in the number of churches closed, but
rather for the progressive conversion of the peasants and the workers into
atheists by rational, scientific and enlightened work.
"Nor must the closing of the churches be considered the first problem in
collective farm areas. We must first make atheists of the peasants and
then the peasants will close the churches themselves. Any excesses Or
force in this direction will only make them more fanatical and religious.
"We must avoid mistakes because all these are magnified by the imperialist abroad and react against us. The government's five-day working
week proved to be a great blow to religion, but religious holidays among
the peasantry should further be replaced by ordinary days of rest or revoltstionary holidays."
-Year 63% External
City of Helsingfors (Finland) 30
Sinking Fund Gold Bonds Offered.
At 95 and interest, to yield about 6.90%, Brown Bros.
& Co., J. Henry Schroder Banking Corp. and The Equitable
Corp. of New York on Mar. 19 offered $8,000,000 City of
Helsingfors (Finland) 30-year 6 % external sinking fund
gold bonds to be dated April 1 1930, to mature April 1 1960.
Not redeemable for 10 years except for sinking fund. Subscription books were promptly closed at 10 a. m. on the day
of the offering. The amount of the issue authorized and to
be outstanding is $8,000,000. Interest payable April 1 and
1936
FINANCIAL CHRONICLE
Oct. 1. Coupon bonds in denomination of $1,000. Principal and interest payable in New York City at the office
of Brown Bros. & Co., fiscal agents for the loan, in United
States gold coin without deduction for Finnish taxes except
in the case of Finnish owners. Cumulative sinking fund
operating semi-annually calculated to be sufficient to retire
entire issue by maturity through purchase at not exceeding
100 and interest or through redemption by lot at 100 and
Interest, the City reserving the right to deliver bonds to
the sinkiing fund in lieu of cash. Redeemable as a whole or
in part on April 1 1940 or on any interest date thereafter
on three weeks' notice at 100. J. Henry Schroder Trust
Co., authenticating agent.
The following information has been received from Arthur
Castren, Esq., President of the Finance Committee of the
City of Helsingfors; having been transmitted in part by
cable, it is subject to correction:
[Vol,. 130.
interest, to yield 5% by Dillon, Read & Co. The Equitable
Corp. of New York, Chase Securities Corp., Guaranty Co.
of New York, Bankers Co. of New York, BancamericaBlair Corp., Harris, Forbes & Co., and First Union Trust &
Savings Bank. A substantial amount of the debentures has
been withdrawn for offering in Europe, including an amount
to be offered in Holland by Mendelssohn & Co., Amsterdam
and Nederlandsche Handel-Maatschappij.
Royal Dutch Co. for the working of petroleum wells in
the Netherlands-Indies, through its controlled companies,
constitutes the world's leading enterprise engaged in the
production and distribution of petroleum and its products.
The Royal Dutch Co., incorporated in the Netherlands in
1890, owns 60% of the outstanding common stocks of the
Batavian Petroleum Co., the Anglo-Saxon Petroleum Co.,
Ltd., and the Asiatic Petroleum Co., Ltd., the remaining
40% in each case being owned by the "Shell" Transport and
Helsingfors.—Helsingfors, the capital of Finland. founded In the year Trading Co., Ltd. The Batavian Petroleum Co. owns
1550. is the largest city and the commercial, financial and industrial center approximately 64% of the outstanding
common stock of
of the Republic. Situated at the eastern end of the Baltic Sea on a large
and one of the best protected harbors in the world, it is an Important sea- Shell Union Oil Corp. The gross production of the group
port and trade center of northern Europe. The total tonnage cleared of companies controlled, directly or indirectly, by the Royal
through the Port of Helsingfors in 1929 amounted to 1.364,000 tons.
Dutch Co. amounted in 1929 to an aggregate of approxiNearly one-half f the import trade and a su stantial portion of the export
trade of Finland passes through the Port of Helsingfors. The population mately 163,000,000 barrels of crude oil, constituting more
of the City is approximately 235,000. which represents an increase of about than one-tenth of the estimated world production for that
60% since 1910. The assessed valuation of real estate in Helsingfors
year. Production of the group in 1929 was principally from
amounts to approximately 3174,600.000. Taxable income of the City's
oil lands in Venezuela, United States and Netherlandsinhabitants in 1928 amounted to about $82.0 0.000.
Credii.—Hel ingfors has always enjoyed high credit and its bonds sell In Indies. Physical properties of the group include
,
30 oil
Finland on approximately as low a yield basis as those of the National
Government. In the pre-war period the loans of the City carried rates refineries with an aggregate daily capacity of approximately
of Int.rest of 33i%,4%,434% and 5%.
635,000 barrels, storage facilities with a capacity totaling
Purpose of Issue.— The proceeds of the present issue will be used to pay oft approximately 70,000,000 barrels, and a
fleet of tankers,
the an ire floating debt of the City and to enlarge and improve the facilities
of the Port of Helsingfors and to finance extensions of other City enterprises. including chartered vessels, with an aggregate dead-weight
Security.— The 30
% external sinking fund geld b mis will con- tonnage of approximately 1,600,000 tons. The marketing
-year
stitute the direct obligations of the City of Beisingfors and will contain a
distribute its products in nearly
covenant to th.2 effect that if while any of these bonds are outstanding the organizations of the group
hall mortgage, pledge or otherwise specitfealty charge any of its assets every country in the world. Further data in connection with
City,
or revenues to secure any loan external or internal contracted by It (other the offering may be found in our "Investment News" departthan purchase money obligations) the bonds of this issue shall be secured by
such mortgage, pledge or charge equally and ratably with the other indebt- ment on a subsequent page of this issue.
_
edness thereby to be secured. No loan of the City Is specifically secured.
Municipal loans running for more than two years require approval by the $20,000,000
Bonds of Rhine-Westphalia Electric Power
Government as to amount and purpose. Such approval for the present
Corp. Offered by National City Co.
issue h .s been given by the Government.
Debt.—Total present funded debt of the City of Helsingfors In luding
The National City Co. offered March 20 at 93 and interest,
Present issue amounts to $20,733,000 which is about one-third the estimated
value of City owned property. The major part of this debt was created for yielding 6.57% a new issue of $20,000,000 Rhine-Westphalia
the acquisition and development of revenue producing assets such as Electric Power Corp. consolidated mortgage gold bonds 6%
electric power plants, gas works, harbor Improvements and water works.
series of 1930, due April 1 1955, with stock purchase rights
After giving effect to the application of the proceeds of the present issue
the City will have no floating debt. The City owns properties having an for "American shares." A substantial amount of the bonds
estimated value of $62,000,000 of which 351,800.000 consists of real estate has been withdrawn by Credit Suisse, Zurich, for Switzerand 36.900.000 of public utility properties which include: 40.000 h.p.
electric light and power plant with an output in 1929 of 64.000.000 k.w.h. land and additional amounts also have been withdrawn for
Gas manufacturing plants with total capacity of 1,150,000.000 cu. ft. per other European markets, including $2,000,000 to be publicly
annum ant an output in 1929 of 720,730,000 Cu. ft. Water works with offered in the Netherlands by Mendelssohn & Co.,
Amstermaximum capacity of 5,800.000,000 gals, per annum and an output in
dam and associates. The corporation, with its subsidiaries,
1929 of 3.100.000,000 gals.
Net inanne of City from above public utility properties in 1929 was according to a circular issued by the bankers, comprises one
'equivalent to twice annual interest requirement on total present funded of the
largest electric light and power systems in Europe
debt of City including present Issue.
Revenues and Expenditures.—During the past six years revenues and ex- with respect to property value, earnings, capacity of power
penditures were approximately as follows;
stations and number of customers. The territory served
Year Ended
Expend.(excl. embraces a large part of the Rhineland, including the Ruhr
Expend.(excl. Year Ended
Dec. 31— Revenues.: • Cap. Invests.)• Dec. 31— Revenues.: Cap.Invests.)
1924
11.920.000
56.900.000
8,600.000 District, the most important industrial section of Germany,
36,260,000 1928
1925
7,570,000
9,540.000
12,630,000
6,710.000 1929
1928
8,840,000
10,650,000 with an area of about 17,500 square miles and a population
7,400,000 1930 (budget)13,000,000
10.000.000
1927
7,660,000
of more than 10,700,000.
* In ad ;Rion capital investments were made In the following amounts:
The bonds will have non-detachable stock purchase war1924, $1,710,000; 1925, $2,320,000: 1926, $2,110,000; 1927, 32,280.000;
1928, $4,350,000; 1929, $4,970,000; 1930 (budget), $3.730,000. x Not rants entitling the holder to purchase on or before April 1
including pr .coeds of loans.
1931 American shares to be issued under the provisions of
Revenues of tho City are derived principally from Income taxes, Income
the deposit agreement dated as of Aug. 1 1928, by City
from municipal public utility propettles and revenues from the Port.
Finland.— The Republic of Finland is adjacent to that section of Europe Bank Farmers Trust Co. as successor depositary, each such
commonly known as the "Scandinavian Peninsula" and is geographically American share representing 100 reichsmarks par value of
and culturally allied to the countries comprising the Scandinavian group
The area of the country is nearly 150,000 sq. miles, or considerably larger the common stock of the corporation deposited under this
than that of the combined areas of Great Britain and Ireland. The pop- deposit agreement, at $45 per American share, in the ratio
ulation In 1929 aggregated 3,612,000 or approximately the same as that of of
four American shares for each $1,000 principal amount of
the Kingdom of Denmark. Finland is densely forested, and its lumber,
pulp and paper industries together with agriculture are the most Important the bonds. Proceeds from the sale of the bonds will be
factors in Finland's national economy. Special attention is given to used to reimburse the corporation in part for expenditures
dairying and cattle raising, and Finnish butter, like the Danish, enjoys a in
connection with important property additions, to provide
good market abroad. Substantial progress has been made in recent years
In the development of industry and the total value of manufactured goods funds for further acquisitions and for other corporate purduring 1928 amounted to $345.563,000 as compared to 3203,630.000 in poses. Further data in connection with the offering may
1922. Finland's foreign trade as a whole shows a progressive expansion
be found in our "Investment News" Department on a
over the last 40 years—$45,166.000 in 1889.3172,129,000 in 1913,3359,149.subsequent page.
000 In 1928.
In the foregoing Finmarks have been converted into dollars
at par of exchange ($.025185 to the Finmark). The City Additional Issue of $5,000,000 City of Sydney (New
South Wales, Australia) Bonds Placed by Bankers
jas agreed to apply for the listing of these bonds on the New
Here.
York Stock Exchange. It is expected that delivery will be
made in form of temporary bonds or interim receipts on or
The banking group which carried out the first public
about April 7 1930.
financing for the Australian City of Sydney in this market
two weeks ago, in the form of an issue of $5,000,000 25
-year
Offering of $40,000,000 Royal Dutch Co. Debentures by 53
,
6% sinking fund gold bonds, this week placed an addiDillon, Read & Co. and Associates.
tional $5,000,000, thus completing the sale of the whole
An issue of $40,000,000 4% debentures, series A (with $10,000,000 authorized by the Municipal Council. This
share purchase warrants) was offered March 21 at 89 , and group is composed of Bancameriea-Blair Corp., E. H. Rol6
MAR.22 1930.]
FINANCIAL CHRONICLE
lins & Sons and Halsey, Stuart & Co., Inc. The bonds were
offered at 90 and interest, to yield about 6.30%.
Since the first offering of $5,000,000 City of Sydney bonds
the market here has registered a steady, substantial advance
in prices for all Australian bonds. The buying has been
particularly good in the case of Commonwealth of Australia
issues, but there has been an insistent demand also for obligations for the State of Queensland and the State of New South
Wales. While this demand has accompanied a general advance in the better grade of foreign securities, it is believed
that the quick distribution of the first portion of the Sydney
issue was largely responsible for uncovering a dormant demand for Australian issues.
The bonds are redeemable, other than for sinking fund
purposes. beginning Feb. 1 1945. A cumulative sinking
fund will operate semi-annually to purchase bonds in the
open market up to 100 and interest or to draw bonds by lot
at that price. The proceeds of this additional issue will be
used like the first to extend the city's electrical undertaking.
J. Henry Schroder & Co. Arrange £2,500,000 City of
Bristol, England, Loan.
According to advices from London, a Bristol, England,
corporation (City of Bristol) loan is being underwritten for
issuance in that market by J. Henry Schroder & Co. on next
Monday. The loan will amount to £2,500,000 and is understood to be the first instance in which a loan of th's character has been offered by one of the world's largest banking
houses.
Belgian Bonds Called for Redemption June 1.
Formal announcement that the Belgian Government had
called for redemption on June 1 next the $32,000,000 7i'%
bonds of 1945 was made on March 18 by J. P. Morgan &
Co. aid the Guaranty Trust Co. as bankers under contract.
The bonds will be redeemed at a price of 115.
The loan was originally issued in the amount of $50,000,000
in 1920, with $18,000,000 retired by the sinking fund at the
rate of $2,000,000 annually. The announcement calls attention to the fact that interest will cease on June 1. Payment will be made on and after June 2 at the offices of J. P.
Morgan & Co. and the Guaranty Trust Co.
Report of Resignation of Alexander Legge, Chairman
of Federal Farm Board, Denied—White House
Denies Knowledge of Such Intention.
The Chairman of the Federal Farm Board, Alexander
Legge, has not tendered his res!gnation to President Hoover nor are there any present indications that he intends
to resign, it was stated orally at the White House, Mar. 18.
Reports at the Capitol to the effect that Mr. Legge had
resigned caused Senator Watson (Rep.), of Indiana, majority leader in the Senate, to make inquiry over the telephone of the White House as to the accuracy of the report,
and he was informed, it was said, that the report lacked
foundation in fact.
At the White House it was said furthermore that Mr.
Legge accepted his present post for a year which will expire
on July 15. Whether be will continue in his present capacity
beyond that time has not been made known to the White
House, it was said.
Mr. Legge stated orally at the Federal Farm Board on
Mar. 18 that discussion of his resignation seemed similar
to the premature announcement of Mark Twain's death,
"greatly exaggerated."
Grain Stabilization Corporation Said to Have Discontinued Wheat Purchases for the Time Being.
The Grain Stabilization Corp. has discontinued its purchasing of wheat, It was indicated at the Farm Board on
Mar. 20, says the Wall Street News. Alexander Legge,
chairman of the board, declared the corporation had not
added any appreciable amount of wheat to its holdings during the past week. The situation in the wheat industry
is now more favorable than it has been for several months,
Mr. Legge said, pointing out the steady trend followed recently by wheat prices. He also said indications were favorable for the board's grain restriction policy. Although the
stabilization corporation has not asked for funds to build
elevators It is aiding co-operatives to set up additional
storage facilities to relieve the present crowded conditions,
he declare&
1937
Mr. Legge favors a governmental agency to regulate to
a certain extent operations of the various cotton and grain
exchanges. One of the conditions needing correction, he
said, is the present laxity in the grade of wheat delivered
on future contracts. The chairman would not state what
policy the Farm Board will follow in regard to marketing
of the new wheat crop. The Farm Board will follow no
commitment as to the new crop, he said.
Mr. Legge said he had not knowledge of reports that the
Canadian wheat pool was intending to dispose of its holdings at 15c. below the market value in order to clear the
way for the new crop.
Plan of the National Livestock Marketing Association
and Subsidiaries, Accepted by Co-operative Livestock Sales Agencies at Their Meeting Held in
Chicago on Feb. 25 and 26 1930.
A plan for the National Livestock Marketing Association
and two subsidiaries was accepted by co-operative livestock
sales agencies at the close of their 2
-day meeting held in
Chicago on Feb. 25 and 26. The plan for the establishment
of the national association, which will be capitalized at
$1,000,000, was worked out by representatives of farmerowned and controlled livestock sales agencies in co-operation
with the Federal Farm Board. The co-operatives and the
Board have been working on this plan for several months.
It provides for two subsidiaries, the National Feeder and
Finance Corp. and the National Livestock Publishing
Association. It also provides a marketing agreement running between the Nationa Livestock Marketing Association
and its member agencies. The member agencies will include
the various livestock sales agencies located on terminal
markets throughout the United States which in 1929 sold
300,000,000 dollars worth of livestock, and the National
Order Buying Co., the Western Cattle Marketing Association, and the state livestock marketing associations.
The national livestock marketing plan and agreement is
being submitted to the boards of directors of the different
co-operative livestock sales agencies for approval. The
national will be incorporated when the plan has been
approved and the marketing agreement has been signed by
co-operatives handling an amount of livestock equal to twothirds of the business done by all co-operative livestock sales
agencies in 1929, or expressed by resolution of their boards
of directors that they/will sign and abide by the provisions
of the contract. In order to have a representative on the
board of directors of the National Livestock Marketing
Association, a member agency must have marketed during
the previous calendar year not less than 2,500 single-deck
carloads, or the equivalent, of livestock.
Co-operative livestock sales agencies handling less than
2,500 single-deck carloads may become stockholders of the
national association if approved by the board of directors
of that association. An agency is not entitled to representation on the board until it is marketing 2,500 single-deck
carloads a year.
One of the main features of the plan is that the control
of sales and policies of member co-operative sales agencies
will be vested in the national association. This control will
be effected by a sales board consisting of managers of the
National Livestock Marketing Association, the National
Order Buying Co., and the National Feeder and Finance
Corp. In developing the plan for the proposed national
agency, the co-operatives and the Federal Farm Board made
an effort to establish marketing machinery adequate to
meet the needs of every group of livestock producers in the
in the United States. The National Marketing Association,
it is averred, will serve the farmer who has 5 hogs as well as
the ranchman with 20,000 head of cattle. In addition, the
national association, when finally organized, will be eligible
to borrow money from the Federal Farm Board, and plans
have been provided for adequate financing facilities and
services for all livestock producers. Under the national plan
a way has been provided to finance livestock producers by
assisting the co-operative marketing associations in establishing regional credit corporations in the districts of the Federal
Intermediate Credit Banks. These corporations will function through a national feeder and finance corporation,
owned and controlled by the National Livestock Marketing
Association, which will serve the members of the co-operative sales agencies. This is expected to aid in increasing
membership of the locals.
All the above is taken from a statement just made public
by the Federal Farm Board. In addition, the Board says:
1938
FINANCIAL CHRONICLE
It is provided in the adopted plan that before any dividends are paid on
the stock of the National Livestock Marketing Association, a reserve equal
to the authorized capital stock shall be set up. The men who formulated
the new plan of a national sales agency for livestock recognized that
Perhaps the greatest wealmess in our present co-operative marketing
machinery Is a lack of centralization of sales and policy control. They also
recognize the weakness of a co-operative marketing plan for any commodity
built up of various regional or terminal associations which compete with one
another. These weaknesses have been taken care of in the proposed marketlog system,
Co-ordination and control of sales in the national association is a service
which none of the co-operatives have at the present time, and which none
of the livestock associations acting alone could ever render. The sales
board of the national will obtain the most authoritative information rolatire to the supply and demand situation with respect to livestock and livestock products. With this information as a basis, the sales board of the
national will prepare and transmit reports to the member livestock spies
agencies early each business day and during the trading hours for their
direction. It is believed that the national association will be able to build
up for the co-operatives information concerning supply and demand
-conditions in the livestock and meat trade that will compare favorably with
information that the buyers have when they Fiend out their instructions each
market day to their representatives over the United States.
Then, too, the national association is expected to perform another
important function by standardizing and making effective prices and
grades of livestock and livestock products. This will be brought about
through centralized control and information as to production and demand,
and through the association's work with the livestock advisory commodity
committee which will later be established under the provisions of the
Agricultural Marketing Act. This will probably be the greatest stabilizing
influence in the industry. The national will have c enrol of the sale of the
largest volume of livestock of any agency in the United States. It will
have its finger on the pulse of the trade through orders received by the
National Order Buying Co. Through the movement and financing r S
feeders, the national will be able to have more dependable information than
any other sales agency that has operated in this coentry.
If they lame of livestock which is now being lost to co-operatives through
•direct shipping could be added to the volume now handled by the co.operative livestock sales agencies, the National Livestock Marketing
Association w mid be in a strong position to carry out the various recommendatiora that might be made by the livestock adivsory commodity
.committee when it is brought into existence. For example. If the advisory
commodity committee should recommend the standardization of hog
production In the interest of economy and present-day demands, the
national association could make effective such a recommendation.
The national will furnish transportation, legal, and other services for
stockmen. Various services,will be added as the demand for them arises
to avoid saddling a large overhead on the associations in the beginning,
i Extra Credit Outside the Revolving Fund of the Farm Board.
The livestock industry is the largest branch of agriculture in the United
States and it takes hundreds of millions of dollars to adequately finance it.
It is, therefore, evident that the Farm Board, with a revolving fund ef
only $500,000,000 with which to assist in financing the co-operative ma-keting associations handling livestock and all other commodities, would not be
able to adequately finance the industry unless some plan is worked out to
Pyramid at least a portion of this revolving fund. This can be done through
the mtabllshment of regional credit corporations authorized to discount
their livestock paper with Intermediate Credit banks. For example, if the
Farm Board makes a direct loan of 85.000.000 to an association, that
aasociati In has a line of credit of only $5.000.000. If the Farm Beard loans
$5,000,000 to an association with the understanding and agreement that
this fund will be used to Purchase the capital stock of a credit corporation,
this on In 11 loan of $.5,000,000 may then be pyramided under the law to
850.000.000 through the discounting of its agricultural paper with Federal
Intermediate Credit banks.
The National Feeder & Finance Corporation is designed to meet the
needs of the producers and feeders of cattle and sheep. Loans will be made
only on stock being finished either on pastures or in feed lots. According
to the proposal, the National Feeder & Finance Corporation will have a
capital stock of $5,000,000 consisting of 50,000 shares of common stock,
par value $100. The National Livestock Marketing Association will then
be eligible to borrow money from the Federal Farm Board from time to
time and use it for the purchase by that association of common stock in
the National Feeder & Finance Corporation. Under this plan, the latter
corporation will use the money originally borrowed by the National Livestock Marketing Association to purchase the common stock of regional
credit corporations which will be set up in the various Intermediate Credit
Bank districts. The Feeder & Finance Corporation will operate, as far as
the financing is concerned, as a holding company, but it will also operate
as a marketing organization in that it will deal in feede rstock, both on and
off the markets. It will be limited to handling the orders for member
associations and individuals, and not speculate in feeder stock,
The regional credit corporations will purchase Federal Land Bank bonds
the
for Intermediate Credit Bank debentures which will be deposited with
Intermediate Credit Banks, to secure a line of credit which will be approxicommon stock of the regional
mately 10 times the capital stock. The
Corporation
credit corporations held by the National Feeder & Finance
be pledged to the Farm Board.
would
Here is a specific example showing how the credit corporation
work in a given territory: Three States, Missouri, Illinois and Arkansas,
Louis.
are included in the district of the Intermediate Credit Bank at St.
agencies
In these three States there are 10 cooperative livestock sales
two at Kansas
operating—two at Chicago, two at National Stock Yards,
Springfield, Mo.
City, one at Peoria, one at St. Joseph and one each at
would be set up in this
and Springfield, Ill. A regional credit corporation
business,
district, with headquarters at St. Louis for purposes of expediting
with the
The various cooperatives in this district who wish to do business
this regional
credit corporation would subscribe for preferred stock of
association would be
credit corporation. To qualify as a stockholder, each
$100
required to purchase at least 50 shares of preferred stock, par value
a share,
A National Livestock Publishing Association,
The plan provides for the establishment of a national livestock publishing
association. This will be a subsidiary of the National Livestock Marketing
Association with authorized capital stock of 8110,000.
The National Order Buying Co. has been recognized ass market agency.
Its volume and service are now well established. Under the new plan, its
volume will be under the same control by contract as any terminal, state,
or regional cooperative agency. It probably will be the only agency which
will own physical facilities. Those who supply the volume for the National
Order Buying Co. will have a voice in its control. It will have two classes
of members or stockholders—regional concentration yard associations and
terminal marketing agencies—but will not have individual producer memhers. The National Order Buying Co. will provide service for the various
terminals by establishing branches at those markets where the terminal
(VoL. 130.
cooperatives request their service and are willing to become stockholders
of the order buying company.
Cooperatives are aware of the increase in the volume of direct marketing
and recognize the National Order Buying Co. as necessary for taking care
of this class of business which should be under the same control as the
volume handled by terminal market agencies.. They also recognize the
service which this company can render on the terminal markets by filling
orders.
In working out a plan for a national agency, leaders have recognized
conditions that must be met as a result of a strong tendency toward the
decentralization of the livestock industry. Centralized sales control provided for in the new plan takes care of the marketing of livestock whether
it moves over the direct route from the farmer or local shipping station to
slaughter houses or through the terminal market., on its way to the packer,
Power to Control Cotton and Grain Markets Sought—
Secretary Hyde of Department of Agriculture Advocates Change in Standards of Deliverable Grains
and Stronger Legislation—Need for Exchanges
Stressed in Report—Reply to Senate Does not
Favor Closing of Commodity Markets But Requests
Power to Review Rulings.
Change in the standards of grain deliverable on the futures
market, and strengthening the regulatory powers of the grain
futures and cotton futures acts, were recommended by the
Secretary of Agriculture, Arthur M. Hyde in a message to
the Senate March 19. The communication came as a reply
to a resolution (S. Res. 218) requesting the Secretary to offer
recommendations to offset the depression in the cotton and
wheat markets, introduced Feb. 26 by Senator Heflin (Dem.)
of Alabama. The Secretary pointed out that there is no
agency authorized to review the rules adopted by the Exchanges from time to time, either in the interest of the consumer OT the producer. Mr. Hyde declared in his message
that the exchanges serve a useful and necessary purpose,
and that they should be retained. The full text of the
communication was as follows:
I have the honor to reply to the request contained in Senate Res. 218.
which reads as follows:
"Whereas it is alleged that the price of cotton and wheat is now being
greatly depressed by harmful speculation on the cotton and grain exchanges:
•
and
"Whereas said harmful speculation has beaten the price ef cotton and
wheat down below the cost of production: Therefore be it
"Resolved, That the Secretary of Agriculture is hereby requested to
report to the Senate such recommendation as he sees fit to make, even to
the extent of temporarily closing said exchanges."
Play Important Part.
The cotton and grain exchanges play a necessary and important part in
the sale and distribution of those great staple agricultural commodities.
Under the free operation of the law of supply and demand, the price of
the commodities reflected the balance between available supply against
the effective demand. These exchanges offer an easy and rapid method
for the expression of the mass opinion of both buyers and sellers of the
co-nmedity.
They furnish another great advantage in that a public price is determined
during every hour cf the trading day against which both producer and consumer can check any offers they receive.
There is equal need for the purchase and sale of commodities to be dollyerod in the future. The total available supply of a commodity can not be
delivered at once, nor can it be processed, manufactured or consumed within
the narrow period in which it comes on the market.
Consequently, at these commodity exchanges, great future market's
have been developed. The futures market Is used by millers and dealers
very much as other merchants use insurance.
By the purchase or sale of futures, they cover present transactions by
hedging, which protects them from violent fluctuations in the price.
Smaller Margins Permitted,
Not only do futures markets afford valuable insurance against undue
to
fluctuations in price, but they enable millers, dealers and exporters
conduct their businesses on a smaller margin of profit than would otherwise
be necessary to protect themselves against risk.
These facilities should be retained. There are, however, some changes
and
which should be made in the interest of the producer, the consumer,
the dealer who wish to make constructive use of these facilities.
betterment may occur
For instance, one important particular In which
desires
Is in the matter of deliverable grades. In Chicago, the buyor,who
different grades,
delivery of wheat purchased may be compelled to accept 17
at premiums
or a combination of 17 grades, at different warehouses and
and bonuses fixed by the exchange.
speculation and a burden on
This, it seems to me, puts a premium on
legitimate forward purchasing.
Stronger Law Urged.
authorized to review,
Also it should be pointed out that there is no agency
in the interest of the producers, or consumers, the rules of cotton and grain
exchanges which they from time to time adopt.
recommend that such leg'sWithout going further into detail, I would
lative action as may be contemplated or undertaken, be directed toward
grain futures and cotton futures
strengthening the regulatory powers of the
these
acts, with a view to preserving the legitimate and useful function of
possible the evils which arise from
exchanges, and eliminating so far as
undue speculations.
Cotton Price Fixing by Egyptian Government.
On Feb. 27, G. D.Economou & Co.in their weekly cotton
report contained the following:
market flueFor the first two days of the week now under review our
week's close. Now on Monday
tuated round about the levels of the last
the following
morning the 24th inst. before the opening of the market
Exchange:
communique was potted up on the
by them in connection with their
"Following the line of action adopted
decided
intervention on the futures market and maintaining the policy
MAR. 22 1930.]
FINANCIAL CHRONICLE
upon for the fixing of prices the Government notify that they are cilspo ed
to buy all May and June contracts offered to them at the prices of $28.03
for Sakellaridis (the former contract) and $19.80 for Ashmount (the latter
contract) with the stipulation that the relative actual cotton is to be
tendered as usual."
As a result of this communique the old crop options of May and Jun.
advanced to the Government limits and during the wool° of the week
have hovered in this neighborhood. After this latest announcement by
the Government it would be idle to predict the movements of old crop
months and to prophesy the possibilities which they hold from a Bourse
point of view. Their fate Is already known.
If from now to June America does not register any substantial advance
to re-create enquiry and lift prices away from the Government limit, thw
restoring freedom to the market the paces of these options will fluctuate
around these Myatt and the Government will receive all tenderable cotton
in Egypt as no one will wish to hold actual which they could replace
by new crop contracts at $2 less.
After publication of the above-mentioned communique new crop options
also gained half a dollar, but it was not possible to maintain this rise
since as soon as the first covering by the more sensitive people were over
the market again took on its attitude of the previous day and with the
pressure of now sales prices receded to what they had been the day before.
On the following day as a result of pronounced weakness on the American
markets this fall continued, and consequent upon the extensive long
liquidation prices touched the season'e lowest, i.e. $25 19 for November
and $18.18 for October.
Se
etary of Commerce Lamont Reports Gradua
Progress Towards Normal in Business—Easier
Money Helpful—A $7,000,000,000 Construction
Program.
Secretary of Commerce Lamont, on Mar. 17, spoke very
encouragingly of the outlook for trade. He said that reports
from many sections of the country showed that easy money
conditions probably 'would be restored to the Middle West
within a comparatively short time, that Governors of States
and municipal officials, as well as industrialists, were cooperating effectively and earnestly to expedite a $7,000,000,000 construction program, and that an exact determination of the scope of unemployment would be obtained in
ApriL Concurrently the Bureau of Labor Statistics reported an increase of 1/10 of 1% in employment and 3.5%
in payrolls of manufacturing industries in February as
compared with January. Even on this basis, however, employment in these indUstries was 7.3% lower and per capita
earnings 3.9% lower than in February 1929, the Bureau said.
Mr. Lamont declared that the co-operation of the States
and cities had been "remarkable," and he especially emphasized the position in Ohio, where construction work has
been speeded up ahead of the normal building season with
the letting of more than $9,000,000 of road contracts in the
winter months, when usually there is no work of this kind.
The Secretary held out the hope that this kind of cooperation m.ght spell the doom of unemployment. One
of the important factors in the slowing down of construction
work was the lack of availability of an adequate supply of
cheap money, Mr. Lamont said. "The easy money conditions that developed in the New York market after the
slump in stock values and the vast liquidation of security
loans was not felt in the Middle West," he added. The
banks there have been hesitant in loans, but Mr. Lamont
declared that this situation "is straightening itself out."
"Big economic changes do not occur overnight, but there
Is now the assurance that the cheaper money will become an
accomplished fact over most parts of the country, and this
will prove a big factor in the revival of construction work
and in the consequent elimination of unemployment," Mr.
Lamont declared. Next month, when census enumerations
start, the Government will for the first time in history
obtain an accurate picture of the number of unemployed,
the Secretary said. With this as a basis, the figures will
be kept approximately up to date by special "sample"
censuses.
Mr. Lamont said that whenever the necessity developed
men would be sent into the field to obtain further statistics
relative to unemployment. He said it would not be necessary to make this a regular annual service, but that it would
be continued throughout this year because of the peculiar
conditions. He contended that the unemployment census
would show in just what parts of the country and in just
what industries unfavorable conditions existed, information
that would be helpful in adopting corrective measures.
It
was said that frequent letters are received at the department complaining of the lack of data on unemployment.
At present the Government has a cheek on employment,
and the assumption has been that where unemployment
declines there is a consequent increase in employment,
according to Mr. Laniont. He hdded, however, that there
is
a possibility that some men who lose jobs in one industry
obtain other employment which is not reported.
1939
Mr. Lamont received a detailed report from Governor
Myers Y. Cooper of Ohio, where, he said, officials of the
State Government are "not only pressing forward work in
their own departments but are in close touch with county
commissioners, Mayors and other local officials, such hs
county surveyors, sanitary engineers, county, city, village
and district school superintendents and boards of education." Mr. Lamont said that many of the States and
municipalities have written the Commerce Department for
assistance in carrying out their projects, both through advice
and to urge making available Federal funds for road work
and reclamation projects. The Agricultural Department, he
said, has made funds for Federal State aid roads available
sooner than usual.
The seasonal increases as between January and February
in manufacturing industries, the Bureau of Labor Statistics
said, "were smaller than in February of any one of the
seven preceding years for which the bureau has information," but the increase in payroll totals were "much nearer
the normal increase." In practically every manufacturing
industry, it added, there was /I. marked improvement in pay11 totals in the monthly period as compared with the
change in employment. The combined figures for the manufacturing industry and seven other major industrial groups,
owever, the Bureau said, showed in February an employlent decrease of 1/10 of 1%, and an increase in payrolls
2.9%, as compared with January. In this compilation
e figures of the eight groups were not weighted according
their relative importance and therefore represented only
e employees in the establishments reporting.
ide Appeal Made to Aid Unemployed—City Welfare
Council Joins With State Labor Bureau in Cooperative Relief Plan—State Commerce Chamber
Advises Job-Giving—Report of Improved Conditions is Contradicted.
Action to help alleviate the distress of the unemployed
was taken on March 19, says the New York "Times" of
March 20 by the State Chamber of Commerce, the Social
Welfare Committee of the Greater New York Federation of
Churches and the Welfare Council of New York City, representing the leading charity organizations, in co-operation
with the State Department of Labor. While the first two
organizations moved to make jobs more available, the Welfare Council announced it would co-operate with the State
Labor Department to bring the greatest possible number of
unemployed into contact with opportunities for work.
Data made publics by the Welfare Council contradicted
the views expressed by the Board of Trade in its recent
survey report to Governor Roosevelt and echoed by the
State Chamber of COmmerce that unemployment has
reached its peak and that a decisive improvement has set in.
According to the Welfare Council, "improvement is not yet
under way" and the present crisis is the worst since the
depression of 1914-15, so far as the problem confronting
charity agencies is concerned.
The State Chamber of Commerce in a letter to all member
chambers on March 19 urged that they make every effort
"to have all repairs, replacements, new buildings, redecorating or other work which may be contemplated, begun
at once so that a number of additional persons may be employed in the various lines indicated." The New York
"Times" then goes on to say:
In its letter the State Chamber declared that "according to the beet
sources of Information available it seems apparent that while there is mill
a great deal of unemployment in the vicinity of New York, conditions
have been improving."
Appeals to 1,100 Ministers.
The action of the social welfare committee of the Greater New York
Federation of Churches was in the form of a special request sent out to
more than 1.100 preachers in this area to urge members of their respective congregations to aid in giving immediate relief to the large number
of unemployed.
Five places were designated by the social welfare committee where notifications may be sent for work needed. They are:
The State Public Employment Office, 114 East 25th St. The Harlem
State Public Office, 493 Lenox Ave. The Bowery Y.M.C.A., 8 East
Third St. The Charity Organization, 125 East 22d St. The Social Welfare
Committee of the Greater New York Federation of Churches, 71 West
23d St.
The Welfare Council of New York City announced yesterday that In the
present emergency its section on unemployment and vocational guidance
would work with the State Department of Labor in placing men and
women in jobs. The plan is being put into effect at the request of Miss
Frances Perkins, State Industrial Commissioner.
Under the plan some of the staff of the Welfare Council's department
are being transferred from their usual activities to assignments which
enable them to obtain the greatest number of work opportunities for
those seeking jobs. Most of these emergency workers are being assigned
1940
FINANCIAL CHRONICLE
to the State employment offices, while others will be assigned to private
agencies.
Large employers will be urged to refer work opportunities to the agencies
co-operating in this plan.
Contrary to the report of the Board of Trade to Governor Roosevelt and
the statement of the State Chamber of Commerce, the bulletin for March
Of the Welfare Council published yesterday offers material intended to
show that "improvement is not yet under way" in the unemployment
situation.
Demands on City Lodging House.
Pointing out that the average number of lodgings provided at the Mueldpal Lodging House is a good index of employment conditions among
men on the lower economic levels of society, the Welfare Council bulletin
declares that "each of the past four years has shown a marked advance
In the number of lodgings over the preceding year, but this winter the
figures have shot up far above those of any previous month since 1915."
Jelly rolls, cookies, bread and rolls were scattered over the street yesterday afternoon when more than 1.100 men deserted the bread line in
front of the Flowery Hotel of the Salvation Army at 225 the Bowe y to
raid two automobile trucks loaded with products destined for distribution
at the hotel. The delicacies were the contribution of a bakery ocmpanY.
Guards stationed inside the hotel, where meal tickets are distributed to
about 1.800 men daily, aided by policemen, quelled the pastry riot without
much difficulty and rescued most of the supplies.
Lieut.-Col. Wallace Winchell, director of the Bowery Hotel, attributed
the disturbance to the hunger of the men.
"The public is keenly alive to the unemployment situation and is seining
,
to help," Colonel WInchell said. "Checks for small sums are beginning
to arrive and there are a few offers of employment for some of the unemployed In the so-called white-collar class. With a bread line long enough
to reach around a city block and with 400 men sleeping on the floor in
the Bowery Hotel, we are still greatly In need of help."
1 The Salvation Army has begin its annual maintenance appeal for $525,000
with which to support its 52 institutions in the metropolitan area. Each
of these institutions aids In the unemployment situation.
Three Breadlines in Brooklyn.
Three breadlines in Brooklyn have been feeding about 500 men daily, It
was learned yesterday.
The Harry Wolkof Association, which has been furnishing free breakfasts
to jobless daily at Its clubhouse, 1255 Bedford Avenue, near Fulton Street,
Brooklyn, reported it has enlarged its original project to deliver packages
of food to families in want.
k The Brooklyn City Mission Society, which operates three lodging houses
in Brooklyn for those without homes, was led to form a breadline last De;
cember at 121 Fulton Street, Brooklyn, the first one In 20 years, its General
Secretary, Dr. Frederick M. Gordon, said. Every noon from SO to 100
men receive bowls of soup and rolls and coffee, Dr. Gordon reported.
Staff Captain Henry Newby of the Brooklyn Salvation Army said that
the breadline his association had established last December at 28 Ashland
Place, Brooklyn, was feeding about 100 men daily.
Unemployment Wide, Declares U. S. Senator Wagner—
Senator, Pressing Relief Bills, Holds Hoover
Parleys Only Averted "Mass Hysteria."—Chicago
Professor Declares the Distress There is the Most
Acute in 10 Years.
No more serious employment situation than the present
has ever existed in the United States, Senator Wagner of
New York told the Senate Commerce Committee on Mar. 18.
Senator Wagner, testifying in behalf of his three bills dealing
with unemployment, admitted that President Hoover's conference last autumn with business leaders had served to
prevent "mass hysteria," but he added that "industry was
not fooled" by later optimistic outgivings. Senator Wagner
said he thought there were occasions when the prevention
of mass hysteria was justified, but that when conditions were
"anywhere near normal" the only feasible policy was one of
"absolute frankness." Senator Johnson of California,
Chairman of the Committee, opened the hearing with the
statement that the Committee proposed to learn the truth
about unemployment.
The Committee also heard Professor Benjamin M.Squires
of the University of Chicago, director of the Illinois State
employment agency. Dr. Squires testified that distress
from unemployment in Chicago the past few months "has
been the most acute in 10 years." He added that Chicago
was no different from other industrial centres.
James Eads How, Chairman of an "unemployment conference," appeared at the head of a delegation of nine men,
but they left after learning that the Committee would adhere
to its list of witnesses for the day. The unemployment conference, it was explained, was composed of "hoboes and other
unemployed," and had been assembled by the Secretary of
the International Brotherhood Welfare organization.
The three bills of Senator Wagner would set up a research
department within the Department of Labor to collect data
on unemployment, create a Federal division charged with
the duty of anticipating periods of business depression,
supply $4,000,000 annually to establish an employment
system and a maximum of $150,000,000 annually for public
works. Senator Wagner presented a photograph from
"The Daily Forward" of New York which showed a breadline two blocks long in East Third St., at a dispensary set
up by Mrs. Irving T. Bush. With it he offered another
photograph of a banquet at which former President Coolidge
was the guest of honor. "I observe this latter picture shows
[VoL. 130.
a banquet given to Mr. Coolidge in celebration of prosperity,'
remarked Senator Johnson of California, Chairman of the
Committee. "One picture is a picture of reality," said
Senator Wagner. "The other is of prosperity by. proclama—
tion."
The Washington correspondent of the New York "Times"
in reporting the proceedings under date of March 18 said:
Wagner Quotes from Records.
Senator Wagner presented a report, of the Department of Labor which
showed that in one-third of the factories In the country there had been a
drop in tho total weekly payrolls from $98.835,000 last Sem ember to
$82.113.000 in January. This meant that the purchasing power of this
group of employes had dropped over 818,000,000 weekly, he said, with an
indicated shrinkage of about $48,000,000 In the weekly buying powerof all labor.
There are no statistics dealing with construction, coal mining, the lumber
business and many others. the New York Senator said. He declared that
"very inadequate" figures concerning materials used In the building trades
showed a drop of $86,000,000 in the business done In January, as compared with the same month of 1929.
Unemployment in the United States is due basically to the fact that
manufacturers produce more goods than can be absorbed, Senator Couzens
observed.
A part of Senator Wagner's program includes the gathering of detailed,
figures from all sources on busienss and employment conditions. but
Senator Couzers questioned the value of such statistics, and added:
"The radio companies can produce 15,000.000 sets each year, but they
can sell only 3,000.000. What can we do about that."
Senator Wagner replied that the key to this condition Iles in educating
the manufacturer to more intelligent selling methods, but the Michigan
Senator asked:
"Can we educate them?"
Criticizes Julius Klein.
Senator Wagner's own remarks In opening the hearing also Included
criticism of Dr. Julius Klein, Assistant Secretary of Commerce, whom he
quoted as having stated that the displacement of laborers by machinery
Is no cause for concern, as the surplus man-power is absorbed In other
channels of production.
That statement was termed "political propaganda" by Mr. Wagner,
who asserted that there are no statistics bearing on the question.
Professor Squires detailed weaknesses in the industrial structure, one
being described as the inability of public employment agencies to select
carefully the workers they supply to manufacturers.
As one instance of this fault, he described an Illinois concern whose
personnel department was forced to interview 250.000 men to choose
24.000 new employes. He also testified that a vital weakness in ths
Administration relief program lay in the inability of industry to start a
long construction program immediately.
Ile agreed with Senator Couzens's contention that one factor in the
problem is the fact that employers of labor are Interested in employment conditions only as they affect the plants involved. He said there
was no apparent means to keep a manufacturer from cutting costs by
working his plant part time with an enlarged force, instead of using a
smaller number of men all the time.
When asked by Senator Hawes of Missouri if It is harmful to have unemployment conditions minimized in reports, Professor Squires said this
would be bad in so far as It lulled the public Into inactivity in effecting relief.
Statistics Called Out of Date.
A discussion of the general unemployment situation was entered into
the record by Professor Squires. Ills first remark, that Illinois employers
recently conceived the idea of coping with unemployment by shortening
the hours of work instead of laying off men, was challenged by Senator
Couzens, who said the practice was In force In Detroit as early as in 1920.
The greatest fault with statistics on unemployment lay In their failure
to keep pace with changes in industry. Professor Squires stated, and he
recommended that the data to be gathered In the coming unemployment
census be kept up to date thereafter. This could be accomplished comparatively simply, he said, by selecting a few key centres as "samples."
The need of efficient employment agencies which can select the right
men for the openings they are asked to fill was stressed by the witness on
the basis of his observation of the working of 425 State-controlled agencies
in Illinois, where these agencies supply jobs to workmen for a flat fee of $2.
Lamont Expects No Undue Expansion.
Undue expansion of public and private construction work such as would
Produce "saturation" is not feared by Secretary Lamont, in a discussion
today of this phase of the $7,000,000,000 national building program.
Mr. Lamont said that reports from various parts of the country Indicate
that much of the work contemplated by States, municipalities, utilities,
railroads and other Industries include projects which have been delayed
owing to various factors, including high money rates and lack of availability of funds through the period of speculative activity.
In the Secretary's opinion there Is no danger of expanding construction
to such a degree that there will be an adverse reaction next year, with
even greater unemployment and recession in the industry. In some quarters it had been feared that by pressing building and other work too much,
the government and industry would be postponing an inevitable smash.
This, however, la not the situation, according to Mr. Lamont, who
declared that the year-to-year requirements of public and private business
are normally such as to keep the building industry busy, except in periods
of real depression. He thinks that there will be plenty of construction
work left over for 1931 and future years.
of Investments of Investment Trusts—
Prominence of Public Utility Stocks.
Character
Seventy-seven investment trusts with assets in excess of
$1,800,000,000 and representing 50% of the total resources
of all trusts, give a position of greatest prominence to public
utility stocks. Now that practically all the important
trusts have published their statement of condition as of the
end of 1929, a compilation of the stocks appearing most
frequently is possible and such an analysis has been prepared
by Clark, Dodge & Co. One hundred trusts were examined
and of the 77 which gave details of securities held, 49 had
in their portfolios Consolidated Gas of New York common.
American Tel. & Tel. and Union Carbide & Carbon were
MA.u. 22 1930.]
FINANCIAL CHRONICLE
tied for second place, being included in 42 trusts. Electric
Bond & Share appeared 40 times and General Electric 37
times.
Of the 109 stocks occurring most frequently in these 77
trusts, industrials of all classes total 63, public utilities 24,
rails 16 and banks 6. The analysis points out the lack fo
uniformity of opinion expressed in these reports, noting that
only 63% agreed on the most popular stock and only 50 to
63% on 4 stocks as having the best prospects for growth.
A list of 200 carefully chosen common stocks was checked
against the reports of these 77 trusts. As a result a table of
109 stocks was prepared in the order of the frequency of
their occurrence. The first 25 in this list arranged in the
order of their popularity, are as follows, the figures following
these stocks denoting the number of trusts holding them on
Dec. 311929:
Consolidated Gas of New York, 49.
American Telephone, 42.
Union Carbide, 42.
Electric Bond & Share, 40.
General Electric, 37.
New York Central. 35.
Standard Oil of New Jersey, 35.
Columbia Gas & Electric, 31.
Atchison, 29.
Gillette Safety Razor. 29.
Union Pacific. 29.
United States Steel, 29.
International Harvester, 27.
American Can, 26.
American Smelting, 26.
Pennsylvania. 26.
United Gas Improvement, 26.
American Tobacco, 24.
Commonwealth & Southern. 24.
National Dairy Products, 24.
Gulf Oil, 23
North American, 23.
Public Service of New Jersey, 23.
American Gas & Electric, 22.
Pacific Lighting. 22.
Prosperity's Turning Tide Shown by Mortgage Sales,
Harry A. Kehler Claims.
Increased buying of mortgage securities by institutional
investors is an indication of the returning tide of prosperity,
according to Harry A. Kahler, President of the New York
Title & Mortgage Co. Records of the company show, he
says, that the investment by institutions during the first
part of March has increased 35% over the same time in
February; is higher than it had been during the like period
for six months past, and 4% better in comparison with the
same calculation last year.
A survey made by Gerhard Kuehne, Vice-President and
Lending Officer, indicated that the total sales of mortgage
securities in January were 40% in advance of those for
December; the February record was better in proportion
than a year ago.
The sales to institutions increased about 100%. This
follows the recent report made by savings banks in New
York, which showed an increase in deposits of $14,000,000
during the month of February. A compilation based on
recent reports made by 25 great life insurance companies,
showed a 7% increase in the ratio of their mortgage loans to
total investments for the first seven weeks of this year,
during which period these companies placed more than
$119,000,000 in real estate mortgages.
This is significant, Mr. Kahler points out, because it
reflects the saving capacity of the public, as evidenced by
bank deposits, and at the same time, the directing of this
force into constructive channels.
Certain Commodity Prices Rally, According to The
National Fertilizer Association.
Commodity prices advanced 1-10th of 1% during the week
ended March 15, according to the wholesale price index of
the National Fertilizer Association. This advance was due
largely to butter, sugar, milk, apples, oranges and petroleum.
The recovery in these items from the large declines of the
past six months may not be permanent, but a real advance
should occur before many months, it is contended. Seven
groups declined during the past week, and only three advanced. Forty-three items declined while only 20 advanced.
The declines occurred largely in grains, feeds, cattle, denatured alcohol, cement, soft lumber, rosin, cottonseed
meal, superphosphate and textiles.
Based on 1926-1928 as 100 and on 474 quotations, the
index for the week ended March 15 stood at 91.3;for March 8,
.91.2; for March 1, 91.8, and for Feb. 22,92.2.
President Simmons of New York Stock Exchange on
Principal Causes of Stock Market Crisis—Huge
Output of New Stock Issues Held To Be Factor—
Short Seller Regarded as Indispensable to Orderly
Market.
Before the Transportation Club of the Pennsylvania RR.
in Philadelphia on Jan. 25, E. H. H. Simmons, President of
the New York Stock Exchange, discussed "The Principal
Causes of the Stock Market Crisis of 1929." The factor,
which in Mr. Simmon's judgment "converted an inevitable
but orderly declining market during September into the
1941
panic which we witnessed in October and November," was
"the colossal output of new stock issues thrust on the market
during September and October." Mr. Simmons noted that
"during the first 10 months of 1929 companies listed on the
New York Stock Exchange alone acquired the aggregate sum
of $2,319,302,000 through right financing, which at the same
time burdened the market with new securities to the extent
of approximately $3,328,800,000. This right financing was
particularly active in June last, when listed companies ohtamed $816,674,300 by the issuance of new securities which
had a current market value of approximately $1,276,092,000." In July, he stated "they (the public offerings of share
issues) amounted in net capital to about $800,000,000, in
August to $750,000,000, in September to the prodigious sum
of $1,200,000,000. and even in October to $725,000,000. . .
In September alone investment trusts and holding companies
put on the market about $650,000,000 of new securities. —Al
contributing cause of the crisis, according to Mr. Simmons
"was the practice of gauging the value of securities by multiplying their most recently reported net earnings per share
some factor which was deemed to be applicable to the industry in which the company was engaged." The high level of
share prices last August, Mr. Simmons observed "rendered
the stock market vulnerable to a considerable price decline;"
he went on to say that "this decline commenced in an orderly
manner as soon as it became evident that there had been industrial overproduction, particularly in automobiles and
steel," He added that "the high level of prices was in large
part due to the amazing and steady rise in production of
American industry. When it became evident that this
process had reached its peak and had started to decline,
doubt and hesitation as to the real value of securities was the
natural consequences." "Ordinarily high prices for stocks"
Mr. Simmons stated "are checked by outright liquidation
which overburdens the floating supply and compels a recession. In the stock market of last summer, however,"
he continued "several different factors artificially delayed
and restrained such liquidation—Notably great public optimism and also the income taxes levied on capital gains.
Thus when liquidation occurred it resulted in a much more
violent price decline than is ordinarily the case. Many outright investors completely lost their heads and simply emptied their security boxes on the market with harmful results
not merely to themselves but also to everyone else." Mr.
Simmons likewise said that "in addition to the tremendous
amount of domestic liquidation the stock market also had to
absorb considerable foreign liquidation." Mr. Simmons
referred to the fact that "entirely sincere and public spirited
citizens have taken the New York Stock Exchange to task
for not prohibiting short selling either temporarily or permanently," as to which he said:"The experience of every leading
stock exchange in the world proves that the short seller is
indispensable to an orderly market and the stock exchange is
therefore unwilling to forbid or artificially embarrass short
selling." In Mr. Simmons' view "the stock market is vrey
much more affected by business than business is by the stock
market." He added that "the psychological effect of stock
market activities on business is, I think, usually .over-emphasized and at. most...a temporary thing." In conclusion
Mrt Simmons said "over-optimism may be dangerous, but
it is important to remember that the present problems of
American finance rise, not from weakness, but from the profound strength of our country." His address in full follows:
In addressing you to-night. I feel that I am maintaining the long established relationship between American railroading and the securities market
on the New York Stock Exchange. Just a century ago this year the first
American railway stock—that of the Mohawk and Hudson RR.—was
listed on the Stock Exchange. Ever since, the continued activity of the
leading American securities market has induced a flow of capital Into
American railroad systems that has been indispensable for them in their
continued work of colonizing a continent.
It would, no doubt, be useless for me to attempt to address you to-night
on any other topic than the stock market crisis of last Autumn. The causes
of this Crisis were both many and controversial, and I have no intention Of
inflicting a lengthy economic dissertation upon you. I only desire to comment upon the most important causes of the recent finantial disturbance.
I am not going to attempt to discuss the actual events of the crisis or the
way it was met. Naturally no one, and least of all the New York Stock
Exchange, has any desire to see such financial panics recur and it is essential
at the present Mine to analyze their causes in order, if possible, to obviate
them in the future.
The primary cause of the panic was undoubtedly the high level of prices
which so many leading American share issues had attained. As a result.
various forces making for declining security values encountered in the
early fall a stock market whose high prices rendered it very vulnerable.
This situation is clearer now than it was only a few months ago. In all
fairness, however, it must be said that the price levels of the share market
are almost always peculiarly difficult to judge because of the Inadequacy
of existing methods for measuring them. Almost everyone interested in
the subject is bound to use stock indexes or stock averages, and to depend
upon them. Yet a close examination of such price averages shows how
unrepresentative they often are, and in what an offhand manner they are
1942
FINANCIAL CHRONICLE
[VOL. 130.
frequently composed. I feel that our statisticians can do us all a street Exchange, when the severity of the break In stock
prices is recalled. It he
service if they will concentrate their attention on the production and critical evident that the structure of finance,
although naturally strained, stood'
interpretation of better stock price indexes.
the shock of the panic magnificently. I should perhaps mention too, that
In this connection I would like to draw your attention to certain practices the enormous liquidation of brokers' loans from
roughly 8ee billions to
the true effect of which have been misunderstood by the vast majority four billions in two months was not attended
by a single loss to a lender.
of investors and which contributed in no small degree to the high level of We had reason, however, to expect this result,
because call loans have
security prices existing last Summer. The payment of periodic stock long been recognized as the safest and most
liquid investment known to.
dividends instead of cash dividends is a recent development of American American banking.
finance. While this practice is essentially sound If the corporation paying
Nevertheless, under conditions of panic and public hysteria, even very
the dividend makes a proper charge to its earnings for the stock issued large margins may not prove adequate to
protect the holder of securities on.
as a dividend, it has, nevertheless, mislead many persons who have con- credit, however much it may assure the safety of
financial institutions.
sidered the market. value of the stock received as the equivalent of a cash This fact has, I think, surprised us all and must
be remembered in the
dividend. In a rising market each successive dividend seems to be larger future.
than the last and a security paying such dividends is therefore deemed to be
Ordinarily rising prices for stocks are checked by outright liquidation
more valuable even if the fundamental factors which ultimately determine which over-burdens the floating supply and compels
a recession. In the
real value remain unchanged. Conversely, in a declining market, each stock market of last Summer, however,
several different factors artifically
dividend is worth less and the market value of the security is reduced delayed and restrained such liquidation—notably great
public optimism and
proportionately. The violent fluctuations of the securities that were paying also the income taxes levied on capital gains. Thus,
when liquidation ocperiodic stock dividends instead of cash dividends is eloquent proof that curred, it resulted in a much more violent price decline
than is ordinarily
the public misunderstood the true effect of this practice.
the case. Many outright investors completely lost their heads and
Another contributing cause was the practice of gauging the value of emptied their security boxes on the market, with harmful results not simply
merely
securities by multiplying their most recently reported net earnings per to themselves but also to everyone else.
share by some factor which was deemed to be applicable to the industry
In addition to the tremendous amount of domestic liquidation, the stock
In which the company was engaged. This method of valuation, while market also had to absorb considerable foreign liquidation,
fostered by the
perfectly proper, loads to inflation in periods of great industrial activity. events of the Summer and early Fall in Europe. These European
developIt is also apt to be misleading if the earnings statements of our leading ments were almost universally such as to cause nervousness and alarm
companies are not sufficiently detailed so as to allow security owners to among security holders on both sides of the Atlantic.
In London, apart
determine whether the company is reporting all of.its net earnings or is from the advances in the Bank of England rate, there occurred
the exconcealing part of them by charging off unusual amounts for depreciation tensive and very embarrassing Retry scandal, the collapse of several other
or otherwise secretly ploughing back large sums into their properties.
groups of speculative security issues, and the strain of continued gold
It is obvious, however, that the high level of share prices last August exports. In Germany, conditions on the Berlin Stock Exchange became so
rendered the stock market vulnerable to a considerable price decline. This critical as to require the intervention of the large banks to support the
decline commenced in an orderly manner as soon as it became evident that market. In Austria, the largest bank in Vienna had to be
taken over amid
there had been industrial over-production, particularly in automobiles and very critical conditions by the Credit-Anstalt. In France,
while constant
steed. This over-production, which is clearly shown by the indices compiled gold Imports were being sterilized and causing a critical scarcity
in other
by both the Federal Reserve Board and the Standard Statistics inevitably markets, there was a serious cabinet crisis and for a time the disturbing
lead to the slowing up of industrial operations and a decline in corporate prospect of a new ministry coming into office. All these European
events
earnings. The high level of prices was in large part due to the amazing conspired to put pressure upon the New York Stock Exchange which in
and steady rise in production of American industry. When it became recent years has more and more become an international market. I feel
evident that this process had reached its peak and had started to decline, that there is a serious lesson In this situation which we must learn. Many
doubt and hesitation as to the real value of securities was the natural con
of those who have discussed the Internationalization of the American security
sequence. It seems strange now that the public failed last Spring and markets have presupposed that this trend necessarily made for greater
Summer to be more skeptical about the ability of American industry to market stability. In the long run, this is probably true. But, on particular
maintain its tremendous current rate of production throughout the Winter. occasions, the New York market must deal not only with pressure from
But no one can ever actually tell just when production Is being overdone, within the United States, but also pressure from abroad. The same sort of
especially in an ever growing country possessed of such great natur-1 re- thing has often happened before in London. when it was the leading Intersources as the United State... But the situation arising out of the high national market
of the world. We must consider European conditions more
level of our security prices and the change In the rate of our industrial closely and more critically
in the future as a regular factor in the New York
production did not make a panic inevitable. An orderly and gradual decline securities market.
of prices such as took place during most of September and the early part
I now come to the factor which, at least in my own judgment, converted
of October would have brought about the necessary readjustment. If we an inevitable but orderly declining securities market during September into.
are to look for the actual causes of the panic we mutt consider the other the panic which we witnessed in October and November. I refer to the
factors which combined to produce public hysteria and brought about the colossal output of new stock Wires thrust on the market during September
huge volume of liquidation with resulting conditions of panic.
and October. The year 1929 had already proved to be a very active year
Every serious break in the stock market is always attributed to over- in the production of now securities. In addition to a record amount of new
speculation, but if Wf are to ascertain its exact responsibility for the 1929 stock issues publicly offered, the market was called upon to absorb an
stock panic, we must consider the actual facts. Many people seem ese have enormous amount of new stock issued by our leading companies through
the notion that the volume of trading on the Exchange is in itself a sign of rights to subscribe. During the first ten months of
1929, companies listed
unsound and harmful speculative conditions and a necessary precursor to on the New York Stock Exchange alone acquired the aggregate sum of
stock panics. This wive is, however, not at all supported by the facts. $2,
319,302,000 through right financing, which at the same time burdened
When one studies the volume of shar. trading on the Stock Exchange the market with new securities to the extent of approximately $3,328.800.during recent years, it becomes at once apparent that the peak of activity 000. This right financing was particularly active in Juno last, when listed
occurred not before the crisis of October 1929, but in November 1928. companies obtained
$816,674,300 by the issuance of new securities which
This le all the more striking because of the fact that during 1929 there were had a Current
market value of approximately $1276092000. At the same
added to the list over 350,000.000 additional shares of stock. Naturally time the public
offerings of share issues, already very great, proceeded unthe only accurate way to measure Stock Exchange activity is to consider abated: in July
they amounted in net capital to about $800.000,000, in
the proportion of listed shares turned over. Figures in this regard show August to
e750,000.000. in September to the prodigious sum of $1,200.that through the first half of 1929 share dealings on the New York Stock 000,000,
and even in October to $725,000,000. In each of those months,
Exchange were declining both actually and in proportion to share Lst4ngs. the bulk of the securities offered to the public consisted of share issues,
If mere volume of dealing.. or proportionate velocity of dealings on the and
largely represented the securities of new investment trusts and finance
Exchange were a cause of .,he panic, we should have had a panic not last companies. In
September alone, investment trusts and holding companies
Fall but a year a•-,o
put on the market about $650.000,000 of new securities. In ordinary
Actually it is not so much the velum° of dealings in shares which indicates circumstances,
such a huge Lssuance of new securities would at once have
a dangerous stock market situation as the quality and the equilibrium of seemed
excessive. But the idea seemed to prevail that Investm. nt trust
speculation in the stock market. For various reasons, some of which I and
finance company issues did not actually absorb any new public capital,
will mention later, we have had in the stock market an extraordinary willing- because
the proceeds of these issues would be used to purchase otter outness to buy and an equally extraordinary unwillingness to sell. It was standing issues.
Many of these trusts, however, loaned money on call and
this lack of equilibrium which really made trouble.
invested in foreign securities, instead of immediately buying American
It Is now often sad that the holding of securities on margin had become securities.
The situation would have been vastly healthier if the public
too great during last Summer. The problem of regulating the extent to could have
gained a more accurate Idea of the actual assets behind Ameriwhich the public shall employ credit to purchase or hold securities Is one can investment
trust and finance company issues. The New York Stock
which Cannot be solved by any single agency. The Stock Exchange by Exchange had
already formulated listing requirements for investment trust
requiring largo margins can and did exert a restraining influence but it issues, calling for just such a disclosure of security portfolios, but few
could not control the situation because its rules and regulations apply trusts listed their
iSSU6S on the Stock Exchange, with the result that this
only to its members Many securities are listed on other stock exchanges effort for more widespread publicity as to investment trust assets and
besides the New York Stock Exchange, and many cu.stomers have banks earnings proved
of little avail. The investment trust has, of course, been
carry their securities for them, even though the purchase of these securities a completely new feature in AilleriCan finance, and its nature and functions
was made for them by a stock broker.
have been very widely misunderstood and misinterpreted. Unfortunately,
Statistics taken off by the Stock Exchange from Its members' question- the results of American inexperience with investment trusts were visited last
naires over the first six months of 1929 showed that the margins in cus- Fall not merely
upon investors in these trusts, but upon the whole American
tomers' accounts averaged 40% of the market value of long stocks which securities market.
they were carrying, and 65% on their debit balances with their brokers.
There were also a number of factors which, while not basic causes of the
I need scarcely point out how enormous these margins were. Never had Panic, nevertheless aggravated the crisis and made it more serious than it
margins in the New York brokerage business averaged anything like such otherwise would
have proved. The first of these arose from income taxes
high figures. These large customers margins had been established through capital gains.
Attention has frequently been called to the fact that the
Precautions taken for some time both by the New York banks and the Now existing tax on capital gains has made holders of securities unwilling to sell
York Stock Exchange itself. The New York banks lending money on because of the large percentage of their profits which they would thus be
brokers' loans had for many months required ample margins on such loans, compelled to pay out for taxes. There is no doubt that this tax on capital
and had also frequently marked stocks taken as collateral at prices far gains greatly
contributed to expanding the margin accounts of the public.
below existing market levels. The result was that during the first six to facilitating
share price inflation, and to bringing about the very lack
months of 1929. Stock Exchange houses were putting up an average of of equilibrium
in the stock market that ultimately proved its undoing.
50% margin on the brokers' loans which they had contracted. The ExAn additional source of aggravation arose from the mechanical inadechange on its part examined with groat care through its so-called "question- quacy of the
present stock ticker quotation system. The active markets
naire system" the condition of its member firms, and insisted that the of 1919
persuaded the New York Stock Exchange that better ticker facilities
capital ponaessed by these firms must be maintained at a definite proportion were necessary.
The collection and dispatching of quotations from the
to the conunitmenta of the firm. It was due to these precautions by both floor of the
Exchange were modernized some eight years ago. But further
Now York banks and the New York Stock Exchange that the tremendous efficiency In
the system could only be obtained by improving the ticker
and hysterical wave of liquidation In the stock market during October and
instruments which actually print the quotations all over the country.
November did not lead to the failure of a single important New York bank And this
has been a vastly more difficult problem. By changing symbols
or New York Stock Exchange house. Thus far, two New York Stock Ex- for share
issues, and abbreviating share quotations, the Stock Exchange
change firms have been suspended for insolvency, but both of these firms did what it
could to render the old ticker machine more efficient. These
were small, out-of-town houses, and there is, from what I can learn, excel- palliatives
helped to some extent, but the extraordinary growth of the
lent prospects that they will pay every single penny which they owe to daily share
markets in the last few years continued to require greater and
their customers. I need not point out that this represents a magnificent greater capacity
for speed and volume upon the tape, which could only
showing both on the part of the New York banks and the New York Stock be supplied by a ticker
of novel design. Many suggestions and alleged
MAR.22 1930.]
FINANCIAL CHRONICLE
remedies were proposed without practical results. Finally, a few years
ago, a new ticker machine based upon new mechanical principles was
Invented and successfully passed its initial laboratory tests. But these
new stock tickers could not be used until the machine gave thoroughly
satisfactory assurances not only of speed, but also of reliability against
breakdown. Ironically enough. it was only a short time before the panic
that the new machine proved itself sufficiently reliable to be installed.
There is no doubt but what the delay experienced in obtaining quotations
during the panic considerably aggravated the violence of liquidation.
Not only did it lead to panicky selling, but in some cases stocks would
have been better supported if their current prices could have been learned
more promptly. The inadequacy of the ticker system was, I am persuaded, a cause of the tremendous volume of dealings and the great fluctuations on the worst clays of the break. This whole situation with the
ticker is all the more irritating to the Exchange because it occurred at a
time when practical methods had finally been found for vastly improving
the service in the course of another year.
Another cause in the minds of many people for the inten.sffIcation of
selling to the point of panic arose from "brokers' loans." This question
of brokers' loans, particularly those made by "other lenders," has of
course been a highly controversial subject for the past two years. and
time does not permit my attempting any lengthy discussion of it here.
Undoubtedly, the great increase in brokers' loans by "other lenders"
during 1929 was due to the great demand for stock market credits necessitated both by rising security prices and by the huge amount of new share
financing done for American companies, but it must be remembered that
these loans represented in the main free capital which had been raised
by corporations through security issues and which was loaned while it
was awaiting Investment. It is difficult always to say concerning past
events what might have happened under conjectural circumstances.
But I am persuaded that a leas artificially tight money market during the
early months of 1929 and a more reasonable rate of interest on ordinary
banldng deposits would have prevented the undue extension of the loans
for the account of "other lenders." In the last analysis. however, I do
not believe that it was due to credit conditions that the stock market
collapse occurred.
It is always, of course, very easy to criticize after the event. During
the past two years, the Federal Reserve authorities have undoubtedly
faced a very complex and in some ways a very novel situation. Any
attempt to snake the Federal Reserve System a scapegoat for the securities
panic last fall would be both unjust and undesirable. It is, however,
Important that the moral of our recent financial difficulties should be
clearly ascertained, if we are to avoid such episodes in the future.
After every stock panic people who have suffered losses, very humanly,
hunt about for something or somebody upon which to lay the blame.
At such times the short seller always comes in for sharp criticism because
he is assumed to have made profits at a time when the vast majority of
Investors have suffered losses. Short selling is then constantly harped
upon and greatly exaggerated and every price decline is promptly and
positively attributed to bear raiding. The last panic was no exception
to this rule. Entirely sincere and public spirited citizens have taken
the New York Stock Exchange to task for not prohibiting short selling
either temporarily or permanently.
It is, of course, difficult to determine the exact extent of the short
interest at any given time, but fortunately, at one- of the worst periods
of the last crisis, the Stock Exchange by means of a special questionnaire
sent to its members obtained statistics as to the current size of the short
interest. The amount of the total short interest at the close of one of
the worst days of the panic was found to be extraordinarily small, constituting only about one-seventh of I% of the total listed shares. This
fact seems to me to be a conclusive answer to the oft
-repeated statement
that in the latter days of the panic short sellers and bear raiding were
responsible for the declining value of securities
Many persons who criticize short selling consider only the depressing
ffect which the short seller is supposed to have upon the market; they
gnore entirely the fact that a "short" as soon as he has sold becomes a
compulsory buyer of stock at some time in the future. Since "shorts"
must buy at some time they are in time of financial distress the backbone
of the market. When prices decline sharply and most investors wait
for the bottom of the market and most margin purchasers delay buying
either because they are themselves embarrassed by the decline or because
they are afraid that it may run further, it is the short sellers who become
the buyers. Some economists believe that one of the reasons why the
break last autumn proved so severe was the absence of a short interest
adequate to absorb the great torrent of liquidation and they point out
that during the last few years our great prosperity has made most people
speculate for the advance and not for the decline. The steady and great
increase in security prices during the last few years has resulted time and
again in punishing severely the few traders who had the temerity to sell
the market short and finally a point was reached last summer when the
normal restraint imposed by short selling was practically non-existent
and an undoubted inflation of security prices set in. The New York
Stock Exchange, however, is not so much concerned in defending short
selling per se as in promoting more orderly and stable markets. The
experience of every leading Stock Exchange in the world proves that the
short seller is indispensable to an orderly market and the Stock Exchange
is therefore unwilling to forbid or artificially embarrass short selling.
In taking this position the Exchange Is relying not only on its own experience, which Is of long duration, but also upon the fact that nearly every
leading corntry in the world has at some time in the past actually experimented with laws forbidding short selling and In every single case, after
the legislative experiment proved disastrous, the laws wore hastily abolished.
Recently the question on everyone's lips has naturally been what effect
the liquidation of the stock market would have upon business. As I look
at the matter, the stock market is very much more affected by business
than business is by the stock market.
The stock market affects business mainly in three different ways-. First,
by pure psychology; second, by facilitating the flow of capital into corporate
enterprise; and third, by the increased consumption which realized profits
in the stock market make possible. The psychological effect of stock
market activities on business is, I think, usually over-emphasized
and
at most a temporary thing; if business itself is sound, the stock market
cannot persuade the public otherwise. In fact, the stock market will
at once tend to reflect improved business conditions by rising security
prices. in regard to the second point, we must all realize that
never
before in our history has there occurred such a wholesale wave of corporate
financing as during the past two years. My previous remarks respecting
new public offerings of share issues, and also respecting financing through
rights, have adequately illustrated this fact. Also the billions of dollars
Invested by the public in American corporate securities recently have
not to any great extent been invested in large high-priced inventories.
In consequence, American companies to-day need less capital financing
than probably at any time in our history and if the effect of the stock
market crisis is to delay temporarily the issuance of new securities, I
do not think this will be any real hindrance to business. The third point
1943
as to the effect of stock market profits on consumption is more problematical'
.
Undoubtedly, the luxury trades have in recent years benefitted from thiu
source. Nevertheless, I think that most stock market profits remain Is
the market itself because of the reluctance of most stock speculators to
set, in practice, any limit to the amount of money which they wish to
make. In the main, therefore. I do not think that the fall in security
prices will itself cause any great curtailment in consumption, and the
trado figures thus far available ;seem to bear out this view of the matter.
Since the stock market liquidation, we have heard much about the
prospective effect of returning to industry and commerce, funds previously tied up in speculation. I venture to criticize the careless acceptance
of this view because its logical consequence may get us into a very much
worse situation than the one which we are facing to-day. It is not at all
apparent that either industry or trade in 1928 and 1929 were actually
starved for funds. Not only is this the testimony of most commercial
bankers throughout the country, but it is shown by the high levels throughout these years of the commercial loans of Federal Reserve member banks.
But in addition to the short-term funds provided by banking credits,
there has been a vast permanent financing of American corporations of
all kinds through the sale of stock—to our corporations the cheapest and
most desirable character of financing ever seen in this country. Through
the stock market, billions upon billions of capital savings have been rendered
available for corporate purposes, and the present cash position of our
companies generally does not support the contention that there has been
a lack of funds for industry.
It is worth while contrasting this situation in some of its possibilities
with the 1919-1923 business cycle. During those years, brokers' loans
were deflated in the beginning of November 1919, and the resultant funds
were loaned out to manufacturers, merchants and land speculators. There
was the same talk at that time about releasing funds from the stock market
for industry and trade. But the result was a huge upswing in commodity
prices and a general commercial inflation whose crash in 1920 very seriously
affected the whole country for a long period. During the past five years
we have had no new commercial inflation and no new inflation of commodity prices. One reason for this situation has been the fact that surplus
capital and credit could be steadily absorbed by the securities market.
Security inflation is of course undesirable, but I think all economists
would agree that the effects of security inflation are slight beside those
of commercial inflation. If funds released by the liquidation of security
loans are to be artificially thrust into commercial loans, I think we will
have to watch very closely future movements in commodity prices and
future tendencies toward commercial inflation. Actually the stock market
together with stock market loans serve a very useful purpose in absorbing
capital and credit which might otherwise facilitate, if not cause. Inflation
in the business field. Any attempt to stabilize artificially either the
stock market or stock market loans may result in bringing on a worse
evil than that with which we have already been struggling.
A final and still more profound problem raised by the recent security
panic, consists in the proper disposition of American surplus capital.
For several years past all signs have clearly shown that this surplus capita
was very great, and that it was being absorbed by investment in securities.
In the first few years after 1919 our surplus capital flowed largely into
foreign loans because of the critical financial condition which even the
best foreign borrowers were facing, and the high rates of return which such
loans could therefore pay. In recent years, however,the trend in American
security Investment has been sharply away from foreign securities and
toward American securities. By 1929 this tendency, as I have shown,
resulted in a temporary over-financing of American industry on a long
term basis. Some students of finance now hall the deflation of American
security prices on the ground that our capital can now once more flow
into foreign securities. Personally I do not believe quite so readily in the
inevitable benefits of such a tendency. Foreign investments are valuable
to any country if its funds can be put into first-class loans, but there is
no advantage in lending considerable sums abroad on poor risks. The
strongest financial countries in Europe not only no longer wish to borrow
from us, but are to-day competing with us in the foreign loan market,
and even investing their money in American securities. This means that
good foreign loans are difficult if not impossible to obtain.
Granted that our surplus of capital in this country is likely to be great
In coming years—and I for one believe that it will be—we are liable alternately to face the necessity either of making dangerous loans abroad or
raising the level of American security prices. I think our recent security
price inflation has been due to just this sivation, and unleaa new and safe
fields for the investment of European as well as American capital are
opened, I am not certain that future capital inflation both here and broad
can be prevented either by private discrimination or public law. A thorough
.
realization, however, of our position as a creditor country, should give
us a more realistic view of these inevitable problems which our new financial
as our financial progress continues, should enable
status has created, and
us to minimize both the alternate dangers of unwise foreign investment
and domestic security inflation. Over-optimism may be dangerous but
It Is important to remember that the present problems of American finance
rise, not from weakness, but from the profound strength of our country.
President Simmons of New York Stock Exchange on
"Evolution of Stock Exchanges"—Standards of
American Markets in Large Part Attributed toGovernment Policies of Commercial Freedom.
"The Evolution of Stock Exchanges" was outlined by
E. H. H. Simmons, President of the New York Stock Exchange at a dinner in Hartford, Conn.. Feb. 28 of the Hartford Stock Exchange and the Connecticut InvestmentBankers' Association, Mr. Simmons observed that security
markets must "develop naturally as a result of economic
evolution, and the most fruitful contribution to sound
markets which Governments can make is to allow them the
greatest degree of private initiative and freedom of self
regulation." "In the United States" said Mr. Simmons
"we'have thus far been fortunate in enjoying a Governmental
policy in regard to marketing and trade which has always
been distinguished by the sound ideals of commercial
freedom, and the vitality and high standards of American
stock markets to-day are to no small degree due to this fact."
As to the development of the New York Stock Exchange
President Simmons said:
Prior to and during our Revolutionary War, there was no real security
market in New York, or as far as I know elsewhere in this country, for the
1944
FINANCIAL CHRONICLE
excellent reason that at that period practically no securities existed in which
dealings could occur. The Revolutionary War, however, created a large
national debt, which Alexander Hamilton funded in the form of a government bond Issue very large for those early times. Simultaneously, the
new republic required banking and insurance facilities, and accumulated
Capital to found the earliest American banks and Insurance companies by the
public sale of stock. At once markets for these new forms of property
developed, not only In New York, but also in the other older Eastern cities.
The earliest financial markets in New York sprang up In the midst of the
existing commercial markets of the times. These consisted in the main of
auctions, often conducted on the river-front wharves. Thus, the first sales
Of securities in New York City occurred along with sales of imported European goods, American produce and even the now illegal commodities of
African slaves and West Indian ruin. The growth of security dealings,
however, soon rendered it desirable to create specialized security markets.
Accordingly, the earliest New York stock brokers and stock dealers became
accustomed to meet under an old buttonwood tree that formerly stood in
lower Wall St., close by the wharves and coffee houses which in those days
constituted the center of the city's commerce and trade. The records of
this early period are naturally very scanty. But In the archives of the New
York Stock Exchange there is still preserved the first stock brokers' agreement of 1792, drawn up by these early New York curb brokers. This
agreement is the first sign of organization in the New York stock market.
The agreement, however, merely provided for a fixed minimum brokerage
commission and "preference to each other in our negotiations."
Two main problems faced this original stock market as it continued to
conduct its business in the open street. The first of these problems consisted naturally in the need for proper Indoor accommodations and facilities.
The only mechanical facilities at that time available to the stock market
consisted in the buttonwood tree about which its members met. One
skeptical American historian, however, perhaps indulging in the popular
modern pastime of "debunking" history, has even asserted that nothing was
left of the buttonwood tree at this time except its stump, as the British
dragoons during the Revolutionary War had previously chopped It down for
firewood. Whatever the truth of this matter may be,it is apparent that the
facilities of this original curb market for stocks in New York were of the most
primitive character. A second and more important problem which the early
market faced, consisted in the necessity of regularizing its practices tbrough
better organization and discipline. But as long as the stock market remained in the public street, little could be accomplished In this direction.
No real check could be placed on the character or numbers of the membership as long as any citizen had a perfect legal right to step up to the buttonwood tree and shout out bids and offers. For the same reason, no regulations could be enforced in regard to the character of securities bought and
sold in the market, or indeed In regard to the specific methods of purchase
and sale utilized by the members of the market. It was naturally impossible
to fine, suspend or expel any broker or dealer in securities from a market
conducted in a public street. I have no wish to make unflattering remarks
In regard to the moral standards of these early brokers. They were, as a
matter of fact, respected and substantial citizens. But It is apparent that
they themselves were dissatisfied with the lack of discipline and regularity
of their security market,for ultimately, as we shall see, they wholly revolutionized this situation.
The organization of the New York stock market could not occur, however,
until sufficient business developed to justify it. This condition was reached
In 1817 when for the first time the New York stock market moved indoors in
very modest quarters in Wall St. Naturally, in order to share in an equitable manner the rent of these new quarters, it was necessary to organize a
voluntary association of members, headed by the conventional president,
vice-president, secretary and treasurer. Chairs and a fire were also provided,and at length a clock,in order to regulate trading hours. From these
simple beginnings developed the vast mechanical accessories of the stock
market as we see them to-day. But still more important than the chairs or
the clock was, after all, the matter of discipline and regularity in the market.
This fact has been continually emphasized throughout the history of the
New York Stock Exchange. The objects of the Exchange, according to its
modern Constitution are "to furnish exchange rooms and other facilities for
the convenient transaction of their business by its members; to maintain
high standards of commercial honor and integrity among its members; and
to promote and inculcate Just and equitable principle: of trade."
As I have stated, such Ideals In regard to the character and methods of
stock market business were at first impossible to enforce. But when the
stock market moved indoors, this situation ceased to exist. The quarters
of the market now possessed a door, as the Board soon came to realize. If a
member engaged in improper conduct, he could now be denied entrance to
the board room, either temporarily by suspending him from membership, or
permanently by expulsion. In the shadow of these drastic means of punishment, fines for minor offenses could also be imposed. Thus there was provided the basis for discipline and rules which the Stock Exchange could Welt
formulate and enforce. To paraphrase the Hughes Report, the stock
market had been taken in charge by a regular organization, was now controlled by Its rules, and had now become an exchange.
With the rules of the New York Stock Exchange to-day some of you
gentlemen, representing as you do New York Stock Exchange firms, are I
trust already familiar. A century ago, however, the rules of the Exchange
were both few and simple,and could be and were printed on only a few sheets
of paper. The rules of the New York Stock Exchange at the present time
constitute a good-sized volume, with a continual tendency to expand as the
business of the Exchange grows greater and as new financial problems arise.
In formulating these rules, it is often necessary for the Exchange to make
tentative regulations which,if not later justified by experience, can be withdrawn or changed. The New York Stock Exchange, of course, cannot
undertake to solve all the problems of finance, let alone even Its own problems, before experience points the way. Also, the New York Stock Exchange has always to consider the fact that its member firms are doing
business in competition with other financial houses not members of the Exchange and thus not bound by its restrictive regulations. If Stock Exchange
regulations end by depriving the market of too much business, they will
Inevitably defeat any useful purpose which they might serve, because, as I
have stated, a stock exchange which loses activity no longer possesses real
significance. The Stock Exchange authorities, therefore, try to avoid
burdening its members with complicated and severe restrictions. On the
other hand, it is almost continually necessary to attempt to improve the
character of the business by providing more adequate regulations, if the
character of the New York Stock Exchange as the premier organized security
market of this country Is to be maintained.
The severity of Stock Exchange rules has often been commented upon.
The Stock Exchange authorities continually go far beyond any existing requirements of public law in endeavoring to maintain what Its Constitution
calls "just and equitable principles of trade." Naturally, the Stock Exchange itself, and also Stock Exchange firms, are completely subject to the
law of the land like everyone else. But in addition, they must always consider these more far-reaching rules provided by the Stock Exchange Constitution. It speaks well. I feel, for the whole membership of the New York
Stock Exchange that they should themselves year after year continually
[VOL.. 130.
vote to uphold in this way a disciplinary code so much more searching than
the public law. I have been President of the New York Stock Exchange for
several years, and a member and a governor of the Exchange for many more.
During these years it has been my experience that the Stock Echange membership has continually thrown Its Influence In favor of stricter rather than
taxer regulations, and higher rather than more casual standards of commercial integrity. The New York Stock Exchange is in fact a triumphant
example of the possibilities of self
-regulation in modern business, and it is
often referred to as such by other less highly organized trade associations.
Philadelphia Stock Exchange Governing Committee
Re-elected.
At a meeting of the governing committee of the Philadelphia Stock Exchange on March 20 the following whose terms
had expired were re-elected: Frank L. Newburger, VicePresident; Herbert L. Clark, Trustee of the stock exchange
and John W. Sparks, Trustee of the gratuity fund. The
following reappointments were announced: Frank C. Matthews, Secretary; Clarence L. Haw, Asst, Secy.; John R.
Huhn, Jr., and J. V. M. McMorris.
Chicago Stock Exchange Ticker Service to be Extended
to the Rocky Mountains and the Pacific Coast.
The Chicago Stock Exchange on March 19 announced
plans for extending its quotation ticker service to the Rocky
Mountain Region and to the Pacific Coast. The cities to be
added to the Chicago Exchange's ticker circuits in this new
new development within the next 60 days will include Denver,
Salt Lake City, San Francisco, Oakland, Los Angeles, Port,
land, Seattle, and intermediate and nearby cities.
This development will give the Chicago Exchange a continuous quotation wire service operating east to the Atlantic
Seaboard, and west to the Pacific Coast. Approximately
4,000 miles of leased telegraph wire will be necessary for the
West Coast extension, which is the largest expansion of its
quotation ticker service ever undertaken at one time by the
Exchange.
Following approval by the Board of Governors of the
Exchange of the demand from Pacific Coast brokers and
financial houses for faster action on quotations frcm the
Chicago securities market, an agreement NI,a,s reached on
March 19 with the wire company for the necessary wire
facilities. According to present plans the service will be
operating to the West by June 1.
Exchange officials point out that the interest in the West
in Chicago securities is indicated in the fact that two Pacific
Coast firms purchased seats on the Chicago Exchange in
recent months, H. J. Barneson & Co. and Bacon, Wardell &
Co., both with offices in Los Angeles and San Francisco.
The growth of the ticker service of the Exchange has been
in the main during the past year and a half. Chicago tickers
have operated in Chicago since 1891. It was not until 1925,
however, when Chicago tickers were installed in New York
City, that this service was extended outside of Chicago. Following installation in New York, no extensions were made to
other cities until June of 1928. Since that time, however,
30 other cities have been added throughout the Eastern
and Central States. On June 1 1928, only 124 tickers
operated on Chicago Exchange ticker circuits; to-day more
than 400 are in operation.
With the extension of the Exchange's ticker service and
other developments La Salle St. began to talk of the Chicago
Exchange as a securities market national in scope. Volume
of shares sold on the Exchange rose from little more than
10,000,000 in 1927 ro 39,000,000 in 1928 and to 82,216,000
in 1929. Last week the Chicago Exchange announced it
had passed the cumulative share volume for the same period
of 1929, and the opinion was expressed that no other exchange was equalling its volume of a year ago. At that time
Exchange officials pointed out that the outstanding reason
the Chicago Exchange is keeping up with its record pace of
a year ago is "the national character of the Chicago securities
market." This broadening of the Exchange is the result,
according to La Salle St., "to (1) the extension of the Exchange's ticker service to 32 cities, (2) listing of well known
and important securities from all sections of the country,
and (3) the sale of seats to brokerage firms outside of Chicago.
Market Value of Shares Listed on New York Stock
Exchange $70,806,703,327 on March 1—Classification of Listed Stocks.
As of March 1 1930 there were 1,307 stock issues aggregating 1,170,010,834 shares listed on the New York Stock
Exchange, with a total market value of $70,806,703,327.
FINANCIAL CHRONICLE
MAR.221930.]
This compares with 1,297 stock issues aggregating 1,164,715,742 shares listed on the New York Stock Exchange
Feb. 1, with a total market value of $69,008,836,529. In
making public the March 1 figures on March 20, the Stock
Exchange said:
As of March 1 1930, New York Stock Exchange member borrowings on
security collateral amounted to $4,167,588,352. The ratio ofsecurity loans
to market values of all listed stocks on this date was therefore 5.89%.
As of Feb. 1 1930 member borrowings on security collateral amounted to $3,984,768,065. The ratio of security
loans to market values of all listed stocks on that date was
therefore 5.77%. In the following table, covering the seven
months, listed stocks are classified by leading industrial
groups, with the aggregate market value and average share
price for each. It will be seen that the market value of
these listed stocks on Sept. 1 was $89,668,276,854 as compared with $70,806,703,327 on March 1.
ingi*
gxxv.mw q
V50n4g4Pw4goo.imma.
,s1ggoEngAgg0 a
-g,g4wigggai-r
l• e
0. g o
. •Picii
19040
0
c g-8 ...0"St
Iagc.
=
,Fsgs- 5
-grk
-a
83
' 4F lisVgagotc-Kg..
E
m
°
;
I 80 , c 04m 8 R, M gw't815,71"gg .0
mg
T0 0000 x 2Sm, 0
Ins 0.3.•-.0
m0005
I
g vrig "LS
E eg NA
.
i'm fiv 2
a c
art'A
wa'4-.
gg55
En
irg.a
s'n'
0: ; Sw
.......
- fig•..
61 45
.9!
11
ri g. Egg * s
hg A's 11 i
81
wqmi *
g
*BA N;
2
g . Va
70.806.703.327
Fog.
2
g
--.
,„40.-
.
n
1
i
1
.a
g
a
6
... .:603
opo
,
wo o.w
1
„
a
" ail. :1
'
41G81 2S- 718Ye488:*:=1:afit
1- 4
.
oon'w:t...468.4moVomist
tt
=!0!418=T4Sca=g8,061V2w0.8=41,I.9.4.4w
.
,,
"= -- wo. -4 -0 V,W=C00000...1QCWWOM,14 0.4JN
+00
.
0000 1 C
,
"'" WW`CW0a....WOIWOACAM0 0.00.2.
n.
0
w
P
n3
•
Market
Values.
wp
.-.
psw.e.. co5w 0.14t*
g
4
4 a5
4 -0",.......---..."....,
.7...anflanlaa7 :8:3t- mik
...
.
,
;r248.2;28288881t88SVM0w.awcw..
.
sly'siigniyo'oloWW'osMWW14104...gb10V414:4
.&".-4^StiSEST,So=g2Stn.SS
0
Feb. 1 1930.
6 0.03k4-4000,000.4,o- .00,0wD00000.
w C'ise -bo:Aboi.CoO*isboi.D-:4O:46'ok:p.&),6,WO0;o;—.3
69.008.836.529 I
r:
4
.
8 :L'MiStS74211SESNEStaltrot848.M
S SOStMOSS112a4S.VVI:S=n1.12r. le'
LI
20
,
.
1.g0',3,.1L.f:t4 , , 4:—.43;";0,1.2;#.1
.145GAIJOEWCJi..66 W;Des *
Di Di31
P. e.
Pp
pWp
10.t o.P.
.
Pwwleogwig.P.
,,,
g03 388MlePPtg.44VtgwgnIte2-4
4
11*•
p
-
.oa
.°
F4s.43.1gAs4gaini,-TigEn4.4al t p
,
1 a
.121
. 4I-.-gi4t4- 0we;..lwboomo re.
p:
0-,
w&)w7 8c,88=-4aSSS.=- 8828g8SOIS
4=
Fa'
J
014i..A-1.011. 14s- 001.2wo
-01 ,
,0
c
R7
188
13S:c=32
ASSww88TVglr=g8""-48°
'i',
Dec. 2 1929.
63,589,338.823 I
,
a a•gocko t-.1.g-gE0.0.0^4.0,4.v.b3.4,40.
U ile 8tti3i tititg§:c.t8gW°W,'otga
41. o 2
.
!-.....
ol0 5.C4
PPP POP 0wW
Jan. 2 1930.
64,707.878.131 I
1Z5bpntal0.'i=zAt=50--ig4tir! Pt
20
912-1.3-.4
2
aMSSWIG:8?0,2V4g=onaG=8:e.rog=2
4
S SSSO:StritS5ngt8n8StUt8tUntEt. 82.
R%
4.tWelb44.60:-OiasO4.O;0;-kb
;0
4 ..
0 06.OMO4056%. . w00004o o. o owoo.,
o.-cio..wo -
4 ...p ...
....
wo o.e.
4.w.s. d'O'w oow
4 00- 'ow.noi.210'wox;0
1 'oo'q.omo4. omm4o .000 0.00wl”.0.ole0.
o..1- ....
!
-.....44c-oo40 o
g
Q
.
p
,
0poop
o0owa.44o0.o.p.o.00m.0
p
e Vg. .4t141.7co,i4-w-10.141.,)el re. -;
7
Fg
6 0,
088=23-gg!tEUrtogg.':.4tago-
.
"
P
1 5malm=E-;11eva..gn.s;swl-E-:;:l
.
; nnpat=.7agE=FisttntwIrEsgE,..
a t'zIaaathaT.a..
- 5
:t2gaak.E,12.
,
...
a
Financial Stock Clearing Co., Organized to Clear
Bank and Insurance Stocks.
A group of houses trading in bank and insurance stocks
have organized the Financial Stock Clearing Co., Inc. to
clear bank and insurance stocks. The corporation began
operations on Tuesday, March 18 1930, at 16 Beaver
St., New York City under the direction of Duncan MacGregor, who for many years was officially connected with
the Stock Clearing Corp. of the New York Stock Exchange.
In addition to clearing, a day branch will shortly be established to centralize physical clearances and transfers.
Requirements for membership are a working capital of
at least $200,000, stock in the corporation of the par value of
$1,000 and the approval of the Board of Directors. A
minimum contribution of a clearing member to the clearing
fund of $10,000 has been fixed by the board of directors.
The officers are: Mark A. Noble, Pres., 25 Broad St.;
Otto Culman, Vice-Pres., 61 Broadway; Willis M.Summers,
Treas., 74 Trinity Pl.; Clinton Gilbert, Sec., 120 Broadway.
The directors consist of the following: J. R. Berkson,
Gerald Clokey, Otto Culman, Gilbert Eliott, Clinton
Gilbert, Mark A. Noble, Warren Sullivan, Willis M. Summers, Frank S. Thomas.
The stocks now cleared consist of the following:
Manufacturers
Manhattan
Equitable
Chase
Home Insurance Central Hanover Bankers
City
Corn Exchange
Irving
Guaranty
Cocoa Exchange to Close Saturdays.
In response to a petition by members the board of managers
of the New York Cocoa Exchange has voted to close the
exchange for trading purposes on Saturdays from May 1 to
Oct. 1, instead of from June 1 to Oct. 1 as provided for in the
by-laws.
Chicago Stock Exchange Establishes a New Record for
Volume of Dealings.
Trading on the Chicago Stock Exchange on March 13
brought the volume of shares sold since January first to a
total of 14,119,150, passing by nearly 20,000 shares the
volume for the same period a year ago. This volume establishes a new record on the Chicago Exchange for volume
trading during the first 234 months of a year.
Laqt year's trading to March 13 totalled 14,099,000 shares.
The trading to-day that made the new record possible was
271,350 shares.
Bond trading on the Chicago Exchange so far this year
also has established a new all time record. To date during
1930 the bond sales have totalled $6,295,000 par value, more
than 5 times the volume for the same period a year ago when
it totalled $1,246,000 par value.
Statisticians along La Salle Street expressed the opinion
to-day that the Chicago Exchange is the only major securities market in the country to pass its volume for a like period
a year ago.
Russell-Colvin & Co., San Francisco, in Receivership.
Addison J. Strong, certified public accountant, has been
appointed receiver for the brokerage house of Russell-Colvin
& Co., of San Francisco, by United States District Judge
Harold Louderbach, according to the San Francisco "Chronicle" of Mar. 12, which continuing said:
A $50,000 bond for the faithful performance of his duties, and an additional $10.000 for the protection of the creditors in case the receivership
suit has been illegally brought, was furnished by Strong.
Gardner M. Olmsted. resident of Nevada, was the applicant for receiver.
filing two suits in equity against the involved brokerage house and is
Individual partners.
Olmsted asserts that the firm's liabilities total $1,335,000, while assets
amount to $1,716,000—sufficient to cover all obligations if liquidation is
not hampered by obstructive legislation.
"
.
wo. 000
osno a..-4. 4po
4
.7 r'P '-'
t0a14....mob'otow'&010.ocealy
F.,
0Fowpw-ww=t=22SV,88Gnippww.12
w
w
.m0004o.r.4...00.
o00
w 0000&mwoocom00000
.4.a.www0.wo4o..44.4w.w.o400a.0000w
o4wm0002§63044Ta.o4o8Z50.4.730::roo
o opopoo0
p
t3!
oo . „,o00o oop..w4.044e... .,
.
g
t.'SgS :
!h:
c Iti'AMISg.
.
8 4:1" 488;S:ittg: °
I Sept. 11929.
Market
Values.
89.668.276,854
.o.
0.5. -4540
op5 Sacs .45451
ODO. *-1.-54
66
w-iw'w "w-v-w' . ,-00 .... wl..141.
2SN445
OA
S=
O
=ZUSikleagSPIIZ
"
4
1
.
-T8SSS8
'
2
:
.
8° c2SPSiffli%ftgl
,
kit
nceop.
:
5.floa.00mo :op.woo4omo.pw000p0000
3
0
l 27•Sr-ttS:*,i'.2
gYZiFOS:9SISSEE- 14Si:
oom woo4.wow
Od. 1929.
b oopowoow00004.0.co-0004wo -7 gt:=1e il
..
.
22:67: , a
.pstsit411,9p
;t. W
o.4"olpen eWoolib4k0Volo10;010WO'w.l. '
1945
Failed Brokerage House of Riley 8c Fitzgerald, Worcester, Mass., Filed Bankruptcy Schedules and Makes
Composition Offer of 30 Cents on Dollar.
Riley & Fitzgerald, the Worcester, Mass., stock brokerage
firm which was petitioned into bankruptcy on Oct. 31 1930,
has filed schedules in bankruptcy in the Federal Court at
Boston, according to the Boston "News Bureau" of Mar. 21.
Liabilities were listed at $318,505 and assets at $316,510.
Secured claims totaled $36,734; unsecured claims, $199,096.
Other indebtedness amounted to $92,005. The firm has made
composition offer of 30 cents on the dollar which will have
to be acted upon. The failure of this company was reported
in the "Chronicle" of Nov. 2, last, page 2794.
1946
FINANCIAL CHRONICLE
Jacob B. Hoffman Expelled from Dealing on New York
Produce Exchange — Charged With Creating a
Fictitious Market in Stock Issue of United States
Commercial Aircraft Co.
In announcing that a permanent injunction would be
sought restraining Jacob B. Hoffman from further dealing
in stocks, the State Bureau of Securities revealed on March 19
that he was expelled about a month ago from the New York
Produce Exchange. An investigation into his activities
showed evidence of "stock-rigging," the officials asserted.
The New York "Times" in reporting this on March 20,
goes on to say:
[Vol-. 130.
this same country would require if its banking assets were chiefly slow
and illiquid loans and investments.
The Liquidity of Pre-War London.
A classical illustration of this point is, of course, pre-war England,
which did a world-wide banking business with a surprisingly small gold
reserve. In the first place, the London money market held a large volume
of the quick debt of the outside world, timed so that maturities came
daily which need not be renewed, or need be renewed only at an advance
in rates. Again, more commodities were dealt in in London than in
any other single center. London had a great body of expert speculative
buyers, who knew their outlets, and were prepared to buy, at a concession in price, almost any commodity on very short notice. Truly
liquid bank loans could be made on virtually any commodity. What came
to London became liquid, and everything came to London. Loudon, therefore, needed less gold than other centers needed.
The expulsion of Hoffman, who lives at 207 Lindell Boulevard, Long
Beach, and formerly had offices at 32 Broadway, was confirmed by the
Produce Exchange. The action came, it was said, after the broker had
been cited by the governing board of the Exchange for a hearing. The
charges concerned his sponsorship of a stock issue of the United States
Commercial Aircraft Co., for which a "fictitious market" was created,
according to Deputy Assistant Attorney General Jacob H. Denenholz of
the bureau. Expulsion took effect Feb. 13.
Hoffman and six other individuals and four brokerage firms temporarily
were enjoined on Dec. 9 from further security dealings by Justice Selah B.
Strong of the Brooklyn Supreme Court. Hoffman has consented to the
permanent injunction, the motion for which win be filed to-day, Mr.
Denenholz said.
Associated with Hoffman in his sponsorship of the Aircraft Co. stock
issue was Chester Jackson & Co., Inc., 580 Fifth Ave.. according to Mr.
Denenholz. Maxwell Rappaport, the President, Gustav May and A. M.
Birnberg were named with their company and Mr. Hoffman in the temporary injunction. Other defendants included Marcelle, Edwards & Co.,
Inc., of 55 West 42d Street, and Louis R. Edwards; M. H. Hoffman &
Co. of 32 Broadway. of which Hoffman was a member; the Wall Street
Fiscal Corporation, 109-111 Wall Street, which is said to have issued a
"tipster" sheet known as the "Wall Street Financial Service"; Henry J.
Bernac.hi, President of this concern, and Frank W. Parker.
In his affidavit Mr. Denenholz charged that through operations of these
concerns a fictitious market was created for the sale of 125,000 shares of
class A stock of the Aircraft Corporation, which has offices in Washington,
D.0. Marcelle, Edwards & Co., according to Mr. Denenholz, obtained
the stock from the corporation and later interested the other in it. Hoffman
had the stock listed with the Produce Exchange, representing that the
company was to net 88 a share for the sale and,that there was an "over-thecounter" market at 813 a share, it was said. Mr. Denenholz said that the
stock then was parceled out to other houses to sell at a price which at times
was 500% more than its cost to the distributers. The average excess of
such prices was 300%, the deputy added. The stock was listed on the
Exchange in June. but was withdrawn in August at the reauest of the
Aircraft Corporation.
Excess Bank Credit Flows Into Capital Uses.
Bank credit remains liquid most easily when it is not excessive, and
when bankers are in a position to insist upon the usual banking standards
in extending credit. When bank credit is very excessive and rapidly increasing, as was almost steadily the case with us between 1921 and the
middle of 1928, bankers are faced with the alternative of having idle
funds on hand, or of placing them in unusual uses. During this period,
commercial bank holdings of real estate mortgages increased over 200%.
There was a very rapid increase in installment finance paper. Banks
bought bonds in great volume, and collateral loans against stocks
and bonds increased with great rapidity. For the National banks, the
ratio of svurity loans and investments to total loans and investments
rose from 42% in 1921 to 55% in 1928, while, for the 600 reporting
member banks in the great cities, the ratio rose from 46% to over 60%.
Commercial paper eligible at the Federal Reserve Banks declined greatly
in percentage.
Adverse Tendencies in European Banking.
The banks in Europe have similarly experienced a decline in liquidity
during this period. Fifty per cent is the customary deadline for British
banks, in the ratio of their relatively slow loans to customers, or "advances," to their deposits. The remaining 50% they wish to place
in vault cash, cash with the Bank of England, bills of exchange,
short loans and call loans against bills of exchange, and other highly
liquid assets. By June of 1927, however, this figure for the London
clearing banks had reached 54%. It rose to a peak of 65.2% in April of
1929, and, despite some liquidation, it still stands at 54.6% in December
of 1929. On the Continent, in many countries, a similar development has
taken place.
Mar. 14 1930, Benjamin M. Anderson Jr., Ph. D., economist
,of the Chase National Bank of the City of New York, took
up the question of the alleged shortage of gold. He pointed
•out that there has been a great deal of recent discussion,
rather despairing in tone, regarding a shortage of gold,
and even warnings of an impending "gold panic" in the
course of the next two or three years. The demand is made,
Mr. Anderson says, that the gold reserves of the world
be pooled, so that interest rates may be made very low
again, to prevent a violent break in commodity prices and
strangulation of trade. On the other hand, there has been
expressed, he notes, an incredulous optimism, which points
to •the ratio of reserves to combined notes and deposits
of the Federal Reserve Banks, well above 70%, and
asserts that there is an abundance of gold. Holders of this
view also usually demand, however, that the Federal Reserve authorities should make interest rates very low. Mr.
Anderson declares he shares neither of these views. There
is, in his opinion, enough gold in the central banks of the
world to make it easy to supply all the bank credit that is
needed for legitimate business purposes, and the annual
production of gold is ample to meet the legitimate needs of
business expansion. But there is not enough gold in the
world to enable us to continue the rapid expansion of bank
-credit of recent years, "during which bank credit has been
used as a substitute for investors' savings in financing the
mortgage market, financing the building trade, financing
the one-sided flow of goods in the export trade, and, above
all, financing an unprecedented stock market speculation.
The 'gold panic' is not a matter for the future. The `gold
panic' occurred in the autumn of 1929, with the great stock
market crash, which dispelled the illusions which an abnormal concentration of gold in one country had created." Mr.
Anderson then elaborates his views as follows:
Commerce Has First Claim On Bank Credit.
If it should develop that the existing volume of bank credit is too
great to be comfortably maintained with the existing volume of gold, commerce, industry and agriculture need not, on that account, fear that
credit available for their purposes will be inadequate. Commerce, industry and agriculture are first claimants upon the bank credit of the
country. Tne securities market must content itself with what is left.
Easy Money Depends On Generally Liquid Assets As Well As
Adequate Cash Reserves.
Easy money depends not only on the cash reserve position of banks,
or on the gold position of central banks and Federal Reserve Banks; it
depends also upon the general liquidity of hank assets. At the present
time, the money markets of the world show a very wide disparity between
the rates on highly liquid credits and rates on those which are slower,
or which have been overdone. In the United States, mortgage money
Is difficult to obtain, and rates are high. Yields on foreign bonds are
Gold and Goods—The Alleged Shortgage of Gold.
very high and rates on customers' loans against securities are high. On
In an address before the Indianapolis Bond Men's Club the other hand, acceptance rates are low, and the three-month paper of
At Indianapolis, Ind., at a dinner on the evening of Friday, the United States Government goes at around three per cent.
Liquid Assets and Gold Reserves.
Banks must be prepared at all times to meet the calls of their depositors
for cash on demand. Banks must be kept liquid. Cash reserves are only
one part of the general problem of liquidity. The bank whose general
assets are highly liquid needs less cash than the bank the bulk of whose
assets are slow. The country whose banks place the bulk of their re'sources in highly liquid forms can get along with much less gold than
Mobility of Goods Eases the Strain On Gold.
The fundamental solution of the problem of a comparative shortage of
gold is to he found in increasing the mobility and the liquidity of goods,
through less restricted international trade. When nations interpose serious obstacles to the receipt of goods from one another, a great deal of
the export trade is handled on the basis of long credits, which either
make slow loans in banks or else require the exporting country to take
foreign bonds. These credits must grow from year to year to provide
for new exports, and to provide for interest on previous credits. When,
however, goods can move with adequate freedom from country to country, and when exports can be paid for with imports, a very different
situation is presented. Short-time, self-liquidating credits, largely on an
acceptance basis, can then take care of a great volume of export and
Import business, and the world's supply of gold is abundantly adequate
for that. We can economize gold by increasing the mobility land liquidity
of goods.
Discussing the "Free Gold" of the Federal Reserve Banks,
Mr. Anderson says:
Nor can I share the view of those who look to the high reserve ratio
of the Federal Resene Banks as a comforting indication that interest
rates may properly go very low again, with a renewal of the tendencies
to which the stock snorkel crash gave such a stern check. That high
reserve ratio is unofficial and misleading. The Federal Reserve Act
knows nothing of a combined reserve against notes and deposits. The
Federal Reserve Act concerns itself with the gold reserve against Federal
Reserve notes, and the gold and lawful money reserve against deposits of
the Federal Reserve Banks. The reserve against deposits must be
35%. Federal Reserve notes, on the other hand, while they may be issued
against 60% eligible paper and 40% gold, can only be so issued
if there is enough eligible paper. If there is not enough eligible
paper, Federal Reserve notes can be issued only dollar for dollar against
gold. On Feb. 19 1930, the eligible paper available as collateral in the
hands of Federal Reserve Banks was only 622 million dollars. The Federal Reserve notes issued by the Federal Reserve Agents to the Federal
Reserve Banks were $2,066,000,000, which made it neceeetary that $1,444,000,000 of the Federal Reserve notes should be covered, dollar for dollar,
by gold. The "free gold" of the Federal Reserve System, i.e., the gold
In excess of legal requirements for deposits and notes, is the significant
thing to study in connection with the Federal Reserve Bank reserve position, and that figure, $865,000,000 on Feb. 19, though adequate, is
not superabundant, when all the circumstances are taken into account.*
*Mr. Anderson says he plans to deal with this point in detail in • later
issue of The Chase Economic Bulletin.
MAR. 22 1930.]
FINANCIAL CHRONICLE
Liquid Assets and Gold Reserves.
For the present, however, I wish to discuss some of the fundamental
principles of banking, and to point out how the abnormal circumstances of
recent years have forced upon the banking community a wide departure
from principles recognized ns sound, and have brought us to a point where
we must not merely check the unsound tendencies, but where we must
also, in important respects, reverse them.
Banks must be prepared at all times to meet the calls of their depositors for cash on demand. Their liabilities are quick liabilities. Their
assets must consequently be quick assets in large degree, if they are
always to be rea.dy to meet their liabilities. Banks must be kept liquid.
Cash reserves are only one part of the general problem of liquidity. A
bank whose assets show 25% cash and 75% three- to five-year real estate
mortgages, is a much less liquid bank than a bank which has 10% cash, 20%
of prime acceptances of other :banks, 10% of Government bonds, 10% of
other readily marketable bonds, 30% of customers' commercial paper, 10%
of loans against securities, and 10% of real estate mortgages. It
would be virtually impossible for any crisis or any run to jeopardize the
position of the second bank, assuming that all its assets were of good
quality, while it would be not at all impossible to force the closing of
the doors of the first bank, even though all of its assets were of good
quality.
The problem of the cash reserves of an individual bank, and the problem
of the gold reserves of the banking system of a country, are merely part
of the more general problem of the liquidity of bank assets. The bank
whose general assets are highly liquid needs less cash than the bank
the bulk of whose assets are slow. The country whose banks place
the bulk of their resources in highly liquid form can get along with
much less gold than the same country would require if its banking assets
were chiefly slow and illiquid loans and investments.
The Liquidity of Pre-War London.
A classical illustration of this point is, of course, pre-war England,
which did a world-wide banking business with a surprisingly small gold
reserve. There were many reasons for this, all promoting the liquidity
of the assets held by the London money market. In the first place, the
London money market held a large volume of quick debt of the outside
world, a substantial part of which matured daily, and which need not
be renewed, or need be renewed only at an advance in rates. For another thing, more commodities were dealt in in London than in any other
single center. There was a great community of expert students of commodities,, of recognized integrity, whose grading of commodities was
accepted throughout the world. There was an admirable warehouse
system. There was a great body of expert speculative buyers, who knew
their outlets, and who were prepared to buy, at a concession in price,
almost any commodity, on very short notice. The merchants of the
world trusted this machinery, and the British banks could safely trust
it. They could make loans which were truly liquid loans, against virtually
any commodity. The London stock market also was a wide and dependable stock market, which made readily marketable a greater range of
securities than would be marketable in any other center, and which consequently made good collateral out of securities which could not serve ELS
collateral, safely, in other financial centers. The foreign exchange of
every country in the world was freely dealt in in London, and could consequently be made the basis of bank credit. What came to London became
liquid, and everything came to London. London, therefore, needed less
gold than other centers needed. I hasten to add that very much of this
•
is true of London to-day, though the abnormal developments during and
since the war have, of course, modified the earlier picture.
Excessive Bank Credit Flows Into Capital Uses.
Bank credit remains liquid most easily when it is not excessive, and
when bankers are in a position to insist upon the usual banking standards
of liquidity in extending credit. When bank credit is very excessive
and rapidly increasing, as was the case with us, on a vast scale between
1921 and the middle of 1928, a different situation arises. The
usual
demands for bank funds In liquid employments will not absorb all the
credit available. Bankers are faced with the alternative of having idle
funds on hand or of placing them in unusual uses. During this period
In our own banking history, bank holdings of real estate mortgage
loans
Increased by over 200 per cent. There was a great increase in
bank
holdings of instalment finance paper. Banks bought bonds, including
foreign bonds, In great volume. Bank collateral loans against
stocks
and bonds, including, foreign stocks and bonds, increased with
great
rapidity. Between 1021 and 1928, bond holdings, plus stock and
bond
collateral loans, of the National banks increased from 42% to 65% of
their total loans and investments, while for the 600 odd reporting
member
banks in the great cities, the ratio rose from 46% to over 60%. Commercial paper, eligible at the Federal Reserve Banks, declined greatly
in
percentage, and even declined in absolute amount, during this period.
Adverse Tendencies in European Banking.
The banks in Europe have similarly experienced a decline in liquidity
during this period. The British banks have been, for several years, in
a position which they themselves have characterized as unsatisfactory.
Ordinarily they regard a 50% ratio of "advances" (i.e., relatively
slow loans to customers) to deposits as constituting a dead line, above
which they do not wish to go. For the rest, they wish to place their
funds in vault cash, cash with the Rank of England, short loans and call
loans against bills of exchange, short treasury bills, and other highly
liquid assets. By June of 1927, however, this figure for the ten London
clearing banks had reached 54%. It rose to a peak of 56.2%
In April of 1929, and, despite some liquidation in the autumn
of
1920, it stands at 54.6% in December of 1929, the December
figures
being the latest available at the time of writing. On the Continent, in
many countries, a similar development has taken place. The percentage
of slow advances to customers has increased. The percentage of liquid
bills,
representing short-term mercantile transactions, has gone down.
It is not desirable that bank money should be the primary
reliance
for the working capital, to say nothing of the plant and equipment,
of
business enterprises. These should be supplied, for the most part, by
investors' savings, and by business profits which are turned back
to the
business for its expansion, instead of being paid out in dividends.
Yield
within limits, bank money may properly be used to finance
transactions
In securities, which represent working capital and plant and
equipment.
But even here, the expectation should always be that these
securities are
moving through the banks, rather than sleeping in them, and
that, in
last analysis, the great bulk of them are to be taken up by
investors'
savings.
Foreign Trade and Bank Liquidity.
One of the moat eminently desirable employments of bank money is
in
the financing of foreign trade. Foreign trade, as the pre-war world
knew
•Cf. the present writer's Value of Money, pages 638-543.
1947
It, was, in general, a highly liquid thing. Goods were ordinarily paid
for on short term in foreign trade, insofar as the banks dealing with the
matter were concerned. Tariffs and trade restrictions existed, but the
world was adjusted to them on the whole, and the exporter knew that
the importing country would itself, by exporting enough, be able to find
the necessary foreign exchange to close the transaction, and to pay off
a 60 or 90-day hilt Very much of London's liquidity came from the
financing of relatively short-term foreign trade transactions, not only
between Britain and other countries, but also between foreign countries.
When long credits were given—as often happened—new security issues,
taken up by investors' money, usually accompanied them, and there was
not an undue reliance upon bank purchases of securities or upon bank
loans against securities, in connection with them.
Trade Barriers impair Liquidity of Foreign Trade Credits.
The post-war world has seen, however, a development which has impaired greatly the satisfactory character of a great deal of foreign trade
as a basis of bank credit Tariffs and other trade barriers have multiplied all over the world, and the proportion of exports going out on
long credit has increased greatly. In the United States, this has not
taken the form of long credits given by exporters directly, or by banks
directly, but rather by an immense taking of foreign securities, into
which bank money has gone, either in direct ownership or through security
loans. In many European countries, on the other hand, domestic security
markets could not absorb the foreign securities which might have been
issued in this connection, and bank advances made to exporting customers,
and sometimes even made to foreign importers, have become uncomfortably large. The percentage of very long bills, given in connection
with foreign trade, has also grown. The British money market, financing
trade all over the world, has, of course, borne part of the burden in
this connection. There is not enough gold in the world to carry these
developments a great deal further.
Commodity Prices.
The great expansion of bank credit which took place between 1921 and
the middle of 1928 did not raise commodity prices. The average ef commodity prices in 1928 in the United States was precisely what it was
In 1921. But it seems virtually certain that commodity prices would
have gone lower than they did during this period if the expansiea cd
bank credit had not taken place. They remained still high above prewar prices. In four main ways the bank expansion increased current
demand for commodities:
1. Instalment finance grew much more rapidly than it would have
done in the absence of the bank expansion, directly increasing coraluner
demand.
2. The building trade, including State and municipal road boildiag,
moved much more rapidly than would have been the case, had real estate
bonds and municipal bonds been harder to issue. This diverted a substantial part of the labor and resources of the country from the production of goods, which would otherwise have increased supplies in the market
and lowered prices.
3. The export trade, which would otherwise have been checked by
Import restrictions, went on on a generally satisfactory scale.
4. The bank expansion generated a great rise in the prices of stooks,
bonds, and urban real estate, part of the profits on which led to a very
substantial increase in the volume of consumer demand.
It is not unreasonable to suppose that the curtailment of these four
things, all of which went on on an abnormal scale, and on a scale which
we cannot expect to continue, should necessitate readjustments Is our
activities, and that these readjustments should be accompanied by, sad,
in part, brought on by, a moderate readjustment in commodity prices. But
the world will be on a sounder basis when the building trade is financed
primarily by investors' savings, when exports are paid for by Imparts,
and when consumer demand comes more exclusively from normal sources
of income. It is a very short-sighted financial policy which would seek
to avert these readjustments by a frantic effort to bring about a renewal
of artificially cheap money, with a further impairment of the liquidity
of the world's credit.
Easy Money Depends on Generally Liquid Assets As Well As
Adequate Cash Reserves.
Easy money, then, depends not merely on the cash reserve positioa of
banks, or on the gold position of central banks and Federal Reserve Banks.
It depends also upon the general liquidity of bank assets and upon a
proper proportion among different employments of bank funds. At the
present time, the money markets of the world show a very wide disparity
between the rates on highly liquid credits, and the rates on those which
are slower or which have been overdone. In the United States, mortgage
money is difficult to obtain and rates are high. Rates on foreign bonds
are very high; rates on customers' loans against securities are high. On
the other hand, acceptance rates are low. The three-month paper of
the United States Government goes at around 8%. Call loans to
brokers at the New York Stock Exchange have been ranging between 4 and
41%, this latter rate being not a low rate in comparison with previous
/
2
periods after a great break in the stock market has taken place.
Central banks in many countries and the Federal Reserve Banks have
made their rediscount rates low, in recent weeks. The Federal Reserve
Banks have made large purchases of Government securities during and
since the stock market break. A great deal of new reserve money has
been created. The member banks, seeking to improve their liquidity, have
used the new money in paying off debts at the Federal Reserve Banks,
and rediscounts have gone well below four hundred million dollars. I
think that this is the first time in the history of the Federal Reserve
System that rediscounts have been as low as four hundred million dollars,
without a much greater ease in the general money situation than has so
far taken place. The past experience has been that the situation is comfortable when rediscounts are under five hundred million dollars. But
the banks at the United States in general feel that they wish to improve
their portfolio position, and to increase the liquidity of their general assets,
before expanding their credits in buying mortgages, in buying bonds, or
Increasing their loans against securities. As cash comes to them, they
are disposed to employ it in acceptances, in commercial paper, in Government securities, and in reducing "bills payable."
Commerce First Claimant on Bank Credit.
If it should develop that the existing volume of bank credit is too great
to be comfortably maintained with the existing volume of gold, commerce,
Industry and agriculture need not on that account fear that credit available
for their purposes will be curtailed. American bankers have regularly in
the past had to deal with situations of that kind. It was a very frequent
autumn episode, when the increase in demand for hand-too-band currency
pulled down the reserves of the banks and made some liquidation of betk
credit necessary. It happened in 1923. When this occurred commercial
FINANCIAL CHRONICLE
1948
credits were not restricted. On the contrary, they were expanded to meet
the autumn trade needs, and credit needed for crop moving was provided.
What happened was, very simply, that the banks contracted their credit
to the securities market, either by selling bonds or by reducing collateral
loans on securities, or both. (ommerce, industry and agriculture are first
claimants on the bank credit of the country. The securities market must
content itself with what is left. During recent years, with the great excess
of gold, we have met all such situations by a further expansion of total
bank credit, meeting the needs of commerce, industry and agriculture at
the same time that we were expanding credit against securities. But
merchants and producers have first claim, and the gold of the world is
abundantly adequate to meet their legitimate needs.
Mobility of Goods Eases the Strain on Gold.
The fundamental solution of the problem of a comparative shortage of
gold is to be found in increasing the mobility and the liquidity of goods,
through low restricted international trade. When nations interpose serious
obstacles to the receipt of goods from one another, a great deal of the
export trade is bandied on the basis of long credits, which either make slow
loans in banks, or else require the exporting country to take foreign bonds.
These credits must grow from year to year to provide for new exports,
and to provide for interest on previous oredits. The country which has an
excess of gold can expand bank credit for a time in such a way as to take
care of this. Exporting countries which are short of gold find Increasing
difficulties in doing it. In any case, it is an impossible basis for permsneatly satisfactory export trade. When, however, goods can move with
adequate freedom from country to country, and when exports can be
paid for with imports, a very different situation is presented. Short-time,
self-liquidating credits, largely on an acceptance basis, can then take
oare of a great volume of export and import business, and the world's
supply el gold is abundantly adequate for that. We can economize gold
by increasing the mobility and liquidity of goods.
New York Clearing House Reduces Rates Allowed on
Deposits.
The New York Clearing House Committee on Mar. 18
voted to lower the maximum Interest which Clearing House
Institutions pay on deposits. The new rates, the first change
in rates since August and September 1928, will go into effect
h
on Mar. 26. With one exception, a general reduction of 1 Vo
has been made in the rates. The rates apply, according to
the Clearing House notice, "on certificates of deposit payable within 30 days from the date of issue, and on certificates of deposit payable within 30 days from demand, on
credit balances payable on demand, and on credit balances
payable within 30 days from demand."
The new rate to banks, trust companies and private
bankers, but concluded mutual savings banks, will be 2%, or
the same rate as has previously been paid. Deposits of
h%, commutual savings banks will be paid interest of 21
pared with 3% previously. Deposits of "others" will be paid
(
interest of 2%, as against 2% 70 previously. Three (3) per
cent, will be paid on "certificates of deposit or time deposits,
by their terms, payable on or after 30 days, but not more
than six months, from the date of issue or demand; and
without regulation as to rate on such certificates or deposits
payable more than six months from the date of issue or
demand." The following is the official text of the announcement:
NEW YORK CLEARING HOUSE,
77-83 Cedar Street.
CLARENCE E. Bscow, Manager.
EDWARD L. BECK, Asst. Manager.
New York, Mar. 18 1930.
Dear Sir:
Acting under the provisions of Section 2, Article XI of
the Clearing House Constitution, relating to interest on
deposits to be paid by Clearing House institutions, we beg
to advise you that the following maximum rates have been
fixed, effective Wednesday, Mar. 26 1930:
On certificates of deposit payable within 30 days from date of issue;
and on certificates of deposit payable within 30 days from demand; on
credit balances payable on demand; and on credit balances payable within
30 days from demand.
To Banks, Trust Cos.,
and Private Bankers,
inn Errluding Mutual
&rings Banks.
To
Mutual
Savings
banks.
To
Others.
2%
2;4%
2%
At the rate of 3% on certificates of deposit or time deposits, by their
terms, payable on or after 30 days, but not more than six months, from
the date of Imre or demand; and without regulation as to rate on such
certificates or deposits payable more than six months from the date of
Issue or demand.
By order,
WILLIAM C. POTTER, Chairman,
Clearing House Committee.
CLARENC'E E. BACON, Manager.
The committee voted to leave unaltered the charge of %.%
which Clearing House institutions impose for the placing of
call loans for non-banking lenders.
[Vol,. 130.
Col. D. W. MacCormack on the Administration of
Bankrupt Estates by Irving Trust Co.
The appointment of the Irving Trust Co. of New York
as receiver in bankruptcy cases, and the administration of
such cases by the institution was dealt with by Colonel D. W.
MaciCormack of the Irving Trust Co. of New York in addressing the midwinter Trust Conference, under the auspices
of the Trust Company Division, American Bankers' Association, at the Hotel Commodore, New York, on Feb. 19.
"Setting Up a Special Department to Administer Corporate Receivership" was the title under which Col. MacCormack's remarks were ipresented, and his speech, in part,
follows:
There is at present under way in New York an absolutely unique experiment In the administration of estates in bankruptcy. Ii Great Britain
there are official receivers, but in most cases of importance the administration is very promptly taken over by firms of aecesatants er other
professional liquidators. In Canada there is a system approaching that
of an official receiver, but the liquidations are conducted, for the most
part, by a group of trustees, who are generally firms of accountants or
others making a specialty of trustee business. In various cities of the
United States trust companies have been appointed Al receivers by the
courts and elected as trustees by the creditors, serving usually in the larger
cases. Nowhere, however, until the Judges of the Unites! States District
Court for the Southern District of New York began appointing the Irving
Trust Co. as receiver in all bankruptcies, had the attempt been made to
centralize the administration of all bankrupt estates, both large and
small, under the direction of a single financial institution.
The appointment of the Irving Trust Co. as receiver in bankruptcy in
all cases in the Southern District of New York was due ts a long standing
dissatisfaction with the uneconomical and improvident system of individual
receivers.
The Irving Trust Co., at the request of the District Court Judges, agreed
to accept appointments as receiver in bankruptcy cases. Oa Jan. le 1929
the first appointments were made. In the year that has elapsed, receivership and other bankruptcy and liquidation assignments have been as
follows:
VolIntelswats. weary. Toga.
228
437
668
Receiver
19
Receiver in equity
11
Ancillary receiver
2
Ancillary receiver In equity
13
Co-receiver in equity
1
Ancillary co-recel ver
1
Ancillary co-receiver in equity
.
40
Trustee in casts in which Irving was not receiver)
22
Custodian
2'
Common law trustee
2
Assignee.
.
759
Total cases
In 75.2%, or 856 out of 474 receivership cases in which elections have
been held, the creditors have elected Irving Trust Co. trustee.
NATURE OF BUSINESS FOR ALL CASES DURING YEAR 1929.
No. of P. C. of
No. of P. C. of
Total.
Cases.
ClootificationTotal.
Cases.
Classification2.60 Machinery and heltY7 man19
Amusements
2.77
ufacturing
21
1.90
15
Automobiles
6.71 Manufacturers clothing
Builders, &c
51
11.19
specialties
85
Dry goods:
12.60 Manufacturers dry goods
96
Clothing, &c
3.82
other than clothing
2
Specialty, other than
4.74
36
2.60 Miscellaneous
19
clothing
3.03
23
3.16 Paper and printing
24
General
3.18
24
4.34 Professional
33
Financial
1.44
11
9.75 Textiles
74
Foodstuffs
3.42
26
8.71 Drugs, novelties, &e
51
Furs
3.42
Hotels and restaurants- 26
9.22
House furnishings
70
100.0e
Total
759
3.42
26
Jewelry
BANKRUPTCY CASES BY ASSETS.
DIVISION OF
(Exclusive of Equity. Common Law Trustee and Assignment.)
P. C. No. P. C. Assetr
of Cases
No.
to Total
to Total
of
Cases.
Cases.
Assets.
Cases.
Croup
5.4
40
No assets
0.9
31.9
399.355.34
234
Under
81.000
5.8
604,620.00
35.2
259
31.000 to
5.000
4.7
9.9
533,300.00
73
5.000 to
10,000
9.4
8.9
1,069,400.00
66
10.000 to
25,000
10.2
4.0
1,165.500.00
ao
25,000 to
50.000
7.8
1.8
871,700.00
13
50.000 to 100,n00
18.7
1.9
1,903,600.00
14
100.000 to 250.000
3.8
01
380,500.00
1
250.000 to 500.001
32.1
0.8
3,642,300.00
6
500.000 to 1.000.000
9.8
0.1
1,117,635.57
1.000,000
1
Over
100.00
100.00
811.387.910 91
737
Under the system of individual receivers and trustees there had been no
possibility of building up a trained and competent organization for the
administration of estates in bankruptcy. Hundreds of individual receivers
had been appointed, only a few of them being given any considerable
number of cases, and those who were appointed with any degree of frequency
rarely had had a sufficient number of cases at any one time to enable the
development of an effective plan of operation or to warrant the establishment of a permanent staff of specialists to handle the various details
incident to the administration. The attorneys employed as counsel for
the receiver were almost invariably the attorneys who had chanced to file
the petition. If the receiver did not employ them, it ordinarily meant
that he would be voted out as trustee, as these attorneys usually were able
to control the trustee elections. The custodians employed were men who
were available for casual per diem engagements. The rates paid them
were so low that to enable them to make a living wage, in many instances,
they served in several estates at the same time, taking a day's pay from
each. The rules of the Court prohibited reimbursement for stenographic,
services in other than extraordinary cases, and the Court was likewise
reluctant to allow the expense of a public accountant. There was, therefore,
a constant incentive to keep the business in operation in order to provide
for such expenses and to give to the receiver, and consequently to his
attorney, the possibility of double compensation.
The trust company felt that it could not rely upon the services of an
administrative personnel employed on the former per diem basis and
consequently arranged that the custodial, clerical and stenographic employees engaged are regularly and permanently employed, bonded and
MAR. 22 1930.]
FINANCIAL CHRONICLE
1949
subject to the strict examination which is imposed upon applicants for Council issued Mar.20 and based on its nationwide survey as
employment in any other department of the institution.
of Feb. 28. The total amount of dollar acceptances on the
In most cases, owing to the technicalities of bankruptcy law, and to
$1,623,899,218, a drop of $108,537,170 from
complications commonly existing in the affairs of the bankrupts, above date was
the legal
attorneys' services are not only required but are beneficial to the estates the record total at the peak of the acceptance season on
and the trust company has retained thern in the majority of cases. In Dec. 31, but $395,871,422 more than was outstanding on the
more than half of oar cases we have retained the attorneys for the petitioncorresponding date in 1929. In discussing the figures
ing creditors. In every instance before retaining attorneys we have made
mesh inquiries an were possible to determine their qualifications for the Robert H. Bean, Executive Secretary of the American
work. We have endeavored, so far as is possible, to avoid even the Acceptance Council says:
appearance of monopolizing the business to favored attorneys and have
This is just about the normal reduction for this season of the year and
retained 157 different attorneys or firms. To obtain proper administration Indicates a proper retirement of acceptance credits as the staple goods
of the no-asset and small-asset cases, we have assigned a majority of such and commodities which have been so financed have reached their ulticases to a few firms of young attorneys in the hope that by giving them a mate market.
sufficient volume of business they might be able to organize their work
Confirmation of this is found in an analysis of the acceptance business
to handle it for the small fees paid in such cases.
for the February period, compared with that for the previous month,
The custodians we employ are men usually of mature years and of 'wide which shows a decrease of $35,000,000 in export credits, $32,000,000 in
experience in various lines of business. We pay them good salaries, ranging domestic warehouse credits and $5.000,000 in dollar exchange credits.
from $2,000 to $7,500 per annum, and as a result have obtained the Import credits fell off only 81,200,000 and credits based on goods stored
services of mem who not only are of great assistance in the administration abroad or shipped between foreign countries were up within $1,500,000 of
of the estates but in whose integrity we and the creditors can have the figures for January.
confidence. To guard against error or irregularity, and also to ensure
Domestic shipment credits, favored by a recent ruling of the Federal
compliance with the many legal technicalities incident to bankruptcy Reserve Board increased $5,800,000 and are now at the highest figure for
administration, we have assigned a supervisor to each group of custodians several years.
and have placed an official with wide experience in liquidation in charge
One of the most significant features of this report is the strength of the
of that entire department of our organization.
dollar acceptance business financing foreign business, that is, goods that
*
•
•
are shipped between foreign countries or stored temporarily abroad.
As an index to the importance of this innovation in improving the
In the face of keen competition by London banks whose acceptance
administration of bankrupt estates, I may say that in the six months rates for the past two months and up to within the past two weeks, have
$600,000 was collected at a been as low or lower than American bank rates, this business has held its
period, July to December 1929, a total of over
coot of less than 4%. In January alone of this year the collections have own and remained at not far from a half billion dollars and slows an increase of over $200,000,000 since February 1929.
exceeded $200,000.
The hold which leading American banks now have on this class of busiThe Underwriters' Salvage Co., an organization maintained by the
large fire insurance companies, was appointed by the Court to sell bank- ness seems to be permanent, with a promise of being especially attractive
when rates in this country are at all favorable, as they have been daring
rupt stocks at auction. This has proved a most satisfactory arrangement.
Bankrupt estates have the services of an expert and closely supervised the past year.
Practically all of the reduction shown in the current report was in the
firm of auctioneers with resulting economy and increased realizations.
In 1929 there were 535 auction sales conducted by the Underwriters' business of the banks in the New York Federal Reserve District whose
volume went off $56,000,000.
Selvage Co. with results as follows:
New York banks have been particularly affected since Jan. 1 by the
The total appraised value of the stocks sold was $937.616. The gross proceeds
of sales were 3953.400, or 101.68% of appraised value The auctioneers expenses Cuban sugar situation, which, because of the restrictions of the Cooperative
amounted to 895,838. or 10.04% of gross sales. The net proceeds of sales were Sugar Export Agency as to shipments from Cuba, has made impossible
$857,562, or 89.96% of gross proceeds.
the creation of eligible acceptances against sugar, as has been done in past
We have not confined ourselves to auction sales of bankrupt stocks and years. A large volume of such acceptances are therefore missing from
other assets. Wherever the circumstances would warrant an attempt to the market at this time, which reduces the outstanding volume for several
sell the business as a going concern we have used every facility at the of the large New York banks.
disposition of the Receivership Department and of the other departments
The Boston Federal Reserve District reported a reduction of about
of the institution to effect such sales.
$9.000,000, the Minneapolis District a $1.400,000 loss and in the Rich*
•
mond District a loss of $1,300,000. In the other Federal Reserve districts
We have received from banks and trust companies all over the country only slight gain or loss changes were reported.
Inquiries as to possible advantages to them in undertaking receivership
In this period of declining volume of available bills, the acceptance
work, and as to the problems they would have to meet if they decided market has experienced several changes in rates downward in rapid sucto enter the field. Our experience has been much too short to enable us to cession.
On Jan. 2 bill rates up to 120 days were 4%-37i% but with a continued
give a complete answer to either of these questions.
The Bankruptcy Act limits receivers and trustees to stipulated rates of ease in money and the general surplus of available credit these rates were
commission and forbids any additional or other compensation. The statutory dropped Si% at a time, on Jan. 11, Jan. 31, Feb. 6, Mar. 4, Mar. 5,
fees are probably inadequate throughout the country, but particularly so Mar.6 Mar. 13, Mar. 14, Mar. 18 and Mar. 19. until they reached the
In large communities such as New York, where rents and wages are high. extremely low level of 2T4-214% on Mar. 19 and now stand at the lowThis condition requires the greatest care in setting up a receivership est point since Dec. 4 1924.
organization to ensure that there is a clear understanding with the local
The usual statistics follow:
District Court and the referees as to precisely what supervisory service TOTAL OF BANKERS DOLLAR 'ACCEPTANCES OUTSTANDING FOR
should be rendered by the receiver and trustee in consideration of the
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
statutory fees and what services are to be considered as properly chargeable Fed'l Res. Dist.—
Feb. 28 1930. Jan. 311930. Feb. 28 1929.
3156,873,732
8165.615,615
$131,402,745
against the individual estates. Conditions vary in every district, and no
1
1,185,500.354 1,241,357,006
922,063.283
2
general rule can be laid down.
26,309,263
25,910,044
17.831,777
Under authority recently granted by the United States Supreme Court
30,001,191
29,490,118
14,779.539
4
11,257,067
12,558,812
10,953.816
It is possible for a financial institution which is designated in all cases as
5
16,781,216
16,143.843
16,632,473
6
receiver in bankruptcy by the local District Court to keep with itself
102,109.175
102.835,033
51.797.200
7
deposits of bankrupt funds, if said banking institution under the local laws
2.290.714
2.818.203
1,851,141
8
8,008.198
of the State of its domicile is permitted to keep on deposit with itself
9,436.642
4,505,478
9
1,231,821
1,769.663
192,505
10
money collected and received by it acting as receiver or trustee under the
7,372,459
7,348,413
8.369,354
11
appointment of any Court. The importance of this step to banks and
76,164,028
76,489,558
48.669,426
12
trust companies undertaking receivership administration is manifest.
$1.623,899,218 $1,692,793,891 $1,228,027,796
Grand total
In districts where, as in New York, it is necessary to reply upon a
Dec. 68,894,673 ine.395,871,422
permanently engaged personnel, it is essential that trust companies underCLASSIFIED ACCORDING TO NATURE OF CREDIT.
taking receivership work should set up a separate department to handle it.
Feb. 28 1930. Jan. 311930. Feb. 28 1929.
By so doing it is possible to organize and develop a staff of specialists
8334,839.644
$336,213,059
8340,914.983
and to provide a system of accounts which will separate the accounting Imports
474,786.235
509,818,905
421.958.339
Exports
for services rendered by the receiver in consideration of the statutory Domestic shipments
20,064,014
25,830,655
17,561,977
256.050,866
288,994,766
136,802,005
fees and disbursements for services chargeable to the estates at actual cost. DOtneStIC warehouse credits
62,828.533
67,187,838
46,984,462
Dollar exchange
«
*
5
Based on goods stored in or shipped
Offless of trust companies considering this work may raise the question
470,515,309
469.563,285
263,806,030
between foreign countries
as to whether they could provide as expert service as an individual receiver ICTERAGE MARKET QUOTATIONS ON PRIME BANKERS ACCEPTANCES
or trustee. The answer is immediately evident. In the first place no
FEBRUARY 19 TO MARCH 19.
individual receiver or trustee is likely to have the volume or business to
Dealers Selling Rate.
Dealers Buying Rate.
Days.
3.479
3.604
30
warrant the specialized organization necessary for the work, while a finan.3.479
3.604
so
cial institution serving as receiver in all cases will be bound to develop
3.479
90
3.604
such an organization and at the same will acquire more experience in the
3.479
120
3.604
3.604
3.729
150
problems of liquidation within a few months than would be the case with
3.604
3.729
180
an individual receiver in a lifetime. Our own experience will illustrate
this point. In less than a year we have administered more than 750 estates
In every conceivable line of trade and industry, and with assets of from Declining Commodity Prices Do Not Signify Disaster
a few hundreds to many millions of dollars.
for Securities According to Thomas Gibson.
We believe that the services of trust companies equipped to do this
work should be sought in liquidations other than through bankruptcy.
Declining commodity prices and interest rates will increase
These may take the form of voluntary liquidations of firms or corporations, the value of
bonds and preferred stocks, as well as all other
liquidations under power of attorney, assignments for the benefit of credinstruments having a fixed rate of return, including common
itors or deeds of trust.
In brief summary it may be said, then, that while receivership work stocks which have a high and reasonably assured rate of
Is difficult, sometimes trying, and not without its hazards and disadprofit sufficient to cover dividends and leave a margin of
vantages, it also appears to possess possibilities of advantage for the
bank or trust company which undertakes it, and almost certainly possesses safety. This is the conclusion, given by Thomas Gibson,
great possibilities of usefulness for the community it serves.
noted economist, in a discussion of declining commodity
Bankers Acceptance Total Shows a Reduction of Only
$68,894,673 During February—Normal Retirement
of Acceptance Credits Now Under Way.
The volume of outstanding bankers acceptances fell off
$68,894,673 during the month of February, according to
the customary monthly report of the American Acceptance
prices contained in the March 19th issue of the "Financial
World." Mr. Gibson refutes the theory that falling commodity prices signify disaster for security values.
"To inveigh against a gradual fall in commodity prices is
to inveigh against abundance," reasons Mr. Gibson. "It
is much the same thing as the idiotic plan of smashing machinery which was adopted by the British trade guilds more
1950
FINANCIAL CHRONICLE
than a century ago. We now have machines which do the
work of 10, 20, or a 100 men, and yet, generally speaking,
people are fully employed, and each one has more of the
luxuries and necessities of life than ever before in history.
"Falling commodity prices represent the cheapening of
production and a larger supply of goods per capita with a
smaller amount of effort. There will always be more or less
irregularity during a period of readjustment, but that will be
straightened out by the operation of the laws of supply and
demand. The very fact that the decline is comprehensive
is the best guarantee that it can do no harm. If we find that
the index of farm products is, say 150, and of all other commodities also 1.50, it would do no harm, but much good, if
both indexes fell to 100. The confusion of thought arises
from the habit of getting the dollar sign mixed up with the
basic principles of exchange."
Mr. Gibson points out that economic conditions may
change temporarily, as for example, in the recent transfer
of an unduly large portion of the world's gold to our coffers,
or the discovery of a new supply of an essential commodity,
but, he says, this is merely dislocation, which will quickly
cure itself if no attempt is made to apply political nostrums.
So far as economic laws are concerned, he declares that it,
is an idle to talk about a new era as it would be to talk about
a new era in physics. Mr. Gibson further says:
The theory has been expounded by a few writers recently that the world's
decreasing gold supply will inevitably result in lower commodity prices. Ali
right— but what of it? At the risk of being considered an habitual nonconformist. I will state that I do not feel sure that the world's supply of new
gold will decrease and that I do not think it makes any difference whether
it does or not. For 20 years preceding the War there was a steady increase
In the supply of gold, and that brought about an average advance of about
2% a year in commodity prices. That was because gold was falling in
price. It could not fall in the quoted price—a 20 dollar gold piece is a 20
dollar gold piece, but it may exchange for a smaller amount of other goods.
I am firmly convinced that the over-production of gold was an evil and not
a benefice.
With the world's gold production showing a decrease some of the new era
economists are predicting disaster. They argue, in a rather naive way,that
if an increasing supply of gold causes commodity prices to advance,a decreasing supply will cause prices to decline. I do not think so. Gold is the basis
of credit, and credit is an instrument of business. We are making better
and more scientific use of the world's supply of gold than ever before, and
there is still room for improvement. But, once more, if the supply of gold
diminishes, and if commodity prices fall, if, in short, we admit the new era
thesis—what of it? I am reminded of the statement of the late Professor
Sumner, of Yale, who said that when we approach an economic problem
we should ask ourselves 4 questions: "What is It? Why is it? What of it?
and, What are you going to do about it?" Some of his disciples might do
well to reflect on this formula.
[VoL. 130.
which the committee would develop on the subject, although
he was willing to answer any questions which members of
the committee might wish to ask him.
In presenting the digest of data on branch, group and
chain banking, Governor Young explained that it covers all
legal research made on the subject by the Reserve Board
since 1922. The digest gives a resume of all State laws
relative to such banking systems up to last February. It
includes statistical information on branch, chain and group
banking in foreign countries, the policy of the Federal Reserve System since 1915, and reports on bank failures in the
United States and their causes.
At the same time Mr. Young submitted certain exhibits
and other information, which he requested the committee
to regard as "confidential," explaining that such material
probably "ought not to be published in any report of the committee's hearings." These confidential portions were indicated both in exhibits and by explanatory statements in
the body of the digest, so that the committee can "easily
eliminate them if it should desire to publish this digest or
any of the exhibits. The digest itself comprises sixty-eight
typewritten pages.
To Call Banking Officials.
Before the Comptroller of the Currency left the stand,
Chairman McFadden disclosed that following the examination of Governor Young the committee will hear officials of
the Trans-America Corp. and the Bank of Italy. McFadden
observed that he thought inasmuch as the Bank at Italy
was the outstanding example of branch banking organization
in this country, officials of the institution as well as those
of the Trans-America Corp. could give the committee much
valuable information on the subject. Practically the entire
testimony given by the Comptroller of the Currency related
to the setup of the Bank of Italy, with Represenative Busby
(Dem.), Mississippi, conducting the examination.
More than one-half of the total banking resources of the
country, measured in terms or loans and investments ,were
held by tranch, chain and group systems at the end of
1929, according to a statement of Roy A. Young, Governor
of the Federal Reserve Board, March 19, during the course
of the hearing on branch, chain and group banking conducted by the House Committee on Banking and Currency.
Governor Young introduced into the record a statistical
Alarm Unwarranted.
In all this dangling of the skeleton of falling commodity prices before the summary of the status of the three systems of banking as
confused and easily alarmed masses, no mention is ever made of the fact
of Dec. 31 1929, which had been prepared under the directhat the present level of prices is far above normal. The United States
Bureau of Labor has now revised its index number to make 1926 instead of tion of the Board and of E. L. Smead, Chief of the Division
1913 the base of comparison. Making 1926 the equivalent of 100, the of Bank Operations.
current index Is about 9l3%. But the index of basic commodity prices
At the end of 1929 there were in operation in the United
compiled by the Federal Reserve Bank of New York, in which compilation
the 1913 prices represent 100, is now about 130. It would be interesting States, Governor Young stated, 24,645 banks and 3,547
to hear why prices should not gradually return to the 1913 level In the branches, total
of 28,192 banking offices. Of these, 8,353
a
fullness of time.
A gradual decline in commodity prices is not the same thing as a sudden banks and branches belonged to branch systems, chain or
and violent decline. The one is natural, the other is not. The deflation of group systems, or both, leaving as independent unit banks
1920-21 bears no relation to the gradual and general decline of the last
21,839 banking institutions which had no branches and
few years. Let me again quote Mr. Mill on this subject.
"It is a great error to suppose that a commercial crisis is the effect of a which were not in any way connected with chain or group
general excess of production. It is simply the consequence of an excess of
specultative purchases. It is not a gradual advent of low prices, but a systems.
sudden recoil from prices extravagantly high; its immediate cause is a
The total loans and investments of banks in the United
contraction of credit, and the remedy is, not a diminution of supply, but
the rest° atiort of waft lence. It is also evident that this temporary States on Dec. 31 1929, according to the statement, aggrederangement of markets is an evil only because it is temporary. The fall gated
$58,500,000,000. Of this $30,000,000,000 was held
being solely of money prices, if prices did not rise again no dealer would
lose, since the smaller price would be worth as much to him as the larger by banks in branch, chain or group systems.
price was before."
It was explained by Governor Young that these totals
Groups Declared To Hold Half of Bank Resources— included among the banks in branch systems, the large
Governor of Federal Reserve Board Tells Com- New York City banks that operate branches. He pointed
mittee of Growth of Branch, Chain and Group out, in answer to a question from Representative Fenn
Operations—Mr. Young Believes Increase in This (Rep.), of Wethersfield, Conn., that one such New York
Type of Banking Shows There Exists Sound City bank, if the present negotiations for a merger of the
Chase National Bank, the Equitable Trust Co. and the
Reasons for Methods Pursued.
Interstate Trust Co. were successful, would be in possession
Comptroller of the Currency John W. Pole, after testifyof a greater aggregate of resources than were held by all
ing for four weeks before the House Committee on Banking
the member banks in some of the Federal Reserve districts.
and Currency in connection with the branch, chain and
The Federal Reserve Board is not prepared at this time,
group banking inquiry, gave way on Mar. 18 to Governor
according to Governor Young, to make any recommendation
Roy A. Young of the Federal Reserve Board. Governor
to Congress relative to branch, chain and group banking.
Young told the committee that much of the information
They prefer to have the benefit of the record and results
which he has on the subject of branch, chain and group
of the Committee investigation, and the study of which
banking would be a repetition of Mr. Pole's testimony, and
they are conducting independently, before reaching a delaid before the investigating body a voluminous digest of
cision. Personally, the Governor explained, he is in agreedata prepared under his direction.
ment with John W. Pole, Comptroller of the Currency,
He explained that because the Federal Reserve Board did
in his recommendation that the National Bank Act be
not have complete information on the latest developments
liberalized by permitting National banks to establish and
hearing on branch, chain and group banking there would be
maintain branches in trade areas.
no advantage, in his opinion, to have a representative of
Governor Young stated, according to the "United States
the board appear before the committee at this time. He Daily," that
he had given consideration to various prosaid the board placed much reliance upon the information posals for branches within county, State, Federal Reserve
a
MAR. 22 1930.]
FINANCIAL CHRONICLE
district, radius of 100 miles or other arbitrary distance, and
that he had concluded the natural trade areas was the most
logical solution. The determination of the trade area, he
stated,should be left to administrative discretion rather than
being fixed in legislation, because trade areas were constantly shifting.
Group, chain and branch banking has developed, Mr.
Young stated, because of business necessity, even though
there has been little encouragement for it in the way of
legislation. He regards it as a natural development. 'I here
would not have been any such great growth without some
reason, he stated. He doubts, however, that there exists
any popular public demand for a change in our present
system of banking leading to a centralization that will
minimize the importance of the independent unit bank. There
are two factions, he stated, the unit banks that want to
continue, and the branch banks that want to expand.
In response to a question from Representative Fort (Rep.),
of East Orange, N.J., Governor Young stated that with over
$7,000,000,000 of eligible paper in the possession of member
banks, meeting the technical requirements for rediscount
with Reserve banks, there appeared no necessity for a
liberalization of the law or regulations extending the eligibility
principle to include paper collateralled by stock exchange
securities.
Resources Found Unaffected.
If it should become necessary at some future time to
broaden the classes of paper eligible for rediscount, Governor
Young stated he agrees with Governor W. P. G. Harding,
of the Boston Reserve Bank, that so-called Lombard loans,
made on the security of stock and bonds, should be given
consideration and permitted under conditions that seemed to
require them, and under proper regulations of the Federal
Reserve Board.
In so far as the Federal Reserve System is concerned,
Governor Young stated, there has been little loss in the way
of member bank resources through the development of
branch, chain and group banking. Most branch and group
systems remain in the Federal Reserve System, and it has
been his observation he stated, that the larger the set-up
the greater the necessity for membership. One branch
system recently left the system, he stated, but it was
reported to him from the regional Reserve Bank affected
that there was reason to believe it would have remained in,
had the law been such as to permit.
Representative Letts, (Rep.), of Davenport, Iowa, made
inquiry of Mr. Young as to the desirability of permitting
banks to engage in a number of lines of business as they do at
present through affiliated and holding corporations. Is
there danger,he asked,of financial institutions serving themselves rather than the public
Governor Young felt not.
To do so would be short-sighted and disastrous, in his
opinion, he said. If business and agriculture are not served
in a credit way by existing banking institutions, something
else would be developed to take their place, he stated,
because those interests must and will be served.
Justified by Banking Reasons.
Representative Wingo, (Dem.), of De Queen, Ark.,
asked Governor Young if he felt that the development of
branch,chain and group banking indicated that there existed
a sound banking reason therefor, to which the governor
replied in the affirmative. The outstanding fact is, he
stated, that over half of the banking resources of the country
are contained in the 3 systems. He pointed out, however,
that included in that figure were a number of city-wide
branch systems in New York City, that might be considered
by some as unit banks.
Mr. Wingo stated the contention, although not committing
himself to it, that the development of larger industrial and
business units forces a corresponding growth in size of banking units. Governor Young stated that there seems to be
evidence of that character, but that in nay event the large
banking units could not neglect the small borrower.
Economies of operation would result from the conversion
of some of the present groups into branch systems, Governor
Young stated. Investment of surplus funds and conduct of
fiduciary functions is more efficient when centralized, he
stated. There is a tremendous field for the development of
trust business, and opportunities for profit over many years
to come. It is a highly specialized business, and the larger
banks are in much better position to employ capable men
to handle fiduciary transactions than are the small banks,
he stated.
1951
In response to a question from Mr. Fort, Gov. Young
stated that he conceived it to be not only the function of
the Board, but its duty, to advise Congress as to what it
considers proper banking and as to desirable changes in
the banking code. Amendments have been from time to
time suggested, he stated, but at present there seemed little
need for any changes in the powers of the Board. The
Federal Reserve Board feels that it has almost unlimited
power under the act, he stated, which it has seldom, if ever,
exercised.
Mr. Fort referred to the possibility of control by group
systems of the elections of directors of Federal Reserve banks.
Gov. Young stated that he understood in one district a
combination of certain groups could control the election of
two of the nine directors, but that he considered it highly
improbable that any combination could control a majority.
To do so, he stated, it would be necessary for them to
acquire over half of the banks in the district.
The changing character of banking and the growth of
investment and trust business was referred to by Mr. Fort,
who asked if it is wise to mix the traditional functions of
accepting deposits and making commercial loans with dealing in securities and acting in fiduciary capacity, particularly
when the bulk of the assets of the bank are based on securities. Gov. Young stated that he could not answer
that categorically without further consideration, but emphasized the necessity for keeping in mind the importance
of the Federal reservice system, and the possibility that
drastic legislation would cripple the system. He stated
that the competition of State banks and trust •companies
under State laws had always been difficult to overcome,
and that much of our Federal banking legislation had resuited from an attempt to meet that competition.
According to the statement of relative holdings of loans
and investments by the various systems of banks introduced
by Gov. Young, there were on Dec. 31 1929, in branch systems 822 banks and 3,547 branches with loans and investments of $25,100,000,000 and in chain or group systems
numbering 287, banks to the number of 2,103, with loans
and investments aggregating $11,200,000,000. There is
some duplication in these figures, since included in each of
the two classifications are 119 banks and 1,415 branches
having loans and investments of $6,300,000,000.
The hearings will be resumed on March 21.
Annual Report of the Federal Reserve Bank of New
York.
During 1929 the policy of the Federal Reserve Bank of
New York says the annual report of the institution released
for publication March 21 was determined largely with reference to three major developments—an almost insatiable
demand for credit for the security markets; a severe disturbance arising in connection with a drastic liquidation in stocks;
and,in the last two months of the year, a business recession.
The report, which is dated Feb. 25 and submitted by Gates
W. McGarrah, the former Chairman and Federal Reserve
agent, proceeds as follows:
The first nine months of the year in the money market saw largely a
continuation of influences at work in 1928. With some interruptions,
prices of stocks rose vigorously under the impetus of a countrywide, and
in fact a world-wide, demand. This rise in stock prices was accompanied
by larger issues of new securities than in any preceding year. The rise in
prices and the volume of new issues created an extraordinary demand
for credit beyond the amount required by the country's business.
To prevent an excessive expansion of credit the Reserve System continued
further the operating policies begun early in 1928. In the spring discount
rates were raised in a number of the interior districts, bringing the discount
rate to a uniform 5% throughout the System. System holdings of Government securities were further reduced from $240.000,000 in the early part of
the year to $140,000,000 in June. Holdings of bankers acceptances by the
Reserve Banks were largely reduced between Jnauary and July, and as a
result of these changes it became necessary for member banks to assume
more largely the responsibility for the amount of Federal Reserve credit
In use. Total discounts of the Federal Reserve System were increased
from about $3800,000,000 in January to over $1.100,000,000 in July, and
borrowings of the New York City banks alone at the Federal Reserve
Bank of New York rose from about $100.000,000 to over $300,000,000. For
a number of weeks from February to May the directors of the Federal Reserve Bank of New York voted an increase in the discount rate from 5%
to 6%. This increase was not approved by the Federal Reserve Board.
The steps taken were not wholly successful in checking the expansion in
bank credit. The additional demands for credit in the security markets
were met largely, however, in other ways than by increases In bank credit.
principally through a more active use of the available credit outstanding.
One of the methods by which this was brought about was by a continued
extension of the practice which had been growing in previous years on the
part of corporations and individuals of lending money to brokers through the
banks acting as agents. Some years ago almost the entire amount of brokers
loans was made by banks, but by the spring of 1929 more than half of the
reported brokers loans were being made by others than banks. It was lending of this sort which provided the huge growth in loans to brokers during
1928 and 1929. These loans, as the diagram below shows, [we omit all
--Ed.] did not increase the amount of bank deposits, but were
diagrams
accompanied by an increase in the activity or velocity of deposits which
1952
FINANCIAL CHRONICLE
[VoL. 130.
Renewed gold shipments from London also occurred in the summer, and,
enabled them to affect a larger volume and value of transactions. By their
had lost large amounts of gold to Berlin and Paris also, a
more active use, the available bank deposits were made to serve the purpose after London
the Bank of England rate to 634% was made and an
ordinarily achieved only by an actual increase in the amount of bank de- second 1% advance in
accompanying rise in London open market rates occurred in September.
posits.
A strong recovery in sterling and other European exchanges began at about
In some measure this large increase in loans by others than banks took
break in the stock market and easing of money rates,
the control of brokers loans away from the Nose York City banks and from that time. The
disturbance in foreign security markets, which tended to
the Federal Reserve Bank. It was true, however, that the market was only together with some
draw funds home, all accentuated the recovery in the exchanges to a point
able to secure these funds from other lenders by paying very high rates.
advanced above the leveLs at which gold shipments from
It might be presumed, perhaps, that under more normal circumstances where several
New York became profitable. As a result the gold flow was reversed and
these high rates would have the effect of checking speculative enthusiasm.
about half of the net amount of gold gained from other countries during
But the market of 1929, encouraged by business prosperity, large industrial
the first ten months of 1929 was exported or earmarked for foreign account
profits, and other evidences of economic progress, was not easily discouraged.
during November and December. France received the largest shipments
Early in August the Federal Reserve Bank of New York adopted a policy
from New York, but there were gold exports also to England, Germany,
under which the normal demand for a seasonal increase in credit for agriPoland, Sweden and Switzerland. The following table summarizes the
culture and the autumn trade might be accommodated while at the same
gold movements of the year, by country of source or destination
time avoiding if possible excessive or unnecessary credit expansion. On principal
and the table on the next page shows the gold movements by months.
August 9 the discount rate of the New York Bank was raised from 5 to 6%.
Exports to
Imports from
and at the same time the Bank's buying rate for bankers acceptances was
$65.400,000
572,500.000 France
-day maturity, bringing the bill rate Argentina
reduced from 55.4 to 5% for the 90
21,100,000
62.400.000 England
England
corresponding Germany
10,000,000
46,800,000 Switzerland
from a position slightly above the open market rate to one
5,000,000
73,900,000 Poland
following eight weeks holdings of bankers Canada
with the open market rate. In the
2,400,000
4.900.000 Germany
by the Federal Reserve System Increased by about $250,000.000 Australia
acceptances
1,300,000
5,300,000 Sweden
Colombia
3.600,000
and as a consequence the borrowings of the New York City banks from the Bolivia
Federal Reserve Bank of New York were reduced from about $300,000,000 NET GAIN OR LOSS OF GOLD THROUGH IMPORTS, EXPORTS; AND
to below $100,000,000. This reduction in borrowings by the New York
EARMARKINGS.
City banks proved fortunate since it placed those banks in a position to
advance funds freely when the collapse of the stock market brought with
Through
Through Net Gold
Earmarking:.
It an emergency demand for credit, and it prepared the way for a more
Total.
Imports or Exports.
1929.
rapid easing of money conditions after that time than would otherwise
—$17,900,000
—565,000,000
+347,100,000
There was no corresponding reduction in discounts of January
have been possible.
+25.500,000
+25,500.000
February
banks in other Federal Reserve Districts, however, and no immediate March
+32.300.000
+7.500,000
+24.800.000
six
+71.700.000
+48,600,000
+23.100.000
easing in credit throughout the country; in fact money rates rose in the
April
+39.700.000
+16,100,000
+23,600,000
May
weeks following August 9.
+30.200.000
+22.700,000
—7,500.000
with It an abrupt reversal of the credit trends June
But the autumn brought
+12,700.000
—22,000.000
+34,700,000
July
of the first half year and, In fact. of 1928 as well. In early October. after August
+17,400,000
—1,000,000
+18,400,000
+11.000,000
—6,600,000
+17,600,000
some decline in stock prices but before the severe break, money rates had September
—4,500,000
+17,500,000
+13,000,000
already begun to be easier in New York and the foreign exchanges had be- October
gun to strengthen, probably reflecting some return flow of funds to Europe'
+5228.100,000
—534.400,000
+5262,500,000
Total
stock
But more drastic changes in credit accompanied the sharp decline in
+51.000,000
—322,200,000
—323,200,000
prices of the last week in October and the first two weeks in November. November
—22.000,000
—86.400,000
—64,400,000
was the in- December
From a credit point of view the dominant factor in this change
lenders other than banks. As stock
stability of loans made to brokers by
—$108,600,000
—521.000,000
—$87,600,000
Total
. .. ,
_1 e,,n ,-.,, nnn
—555 anti non
.1- 517.1 onn nnn
TT..• •n•nr
prices broke under force of the dumping on the market of successive layers
of inadequately margined stock, and as rumors were circulated of a possible
The return flow of funds to other countries in the latter part of 1929,
closing of the Stock Exchange. these lenders other than banks became fearful
which was accompanied by strength in foreign exchanges and resulting
as to the safety and availability of their funds and asked the banks acting
reversal of interest rates abroad, especially in Europe.
these loans. Within a week a total of $1,400,000,000 gold exports, caused a
as their agents to call
6
,
Throe reductions of 3 % each were made in the Bank of England rate
of these loans was withdrawn from the market. In addition, out-of-town
within 6 weeks, and there were accompanying reductions in the official
banks called about $700.000,000 of such loans, a considerable part of which
withdrawal of discount rates of central banks of a number of other countries.
probably represented loans for their customers. This huge
Acceptance Market in 1929.
funds was only prevented from adding a serious money shortage to a security panic by the willingness and capacity of the New York City banks to
The amount of bills outstanding through the acceptance market showed
replace with their own funds the loans withdrawn, relying upon the assur- an oven larger increase in 1929 than in the two preceding years, and by
ance that they could depend upon the availability of Federal Reserve credit. Doc. 31, had reached a total volume of $1.700,000,000 which was conincrease
In this way the New York banks were called upon in a single week to
than at any preceding time. To some extent this increase
of these siderably larger
their loans and investments by $1,400,000,000. Since the deposits
in bills may represent the attraction of business to New York because of
Federal
banks increased correspondingly, their required reserves with the
rates in New York during the autumn, and It may also
suddenly relatively favorable
Reserve Bank also increased proportionately and they were
reflect in part the shifting of some business from direct borrowing at banks
additional reserve funds. It
required to find more than 8200,000,000 of
to financing through the acceptance market, in addition to the usual growth
was at this point that the Federal Reserve Bank aided Its members in of acceptance business. The acceptance capacity of the Now York City
meeting this huge demand by purchasing 120 million dollars of Government banks has been considerably increased in recent months by increases in their
securities, In two days when the situation was most critical. Thus the capital funds.
for
banks found it necessary to meet only a part of the increased demand
Not only has the bill market Increased in size during the year, but it has
funds
credit by additional borrowing and they were able to furnish the
exhibited increasing independence of the Reserve Banks. At the beginning
needed without any increase in the money rate. The emergency demand for of the year Reserve Bank holdings of bills were nearly 3500,000,000, or
funds passed without serious disturbance.
38% of the total amount of bills outstanding. Reserve Bank holdings
In the period of readjustment following the stock market crisis, sufficient declined rapidly to a low point of $61,000,000 In July. This decline was in
against securities were retired to enable the New
amounts of credit loaned
of seeking to diminish the open market holdings
prevailing conformity with a policy
York City banks to bring their loans down nearly to the level
and place increasing responsibility for the amount of
than of Reserve Banks
before the crisis. In fact, their loans to brokers reached levels lower
Federal Reserve credit in use upon the.member banks. To this end the
In early October, though their loans on securities direct to their customers buying rate for bills was maintained relatively high, as indicated by the
still showed some increase.
following table of bill buying rates.
With the reduction in the speculative demand for credit, indicated by
BUYING RATE OF FEDERAL RESERVE BANK
a decline of over $4,500,000,000 in the total of brokers loans, the principal CHANGES IN MINIMUM 90
OF NEW YORK FOR -DAY BANKERS' ACCEPTANCES AND OPEN
obstacle to more normal credit conditions was removed, and a continuous
EFFECT ON SAME DATES.
MARKET RATE IN
easing in money rates took place, facilitiated by further large purchaser
of Government securities by the Reserve Banks and successive reductions
Federal Reserve
Open Market
Bank Buying
in the discount rate of the Federal Reserve Bank of New York from 6%
subsequently by
Rate (UninRate
Date Effective.
to 5% on Nov. 1 and from 5 to 434% on Nov. 15, and
dorsed Bills).
(Indorsed Bills).
Banks of Boston,
reductions from 5 to 4)% by the Federal Reserve
and San Francisco. By Dec. 31 total dis4%
Atlanta, Chicago, Kansas City
43%*
January 4 1929
5
5
counts at the Federal Reserve Banks had been reduced to $632,000,000 January 21 1929
531-534
despite the February 15 1929
5%
and the discounts of the New York City banks to $113,000,000,
5%
514
of over March 21 1929
year-end demand for funds, and net gold exports and oarrnarkings
5%
534
March 25 1929
534
55.1
$100,000,000.
July 11 1929
534
5)4
a close It was clear that business activity was declin- August 9 1929
As the year drew to
434
loadings, October 25 1929
as indicated by reductions in industrial production, car
ing,
454
494
11920
and commodity November
434
4)4
bank debits to individual account, factory employment,
consideration November 15 1929
334-334
4
prices. This decline in business activity was an important
November 22 1929
toward easier
in the steps taken by the Federal Reserve Bank of New York
•Changed from 434%.
money conditions.
effecting a reduction in
The success of the Reserve System, however,in
Foreign Exchanges and Gold Movements.
its bill holdings may be ascribed in considerable measure to largely increased
capital Issues takings of bills by European investors, and particularly by European
The combination of reduced foreign borrowing through
rapidly rising central banks of issue having funds to employ in this market. This increased
In this country, and the attraction of high money rates and
foreign exchanges demand represented in part a shift of these funds from Investment in Governsecurity prices in this market put heavy pressure upon the
substantial inflow of gold ment securities to investment in bills, duo partly to relatively high bill rates
during the first three quarters of 1929, and a
and were partly and partly to a growing preference of a number of banks of issue for investoccurred. The first gold receipts were from Canada,
indicates, ments of a commercial rather than Governmental type,
seasonal, but, as one section of the accompanying diagram
After gold
During the autumn, System bill holdings increased considerably, due
Canadian exchange did not show the usual rally in the spring.
amount, the ship- in part tosorne modification of Federal Reserve policy favorable to the taking
shipments from Canada had reached a rather substantial
although Canadian exchange of bills. This increase ceased abruptly, however, with the break in the
ments to the United States virtually ceased,
iany business corporations and others
stock market at the end of October.
declined far below the theoretical gold import to this country.
The next important receipts of gold were from England and Germany. who at that time withdrew funds from the stock market sought temporary
of England employment of these funds In some other form. As a consequence there was
The flow from England was checked after an advance in the Bank
but ship- an
securunusual demand for bankers acceptances and short Government
discount rate and in open market rates in L_ndon in February,
ments from Germany continued into May until a total of $47,000,000 had ities and the bill holdings of the Federal Reserve System declined instead
time of year. At the end of November
been received.
of increasing as is usual at that
An inflow of gold from Argentina also started in the spring of 1929, System holdings amounted to only $256,000,000, or less than 16% of the
the remainder of total volume of bills outstanding, a smaller proportion than at the corand shipments continued intermittently during most of
the year. These gold shipments, however, did not raise the Argentine responding period in any recent year.
Exchange above the gold import point to New York, and late in the year
Change in the Currency.
after shipments had been made also to London, Paris and other European
An unusual temporary influence upon credit conditions during the
centers, the Argentine National Conversion Office discontinued gold
which
Year was a change in Federal Reserve and United States currency
payments.
MAR.22 1930.]
FINANCIAL CHRONICLE
Involved the substitution of new and smaller sized notes for the old notes.
The new sized notes were first put into circulation in limited amounts on
the 10th of July. There was immediately a considerable curiosity demand
for them which resulted in an increase of about $100,000,000 in the total
amount of currency in circulation. Whereas the total, due probably to the
Increased use of checks for payrolls, had been running substantially under
the figures for a year previous, the additional curiosity demand brought the
total above the 1928 figures, as shown In the diagram below. The additional demand for currency could be met only by an increase In Federal
Reserve credit, and since most of this took the form of increases in the discounts of member banks, it was a far from negligible influence toward
tightening the money market during July and August. After Augast
the demand for the new notes began to subside, and by the end of the year
the currency circulation was again less than in the corresponding period
of 1928. The substitution of the smaller sized currency for the old currency
was a gradual process since there was on hand a considerable amount of
the old currency which could not be scrapped immediately without considerable wastage. It was not until Jan. 1 1930 that issues of the old sized
currency in denominations up to $100 were discontinued.
Aside from the effects on the money market, the mechanics of issuing
the new currency was one of the features of the operations of the Reserve
Banks during the year, and the added expense of building up a supply of
new currency appears in this bank's statement of expenses. Over a term
of years considerable savings to the Reserve Banks will result from reduced
costs of paper, printing and shipping for the new small sized currency.
Foreign Relations.
As In previous years this bank continued during 1929 to extend its relationships with foreign central banks, and to co-operate with those institutions through the exchange of information respecting credit conditions and
by the performance of the customary banking services. In acting as correspondent for foreign central banks, the most important service rendered
by the bank continued to be the investment of their funds in this market
In bankers acceptances and short term United States Government securities.
Between June 1928 and May 1929 the dollar investments of the central
banks handled by this bank decreased as a consequence of the movement of
foreign funds to New York which weakened the foreign exchanges and made
It necessary for a number of these central banks to use part of their balances
In New York in support of their exchanges. On the other hand from last
spring to the end of 1929 their Investments made through this institution
Increased, probably reflecting some reverse movement of foreign moneys
away from New York. Nevertheless, at the end of the year they were
still under their average level in the first half of 1928. when the strain upon
the exchange; had not yet made itself acutely felt. As has been pointed out
above in the discussion of the acceptance market, there was an appreciable
shift from Government securities to bills in the Investments of foreign
central banks, this shift accounting in part for the ease with which the Reserve System was able to reduce its portfolio in the earlier half of the year.
During the past year this bank established relations with the central
banks of Bulgaria, Latvia and Roumania and in addition to those Institutions it now has more or loss active relations with the central banks of
Australia, Belgium, Colombia, Czechoslovakia, England, Finland. France,
Germany, Greece, Ilungary, Italy. Japan, Java. Netherlands, Norway,
Poland, South Africa, Sweden, Switzerland and Yugoslavia.
In February 1929 the Roumanian Government. acting in concert with
the National Bank of Roumania and a group of private bankers which
undertook the issue of a stabilization loan of $101.000.000. passed a monetary law by virtue of which the leu is given a gold content equivalent to
slightly under 6-10ths of one cent and Is made convertible on the gold
exchange standard into gold coin, bullion, or gold exchange bills at the option of the National Bank. In connection with this stabilization program
a central bank co-operative credit of $25,000,000. to run for a period of
12 months, was extended to the National Bank by fourteen banks of issue.
The Reserve System participated therein to the extent of $4,500,C00,
agreeing to buy bills endorsed by the National Bank of Roumania up to
this total amount. The National Bank of Roumania did notfind it necessary
to avail itself of this credit during the year 1929
.
Also in February 1929, the Governor of the National Bank of Czechoslovakia announced that an arrangement had been concluded with the
Government of the Czechoslovak Republic to pass legislation stabilizing
the Czech crown at a mint parity of roughly 2.96Si cents and making this
unit legally convertible on the gold exchange standard. Appropriate
legislation to this effect came into force on Nov. 27 1929.
On Nov. 21 1929, the imperial Japanese Government announced that
the embargo on the export of gold from Japan. which had been in effect
since 1917, would be lifted on Jan. 111930. and the yen would, as of that
date, reassume its place among the currencies convertible into gold. Although the Japanese Government. acting through the Yokohama Specie
Bank Ltd., arranged for the extension of private credits totaling some $50,000.000 In New York and London, the Bank of Japan did not deem it
necessary to obtain aid abroad for the effecting of the program of stabilization.
The final step in the program of monetary reform in Bolivia, which
had been proceeding for some time, was the transformation of the Bank
of the Bolivian Nation on July 1 1929, Into a bank of issue under the name,
Central Bank of Bolivia, and the coming into force of a monetary law endowing the boliviano with a mint parity of 36.5 cents and making it convertible into gold coin, bullion, or gold exchange bills at the option of the
Central Bank of Bolivia.
The central bank credit arranged for the Bank of Poland in 1927 and
renewed in 1928. In which the Federal Reserve Banks participated, expired
in October 1929. The continued adequacy of the Polish central bank's
reserve position rendered it unnecessary for that bank to make use of the
credit.
Membership Changes in 1929.
Due to a considerable number of mergers and consolidations of member
banks during the past year, the number of member banks in this district
was slightly smaller at the end of 1929 than a year previous. There were
no withdrawals from membership nor any lasolvencies among members.
The following tables show the number of member and nonmember banks
classified according to their charters, and indicate causes of changes in
membership during the year.
NUMBER OF MEMBER AND NON-MEMBER BANKS IN SECOND
FEDERAL RESERVE DISTRCT AT END OF YEAR.
Type of Bank.
December 311929.
December 31 1928.
NonPer Cent.
Per Cent.
NonMembers.* Members. Members. Members.* Members. Members.
National banks._
State banks-a___
Trust oompanies.
769
42
120
0
205
199
100
17
38
775
49
114
220
190
Total
938
931
410
70
404
• In actual operation at end of year. a Exclusive of savings banks.
100
18
37
70
1953
CHANGES IN FEDERAL RESERVE MEMBERSHIP IN SECOND
DISTRICT DURING 1929.
Total membership beginning of year
9313
Increases—*
National banks Organized
22
Conversion of non-member banks to National
2
Admission of State banks and trust companies
8
Total Increases
32
Decreases—
Member banks combined with other members
ao
Conversion of National banks to non-member State banks
2
Absorbed by non-members
7
Withdrawals
0
Insolvencles
Total decreases
39
Net decrease
7
Total membership at end of year
931
• In addition to figures shown in this table. 14 non-member banks were absorbed
by member banks during the year.
During the year there was a continuation of the tendency toward a concentration of banking resources, accompanied by the further establishment
of branches in cities. Duo largely to mergers the number of banks in the
district operating branches has decreased from 134 on June 30 1928 to
128 on June 30 1929, but the number of branches has been increased from
652 to 747, as shown in the table herewith.
The effect of bank mergers on the banking situation in particular cities
is shown in the two tables below. In New York City the number of banks
decreased during the year, and on Dec. 31 was 126 as compared with 143
at the end of 1926. The ten largest banks in New York City now hold
70% of the banking resources of the city, as compared with 59% in1926.
and 33% in 1889. The ten largest banks now have average resources of
over one billion dollars.
Similar figures are given for Albany, Buffalo, Rochester and Newark
and show a continued tendency to concentration in those centers.
CHANGES IN NUMBER AND RESOURCES OF COMMERCIAL BANKS
IN NEW YORK CITY SINCE 1889.*
(Dollar Figures in Millions.)
Number
of Banks.
Total
Resources
all Banks.
Resources
10 Largest
Banks.
1889
1900
1914
1920
1926
142
152
129
123
143
10 N1
,
19R
31,028
2.111
3,911
8,441
10.370
IA 7i0
$343
766
1,850
4,530
6.098
10 005
End of
Year.
Average
% 10
Average
Resources
Largest Resources 10 Largest
to Total. all Banks. Banks.
33
36
47
64
59
en
$7
14
30
89
73
$34
77
185
453
610
117
1 frin
•Exclusive of savings banks.
CHANGES IN NUMBER AND RESOURCES OF COMMERCIAL BANKS
IN FOUR CITIES SINCE 1889.*
Number of
Banks.
End of year
Resources all
Resources 3
Per Cent 3
Banks
Largest Banks Largest Bents,
MI metiona). (In Millions). to all Banks.
1889 1926 1929 1889 1926 1929 1889 1926 1929 1889 1926 1929
Albany
5 5 820 $143 5138 811 $1345128 55 94 93
10
8 31 461 801 13 408 583 42 89 97
13
Buffalo
7
7 16 245 285 8 139 195 50 57 68
9
8
Rochester
11 28 25 19 336 394 8 166 237 42 49 60
Newark
'Exclusive of say ngs banks
Income and Disbursements,
The table following shows the income and disbursements for the years
1929 and 1928. Total earnings for the year 1929 were about 6800.000
larger than in 1928: an important factor In this increase was the higher
level of money rates prevailing during most of the year. Accompanying
the Increase in the volume of operations In most departments of the bank,
current bank operating expenses were slightly higher than in the preceding
Year. As previously indicated, the expense of printing currency was larger
than usual because of the change to a smaller sized currency. On the other
hand the 1928 currency expense had been much less than usual as stocks of
large sized currency were allowed to run off. The increase in the dollar
amount of dividends reflected a large increase In the paid in capital of the
bank, due to increases in the capital and surplus of member banks, which
are required by law to subscribe to Reserve Bank stock equal to 6% of their
own capital and surplus, of which one half has been paid in. The bank's
wirplua was increased by $5.700.000. to 580.000.000.
1929.
1928.
Earnings—
From loans to member banks and paper discounted
812.492.641.58 512,210.528.66
for them
3,522.642 34 3.482,648.63
From acceptances owned
From United States Government obligations owned- 2,459.162 09 2.421.172.24
839,832 62
368.894.55
Other earnIngs
$19,314,279.23 $18,483,042.08
Total earnings
AddUtons to Earnings—
For sundry additions to earnings, including income
97,168.98
546,927.82
from Annex Building
Deductions from Earning:—
For current bank operation. (These figures include
most of the expenses Incurred as fiscal agent of
6,313,909.95 6,192,386.68
the United States)
For Federal Reserve currency, mainly the cost of
printing new notes to replace worn notes in circulation, and to maintain supplies unissued and
738,555.41
on hand, and the cost of redemption
251.878.14
For depreciation, self-Insurance, other reserves,
545.518.11 1,117.513.57
losses. &a
Total deductions from earnings
$7.597,983.47 $7,561,778.39
Net income available for dividends, additions to surplus, and payment to the U. S. Government
$12,263,223.58 511.018,432.65
Distribution of Na Income—
In dividends paid to member banks, at the rate of
6% on paid-In capital
$3.544,314.09 $2,743,724.61
In additions to surplus—The bank is required by law
to accumulate out of net earnings, after payment
of dividends, a surplus amounting to 100% of the
subscribed capital: and after such surplus has been
accumulated to pay into surplus each year 10% of
the net income remaining after paying dividends.- 8,718.909.49 8,274,708.04
Any net Income remaining after paying dividends
and making additions to surplus (as above) is paid
to the United States Government as a franchise
tax. No balance remained for such payments in
1929 or 1928.
Total net income distributed
$12.263.223.58 511.018,432.65
Operating Statistics.
Complete statistics of the operations of each Reserve Bank are published
in the annual report of the Federal Reserve Board;therefore,detailed figures
1954
FINANCIAL CHRONICLE
et the operations of this bank are omitted from this report, except for the
following statement of condition and statement of income and disbursements during the year, together with a table showing the volume of operations in principal departments, including the Buffalo Branch.
[Vou 130.
Federal Reserve Board, before the American Automobile
Association and broadcast from Station WRC:
This country has been in a business recession since June of last year and
practically all lines of endeavor have been affected.
STATEMENT OF CONDITION.
I am not going to try to review all of the factors that contributed to these
developments, but simply will attempt to point out the relation of credit
Dec. 31 1928.
Dec. 31 1929.
Resources.
to the general situation.
Resorted to Power.
Cash reserves held Si' this bank against Us
From Sept. 1927. until Oct. 1929, this country experienced a speculative
deposits and note circulation—
Gold held by the Federal Reserve Agent as part
hysteria that eventually became world-wide in its effects. The Federal
of the collateral deposited by the bank when
Reserve System realized that while this hysteria might be somewhat resIt obtains Federal Reserve notes. This gold
trained, it would nevertheless have to run its course, and the principal
is lodged partly in the vaults of the bank and
$238,593,918.26 $198,684,435.65 thing the System could do during the interim was to attempt to keep the
Partly with the Treasurer of the U. S
Gold redemption fund in the bands of the
Reserve banks in such order that when the inevitable collapse should come,
Treasurer of the United States to be used to
the System would be in a position to minimize the effects of the crash and
redeem such Federal Reserve notes as are
20.143,971.71 at the same time to use its influence toward inducing member banks also
16,813.705.22
presented to the Treasury for redemption
355,489,488.96 to keep in condition to act promptly and decisively when the need arose.
339,616.539.21
Gold and gold certificates in vault
Gold in the gold settlement fund lodged with
To accomplish this result, the Federal Reserve System persistently
the Treasurer of the United States for the
resorted to the powers that it had at its command—to wit: the discount
purpose of settling current transactions be143,380,038.48 rate, bill rates, open market operations and direct action. Credit, however.
154,835,138.11
tween Federal Reserve districts
Legal tender notes. silver, and silver certifiis one of those peculiar instruments which seems to work in opposite direccates in the vaults of the bank (available
22,040,487.00 tions simultaneously, so that the benefits secured by one operation fre50,382,220.00
as reserve only against deposits)
quently are counteracted by forces that work in just the opposite direction.
$800,241,520.80 $738,738,421.80
Total cash reserves
Loans Were Halted.
Non-reserve cash consisting largely of National
23,448,743.37
12,946,493.58
bank notes, and minor coin
During this period the Federal Reserve System attempted in co-operation
Loans and Investments—
with the member banks to restrain the growth of speculative credit and
Louts to member banks:
349,156,350.00 at
127,012,250.00
On the security of obligations of the U. S_
the same time to assure rates of interest for credit used in production
Bythe discount of commercial or agricultural
114.823.824.23 and distribution that would not be punitive. These efforts halted the
44,746.515.44
Paper or acceptances
152,413,222.32 growth in stock exchange loans of member banks, while these banks con191,745,088.72
Acceptances bought in the open market
United States Government bonds, notes. bills,
tinued to supply increasing demands from their customers for commercial
49,377,400.00
239,205,400.00
and certificates of Indebtedness
loans.
7,150,000.00
Other securities
The demand for speculative credit continued to be so strong, however,
$609,859,254.16 $665,770.796.55 and so far exceeded the willingness of the member banks to lend on the
Total loans and investments
Miscellaneous Resources—
exchange, that unusually high rates prevailed in the call loan market for a
16,087.269.97
15,603.777.65
Bank premises
195,086.461.94 long period and were an important factor in attracting a largo volume of
220,003.280.94
Checks and other items in process of collection990,931.34 loans from non-banking sources. High call rates, acting either directly or
3,500,931.32
All other miscellaneous resources
indirectly, affect all other rates, so for a considerable period the high call
$239,167,989.91 $212,164,663.25 rates prevailing In New York affected the cost of all credit, not only naTotal miscellaneous resources
$1,640,122,624.97 tionally, but internationally.
$1,662,215,285.45
Total resources
Money rates were in fact advanced in all principal countries to the disLiabdUies—
Currency in Circulation—
advantage of business throughout the world. This state of affairs was not
Federal Reserve notes in actual circulation.
only puzzling to the bankers of America, but caused them great concern.
Payable on demand. These notes are secured
That they gave the matter careful study, and laid definite and positive
In full by gold,and discounted and purchased
$318,970,747.00 8354,182.168.25 plans for handling the situation when it should break, is clearly evidenced
Meer
by the courageous manner in which the bankers did handle the situation,
$318,970,747.00 $354,182,618.25
Federal Reserve notes in circulation
particularly in the larger centers, during that critical week of Oct. 23 to
Deposits—
Oct. 30 1929, and in my opinion, if they had not acted as quickly and
member banks
Reserve deposits maintained by
as legal reserves against the deposits of their
courageously as they did, this country would have witnessed one of the
970,894,567.47 ireatest panics
985,790,644.26
customers
it had ever experienced.
United States Government deposits carried at
There is always an aftermath to such situations and that is what WS have
the Reserve Bank for current requirements
8.497,390.46 been experiencing during the last 4 or 5 months. I do not mean to convey
5,851,460.29
of the Treasury
Other deposits including foreign deposits, dethe idea that the crash in the stock market has been the only factor in the
9.384.907.24
12.727.457.81
posits of non-member banks. At:
recession of production. employment and trade, but that it was an important
$1.004,369,562.36 $988,776,865.17 contributing factor, there can be no question.
Total deposits
Mtmellube.,“.
Since last October there have been many remedies suggested—some of
Deferred items, composed most of uncollected
merit and many without merit. Great stress has been laid upon the
checks on banks in all parts of the country.
importance of credit, and while I am not of that school that believes that
Such items are credited Us deposits after the
credit is a determining factor in such situations, nevertheless, I believe that
average time needed to allect them elapses.
172.070.145.45 there is a possibility of its being a contributing factor. That I am not
187.720.689.22
ranging from I to 7 days
3,687.141.30 alone
3.851,995.58
All other miscellaneous liabilities
in my views Is evidenced by the fact that since November of last
$191,572,684.80 8175.757,286.75 year every Federal Reserve Bank has Initiated a reduction in discount
Total miscellaneous liabilities
Capital and Surplus—
rates—one bank dropping from 6% to 3%% in its discount rate and from
Capital paid in, equal to 3% of the capital
% to 3% in Its buying rate on acceptances.
50,123.050.00 53
67,301.450.00
and surplus of member banks
Surplus—That portion of accumulated net
Foreign Banks Hare Reduced Rates.
earnings which the bank is legally required
71.281.904.80
80,000,814.29
to retain
Since last October. furthermore, the reserve banks have accumulated a
bonds. All such actions have been to lend
8147.302.264.29 $121.405.854 80 large portfolio of Government
Total capital and surplus
the influence of the Federal Reserve banks towards easing the price of
$1.562.215.258.45 51.640.122,624.97 credit, and I ask you to remember that the initiation of these actions was
Total liabilities
not confined to any one particular group, in any one locality but was put
in operation by 108 directors of the 12 Reserve banks in 12 trade areas
Volume of Operations.
The following table indicates that the volume of operations in the prin- comprising the whole of the United States. But the consequences have
States.
cipal departments of the bank increased generally during the year 1929 not been confined to the United
Central banks in foreign countries which had been obliged to raise their
continuing the trend of previous years. Reserve Bank operations reflect
and the larger part of 1929 have since last
closely the year-to-year growth in the country's banking activity. The discount rates during 1928
reduce rates again. Discount rates accordIncrease In 1929 occurred in the two largest departments In point of volume October seen their way clear to
ingly have been reduced in England, France. Germany and many other
of work—the Money Department and the Check Department.
foreign countries, to the advantage of their own people, and, since these
countries are good customers of the people of the United States, easier
1928.
1929.
money abroad is in these circumstances also of advantage to ourselves.
During the past 5 months the Federal Reserve System has been frequently
Number 4 rte,es trundled—
*18,318 ctiticized because it does not always move rapidly enough, but these critics
20.151
Bills discounted—Applications
38,056 have failed
49.705
Notes discounted
to take into consideration all of the mechanics of regional bank
95.845
94.335
Bills purchsed in open market for own account.
666.298,000 credit, and all that I can say is that I believe the Federal Reserve System
709,940.000
Currency received and counted
1,574.002.000 1.341,373.000 has moved, during recent months, as rapidly as the mechanics would permit
Coln received and counted
*177.303.000 and I believe as rapidly as the situation has Justified. I further realize that
190.373,000
Checks handled
Collection items handled:
business that are a bit skeptical of the reality of
7.602,000 there are many people in
5,567,000
United States Government coupons paid
2,615,000 this program because they have not as yet felt the effects in their own
2,600.000
All other
individual cases, but unless something unforeseen develops, I am confident
United States securities—Issues, redemptions, and
1,504,000 that the easing influence of this program will in time trickle into all forms
514.000
exchanges by fiscal agency department
402,000
445,000
Transfers of funds
of credit.
Amounts Handled—
In fact, to date I am quite agreeably surprised with the results that have
823.602.022.000 824.791.838.000
Bills discounted
Bills purchased in open market for own account.. 1,999.130.000 .2.018,463.000 been obtained. There was a time in this country when bankers operating
5,285,713.000 4,347.922,000 as independent units were interested mainly in high rates, and seldom, if
Currencyreceived and counted
668.085,000
821,479.000
Coln received and counted
experiences of the past 10 years have
156,641,846.000 *115192 020,000 ever, in low rates. However, the
Cheeks handled
taught a great majority of bankers that active business, with reasonable
Collection items handled:
250.025.000 rates, is far more profitable in the long run, than dull business with high
237.610.000
United States Government coupons paid
2,690,034.000 *2.808.748.000 rates. The willingness with which many bankers have modified rates
An other
United States securities—issues, redemptions, and
3,155.408.000 3,985,049,000 convinces me that they will do their part in the present situation.
exchanges by fiscal agency department
I again repeat, however, that credit can only be a contributing factor
67,426,244.000 55.469.947,000
Transfers of funds
towards reviving business and restoring it to normalcy. There are many
*Revised.
other factors that are perhaps just as important, and many of them more
the business of agriculture, industrial
Gov. Roy A. Young Urges More Initiative, Less Hesi- so. The men who are engaged in
production, and wholesale and retail trade understand that they have
Not Been opportunities and responsibilities in the matter.
tancy, in Business—Reserve Board Has
Backward in Providing Lower Money Rates—Confidence in Future of Trade Expressed—No Anxiety
Is Said to Be Felt as to Recurrence of "Speculative
Hysteria"—Situation Is Reviewed.
The following is the full text of an address delivered in
Washington on March 20 by Roy A. Young, Governor of the
Developments to Guide Actions in Future.
They all have their own problems to meet, usually in the face of competition, and I have no doubt they are working hard on these problems. Many
of them may feel that they have good reasons of their own for hesitancy.
All I can say Is that the Federal Reserve banks have exhibited no hesitancy
and that the Federal Reserve System has expressed itself in an easing program that is clearly evident to everyone.
MAL 221930.]
FINANCIAL CHRONICLE
This was not put in operation without overcoming obstacles, and its
initiators were not unmindful of unhealthy factors that might develop, but
In any event, they have done what they believed best to do under the
circumstances, and their future action can only be determined by subsequent
developments.
This is a great country, possessed of many advantages and great natural
resources, inhabited with people anxious and willing to work, and its
credit structure is one that can and will function.
Therefore, it seems to me that others should have more initiative and less
hesitancy, and I feel justified in making that appeal to the American people
feeling confident that the experience of 1928 and 1929 will be fresh enough
in our minds to preclude any immediate recurrence of such speculative
hysteria as we had at that time.
Changes in Federal Reserve Act Suggested By W.P. G.
Harding of Federal Reserve Bank of Boston—
More Equitable Distribution of Reserve Bank
Dividends Proposed—Favors "Lombard Loans"
By Reserve Banks.
In an article in the February issue of the American Bankers' Journal, W. P. G. Harding, Governor of the Federal
'Reserve Bank of Boston, suggests changes in the Federal
Reserve Act; one of his proposals is for a more equitable
distribution of Reserve Bank dividends, this being among the
changes advocated by Mr. Harding in addressing the annual
meeting of the member banks of the District in November
last, as was indicated in our issues of Nov. 16, page 3107
and Dec. 28, page 4076. In his article in the "Journal"
Mr. Harding also states that "in view of the constant and
substantial reduction of the National debt, it appears that
consideration should be given in the not very distant future
to a further amendment which would enable Federal Reserve
Banks to make what are known in England as Lombard
loans; that is to permit Federal Reserve Banks to make advances to member banks on the security of high grade
municipal and railroad bonds." The article appearing in
the "American Bankers' Journal" follows:
1955
a further amendment which would enable Federal Reserve Banks to make
what are known in England as Lombard loans; that is, to permit Federal
Reserve Banks to make advances to member banks on the security of high
grade municipal and railroad bonds.
Such authority, however, should be carefully safeguarded by a provision
that it might be exercised only with the consent of the Federal Reserve
Board and under regulations to be issued by the board, that the rate of toterest should be somewhat higher than the official rediscount rate for commercial paper, and that such advances should not be used as security for
Federal Reserve notes. The need for such an amendment will become more
and more apparent as the Government debt is reduced.
Furthermore, it seems that some steps should be taken to make the great
body of member banks better satisfied with their membership. It is true
that national banks must be members, but is also true, as has been clearly
demonstrated in recent years, that national chart,rs are not valued as
highly as they were some years ago; for in many cases comparatively trivial
considerations have induced national banks to surrender their charters and
convert into State institutions.
Avoid Competition.
It is well known that Federal Reserve Banks were not organized for profit
and are not essentially profit making institutions. It is their purpose and
practice to avoid competition as far as possible with their member banks.
But experience has shown that in the conduct of their business, the Federal
Reserve Banks cannot avoid making profits, in average years exceeding
considerably the expenses of operation and the 6% dividend to the stockholding member banks. Each Federal Reserve Bank has accumulated a
large surplus, in every case exceeding very substantially its paid-in capital.
Under the law as it stands at present, Federal Reserve Banks after paying
stockholding member banks a dividend of 6% annually, are required to
carry to their surplus fund all of the remaining net profits until the surplus
equals the subscribed capital (double the paid-in capital), after which 90%
of all remaining excess profits must be paid into the United States Treasury
as a franchise tax, the other 10% going to surplus.
Many banks regard this feature of the law as inequitable both to themselves as well as to the Government. They feel that it is not fair to the
Government for the reason that because of a substantial increase in the
capital stock of a Federal Reserve Bank during any one year. the Government is likely to be deprived of any tax whatever although there may be no
occasion for so large an increase in the bank's surplus as is now provided for
in Section 7 of the Federal Reserve Act.
Tax Payments Varied.
Since the establishment of the system, the Government has received from
franchise tax, a total of $147,109,573. These
The Federal Reserve Act became a law on Dec. 23 1913. Under its pro- all Federal Reserve Banks as
from year to year.
visions, a national bank in order to retain its charter was compelled to be- payments have varied greatly
For the year 1920 the Banks paid $60.724,742 and for the year 1921 they
come a member of the Federal Reserve System within 12 months, while
paid $59.974.446. while for the year 1924 the total payments fell to $113.646
membership on the part of State banks and trust companies was optional
and in the year 1925 they were further reduced to $59,300. For the year
with them. But once having become members, State banks and trust com1928,franchise taxes to the extent of $2,585.659 were paid by six banks while
panies could not withdraw voluntarily although they would forfeit memberthe six larger banks in the system including New York, Chicago, Cleveland.
ship by violation of the law.
Philadelphia, San Francisco and Boston, paid no franchise tax whatever.
In other words, while they could not leave by way of the front door,they
For the year 1929. seven banks paid the Government $4.293.230, tits
might be thrown out of the window. This washy no means satisfactory to Banks
paying the tax being the six which paid a tax in 1928 with the addithe institutions operating under State charters and until the law was
tion of Chicago. The excess earnings of the remaining five Banks were
amended in June 1917. so as to deprive the Comptroller of the Currency of
added to their surplus. During the year 1928. the net earnings of all the
any jurisdiction over them and to provide for voluntary withdrawals after
York with the largest net earnings,
six months written notice, only about 65 State institutions had become Banks amounted to $32.122.021. New
$11.018,433, paid no franchise tax while Minneapolis with the smallest,
members.
$611,704, paid $390,151. This was because of the proportion of accumuMarked Changes.
lated surplus to subscribed capital.
Even after the amendment to the law, State banks showed no general
Inclination to apply for membership in the system mail en appeal to their
Member Banks Dissatisfied.
Patriotic impulses was made by l'resident Wilson on Oct. 13 1917. FollowThe net earnings of the 12 Federal Reserve Banks for the year 1929
ing the armistice, there were several Wthdrawals and at the present time, amounted to $36,403.000 of which amount member banks received $9.684,while most of the larger State banks and trust companies are members, the 000 as dividends, leaving, after payments to the Treasury, the sum of $22,great majority of all State institutions eligible for membership still remains 536,000 to be transferred to surplus account. On Jan. 1 1930, the total
outside.
paid-in capital of all Federal Reserve Banks amounted to $170.975.500 and
Meanwhile, marked changes have taken place in banking conditions. their total surplus was $.276,934,000, giving the 12 Banks capital funds or
There has been a decided trend toward the establishment of branches in those 2447,909,500. In addition to this, their capital subscriptions uncalled for
States where they are permitted, and more recently toward the acquisition amounted to $170,975,500. Under the present arrangement, the
payment
of a controlling interest in banks by holding companies. The McFadden by a Federal Reserve Bank of a franchise tax to the Government depends not
Act, whiii was designed to put, national banks on a more favorable basis in only upon what it has earned during the year but also as to how much
14
competing with State institutions, has not been effective, for since Its capital stock has been increased as a result of increases in the
capital and
passage, nearly every merger which has taken place In New York, Chicago surplus of its member banks.
and other large cities, has resulted in the surrender of national bank charters
From the standpoint of the member Banks, it is not unnatural that they
by the national banks Involved in the mergers.
should feel that they are entitled to a larger share of the net profits of
Lgrgo corporations in the country no longer finance themselves through Federal Reserve Banks than a mere cumulative 6% dividend on
the amount
loans to the extent that they formerly did, but are showing a tendency more of stock they hold in the Federal Reserve Bank. Every dollar
of the capital
and more to finance themselves by issuing securities—bonds, debentures. stock of a Federal Reserve Bank is furnished by the member Banks and
the
preferred and common stocks. This has resulted in a marked decline in the great bulk of the deposits held by the Federal Reserve Banks
is furnished by
percentage of eligible paper held by member banks, and nearly every im- them also; for the Treasury deposits are comparatively small and are temportant bank in the larger citais has now a subsidiary security company porary in character: and their value is far more than offset by the services
which makes a business of distributing securities to the public. But for the rendered by the Reserve Banks as fiscal agents. The earnings of Federal
fact that most of the member banks are holders of United States Govern- Reserve Banks are derived mainly from transactions with their member
ment bonds and Treasury notes and certificates upon which they can secure banks, and when these considerations are taken into account, it does not
advances from Federal Reserve Banks,it would be impossible for the Federal seem at all unreasonable that member banks should be dissatisfied with the
Reserve System in times of stress to give many of them needed accommoda- present arrangement.
tion.
/n Case of Need.
Banks Have Been Figuring.
At the annual meeting of the stockholding member banks of the Federal
The high money rates which prevailed until a short time ago, together Reserve Bank of Boston held on Nov.8 1929,the subject of division of earnwith the limitation upon branches contained in the McFadden Act, have ings was the main topic of discussion. The meeting was largely attended,
caused many member banks, toth State and national, to become dissatisfied there being present 400 representatives of the member banks. It developed
with their membership. As the Federal Reserve Banks pay no interest on that there was a feeling on the part of some of the bankers
present that
the reserve deposits of members books, many of the medium sized and small- Federal Reserve Banks should pay interest on the reserve deposits,
but the
er banks in the reserve system have been figuring on the interest they would explanation was made that the
member Banks carry on an average about
receive Were these balances held by some correspondent bank or banks, and 5% of all their deposits as a lawful
reserve with their Federal Reserve Bank
have been charging this loss of interest as an expense of membership in the and,that in the case of the
Boston bank, at least $3.000.000 a year would be
Federal Reserve System.
required for the payment of 2% interest on reserve deposits.
The mergers which have taken place have resulted in banking institutions
The; amount could be made only in a very exceptional year, and in order
far larger and stronger than any which existed at the time of the passage of to pay 2% interest, the law
would have to be amended in such a way as to
the Federal Reserve Act,and it seems,in order to assure the perpetuation of take away, or at least largely
inpair the character of the Reserve Banks as
the Federal Reserve System as well as of our traditional system of independ- such and put them squarely In
competition with their member banks. The
ent banking, that some amendments to the existing law are necessary,
Reserve Banks could make direct loans at 3j. to 4% and member banks
The Federal Reserve Act la its original form did not permit Federal Rewould lose from 2 to 3% on their best paper, all for the sake of getting 2%
serve Banks to make advances to member banks on their notes secured by on
5% of their deposits.
Government obligations. This authority was given in the act of June 21
Following this statement, the opinion appeared to be unanimous that
1917. This amendement, it is true, was a war measure, but it is none the what the bankers desire is a dependable
Reserve Bank which can be called
less probable that should it be repealed a number of large banks would with- upon
in case of need, and not a competing bank which would be a nuisance.
draw from the system for the reason that their holdings of commercial paper
The Recommendations.
would not be suffciently largo to enable them to get needed accommodation
from the Federal Reserve Ban in times of stress.
The report of the committee on resolutions, which was adopted unanimously, recommended that the Federal Reserve Act be amended se as to
Lombard Loans.
provide that after the payment of expenses and annual dividend of 6% on
In view of the constant and substantial reduction of the national debt, it the capital stock, the remainder of the net
earnings should be apportioned
appears that consideration should be given in the not very distant future to as
follows:
1956
FINANCIAL CHRONICLE
Twenty-five per cent to the Government as a franchise tax rea.ardless of
the proportion of surplus to capital in any Federal Reserve Bank (this is
over twice the tax imposed by the Government on the member banks), and
in those cases where the surplus of a Federal Reserve Bank does not equal
100% of its subscribed capital, an amount, not exceeding 25% of the net
earnings, should be carried to surplus, and all remaining net profits should
be distributed among the member banks in proportion to the amount of the
to the capital
capital stock in the Federal Reserve Bank held by them, ordetermined by
stock plus average reserve deposits for the year, as may be
the Federal Reserve Board.
Had this arrangement been in effect for the year 1928. the amount the
Government would have received from the Federal Reserve Banks as a
franchise tax on Dec. 31 1928, would have been $5.915.750 instead of
$2,585,659. For the year 1929, the payment of franchise taxes by Federal
Reserve Banks to the Treasury would have amounted to $9,107,500 instead
of $4,283,230 actually paid.
Senator Glass's Letter.
It has been expected that Senator Carter Glass. of Virginia, would be
Present at the stockholders' meeting to make the principal address, but at
the last minute he found it impossible to leave Washington. In a letter
which he wrote the writer said among other things:
"With respect to the informal talk which I had genuinely hoped to make
before the member banks of the Boston Federal Reserve District, I merely
wanted to indicate to them my own view, and to seek their concurrence, of
the desirability of so modifying the Federal Reserve Act and the National
Bank Act as to make the Federal Reserve System more attractive to the
stockholding banks. It is my purpose to press upon the attention of Congress the bill which I introduced at the last session giving to member banks
of the Federal Reserve System a larger participation in the net earnings of
the System.
"The Government has not one dollar of proprietary Interest in the Fedthe
era Reserve Banks. The only substantial governmental privilege is
note issue right; and for this the Government is more than compensated,
by the
and over again, by the routine and incidental service rendered routine
over
Banks as Government agencies. Apart from this invaluable
service, the agencies of the Federal Reserve Banks have been, time and time
again, employed in floating Government securities botn of a permanent anti
alcurrent nature. In addition to this, the Federal Reserve System has the
excess of all
ready paid Into the Federal Treasury earnings vastly in United States for
national ban s in the
franchise tax received from all the
the
the entire period from the establishment of the National Bank system to
adoption of the Federal Reserve System. One year alone these earnaags
.
agFrgat reasons$200 O00
r
briefly stated I shall very earnestly press my proposition
should be done
for a larger percentage for the member banks; for unless this to lose member
and other incentives he applied, we are certain to continue it will soon be a
banks. In fact. should the presen, rate of defection persist.
question as to whether the Federal Reserve System will predominate in the
.American banking community or yield to the dangerous and irresponsible
holding companies, now already reaching out over the country."
The letter from Senator Glass was read to the stockholders' meeting.
indeterminate Charters.
National banks receive their charters from the Comptroller of the Currency under an act of Congress. They can be placed in voluntary liquidation by a vote of holders of two-thirds of their stock at a regularly advertised
meeting. After their depositors have been paid anti all obit 4ar 10118 of every
description have been liquidated, the assets remaining are distributed among
the stockholders In proportion to the number of shares of stock held.
CompThe Federal Reserve Bank; received their charters also from the
troller of the Currency under an act of Congress. OrIginally these charters
were for a period of 20 years but since the passage of the McFadden Act in
1927 the charters are indeterminate. and solvent Federal Reserve Banks can
be liquidated only by an act of Congress. which body is empowered at its
pleasure to terminate the existence of Federal Reserve Banks. The present
law provides that ''should a Federal Reserve Bank be dissolved or go into
liquidation, any surplus remaining after the payment of all debts. dividend
ree,ulrements . .. anti the par value of stock, shall be paid to and become
the property of the United States."
[VoL. 130.
Norris, Governor of the Federal Reserve Bank of Philadelphia, is reported as stating at the monthly luncheon on
Feb. 19 of the Philadelphia Association of Security Salesmen. Governor Norris, we are advised, spoke without manuscript or notes, his address being in the nature of an informal and extemporaneous talk, and no stenographic report of his remarks was made. We are hence obliged to
resort to the newspaper accounts of his speech. The
remarks credited to Governor Norris at the outset of our
item, were taken from the New York "Evening Post" of
Feb. 19, which in reporting what Governor N.orris had to
say likewise quoted him as follows:
"It looked like a choice of a moratorium or the closing of the New
York Stock Exchange," he continued in explaining that $4,000,000,000
of these loans had been called in the period of depression. "It would
have required $250,000,000 of additional reserves to handle the situation when the Federal Reserve Bank of New York stepped in and
within twenty-four hours bought $150,000,000 of Government bonds and
in other ways gave assistance. It was courageous action and you received a benefit from the Federal Reserve System that it was not
intended you should have."
The New York "Journal of Commerce" referring to what
Mr. Norris had to say regarding the intervention of the
Federal Reserve Bank of New York in the crisis of last
October, when it purchased Government bonds to loosen
the money situation, reported him as stating:
In doing this the bank extended itself beyond its original powers, an
first granted by law, of investing only in Federal securities, but, Ms.
Norris added, "I think, with the exception of a few Western Senators,
everyone will agree that a distinct service was rendered."
Except in a similar instance of clear-cut emergency, the speaker believed the Reserve system should not interfere with the natural outcome of the play of economic forces by injecting artificial stitnulanta
such as the cheapening of money rates.
From the Philadelphia "Public Ledger" we take the following account of the speech of Mr. Norris:
The value of easy money rates as a stimulant to general business is
a doubtful remedy, in the opinion of George W. Norris, Governor of
the Federal Reserve Bank of Philadelphia, who yesterday spike at the
February luncheon of the Philadelphia Association of Security Sales.
men at the Fenn A. C. Mr. Norris reviewed business cutalitions, the
buy.
recent downward movement in the stock market, tile selling and
ing of bonds and the activities of the Federal Reserve System during
approval of nearly 200 reprehis address, which received unqualified
sentatives of Philadelphia investment banking houses.
advancing
Pointing out that the so-called easy money advocates are
claims that lower rates for money than those now prevailing would
the speaker said:
contribute substantially to a revival of general business,
"It is doubtful whether further lowering of money rates by artificial
methods would help business. Some of us feel that it makes little
for
difference to a business man whether he pays 4%, OA% or 5%
money. What is of most importance to him is an assurance of his
The Residuary IATatee.
reasonable rates.
ability to obtain money to continue operations at fairly
As the surpluses of Federal Reserve Banks have accrued from the use of Moreover, in Federal Reserve circles a majority of opinion is to the
provided by their member banks and very largely out of dealings with effect that it would not be wise to give a stimulant at this time.
funds
member banks, it seems to many that t ils provision for what some rented
"I may liken the situation currently in business to that of a sick man
M confection of the surplus fund of a Federal Reserve Bank in the event of to whom the doctor will not give a tonic until the illness has run its
is, of course, no reason to assume that the course and the patient starts to convalesce.
is unjust. There
liquidation of any Federal Reserve Bank is in prospect, bet the book value
"It is believed in some quarters that business generally will not reof the paid-in stock of all Federal Reserve Banks is approximately $260 a cover entirely from the October-November stuck market crash for three
1 1930.
share and will ultimately reach $300. The Government up to .lan.
or possibly six months more."
had received from all Federal Reserve Banks, franchise taxes amounting to
Admitting that a further easing of money rates would stimulate the
the law as it stands. It is the residuary legatee of the bond market in relation to new issues for constructien purito•es, Mr.
$147,109.573 and under
surplus fund of all Federal Reserve Banks which on that date amounted to Norris said that it was questionable if that is advisable, owing to the
$276.931.000
fact that in nearly all sections of the country there has been, generally,
A member bank which contemplates withdrawal from the System realizes overconstruction. He based his remarks in this particular on advice*
Federal Reserve Batik is worth nearly $300 a that have
that although its stock in the
been received by Federal Reserve authorities.
Paid-in share, its available value in these circumstances Is only 5100 a share
The speaker admonished bond salesmen that the best asset in their
consequently, the large actual book value of its stock in a Federal Reserve field of business was a list or group of satisfied customers. To obtain
Bank dots not act as a deterrent when a member bank Is considering with- such an asset, he declared, three principal points should be followed.
drawal. It, however, the law should be changed so that in the event of They are:
liquidation, a Federal Reserve Bank would be in the same position as a
%Vitat securities to sell. When you sell them. To whom you sell
National bank. Its member banks would probably receive $300 a paid-in them.
share for their stock, while a withdrawing bank would receive only the par
Mr. Norris said that some of the banks in rural sections own hoods
value of Its stock and would leave behind Its interest in the surplus for the which they should never have bought and which no salesman should
remain in the system,
their
benefit of those members which
ever have sold them. He pointed out that bonds sold to banks for
institution,
Mobilization of Reserves.
secondary reserve accounts should be readily salable by the
sacrifice of price.
necessary, without
Is it not po-sible that a change In the law in this respect might tend to if such a step should become
Mr. Norris believes that every sign at present indicates iinprovement
make membership more attractive and reduce the number of voluntary
in the in the bond business. However, he said that batik buying of bonds
withdrawals from the system? A recommendation for this change
year because of conditions arising from
law wits included also in the resolutions adopted at the meeting of the stock- will not be very heavy this
the stock market collapse. The same holds true to an extent in relation
holders of the Federal Reserve Bank of Boston.
in the case of the latter the buying
In conclusion, attention may be called to the fact that the larger banks to insurance companies, although
increase during the year. Individuals will
and trust companies throughout the country appreciate the value of member- there is likely to show an
he said.
ship in the Federal Reserve System but in order to assure the continued be the principal buyers of bonds,
"There is every prospect of a continuance of easy money rates for
successful operation of the system, it seems necessary to retain the interest
continued.
and co-operation of the great body of small and medium sized banks whose some time to come," the speaker
Mr. Norris concluded his address with a statement of what had been
own independent existence may depend in some degree upon the continued
reserves done by the Federal Reserve Bank of New York in offsetting what
operation of the Federal Reserve System with its mobilization of
serious situation in that city last
and rediscount facilities. Row best to effect this is becoming more and more undoubtedly would have been a really
"bootleg" loans were called dura problem and it is to be hoped that this question will receive the earnest year when $4,000,000,009 of so-called
"One bank," he said, "had
consideration of the Federal Reserve authorities and of the appropriate ing the period of stock price depression.
450 such loans called in one day. It was out of the question at the
committees in both houses of Congress.
the loans. It looked like a choice of
time to sell securities to pay off
a moratorium or the closing of the New York Stock Exchange. It
George W. Norris, Governor of Federal Reserve Bank of would have required $250,000,000 of additional reserves to handle the
and
Philadelphia, Says One New York Bank Called 450 situation when the Federal Reserve Bank of New York stepped in and
bought $150,000,000 of Government bonds
within twenty-four
"Bootleg" Loans in One Day During Stock Market in other ways gave hours
Without that assistance the stock market
assistance.
Collapse—New York Reserve Bank's Intervention crash would have been more serious than it was. During the crisis
Likely to Last For not a stock market firm of any size or a single bank failed. It was
During Crash—Business Depression
courageous action and you received a benefit from the Federal Reserve
While—Views on Branch Banking.
System that it was not intended you should have.
"The only exceptions taken to this constructive move was by a few
In the market crash last fall one New York bank had
450 so-called "bootleg" loans called in one day, George W. Western Senators."
Ma.22
193o.1
FINANCIAL CHRONICLE
S. Howard Eippey, Jr., of E. W. Clark & Co., president of the club,
presided. The organization had as its guests officers of several banks
and investment banking houses.
Continents at the meeting by Governor Norris on the
business situation are indicated in the following which we
take from the Philadelphia "Record" of Feb. 20:
Speaking at a meeting of security salesmen in the Penn Athletic Club,
Governer Norris said the present business situation "is not as good
as generally represented."
"My confidential reports from all over the country do not paint conditions as bright as the reports issuing from Washington alone. The
Hoover prosperity conferences resulted in a great deal of talk about
construction projects, railroad expansion programs, and similar excellent ideas—but their fulfillment lies in the distant future.
"The country's recovery from the market collapse of last October is
not coming as quickly as we think or hope.
"Business is in a state of depression, and this condition is likely to
last a while.
"I do not mean to imply that the bottom has dropped out of the business world, Or that there is any reason to be other than sanguine about
our prospects, but we must look facts in the face. By doing so we can
meet the situation more intelligently and overcome the obstacles in front
of us that otherwise might be hidden.
"It seems to me, for one thing, that it would be a great mistake to
embark on a great construction program involving the erection of dwellings. of which we seem now to have an over supply. Such business
activity might not be the right kind."
W. J. Kieferdorf, of Bank of Italy National Trust &
Savings Association Sees Approach of Time When
Branch Banking Will be Demanded in States Now
Barring It—Development of Trust Business in
Branching Banking System in Bank of Italy
Branches.
In the opinion of W. J. Kieferdorf, Vice-President of the
Bank of Italy National Trust & Savings Association, San
Francisco, Calif., the time is not far distant "when the public
of the States that do not now permit branch banking .
will demand appropriate legislation so that this proven type
of banking may be permitted in their own States." Mr.
Kieferdorf made this statement in addressing the Midwinter
Trust Conference, in New York, on Feb. 20, held under the
auspices of the Trust Company Division of the American
Bankers' Association. His subject was "Developing and
Administering Trust Business in a Branch Banking System,"
and he stated therein that "branch banking would fail of
Its Prue destiny if it did not include in every instance in
its far-reaching program complete fiduciary service." In
part, he had the following to say:
The introduction of branch banking into American finance is now almost
universally regaraed as the boldest, if not, indeed, the greatest forward
step in the financial progress of our country.
Those of us who hail from the great West, who have witnessed the birth
and growth of this new, yet very old, idea of banking, whose imaginations
have ben fired by its immense possibilities for public service, recognize
that ft had its inspiration in the satire spirit of daring, the same spirit
of self-sacrificing adventure that led our forefathers—the hardy pioneers
of Callfornia—nearly 100 years ago, to brave the pathless prairies, the
trackless deserls and the snow-capped, towering mountains to reach the
promised land.
Whether it be confined to the limits of a city and thus merely "Intracity"
In its operations, or whether it be extended to include a group of cities
more or ese contiguous, or whether, indeed, it embrace under one central
managemena the several hundred cities and towns and villages of a great
State, complete branch banking, based as it is upon sound and enduring
principl 5, must find a permanent abode in our country. The time is
not
far distant. if I may hazard a prophecy, when the public of the States
that do not now permit branch banking, viewing this safer, more complete,
more varied. min? denmerade, more widely-extended metropolitan banking
service, will demand appropriate legislation so that this proven type of
banking nuy be permitted in their own States; and then, only, will small
communities, now generally denied adequate banking facilities and corporate trust service, enjoy the ministrations of the corporate fiduciary
and th trained trust officer and be able to command for their develop.
amid the great capital concentrated at the head office of the bank, as and
when 'they require it.
But branch banking would fail of its true destiny, however, if It did not
Include in every instance in its far-reaching program complete fiduciary
service, for it is axiomatic that complete banking service connotes
complete
fiduciary servire.
There must, even in a branch banking system, he no subordinating of
fiduciary service to commercial and savings banking; there must 1
* no
relegating it to the background as a secondary activity; there must be no
dodging the duty of giving every community where a branch is located,
no
matter how small nor how far-removed from the bead office of the
bank,
the bmefita of metropolitan trust service.
The criticism occasienally imputed to branch banking institutions
that
the branch managers and perhaps the branch trust officers
are mere
machines in a fine network of automatons, that their sole guide
is the
ubiquitous and omniscient rule book, and that they have no
independent
judgment or discretion, is refuted by the service ghen, by the
appreciation
of thousands of satisfied depositors and stockholders, and, hest of
all, by
the results obtained. No other Instrumentality of finance was
ever dedicated to a higher ideal of service than branch trust service in a
branch
banking system.
It is scarcely possible for me, in the limited time at toy disposal
for
the preparation of this paper, to discuss, except superficially, trust
service
tin "city-wide" institutions or in institutions having branches in
a few more
or less contiguous cities.
I welcome the suggestion of your Program Committee that I
may limit
this discussion to trust service Stalto-wide in scope, and describe
the
1957
progress that lias so far been made and some of the methods adopted in
California by the institution that I am honored to represent, in its
attempts to initiate and effectuate this service in our great State.
At the outset may I say that while highly satisfactory progress, both
from the standpoint of service and of net profits, has been made, particularly during the last few years, in extending trust service to practically
every one on the 293 branches in the lea cities in which the bank operates,
much additional work must yet be done to perfect our administrative
processes, and much additional personnel must be trained at head office,
where, in fact, all of our trust men are trained. The results so far obtained
encourage us to conclude that we have achieved perfection in this wide
new field of trust endeavor, and that we may now rest on our laurels.
The trust ears ice of our bank in the beginning was confined to the
metropolitan areas of San Francisco and Los Angeles, and localized at
the main office in each city. The branches contiguous to the main offices
in these two cities were limited in their fiduciary service, with few exceptions, to escrows handled by part-time or full-time escrow inert or assistant
trust officers, who, though familiar with trust work, referred all prospects
for trust business to the main office. To-day, after 10 years of successful
experimentation, this is still the case in all of the large cities where
more than one branch is located—except that attached to each main
office, are highly-trained trust men who call at the branches regularly
to interview the irospects that the branch managers have interested in a
trust or a will; the assistant trust officers at the main office, too, are
always at the call of the branch managers for special appointments. It is a
vital part of our system and the keynote of our success that there must
be intimate and constant co-operation between the branch manager on
the one hand who, himself, is well versed in the practical phases of trust
management by reason of head office training, and on the other hand, the
trust officer, who supplies the technical knowledge. This combination
works perfectly, and is of the greatest importance in the rural districts.
Our intra-city trust service, therefore, is not, at this stage of our development, a serious problem. The key cities of the trust districts, as explained
later, are district centers; the trust officers in charge of the offices in
these key cities are district trust supervisors as well.
As new branches were added in the rural communities, new centers of
trust activity were established—first in the cities of the Santa Clara Valley
and in the great valley of San Joaquin; then in the coast counties and the
great valley of the Sacramento River; and, finally, in the extreme northern
and extreme southern sections of the State, all this expansion taking place
while the institution was a State bank.
With already existing trust offices in many of the mast important cities,
subordinated in policy and operation to the heed office in San Francisco,
it was but natural that the district plan of organization for the administration of trusts should be adopted; and, accordingly, the State of California,
with respect to Bank of Italy State-wide trust administration and development, was divided into 14 trust districts, covering geographically the
entire State, each district, with one exception, having its supervising trust
officer and staff.
While this plan was in the making, the bank was nationalized, and
we found ourselves for the find time with a definitely fixed number of
branches, now numbering 293 in all, offering banking services in 166
cities, with no further increase possible under the limitations imposed by
the National Banking Laws as now constituted.
Each district is, in a sense, a complete unit subordinated to head office
only with respect to policy, accounting, supervision of investments, compliance with established procedure, and control of the personnel. The
size of any district depends on density of population and geographical
location; in several districts there are four or more counties with as many
as a dozen banking branches, all within easy reach of the district trust
officer's headquarters in a central branch, which is usually located in
the most important city or town of the group.
The ideal district staff consists of the district trust officer, assistant
trust officer, trust examiner, and the usual clerical and stenographic help.
In addition to his local duties, the district trust officer keeps in conatant
touch with the branches in his jurisdiction and has a definite visiting
day for each of them and endeavors to adhere as closely as possible to a
regular schedule of visits so that the branch manager can make definite
appointments with the clients of his branch. Ile is also subject to call
at any time if a special emergency or special business requires his presence.
Ills whereabouts is known at all times at the trust headquarters, so that
he can be reached whenever he is needed. Thoroughyl trained at head
office in trust administration, probate matters, living trusts, agencies,
escrows, securities management, and tax questions, and having a basic
legal and often a liberal classical education, possessing sufficient maturity
to impress his clientele and justify their confidence, the district trust
officer is the keystone of the arch in the finely-knit-sogether fiduciary
structure. Attelidatice at periodic meetings of district trust officers at head
office and constant touch with the trust executives of the bank, assure
uniformity of operation throughout the system and faithful adherence to
eat ubli:hed paliciea.
The branch managers, on the other hand, hare acquired, with my telt
knae,
exceptions, a fine practical knowledge mu trust Il111,101in sun
the trust department can serve their clientele. Each branch maintains
Its own trust r .cords, handles the receipts and disbursements esquired
by the trusts stud diarizes the specific duties In the sdministration of
estates, thus assuring local administration of estates and trust., as against
absentee administration. In fact, in most districts the eloseat possible
co-operation exists between the branch banking staff arid the district trust
officer. Due to comparatively few changes in the management of the
brand) staffs, many of whom have haul legal training, the eche-Clonal
efforts that have been consistently made to edlicate the rank and file of
the entire banking system of the bank in trust maters and the resultant
efficiency of operation and intelligent attention to duty account for the
success so far attained. Under this arrangement, the branch manager
Is the business man 'ger of the trusts handled at his branch; the district
trust officer is the consultant, supplying legal and technical skill ; while
the trust examiner audits and keeps in order the accounting detail so
that proper reports may be made to district headquarters and head office,
as required by the rules of the bank.
Before the witted of the branch bank giving trust service, rural coin.
munities were without trust service. The unit banks lecated there could
not efficiently and profitably give such service. Grouped into districts
under the district plan of administration, the clientele of contiguous
rural communities and towns can now be as effectively served an if the
trust department were established in each comnitinity, and profitably, too;
for, estates of decedents must be probated and the affairs of the living
must be administereed in the country as well as in the city; and wealthy
agriculturists and prosperous
nall-town merchants have need of
trust
service as well as their brethren in the big cities. In fact, the district
plan of trust administration, under the branch banking idea, is so elastic
that possible mergers with other branch banking institutions in the State
FINANCIAL CHRONICLE
that have trust departments can readily be consummated. Indeed, if by
new legislation National banks shall be permitted to extend their service
to border Stator within their respective Fednal Reserve Districts, the
program of administration and control of trust business, if desirable,
amid readily be adapted even to this new condition, subject, of course,
to the varying laws of the other States within the Federal Reserve District.
It requires no great stretch of the imagination to picture a gradual
unification of probate law, procedure and practice. and uniformity of
inheritance tax laws in such States if this drastic change in our banking
laws affecting branch banking in the National system should come to pass.
•
•
•
Besides the examination and audits made by the trust examiners of the
trust districts and the periodic examinations made by the National Bank
examiners and by the office of the Superintendent of Banks of the State of
California, which has jurisdiction over the operations of trust departments
of all State and National banks, the general auditors of the bank conduct
rigorous audits of all trust department records at head office and the
branches. Under such rigid supervision it is not likely that deliberate
neglect in administrative service is possible.
It is plain from the foregoing brief survey that the trust operations at
our branches are safeguarded in every possible way. In fact, our bank
may be visualized as operating unit trust departments in every branch
where court and private trusts are being administered; yet the units
themselves are grouped together in districts under the direction and superArden of the district trust officers, who must look to the head office in
San Francisco for general policies and practice.
There is no dearth of potential trust business in the rural districts of
ern' State. Our out-of-town branches, under capable trust district administration, will serve the public in rural districts satisfactorily and profitably,
and will do much to make our State thoroughly "trust-minded," thus
stimulating trust business for the other large banks of our State that
conduct trust departments.
Our relations with lawyers for the most part have been highly satisfactory. Antagonisms of the past have been largely dispelled because
the members of the Bar are now thoroughly aware of our desire to work
wholeheartedly with them, rather than against them. Our former President
and now Chairman of our Advisory Committee, Mr. James A. Bacigalupi,
himself an outstanding attorney personally assured the lawyers of our
State, in his many eloquent nubile utterances, that our institution will
always scrupulously respect the rights of attorneys and their relations
with their clients and will retain the services of any reputable attorney
who refers any business to our bank.
In conclusion, may I refer to the report of the Public Trust Office of
New Zealand for the year ending Mar. 31 1929, which recently reached
me. It discloses the fact that the office "has branches and agencies in
110 cities and towns throughout the country," where trusts are handled
in much the same manner as in our bank; that "the value of estates and
funds under administration on Mar. 31 1929 was £48,334,790 sterling"
(nearly $250,000,000); that "during the year wills numbering 6,053 were
depoeited with the Public Trustee"; that on Mar. 31 1929 "62,841 wills
ef living persons were held in safe custody"; and that during the year
"3,508 new estates and funds of a total value of £7,091,350 sterling
(nearly $35,000,000) were accepted for administration"; and that "the
wills on deposit represent prospective business worth over £250,000,000
sterling (over one and a quarter billion dollars).
I look forward to the time, even though perhaps comparatively few
years may yet be allotted to me, when the great branch banking institutions
yet to come, of which the few now in existence are but the forerunners,
located in every strategic financial center of our country, will not only
disclose records as monumental as those that I have just quoted, but what
is more important will give to finance a new dignity and a noble objective,
offering to every community in our country, near and remote, the safe
and dependable service of the corporate trustee and the ministrations of
trustminded bankers and sympathetic trust officer's.
[VOL. 130.
the recapture of control of the Hawley-Smoot tariff bill appeared to-day to
have been brought to an abrupt standstill. The process of Grundeizing
the tariff bill, as has been called the rewriting of the bill from the Old
Guard standpoint, under the guidance of Senator Grundy (Rep.) of Pennsylvania, became of no effect to-day when it was voted to retain on the free
list cement when imported for use of public works, and when later the
n ou
was cut wide apart in the rejection of a proposal for a tariff
on oil.
In the discussion of the tariff on oil the Senate became involved in a
protracted debate which bade fair to set a new mark for personal acrimony
in this session of Congress, and in which charges of vote trading were
hurled and denied. Into the back-and-forth controversy there was injected much that brought the Senators close to a violation of Senate rules
and brought forth the admonition of Vice-President Curtis.
Oil Bloc Loses.
It was a criticism of Senator Thomas (Dem.) Oklahoma, chief sponsor of
the tariff on oil, of the methods pursued by a lobby probe committee in
developing evidence of lobbying in Washington that was responsible for
this situation. Feeling the necessity for defending themselves, the investigators "enlightened" the Senate again of what they had learned, and
linked oil with sugar, and sugar with oil and lumber, and with cement,
and any gains that the oil bloc may make in the alleged trading appeared
quickly to have been dissipated.
It seemed earlier to-day that efforts were being made to jockey around
on some of the provisions yet to be voted upon In the interest of securing
preferred places for them. It was indicated that there was a desire on
the part of the lumber bloc to have the vote on their proposal taken in
Whether with intent or
advance of that upon cement and upon oil.
pardonable error on the part of those who appeared not to be aware of the
agreement was entered into to go ahead with
existence of those desires, an
the various schedules of the bill, beginning with that covering chemicals
and oils, and so oil went down to defeat.
By a vote of 38 to 29 the Senate rejected the Thomas amendment for a
tariff of $1 per barrel on crude oil and of 50% ad valorem on petroleum
products, to which had been coupled the Pittman amendment designed to
make these rates Inoperative whenever the price of crude should reach
$2 per barrel at place of production and gasoline at New York 20c. Per
gallon (exclusive of tax). When the subject was previously before the Senate It was voted down 39 to 27. This was followed by the rejection on a
vote of 32 to 28 of a proposal by Senator Pine (Rep.), Oklahoma, for a
dutyuet880c. per barrel on crude oil and of 25% ad valorem on petroleum
prod of
Blease Responsible for Cement.
Senator Blease (Dem.), South Carolina, was responsible for the "Americanization" of the cement tariff, when he brought about the adoption of his
amendment providing for free entry of cement when for use on public
works by a vote of 42 to 37. Senator Kean (Rep.) New Jersey, announced he
would seek the reconsideration of the vote by which this was agreed to and
Senator Incase demanded immediate action thereon. Senator Kean deallured, whereupon the South Carolina Senator moved to lay on the table
the prospective vote for reconsideration, but was defeated 54 to 27. This
second vote did not affect the vote by which the free listing of this class of
cement was agreed to and the defeat would not have occurred had not
Senator Bloom:, refused to listen to the suggestion of Senators La Follette
(Rep.). Wisconsin, and Johnson (Rep.), California, that his proposal was
an unfortunate one in the form in which couched, for, it was explained.
many Senators would not like to register a vote with him on such a move.
Continuing his tactics, Senator Blease himself moved for the reconsideration of the first vote and it was confirmed 43 to 38. The effect of this
Is to send to conference a rate of 6c. per 100 pounds on dutiable cement
and free entry for that "imported by or for the use of, or for sale to a State.
county, parish, city, town, municipality or political subdivision thereof,
for public services." The House rate Is a flat one of 8c. per 100 pounds
irresPective of which the cement is to be used. It is understood that the
Imports, which, however, form but a relatively small part of the domestic
Production or consumption, are about evenly divided in use for public and
private construction work.
Senate Action on Tariff Bill—Duties on Oil and Gast>. The Senate proceedings were converted into an experience meeting when
to give testimonies
line Rejected—Reduction in Plate Glass Rates several of its members sought opportunityin taking advantageof the alleged
of municipal
rapacity of the domestic cement industry
—Cement for Public Works Placed on Free List requirements to raise prices. These were injected into the cement contro—Lumber Removed from Free List—Hide and Shoe versy when the attention of Senator Kean was called by Senator Hayden
(Dem.), Arizona, to the usual clause in contracts that they are to be let to
Duty Killed.
the "lowest and best bidders" and that since It Is the custom of State and
to place a municipal governments to favor their local Interests in the purchase of
For the 5th time the Senate yesterday refused
commodities, the Blease proviso would be resorted to only "if producers of
tariff on oil and gasoline. The vote was 38 to 37. The cement are
Inclined to extort high prices from these buyers." Under it they
Senate also reversed itself again and voted a reduction in would have recourse to duty-free imports.
existing plate glass tariffs. It adopted, 39 to 36, an amend- Senator Overresn announced he wanted to relate that his State bad
prices
building, but that
ment by Senator McMaster, Republican, South Dakota, undertaken a program of road had been taken tothe domestic cement lower
had been hale PO high resort
Belgian cement at
square foot on plate glass fi urea, the subsequent result being that the domestic producers undercut
to provide a rate of 17 cents a
over 384 and not exceeding 1,008 square inches as against their original estimates in the hope of getting the business.
Next
Senator Nye (Ping.). South Dakota, who declared that Wort
existing levies ranging from 15 to 22 cents on sizes within Virginiacamethought to enter upon a construction program and the day behad
these limits. The amendment also would cut from 22 to fore the blds were opened the cement trust, as he put It, raised Prices. He
that
19U cents the rate on plate glass over 1,008 square inches. declared that at about duty time the Senator from that State. Hatfield, was
on cement. Hatfield later denied the truth of
making a plea for the
It was the closest the oil advocates came to getting their this allegation,stating that the advance had taken place last fall, but before
tariff. Nine Democrats voted with 28 Republicans for he could enter this statement Senator Barkley (Dem.). Kentucky, exthat it had been proplained that the advance had been
the duty, while 17 Republicans and 21 Democrats opposed it. Posed to construct an extension to30 cents a barrel,
the State Penitentiary and that it I'sThe fifth attempt for the oil duty brought an attack from suited in the State Auditor making a recommendation to the Governor for
Senator Ashurst, Democrat, Arizona, on its sponsors. The the construction of a State-owned cement plant.
A recital of conditions In the silver mining Industry brought about by the
Arizonian in return was ad nonished by Vice-President alleged dumping on the markets of the world the silver of India made surplus
Curtis for using severe lanLuage. The vote was on a pro- through the imposition by Great Britain of a gold standard upon that couna duty
posal by Senator Pine, Republican, Oklahoma, to levy a try led the Senate to-night to vote 55 to 12 forThe of 30c. per ounce of
amendment, offered by
of imported ores.
duty of 40 cents a barrel on crude oil and 20% ad valorem refined or metallic contentNevada, Was defeated on Feb. 18 by a vote of
Senator Pittman (Dem.),
most stirring appeal for the relief for
now on the free list.
36 to 32. Pittman to-night made a
on petroleum by-products, all
The same amendment was defeated, 32 to 28, Wednesday the silver Industry and was joined by any Senators who had previously
opposed him. Senator Glass (Dem.). Virginia, former Secretary of the
night and again last night without a record vote. Amend- Treasury, was one of these, and he said he was disturbed by reason of his
for rates former vote and was Inclined, because of the dumping of silver, to change
ments by Senator Thomas, Democrat, Oklahoma,
his vote. Senator Smoot,in charge of the bill, was another of those to-night
of $1 and 50%, respectfully, on oil and by-products, were who
sponsored this tariff, the effect of which on the motion picture industry
defeated by more decisive votes previously.
aoen
clot according to Senator Pittman's calculations, will be an Increased
eo,fsome $10,000,000 annually. Manufacturers of sterling silver also
On March 19 when the oil duty was rejected by a vote of
will
38 to 29 the Washington correspondent of the New York warebe affected by the tariff, and to a very much lesser extent the plated
group.
"Journal of Commerce" discussed the action as follows:
By a vote of 26 to 20, with almost half of the Senate absent, there was
The trading in votes which Is alleged to have been going on In the Senate adopted an amendment by Senator Hebert (Rep.), Rhode Island, providas a sequel to the rejuvenation of the Old Guard Republican forces and ing specific duties in addition to the 10% ad valorem rate on laces. It
MAR. 22 19301
FINANCIAL CHRONICLE
was admitted by Senator Hebert that the adoption of these additional
rates would mean an ad valorem equivalent of 127%. He failed to state
what would be the maximum rate, however, but explained that these
laces sold at from Si cent to 4 or 5 cents per yard. The amendment provides
that on laces of three inches or less in width, and on laces suitable for conversion into laces three inches or less in width, a rate of Si of 1% per yard,
or each Si inch or fraction thereof, plus the original 00% •
On March 17 the Senate defeated the Oddie amendmen"
to the tariff bill proposing to levy duties on hides, leathers
and shoes, now on the free list. The vote was 37 to 42.
The amendment, proposed by Senator Oddie (R., Nev.)
would have placed duties of 4 cents a pound on raw hides,
8 cents a pound on dried hides, 6 cents a pound and 6% on
sole, belting and harness leather, and 14 cents a pound on
shoes, except for women's shoes of the McKay type which
would have been taxed 8 cents a pair and 20%. Defeat of
the amendment was due apparently, the Washington correrespondent of the New York "World" said, to the failure of
shoe and hide interests to reach a compromise. Shoe manufacturers opposed the high duties on hides and Western
Senators advocating the hide tariff opposed the high shoe
rate.
Lumber was added to sugar and cement another reversal
in tariff rates(H. R. 2667), by action of the Senate, Mar. 20.
A duty of $1.50 per 1,000 feet was placed on softwooc: imports
by a vote of 39 to 38. On Feb. 27, the Senate voted 39 to 34,
to retain lumber on the free list, rejecting an amendment by
Senator Jones (Rep.), of Washington, for a duty of $2 per
1,000 feet. Less than one month later, the $1.50 rate, also
offered by Mr. Jones, was accepted, to be compromised with
a House duty of $1.
Senators who voted when the bill was in Committee of
the Whole to keep lumber on the free list and then voted
Mar. 20 for a tariff are: Sheppard (Dem.), of Texas, and
Hawes (Dem.), of Missouri.
On a motion of Senator Hebert (Rep.), of Rhode Island,
the Senate agreed, 34 to 33, to reconsider the vote by which
it refused on Mar. 17 to place a duty on hides, leather and
shoes. The Senate then proceeded to again reject by a vote
of 36 to 35, the same amendment of Senator Oddie (Rep.),
of Nevada, for a duty of 4 cents a pound on green and 8
cents on dried hides with a compensatory scale of rates on
leather and shoes which on the former occasion had been
rejected, 42 to 37.
The Senate put a tariff of 30 cents an ounce on silver
by a vote of 55 to 12, at the night session, Mar. 19.
The Jones amendment on lumber in the Senate included
a proviso, included on the suggestion of Senator Copeland,
which will exempt softwood lumber, when rough or planed
on one side only, from the tariff, as long as Canada admits
the same United States lumber free of duty. An effort by
Senator Walsh (Dem.), of Massachusetts, to have this
exemption extended to dress9c,lumber was rejected, 38 to 32.
The Jones amendment as adopted follows in full text:
Timber hewn, sided or squared, otherwise than by sawing, and round
timber used for spars or in building wharves: sawed lumber and timber not
specially provided for all the foregoing, if of fir, spruce, pine, hemlock, or
larch: railroad ties and telephone, telegraph, trolley and electric light
poles of any wood: all the foregoing, $1.50 per 1,000 feet, board measure,
and in estimating board measure for the purposes of this paragraph no
deduction shall be made on account of planing, tonguing, and grooving;
provided there shall be exempted from such duty boards. planks, and
deals of fir spruce, pine, hemlock or larch in the rough or not further manufactured than planed or dressed on one side, when imported from a country
contiguous to the continental United States which country admits free of
duty similar lumber imported from the United States.
Norris Amendment Adopted As Check on Monopoly.
By a vote of 41 to 34, the Senate adopted an amendment
by Senator Norris (Rep.), of Nebraska, which will require
the removal of a tariff on any article when it can be shown
to the Customs Court that there is a monopoly or pricefixing agreement in the domestic industry.
When the Customs Court reaches such a finding, it is to be
certified to the President, whose duty it will be to proclaim
the removal of the tariff. The import duties so affected
would then remain inoperative until it should be shown to
the satisfaction of the court that full conditions of competition have been restored.
U. S. Senate in Consideration of Tariff Bill Places
Censorship of Imported Books in Hands of Court
Instead of Customs Officials—Provision Made for
Trial by Jury.
After a stormy debate which lasted for nearly five hours
on Monday night and more than seven hours on Tuesday
the Senate adopted the Smoot-Walsh amendment to the
tariff bill with relation to refusing importation to immoral
articles and obscene books. The final action was taken
1959
without a roll call. The effect of the amendment is to replace the drastic Smoot amendment, as first proposed, which
would have enabled customs employees to censor books and
other literature, with provisions which make it the duty
of the Federal courts, beginning with the District Court,
to pass on such questions. These provisions take the place
of the Cutting amendment, adopted in committee of the
whole last autumn, which enabled customs employees to
shut out immoral articles but not obscene books.
The Smoot amendment, changed by the Walsh amendment, which provided for court procedure rather than customs censorship, underwent a series of changes before it
was finally agreed on. The amendment as modified provides in effect for a court proceeding against the objectionable book or matter rather than against the individual.
The penalty provision proposed by Senator Smoot is eliminated. The New York "Herald Tribune" in reporting the
proceeds on March 19 said:
The 12
-hour debate over censorship and the settlement of the controversy moved the tariff bill another long step toward final passage.
The debate to-day,lasting almost until 8 o'clock to-night, was marked by
a series of clashes between Senator Bronson Cutting, Republican, of New
Mexico, who opposed the customs censorship, and Senator Reed Smoot, Republican, of Utah, Chairman of the Finance Committee.
Free discussion of salacious books, of the Bible and of the utterances of
Brigham Young.an early leader of the Mormon Church, marked the debate.
It even ranged into the race question and other subjects wide of the marked
before the controversy ended.
The Senate struck out the provision in the Smoot amendment against
literature advocating treason, insurrection or forcible resistance to any law
of the United States, but later, on a roll call, 54 to 24. on a motion by
Senator Sam G. Bretton, Democrat, of New Mexico. it was partially
restored so as to reach to advocacy of sedition or armed resistance to the
Government.
The amendment as adopted prohibits importation of any book or pamphlet
paper, picture or drawing "containing any threat to take the life of or inflict bodily harm upon any person in the United States,or any obscene book,
pamphlet, paper, writing, advertisement, circular, print, picture, drawing
or other representation,figure or image on or of paper or other material."
It further contains provisions against importing immoral articles, drugs
and the like. It allows the Secretary of the Treasury to admit "so-called
classics" or books of recognized scientific or literary merit.
The amendment then provides that on appearance at the customs office
an objectionable book or other objectionable matter shall be seized to await
judgment of the District Court. The collector is ordered to transmit information to the District Attorney, who is required to "Institute proceedings
in the District Court for the forfeiture, confiscation and destruction of the
book or matter seized." On adjudication of the action the matter is to be
destroyed if amenable to the law, but otherwise restored to the owner.
Provision is made for jury trial and appeal as in ordinary actions.
Wheeler, of Montana, Democrat, repeatedly pressed Senator Smoot, who
is an official of the Mormon Church, with respect to the "essays" of Brigham
Young. Senator Wheeler said these would be barred by the Smoot amendment. Senator Smoot insisted that if they came within his amendment they
should be barred.
Senator Smoot was stirred to anger when Senator Cutting offered the
Utah Senator a copy of "Pornography and Obscenity," by D. H.Lawrence.
"I commend this to the Senator from Utah," said Senator Cutting.
"It might fill some of the hours he previously used in reading 'Lady Catterley's Lover'."
Senator Smoot angrily denied he had read anything more than the
opening pages of the book, which just at that moment was being examined
by Senator R. S. Copeland, Democrat of New York.
"No man would write a book like that," declared Senator Smoot, pointing to It and shaking with wrath. "unless his soul was so black it would
be a shining light in hell."
Bitter anathema against immoral boo's came from Senator Smoot at
frequent intervals through the prolonged debate. Senator Cutting, deflouncing the censorship b customs employees, maintained that foreign
books were no worse than books published here.
"Mr. President." said Senator Cutting. "we have denounced foreign
books for a long time. I do not think the foreign countries have very much
on us in the way of Indecent literature. From a railway book stall in
Chicago, before taking the Twentieth Century Limited to come here the
other day, I purchased these important works, which I now exhibit to the
Senate:
'"Joy Stories; published in New York City. I think, though it does not
give the name of the publisher; 'Paris Night.' published in Philadelphia;
'Hot Dog,' published in Cleveland;'Hot Lines for Flaming Youth,' Detroit;
'Jim Jam Jams,'from St. Paul;'Whiz Bang,' from Robbinsdale, Minn.
Cites Classic Extrads.
"There are no doubts about the February and March numbers of these
magazines. I have looked them through casually and I consider them far
more indecent In every way than any of the literature accumulated last
night on the desk of the Senator from Indiana."
Senator Cutting exhibited a work obtained from the Congressional
Library. by Vizetelly. consisting of extracts "from all the leading English
authors, beginning with Shakespeare."
"It Is the condensed indecency of English authors." said Senator Cutting.
Senator Cutting maintained that the same words are used in Shakespeare
that are used in the books which were exhibited in the Senate last night.
Senator Smoot denied this. He said: "There cannot be words put together so vile and rotten as in those books."
Senator Cutting described how books are published and circulated "for
what we may call the literary bootlegging trade." He said such books
Included all those on Senator Smoot's desk and the desk of Senator James E.
Watson, Republican of Indiana, last night.
Senator Cutting accused Senator Smoot of having taken some hours
to read "Lady Chatterley's Lover." Senator Smoot angrily denied he
had taken ten minutes on the book, other than the opening pages.
Senator Cutting then discussed the Bible and said some of its passages
when read alone could be misconstrued. He said a book had to be read
as a whole.
"I want to ask the Senator from New Mexico if he has read from some of
the essays of Brigham Young and whether Brigham Young's essays would
be permitted to come into this country under the pending amendment,"
said Senator Wheeler.
1960
FINANCIAL CHRONICLE
[voL. 130.
"We have linked London and Cairo and we have flown to India. We
have been flying to India for a year. For the first seven or eight months.
we were never half an hour late at the end of a 6,000 mile flight. We kept
a 100% regularity. We have now extended to Delhi—that is 7,000 miles
from London. We are negotiating for a line to Australia. We are getting
co-operation from the British communities the whole way along that route
through Burma—just touching Burma. through the Federated Malay
States. the Straits Settlements, and now Australia.
"That link, I hope, is not more than two years away from us. It would
not take us two years, I think, to settle the terms, but as all of those who
are engaged In long distance flying know, you get your personnel so far
away from headquarters when you are talking of a thin line over the 7,8.
or as we will be, 16,000 miles.
"Australians at present are very well advanced in flying. They fly
an excellent service around the west cost of Australia, with tri-motored
machines, carrying 20 passengers, similar to those which we have so successfully operated and carried into service so far. Then we turned our
attention to Africa, and while the African service is not yet operating, It
is marked on my map with a continuous line, because the planes are ready,
the personnel are ready, the agreement signed, and all of the communities
down that route are contributing to it. We have our landing grounds
ready, and our shops are functioning.
"Therefore, I look upon that as accomplished, because there Is no major
After disposing of the censorship question, the Senate difficulty on that route which we have not already faced. That is 9,000
proceeded rapidly to dispose of several other administrative miles from London,so that our Empire development, as we have it to-day,
trunk lines take us now 7.000 miles to
hope before long the
provisions. It restored the countervailing duty as to pulp, remaining 10,000 or 11.000 miles—it Delhi. and we around to Sydney
will be right
pulp board and wall board. It restored the Senate pro- 9,000 miles from London to Capetown.
abroad under "Now, that is our contribution to the encirclement of the world by air,
vision which shuts out goods manufactured
very
the map, yet I
not dotted it other
American trade marks and this propostion will go to con- and while I have opinion that within than years faintly onunreasonable to
five
would hazard an
it is not
ference.
hope that we will have a line from London to Canada via Greenland and
The text of the Smoot foreign book censorship amendment Labrador. It Is quite a possible line.
"And now. sir, if I have not bored my audience, I would like to tell
to the tariff bill adopted by the Senate is as follows:
you of a dream which!have been dreaming for some time,and I know others
All persons are prohibited from importing Into the Unite° States from here have been dreaming about it. If any of you will visualize a map and
any foreign country any book, pamphlet, paper, writing. advertieement,
circular, print, picture or drawing containing any matter advocating or start from Santiago, Chile. and draw a line from Santiago up to the United
urging treason or insurrection against the United States or containing any States, and you realize that you are flying those routes to-day—and In a
threat ta take the life of or inflict oodily harm upon any person in the little bit come to Canada; let my dotted line through Labrador and GreenUnited Stet t. R. or any obscene aook, pamphlet. paper, writing, advertisement, circular, print, picture, drawing or other representation, figure, land materialize, and now you are on to my dark pencil lines, London to
Image on or of paper or other material, or any cast, instrument or other Capetown and London to Sydney. Isn't it a wonderful dream for anyone
article which is obscene or immoral, or any drug or meticine, or any article interested in civil aviation, to fly from Sydney to Santiago by air the whole
whatever for the prevention of conception or for causing unlawful abortion,
there. If you look at the map, and look on
or an: lottery ticket or any primed paper that may oe used as a lottery way? And it Is very nearly
the portion I have been talking about, you have got this extraordinary
ticket, or any advertisement of any lottery.
No such articles, whether imported separately or contained in packages earth-girdling line of really full-sized airplane routes. There is only that
with other goods entitled to entry, shall ae admitted to entry; and all Arctic Circle which seems remote now. It is not impossible that it will be
such articles ancl, unless it appears to the satisfaction of the collector that
thy ohscen. articles contained in the package wet'. Inclosed therein without achieved before I die, I am sure—at least I hope I will live that long. But
the knowledge or consent of the importer, owner, agent or consignee, the it will be achieved in the time of all of us here. I hope, and I also hope that
entire contents of the package in which such articles are contained shall be it Is not so remote, because the diminution of time is going to be very great
subject to seizure and forfeiture as hereinafter provided.
achieved satisfactory operation."
Provided, that the drugs hereinbefore mentioned, when imported in now that we have
bulk and not put up for any otht r purposes bereinbefore specified, are
Pierpont V. Davis, President of National City Company
except.d from the operation of this subdivision.
Provideo, further, that tne Secretary of the Treasury mat, in his discre- and President of the Bond Club presided at the luncheon.
tion admit the so-callec classics or books of recognized and established
literature or scientific merit, nut may,in his avec tion. admit such classics
or boogit only wnen imported for non-commercial purposes.
Upon the appearanc‘ of any such book or matter at any cutoms office Appeal Filed in U. S. Supreme Court Says 18th Amendthe same shall be seized and held oy the cone.tor to await the judgment of
ment to Federal Constitution Is Illegal—Petition
the district court as hereinafter providen; and no protest snail tie taken to
Le United States Customs Court from the decision of the collector.
Claims Two-Thirds of House Membership Did Not
Upon the seizure of such book or matter the collector shall transmit
information thereof to the District Attorney of the district in wni h is
Approve.
situated the office where such seizure has taken place. who shall institute
proceerilms in the district court for forfeiture, confiscation and destruction
Charging that two-thirds of the House of Representatives
of the book or matter mired.
Upon the adjudication that such book or writing thus seized is not of a did not vote to submit the Eighteenth Amendment to the
character the entry of watch Is b3 this section prohibited It shall not be
Constitution to the people, as prescribed in Article V of the
excluded from entry under the provisions of this section.
In any such proceeding any party in interest may upon demand have the
facts at issue determined by a Jury and any party may have appeal or the Constitution, a petition for certiorari filed in the Supreme
right of review as in the case of ordinary actions or suits.
Court of the United States asks that court to hold the
"If any of them could possibly come under the provisions of this amendment they ought never to come in," said Senator Smoot.
Pays Tribute to Mormons
Senator Wheeler &dared be could show Senator Smoot extracts from
Brigham Young's essays that would be benne° o) the amendment. He said
' Yet
some of the language "would be calculated to stir up Insurreetion.
the country haa lived through it ann tie coula not conceive why Senator
Smoot should "oecome so excited under toe Jrctunstancas."
Senator Outtinz declared he could not conceive, In view of the manner
In which the Mormon people were p.rsecuted. how any one could adopt the
"intolerant attitude watch we have seen here fr3m the Senator from Utah.
I am entir 13 In favor of tat circulation of all the opinions of Brigham Young
or of any of the ewer elders of the Mormon Chum n "said Senator Cutting,
Senator Smoot, woo exalbited much feeling while the Mormon Church
was being discussed, paid a tribute to the Mormon people and said the
men and women of the church are virtuous.
Senator Wheeler, paying tribute to the excellent character of the Mormon
People. insisted that In view of the experience of the Mormons with intolerance and persecution. Senator Smoot ought to be careful not to urge
a law which could oe used for purposes of persecution.
"I do not think It Is any oppression to keep vile literature from the
boys and girls of this country." said Senator Smoot.
Sir Eric Geddes Foresees Five Continents Linked by
Regular Airplane Service—Says All Nations Are
Contributing to Development of Aviation—Sees
Eventually a Large Semi
-Circle Air Route from
South America to Australia.
Sir Eric Geddes, Chairman of the Imperial Airways, Ltd.,
of Great Britain, at a luncheon of the Bond Club of New
York, held at the Bankers Club, reviewed the activities on
the part of Great Britain in the development of commercial
aviation. The luncheon was attended by prominent Wall
Street Bankers, and executives of the leading aviation companies, including Juan T. Trippe, head of the Aviation
Corporation of the Americas, whose lines link the United
States and South America, C. M. Keys, head of CurtissWright Corporation and Transcontinental Air Transport
and W. P. McCracken of the New York, Rio & Buenos
Aires Airways, Inc.
Sir Eric Geddes, in his talk to the Bond Club, said he
expects to live to see the day when all five continents will
be linked with regular airplane service, starting at Santiago,
Chile, and swinging around in a huge circle up through South
America, Cuba, United States, Canada, Greenland, Iceland,
British Isles, Europe, Africa, India and Sydney, Australia.
Sir Eric stated that the Imperial Airways has been flying
from London to Delhi, India, a distance of 7,000 miles for
approximately a year and that during this entire period the
planes have never been a half-hour late on either end. He
also stated that within five years it is not unreasonable to
hope that a line will be established from London to Canada,
via Greenland and Labrador.
After reviewing the operations of Imperial Airways within
the British Isles, Sir Eric stated that attention is now being
directed to the establishment of lines linking the various
British Isles. Among other things Sir Erie said:
Amendment Invalid. The petitioners "realize that in order
to maintain their contention it will be necessary for the
Supreme Court to reverse its decision in the national prohibition cases (State of Rhode Island v. Palmer, Attorney
General, 253 U. S. 350), but even the Supreme Court has
often reversed itself," the petition states.
The petition, docketed under the title of Jebbia et al, v.
United States, No. 735, follows a conviction for an alleged
illegal sale of liquor. The petition also contains an obpection that the evidence before the trial4 court, tending to
show one sale of liquor to an officer at his solicitation, on
a public highway, is not an offense contemplated by the socalled Jones-Stalker Act.
The language of Article V is as follows: "The Congress,
whenever two-thirds of both Houses shall deem it necessary,
shall propose amendments to this Constitution." Petitioners
point out, says the United States Daily, that the Eighteenth Amendment to the Constitution was voted on In the
House of Representatives Dec. 17 1917, and that the vote
resulted in 282 Members voting in the affirmative and 128
Members voting in the negative. The total number of Mem.
bets of the House qualified to vote at that time was 434,.tbe
brief states, so that two-thirds of that number would be
289 Members. "The vote was, therefore, 7 in number short
of that required by the provisions of Article V of the Constitution providing for its amendment, it is stated by petitioners. "We submit that the plain requirement of Article
V that 'when two-thirds of both Houses shall deem it necessary,' must be construed as meaning two-thirds of the
total membership of each House."
Had it been intended otherwise, then to justify the temporary construction placed upon , Article V by the Supreme
Court's decision in the national prohibition cases, the brief
argues, the word "present" should have been inserted In
MAR. 22 1930.]
FTNA NCIAL CHRONTCLE
Article V. It is urged as a fundamental proposition that
constitutions must be read strictly and that no words may
be added or taken away.
The petition then cites various portions of the Constitution where the word "present" is used and claims that it
Is apparent that the word was in the minds of the framers
of the Constitution, having been used in the context in connection with the vote of a fraction of the membership.
"'Where it was not used It was clearly the intent that the
actions referred to required a two-thirds vote of the total
membership," it is asserted.
"If courts venture to substitute for the clear language
of the instrument their own notions of what should have
been or what was intended," the petition states, "there will
be an end of written constitutions."
The Coming Annual Convention of the A. B. A. at
Cleveland.
J. It. Krause, Vice-President and Executive Manager of
the Union Trust Co., Cleveland, who presented Cleveland's
Invitation to the Association at the convention in San Francisco last summer, is Chairman of the General Committee
in charge of preparation for the meeting of the convention
In Cleveland next October. Sub-committees are being appointed as rapIdly as possible, and the outlines of the committee's plans are already taking shape.
Completion of the new Cleveland Union Terminal Station
this spring will enable delegates to arrive almost at the
Public Square when they attend the first convention of the
American Bankers' Association to be held in Cleveland for
30 years.
About 7,500 delegates are expected to attend the convention. Part of this number will be housed in the Cleveland
Hotel, where the convention headquarters will be placed.
The remainder will be distributed among other downtown
hotels convenient to the Cleveland Public Hall, where the
convention meetings will be held.
Facilities ample enough to accommodate 7.500 delegates
are assured. The Cleveland Public Hall, which housed the
Republican National Convention and the National Road
Show, has been secured for the convention.
The unusually large number of delegates expected Is due
to the fact that Cleveland is relatively convenient to a
majority of tile delegates. With the exception of those from
west of the Mississippi River, most delegates will be within
an overn:ght ride from Cleveland.
Queens County Bankers Association Formed.
In an effort to organize the banks of Queens County for
the purpose of promoting their usefulness to the community,
representatives of 27 local financial institutions met at the
Jamaica Chamber of Commerce and formed the Queens
County Bankers' Association.
William J. Large, elected First Vice-President of the newly
formed organization, intimated that the association would
creditably serve the communities of Queens County by organizing subs diary co-operative bureaus and conduct surveys
for the betterment of local business. Large is President of
the Long Is'and National Bank of New York. Astoria.
Other officers elected included G. It. Hendrickson. President, and Howard P. Huriand, Treasurer. Hendrickson is
President of the Jamaica National Bank and Duriand is
Cashier of the Forest H.118 National Bank.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements were reported made this week for the
transfer of a New York Stock Exchange membership for
$415,000. The last preceding sale was for $410,000.
The prico of memberships in the New York Coffee &
Sugar Exchange showed a gain of $750 over the previous
sale, when the seat of Mike H. Thomas, of Dallas, Tex.,
was auctioned on Monday of this week. Walter D. Stuart,
who has been a member of the Exchange since 1917, purchased the seat for $15,250.
At special meetings held on March 18 the Board of Directors of the Chase National Bank of the City of New York,
the trustees of the Equitable Trust Co. of New York, and
the trustees of the Interstate Trust Co. voted to recommend to, their respective stockholders a consolidation of
the three institutions under the name and charter of the
Chase National Bank of the City of New York, thereby
forming the largest bank in the United States and in the
1961
world. Formal notices setting forth the merger plan in
detail is being mailed to stockholders of the respective banks
calling for special stockholders' meetings on April 24 1930,
to notify and approve the consolidation agreement.
The combined hank on the completion of the merger will
have fifty-two offices in New York City and Brooklyn, and
seven foreign offices. The Chase National Bank will bring
to the consolidation, in addition to its Head Office in the
Chase National Bank Building at Pine Street corner of
Nassau. twenty-seven domestic branches in New York and
Brooklyn; three foreign branches at Havana.Cuba; Cristobal,
Canal Zone, and Panama City, Republic of Panama, as
well as representatives in London, Paris, Berlin and Rome.
Affiliated with the Chase is the American Express Co. which
has thirty-four offices and many agencies in the United States
and Canada, and sixty-six offices in foreign lands.
The Equitable Trust Co., in addition to its Head Office
at 11 Broad Street, New York City, will bring to the merger
eleven domestic branches in New York City, and its foreign
offices in London, Paris and Mexico City. Affiliated with
the Equitable is the Equitable Eastern Banking Corp.
which has offices at Shanghai, Hongkong and Tientsin,
China. The Interstate Trust Co. will bring to the merger
its Head Office at 37 Wall St. and eleven branches in New
York and Brooklyn.
Chase Securities Corp., which is one of the largest wholesale and retail security companies in the country, will
acquire the assets of the recently organized Equitable Corp.
of New York.
The proposed plan of consolidation calls for an increase of
the capital stock of the Chase National Bank from $105,000,000 consisting of 5,250,000 shares ($20 par value), to S148,000,000 to consist of 7,400,000 shares ($20 par value).
These shares will be allotted as follows: 5,250,000, the number now outstanding, are to continue outstanding in the
bands of the present shareholders of the Chase National
Bank; 2,000,000 shares are to be allotted pro rata to the
shareholders of the Equitable Trust Co. on the basis of four
shares of Chase for every five shares of Equitable ($20 par
value) held; 115,019.20 shares are to be allotted pro rata
to shareholders of the Interstate Trust Co. on the basis of
32-100ths of a share of Chase for each share of Interstate
Trust Co. ($20 par value) held. The remaining 34,980.80
shares are to be sold at the fair market value in such manner
and to such parties as the board of directors of the Chase
National Pank shall approve.
It is planned to place special emphasis on the future
development of the Trust Department. In order to increase
its usefulness and availability for service, separate offices for
this department will be maintained at No. 11 Broad St.,
New York City. A trust committee, composed of members
of the board qualified by experience to deal with trust business, will have direct supervision of the department.
The capital of the consolidated bank will be $148.000,000,
surplus $148,000,000, and undivided prcfits and reserves
approximately $72,000,000. The enlarged Chase Securities
Corp. will add capital assets of approximately $125.000,000
to the above figures making total capital assets of the consolidated bank and associated securities corporation of
approximately $493.000,000. The most recent statements
(Dec. 31 1929) of the three banks show combined deposi.s
of$2,073,644,656.07,and total resources cf$2,814,535,635.57.
The board of directors of the consolidated bank will be
composed from the members of the present Chase and
Equitable boards. A new committee composed of the chief
executive officers of the consolidated institution will be
created. This new committee will be known as the Governing Board and Albert H. Wiggin, as senior executive officer
of the consolidated institution, will continue his activities
and act as its Chairman. John McHugh will continue as
Chairman of the executive committee. Charles S. McCain,
President of the Chase National Bank, will succeed Mr,
Wiggin as Chairman of the board of directors. Robert L.
Clarkson will continue as Vice-Chairman of the board of
directors. Winthrop W. Aldrich, President of the Equitable
Trust Co., will become President of the consolidated bank.
The present officers of Chase and Equitable will be officers
of the enlarged bank. In Chase Securities Corp., the senior
executive group will be augmented by the addition of
Winthrop W. Aldrich as a Vice-Chairman of the board.
The biographical sketch of Winthrop W. Aldrich, President of the Equitable Trust Co. of New York, and who is to
be the President of the consolidated bank, has been furnished:
Winthrop W. Aldrich, President of the Equitable Trust Co. of New York,
succeeded the late Challis A. Austin, who died suddenly from a heart
1962
FINANCIAL CHRONICLE
attack on Dec. 13 1929. Mr. Aldrich had been a member of the firm of
Murray, Aldrich & Webb, counsel for the Equitable Trust Co.
Mr. Aldrich Is a son of Nelson W.Aldrich, who was United States Senator
from Rhode Island for many years and who served thereafter as Chairman
of the National Monetary Commission. Senator Aldrich was recognized
as an outstanding authority on financial affairs. Mr. Aldrich is a brotherhi-law of John D. Rockefeller Jr.
Mr. Aldrich was born in Providence. Rhode Island, Nov. 2 1885. He
graduated from Harvard University in 1907 and secured his degree from
Harvard Law School three years later. He was admitted to the New York
Bar in 1912 and was a member of the law firm of Byrne, Cutcheon &
Taylor between 19113 and 1917.
Mr. Aldrich served as a lieutenant in the United States Naval Reserve
in 1917-1918. On Jan. 1 1919 he became a member of the law firm of
Murray, Aldrich & Webb.
He is a director of the following companies: Bankers Trust Co., Equitable
Safe Deposit Co., Equitable Eastern Banking Corp., Thirty-Fourth Street
Safe Deposit Co.. Denver & Rio Grande Western Railroad Co., Rio Grande
Junction Railroad Co. and Western Pacific Co.
He is a trustee of the Spellman Fund and the New York Orthopedic
Hospital; a director of the Legal Aid Society; Vice-President and a member
of the board of Managers of the State Charities Aid Association; Treasurer.
Milbank Memorial Fund; Treasurer, China Medical Board, Inc.: Treasurer, Welfare Council of New York City; a member of the American Bar
Association; a member of the executive committee of the New York State
Bar Association; a member of the executive committee of the Bar of the
City of New York; a member of the executive committee of the New York
Law Institute, and a member of the judiciary committee of the New York
County Lawyers Association
Mr. Aldrich's club affiliations are as follows: Hail ard, Knickerbocker,
Down Town, Racquet and Tennis; Piping Rock, National Golf, the Brook,
Links, the Creek, Meadow Brook, Seawanhaka-Corinthian, New York
Yacht, Broad Street Club, Tarratine Club, Jekyl Island Club, Dark
Harbor Club, Eastern Yacht (Boston) and Hope (Providence).
Mr. Aldrich resides at Roslyn, Long Island with Mrs. Aldrich and their
five children, who are Mary, Harriet, Lucy Truman, Elizabeth Brewster
and Alexanaer.
The acquisition of the Fidelity Trust Co. of New York
by the Marine Midland Corporation became effective Thursday (March 20) by the deposit of more than 75% of Fidelity
stock to be exchanged for shares of Marine Midland Corp.
With the Fidelity Trust Co., the Marine Midland Corp.
now embraces a group of 18 banks and trust companies in
New York State with resources of about 8600,000,000.
According to the announcement by the Fidelity Trust Cr,.
as depositary, March 29 has been fixed as the date for the
exchange of stock. As some Fidelity stockholders, because
of absence and other causes, will be unable to send in their
stock before March 29, Marine Midland Corporation will
accept their stock for exchange up to and including April 21.
The basis of exchange, approved by directors of Marine
4
Midland and Fidelity on Feb. 28, is 13 shares of Marine
Midland for each share of the capital stock of Fidelity Trust
Co. with one share of Fitrust Corp., the securities affiliate
of the Fidelity Trust Co. Under an alternate plan Fidelity
stockholders have the option of taking one share of Marine
%
Midland and $40 in cash instead of 13 shares.
Ernest Stauffen, Jr., Chairman of the board of the Marine
Midland Corporation, will become Chairman of the Fidelity
Trust Co.; James G. Blaine will continue as President and
Samuel S. Conover will become Chairman of the executive
committee. Harral S. Tenney, Vice-President of Marine
Midland Corp., will become Vice-President of Fidelity
Trust Co., Marine Midland Corp. will be represented on the
Fidelity Trust Co. board of directors. James G.Blaine,President of the Fidelity Trust Co., said regarding the merger: "I
feel that the propoPed association with the Marine Midland
Corp. will be of great value to the Fidelity Trust Co. It
offers us an enlarged service to our own clientele, and it will
provide to the Marine Midland banks and their 350,000
customers, every banking facility that they may require
of a New York City bank. More important than this, however, is the fact that Fidelity Trust Co. will be part of an
organization which typifies, in the best sense, the evolution
of banking in this country." Ernest Stauffen, Jr., who will
be Chairman of the board of directors of both organizations,
said: "One of my chief objectives in becoming Chairman of
the board of Marine Midland Corp. was to develop the possibilities of Marine Midland's potential interests through a
New York City bank. I am glad to join with the management of the Fidelity Trust Co. to that end. By the consummation of the proposed plan the Marine Midland Corp.
has taken a most distinct step in the interest of its 20,000
stockholders."
[Vol.. 130.
and went to a convenient point which could easily be reached
by its correspondents. An announcement regarding the
matter says:
The plan has many things to commend it. It is obviously economical
and at the same time nothing is sacrificed in efficiency. All of those interested are brought together, the opportunities for discussion are quite
as good if not better than if the convention had been held in New York,
and the officers sent south by Central Hanover were responsible representatives of the company, fully able to carry out the plans of a meeting of this
character, and desirous of obtaining a clear view of local conditions.
There are other advantages, not the least of which is in making effective
the established policy of Central Hanover to maintain close contact with its
correspondents. Furthermore, a convention such as the one just held
enables bankers from a distant State to get a close-up view of local conditions, they are able to sense trends more accurately than otherwise and
there was abundant evidence that representatives of correspondent banks,
feeling at home in their own State, were much less reluctant to take part
in discussion than they would have been in a strange city and a foreign
environment.
This latter situation was well illustrated by the interest to those attending the convention. Central Hanover officiAls had feared there might be
some reluctance on the part of its Georgia friends to take the floor, and they
had planned to take the initiative in developing discussion and maintaining
it. As a matter of fact from one to five on the afternoon of Feb. 27, the
period given up to discussion, the initiative was taken entirely by the
Georgian bankers and fully maintained until the meeting closed for lack
of more time.
This first convention was restricted to Georgia correspondents of Central
Hanover as it was felt that the best test of the value of a meeting of this
character could better be made in a relatively restricted territory and in a
single State. The thought was to discover if such meetings were helpful,
constructive and productive of mutual advantage. There is no doubt at
Central Hanover to-day of the value of the meeting, and the same view is
entertained by the representatives of 45 State banks that attended the
convention.
The chairman of the meeting was H. P. Turnbull, Vice-President of the
Central Hanover Bank and Trust Co., who has summed up results as follows:
"The meeting with our correspondents gave us an invaluable opportunity
for first-hand impressions and exchange of views. No matter how frequent
and complete may be our contact by letter and wire, we can never see things
in the same way as is made possible by a convention designed to bring to
the surface problems and constructive interchange of plans and views.
We are very much encouraged by the results accomplished, and particularly
was I pleased at the live interest given the agenda and the active part taken
by our Georgia friends in the discussion.
"For those of us from New York, the convention offered a highly valued
opportunity for close touch with conditions in the State, and we were
particularly impressed not alone with the great advance made in recent
years by Georgia, but by the progress of banks in the assailer cities. The
great need of the present is for bankers rather than banks, and the type of
men whom I had the pleasure of meeting in Atlanta were striking examples
of the keenness and intelligence with which the problems of banking are
new being handled in this country."
George Champion has been appointed an Assistant Secretary of the Equitable Trust Co. of New York.
At a meeting of the Boar- d of Trustees, held Mar. 13
1930, Roy E. Tomlinson, Chairman of the Board of the
National Biscuit Co., was elected a Trustee of the Greenwich
Savings Bank of this city.
Clifford B. Hawley, former-ly partner In the banking firm
of Edward B. Smith & Co., and at one time I'resident of
First National Pictures, Inc., was on Wednesday elected a
Vice-President of Bankers' Securities Corp. of Philadelphia.
At the meeting of the Board of Trustees of the New York
Trust Co., held on Mar. 19, Francis B. Davis. Jr., President
of United States Rubber Co., was elected a Trustee.
Announcement is made by the Irving Trust Co. of plans
for the further expansion of its service to the lower west
side of Manhattan, by opening, about June 1, a banking
office in the Stanley & Patterson Building, at the southeast
corner of Varick and Van Dam Streets. This location is in
the heart of a section which has shown a rapid industrial
development in the last five years, due largely to the fact
that it is conveniently situated with respect to rail and
ocean shipping facilities. It is near the west side subway
of the I. R. T. and Manhattan entrance of the Holland
tunnel. The new :banking office will have a frontage of 40
feet on Varick Street, and of 60 feet on Van Dam Street.
It will provide complete banking and trust service, including
ample safe deposit facilities.
On March 1 the State Bank of Endioott, N. Y. changed
its title to the Endicott Trust Co.
the Worcester Bank & Trust Co.
Large stockholders of
At the meeting of the Board of Trustees of the Title Guarand the Worcester County National Bank, both of Worcester,
antee and Trust Co. held March 18 1930, C. Walter Nichols
consideration a plan which if carried to
was elected a trustee of the company to fill the vacancy Mass., have under
completion will mean affiliation of interests, according to
Nichols.
left by the death of his father Dr. William H.
Associated Press advices from that city on Mar. 18, appear-
The recent convention in Atlanta of Georgia correspondent ing in the Boston "Herald" of the following day, which
banks of the Central Hanover Bank and Trust Co., was an furthermore said:
Each would retain its name and organization and quarters. Each would
interesting experiment in decentralization in the sense that
be an integral part of a strong Worcester County group. The combined
instead of following established practice and calling a con- deposits would be about $90,000,000.
vention in New York, Central Hanover left its home city
Km 22 1930.]
FINANCIAL CHRONICLE
The consolidation of the American Trust Co, of Boston
with the First National Bank of that city became effective
OII- Mar. 15, accordng to the Boston "Herald" of Mar. 16,
which stated that by virtue of the merger the following have
become directors of the First National Bank: Frank C.
Allen, Hobart Ames, John S. Ames, Frank B. Bemis, William
Dexter, Russell G. Fessenden and Lester Leland. The "Herald" furthermore stated that the same men will be added to
the Old Colony Trust Co.'s Board, which has identical membership with that of the First National Bank.
1963
business operates a trust department. The First National
Bank was established in 1863, while the Eighth National
Bank was founded in 1864. Livingston E. Jones, President
of the First National Bank, will head the enlarged institution, and William J. Montgomery, President of the
Eighth National Bank, will become a Vice-President. The
official announcement of the directors' approval of the
merger as printed in the paper mentioned, said:
The consolidation will be a distinct advantage to the depositors, the
clients of both banks,and the business public, as they will have the facilities
of a larger organization and the same personal attention by the same
officers.
The directors of the Eighth National Bank will continue as the Advisor',
Board of the Eighth National office of the First National Bank.
Further referring to the affairs of the failed City Deposit & Discount Co. of Bristol, Conn., noted in our issues
of Feb. 15 and Mar. 1, pages 1063 and 1380, respectively,
The following directors were elected at the recent annual
a dispatch from Bristol on Tuesday of this week (Mar. 18) meeting of the stockholders of the North City Trust Co. of
to the Hartford "Courant" contained the following:
Philadelphia, according to the Philadelphia "Ledger," of
A special meeting of the stockholders of the defunct City Deposit & March 20: William Freihofer, Edward T. Moyer, Frank H.
Discount Co. will be held at the bank on School Street, Thursday, when Schrenk, Leo A.Balzereit, Edward P. Loughran, T.Bromley
a decision will be reached as to advisability of reopening the bank under Flood, John A. Fischer, Harold P. Nuller, G. E. Schoble,
new management. According to a report from a number of the larger Robert B.Galbraith, George Hauptfuhrer,Frank J.Gorman,
stockholders it is very likely that the bank will be reopened.
William S.Taylor and Earl J. Van &Aver. Frank H.Schrenk,
If the bank is reopened the stockholders will make an effort to place
a real estate bond with the State in place of the cash bond now held by the President of the trust company, it was said, reported
the State. Such a move would give the bank additional starting capital, that in less than two months the institution's deposits had
increased more than $250,000.
it is stated.
The City Deposit & Discount Co. was taken over several weeks ago by the
Bristol Trust Co. upon the recommendation of the State Banking Commissioner. The depositors received all their money and about $80,000 was
paid out. The loss, if any, was stood by the stockholders. It became
necessary for the Bristol Trust Co. to liquidate the discount company when
it was found that Dr. Biagio Reale, the Treasurer, has misappropriated
about $40,000 of the bank's money through playing the stock market.
Reale was recently sentenced by Judge Newell Jennings in from one to
three years in State's prison as the result of his manipulation.
James F. Sullivan, President of the Market Street National Bank of Philadelphia and prominent in the financial
and social life of that city for more than 50 years, died at
his country home in Radnor Township, Pa., on Mar. 17, at
the age of 83. Mr. Sullivan had been in poor health for
several years. For more than 40 years the deceased banker
was in partnership with his brother, the late Jeremiah J.
Sullivan, in the wholesale dry goods business on Market
Street, under the firm name of Sullivan & Brother. Mr. Sullivan became a Vice-President of the Market Street National
Bank on Jan. 24 1900, and was made President in 1910, the
office he held at his death. The following in regard to the
late banker's career is taken from the Philadelphia "Evening
Bulletin" of Mar. 18:
Mr. Sullivan was born at Grange, near Mallow, Ireland, Aug. 20 1946.
. . . Ile came to this country with his brother, Jeremiah J. Sullivan,
at an early age, and was educated in public and private schools here.
Later both became holders of stock in the Frankford & Southwark Co., which
operated the horse car lines in 5th and 6th 'Streets. Afterwards the 10th
and 11th Streets, the 2nd and 3rd Streets, Lehigh Avenue, Lombard and
South Streets lines were absorbed. While Jeremiah Sullivan devoted most
of his time to the railway interests, James F. Sullivan concentrated along
banking lines, after the firm of Sullivan & Brother voluntarily ceased
business in 1907.
Ile was largely instrumental in the growth of the Midvale Steel Co., of
which he had been Vice•President and a director for many years before it
was merged into the Midvale Steel & Ordnance Co. In developing the
armor plate and projectile trade of the company, he was brought into close
contact w1.12 the heads of the United States Government and of foreign
nations.
Until recently he was a director of the Lehigh Coal & Navigation Co.,
the Pennsylvania Warehousing dr Safe Deposit Co., the Pennsylvania Sugar
Co., the Real Estate Trust Co., and the Guarantee Trust & Safe Deposit Co.
At the time of his death he was a director of the Finance Co. of Pennsylvania, the Horn & Herded Co. of New York, and the Frankford &
Southwark Philadelphia City Passenger Railroad Co., the oldest street railway company in the State, and a P. R. T. underlying franchise holder.
He had been active in the unification of the street railway systems of
Philadelphia, and the electric light and power business, with which his
brother, Jeremiah J. Sullivan, was prominently identified.
It is now proposed to merge the First National Bank of
Philadelphia and the Eighth National Bank of that city.
According to the Philadelphia "Ledger" of March 20 the
directors of the two institutions on March 19 approved an
agreement of consolidation, subject to ratification by their
respective stockholders at special meetings to be held on
April 22. The consolidation will create a commercial banking
institution with capital of $3,111,000; surplus and undivided
profits of $8,715,003; deposits of $73,000,000 and total
resources of $91,000,000. The new organization will continue
the name of the First National Bank. Under the merger
plan, one share of First National Bank stock (par value $100
a share) will be issued in exchange for 43'2 shares of Eighth
National Bank stock (par value $10 a share). In addition
to its main office at 315 Chestnut St., the First National
Bank has branch offices at 1500 Walnut St. and 32d and
Market Sts. It also owns the First Trust Co. of Philadelphia.
The Eighth National Bank, on the other hand, has no
branch office, but in addition to its commercial banking
According to Thursday's New York "Times" (Mar. 20),
the Goldman, Sachs Trading Corp. announced the previous
day that it would hold a substantial interest in the Pennsylvania Co. for Insurance on Lives & Granting Annuities
of Philadelphia, after the merger of that organization with
the Colonial Trust Co. of Philadelphia, in which the trading
corporation has retained its original investment. Henry S.
Bowers, a partner of Goldman, Sachs & Co., who was recently made a director of the Pennsylvania Co., will represent the firm's interests in the management of the bank.
The "Times" furthermore stated that at the annual meeting the trading corporation the previous day re-elected the
directors as follows: Waddill Catchings, Ralph Jonas,
Arthur Sachs, Walter E. Sachs, Sidney J. Weinberg, W. S.
Bowers, Howard J. Sachs, and Frank L. Taylor.
The National Mortgage & Investment Corp. of Philadelphia hits purchased a substantial interest in the Colonial
Trust Co. of Wilmington, Del., according to the Philadelphia
"Ledger" of Mar. 17. The National Mortgage & Investment
Corp., which is headed by Nathan Rosenbaum, is composed,
it is stated, of a group of business men who will serve on
the Board of Directors of the trust company. Mr. Rosenbaum has been appointed President of the acquired bank
and will assume active direction of its affairs on Apr. 1, it
was stated.
--•-G. R. Harris was elected Assistant Vice-President of the
Union Trust Co., Detroit, at the last Board of Directors'
meeting. Mr. Harris, who has had many years of experience
in real estate financing and selling, will have charge of all
sales and leases of real estate In the Union Trust Co.'s real
estate and mortgage department, which is under the direction of Andrew L. Malot, Executive Vice-President. For
several years Mr. arris has been Assistant Vice-President of
the National Bank of Commerce, located in the Uptown
office in the General Motors Building. He is a member of
the Oakland Hills Country Club and the Recess Club.
The Board of Directors of the BancOhlo Corp., at Columbus, Ohio, will meet Thursday, Mar. 27, to declare quarterly dividends approximating $180,000, or 35c. per share, te
stockholders of record Mar. 17.
That the Lima Dime Savings Bank, Lima, Ohio, capitalized at $100,000, has closed its doors and the directors
have asked the State Superintendent of Banks to liquidate
its assets, was reported in advices from that city yesterday
(Mar. 21) to the "Wall Street Journal."
The formation of the U. T. Investment Co., affiliate of
the Union Trust Co. of Dayton, Ohio, is announced. It wiN
carry on the activities of the bond department of the City
National Bank & Trust Co. of Dayton and the Dayton Savings & Trust Co., mezzanine banking floor, Union Trust
Building.
Charles H. Adams, Vice-President, Union Trust Co.,
Detroit, and recently elected Vice-President of the Guardian
Detroit Co., has been elected to the directorate of the
Indianapolis Motor Speedway Corp. and of the State Sayings Bank of Clinton, Mich.
1964
FINANCIAL CHRONICLE
Walter C. Hartwig, Assistant Treasurer of the Union
Trust Co., Detroit, was elected President of the Michigan
Safe Deposit Association at its annual election held March
14. Mr. Hartwig has been very active in Detroit Chapter,
American Institute of Banking, of which he was President
in 1928-29. Other officers elected were: First Vice-President
Howard 0. Wells, Vice-President, Union State Bank, Dearborn; Second Vice-President, Stephen A. Graham, President
Federal Commercial & Savings Bank, Port Huron; Secretary, Lillian M. Murray, Detroit Savings Deposit Co.;
Treasurer, Mary Jane Cooper, Fidelity Trust Co.; and member of the executive committee for three years, George W.
Willard, Guardian Safe Deposit Co.
Announcement was made on Mar. 17 by Alfred K. Foreman, of the Foreman State National Bank of Chicago, that
the State Savings Bank & Trust Co., a recently organized
institution, will open for business on Monday next, Mar. 24,
in the newly remodeled banking quarters of the failed Independence State Bank, at 3159 West Roosevelt Road, according to the Chicago "Journal of Commerce" of Mar. 18. Mr.
Foreman, it was stated, will head the new bank. All deposit
liabilities of the Independence State Bank, it was said, have
been assumed by the State Savings Bank & Trust Co. A
more recent Issue of the paper mentioned (Mar. 20) stated
that Edwin G. Foreman, Jr., of the Foreman State National
Bank, would be Chairman of the executive committee, and
that other officers had been chosen as follows: Leo S.
Kantrow, Moe Rosenberg and Albert E. Lapkoff, Vice-Presidents; William C. Dahl, Cashier, and F. W. Roth and
William J. Paust, Assistant Cashiers. It was also stated
that the capital of the new bank, together with surplus and
reserves, will aggregate $875,000. The failure of the Independence State Bank was reported in the "Chronicle"
of Jan. 18, page 417.
From Greenburg, Ind., advices on Mar. 14 to the Indianapolis "News," it is learned that the assets of the Alert
State Bank, Alert, Ind., have been purchased by the First
National Bank of Westport, Ind., and the institution will be
liquidated with the purchasing bank as liquidating agent.
The merger gives the First National Bank of Westport
resources of somewhat more than $400,000.
[Vou 130.
Schwenker, State Banking Commissioner, of the action, and it now appears
likely that liquidation proceedings will be started.
According to the Minneapolis "Journal" of Mar. 13, W. G.
Malchow, for the past 28 years Cashier of the State Bank of
Wilder, Minn.. on that day confessed to peculations of
more than $24.000 from the institution a few hours after
the shortage had been discovered by State Bank Examiners
in their regular examination of the bank. The bank was
closed on Mar. 13 and placed in the hands of the State
Department of Banking. The institution had a combined
capital and surplus of $17.000 and deposits of $71,000. Malchow, it was said, attributed his downfall to his participation
in several business enterprises that were losing money.
Inclusion of six rural banks in North Dakota and Montana
within the First Bank Stock Corp. system was announced
on Mar. 18 by P. J. Leeman, Vice-President and general
manager. Three of the newly acquired institutions are
brought into the group through consolidation with other
banks. The First Bank Stock Corp.'s group system now consists of 97 banks and financial institutions, all located within
the Ninth Federal Reserve district. The latest acquisitions
Include the following:
Farmers' dr Merchants' Bank, Cooperstown, N. D.—Consolidation with
the First National Bank of Cooperstown. As result of the consolidation
Cooperstown is now served by a single bank with deposits in excess of
$500,000. The Farmers' & Merchants' Bank has been owned by a group
of farmers living in the Cooperstown area and has been operated as an
agricultural bank. As of Dec. 31 1929 it had deposits of $283,011.68, and
total resources of $335,733.99.
First National Bank and Farmers' Security Bank, Park River, N. D.—
Consolidated under the name First National Bank of Park River. The
merged institution has capital, surplus and undivided profits of $40,000;
deposits of $477.401.11, and resources of $549,746.32. Officers of the
merged bank are: Henry Dencker, Chairman; Karl J. Farup, President;
C. P. O'Brien, Vice•President and Manager; K. D. Bennett, Cashier; M. B.
Holmquist, Assistant Cashier; C. J. Mauritson, Assistant Cashier.
First State Bank, South Heart, N. D.—Thia bank, which was organized
in 1913, serves the west end of Stark County. South Heart lies 15 miles
west of Dickinson on the line of the Northern Pacific RR. The First State
Bank has capital, surplus and undivided profits of $23,312.90, deposits of
$139,319.15, and resources of $162,032.05. Officers are J. F. McEntee,
President; A. F. McEntee, Vice-President and Director, and John C.
Fisher, Cashier.
--Consolidated with the First
First National Bank of Egeland, N. D.
National Bank of Cando, the Cando bank assuming the deposit liability
and taking over the assets of the Egeland bank. Egeland is a neighboring
village in Towner County, of which Cando is the County seat.
First National Bank, Jordan, Mont.—The sixteenth Montana hank to
affiliate with the corporation. Jordan, located ii, the center of (airfield
County, 93 miles fassin a railroad, is the trading center of an extensive
stock raising district. The First National Bank, a pioneer Institution, is
capitalized at $25,000. with surplus and undivided profits of $7.715.46,
deposits of $279,546.29, and resources of $314,428.00. The officers are:
James W. Vance, President; J. D. McCoy, Vice-President ; George 0. Ayer,
Cashier; J. G. Higginson, Assistant Cashier, and H. P. Shrank, Assistant
Cashier,
From the Milwaukee "Sentinel" of Mar. 15 it is learned
that the directors of the Wisconsin Bankshares Corp., Milwaukee (the recently organized holding company with authorized capital of $100,000,000 of the First Wisconsin National Group of Banks), on Mar. 14 declared an initial quarterly dividend on the stock of the company. The dividend,
Advices from Red Oak, Iowa, appearing in the Des Moines
which covers the first three months of 1930. amounts to Sc.
a share and is payable Mar. 31 to stockholders of record "Register" of Mar. 14, stated that a 50% dividend will be
Mar. 24. Total payments on the 8,335.369 shares of stock paid the creditors of the defunct Farmers' National Bank
of Red Oak, according to a statement on Mar. 13. by Harry
will be $416.708. Continuing, the paper mentioned said:
The payment of 20c. a year, or 2%, on the new $10 par stock of the G. Wilson. receiver for the institution. The dispatch went
Bankshales Corp. is equivalent to $1.40 a share on old First Wisconsin en to say:
stock, a hieh was exchanged for holding company smelt In the ratio of
seven sharss of Bankshares for one First Wisconsin. The First Wisconsin
dock was paying $1.20 a share before the exchange.
That the National Bank of Commerce of Milwaukee and
the Second Wisconsin National Bank of that city will be
merged. effective Mar. 24. if the consolidation Is approved
by the respective stockholders, was indicated in the Milwaukee "Sentinel" of Mar. 15. It was reported on Mar. 14,
the paper mentioned said, that the consolidated banks will
be operated under the name of the National Bank of Commerce. As noted in our issue of Feb. 8. page 921. the National Bank of Commerce in January accepted a proposal
to join the Wisconsin Bankshares Corp.. the banking group
headed by the First Wisconsin National flank of Milwaukee,
with which latter institution the Second Wisconsin National
Bank has been affiliated for some years.
That an attempt to reopen the Citizens' State Bank of
Rice Lake. Wisc., which, It appears, was closed on .Tan. 8
last because of low cash reserve and impending further
withdrawals, had been made and had failed, was reported
In advices from Rice Lake on Mar. 12, printed in the St.
Paul, Minn., "Pioneer-Press," which said, in part:
A cornmittee composed of five members reported Tuesday to stockholders
of the closed Citizens' State Bank of Rice Lake that steps to reorganize the
institution had been unsuccessful.
The stockholders had not guaranteed sufficient funds and difficulty also
was encountered in obtaining sufficient signatures on the part of the
depositors, the committee reported.
Members of the committee include W. A. Cameron, A. F. Ender, 0. 0.
Gustafson, Harry Gerland and Dr. Allan 8. White. They notified 0. F.
This is the first dividend to be paid by the bank, which closed its doors
Oct. 14 1929. More than 900 creditors will participate In the dividend.
The sum which is to be released will approxiniste $100.000. This amount
is available because of the assessment on stockholders and bills receivable.
The Commercial National Bank of Independence. Kans.,
considered one of the strongest and largest banks In Southeastern Kansas. was closed late Mar. 13 by order of its
directors. according to a dispatch from Independence on that
date, printed in the St. Louis "Globe-Democrat" of the next
day. 'rho institution had total resources of $6,320,337, according to Its statement of Dec. 31 last; deposits of
$5,400,987, and capital of $250,000. George T. Guernsey,
Sr., was President. The reason for the closing was not
announced, the dispatch said. Associated Press advices the
same day from KIII1S/IS City, printed in the same St. Louis
paper, gave additional information regarding the failure.
This dispatch quoted L. K. Roberts, Chief National Bank
Examiner for the Tenth District, as saying that the failure
resulted from losses occasioned by defalcations of the hank's
President, George T. Guernsey, Sr., and from bad assets.
Mr. Roberts declined to state the amount alleged to have
been taken by the President, but said tile loss had been
made in stock speculations. The shortage was discovered
by a National Bank Examiner. The institution Is insolvent,
Mr. Roberts furthermore said. A son of the former President, George T. Guernsey, Jr., was Vice-President of the
closed bank, and both were members of the Board of
Directors.
MAR.22 1930.]
FINANCIAL CHRONICLE
It Is learned from the Houston (Tex.) "Post" of Mar. 18
that the National Bank of Commerce of that city and the
Marine Banking & Trust Co., an institution controlled by
the former, were consolidated on Mar. 17. The business
of the two institutions is being continued under the title of
the National Bank of Commerce in the recently occupied
banking quarters of that institution in the Gulf Building.
Under the merger plan the National Bank of Commerce has
taken over the business and assets of the Marine Banking &
Trust Co. and assumed its deposits. In announcing the
consolidation, Jesse H. Jones, Chairman of the Board of
the National Bank of Commerce, and principal owner of
both banks, was reported as saying: "Because of the fact
that the stock ownership of the two institutions is so nearly
the same, it will not be necessary to change the capitalization of the National Bank of Commerce." Stockholders of
the Marine Banking & Trust Co., the "Post" said, will, however, be given the opportunity of buying stock in the National Bank of Commerce at the stock's book value of
approximately $350 a share, in proportion to their relative
holdings in the two banks. The present capital of the
National Bank of Commerce is $1,000,000, with surplus and
undivided profits of $2,500,000, while the capital stock of
the Marine Banking & Trust Co. Is $300,000, and its surplus and undivided profits $250,000. A brief history of the
National Bank of Commerce, as outlined in the paper mentioned, follows:
The National Bank of Commerce is one of Houston's veteran financial
institutions, baying been organized in 1912 with a capitalization of $500,000,
opening in quarters in the Commercial Bank Building, Main and Franklin.
Within two years of its inception the bank had so entirely outgrown its
quarters that it moved on May 14 1914 to larger rooms in the Mason
Building, being the iirst Ilouston bank to start the southward march
of
financial institutions. By 1916, two years later, its growth again
demanded
larger quarters, and it was moved into an inside space on the first floor
of the old Gulf Building, now the Rusk Building, across from its present
home.
In the space of a few months it again became apparent that more room
was needed, and the bank took over the entire Main Street frontage of
the
building, occupying the corner at Main and Rusk. Four times the banking
rooms in the original Gulf Building were enlarged, each time the growth
of the institution and added demands made upon it calling for greater
facilities.
Control of the bank was acquired by Mr. Jones and his associates in
1915, and the growth since that time Is reflected in comparing the present
figure,, with those for June 30 1915: Capital, $509,000; surplus
and
profits, $24,827.13.
Mr. .it,. berame President of the bank Mar. 14 1922, and on Oct. 8 1929
became Uhairmaii of the Board. N. E. Meador, who had been Vice-President,
and who. with II. S. Filson, was one of the two directors of the batik
who
were on the original ilrectorate. became President, succeeding Mr.
Jones.
On Sept. 21 192P the bank moved into its present quarters In the
Gulf
designrd especially for it, and said to be among the finest
banking quartet's; in the United States.
•
• •
On June I 1928 Mr. Jones and associates acquired a controlling
interest
in the Marine Banking & Trust Co., and Will F. Miller became
President of
the institution.
Sept. 1 ot the same year the Marine Banking & Trust Co.
merged with
the Labor Bank & Trust Co.. taking over that inetinition's
business,
and deposits, and continuing under the name of the Marine Banking assets
& Trust
Go. The Labor Bank & Trust Co. was organized in November
1920.
The Southern Trust Co., Mexico, Audrain County.
Mo.,
was closed on March 13 by its directors and turned
over to
the State Finance Department, according to advires
from
that place on the same day to the St. Louis "Globe-Dernocrat." Officers of the institution were reported as
saying
that depositors would be paid in full, in all reasonable probability. The closed bank, which according to its last
statement. Dec. 31 1929. showed total resources of $510.816, was
the depository for Audrain County funds. As of March
1
1930 the total of these funds aggregated $230.820, according to Miss Mabel Grafford, the County Treasurer.
Warren M. Goddard, Vice-President of the State-Planters
Bank & Trust Co.. will be one of the speakers at the
forthcoming Virginia foreign trade conference, which will be
held
at Old Point Comfort March 21-22. Mr.
Goddard, who
is head of the bank's foreign department, will
speak on
"Banking Facilities and Foreign Trade," to which
subject
helms given much study and thought.
W. Harwood Gilman, Cashier of the State-Planters
Bank
of Hopewell, affiliated with the State-Planters
Bank &
Trust Co. of Richmond, Va., at the recent regular
meeting
of the Hopewell Chamber of Commerce was
appointed
Chairman of the Federal and City Parks Committee
. Mr.
Gilman will also act as a member of a committee
appointed
to confer with the Petersburg, Hopewell and City
Point
Ry. Co. to work out a better schedule for their bus
line.
According to a press dispatch from Hattiesbu
rg, Miss.,
on March 13, printed in the Jackson "News" of the
same
date, a new institution has been organized in
Richton,
1965
Miss., under the name of the Richton Bank & Trust Co.
to succeed the Bank of Richton, which closed recently.
The new bank is capitalized at $30,000 and its officers are
Dr. E. M. Gavin, President; T. W. Milner, Vice-President,
and J. W.Pope, Cashier. The dispatch went on to say:
Arrangements are understood to have been made whereby depositors
the
of
Bank of Richton will be fully protected by the new organization
.
The same building and furnishings will be used. The Bank of
Richton
was in existence for 25 years. C. H. Stevens was President
untilahortly
before his death, two years ago, and he was succeeded by his
nephew,
B. M. Stevens. who was followed by T. W. Milner. Frozen assets
are
blamed for the closing of the bank, it is said.
According to a press dispatch from Gatesville, N. C., Mar.
12, appearing in the Raleigh "News and Observer" of the
next day, a consolidation of the Bank of Gates, Gatesville,
and the Planters' Savings Bank, of the same place, was
effected on Mar. 11. The business of both institutions, the
dispatch said, would be conducted in the building of the
Bank of Gates by the officials of that bank, assisted by
C. M. Early of the Planters' Savings Bank.
That the Bank of Gentry, G- entry, Mo., a small institution
with total resources, according to its last statement, of
$142,000, was closed on Mar. 13 and turned over by Its
directors to the State Finance Department, was reported
In Associated Press advices from Jefferson City, Mo., on
that date, printed in the St. Louis "Globe-Democrat" of the
next day. The institution, which makes the fourteenth
State bank to be closed this year, the dispatch said, had
combined capital and surplus of $30,000 and deposits of
$104,000. Walter Gladstone was President and S. It. Rise,
Cashier.
Supplementing our item of last week (page 1764) with
reference to the acquisition of the First National Bank of
Paducah, Ky., by the Banco Kentucky Co. of Louisville—a
holding company of which James B. Brown, President of
the National Bank of Kentucky, Louisville, is head—PadCali advices on Mar. 12 to the Cincinnati (Ohio) -Enquirer"
contained the following additional information:
The First National Batik of Paducah, one of the largest and strongest
financial houses in Kentucky, to-day, Mar. 12, announced Its affiliation
with the BILI/C0 Kentucky Co. of Louisville, largest batik in the Stmts.
Through an exchange of stock, the two institutions nwrged facilities and
First National became member of a powerful banking group embracing
among other banks the National Bank of Kentucky and Looks We Trust Co..
both of LoulavIlle; the Pearl Market Bank & Trust Co.. of Cincinnati; the
People's Libeqy Bank az Trust Co., and the Central Savings Bank & Trust
Co., of Covington, Ky.
The batiks hese combined surplus exceeding $14,000,000 and combined
resources of more than $120,000,000.
Understood value placed on First National
Bank shares of
in excess of $400 a share. Stockholders in the First National
I.:Month is
effected an
exchange of shares with the Banco Kentucky Co., it wits touted.
of First National remains unclaimed, but James It. Brown,
l'errunnel
pniminent
Louisville banker, takes a place un the Board of Director,: cd the Paducah
batik.
Banco
Kentucky is capitalized at $50,000,000. Mr. Brown Is nano' and
publisher of Louisville -Herald-Post." Louis Rubel III President of First
National of Paducah.
The Central Bank h Trust Co. of Jasper, Ala.. and the
Jasper Trust Co., Institutions having the same stockholders,
have consolidated under the title of the former, according
to Jasper ad vices on Mar. 11, appearing in the Birmingham
"Age-Herald- of Mar. 12. The resources of the Central
Bank & Trust Co. are now In excess of $1.04):).isa). The
consolida t ion was a limiter of business economy. The Jasper
Trust Co. was established by L. B. Musgrove in 18,s9. while
the Central Bunk & Trust Co. was org-auixed in 1010, the
dispatch said.
Will C. Wood. State Bankin-g Commissioner for California,
on Mar. 12 announced that the Batik of America of Callforn:a. Los Angeles, has been authorized by the State Bunkbig Department to acquire the trust department of the
Pacific National Bank in Los Angeles, according to the Loa
Angeles -Times" of Mar. 13, which went on to SHY:
Last year Transamerica Corp., Clianzuni bank•holding organization. ree.
chased the assets of the Pacific National Batik and sold various parts
of
the business to the Bank
of America of California and the Bank of Italy.
The Midland Bank, Ltd., of London, Eng., announces that
the registered office of the bank is now situated at 27-32
Poultry, London. B. C. 2. It is also announced that the
telephone number of all head office departments of the Midland
Bank is now National 1234.
Edward Wentworth Beatty, K. C., Chairman and President of the Canadian Pacific Railway Co., will address
a
luncheon of the Bond. Club of New York on Wednesday,
March 26. Mr. Beatty, in addition to being head
of the
Canadian Pacific, is also Chancellor of McGill
University.
1966
FINANCIAL CHRONICLE
[VoL. 130.
Can, Peoples Gas and numerous other of the popular specuTHE WEEK ON THE NEW YORK STOCK EXCHANGE. lative favorites. Some of the rubber stocks were active
StatesRubber
The stock market has been active and strong the present and strong, particularly Goodyear and United
2 to 3 points. Tobacco stocks
movements have, at times, shown both of which advanced from
week, and while price
the on the other hand developed considerable weakness, R. J.
more or less irregularity, the general trend throughout
over 2 points to 543(, Lorillard
part of Reynolds "B" slipping back
week has been toward higher levels. In the early
4
dipping 2 points to 243 and Liggett & Meyrs receding 5
steel
the week the market leadership was assumed by the
points to 105. The movements of the stock market were
but these gave way later in the exceedingly irregular on Thursday, some of the stocks which
stocks, and motor shares,
Rail- have been particularly conspicuous in the recent advances
week to the local traction issues and tobacco shares.
, but were being almost at a standstill, while others less prominent
road securities had occasional periods of activity
features in the daily trading moved vigorously forward. One of the
without noteworthy gains. One of the interesting
session was the strength of the
time money, outstanding features of the
of the week has been the new low made by
tobacco issues, American Tobacco shooting upward with
in30 and 60 day funds dipping to 34@4%. Another
a gain of 7 points to 232, Liggett & Myers moving ahead to
nce was the further cut of % to 1% in the 1073', while Reynolds, Lorillard and Porto Rico all closed
teresting occurre
Bank of England rate, bringing the charge down to 33.'%, higher.
rate was
The market displayed considerable irregularity on Friday,
and recording the sixth reduction since the 6%%
call money rate to 432% and while
The weekly statement of the due in part to the jump in
established last September.
many of the more active speculative issues held well, the
close of busiFederal Reserve Bank, made public after the
somewhat heavy. The bear element had
in general list was
Thursday, showed an increase of $121,000,000
ness on
the upper hand for a short time around mid-session but
on Monday, quieted down later in the day and the market staged a quick
brokers' loans. Call money renewed at 334%
afternoon but climbed back come back. United States Steel, common was particularly
dropped to 2% on Wednesday
further advance strong and worked into new high ground at 191 and closed
to 234% on Thurday afternoon followed by a
at 1903 with a net gain of 43' points. Amer. Tel. & Tel.
4
to 4%% on Friday.
%
248 and closed at 2473 ,
of the short also moved into new high ground
Irregularity was again the dominating feature
with a net gain of 33. points. Trading was heavy in the
ely advanced
session on Saturday, and while stocks alternat
motor group, particularly in Chrysler issues which sold in
tions were confined to compara- large blocks, but made very little progress. Public utilities
and receded, price fluctua
support for were strong and the copper shares worked higher before the
tively narrow limits. In the final hour strong
was effective in holding speculative selling in close. The final tone was good.
the leaders
g kept
STOCK EXCHANGE
TRANSACTIONS AT THE NEW YORK
check though sporadic bear selling and some coverin
DAILY, WEEKLY AND YEARLY.
in its movements. Local
the list more or less uncertain
Stale,
United
Railroad,
followStake,
States
Municipal &
&e.,
traction stocks enjoyed a goodly amount of support
Number of
Week Ended March 21.
Bonds.
Foreign Bonds.
Bonds.
Shares.
cement of the formation of a protective coming the announ
$130,000
$3.101,000
58.746.000
holders Saturday
1,530,730
649,000
4.420.000
9,064,000
mittee of Interborough Rapid Transit security
3,639,640
Monday
548,000
4,196.000
14.289,500
4.241,300
in negotiations look- Tuesday
814,000
4,286,01,0
to protect the interests of shareholders
18,226,000
4,336,260
Wednesday
251,500
5.234.000
22.054,000
4.262,830
to three points Thursday
915,000
3,086,000
16.944.000
ing toward unification, and advances of one
4,629,290
Friday
e,,ny km,
VIA AO, enn
close. Quiet irregularity characterized .
107 292 FIVI
on OAA nul
were recorded at the
rn.21
progressed the
the early dealings on Monday. As the day
Jan. Ito March 21.
Week Ended March 21.
Bates at
buying
market experienced a turn for the better, renewed
New York Stock
1930,
1929.
1929.
1930.
Exchange.
about four points
carrying United States Steel common
267.469,420
192,993,240
26.669.980
d with a gain Stocks—No, of shares 22.640,050
Bonds.
above the early low. Bethlehem Steel followe
$32.929,100
$25,740,000
0 $3,433,500
Government bonds_
101, while Sloss-Sheffield improved State and foreign bonds $3,307,500 12,170.500
150,221.050
157,676,500
24,423.00
of two points and crossed
389.874,000
234 Railroad & misc. bonds 87,323,500 34,725,500 465.552,000
points and Colorado Fuel & Iron gained
about three
5573.024.150
$648,969,400
$115,054,000 $50,329,500
Total bonds
improve4
points to 593 . Motor stocks displayed decided
N, PHILADELPHIA AND
bid up to a
DAILY TRANSACTIONS AT THE HOST(
ment, particularly General Motors which was
BA 1,T1 MORE EXCH A NG ES.
and closed with a gain of two
new high for the year at 46%,
Baltimore,
Philadelphia.
Boston.
d by Chrysler,
points. Substantial gains were also recorde
Week Ended
Sales.
March 21 1930. Shares. 1Bond Sales. Shares ,Bond Sales Shares. 'Bond
d Motor
Packar
Auburn Auto, Hudson, Hupp, Nash and
$3.400
52,2341
$3,000
*24.4451 $13,000 a52,4911
Iron Pipe & Foundry suddenly Saturday
14.700
82.3071
11,000
Car. United States Cast
10.800 a69.935
.42,572
Monday
38.900
13,638
8.500
into new high Tuesday
11,000 a98.666
(.47,382
developed considerable activity and moved
48.800
D2.592,
54.000
50.000 a86,557i
*41.235
y
Wednesda
points. A. M. Thursday
22.500
53,654
3,500
27.000 a114,301,
41.682
ground at 333/s with a gain of about two
21,000
83,590
30,000
60,605
22.000
41,379
more than four Friday
Byers was conspicuous as it ran upward
18,015 3149.300
482,555 $110,000
ahead on
moved
237.695 8133.800
Total
points and crossed 100. The list again
a number of the Prey. week revised 263,888 5143.500 430,812 $97.900 16,633 893.000
Tuesday and sharp gains were scored by
932:
and steel stocks.
* In addition, sales of rights were: Saturday. 584: Monday, 595; Tuesday.
leaders among the amusement, traction
y,
d toward the closing hour but Wednesda 4.492. of rights were: Saturday. 12,900: Monday. 7,300; Tuesday.
a In addition, sales
Some profit taking appeare
KM
. .
Thursday, 4 500 Sales of warrants were:
prices. United States 1,500: Wednesday, 3,200:300; Wednesday. 1,003: Thursday. 4,500. Saturday.
this had little or no effect on the final
e Monday. 200; Tuesday, rights were: Saturday. 332; Monday, 409: Tuesday. 1,044:
b In addition, sales of
with a brisk advanc
3.917; Friday, 1,534.
Steel common, led the upward swing
upward move- WodneadaY, 3.565; Thursday,
carried it to a new high on the current
which
a net
2
at 1843/ with
THE CURB EXCHANGE.
ment as it crossed 186 though it closed
d closely and reached
gain of 14 points. Bethlehem followe
Curb Exchange trading this week was very active and
back and closed at
104 at its top for the day, but slipped
nearly all prominent issues sold higher. Many new high
Railroad stocks parThe bond division was as active
103 with a gain of about a point.
was apparent all records were established.
were established here
in the advance and good buying
ticipated
Atchison as the stock section and high records
stocks were
along the line. The outstanding strong
issues. Some buying of utilities was in eviNorfolk & Western also in many
which gained three points to 2383i,
which dence. United Gas was heavily traded in up from 363i to
six points to 256, Union Pacific
which improved
3
%
The new stock was dealt in for
New York Central 43 and at 39% finally.
gained five points and closed at 230, and
and 27%, the close to-day being
Haven, Wabash, the first time between 24%
which surged upward five points. New
Power warrants advanced from
priced stocks dis- at 253. Amer. & Foreign
Erie and a number of other of the lower
inally at 65. Electric Bond & Share,
62 to 68 and sold
points.
played gains ranging from two to five or more Wednesday, com. rose from 973/ to 1043 and closed to-day at 10334.
8
%
ned their upward trend on
Prices maintai
improved from 2763. to 2
033..•
taking was apparent in Commonwealth Edison
corn, was
although some evidence of profit
strength this Among miscellaneous issues A. 0. Smith Corp.
several issues that have shown considerable outstanding conspicuous for a jump from 189 to 2143 , the close to-day
%
week. International Nickel was one of the
Co. corn. sold up from 311 to
4
sharply upward, being at 2103 . Aluminum
features during the afternoon, and moved
Amer. Chain, corn, gained
Steel common, 333 and finished to-day at 332.
sooring a gain of 3 points to 42. United States
to 61%. Deere & Co. new cora, moved up
3 points to 1873, eight points
led the advance with a gain of nearly Biscuit, American from 12534 to 136 and the old corn. from 625 to 665. The
New York Central, National
lollowed by
MAR.22 1930.]
FINANCIAL CHRONICLE
close to-day was at 135 and 658 respectively. Among oils,
Humble Oil & Refg. advanced from 98 to 109/, Gulf
Oil of Pa. sold up from 1443' to 1547 and reacted finally
A
to 151M.
A complete record of Curb Exchange transactions for the
week will be found on page 2002.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Par Value).
Week Ended
March 21.
Stocks
(No. Shares).
Rights.
Foreign
Government.
Domestic.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
603,400
809.200
1,346,200
1,164,400
1,248,600
1,106,200
17,200
16,700
13,400
24,700
33,000
31.700
$1,639,000
2,671,000
4,431,000
5,460,000
6,332,000
5,691,000
$391.000
515.000
554,000
493,000
510,000
812,000
p Total
6,278.000
136,700
$26,224,000
$3.275,000
New York City Realty and Surety Companies.
(AU prices dollar/ per share.)
Bid.
Alliance Wily
95
Am Surety___ 115
Bond & Mtg0
($20 Par).-
97
Home Title Ins
60
Ask.
BOO.
Ask.
Bid.
Ask.
95
100
118 Lawyers Title
N Y InvTrs
& Guarantee 284 I 290I lot pret____ 98
Lawyers West2d pref ____ 97
100
chest M & T 225 1 300
Westchester
Title & Tr__ 130
85 Mtge Bond.._ 193 203
155
108 Lawyers
Mtge
50 4
,
513
41j S Casualty_
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Inc.
Rate.
Bid.
Asked.
Maturity.
fat.
Rate.
Bid.
June 16 1930_, 44% 10411.3, 100"st Sept 151930-32 34% 100 ti
,
Sept. 15 1930 __ .. 34% 100 1: 100.st Mar. 15 1930-32 34% 100111
,
Dec. 15 1930.-- 3ii% 100,
ii 10042 Dec. 151930-32 34% 100..1
Asked
100.ii
100'it
100's,
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Mar. 5 1930:
GOLD.
The Bank of England gold reserve against notes amounted to £151.326,826
on the 26th ultimo (as compared with £150,971.511 on the previous Wednesday), and represents a decrease of L$2,579.489 since April 29 1925
-when
an effective gold standard was resumed.
Gold from South Africa to the value of £1,091,000 was available in the
open market yesterday. Germany was again in the market, but was outbid by an undisclosed buyer (rumored to be Belgium). who secured £990000
at the fixed price of 813. 11 Ad. per fine ounce. Of the balance, India
secured £35.000, the Home trade £20,000. and the Continental trade
£46,000.
Movements of gold as announced by the Bank of England show a net
Influx of £271,167 during the week under review. Receipts amounted to
£280,033 which included £250,000 in sovereigns from South Africa and
£30,000 in sovereigns from Australia.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 24th ultimo to mid-day on the 3d instant:
ImportsExports
British South Africa
£1,035.183 Germany
£1,277,670
Australia
30,000 Switzerland
15.400
Other countries
7,436 Austria
32.100
France
14.358
British India
15.239
Other countries
9.156
£1.072,619
.:363.92:3
A Reuter massage from Teheran dated Feb. 2'3 states: "A Bill has been
drawn up by the Government for presentation to the MeJliss for the supervision of the sale and purchase of foreign drafts to arrest the depreciation
of the Persian currency. Other steps contemplated by the Government are
the conversion of the Persian monetary standard into a gold standard and
the creation of a Ministry of Economics. It Is stated that the future
monetary unit will be the l'ahlevl, eeual to £1 sterling, composed of
20
Biala, the Toman and liran ceasing to exist."
SILVER.
Silver prices have fallen heavily during the week. Following the news
received on the 28th ultimo of the proposal contained In the Indian Budget
to impose an import duty on silver of four annas per fine ounce, there was a
sharp decline to 19Sid. and 19 1-Hid.. a drop of 9-I6d. In the cash and
Ad. in the two months' quotation. Prices continued to fall until yesterday
when 1i3Ad. and 18%d. were quoted for the respective deliveries, but
hesitation on the part of sellers to-day caused a reaction to 18 15- I6d.
and
18 9-16d. China has been a heavy seller, but America has also offered
freely, and the market found little support except for Indian Bazaar buying
to cover bear sales, Recent shipments to India having considerably
reduced
stocks, a demand for silver for immediate delivery raised the premium
on
cash silver to Sid. on the 3d inst., this eased to Si-. yesterday,
but was
increased to Ad. to-day.
The rumor has been current that the Chinese Government are
also
contemplating the establishment of an import duty on silver, but
as yet
there has been no official confirmation.
Events of the week have created a feeling of depression and the
outlook.
whilst not encouraging, must be considered uncertain.
In view of the position of the Indian Government as a potential
seller,
the proposal to re-establish the import duty on silver is of special
Interest.
report of the proceedings in the Legislative Assembly contained in
The
the
"Times" of the 1st instant contains the following:
"Discussing the reasons for the re-introduction of the silver
duty, Sir
George Schuster referred to the obvious advantage of improving
the internal price of a commodity in which the savings of the masses were
largely
Invested. He further explained the world forces governing the
price of
silver, and stated the Government's willingness, so far as sales of surplus
silver were concerned, to co-operate with other important interests in the
world If these showed any desire to consider the possibility of joint action
1967
for the regulation of sales in accordance with world demand. He finally
stated that he regarded the revenue from this duty primarily as reinforcement of the general financial position of the Government, but also, if other
revenue estimates were realised, as a measure which would give a margin of
revenue to make a distribution to the Provinces, after the coming statutory
revision, to give them the funds which they required for nation-building
services."
A onservative estimate of the yield from the duty was given as 100 lard;
of rupees: this would require an import of 40.000,000 fine ounces.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 24th ultimo to mid-day on the 3d instant'
ImportsErports
France
£110.400 British India
£197,611
U. S. A
43,320 Other countries
6,231
Other countries
5,251
£158,971
£203,842
No fresh Indian currency returns have come to hand.
The stocks in Shanghai on the 1st instant consisted of about 91.600.000
ounces in sycee. 132,000,000 dollars, 19,000 silver bars and 6,300.000 Saigon
dollars, as compared with about 90,700,000 ounces in sycee, 129.000.000
dollars-21.640 silver bars and 6,300.000 Saigon dollars on the 22d ultimo.
Statistics for the month of February last are appended'
-Bar Siker. Per Oz.Std.- Bar Gold Per
Cash.
2 Mos.
Oz, Fine,
Highest price
20 7-16d.
20Ad.
84s. 11 Ad.
Lowest price19
1-16d.
84s. 10Ad.
Average price
20.00gd.
19.878d.
84B. 11.22d
Quotations during the week'
Feb. 27
19 11-16d.
19 9-16d.
84s. 11%d.
28
19Sid.
19 1-16d.
84s, 11%d.
Mar, 1
19d.
18 15-16d, 84s. 11Ad.
3
18 15-16d.
18 11-16d. 84s. 31%d.
18%d.
84s. 11%d..
4.
5
18 15-16d.
18 -16d
84s. 11%cl.
Average
19.052d.
18.885d.
84s. 11.44d
The silver quotations to-day for cash and two months' delivery are
respectively 13-16d. and 1 1-16d. below those fixed a week ago.
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:
Mon.,
Sat.,
Tues..
Thurs.,
Wed.,
Frt.,
March 15. March 17. March 18. March 19. March 20. March 21.
Silver, per oz.d. 194
19 3-16
19%
20
19 15-16
19%
Gold, p. fine oz. 84.114
84.11%
84.104 84.1034
84.10
84.11
Consols, 2 A % _
554
55%
564
56
6734
102
British, 5% ------102%
1024
1024
103%
British, 44%0634
964
984
9734
9934
French Rental
(in Paris)_fr_
87.20
87
87
87.20
88.15
French War L'n
(in Parlo_fr_ ____
102.60
102.45
102.55
102.85
102.85
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (eta.):
Foreign
41%
414
4134
4234
42%
42%
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, Mar. 22) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will fall 13.5% below those for the corresponding
week last year. Our preliminary total stands at $12,690,220,578, against $14,673,954,987 for the same week in 1929.
At this centre there is a loss for the five days ended Friday
of 16.4%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended March 22.
1930.
1929.
Per
Cent.
New York
Ch ic 17...
,
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles.
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$7,099.000.000
487.341.834
453,000,000
385,000.000
117,012.246
118,500.000
211.8144.385
170.2)2.000
157,043,085
176.190,077
119,999,233
90,802.104
52,840.776
48,493,000,000
53:1,179.124
511,010.000
442,000.00(1
123,403,707
125.700.000
187.125.000
zris,goe.coo
165,017,075
220,318,2.57
136,100.000
77.242.874
51.787,209
-16.4
-8.6
-11.4
-12.9
-5.2
-1.8
+13.2
-17.3
--4.9
-20.0
-21.8
+17.7
+2.9
Thirteen cities, five days
Other cities, five days
$0,639,415.740 $11.272.360.236
1.081,927.100
935,768,075
-14.8
-23.5
Total all cities, five days
All cities, one day
510.575.183,815 $12,354.2t)6.336
2.115,036.763
2,319,658.651
-25.5
-8.2
Total all cities for week
812.690.220.578 $14.673. .54,987
0
-13.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above, the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Mar. 15. For
that week there is a decrease of 18.3%, the aggregate of
clearings for the whole country being $11,395,333,893 against
$13,949,398,631 in the same week of 1929. Outside of this
city the decrease is 13.3%, while the bank clearings at this
centre record a loss of 2G.8%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that in the New York
Reserve District, including this city, there is a decrease of
20.7%, in the Boston Reserve District of 10.1% and in the
Philadelphia Reserve District of 6.6%. The Cleveland
Reserve District suffers a loss of 14.9%, the Richmond
Reserve District of 3.2% and the Atlanta Reserve District
of 11.0%. In the Chicago Reserve District the totals show
a shrinkage of 19.6%, in the St. Louis Reserve District of
17.6% and in the Minneapolis Reserve District of 14.5%.
In the Kansas City Reserve District clearings registered a
shrinkage of 4.7%, in the Dallas Reserve District of 21.1%
and in the San Francisco Reserve District of 15.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1929.
1930.
Week End. Mar. 15 1930.
1114.07'
Dec.
359.231.362
434.034.851 -15.2
389.453,524
324,952,397
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended March 15.
Clearings at
1930.
1929.
3
First Federal Reserve Dist rict-Boston
681.695
625.330
Maine-Bangor..
3.301,122
4.028,51
Portland
-Boston _ 463.4.13.240 511.000.000
Mass.
1,834.026
1.308,882
Fall River... _
1,328.137
923,057
Lowell
1,4.6,645
1.069.404
New Bed ford _ _
5.440.284
4.588,041
Boring!leld
3,3.1)383
3.503.6(13
Worcester
19.132.499
15.625.181
Con n.-Ilartford
7.217.698
8.248.06)
New Ha,en _
16.1132.800
13,827.500
1.-Prov Idence
650.946
835,283
N.11.-hlanches'r
Total(12 cities)
516.078.379
Inc. or
Dec.
-8.3
-28.1
-29.5
-20.0
-30.5
-24 5
-26 7
-18.3
-29.5
-12.5
-16.9
-3 4
574.049,944 -10.1
1928.
1927.
560,044
3,610.8S8
556,000.000
2,190.387
1,266.087
1.333.262
5,284,222
3,3112,609
18.18:3.603
8.:381.22:
15,042,700
624.935
708,288
3.346.588
57.8.0042,000
1,901.255
1.403.500
1.276.044
5.428.002
3.534,099
14,212.572
6.841.223
13.688.400
616,978
813.840,610
631.000.897
Total(11 cities) 7.498.422.934 2.453.663.130 -20.7 8.380.086,465 7.705,140,825
Total(10 cities)
574,226.010
814.570.363
-6.43
1.486.338
4.483,721
1,261.266
2.047,4:44
599.0110.000
4.087.626
6.083.352
4.285 497
6.32:3.965
1.564.433
4,2.7.028
1.297.773
2.043.157
810.))110.000
4.244,86:4
6.3 i 2,962
4.295.290
1,673,323
5.7:39,526
831,039,407
441.691.242
1.422.035
5.175.603
42,403,000
2.814.519
111,421:347
26.747.960
1.659 547
6.104.0:10
51.023.000
2.241,870
111,16:3,418
26.539,523
182,738.428
-3.2
190.024.784
198.730,388
Reserve Dist riet-Atlan ta
3.831.738 -19.1
.3,100.000
26.662.182 -10.7
23.814,934
61.548,620 -21 8
48,127,853
2.298.842 -23 6
1.756.994
1,898,978 -9 7
1,534.680
18.241.490
19.055.570 -4.3
4,063.000 +18.6
4.7:39.000
24,972,515 -0.5
24,840,071
2.082,783
1,785,505 +5.6
1.924.024
2,112,000 -8.9
230,922
442,456 -47.8
50.531.042
54,753,054 -7.8
3.000.000
26.449.865
56.648.897
2,228.564
2.459.429
19.558.991
4.238.000
25.072.605
1.686.055
2,222,000
415,218
60,810.119
3.200,000
25.383.607
57,189,878
2.089.768
2,098,828
26.195.000
7.657.951
25.896.541
2,043.342
1.781.519
370.421
83,364.288
204.787.743
238,117,865
252,697,800
5.496,380
81,695.132
32,780,102
2,633,317
1,315,585
696,000
3.054,000
5.989,799
72.387,772
34,441,568
1,974.258
1.127,878
517,738
3.069,000
138.398.244 -14.5
127,670.516
119,488,013
-Kans as City
Tenth Federal Reserve Dia Wet.
385.487 -11.1
342.674
Neb.-Fremont _
668.036 -24.9
501.874
Hastings
4,930,735 -19.1
4.0401)05
Lincoln
47,940,838 + 1.1
48.450,740
Omaha
3,357.404 +28.2
3.645,015
Kan.
-Topeka
7.847.496 -13.3
6.8116.837
Wichita
Mo.-Kans City - 134.033,901 142,476.104 -26.8
6.939,000 -5.8
St. Joseph- 8.534.369
1.538,272 -22.5
Colo.
1,5042,181
-Col. Spgs.
1.730.094 -15.3
1,656.659
Pueblo
354.021
490.874
5,6114.628
49.929,633
3.150,276
8.08:3.743
139.377.460
7.224.504
1,304.17:5
1,474.535
381.986
458.750
5.127,686
42.099.061
2.774.185
7.564.715
155.600.709
7.264,722
1,174,466
1.199,899
Total(7 cities)_
180,923.803
203.222.458 -11.0
118.538.916
217.813.464
-4.7
216,993,907
223,848,159
.-Da has
Eleventh Fede cal Reserve District
2,153,059 -17.3
Texas-Austin _
1,563,485
58.701.631 -20.9
44,862.713
1)4)11401
13.000.437 -15.5
111.988.342
Forth Worth,_
5.838.000 -47.8
3,624,000
Galveston
5,329.008 -1.7
La.
5.241.041.
-Shreveport _
1.1142,133
50,305,607
12.306.321
4,664.000
5.99)33.217
1.543.370
55,169,033
12..61,437
9.878.000
5.389.313
83.022.135 -21.1
74.718.278
84.141,153
Twelfth Feder al R,tserve D Istrict-Sa n Pratte) sco-55,338,438 -22.8
56.352,435
W
42.710,804
.
-Seattle _
13.850.000 -16.8
17,475.000
11,526.000
Spokane
1.896,414 -35.4
1,450,752
1.0)6.803
Yakima'
38,127.050 -15.1
30.792.8:34
Ore.-Portland _
38.162.660
17.528.801 -4.0
17.494.408
Utah-S. I.. City
18.826.669
:3.7(14,5419
3,277.179 +0,9
3.306.987
Calif.-Fresno,
9,288,885 -21.1
8.670.10.5
Long Beaeh
7.332,296
217.361,38(0
Lea Angeles_
185.315,000 252.631.000' -16
19.641.280 -286
2(3079,227
16.379.662
Oakland
8.458.945 -21.5
7.905,871.
6.7:36,665
Pasadena
10,529.798 -31.2
8.067.507
7.24 3,921
Sacramento
7.010.354 -:103)
6.767.2 8
5,750.933
Sun Diego _
San Francisco_ 227.14).882 236,0.52.684, -3.8 2511.23.3.140
2.601,6911 +128
3.081.655
2.955,517
San Jose
2.0:34.146 +115
1.956.525
2.263.462
Santa Barbara.
2.240.727 -i7.2
2.204,1110
1.876,411
Santa Monica.
2.674.000 -7 (1
2.478.400
2.488.600
Stockton
57.545.681
15.1317.000
1,732.979
40.511.326
17.347.626
3.635,422
7.506.262
210.394.000
2:L227,546
9.3:36,0:34
8,167.308
5,490.467
2091)86,000
2.399.178
1.449,938
2.:322.229
2.717.400
Total(10 cities)
207,512.755
66.279.581
Total(17 eltles) 577,12:3,672 683.281.372 -15.5 662.4111.226 617.476.396
Grand total 1126
1139533:5.893 13949 398.631 -18.3 1287)6.8:1.8.452 12173 564.536
cities)
Outside New York 3.898,910,959 4.495.735.5011 -13 3 4,608.826.772 4.502,052.863
Week Ended March 13.
1928.
Inc. or
Dec.
CanadaMontreal
Toronto
1,4 Innineg
Vaneouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _
.
New WestniInister
Medicine Hat...
Peterbormigh__._
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
$
130.1)67.250
114,581.931
41,997.773
18.462.035
6.:387.216
6.176.687
2.797.836
5,373,445
8,580.595
2,306.337
2.202.519
3,117.828
5,148,396
3,92.5,000
386.000
503.000
1,7911.980
874.386
939,845
688.135
761,735
275.000
804.287
95:3,805
1.223,821
4,1135.181
365.000
754.230
842.875
533.654
544,000
2
128.434.437
137.676.641
57.698,042
25,203,260
6.846.646
8,29:3.486
3,805.7135
8,012.443
19,308.290
2.667.267
2.948.756
9
3,312.6 0
6.516.257
5,490.910
517,500
618.18:3
2,263.336
1.159.678
1,469,844
723.025
797,245
445.485
1,008.772
984.400
1,185.291
5,868.719
433.169
810,586
861,360
1,072,994
712.357
Total(31 citi66)
368,281,362
434.084,854 -15.2
217,251,229
Total(12016186)
5,760,233
163,400,000
42,070,117
425,349
23,372,966
15,790,493
382,092
1,496,550
•Estimated.
<6.6aci
418.9(14.342
ond
-19.6
-20 4
+13 9
-17.0
-103
-17.8
Sixth Federal
Tenn,
-Knoxville
Nashville
Georgia-Atlanta
A ugu.sta
Macon
Fla.-Jack'nville
Miami
Ala.-Birming'm
Mobile
Miss.
-Jackson_ _
Vicksburg
La-New Orleans
278,180
1,106.956
187.519.053
8.341.755
2,644.000
3.059.627
22,339,000
2,189,900
5.587,992
44.799,242
2,583,521
9.975,661
6.712.459
1,326,471
1,810,837
728,088,203
1,445,687
5,377.639
3.388,638
3,087,123
5.063.709
152,400,000
41.207,628
398.788
22,452.249
14,436,826
351.731
1,808.936
it...6C606:••i...;CT -06,
606
484.480,407 -14.9
-RIchm
Fifth Federal Reserve Dist rict.
1.300.6(9
1.1)45.066
W.
5.005.058
,
3.9 6.695
Va.-Norfolk
42.244.000
4:3.961.000
Richmond _ _
2,500.000
2.074.297
S. C.
-Charleston
99.846.414
99.616,378
Md.-Baltimore _
31.802.:305
233.167.961
D.C.-Wash Wit
178.889.397
1927.
uls-17.8
-21.2
-7.4
-6.2
-17.2
-23.1
-35.0
-14.1
'111111111111111H
5.856.000
4,480510
78.
615,905
134.046,576
16.901.0011
2.394,18:1
5.360 132
193,6:32.957
Total(6 cities).
I
246.644,938 -17.6
203,276,005
1929
6.523.000
4.603.225
80,309.1612
128.812.7,54
18.092.2(10
I 6 18.736
,
6 472 648
170.454.819
407.900,318
1928.
-Minn ea polls
Ninth Federal Reserve Die Wet
7.099.907 -17.0
Minn.
5,971,593
-Duluth_ _
86.722,598 -10.1
77.930.478
Minneapolis_ -34,851,013 -26.2
St. Paul
25.7)2.722
2.598.241 -14.1
N. Dak.-Fargo
2,518.159
1.217,214 -32.4
967.995
S. D.
-Aberdeen.
848.271 -2.4
Mont.
630.830
-Billings _
3.265.000 -25.0
2,507.139
Helena
Total(8 cities) _
Marin
Fourth Feder al Reserve 1) strict-Clev eland.7,293.001 -36.)
4 7:38.000
Ohio-Akron___
5.492.542 -4.88
4,974.1)71)
Canton
81.024.033 -30.1
64.712.618
Cincinnati ___.
136.533.190 157.958.389 -15.8
Cleveland
17.10.5.100 -0 2
17.075.400
Columbus
1.8:311.944
1,891,165 -2 7
7.345.7.2 -21.6
5,758.3:1!)
Youngstown ...
Pa.
-Pittsburgh - 172.268.848 190.370,466
Total(8 cities).
Inc. Of
Dec.
872.162,123 1,085.513,730 -19.8 1.082.486,828 1,039,641,944
Eighth Federa I Reserve Die trict-St. Lo
5,098,258
Ind.
-Evansville,
4.191,804
Mo.-St Louis_ _ 121.300.000 152.100,100
43.835.609
40.595,501
Ky.-Louisville_ _
406,701
435,428
Owensboro _ _25,842,485
Tenn.
21,412.071
-Memphis
17.378,688
Ark.
-Little Rock
13,555,370
373,275
III.-Jacksonville
242.574
1,609.844
Quincy
1.543.257
641,375.361
l,14.)0,SOS
1929.
Seventh Feder al Reserve D istrict-Chi cagoMich.
-Adrian _ _
245,485
276.773 -11.3
269.274
Ann arbor_ _ _
814,158
1,122,171 -27.5
861.198
Detroit
170,041.768 218.118,337 -22.1 193,989.015
8,213,591 -38.3
Grand Rapids
5,803.494
7.697,761
3.074.779 +5.9
3,256,500
Lansing
2,160.222
Ind.
3,382,490
3,790,210 -11.9
-Ft. Wayne
3,242,849
23,445.000 -12.5
20.794,000
Indianapolis
22,577.000
2,959.596
3,200,463 -7.5
South Bend
2.753.700
5.680.145 -7.9
Terre Haute._ _
5.230,764
5.715,916
30,803,812
34,561.719 -10.9
Wis.-Milwaukee
41,912,078
3.209,579
2.890,708 +11.0
lowa-Ced. Rap.
3,038,112
Des Moines_ _
9.370.906 +20.5
9,594 434
9,601,920
.
7.564,821 -5.3
7,160.218
Sioux City._
6.8(15,013
1,508,109 -0.5
Waterloo _ _ _
1,500.189
1,402,165
2,167,778 -8.9
2,359,471
2.664.123
Chicago
591.963,233 745,628,914 -20.6 744,178,263
1,533,300 -25.4
Decatur
1,144,667
1,475,694
5.920,810 -15.9
Peoria
4,981.979
5.462,104
3,232.589
4.027,735 -8.7
Rockford
3,568,368
3,419,461 -21.5
2,683,697
Springfield
3,051,753
Total(5 cities)-
Second Feder al Reserve LI ist rict-New York
5.201,899
+9.0
5,622.755
8,244,627
5.674.373
-Albany _
N. Y.
1.269.737
1.118s.900
1.167,543
1,250.050 -6.6
Binghamton_ _
54,488.151
51,01)7.788
59.230.557 -24.9
51.789,863
Butfain
994.14;
963,509
1.087.435 -26.4
78(4.274
Elmira
1.210.489
1,368,348
1,143.638
I .230,678
Jame-down_
7,374..79,722 9,316.204,924 -20.8 8,2413.0 41,640 7.571,5111)74
New York.
13,212,881
10.867.122
14.043,787 -22 6
13,642.060
Rochester
5.898,3 i 4
7.271,11 0 -24.8
,
6.0.;9.92
5,468.3(15
Syracuse
3.9,4.83!)
3,159,27:
3.295.003
3.241.372 +84
Conn.- Stamford
782,540
1.168.334 -39 1
819.502
711.387
N. J.-Montclair
46.24,878
47,433.819
43.748.473 -4.2
41.893,8.30
Northern N J
Third Federal Reserve Dig rid- Philed elphla
-9.0
1.279.769
1.389.10 i
Pa.
-A Boone._ _
4.0,9.97:1 + 7.9
4.983.468
Beth lehem
980,281
1,098.987 -10.8
Choder
2.020.781
2,236.802 -9.7
Laneaster
546.000.000 584.000.000 -6.5
Phil:Wel/30a_
4.547.329 -20.9
3.598,972
Reading
6.142.0:34 -12.4
5,386.140
Scranton
3.9117.742 -17 5
3.22...348
W
2.0.11.253
2,294.4 - 7 -11.6
.
York
4.327.938
+8.7
4.702.000
-Trenton _
N.J.
1930.
1927.
126 eitke 11,396,333,893 13,949,398,631 -18.3 12.856,838,452 12,173,564,528
Total
3,898,910,951 4,495,735,501 -13.3 4,608,825,772 4,502,052.862
Outside N. Y. City
31 °Blot
Week Ended March 15.
Clearings at
Total(20 cities)
1928.
$
2
$
$
%
Federal Reserve Dists.
631,000,897
613,840,610
516076379
576049,944 -10.1
let Bo800n_ _ _ _12 cities
7,496,422,934 9,453,663,130 -20.7 8,380,068,465 7,705,140,825
2nd New York. t1 "
641,375,361
631,039,407
614,570,383 -6.6
574,226,010
3rd Ph!lade]la _10 "
441,691,243
416,964,342
468,480,407 -14.9
407,900,318
4th Cleveland__ 8 "
198,730,388
190,024,784
182,738,426 -3.2
176,889,397
6th Richmond _ 6 "
217,251,229
304,787,743
203,222,458 -11.0
180,923,803
8th Atlanta____12 "
872,162,123 1,085,513,720 -19.6 1,062,486,828 1,039,641,944
7th Chicago ___20 "
252,697,600
238,117,865
203,276,005
246,644,938 -17.6
Louts__ 8 "
.
8th St.
119,488,013
127,670,516
136,398,244 -14.5
116,538,916
9th Minneapolis 7 "
216.993,907
223,646,159
217,813,464 -4.7
257,512,755
10th KansaaCity 10 "
84,141,153
74,718.278
83,022,135 -21.1
63,279,581
11th Dallas
5 "
617,476,398
662,761,286
683,281,372 -15.5
577,123,672
12611 San Fran 17 "
Canada
[Vox. 130.
FINANCIAL CHRONICLE
1968
1927.
1926.
$
122.078.4376
134,219.851
45,440.118
19.415.252
6.251,843
6.090.644
2,9:33,358
5.7:38.209
12.185,993
2.617.304
2.148.288
2,675.301
5.547.603
4,244.647
4911,293
638.453
1.697.059
1,046.992
1.181.032
802,341
772.947
427.222
800.961
797.451
1,012,457
4,789,338
372.527
746.903
692.818
901,787
573,412
$
95.957.703
101.674.603
49,351.712
15.868,973
6.022,586
5.263,459
2.758.157
5.131.245
10,552,314
2.226.238
2,207,483
2,240.125
4,351.661
3,822.722
447.902
453.973
1,526,127
1,151,817
1.031.269
864,892
699.631
25:3.574
732.418
204.245
1.031,284
4,545.552
363.650
706.648
650.385
797,392
572,484
389,453,524
324,952,397
1969
FINANCIAL CHRONICLE
MAR. 22 1930.1
Public Debt of the United States—Completed Returns Preliminary Debt Statement of the United States
Feb. 28 1930.
Showing Net Debt as of Dec. 31.
The preliminary statement of the publics debt of the United
The statement of the public debt and Treasury cash holdings, of the United States, as officially issued Dec. 31 1929, States Feb. 28 1930, as made upon the basis of the daily
delayed in publication, has now been received, and as Treasury statement, is as follows:
Bonds
interest attaches to the details of available cash and the 2% Consols 01 1930
$590.724,050.00
48,954,180.00
01 1916-36
gross and net debt on that date, we append a summary 2% Panama's 01 1918-38
25,947,400.00
2% Panama's
thereof, making comparisons with the same date in 1928:
49,800.000.00
3% Panamas of 1961
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Dec. 31 1929. Dec. 31 1928.
Deduct outstanding obligations:
Matured Interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
172.996.078
269,543.968
—8073,334
—5,005,089
164,022.744
Balance end of month by daily statement, An
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated items
264.538,879
32.442,871
70.341.865
5,435,340
390.098
35401,305
70,429.133
6.065,945
1,326,374
108,610.174
113.222,757
+55.412.570
INTEREST
-BEARING DEBT OUTSTANDING.
Interest Dec. 31 1929.
Title of Loan—
Payable.
$
2s Consols of 1930
Q.
-J. 599.724.050
Q.
-F.
2.8 of 1916-1936
48,954,180
Q.
-F.
26 of 1918-1938
25,947.400
3s of 1961
Q.
-M.
49.800,000
3e conversion bonds of 1946-1947
28.894.500
-J.
Q.
Certificates of indebtedness
J.J. 1,305.541.500
343e First Liberty Loan, 1932-1947
-J. 1,392,257.750
J.
4e First Liberty Loan converted, 1932-1947.— _J.
5.005.450
-D.
4415 First Liberty Loan, converted. 1932-1947 J.
-D. 532.810.000
444s First Liberty Loan, 2c1 cony., 1932
-D.
3.492.150
-1947—J.
44411 Fourth Liberty Loan of 1933-1938
A.-0. 6,268069,050
43i8 Treasury bonds of 1947-1952
758,1)84.300
4s Treasury bonds of 1944-1954
1,036,834.500
41+9.087,100
3404 Treasury bonds of 1946-1956
353e Treasury bonds of 1943-1947
493.037,750
343e Treasury bonds of 1940-1943
359.042.950
4$ War Savings and Thrift Stamps
18.053.350
243s Postal Savings bonds
2.512.935.000
543s to 5515 Treasury bonds
+151.316,122
Total
Balance. deficit(—) or surplus(+)
Dec. 31 1928.
$
599,724,050
48,954,180
25,947,400
49.800.000
28,894,500
1,950.109.700
1,397,685.200
5.155.550
532.820.150
3,492,150
6,284.040,600
754.984.300
1.036,834.500
489.087.100
493.037.750
359.042.950
94.717,816
15.875.560
2.816.601.700
Treasury bills, series maturing Mar. 17 1930
Aggregate of Interest-bearing debt
Bearing no interest
Matured. interest ceased
c100.000.000
16,028,670.990 16,990,805.156
232.689.331
235,951.469
39.559.836
82,985.705
Total debt
Deduct Treasury surplus or add Treasury deficit
16,300.920.157 17.309.742.330
+55,412.570 +151,316.122
b16.245.507.5R7 17.158.426.208
Net debt
a The total gross dsbt Deo. 31 1929 on the hash; of daily Treasury statements
was $16,3.10.921.5(11.42 and the net amouet of public debt redemption and receipt.
In transit. Ac, was $1,314.
S No reduction Is made on account of obligations of foreign governments or other
Investments.
0 Maturity value.
•
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Feb. 28 IMO are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Feb. 28 1930.
Ands—
Gold emu
Gold bullion
CURRENT ASSETS AND LIABILITIES
(WU)
$
731.948.048.30 Gold etfs. outstanding 1.279.101,6139.00
2,640,150,053.94 Gold fluid. Fed Reserve
Boar.)(Act of Dec 23
1913 ati amended June
21 1917i
.1,859.872.59426
Gold reserve .....
158,03 1.088 IQ
,
Gold In general fund___
79.1184.750.95
Total
Total
.3,:474.098,i02.24
3.374.098.102 24
Note—Reserve artaInst S3411.f641.0i6 o U. ft. notes and $1 26'
4.150 of T.easitry
ones of 1.4110 outstanding. Trtiolutry notea of 1890 are also secured by silver
dollars lu tt.e Tteasury.
SILVER DOLLARS.
Assets-$
elver dollars
494.377.809.00 Silver etre, outstanding_ 489.800.021.00
Treasury notes of 1890
outstaniling
1.268.150 00
Sliver duibasin gen.fund
3.309.639 no
Total
A
(see
Gold (see above)
Silver dollars (ree above)
United Suttee !viten ...__
Federal Reeerve notes_
Fed Rev. beak notes__
National hank notes____
Subsidiary sliver coin__
Minor coin
Sliver bullion
Unelaselfied, collections,
he.
Depoefts In Federal Reserve banite
Deposits In special depositaries sect of sales
Of etfa of Indebtedness
Deposits In foreign del)•:
To credit of Treas. U.S
To credit of other Government officers. __
Deposits In !Intl banks:
To credit of Treas. U.S
To credit of other Coyambient officers _
Dep.In Philippine Treas.
To credit of Treas. U .E1
494,377,809.00
Total
494,377,309.00
4:EN ERA L FUND.
140,101100—
79084.750 95 Treasurers cheeks outatandIII4
3.3119,838 00
898.448.70
3.0211.855 00 Depoa of Govt officers:
Post Office lord.
3.217.190 00
3.330,991.04
Board of l'rustees,
49,578 00
Foetal Say System:
18.778.291.50
6% Reserve,
4,915.307 80
......ley
2.439,730 98
7.675.732.76
Other de is dts,
6.454..181 98
363,513.23
POatinamters, clerks of
courot.disbursing of
1.176.081.18
More. Ac
48.415,383.63
42,808,673.31 Depeelts for
Redemption of Fedi
Res notes (5% fd ,
gold)
7.227.000.00
53.770,362.86
Redemption of riat'l
bank nate(5% fd
308.854.09
lawful moneyi
30.959.248.71
Retirement of aditl
2,087.597.79
circulating notes.act
May 30 1908
7.515.669.44
1,900.00
Uncollected Items, exchanges, he
19,537012.57
1,592.960.69
272,624.17
Net balance
147.008,541.62
54.262.505.12
3% Conversion bonds
231% Postal savings bonds
28.894000.00
19,224,720.00
$772.544,850.00
First Liberty Loan of 1932-47:
$1,392,256,250.00
5.005,450.00
4% Bonds
536,300,650.00
431% Bonds
asi% Bonds
ati% Fourth Liberty Loan of 1933-38
1,933,562,350.00
6,268,256,550.00
444% Treasury Bonds 01 1947-52
4% Treasury Bonds of 1944-54
343% Treasury Bonds of 1946-56
343% Treasury Bonds of 1943-47
343% Treasury Bonds of 1940-43
3758.984000.00
1,036,834,500.00
489,087,100.00
493,037,750.00
359,042,950.00
8,201.818000.00
3.136.986,600.00
$12,111,350,350.00
Total Bonds
Treasury Notes
334% Set. A, 1930-32, maturing Mar. 15 1932
343% Ser. B, 1930-32. maturing Sept. 15 1932
343% Ser, C, 1930-32, maturing Deo. 15 1932
$915,933,850.00
500,311,700.00
451,723,950.00
4% Adjusted service—Series 1931 to 1935-4% Civil service—Series 1931 to 1934
4% Foreign service—Series 1933 and 1934...
$1,867,969.500.00
633,700,000.00
125.300.000.00
828,000.00
Treasury Certificates—
% Series TM-1930. maturing Mar. 15 1930
443% Series T.I-1930, maturing June 16 1930
-1930, maturing Sept. 15 1930
343% Series TS
404,209,500.00
549,707,500.00
351,640,500.00
Treasury Bills (Maturity Value)—
Maturing Mar. 17 1410
Maturing May 19 1930
100,000,000.00
66.108,000.00— 156.108.000.00
2,627.797,500.00
1,305,557,500.00
Total Interest-bearing debt
Matured Dem on it'a4 n Interest Has Ceased—
Old debt matured—Issued prior to Atm. 1 1917
Second Liberty Man bonds ot 1927-42
Third Liberty loan bonds of 1928
341% Victory notes of 11122-23
431% Victory notes of 1922 23
Treasury notes
Certificates of indebtedness
Treasury savings certificates
$16,200,813,350.00
$1,770.430.26
6.498.300.00
11.541.300.00
20,900.00
1.517.200 00
479.800.00
3.973.900.00
2,137.825.00
27,939,455.26
Debt Bearing no 'Wares:—
United States notes
Leas gold reserve
$346.6e1.016 00
156.039.088.03
8190.641.927.97
Deposits for retirement of national bank and
Federal Reserve haul( n"res
01,1 deemed note» and tre.•tIonal currency._
Thrift and Treasury savings stamps, unclassified sales, tItc
34,617,459.50
2,043.528 73
3.453.012.98
230.755.927.18
$16.459,508,732.44
Total gross debt
COM P4R‘TIVE PUBLIC DEBT STATEMENT.
daily Treasury statemente3
,On the basis of
Aso. 31 1919
When War Debt Was
Feb. 28 1929
at Its Peak.
A Year Ito.
326.596 701.64801 $17.341,498,86j 04
Groan debt
1.113.109.534.76
7:4.849.14:4.12
Net balance In general fund
Groo4debt lees nut balance In general fund _ V25.470092.113.25 317.271.652.717.92
Jae. 31 1930.
Last Month.
Feb. 2R 1930.
816,423009.674.19 $16.459.54i8732.44
Crone debt
98.928.2117.39
54.262.505.12
Net balance In general fund
Gross debt leas net balance In general fund.316.324.081.378.80 $16.405.246,227.32
Treasury Money Holdings.
The following eompila.tion, made up from the daily Cloyernment statements, shows the money holdings or the Treasury at the beginning of business on the first of December
1929 and January, February and March 1930:
Holdings in U. S. Treasury Dec. 1 1929. Jae. I 1930 Feb. 1 1930 Afar. I 1930.
Net gold coin and bullion
billiiiin
Net $iiVVT
Net United States notes__
Net tuitional hank notea,_
Net Federal Iteeerve notes
Net Fedi Res hank notes
Net snteddlary silver
Minor coin. he
241.539.353
7.090.337
4.741.380
36.211.008
2.729.420
50.228
3.751.579
3.480.781
236.262.740
8.975,448
5,331,713
34.780.138
6,183.860
8.5.885
3.383.700
3.591.853
219 507.144
11 855 83(1
4 123 744
27 714 549
4.548 090
17 er,0
4.177 391
2.393.811
Total cash In Treasury.
Less gold reserve fund...
300.194.087
156.039.088
295.555.135
156039.018
4
276:4371415 .
277.394,103
156.039.088 156039.088
Cods balance in Trolley
depositories.
Dep in
account l'reas'y honds.
Treasury notes and certificates of Inilebtediama
Dep In Frill Res bank_
Den In national banks:
To credit Tress U 8-To credit disb ()Meer».
Cash In Philippine Islands
Deposits In foreign depts.
Dep.In Fedi Land banks
144,154,990
139,516,047
119.298.527
121.455.015
71.680.000
46.764.816
132.477.000
46.381074
58.182.000
40.399.784
7.227.000
42.868.673
8.387.170
18.271.522
0:40.024
2.912,663
7.089.398
21.637.049
1.019.733
2.869,438
7.691.460
18.757.2115
4117 900
3.230.440
7.515.670
19,537,013
272.824
2.396,452
293.101.193
189.200.949
350.970,839
177.974.581
248 027.322
149.099.035
201.271,047
147.008.542
Net cash In Treasury
and In banks
Deduct current liabilittes
235.123.839
8.7114.221)
3.029.865
18.778.2112
3.217.190
49,578
4.915.307
3.615,812
201,271,046.74
Available cash balance
123.894.244 172.996,078
98.928.297
54.262,505
*Includes Mar. 1, $5.454,.,82 sliver bullion and 82.439.731 minor, he., coin not
Included In statement "Stock of Money."
Note.—The amount to the credit of disbursing officers and agencies to-day was
$347,020,515.26.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve Bank notes are
paid Into the Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned. a part of the public debt. The amount of such obligations to-day was $34,617,459.50.
$2,546,565 In Federal Reserve Notes and $18,732,118 In National bank notes
are In the Treasury In process of redemption and are charges against the deposits
for the respective 5% redemption funds.
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for February 1930
and 1929 and the eight months of the fiscal years 1928-1929
and 1929-1930:
Total
201,271,046.74
Total
1970
FINANCIAL CHRONICLE
Eight Months
-Month of February
1930-1929.
1929-1928.
1929.
1930.
Receipts.
Ordinary
Customs
35,935,440
Internal revenue:
Income tax
38,182.609
Mace11. Internal revenue
44,400,910
Miscellaneous receipts:
Proceeds Gov't-owned sec's:
Foreing obligations
Principal
Interest
Railroad securities
1,244,734
All others
699,546
Trust fund receipts(reappropriated for investment)
3,349,466
Proceeds sale of surplus prop.
653.295
Panama Canal tolls, &c
1,551,322
Other miscellaneous
12,523,061
Total ordinary
48,651,497
379,427,214
395,979,185
37,265,991 1,252,634,141 1,085,200,796
44,822,007 416,470,145 399,888,657
10,000,000
385,319
473,557
40,883,180
80,520.597
4,527.290
2,843.632
28,562,640
90.252,451
6,078.258
2.201,377
2,998,202
1,346,554
2.172,360
10.678.896
27,448.021
5,520,184
18,687.086
138,313.709
36,652,368
6,595,359
18.618,430
120,293,083
138,540,383 158,794,383 2,367,275,199 2,190,322,604
Excess of total expenditures
chargeable against ordinary
recta, over ordinary rects- 98,201.850
26,699,436
202,713,149
402,881,351
Expenditures.
Ordinary
(Checks & warrants paid, &c.)
General expenditures
195,392,644 150,575,324 1.491,151,259 1,369,442,569
Interest on public debt _a___ _ 3,338,615
3,981,327 366,339,992 374,689,678
Refund of receipts:
Customs
1,590,546
13,330,102
14,257,332
1,378,026
Internal revenue
71.017,027
38,013,543
7,192,354 14,344,373
Postal deficiency
10,000,000 10,000.000
45,000,000
40.000.000
Panama Canal
6,469.144
695,227
494,896
8.305,284
Operations in special accts.:
539,209
53,954,667
5871,520
Railroads
5940,684
563,862
War Finance Corporation
52,687
527,780
5499,377
16.822,423
14,571,644
Shipping Board
319,015
687,019
365,509
51,465.274
Alien property funds
5772,806 51,730,831
Adjusted service ctf. fund._ _
5398,101
5307,419 111,550,719 111.749,842
Civil service retirement fund_
2,333
20,507,555
19,881,187
164,164
Investment of trust funds:
Govearment life insurance_..3,325,848 2,973,504
26,764,699
35,889,860
Dist. of Columbia teachers'
24,698
407,096
375,699
retirement
23,618
326,582
Foreign service retirement
58.362
317,967
510.000
276.227
386,808
General railroad contingentTotal ordinary
219,705,233 182,560,419 2,168.145.945 2.123,209,102
Public debt retiremls chargeable against ord. receipts:
Sinking fund
17,000,000
Purchases and retirements
from foreign repayments..
Received from foreign Govts.
under debt settlements_
Received from estate taxes_
Purchases and retirements
from franchise tax receipts
(Fed. Res. and Fed. Intermediate Credit banks)____
Forfeitures, gifts, &c
37,000
Total
17.037,000
291,514,950
369,925,800
418.000
18,000
109,790.850
58.100
97,075,350
2,933,400
60,503
2,933.400
2,933.400
42.303
401.842,403
469,994.853
Total expenditures chargeable
against ordinary receipts_ _236,742,233 185,493,819 2,569,988,348 2.593,203,955
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include 351.660.80 and for the fiscal year 1930 to date
$361.561.54 accrued discount on war-savings certificates of matured series, and for
the corresponding periods last year the figures Include 559,102.88 and 5538,905.81,
respectively.
b Excess of credits (deduct).
(Commercialand Miscellantous4rws
-All
Breadstuffs figures brought from page 2066.
the statements below regarding the movement of grain
receipts, exports, visible supply, &e., 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- I
Chicago
Minneapolis.
Duluth
Milwaukee_
Toledo
Detroit
Indianapolis
St. Louis_ _ _ _
Peoria
Kansas City
Omaha
St. Joseph. _
Wichita
Sioux City- - Tot. wk.'30
Same week '29
Same week '28
Since Aug. 1
1929
1928
1927
Flour.
Wheat.
I
Corn.
Oats.
I Barley. I
Rye.
bbls.19619L bush. 6015s.bush. 56183. bush. 3215,. bus. 4815,.bus, 56153.
55,000
121,000
284.000
6.5.000,1,966.000
227.000
80,000
376.000
226,000
1.207,000
307.000
4.000
10.000
24.000
4,000
1,156.000!
1,000
213.000!
28.000
16.000j
16.000,
321,000
1.000!
433.000
124,000,
38.
7,000
14,000
10.000
3,000
56.000
1,000
244,000
587.000
41.000
6,000,
521,000
532,000
644.000
li9.000
11.000
133.000
35.000
600.000
40.0 I
166,000
620.000
588.000
234.000
97.000
407,000
14.000
223,000
44,0001
2,000
69.000
71,
1,000
94.000
111,000
10,000,
402.
446,000
475,000
4.074.0001 5,866,000
6.332.000, 5,364.000
6,223.000 7.902,00
814.000
2,413.000
929,000
1.973,000
3.351,000 1,129,000
147.000
284,000
391,000
14,201,000294,748,000181.000.000 98.663.00054,420,00020,682,000
16,123.000 391,840,000208,309,000104,249,00080,466.00021,858,000
15,8'28,000364,127,000218,607,000 107,395.00059.317,00030,784,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Mar. 15, follow:
Receipts at
-
Flour. I
Wheat. I
Corn.
Oats.
Barley.
Rye'
bbis.19619s. bush. 60lbsibush. 56184.bush. 32150.bus. 48 lbs.'bus. 56110.
22,000!
New York...
26,000
14,000
822,0001
330.000,
5,000
Philadelphia
2,000
8,000
37.000
65,000
3,000
Baltimore..___
126,0001
19,000
23.000,
N'port News.
1,000,
Norfolk
2.000:
24,000,
New Orleans•
18,00036,000
6.000
45,000
Galveston
1
34,000!
St. John, N.B.
26,000. 1,230,000!
Boston
19,000
25,000,
1,000
[--t
8,000
Tot. wk.'30 480,000, 2.307,000,
22.00Qj
71.000
81,000
59.000
Jai:1.1'30 4,972,000, 14,081.000
Since
189,000
911.000
968,000
54,000
Week 1929_ _ _
620.000
634,000! 2,462,000,
467.000
264.000
Since Jan.1'29 6,223,000 34,136,000 12,616,000 3.493,000 6,266.000 1,783.000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
[Vora. 130.
The exports from the several seaboard ports for the week
ending Saturday, Mar. 15 1930, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels.
1,151,000
37.000
108,000
40,000
24,000
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Mobile
New Orleans
Galveston
St. John, N.B
Houston
Halifax
Barrels, Bushels. Bushels. Bushels.
66,359
20,000
21,000
1,000
3,000
2,000
1,000
2,000
3,000
27.000
4,000
1,000
19,000
26,000
9,000
2,000
4,000
168,000
123,000
71,000
Total week 1930._ 2,833,000
Same week 1929_ _ _ _2,033,000
3,000
825,000
179.359
302,429
4,000
84,000
17,000
21,000
740,300
The destinat'on of these exports for the week and since
July 1 1929 is as below:
Flour.
Exports for Week
and Since
Sinee
Week
July 110Mar.15 July 1
1929.
1930.
Wheat,
Week
Mar. 15
1930.
Corn.
Since
July 1
1929.
Week
Mar. 15
1930.
Since
July 1
1929.
Bushels.
Barrels. Barrels.
Bushels.
Bushels. Bushels.
United Kingdom_ 84,347 2,627.799
328,000 40,689,000
30,000
Continent
69,370 2,830,609 2,501,000 62,241,000
2,000
So.& Cent. Amer_
606,000
4,000
579,000
9,000
1,000
49,000
West Indies
648.000
12,000
35,000
2,000
242,000
____
33,400
Brit.No. Am.Col_
Other countries_
482,558
4,642
741,000
179,359 7,229.166 2,833,000 104,285,000
102 420 8.144.614 2.033.000 225.315.418
Total 1930
Total 1929
3,000
323,000
825 non 2; ORA 292
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Mar. 8, were as follows:
GRAIN STOCKS.
Corn,
Oats,
Wheat,
Rye,
Barley,
bush,
bush,
bush.
bush,
bush.
81,000
40,000
46.000
1,062,000
76,000
8.000
186,000
2,000
175,000
17,000
17,000
506,000
3,000
50,000
42,000
3,158,000
25,000
146,000
726,000
74,000
168,000
9,000
860.000
408,000
230,000
1.425,000
287.000
204,000
7,000
164,000
3,375,000
301.000
115,000
7.111,000 1,943,000 1,276,000
233,000
3,134,000
566,000
19.000
197.000
7,000
3,000
2,515.000
302,000
16,000
55,000
3.000
240,000
1,000
20,796.000 4,982.000 2,460,000 6,728,000
419,000
284,000
1,229,000
3,070.000
654,000 1,701,000 2,971,000
17,000
224,000
118,000
643,000
547,000 2,432,000 2,859,000 1,080,000
28.676,000
270,000
357,000
738,000 4,237,000
20,274,000 1,253,000 6,972,000
840,000
73.000
690,000
6,000
280,000
3.310,000 2,350,000
12,000
01,000
2,845.000
7,000
22,373,000
30,000
204,000
351,000
4.760.000
-1111
115,000
2.970,000
32,000
4,824.000 1,470.000
51,000
224.000
602.000
45.000
204.000
690,000 1,832,000
24,000
213.000
7.616,000 3,093,000
5.000
157,000
United StatesNew York
" afloat
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
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Total Mar, 15 1930-153,562.000 24,745.000 19,573,000 14,109,000 6.175,000
Total Mar. 8 1930_155.730,000 24,220,000 20,450,000 14,107.000 8.402,000
Total Mar. 16 1929...l23..515,000 34,298.000 13.925.000 6,683,000 8.931,000
Note.-Bonded grain not included above: Oats-New York, 326,000 bushels:
Philadelphia, 1,000; Baltimore. 4,000; Buffalo, 244.000: Duluth, 9.000: total. 584,000 bushels, against 511,000 bushels in 1929. Barley-New York. 562,000 bushels;
Buffalo, 1,181,000: Buffalo afloat, 1.020.000: Duluth, 92,000; total, 2,855,000
-New York. 4.354,000 bushels:
bushels, against 2,606,000 bushels in 1929. Wheat
Boston, 1,532,000; Philadelphia, 3,028,000; Baltimore, 3,920,000; Buffalo. 7,450,000: Buffalo afloat, 5.280,000; Duluth. 176,000: total, 25,740,000 bushels.
against 24,545,000 bushels in 1929.
Canadian
6,725,000
Montreal
Ft. William & Pt. Arthur-52,423.000
194,000
"
afloat
15,810,000
Other Canadian
639,000
392,000
4,473.000 14.357.000
299.000
647,000
2.8813,000 1,315,000
1,015.000
3.367.000
7,268,000 6,180.000 15,942,000
7.584,000 6,174,000 18.015,000
8,357,000 2,508,000 8,541,000
Total Mar. 15 1930_ -75.152,000
0
Total Mar. 8 1930._ _74,139,00
Total Mar, 16 1929_88,783.000
Summary
American
Canadian
153,562.000 24,745,000 19,573,000 14,109,000 8.175,000
7,268.000 6,180.000 15,942,000
75,152,000
0
Total Mar, 15 1930...228.714,00 24,745,000 26,841.000 20,289,000 24.117.000
Total Mar, 8 1930_229.869,000 2.422,000 28,014,000 20,281.000 24,417,000
Total Mar. 16 1929-210,298,000 34,298.000 22.282,000 9.191.000 17,472,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Mar. 14, and since July 1 1929 and 1928,
are shown in the following:
Corn.
Wheat.
Exports
-
Since
July 1
1929.
Week
Mar. 14
1930.
Since
July 1
1928.
Week
Mar. 14
1930.
Since
July 1
1929.
Since
July 1
1928.
I
Bushels.
Bushels.
Bushels. I Bushels. I Bushels.
Bushels.
50,000 2,785.001 30,059.00
North Amer_ 5,563,000227.587,000418,571,000
0
Black Sea___
496,000 19.859.000 2,128,000 893,000 16,609,001 1.827,000
9, .
Argentina_ _ _ 2,258,000129.157,00012 483 000, 1,488,000139,267,000178,761,000
India
A ustralla
1,480,000 45.397.000 76.578,000
8
32.1300 35 068:L00!
320: 0 1:3 4
2 00
196,000 23.635.0
23,297.000
0th. countr'
664,000
!
Total
10,461,000454.452,000663,210,00d 2.633,000182,296,00 233.926,000
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:
National Bank Ctrculation.
AlLoaf on
Amount Bonds
on Deposit to
Secure Circtslaion for National
Bank Notes.
Feb. 28 1930
Jan. 31 1930
Dec. 31 1929
Nov.30 1929
Oct. 31 1929
Sept.30 1929
Aug. 31 1929
July 31 1929
June 30 1929
May 31 1929
Apr. 30 1929
Mar. 31 1929
Feb. 28 1929
Dec. 31 1928
Nov. 30 1928
Oct. 31 1928
Sept. 29 1928
Aug. 31 1928
July 31 1928
June 30 1928
May 31 1928
Apr. 30 1928
Mar. 31 1928
Feb. 29 1928
Jan. 31 1928
Dec. 31 1927
Nov.30 1927
'Oct. 31 1927
Sept.30 1927
1971
FINANCIAL CHRONICLE
MAR. 22 1930.]
Bonds.
664.928.197
664,468.092
663,823,167
664,115.977
661.822.047
652,823,980
649.297,990
657.764,443
662.773.570
663.328,203
663,364.517
661,924.472
659.651.580
662,904,627
663,931,957
662.705.675
660,463,912
660.518.182
658.463,423
658,732,988
661,522.450
661.127,600
662.412.992
661,481,322
659,332.017
662.380.082
66.3,340.675
663,167.030
662.742.593
667.108,740
667.461,790
667.774,650
667,635.650
666.736400
667,093.770
666.864,280
666,407,040
666.199.140
666.233.140
666.221,390
666.630.890
666.432.090
667.013,340
667.505.440
667,168.440
667,318.040
666.732,700
666.64:200
665.658.65C
667.491.900
666.196,460
666.866.710
667.011,210
666,230,710
667.127,710
666.830,210
666.873.290
666.985,790
Legal
render,.
$
31,669,548
32,115.298
34,118.073
37,485.128
38.500.768
38.564,685
38.652,573
39.707,550
41.520.872
39,651,731
38,720.772
38.750.627
35,231,759
35.877.502
36.248,802
37,446,779
37,688.747
38,299.802
38.926,224
40.887.664
39.757.992
38.814,509
36.802,227
38,250,372
38.407.517
38,623.507
39.060.424
39.825.664
40.537.019
Total.
$
696.597,745
696,583,390
697.941,240
701,581,105
700.328,815
691,388.665
687.950,563
697,471.993
704.294,442
702,979.934
702.085.289
698.675.099
694,883,339
698.782.129
700,180,759
700.152.454
698,152.659
698.817,984
697.389,647
699,620,652
701.280,442
699,942.169
699.215,219
699,731.694
697,739,534
701.003,589
702.401.099
702,992.694
703.279,612
$3.388,732 Federal Reserve bank notes outstand ng Mar. 1 1930. secured by
lawful money, against $3.882,751 on Mar. 11929.
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 1930:
U. S. Bonds Held Feb. 28 1930 to Secure
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Bonds on DCP0811
Mar. 1 1930
Total
Held.
593,085,600
48.256,440
25,766.700
Totals
$
593,085,600
48,256,440
25,766,700
667.108.740
2s, U. S. Consols of 1930
2s, U.S. Panama of 1936
28, U. S. Panama of 1938
667,108,740
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Feb. 1 1930
and Mar. 1 1930 and their increase or decrease during the
month of Febuuary:
National Rank Notes
-Total Afloat
Amount afloat Feb. 1 1930
Net Increase during February
$696,583,390
14,355
Amount of bank notes afloat March I
Legal-Tender Notes
Amount on deposit to redeem National bank notes Feb. 1
Net amount of bank notes redeemed in February
CHANGES OF TITLES.
-The Farmers National Bank of Greensburg, Kansas,
March 12
to "The First Nat. Bank in Greensburg."
Ala.,to "The Fair-The First Nat. Bank of Fairfield,,
March 12
field American National Bank.'
-The Gap National Hank, Gap, Pa., to "The Gap
March 15
National Bank and Trust Co."
VOLUNTARY LIQUIDATIONS.
-Peoples-First Nat. Bank of Charleston,S. C
1,000.000
March 10
Effective close of business March 1 1930. Liq. Agent:
E. H. Sparkman, care of the liquidating bank.
Succeeded by Peoples State Bank of South Carolina, Charleston. S. C. The liquidating bank has
two branches.
60.000
-The Citizens Nat. Bank of Barnesville, Ga
March 10
Effective March 6 1930. Liq. Comm.: L. C. Tyus,
N. A. Peacock and E. Langford, care of the liquidating bank. Absorbed by the First Nat. Bank of
Barnesville, Ga., No. 6243.
March 11-The City Nat. Bank & Trust Co.of Dayton.Ohio... 750,000
Effective March 8 1930. Liq. Agent: W. G. Davidson, care of the liquidating bank. Succeeded by
the Union Trust Co. of Dayton, Ohio. The liquidating bank has six branches.
50,000
March 11-The First National Bank of Colton,Calif
Effective Feb. 26 1930. Liq. Agent: W.C. Marshall,
care of Corporation of America, 631 Market St.,
San Francisco, Calif. Absorbed by United Security
Bank & Trust Co. of San Francisco, Calif. (predecessor of Bank of America of California, Los
Angeles. Calif.)
50,000
-The Front Royal National Bank,Front Royal, Va _ _ _
March 12
Effective Jan. 20 1930. Liq. Agents: S. D. Boyd Jr.,
bank.
and Walter C. Carter. care of the liquidating
Succeeded by the Citizens Nat. Bank of Front
Royal, No. 13275.
50,000
-The First Nat. Bank of Lanesboro. Minn
March 14
Effective Feb. 18 1930. Liq. Agent: 0.T.Simonson,
Lanesboro, Minn. Absorbed by Scanlan-Habberstad Bank & Trust Co., Lanesboro, Minn.
27.500
-The First National Bank of Bagwell,Texas
March 14
Effective Jan. 20 1930. Liq. Agent: U. D. Jones,
Bagwell, Texas. The liquidating bank was not
absorbed or succeeded by any other bank.
CONSOLIDATIONS.
100,000
March 11-The Mercer National Bank of Harrodsburg, Ky
50,000
March 11-The First Nat. Bank of Harrodsburg. Ky
Consolidated to-day under Act of Nov.7 1918. under
the charter of the Mercer Nat. Bank of Harrodsburg. No. 2531, and under the corporate title of
"First-Mercer Nat. Bank of Harrodsburg," with
capital stock of $150,000.
43,500.000
-The First Nat. Bank of Boston. Mass
March 15
1.500.000
-American Trust Co., Boston, Maas
March 15
Consolidated to-day under the Act of Nov.7 1918, as
amended Feb. 25 1927, under the charter and
corporate title of "The First National Bank of
Boston." No.200, with capital stk. of 544.500.000.
The consolidated bank has 12 branches,all located
In the city of Boston. which were in operation on
Feb. 25 1927. Eleven of these branches were
branches of the First Nat. Bank of Boston and one
branch was a branch of American Trust Co. Seven
branches of the First Nat. Bank of Boston which
were authorized since Feb. 25 1927. were re-authorized for the consolidated bank.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927
-The First National Bank of Boston, Mass.
March 15
Location of B'ranches-50 State St., Boston: 124
Newbury St., Boston.
$696.597.745
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
on WednesAmount on deposit to redeem National bank notes March 1 MO.__ 531,669.548 in New York, Boston, Philadelphia and Buffalo
day of this week:
By R. L. Day & Co., Boston:
Foreign Trade of New York-Monthly Statement.
$ Per A.
Wt. Shares. Stocks.
Merchandise Movement at New York.
Month.
Customs Receipts
at New York.
Britons.
Imports.
1929.
532.115.298
445.750
1928.
1929.
1928.
5
$
1611.191.360 149,390,965 168.829,725147.613.519
July
168.711 .631154.359.014 143.4.50.0611 39.961.583
August
Sept
176.246.040150.470.783 149,465,106103.008.757
October ._ 208.743,489175,624.878 155,167.632170,708.717
November 172,556.543 156,599,626 136.372.069169,650.612
5.530
December. 157,119 I .612,168,389,836 133.176.01.71157.28
1929.
1930. I
1929.
1930.
January
152.812.382171,501.300 158.679.252176,480.924
I
1929.
1928.
$
29,410.142
30.684,237
31.741.943
35.436.544
26.103.378
21.949,691
1930.
24,678,913
26.130,127
.,0.311.887
31,168.728
34.691.171
27,651,679
25.823.112
1929.
27.286,733
I
Total_ _ 12023530801126307 332 10451398611064709642200,013.848203,067.437
Movement of gold and silver for the seven months:
Silver
-New York.
Gold Movement at New York.
Month.
Imports.
1929.
July
August
Sept
October _
November
December
January
Total
1928.
Esparta.
1929.
$
30.949.736
604,267 4,040.003
706.269
14.178,797
863,544
780,940
14,920,507 2,895,149
10,613.977 12,723,677 3,730,667
2.950,395 28,078,532 30,191.332
3,562.52
419.784 72.269,79
1930.
1930.
1929.
7,201,382 8,772,302 8,874,560
1928.
$
3.401.081
781.074
3,417.972
526,726
429.048
830.345
1929.
721,008
Imports.
Exports.
1929.
1929.
1.013.3261
2.202.allj
691.724
2.054.407
1,655.353
1,458,163
1930.
1,530,946
773,989
3,990.222
2.198,462
3,855,988
5.175,001
3.270,641
1930 .
3.537.176
84.377,314 54,357,255120.593.504 10,107,254 10,606,230. 22,801,429
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED WITH TITLES
REQUESTED.
Capital.
CHARTER ISSUED.
-The Snell Nat. Bank in Winter Haven Fla
8200.000
March 15
President: J. A. Griffin, Cashier: L. B.Anderson.
$ per
Shares. Stocks.
25 National Reckland Bank, par
101 ex-div.
$20
13534
4 Second Nat. Bank, par $25
235
2 Webster & Atlas Nat. Bank
165
1 Boston National Bank
20 Federal Nat. Bank, par 520___106
37 Federal Nat. Bank. par $20- _106
225
4 Exchange Trust Co
18
20 11111 Manufacturing Co
120
10 Boott Mills
220
8 Chic. Burl. dr Quincy RR
127
9 Morse Twist Drill
3 Dennison Mfg. Co., pref _103 & div.
50 Ritz Carlton Hotel Co., pref._ 5
1 North Boston Lighting Proper7534
ties, common (undeposlted)
100
1 Mass. Ltg. Cos., 6% pref
75 Great Northern Paper Co.,
4814-49
Par $25
9 Federal Investment Trust, 8%
Peet.: 10 Worcester Investment
Trust. pref.: 3 Worcester Invest$35 lot
ment Trust, corn
5 Eastern Utilities ABROCIattll. coin. 4134
10 Heywood Wakefield Co., let pref. 40
7 special units First Peoples Trust_ 3
20 New England Public Service.
95
7% preferred
3614
10 Associated Textile Co
10 Haverhill Electric Co., V. t. o..
7334
par $25
20 Heywood Wakefield Co.. 1st pref. 40
10 New Eng. Pub. Serv., $7 pref.- 9734
65
30 Amoskeag Co., corn. (old)
8 Heywood Wakefield Co., let pref. 40
15
42 Farms Co
100 General Alloys. pref.. par $10- 1534
100 Boston Herald-Traveller Corp..
2754-23
common
Per Cent.
Bonds.
$2,000 Palm Beach & Gulf Constr.
Co. 68, June 1920. coup. Dec.
$1 lot
1919 and sub. on
$500 Investors Mtge. Corp. Ols,
550 lot
1955
Sept. 15
By Barnes & Lofland, Philadelphia:
$ Per Sh.
Shares. Stocks.
6834
15 Central Nat. Bank, par $10
46434
4 First Nat. Bank of Phila
10 Main Line Nat. Bk.. Wayne,Pa_170
10 Citizens Nat. Bank,Jenkintown _1(10
100 National Bank of Germantown
10034
& Trust Co.. par $10
75 Corn Exchange National Bank &
125
par $20
Trust Co.
4 Tradesmen's Nat. Bank de Tr. Co.400
15 Interboro Bank dr Trust Co..
110
Prospect Park. Pa., par $50
5 First Camden (N. J.) National
110
Bank de Trust Co., par $25
4
75 Plaza Trust Co.. par $10
6 Northwestern Trust Co., par 510.200
Trust Co., par 350.... 7034
100 Bankers
35 Franklin Trust Co., par $10___ 56
35 Germantown Tr. Co., par $10_ 61
30 Penna. Co. for Insur. on Lives,
de Granting Annuities, par $10_11334
25 Colonial Trust Co.. par $50___222
8 Per Sit.
Shares. Stocks,
20 Cent. Tr. dr Say. Co.. Par 510-- 2634
100 Real Estate Land Title & Trust
43
Co., par 510
10 Broadway Merchants Trust CO..
60
Camden, N. J., par $20
16 Phila. Life Inaur. Co., par $10._ 18
5 Wm.Penn Fire Ins Co., par 550.127
ao
180 Ninth Bank dr Trust
3 John 13. Stetson Co., corn, no par- 73
10 Land Title Bldg. Corp., par $50_ 80
20 Amer.Planograph Co., min.__ .52 lot
1 Publishers Co., corn., non-aesess_31 lot
25
68 Commercial National Bank
63
25 Bankers Security Co
90
13 Jefferson Trust Co
1534
10 Adelphia Trust Co
37
2 Mitten Bank Stock
22
4 Phila. Bourse. corn
30
10 Northern Central Trust Co
2714
10 Northern Central Trust Co
By A. J. Wright & Co., Buffalo:
$ per Sit
$ per Sit.'Shares. Stock.
Shares. Stock.
$3 lot 1,000 Bidgood Consolidated Mines,
100 Assets Realization Co
20
par $1
1.10
100 Premier Gold Mines, par $1
1972
FINANCIAL CHRONICLE
Sold last week (March 12) and received too late:
Shares. Stocks.
S per share. Shares. Stocks.
$ Per Sh.
100 Boston de Montana bevel. Co..
5 Labor Temple Assn. of Buffalo
Boston temp. W.. par $5--.50e. lot
and Vicinity. Inc., par $5
300 lot
1,000 Area Mines, par $1
7c
By Adrian H. Muller & Son, New York:
s.
per .
es. 0/oCiS.
a per snare.
200 Palisades Realty de Amuse648k.of Europe Tr. Co., par 525-105
ment Co., no par
12
7 Agasote Millbd. Co.. corn.; 4
100 Preseteel Eng. Corp., let pfd.,
Graphite Metallizing Corp.; 2
(N. Y.)
$27 lot
Rome Iron Mills. Inc.. no par;
2,900 Chain Sta. Dev. Corp.(Del.). 25
$4,000 Houvenkopf Country
1,450 Chain Sta. Dev. Corp.(Del.). 250
Club 1st 5s 1945. reg.: $3,000
100 Consol. Pow.deLt. Corp. no par S3 lot
Houvenkopf Country Club 2d
4 Troy Cot. dr Wool. Manufactory-53 lot
5s 1970
$2900 lot
Name of Company.
For.. 130.
Per
When
Cent, Payable.
Souks Closed;
Days Industry.
Trust Companies (Continued).
County (guar.)
2
Apr. 4 Holders of rec. Mar. 28
Empire, new $20 par stock (guar.)
60e. Mar. 31 Holders of rec. Mar. 1915
Equitable (guar.)
75e. Mar. 31 Holders of rec. Mar. 19
Fidelity (guar.)
50e. Mar. 31 Mar. 21 to
Mar. 31
Fulton (guar.)
"3
Apr. 1 "Holders of rec. Mar. 24
Lawyers (guar.)
2
Mar. 31 Holders of rec. Mar. 21
New York (guar.)
$1.25 Mar. 31 Holders
Title Guarantee & Tr.. new $20 par (qu) $1.20 Mar. 31 Holders of rec. Mar. 22a
of rec. Mar. 21
New $20 par stock (extra)
60c. Mar. 31 Holders of rec. MEW 21
.
Miscellaneous.
Abraham & Straus, Inc., pref. (guar.)._ •134 May 1 'Holders of rec.
Apr. 15a
Aetna Rubber pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 15
Shares. Stocks.
$ per Sh. Shares. Stocks.
134 Mar. 31 Holders of roe. Mar. 25
S Per Sh. Aeolian Company, pref. (guar.)
Alberta Pacific Grain, pref. (quar.)
10 Atlantic)Nat.Bank. par 525.97 ex-div. 2 Samson Cordage Works
154 Apr, 1 Holders of rec. Mar. 15
105
Allen Manufaction, pref. A-dividend d eferred
11 Federal Nat. Bank, par $20___ _106
100 Chain & General Equities, Inc.,
Alloy Steel Spring & Axle, el. A (guar.). *350. Apr. 1 'Holders of rec. Mar. 21
18 Arlington Mills
common
2574
9
Alpha Portl Cement, corn. (guar.)
2 Newmarket Mfg. Co
•
75c. Apr. 15 'Holders of rec. Mar. 25a
30
45 Eastern Utilities Associates con
Associated Textile Coe., as follows:
vertlble shares
15% American Pneumatic Sere., lot pf. (qu.) '8734c Mar. 31 *Holders of rec. Mar. 21
Second preferred (qua?.)
10 at 35: 5 at 35: 20 at 35; 20 at
26 North Boston Ltg. Prop. corn"750. Mar. 31 'Holders or rec. Mar. 21
35; 10 at 35.
mon v. t. 0
40c. Apr, 15 Holders of rec. Mar. 29
8634 Amer. Comae' Alcohol, corn. (guar.)._
10 Farr Alpaca Co
82M 1 Proprietors of Howes Wharf.$2,500 lot Amer. Credit Indemnity (St. Louis)(qu.) 51
Apr. 1 Holders of rec. Mar. 28
American Felt, pref. (guar.)
30 Pepperell Mfg. Co
134 Apr. 1 Holders of rec. Mar. 21
99M 50 General Chemical & Solvents
American Products, partic. pf. (gust.).. *50c. Apr. 1 Holders of rec. Mar. 15
2.5 Farr Alpaca Co
83
Corn
16
American Screw (guar.)
35 U. S. Worsted Corp. cm.:7 1st
50 units Reed-Prentice Corp
'134 Apr, 1 Holders of rec. Mar. 20
30
American Shares, Inc., pref. A
pref.: $21 1st pf. div. scrip
$1 lot 5 units F. L. Andrews Invest. Trust 60
560e. Apr. 1 "Holders of roe. Mar. 20
Amer. Sumatra Tobacco-no action tak en
25 William Whitman Co., Inc., 7%
2 F. L. Andrews Invest. Trust corn 20
American Trustee shares-Diversified
preferred
803( 30 Boston Ground Rent Trust
88
Trustee Shares,series B
20 Associated Textile Coe
• 38.65e. Apr. 1 'Holders of rec. Mar. 15
365 16 Shawmut Bank Invest. Trust__ 263i
Extra
7Boston & Maine RR.Co.--80-85 ex-d1v. 5 Lane-Libby Fisheries pref.;6 U.S.
• 37.991c. Apr. 1 'Holders of rec. Mar. 15
65 Rockland Light & Power Co.
-dividend omitted
Worsted Co. 2d pref
$2 lot Amrad Corp.
Apex Elec. Mfg. (acct. accum. divs.).--. 4 Apr. 1 *Holders of rec. Mar. 20
Common v. t. c, par $10
1131
2434 10 Graton & Knight Co. common._ 8
Arrow Hart & Hegeman Elec.. corn.(qu) •750. Apr. 1 *Holders of rec. Mar. 24
10 North Boston Ltg. Prop, comPreferred (guar.)
mon v. t. 0
Bonds51.625 Apr. 1 *Holders of rec. Mar. 24
88-863(
Per Cent.
Arundel Corn. (guar.)
10 Quincy Mkt. Cold Storage dr
$100 Northampton Easton dr Wash.750. Apr. 1 'Holders of rec. Mar. 24
W'house Co., pref
5834-5831
ington Tr. Co. 1st 513, May 1950_32 lot Associated Portl. Cement Mtgs.Amer. dep. rcts. for. ord. reg. shares. rat8
Apr. 1 *Holders of rec. Mar. 17
Astor Financial Corp., class A (auar.).. 87140. Apr. 1 Holders of rec. Mar. 20
DIVIDENDS.
Atlas Stores Corp., pref. (rIallr.)
"758. Apr. 1 *Holders of rec. Mar. 24
Dividends are grouped in two separate tables. In the Automatic Voting Mach. prior partic. s lock dl vidend action deferred
Axton
Apr. 1
of rec.
first we bring together all the dividends announced the BakersFisher Tobacco, class A (gust.) 580c. Apr. 1 *Holders of rec. Mar. 15
134
Share Corp., corn. (guar.)
Holders
Mar. 20
current week. Then we follow with a second table, in BaneOhlo Coro. (quar.)
•358. Apr. 1 'Holders of rec. Mar. 17
•
250. Apr. 14 "Holders of rec. Mar. 31
which we show the dividends previously announced, but Bancsicilla Corp. (guar.)
BancoRentucky Co.(guar.)
.20c. Apr.
"Holders of rec. Mar,24
which have not yet been paid.
Baxter Laundries, corn. A-Div. passed.
Preferred (quar.)
154 Apr.
Holders of ree. Mar. 20
16 The dividends announced this week are:
Bearings Co. of Amer., 151 pref. (guar.) •134 Mar.3 *Holders of rec. Mar. 15
•134 Apr.
Benson & Hedges. tact. (guar.)
Per
*Holden+ of rec. Mar. 20
When
Books Clasea
Berry Motor (guar.)
30e. Apr.
Name of Company.
Cent. Payable.
Holders of rec. Mar. 20
Days Inc:wire.
Bigelow-Sanford Corot, corn. (gar.).
51t1.51, May 1 *Holden; of rec. Apr. 18
•iy, May
Railroads (Steam).
Preferred (guar.)
'holders of rec. Apr. 18
Baltimore & Ohio. common (0087.).... 19( June 2 Holders of rec. Apr. 19a 131rd & Sons, Inc., corn. (guar.)
•
25e. Apr.
•Hoklers of rec. Mar. 24
Preferred (gust.)
540e, Mar. 3 "Holden, of rec. Mar. 19
1
June 2 Holders of rec. Apr. 190 Black & Decker Mfg.. corn. (gust.)
•50c. Mar. 3 "Holders of rec. Mar. 19
Preferred (guar.)
Kansas City Southern. common (guar.). 134 May 1 Holders of rec. N1 ar. 31
Bonwit Teller & Co., pref.(guar.)
'81 )4c Apr.
Preferred (guar.)
•Ifoldera of rec. Muir. 20
1
Apr. 15 Holders of rec. Mar. 31
Midland valley, common
458. Apr.
Holders of rec. Mar. 26
$1.2.3 Apr. IC Holders of rec. Mar. 310 Boston Herald-Traveler Corp., corn.(qu)
Minn. St. P. & S. S. Marie leased line
10c. Apr.
Extra
Holders of rec. Mar. 26
2
Apr. 1 Holders of roe. Mar. 20
WabashBy., pref. A (guar.)
Brampton Pulp & Paper (guar.)
•50c. Air. 15 'fielders of rev. Mar. 31
•13( May 24 *Holders of rect. Apr. 19
Bruce (E. I..) Co.. pref (luar.)
1 1 olderx of rec. Mar. 21
134 Apr.
Public Utilities.
Bucyrus Erie Co.. common ;quar.)
•258. July
•Ildlems If rec. May 27
Barcelona Tr., 1.1. & Pr., ord. (quar.)
Preferred (guar.)
•134 July
'Holder, of rec. May 27
550e. Mar. 31 'Holders of roe. Mar. 21
562 • c Jely
Participating preferred (goat.)
*Holden) of rec. May 27
Convertible pref•rred (gear.)
•IM N1 ar. 31 *Holders of rec. Max. 21
Participation preferred (dxtra)
1105(1014 of rec. Mar. 20
Building Products. ltd., class A (guar ) 50c. Apr.
Mar. 31 "Hoidens of ro3. Mar. 31
•1
Bridgeport Hydraulic (tp a.)
Bulkley Bldg.(Clevelandr. Pref. (gust.)
11
4 Apr.
Mar, 21 to
5458 Apr. 15 'Holders of rec. Apr. 21
Air. 1
Bruokly a-Manhattan Tn.s at, corn.(qu ) $1
*e0c. Apr.
•Holders of rec. Mar. 15
Burdines. Inc.. preference (guar.)
Apr. 1.5 Holders of roe. Apr. 1
Brooklyn & Qaeene Tranam. pref.(guar ) II
258. June 5 fielders of rec. May 9
Burroughs Adding Machine (1151ar.)--- Apr. 1 Holders of rec. Mar. 27
California-Oregon Power, 7% pref.(au ) 154 Apr. 15 Holders of rec. Mar.31
•I 14 Apr. 15 "Holders of ree. Mar. 31
(.alaveras C;erPent. ere( Near.
,
6% preferred (guar.)
Canada 1)ry (linger Ale (quar.)
$1.25 Apr. 15 Holder, of rec. Apr. 1
134 Apr. 15 Holders of roe. Mar. 31
Capital Tree., Washington. D. C.,(0IL) 1)4 Apr. 1 Holders of rec. Mar. 14
50e. %pr. 1 Holders or rec. Mar. 1
Canadian Bank Stocks. Inc
Central ilia. 1.1211t. 05 Pref. (guar.)Canadian Cottons. Ltd.. corn.-Dividen d omit ted
1r, Apr. 1 Holders of rec. Mar. 15
1 Li Apr. 4 Holders of rec. Mar. 22
Preferred (guar
7% Preferred Ur oar.)
1'4 API% 1 Holders of rec. Mar. 15
Cent. & S. W. Utilities, corn. (quar.)... 11
758. Apr, 1 Holden; of rec. (flax. 26
Canadian Gen. Electric. corn.(qua?.)
Apt. 15 'Holders of no. Mar. 31
Central Ven. ont Fab. Sore., rum. (oil.).
Canadian lode...trim, Ltd.. corn. (go.) 582 Mc Apr. 30 •Holdere of roe. Mar. 31
$1.51) dar. 3, •Holders of rec. Mar. 15
Cities Service Pr. & 1.t.. $6 Pf.(monthly) '50c Apr.. Ii 'Holders of rec. Apr. 1
.25e. Apr". 30 'Holder, of rec. Mar. 31
Common (extra)
• 58 l-3c Apr.1 5 •Hloders of rec. Apr. 1
•134 Apr. 15 *Holders of lee. Mar. 31
Preferred (guar.)
$7 preferred (monthly)
Cleveland eAee. Ill.. coal. (guar.)
caned lan Imestors torn . corn.(No. 1 1
.43e far. I *Holders of ree. Mar. 25
Columbus Ry., Pr. & Lt.. let pf.(qu.)
Canadian tt [rebound Boxes. corn. A(qu.) 37 , Ic Apr. 1 Holders of rec. Mar. 15
'134 Apr. 1 'Holders of rec. Mar 15
ContinentalPelee.(K C .Mo.). Pf.(q1.)
14.( Apr. 1 Holders of roe. Mar. 15
Celanese Corp. of Am., lilt part. PL(
00.) •75e. Apr. 1 "Holders of rec. Mar. 18
•134 Apr. 1 "Holders of rec. Mar. 18
6Sy% preferred (guar.)
New 7% ireferred (guar.)
154 Apr. 1 Holders of rte. Mar 15
Dixie Gas & Utillritir, pref.(guar.)
.
CAmtral Alloy Steel. e0M111 on (guard
50e. Apr. 17 *Holders of rec. Arr. 3
81.75 Apr. 1 "Holders of rec. Mar. 21)
114 Apr 15 Hoidens if rec. Mar. 31
Federal Pup.Serv., pref.(guar.)
'entrel ("cal & ('oke. pref. (guar.) ....•134 . Apr. 15 "Holders of IA c. Mar. 31 (
1111nol. Northern Utilities. pref. (guar.) *15i May 1 •Holuers of rec. Apr. 15
Century Mom] Mills. i ref. (guar.)--- •154 June 2 'Holden+ of rec. May 20
Charm an lee Cream Omar.
Inttsmat. Hydro-Electric. System
• 1 4c AM . 15 "Holders of lee. Mar. 23
3 .
,
Cl. A (gu.) (5,)0 &urn or 2% in A stk.).
Cltleo Service, common (monthlY)
2 ric May 1 Holdent of rye. Apr. 1$
Apr. 15 'Holders of no. Mar. 29
pi May I Holders or rec. Apr. 15
Interstate Public derv.. prior lien (qu.)_. 154 Apr. 15 Holders of no. Mar. 31
Common (rayable In common stork)
Mo. Ills. & SkorA City Mtge . pt. (flu.). $•.7 Apr. 15 11 tAders of rec. Mar. 31
50c. May 1 Holders of rec. Apr. 15
Preference and im*f BB (monthly)
Montreal L..
Preference If (mont)uly1
Si'. May t Holders of rye. Apr. 15
& Pow.(guar.)
6041. Apr. 30 Holders of rec. Mar 31
Mountain states Power, pref. (guar.).- I% Apr. 2. Holders of rec. Mast. 31
154 Apr. I Holders of rec. Mar.'27
City Investing Co., pref. (guar.)
National Fuel Gas(guar.)
City Stores Co.. mill. (curer.)
I2',c Apr. 15 liolde1.• 01 rec. Mar. 31
250. Apr. 15 Holders of rec. Mar. 31
National OM & Elec., Pref.(gust.)....' $1.625 Apr. 1 "Holders of rec. Mar. 20
87.4e May
Class A (guar.)
Holders of roc. Air. 13
National Pow. A Lerht $6 pref. (111.)
591.50 May 1 *Holders of roe. Apr. 8
Community State Corp., class A (guar ) •I2 Lie Mar. 31 "Holders or rec. Mar.'26
Nevada-California Eke., pref (qua?.).. 134 May 1 Holders of rec Mar. 31
'12 kif _lone 30 "IIMders of rec. J Inc 26
Class A (guar.)
New Orleans Pub.Sere., pref.(qua?.)... 31.75 Apr. 1 Holders of rec. Mar. 17
'12,ie Se; I. 30 "Holders of rec Refit. 26
Class A (guar.)
Northern Indiana Pub.Serv.7% pf.(gu.) 1M Apr. 14 Holders of roe. Mar. 31
•12 1-ec Gee. 3. •Holders of me. Dec. 26
Class A (guar )
•12, Mar. 3. •Holdets of rec. Mar. 26
Class 13 (goer.)
4c
pr-ferred (roar.)
1 M Apr. 14 Holders of roe. Mar. 31
"12,, r June 30 "Holders of re, June 26
ChM, B (guar.)
154 Apr. 14 Holders of roe. Mar 31
5)4% preferred (guar.)
North_Nlexle Pow.& bevel. corn.(qu )
34 Apr. 1 Holders of roe. Mar. 25
,
Class I) (guar.)
'12140 Sept. 30 •1101(11114 of me Rept 26
•I2 Lie )ec. 3i 'Holders of rce. Dec. 26
154 Apr. 1 Holders of rec. Mar. 25
Ciao B ppiar.)
Preferred (Uaar.)
Mar. al •Ilolders of rev. Mar. 21
Northern state Pow. 11)e1.) core. A (qu.)
.
Conley Tank Car. pref. (guar.)
2
May 1 Holders of rec. Mar. 31
2
7% preferred (guar.)
ConsolidAte(l Dairy Prod. (guar.)
•50e. Apr. ir •Holdere of rec. Mar. 31
1% Apr. 21 Holders of rec. Mar. 31
15, Apr. II Holders of rec. Mar. II
6% preferred (roar.)
Consolidated Ireryl & Zinc. corn. A & 11- divide nds am tree
Afar. 31 Holders of rec. Mar. 284 Construethe Credit servlee. pref
Apr. 1 Holders of rec. Mar. 20
Northwestern Bell Telco.. corn.(qu.)
2
4
Ayr. it 'Holders of rec. Apr. 1
I% Apr. 15 Holders of rect. Mar. 200 Continental Sororities Corp., corn. (qu )'SI
Preferred (guar.)
50c. Apr. 10 "Holders of rec. Apr. 1
Pennsylvania Pow & it.,$7 pf.
Creamery Packme. corn. (guar.)
•
$1.75 Apr. 1 Holders of tee. Mar. 15
•1 kl Apr. 10 *Holders of rec. Apr. I
$1.50 Apr. 1 Holders of rec. Mar. 15
$8 preferred (oiler.)
Preferred (quar.)
234 Apr. 1r Holdeni of rec. Apr. 4
51.25 Apr. 1 Holders of ree. Mar. 15
Crum & Forater. corn. A & H (Qual.)
115 preferred (guar.)
lune 30 Holders of roe. June 20
2
Preferred (gear.)
Peoria Water Works. pref. (attar.)
I'4 Apr. 1 Holders of ree. Mar. 20
Phila. & Camden Ferry (oll.)
Crystallte Products Corp.. pref. (guar ) •15( Apr. 1 Holder» of ree. Mar. 20
551.25 Apr. 10 'Holders of tee. Mar. 14
Apr. 30 Holders of ree. Apr. 15
Philadelphia Rapid Transit,corn
$I
Preferred (acct. accumulated dim) "al 54 Apr. I *Holders of rec. Mar. 20
Apr. I. •Ileklere of rec. Apr. 4
.31
Cudahy Parking. corn. (,lear.)
$1.75 May 7 Holders of rec. Apr. 1
Preferred (aunt
May I •Iloblers of rec. Apr. 21
.3
8% preferred
Philadelphia & Western Ry.. pref.(OIL). '62)40 Apr. 15 'Holders of rec. Mar. 31
5314 May I •liolders of rec. Apr. 21
7% preferred
Puldie Serv. Cern. of N. J.. pl. (mthly.) "W. Apr. 30 *Holderi, of rec. Apr. 1
Curtiss Aeropl. & Motor-dividend omit fed
Southern Ind. Gaa & Elec..7% Phi (0e.) 104 Apr. 1 Holders of rec. Mar. 24
Danish-Amerleati Corp., ist & 2nd prof. (qu.)- -dlvld end omitted
1)4 Apr. 1 Holders of ree. Mai. 24
8% preferred Naar.)
52.58. Apr. 1 "Holder. of rec. Apr. 1
Debentures Inv. Corn.(goer.)
1.65 Apr. 1 Holders of rec. Mar 24
13.8% preferred (ouar.)
De Havliand Aircraft, pref, (qua!)
'l 'u4 Mar. 1 "Holders of rec. Mar. 9
Standard Gus & Elec.. corn. (quar.).... 87)40. Apr. 25 Holders of rec. Mar. 31
520e. Apr. I Holders of rec. Muir. 20
$1.75 Apr. 25 Holders of ree Mar. 31
Prior preference (guar.)
DetroitGasket & Mfg. (guar.)
"50e. Apr. 1 *Holders of rec. Apr. 1
Devonshire Investing ('orp., corn. (riu.)
Holders of rec. Apr. 18
Standard Power & Light. prof. (goat.)
$1.75 May
Diamond Shoe, corn. (guar.)
3734c. Apr. 1 Holders of rec. Mar. 20
'Holders of no. Mar. 15
Superior Water. Light & Poet., ptd (BL) '1)4 Apr.
154 Apr. 1 Holders of rec. Mar. 20
Holders of roe. Mar 15
Tennessee Elec. Power.,6% pfd.(mtble) 50e. Apr.
64% preferred (gust.)
Diversified Investment, corn. A
Holders of rec. Mar. 15
60c. Apr.
7.2% preferred (monthly)
Apr. 1 *Holden) of rec. Apr. 1
50c. cash on 1-50 ch. A stock
Tri-State Tel. & Tel., corn. (quar.)
'holders of roe. Mar. 15
531.50 Apr.
5$1.75 Apr. 1. 'Holders of rec. Apr. 1
Twin States Gas & Elec., corn.(guar.)
,
Preferred (quar.)
Mcr. 3 *Widen of rec. Mar. 15
*2
$1
Apr. 15 hioluleus of rec. Apr. 1
Mar. 15
Preferred (quar.)
Diveralfied Investmls.Inc.,nart.PL(Q11.)
Mar. 3 'Molders of rec.
•1
2
Mar. 3 Holden; of rec. Mar. 22
Prior lien stork (guar.)
Dixon (Joseph) Crucible (guar.)
'Holders of rec. Mar. 15
•154 Apr.
Apr. 15 Holders of rec. Mar. 31
Wabash Telep. Secur., pref. (guar.) -- $1.75 Apr.
Dominion Engineering Wks. (qua?.)... Si
Holders of rec. Mar. 20
Eastern Steel Products, pr. pref. (qu.)
1)4 Apr. I Holders of rec. Mar. 15
West Kootenay Pow. dz Light, pfd. (qu.) 151 Apr.
Holders of rec. Mar. 24
Eastern Utilities Investing Corp.
Westmoreland Water Co.. pref. (quar.). $1.50 Apr.
Holders of rec. Mar. 20
$1.75 May I Holders of rec. Mar. 31
Participating preference (guar.)
$1.50 June 2 Holders of rec. Apr. 30
$6 preferred (Quar.)
Banks.
$1.75 June 2 Holders of rec. Apr. 30
American Union (guar.)
$7 preferred (ruler.)
Apr. 1 Holders of rec. Mar. 22a
134
$1.25 Jnly I floidera of rec. May 31
Flatbush National (quar.)
$3 prior preferred (qaar.)
Mar. 31 Holders of rec. Mar. 250
1
*758. May 1 *Holders of rec. Apr. 15
Globe Exchange (guar.)
Mar. 25
Eaton Axle & Spring. rem.(gnu?.)
134 Apr. 1 Mar. 21 to
•258. Apr. 1 *Holders of rec. Apr. 1
Prisco State (guar.)
234 June 1 Holders of rec. May 150 Economy Grocery Stores (guar.)
258. Apr. 20 Holden) of rec. Mar. 31
Edison Brothers Stores. com.(quar.)--Apr.
Trust Companies.
Electric Vacuum Cleaner (guar.)
• $1
Brooklyn (guar.)
Empire Bond & Mtge..com. com.stk.) *fl 34 Apr. 1. *fielders of ref% Mar. 31
Apr. 1 'Holders of rec. Mar. 25
(In
5
0
Central Hanover Bank & Trust(guar.)- •51.50 Apr. 1 *Holders of rec. Mar. 21
•134 Apr. 1 'Holders of rec. Mar. 31
Preferred (guar.)
By Wise, Hobbs & Arnold Boston:
MAR. 22 19301
Name of Company.
FINANCIAL CHRONICLE
Per
rens.
IV hen
Payable
awes Closed.
Inanstom.
DOVI
Miscellaneous (Continuer).
Ex-Cell-0 Aircraft & Tool,coin.
•
30e. Apr. 1 *Holders of rec. Mar. 21
Federal-Mop Corp. nom.)
•30c. Apr. 1 *Holders of rec. Mar. 15
Federated Bus. Publications, let pl.(qu )624c. Apr. I Holders of rec. Mar. 20
Federated Metals Corp.(quar.)
25e. Apr. 7 Holders of rec. Mar. 27
Extra
250. Apr. 7 Holders of rec. Mar. 27
551 Fifth Avenue. Inc. pref
Apr. 15 Mar. 26 to Apr. 15
3
Fifth Ave. Investing Corp., cont. (qu.) $1
Alm. 1 Holders of rec. Mar. 24
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 24
52
Filing Equipment Bureau. Pt.(qu.)...- IN Apr. 1 Holders of rec. Mar. 21
Floresheim Shoe. class A (qu.)(No. I)._ •75e. June 2 'Holdups
rec. May 17
Class B (guar.)(No I)
"37 Kr June 2 Holders of rem May 17
Foster(W.C.) Company,pref.(quar.)
I At Apr.
Holders of rec. Mar. 21
Franklin Process (guar.)
*Holders of ree. Mar. 22
shOe. Apr.
Extra
'Holders of rec. Mar. 22
*500. Apr.
Freeport Texas Co.(guar.)
*Iloldels of lee. Apr. 15
May
•51
Freiman(A. J.). Ltd.(Ottawa). Pf.(qu ) 154 Apr.
Holders of rec. Mar. 15
kostorla Pressed Steel(guar.)
500 Mar.3 Holders of rec. Mar. 24
General Fireproofing. corn.(qu.)
'Rudders of rec. Mar. 20
*50e. Apr.
Preferred (guar.)
'Holders of rec. Mar. 20
•1,4 Apr.
General Realty & UtilitiesPref.($7.P0 cash or 75-100thash. coin.
Apr. 15 Holders of rec. Mar. 25
Gibson Art, corn. (guar.)
•65c Apr. 1 'Holders of rec. Mar. 20
Gilbert (A. C.) Co., pref. (guar.)
*874e Apr. 1 'Holders of rec. Mar.20
Gladding MeBean & Co. corn. (31-50tbs
share corn. stock)
(e)
Globe Finance Corp. pref.(guar.)
•600. Apr. 1 "Molders of rec. Mar.25
Globe-Wernicke Co.. corn.(guar.)
$1.50 Apr. 1 Holders of rec. Mar. 20
Gold Dust Corp. corn.(guar.)
*62)Ic May 1 *Holders of rec. Apr. 10
Gotham Silk Hosiery. pref.(quar.)
'134 May 1 *Holders of rec. Apr. 11
Gottfried Baking, Inc., pref. (qu.)
1% Apr. 1 Holders of rec. Mar.20
Granby Con.sol. MM.Smelt.& Pow.(qu ) $2
May I Holders of ree. Apr. 17a
Great Lakes Towing, corn. (guar.)
14 Mar. 31 Holders of rec. Mar. 14
Preferred (guar.)
IN Apr. 1 Holders of rec. Mar. 14
Green (Daniel) Co.. Pref. (guar.)
$1.50 Apr. 1 Holders of rec. Mar.20
Greenwald, Inc., pref. (guar.)
$1.75 Apr. 1 Holders of rec. Mar.22
Greif (L.) & Bros.. pref. (guar.)
1N Apr. 1 Holders of rec. Mar. 21
Guardian Investors, $7 Pi. (guar.)
$1.75 Apr. 1 *Holders of ree. Mar. 15
$6 preferred (guar.)
*$1.50 Apr. 1 *Holders of rec. Mar. 16
$3 preferred (guar.)
•750. Apr. 1 *Holders of rec. Mar. 15
Hablrshaw Cable & Wire (guar.)
• 25c. Apr, 1 Holders of rec. Mar. 190
Hazel Atlas Glass(guar.)
•50e. Apr. 1 'Holders of ree. Mar. 15
Extra
•
"250. Apr. 1 'Holders of rec. Mar. 15
Hibbard,Spencer. Bartlett & Co.(mtblY) 35e. Apr. 25 Holders of rec. Apr. 18
Monthly
35e. May 29 Holders of rec. May 23
Monthly
350. June 27 Holders of ree. June 20
HIM Varnish (guar.)
*14 Apr. 1 *Holders of roe. Mar. 15
Hind° & Douche Paper-div. deferred.
Hoover Steel Ball (guar.)
•30e. Apr. 1
Howe Sound Co.(guar.)
Apr. 15 Holders of ree. Mar. lila
$1
Hungarian General Savings Bank
American shares
$6.09 Apr. 2 Holders of rec. Mar.28
Hupp Motor Car, corn. (quar.)
50e. May 1 Holders of rec. Apr. 15
Hussman-Ligonler Co.
-Div.omitted.
Ideal Cement (aunt.)
•75e. Apr. 1 'Holders of rec. Mar. 15
Ideal Financing Assn. (guar.)
•1254c Apr. 1 "Holders of rec. Mar. 10
Imperial Royalties, pref. A (Mthl.S) 18e. Mar. 31 Holders of rec. Mar. 25
Old preferred (monthly)
154e. Mar. 31 Holders of ree. kite 25
Indiana Pipe Line (guar.)
50e. May 15 Holders of rec. Apr. 25
Extra
25e. May 15 Holders of rec. Apr. 25
Indus. Acceptance Corp. 1st pf. (qu.)__ IN Apr.
Holders of ree. Mar. 21
Industrial Finance Corp..corn.(in stk.) psi May
Holders of rec. Apr. 18
Common ((sayable In common stock) /24 Aug.
Holders of rec. Apr. trit
Holders of rec. Apr. 18
Common (payable In common stock) f25( Nov.
Common (payable In common stock) f2 t4 FebC3 Holders of rec. Apr18 30
Interbanc Investors. Inn.(No. I)
•10e. Mar.3 'Holders of ree. Mar.20
'Holders of rec. Mar. 15
Intercoast Trading, corn
•
25e. Apr.
Internat. Paper & Powor
Pf.(qu.)
•154 Apr. I *Holders of rec. Mar. 29
6% preferred (guar.)
•I I( Apr. lb 'Holders of rec. Mar. 29
Interstate Bakeries. corn.(Mr.)(Ne. 1)- - •25e. July 1
Interstate Hosiery
palmed.
Investment Foundation. Ltd.. of (au.).
75e Apr. 16 Holders of rec. Mar. 31
Joint Investors. Inc.. corn. A (guar.)
50e Apr. 1 ileklem 01 rec. Mat. 21
Common A (extra)
25e Apr. I Holders of rec. Mar. 21
Kaufmann )ept. Stores. corn.(qu.)
37e Apr. 28 Holders ot rec. Apr. 10
Kayser (Julius) & Co.,corn.(cm.)
*$1
May I 'Holders of rec. Arr. 15
Kelley laid Line & Transp..corn.(qu.) 6255c API% I Udders of ree. Mar. 21
Ken-Rad Tube & Lamp class A- Divide nd passed.
Keystone Steel & Wire, corn. (guar.)
250 Apr. 15 Holders of rec. Mar. 21
Preferred (guar.)
I N Apr. 15 Holder+ of rec. Mar. 21
Kirsh Co.. eons. pref. (guar.)
•45e Apr. 1 •Holders of rec. Mar. 18
Kroger Grocery & Baking, let Pref. (Qa• )'13d Apr. 1 'Holders of rec. Mar. 10
Second preferred (guar.)
'1 54 Apr. 1 *Holders of rec. Mar. 10
Laclede uteel «mar .1
50e Apr. I Holders of rec. Mar. 24
I.angendra f United Bakeries A & B (qu ) •50e API% 15 *Holders of rec. Mar. 31
La Salle Extension Opiversity, lit. (qu.) '134 Apr.
*Holders of rec. Star. 20
Lawrence Portland Cement, coin. (qu.) .81
Mar. 29 'Holders of rec. Mar 15
Lawyers Mortgase ((mar.)
70c Mar. 3 Holders of ree. Mar. 20
Lawyers Westellester Mtge.& Title (qpi ) 2
Apr.
Holden' of ree. Mar. 19
Lehigh Portland Cement. rota. (guava_ . lie May
•Holders of rec. Apr.14
62
Ley (Fred. T.) & Co.. Inc. (guar.)
'Holders of rec. Mar. 18
'75e. Apr.
Lord & Taylor. 2nd pref. (guar.)
Holders of rex% Apr. 17a
May
2
MacAndrews & Forbes Co. corn. (qu.) _
65e. Apr. 15 Holdere of rec.
3Ia
Preferred (guar.)
1 4 Apr. 15 Holders of rec. Mar. Mg
Macy (R. H.) & Co. corn. Mom.)
•50e. May 15 *Holders of rec. Apr. 25
Madison thrmare Oarilen (guar.)
• lte Apr. 14 'Holders of ree. Arr. 4
37
Magma copper ro. O(oar.)
$1.25 Apr. 15 Holdent of rec. Mar 31
Marlon Steen. Shovel. pref. (quar.)____
I 34 Apr, 1 Hs iders of ree. Max. 20
Mary land Casualty ((Mar.)
• $1.125 Apr. 1 'Holders of roe. Mar. 14
McCall Frontenac Oil. pref. (quar.).___ 't3d Apr. lb *Holders of rec. Mar 31
McCaskey Resister, let pref. (guar.)._
IN Apr. 1 Holders of rec. Mar. 24
McKee(A. 0.)& Co.. class A (guar.)._
Holders of me. Mar 20
75e. Apr.
Class B ((luar.)
Holders of rec. Mar. 20
57'..c, Apr.
Melrose Bond & Mtge.. pref.-dividenn mitt e d
Metal & Mlnine Shares (guar.)
e30e. Apr.
Holders of rec. Mar. 21
Metropolitan title & Guaranty (guar ) Si
holders of rec. Mar. 24
Apr.
Michigan Steel (guar.)
.624e Apr. 2 Holders of ree Mar. 31
Michigan Steel Tube Products (guar.) •374e Apr.
Holden" of ree. Mar. 22
Miller IA holeenle Drug (guar.)
40e. API% ' Holders of rec. Mar. 20
Mills Alloys, Inc.. clans k --dividend pee red
Minnesota Mining & Milling (gliar.)
.. •15e. Apr. 1 'Holders of rec. Mar. 20
Mitchell (Robert) Co.. Ltd.(guar.)
Holders of ree. Mar. 31
25e. Mif. I
Mohawk Inersstment (quar.)
"50e. Apr. 1. Holders of me. Mar. 31
Monighan Mfg.. class A (guar.)
•45e. Apr.
'Holders of rec. Mar. 20
Montroy Investors. Inc., com.-divider d omit fed
Morris (Philip) & Co. I.td.. Inc.(guar.) 25e. Apr. If Holders of rec. Apr. 2
Mortgage-Bond & Title Corp. com.(gu.s
34e. Mar.3 Holders of Fee. Mar.22
Motor Bankers Corp., corn. (quar.)
'Holders of ree. Mar.20
35e. tpr.
•
Mountain &
(RI (guar.)
•2e. APr. If 'Holders of roc. Mar. 241
Murray -Ohlo Mfg. (guar.)
400. Apr. 1 Holders of rse. Mar.20
Muskegon Piston
*25e. Apr. 1 *Holders of rec. mar. 15
National Bells..tress Co.. corn.- Divide nd runt fled
Nat. Cash Register, class A (aunt.)
e75e, kpr. If 'Holders of rec. Tier. 28
National Casket. common
May I! 'Holders of rec. May I
'$2
Preferred (guar.)
*$1.75 Mar. 31 *Holders of rec. Mar. 19
National F-orrity Co., Inc., pref. (qu.)
Apr. 1 Holders of ree. Mar. 22
2
National Fireproofing Corp., corn
75e. May I Holders of rec. Mar. 31
Preferred (guar.)
13.4 Apr. 1 Holden' of rec. Mar. 31
National (tubber Machlnery. corn.(qI) *50e. Apr. 1 *Holders of rec. Mar. 26
National screen Service (guar.)
'Holders of rec. Mar. 20
•40e. Apr.
National Title Guar. Co.(guar.)
'Holders of ree. Mar. 20
•$1.75 Apr.
Kehl Corp., let preferred (guar.)...-'$ 1.3154 Apr.
'Holders of M. mar, 17
Keener Bros., Inc.. tem. (guar.)
Holders of rec. June 14a
40e. July
40c. Oct.
Common (guar.)
Holders of rec. Sept. 154
Common (guar.)
400. Jan 1 73 Holders of rec. Dec. 15a
New Bedford Cotton Stills pref.-Divide d omi tted.
New Bradford 011 (guar.)
•1255c Apr. 1 *Holders of rec. Mar. 29
New Jersey Ice Cream, pref.(quar.)
Apr.
*Holders of rec. Mar. 5
•$2
New York Alr Brake (guar.)
00e, May
Holders of rec. Apr. 2
N. Y. & Hanseatic Corp
Apr. 15 Holders of rec. Mar. 28
33
N.Y. State Holding Corp.. corn.(qu.)..
•50c. Mar. 31 *Holders of rec. Max. 15
Preferred(guar.)
•$1.75 Mar. 31 *Holders of rec. Mar. 16
Naas of C011119411Y.
1973
Pot
Cast
Whoa
Payable
looks Clow
Days_ ilachaleell.
Miscellaneous (Ccaeladol).
Newhall lialgs. Trust (Boston). pf.
15( Apr. lb Holders of rec. Apr. 1
Newmont Mining Corp. (guar.)
Apr. II Holders of rec. Mar. El
Si
Niagara Share ('al'. of Md. eons. (qu.)
10.. Apr. If Holders of rec. Apr. 10
Preferred (guar.)(No. I)
51.50 Apr.
Holders of ree. Mar. 27
Nichols ('opper Co., class A (quar.)..._ '43%e Apr.
"Holders of rec. Mar. 20
Class B (guar.)
•75c. May
'Holders of rec. Apr. 21
Nipbssing Mines Co.(guar.)
'7!.pc Apr. 2 'Holders of ree. Mar.31
No. Amer. cal Corp., rem. (guar.)
624e Apr.
Holders of rec. Mar. 25
Preferred (guar.)
$1.50 Apr.
Holders of rec. Mar. 25
Northern Paper Mills, corn. (quar.)
*50e. Mar. 3 'Holders of rec. Mar. 27
Ohio Brass, common IJ (guar.)
$1.25 Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
I 4 Apr. 15 Holders of ree. Mar. 31
Packard Electric r'o., corn. (guar.)
65c. Apr. lb Holders of rec. Mar. 31
Paramount cab Mfg (au.)(pay. In stk ) e2
Apr. I Holders of ree. Mar. 24
Passwall Corp.. pref. (guar.)(No. 1)
•750. Apr. 1 'Holders of ree. Mar.20
Putter& Co., corn (guar.)
'435ke Apr. I 'Holders of rec. Mar 26
Pennsylvania Salt MM. (guar.)
$1.25 Apr. 15 *Holders of no. Mar. 31
.
Pepperell Manufacturing (qua?.)
2
Apr. 1 Holders of rec. Mar. 19
Plekr el wsitint (goer.)
Mk. Apr. I Holders of ree. Itior. 21
Pinchin Johnson & Co., Ltd.. Amer.shs. Ilte20 Apr. 1 'Holders of ree. Mar. 12
Pirelli (la. of Italy. An er . snares
$3.14 Apr. 8 Holders of rec. Mar. 31
Pittsburgh. Screw & Bolt (guar.)
•35e. Apr. 15 'Holders of rec. Mar.28
Public (•tIlity Investineet I ref (quar.)18( Apt. 1 Holders of rec. Mar. 16
-dividend omitted
Q R S de Vry Corp.
Reliable Stores Corp., corn. On stoclo _- V13i Apr. 1 *Holders of ree. Mar. 115
Republic Stamping & Enamel (quar.)--40o Apr. 1 Holders of rec. Mate. 21
Retail Properties. Inc.. pref. (guar.)
75e. Apr. 1 *Holders of ree. Mar.20
Rockaway Power nese!. $6 rref. (Quer) $1.50 Apr. I Hpiders of ree. Mar. 15
14 Apr. 15 Holders of rec. Mar.28
St. Lawrence Paper Mills, pref. (quar.)
*25e. Apr. 1 "Holders of rec. Mar. 15
St. Regis Paper Co.. corn.(guar.)
•154 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
Sally Frocks, Inc., corn. (guar.)
400. Apr. 1 Holders of rec. Mar.22
Schoeneman (J.) Inc.. 1st tnef.(aunt.).. 154 Apr. I Holders of rec. Mar. 15
Schlesinger(B.F.) Sons.class A (guar. divide nd omit ted
Scullin Steel. pref.(guar.)
750. Apr. 15 Holders of me. Mar. 81
*500. Apr. 1 "Holders of rec. Mar.20
Seaboard Dairy Credit. eom• (quiz.)
•
154 Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
Seiberling Rubber. preferred-n0 salon taken
Shaffer Oil & Refg., pref.(guar.)
154 Apr. 25 Holders of rec. Mar.31
*20o. Apr. 1 *Holders of rec. Mar.20
Shawmut Association (guar.)
300. Apr. 1 Holders of res. Mar.20
Sieloff Packing. COM. (quint.)
60e. Apr. 1 Holders of ree. Mar.20
Common (extra)
Signode Steel Strapping. corn. (qua,.).. 20e, Apr. 15 'Holders of rec. Mar. 30
Apr. 16 "Holders of rec. Mar.30
Common (payable In ISODIDIOD stock). l"fl
.
6234e Apr. 15 'Holders of rec. Mar.30
Preferred(guar.)
•25a. Apr. 1 *Holders of rec. Mar.20
Silver King Coalition mines (quar.)*50o. Mar.31 *Holders of rec. Mar. 20
Sloan & Zook Products (MI.)(No. I)
.
$1
Mar. 31 *Holders of roe. Mar.20
Extra
Smith (F. H.) Co..7% & 74% pref. sto eks-d Ividend a omitted
•750. Apr. 15 *Holders of rec. Apr. 4
Spicer Mfg., preferred (guar.)
•30e. Apr. 1 *Holders of rec. Mar. 26
Stahl-Meyer,inc.. corn.(guar.)
.$1.50 Apr. 1 'Holders of ree. Mar.20
Preferred (guar.)
5
.20e. Apr. 1 *Holders of rec. Mar. 15
Standard Corporation ((per.)(NO.1)2
Apr. 1 Hoidens of rec. Mar. 19
Standard Screw,com.(qukr.)
$1.75 Apr. 1 Holders of rec. Mar. 24
Standard Textile, Pref. A.(guar.)
$1.25 Apr. 1 Holoere of rec. Mar. 24
Preferred B (guar.)
•75e. Apr. 1 "Holders of rec. Mar. lb
State Street Investing ((Mar.)
(NO. 1) 37(c
Stock Exch. Hecur.. loc., A (all.)
*Holders of rec. Mar. 21
'37340 Apr.
Strauss (Nathan)
•
500. Apr.
'holders of rec. Mar. 20
Straus(S. W.)& rm. of Del.(guar.)
Holders of rec. Mar. 15
1.td.. oam. A (qu) 250. Apr.
Stuart(D. A.)& Co..
*Holders of rec. Mar. 20
•750. Apr.
Stroock (S.) & Co.. Inc (quint.)
20e. Apr.
Holders of rec. Mar. 20
Swartwout Co. (guar.)
Holders of ree Apr. 15
250. May
Sweets Co. of America (guar.)
*Holders of tee. Mar. 25
•500. Apr.
Textile Banking (guar.)
'Holders of ree. Mar. 21
•25e. Apr.
Twin Tape Corp.. corn ((Mar.)(No. 1)
Underwritings & Partirile Hens MEM 13 Divide nd oml tad.
•Holders of rec. Mar. 21
•
31.50 Apr.
Union Guar. & Mtge. corn. (guar.)
*Holders of rec. Mar. 21
Apr.
•62
Union Mortgage common (guar.)
"$1.50 Apr.
'Holders of rec. Mar. 21
Preferred (ollar.).
------ •
•
250. Mar.3 *Holders of ree. mar.20
Union Twist Drill. corn. (guar.)
IN Mar. 3 "Holden of ree. Mar.20
•
Preferred (guar )
.
1)4 Mar.3 Holders of roe mar. lb
United Bond & Share Corp., pref (qua_
Holders of ree. Mar. 15
United Fuel Investments. I.td . pf.(qu.) 154 Apr.
"87 340 Apr. •Holden' of rec. Mar. 20
United Linen Supply. pref. A (quar.)
111.60 Apr. 20 *Holders of rec. Apr. 1
Preferred B (guar.)
'Holders of rec. Mar. 20
•
40e Apr.
United Paper Box, Class A (guar.)
•Helders of rec. Mar. 24
United Porto Rican -ltipau pref.(rm.)... .87 y..c Apr.
'Holders of ree. Mar. 24
Apr.
*$1
C. S. Casualty (Illirz.)
'Holders of rec Mar. 29
•50e. Apr.
U. S. Cold Storage. Corn.(guar.)
Holders of rec. Mar. 29
•154 Apr.
Preferred (guar.)
'Holders of ree. Sur. 1
(1.8. & Foreign Seem. 1st pfd.(qufw.).- •$1.50 May
*Holders of ree Mar.21
U.S Printing & I IthogrephIna (guar.).- '134 Apr.
'Holders of ree. Mat. la
•50e. Apr.
Universal Products. corn. (qua?.)
'
Hunters of ree. Ale. 1
•40e. Apr. 15 ,
Upson Co. class A & Is voter.)
•10r. spr. 15 *Holders of ref. Apr. 1
,
Class A A Fl (extra
Viau Biscuit Corp Pref. (guar.)
154 Apr. 1 Holders of me. Mar.22
Apr. 1 *Holders of rec. Mar. 17
Vickers. Ltd.. Amer. dep. refs ord. abs .4r8
51 Apr. I H(ilden) of rev Mar. 20
tiered loetrie ,ref. (gear.)
•754e. Apr. 25 'Holders of rte. Apr. 10
Walker Mining Co (No I)
•134 Apr. 1 *Holders of rec. mar.22
Waltham Watch, prior pref.(gust.)
•500. Apr. 15 *Holders of no Apr. 1
Warner Co • corn (tivar )
41 75 Apr. 1 *Holders of rec Mar 18
First and second reef (guar 1
25e. Apr. 1 Holders of rec. Mar 21
Weinberger Drug reuse. new corn
Apr. 1 Holden' of rec. Mar. 21
New common (payable ii. coin stock) /1
IN Apr. 1 Holders of rm. Mar. 21
Wellman Engineerirw. pref Halter).
Wexts.rk Radio Stores dividend passed.
Apr. 1 Holders of rec. Mar. 28
White Rock Mineral Springs. emu.(qu ) 41
500. Apr. 1 Holders of me ?Oar. 28
Common (extra)
IN Apr. I Holders of me Mar. 28
First preferred (guar.)
Apr. 1 Holders of ree. Mar. 28
5
Second Preferred(
guar )
'
254 Apr. 1 Holders of rec. Mar. 28
Second preferred (extra)
•40e. May 1 'Holders of rte. Apr. 15
Wiebolt Stoma (guar.)
35111.S, Been er('sodas eons. (guar.).___ •10c. May 15 *Holders of rec. Apr. I
•10e. May 1 "Heiden' of rec. Apr. 1
Common (extra)
Apr. I Mio.ders of rec. Mar. 18
$2
Preferred ((tuar.)
151 Apr.
Willys-Overland Co.. pref. (guar.)
•50. Mar. 31 *Holders of ree. Mar.25
Wisconsin Bancshares
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.
Nam o/ Company.
Whet
Per
Coal. •ayabls
Books Cloaca.
Days /adroit'.
Apr.
Apr.
1 54 Arr.
8
8c.
50e. Apr.
2
Mar.3
Apr.
1
•134 Apr.
•154 Apr.
Apr
'2
•134 Apr.
*24 Apr.
'13.4 Apr.
'134 Apr.
24 Apr.
2
Apr.
75e. Apr.
234 Apr.
7314 July
134 Mar.3
154 Mar.3
134 mar.3
Holden of rec. Mar. 10e
,
Holdersof ree. Mar. la
Holders of rec. Men le
Holders of rec. Mar. 144
Holders of rec Feb. 28
Holders of rte. Mar. 8a
*Holders of rve Mar. 8
'Holders of rm. Mar.
*Holders of ree. Mar.
"Holders of rec. :Oar. 5
"Holders of rm. Mar.
'Holders of rec. Mar. F
*Holders of ree. Mar. 8
Holders of rec. Feb. 28a
Holders of rec. Feb. 28
Holders of rec. Mar. 84
Holders of rec. Mar. 8a
Holders of ree. June 7a
Holders of rec. Mar. Si
Holders of rec. Mar. to
Holders of rec. Mar. 7
Rallrosd• (Steam).
,
Slatterns A lek harg
Bangor & Arooataok. coin. (glair.)
Preferred (qua?)
Beech Creek (guar.'
Huston & Albany (guar.)
Boston & Maine. tom (qua!)
Prior preferred (guar )
Find preferred. class A (guar.)
First preferred. Clam B (glair.)
First preferred. class C (gear.)
First preferred. class la (guar.)
First preferred, elms F.(guar.)
6% preferred (guar.)
Canadian Pacific common (guar.)
Preference
Chesapeake Corporation (guar.)
Chesapeake & Ohio. corn. (guar.)
Preferred
Chicago & North Western corn.(quar.)..
Preferred (guar.)
Chicago Rock Island & Pulite oom.(gu.)
3
1974
NOM of CornPang.
FINANCIAL CHRONICLE
Per
Whers
Cent. Poyarde.
1
Books Closed
Data Inctustes,
NOM* Of Corn pang.
[Vol_ 130.
Per
Cent
When
Parable
Books Closed
Doss inclustest
Railroads(Steam) (('ondoned)
Public Utilities (erretbstred).
Consolidated Rita of Cuba. pref.(Qm.)
1 4 lApr. 1 Holders of fee Mar. 104 Cuban Telephone. corn.(qu.)
Mar. 3 Holders of ree. Mar.159
2
CUM,
„ common
$1.20 Mar. 28 Holders of rec. Mar 28a
1)4 afar. 3 Holders of res. Mar. 154
Preferred (guar.)
Dayton & al triage ml
*874c Ape. I *Holders of rec. Mar. 15
llarosza Central rape oom. (guar.).
*52
Apr.
Georgia RR & Banking (guar.)
Apr. 15
*3
64% preferred (qua?.).
•14 Apr.
Gulf Mobile & Nor. pf (qual.)
14 Apr. 1 Holders of roe Mar. 154 Denver Trani wa) Corp.. pref.(qua?,)
75c Apr.
Holders of res. Mar. 159
Hocking Valley Ry .corn. (guar.)
2H Mar. 31 Holders of tee. Mar. Se
uetreit Irdlwro Co. a41157.1
2
Apr. I. Holders of tee Mar. 20s
Joliet & Chicago (guar.)
1% Apr. 7 Holders of rec. Max. 284 Diemond State Tarp , ',ref.((lama
'134 Apr. 1 *flowers of rem' Misr. 20
Lehigh Valley.cum.(qual.)
874e Apr. 1 !folders of rec. Mar. 15a Duke Power, corn. (guar.)
134 Apr.
nibblers of ree. Mar. 15
Preferred (guar )
$1.25 Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
Holmieru of roe Mar. 15
134 Apr.
• $12.50 May 1 'Holders of reo. Apr. 16
MahonIng Coal RR.,corn.(guar.)
Duquesne Light, lot pref. (grist.)
14 Apr, I
Hollers of rec. Mar. 160
Maine centre,. rem.(guar.)
1H Apr. 1 Holders of rec. Mar. 15
Eastern UM & Fuel ArarociateaMaryland & Pennsy yenta (No. 1)
Apr. 10 Heaters of ree. Mar. 3I0
Prior preferred ((jmu.)
51.125 Apr.
Holders 01 rec. Mar. 15
Missouri-Kansas-Texas. prof. (guar.)
114 Mar.3 Holders of rec. Mar. 154
6% preferreo
144 Apr.
Holders of rec Mar. 15
MleAouri Pacific. pref. (guar.)
144 Apr.
Holders of rec. Mar lea Eastern MIWIS St. Fly., adj.stk.(qua -- 114 Apr.
Holders of rec Mar. 14
New York Central RR.(guar.)
2
Holders of roe. Mar. 28a Electric Bond & Share, corn.(guar.)._-- /1 H Apr, 1
May
Hollers of rec. Mar. 11
N.Y. Chicago & St. Louis com.& pf.(i3u) 144 Apr.
Holders of rec. Feb. 16.
Preferred tquard
51.50 May
Holders of reo. Apr. 10
N.Y. Lackawanna & western (guar.)- -- •1 34 Apr.
*Holders of rec. Mar. 14
Elec. Pow.& 1.1.. Allot.etfe. full pd.(qu ) $1 73 Apr.
Holders of rec. Mar. 80
N.Y. New Haven & Hartford corn.(crud
14 Apr.
Holders of rec. Mar. 70
Allotment rtfe.. 0% paid (guar.)
$1.05 Apr.
Holders of rec. May 8a
Preferred (guar.)
Holders of rec. Mar.
154 Apr.
Preferred (guar.)
$1.75 Apr.
Holders of rec. Mar. 84
Old Colony (guar.)
•134 Apr.
"Holders of rec. Mar. 15
El Paso Electric Co., pref. A (guar.)
•134 Apr. 1 "Holders of rec. Apr. 1
Pere Marquette, corn. (guar.)
Holders of rec. Mar. 84 Empire Gas & Fuel,6% pref.(mthly.)
144 Apr.
•50e. Apr.
*Holder, of rec. Mar. 15
• 541-dc Apr.
Common (extra)
Holders of rec. Mar. 84
Apr.
2
634% preferred (guar.)
•Holders of rec. Mar. 15
• 58 I-3e Apr.
Prior pref. and pref. (guar.)
134 May
Holders of ree. Apr. 6a
7% preferred (guar.)
•Holders of rec. Mar. 15
Pitts. Bessemer & Lake Ule common-,
750. Apr.
Holders of tee. Mar. 15
• BO 2-3e Apr.
'Holders of roe. Mar. 16
8% Preferred (guar.)
*Holders of roe. May 15
Preferred
•$1.50 June
Empire Power Corp.. $a prof.(guar.)... $1.60 Apr.
Holders of rec. Mar. 17
Pittab. Ft. Wayne & Chic.. coin.(qua- 141 Apr.
Holders of rec. Mar. 10a
500. Apr.
Participating stook (guar.)
Holders of rect. Mar. 17
Preferred (guar.)
144 Apr. 8 Holders of rec. Mar. 10a Engineers Public Service common(qua 25e. Apr.
Holders of reo. Feb. 280
Pittsburgh & West Va.(guar.)
134 Apr. 30 Holders of rec. Apr. 154
fl
Corn (2-100tba share corn.stock
Apr.
Holders of rec. Feb. 280
Reading Co. 2d pref. (oust.)
600. Apr. 10 Holders of rec. Mar. 204
$5 preferred (guar.)
$1.26 API%
Holders of rec. Feb. 280
Rutland RR.. preferred
Apr. 15 Holders of roe. Mar. 28a
2
1.374 Apr.
$5.60 preferred (o(1ar.)
Holders of rec. Feb. 280
Apr. 1 Holders of rec. Mar. la English Elec. Co of Canada, el. A (qu.).
SC Louis-San Francisco corn. (qual.)... 2
76e. Apr.
Holders of reo. Mar. 31
144 May I Holders of rec. Apr. 12. Fall River Electric Light (guar.)
Preferred (guar.)
•500. Apr.
*Holders of roe. Mar. 14
134 Aug. I Holders of rec. July la Federal Light & Trao. common (gust.,
Preferred (guar.)
37 4e Am.
Holders of rec. Mar. 134
134 Nov. 1 Holders of ree. Oct. la
Preferred (guar.)
Common (payable fn common stock)_ (1
Ape.
Holders of rec. Mar. 134
Si. Louis Southwestern pref.(gust.).... 14 Mar. 31 Holders of roe. Mar. 12a Federal Water Service. $8 prof. (gust.) $1.54) Apr.
Holders of rec. Mar. 140
Southern Pacific Co.common (guar.)
134 Apr. 1 Holders of rec. Feb. 24a
$1.826 Ape.
$5.50 preferred (guar.)
Holders of roe. Mar. 149
2
May 1 Holders of rec. Apr. la
Southern Ry. common (guar.)
51.76 Apr.
$7 preferred (guar.)
Holders of res. Mar. 140
144 Apr, 15 Holders of rec. Mar. 24a Florida Pow.& Lt., prof.(guar.)
Preferred (guar.)
$1.7 Apr.
Holders of rec. Mar. 12
Apr. 1 Holders of rec. Mar. I5a Foreign Light & Power
Southern Ry., M.& 0.stock tr. Ws
2
Texas & Pacific. corn. & pref. (guar.).. 141 Mar. 31 Holders of tee. Mar. 154
$8 first preferred (guar.)
$1.50 Apr.
Holders of rec. Mar. 20
'234 Apr. 10 *Holders of rec. Mar. 20
United N. J. RR.& Canal Cos.(qu.)
General Gas & El. common A & B (go.). es371se Apr.
Holders of rat. Feb. 284
234 Apr. 1 Holders of tee. Mar. la
Union Pacific common (guar.)
$1.75 Am.
$7 preferred (guar.)
Holders of roe. Feb. 28a
Apr. 1 Holders of too. Mar. la
2
Preferred
$8 preferred (qua:.)
Holder, of reo. Feb. 2811
Apr.
$2
Vicksburg Shreveport & Pacific, corn._
234 Apr. 1 Holders of rec. Mar. 10a General Public Utilities $7 pref.(go,)... 51.76 Apr.
Holders of rec. Mar. 15
234 Apr. 1 Holders of roe. Mar. 104 Gen. Water Wks.& Elec.. corn. A (qu.)- 1,50e Apr.
Preferred (guar.)
Holders of rect. Mar. 20
West Jersey & Seashore
•$1.50 Apr. 1 *Holders of reo. Mar. 15
$1.75 Apr.
57 preferred (guar.)
Holders of roe. Mar. 20
$1.625 Apr.
$8.50 preferred (guar.)
Holders of rec. Mar. 20
Public Utilities.
Georgia Power $6 pref.(guar.)
51.50 Apr.
Holders of roe. Mar. 15
Alabama Power. $7 pref. (guar.)
$1.75 Apr. 1 Holders of roe. Mar. 15
$1.25 Apr.
Holders of roe. Mar. 15
$5 Preferred (gnar.)
$1.50 Apr. 1 Holders of tee. Mar. 15
$6 preferred (guar.)
134 Apr.
Gold & Stock Telegraph (guar.)
Holders of rec. Mar. 314
15 preferred (guar.)
$1.25 May 1 Holders of roe. Apr. 15
Great Western Pow.,7% pref.(gust.)
*Holders of rec. Mar. 5
•134 Apr.
Amer. Commonwealths Power Corp.
•134 Apr.
*Holders of roe. Mar. 5
6% Preferred (quer.)
234 Apr. 25 Holders of rec. Mar. 31a Greenwich Water & Gas Sys.. Pt. 0111JCorn. A & B (payable in class A stk.)134 Apr.
Holders of tee. Mar. 20
$8 first preferred (guar.)
$1.50 May 1 Holders of rec. Apr. 15a Harken:reek Water. wet. A (guar.)
4344e Mar.3 Holders of tee. Mar. 144
1634 first preferred (guar.)
d31.83 May 1 Holders of rec. Apr. 15a Illinois Bell Telephone (guar.)
Mar.3 *Holders of roe. Mar. 29
•2
$1.75 May 1 Holders of roe. Apr. 154 Illinois Power,6% pref.(guar.)
First and second pref. (guar.)
134 Apr.
Holders of rec. Mar. 15
Amer. Community Power $6 Pt. (gIL).- $1.50 Apr. 1 Holders of rec. Mar. 15
144 Apr.
Holders of roe. Mar. 15
7% preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
$6 first preferred (guar.)
81.60 May
Illinois Power & light. $6 Pref.(guar.)
Holders of rec. Apr. 10
Amer. Dist. Teleg. of N. J.. corn,
15 Holders of roe. Mar. 15
•31
134 Apr.
Apr.
Holders of rec. Mar. 10
6% Preferred (guar.)
•14 Apr. 15 Holders of roe. Mar. 15
Preferred (guar.)
Holden' of ree. Mar. 5
Indianapolis Power & Light, pref.(guar.) 154 Apr.
Amer.& Foreign Power.$7 Pref.(Quer.) $1.75 Apr. 1 Holders of rec. Mar. 160 Indianapolis Water Co., pref. A (guar.)- 14 Apr.
Holders of roe. Mar. 12.
51.60 Apr, 1 Holders of rec. Mar. 150 Inland Utilities. ChM A (guar.)
'4234o APT.
*Holders of roe. Mar. 14
$6 Preferred (ouse)
Allotment certificates 95% pald
134 Apr.
Holders of rec. Mar. 16
$ 1.664 Apr. 1 Holders of ree. Mar. 15
Internat. Power, 1st pref (qual.)
Amer. Gas & Elea., corn. (guar.)
250. Apr. 1 Holders of roe. Mar. 17
*25e. Apr.
*Holders of rec. Mar. 18
International Superpower (guar.)
$1.50 May 1 Holders of roe. Apr. 9
Preferred (guar.)
50e. Apr, 1
Holders of rec. Mar. 216
Internat. Telep. & Teleg. (guar.)
Amer. Natural Gas, 2d pref. 411
$1 50 Apr.
Holden of rec. Mar. 6
Interstate Power, al pref.(guar.)
1103-- •17140 Apr. 1 Holders of Me. Mat. 20
Amer. Power & Light. $5 pref. A (qu.)
$1.25 Apr. 1 Holders of rec. Mar. 84
$1.75 Apr.
Holders of rec. Mar. 5
$7 preferred (altar.)
$1.50 Apr. 1 Holders of rect. Mar. So Jersey Central Pow. & Lt.. 7% Pt.(gL) lac Apr.
Holders of rec. Star. 15
06 Preferred (guar.)
Amer. Public Service. pref. (guar.)
•144 Apr. 1 Holders of rec. Mar. 15
1 4 Apr.
6% preferred (guar.)
Holders of rec. Mar. 15
Amer. Public Utilities, prior pref.(qu.)__
144 Apr. 1 Holders of rec. Mar. 15
K. C. Power de Light. pref. B (gust.)
51.50 Apr.
Holders of rec Mar. 149
134 Apr, I Holders of rec. Mar. 15
Participating preferred (guar.)
K. C. Punnet Service. pref. A (guar.).-- $1
Apr.
Holders of tee Mar. 16
Amer. States Public Servlee A (guar.)- -- *406. Apr. 1 Holders of roe. Mar. 20
134 Apr.
Holders of rec. Mar. 17
Kansas Gas & Elea.. pref. (guard
*31.50 Apr. 1 Holders of roe. Mar. 20
Preferred (guar.)
134 Apr.
Kentucky Securities, corn. (Oust.)
Holders of rec. Mar. 18
Amer . Superpower Corp.. let pf.(qu.)._ $1.50 Apr. 1 Holders of rec. Mar. 15
14 Apr, 1
Holders of ree Mar. 111
Preferrea Omar
$6 preference (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Lone Star Gas (guar.)
•25e. Mar.8 "Holders of roe. Mar. 17
Amer Teta). & Tease. (guar.)
24 Apr. 15 Holders of roe. Mar. 140 Long Island Its.. 7% pf.. Her. A (guar ) 1% Apr. I Illrederis of rec. Mar. 17
Amer. Water Wks.& El $6 Pref. 11111.)-- 11.50 Apr. 1 Holders of roe Mar. 12a
14 Apr. 1 Holders of rec. Mar. 17
11% Preferred, series. B (guar.)
Atka:ems Nature) Gas pref. (gust.)
•15e. Apr. 1 Holders of rec. Mar. 20
4334e Mar. 25 Holders of to. Feb. 280
Louisville Oas & Et.corn. A & B
Arkansas Power & Light, $7 pf.
$1.75 Apr. 1 Holders of ree. Mar. 17
Mackay Companies. Common
Holders of rec Mar. 14a
-- 154 Apr.
$6 preferred (guar.)
$1.50 Apr. 1 Holders of roe. Mar. 17
1
Preferred (guar.)
Apr.
Holder's of rem'. Mar. I4a
Associated Gas & Electric
134 Apr,
Manhattan Ry.
Holden of tee. Mar 200
,
(Guar.)
Class A (in cash or l-40thsh. A stock). *606. May 1 *Holders of roe. Mar.31
40e. Apr.
Modified guar.(guar.)
Holders of fro. Mar. 210
Assoelated Telephone & Telegraph
$1.75 API',
Matilda', Poser h 1.1enf. $7 Prat OB
Holders of rein. Mar. 16
13
51 Apr. 1 Holders of rec. Mar. 17
Chian A & (guar.)
$1.50 Apr.
$6 preferred (guar.)
Holders of rect. Mar. 15
7% neat preferred (guar.)
14 Apr, 1 Holders of rec. Mar. 17
.$2
Apr.
Metrrawaltan FA(eon. corn. (guar.)
•1111111e(11 of rer. Feb. 211
$1.50 Apr. 1 Holders of rec. Mar. 17
116 first preferred (guar.)
•$1.71 Apr.
$7 preferred (quint.)
•Holders of rec. Feb. U
Bell Telephone of Canaria (guar.)
2
Apr. 15 Holders of rec. afar. 22
'$1.10 apr.
•fleldere of eft.. Feb. 1111
$0 preferred (gnu.)
Bell Terep. of Pa. R % pf. (Guard.- - •144 Apr. 15 *Holden* of rec. Mar. 20
•$1.25 Apr.
$5 preferred (gulls,.)
•Helders of rep. Feb. 2$
Bingham pton I.., It. & pow.,$o p1.(qua *31.50 Apr.
*Holders of rec. Feb. 28
.2
Mar. 3 *Hradec, of rem', Mar.
atletagar, Bell Telephone (guar.!
$1.71 Apr.
Holders of rec. Mar. 15
Blrm(nghauu F:Iee., $7 pref. (guar.)
•4334c June 15 'Holders of rem'. June 5
Middle Western Telep.. com. A (go.)
$1 50 Apr
Holders of ree. Mar. 15
$6 preferred (guar.)
'41)41' Sept. IS •Holtiers of rem'. Sept. 6
Common A (guar.)
134 Apr.
Boston Elevated. corn. (qual.)
Holders of roe. Mar. 10
Common A (grim.)
*5334e 1/ee. 16 *Holders of rem'. Dec. 6
Second preferred
334 Apr.
Holders of rot. Mar 10
Midland Ittilitlem,7% pr. nen Mar./ -- 144 Apr. 7 Holders of tee. Mar.22
"Holders of rec. Mar. 15
Brazilian Traction. Light & Power (rm.) •
21.50 Apr.
114 Apr. 7 Holders of refs Mar.
a% Prior lien (guar.)
50e. Apr, 15 Holders of rec. Mar. 31
British Columbia Power,ChM A (Mi.).-114 Apr. 7 Holden+ of rec. Mar. 22
7% Preferred A (grist.)
Skive %rent) Ts pro ser A (guar.).
SI sti Apr,I n 11.1(1. r o( rer Apr
In
114 Apr. 7 Holders of rec. Mar. 22
6% Preferred A (gust)
$1.25 Apr. 1 Holders of roe. Mar. 3a
Brooklyn Union Oaa(guar.)
Minnesota Power h light 7% pf.(qua-1114 Apr.
Holders of rec. Mar. 15
Buff.. Niagara & East Pow.. pref.(pu.)- *40o. Apr. 1 *Holders of roe. Mar. 15
ltfl preferred (guar )
$1.50 Apr.
Holders of tee. Mar. 15
Cables & Wirefere. Ltd.
'144 Apr.
Miarmlselpimi River Power, Pref.
*Holders of rect. Mar. 15
"le24 Arr. 5 *Holders of rec. Feb. 28
American dep rota, for preferred
Mohawk & Hurd Pow 3d pref. (guar.).- *51.75 Apr.
•Ilotriere of roe. Mar. 20
144 Apr. 1 Holders of Teo. Mar. 15
Calgary Power. corn. (qua!)
alonontrahela Well( Penn P. EL. Pt (Clud- 4354e Apr.
Holders of rec. Misr. 15
15e Apr. 25 Holders of rec. Mar. 31
Canada Northern Power. corn.(gust.)..
NIIMIQIU h 8uffnlk Lighting. Pref.(Wm.) 144 Apr.
floblers of tee. Mar. 17
Hollers of roe. Mar. 31
leS Apr. 15
Preferred (quarJ
Narlortal Electric Power, COM. B (guar.) 45o. Mar. 3 Holders of rec. Mar. 20
$1.75 Apr. 1 Holders of rec. Mar. 15
Carolina Power & Light $7 pref.(go.)
Holder, of rec. Mar. 15
144 Ape.
7% Preferred (guar.)
$1.50 Apr. 1 Holders otter. Mar. 15
Holdens of roe Mar. 15
$6 preferred (guar.)
134 Apr.
6% Preferred (guar.)
Nat. Power & Light. 57 pref. (allar.)llolder• of nor Mar. 31
•I 4 Apr. 15•
Central iii Pub service. pt.(gM)
Holders of ree Mar, 10
al 75 Apr.
*Holders of rec. Mar. 17
Nat. Publle *Vv. 7% plot. A (gust.)..
Holders of re0. Mar. 17
134 Apr.
Central Public Service.$7 prof.(guar.) *31.75 Apr.
Holders of rec. Mar. 5
100 Apr.
Newark Telephone (guar.)
Central sutra Elec. Corp., coni.(gu.).June 10 *Holders of tee. May 31
'11
Holders of rec. Mar. 5
Common (payable hi COM.stook)
Sept. 10 *Holdere of tee. Aug. 30
*$I
124 Apt.
Quarterly
Apr.
1
Holders of rec. Mar. 5
Dec. 10 *Holdall of roe. Nov. 29
'51
6% preferred (misc.)
Quarterly
14 Apr.
New Engel (1a.• & F3 Aran.. pf. (gBL).• $1.376 Apr. 1 *Holden) of tee. Feb. 28
Holders of rec. Mar. 5
7% preferred (guar.)
$1.50 Apr.
Helder, of reo. Mar. 5
New England Power Assn.. COM •(CPO-- •50e. Apr. 15 *Holders of tee. Mar. 31
Pref series of 1928 (3-32d corn or
•144 Apr. 1 *Holders of reo. Mar. 15
Holders of rev. Mar. 5
-64th corn or 51.50 Apr.
Preferred xeries of 1929(3
Preferred (qUar.)
Holders of roe. Mar. 5
New England Power Co.. pref. (guar.)
Central Statue Power & Light. pf. (qu.) $1.75 Apr.
51.60 AM. 1 Holders of rec. Mar. 10
*Holders of rec. Mar. 5
New England Public Spry., corn.(gLL).25e. Mar. 31 Holtlers of rec. Mar. 15
*$1.75 Apt.
Central Starry I ItIllties Corp., pf.
•Hoiders of rec. Mar. 15
1114 Mar. 31 Holders of rec. Mar. 15
Chic.. North Shore & 4,111w., pr. lien(gu•) '134 Apr.
Common (payable in corn.stock)
'Holders of rec. Mar. lb
$1.75 Apr. 15 Holders of rec. Mar. 31
Chet. Rand Tranrit. pr. pref. A (qu.)- *560 Apr.
$7 preferred (guar.)
'Holders of roe. Apr. 15
•630 May
$1.75 AV. 15 Holders of rec. Mar. 31
Prior preferred A (guar.)
Adjustment preferred (goat.)
*Holders of tea. May 20
51.50 Apr, 15 Holden of rec. Mar. 31
•650. June
SO preferred (guar.)
Prior preferred A (gums!.)
*Holder, of rec. Mar. 18
51.50 Apr. 15 Holders of roe. Mar. 31
•1300. Apr.
Prior preferred B (guar.)
118 ennvertible preferred guar(
*Holders of roe. Apr 15
New England Tel. & Tel.(gust.)
Mar.81 Holders of roe. Mar. 10
2
•1100. May
Prior preferred B (qua?.)
*Holders of roe. May 20
New Jersey Water Co.. prof. (qual.)
144 Apr. 1 Holders of roe. Mar. 20
*60e. June
Prior preferred B (guar.)
*Holders of roe. Mar. 19
N.Y. Power &
*51.13 Apr.
Cincinnati Sub. Bell Telep.(guar.)
Corp..7% pf.(qu.) •144 Apr. 1 *Holders of me. Mar. 17
'51.6 Apr. 1 *Holders of reo. Mar. 17
0
Citizens Water Co., Wash., Pa., pf.(qu) 144 Apr.
Holders of rec. Mar.20
SO Preferred (guar.)
New York Steam Co., $7 Pref. (qua
Holders of roe. Mar. 26
Cleveland Ry.,rem.(guar.)
14 Apr.
$1 75 Apr. 1 Holders of roe. Mar. 150
$1 50 Apr. 1 Holders of roe. Mar. 15a
Columbia Gas & Electric, corn.
VI preferred (guar.)
Common (payable In eom stock)
14 Apr. 15 Holders of reo. Mar. 20
Mar.3 Holders of roe. Feb 028.3 N. Y Telephone, 514% pref. (guar.)
/25
Niagara & Hudson Power,corn. (Citt.)--- *100. Mar. 31 *Holders of rec. Mar.
Holders of roe. Mar. 14
Connecticut Elec. Service. corn.(grlar.)750. Apr.
Consol. Gas. El. L.& P.,Balt.,com.(eu.)
Holders of reo. Mar. 15
900. Apr.
North American Co., corn.(Guar.)
1214 Apr. 1 Holders of ree. Mar. sa
Holders of rec. Mar. 15
764. Apr, 1 Holders of tee. Mar. rar
14 Apr.
Preferred (guar.)
5% Preferred merles A (guar.)
Holders of rec. Mar. 15
North Amer. Light & Pow.,$8 pt.(go.)
14 Am.
$1.50 Apr. 1 Holders of tee. Mar. 20
a% Preferred aerie, D (guar.)
Holders of roe. Mar. 111
514% Preferred series E (qeat.)
Nor. Ohio Power &Light,6% Pt. 01113-134 Apr. 1 Holders of rec. Mar. 14
134 Apr.
Consolidated Gas of N. Y., pref.(guar.) $1.25 May
Holders of too. Mar. 29a
lat Apr. 1 Holders of rec. Mar, 14
7% preferred (guar.)
Consumers Power. $5 pref. (qua?.)
Holders of reo. Mar. 16
500. Apr. 25 Holders of roe. Mar.81
$1.26 Apr.
Northern Ontario Power, corn.(gust.)..
6% Preferred (guar.)
Holders of roe. Mar. 16
134 Apr. 26 Holders of roe. Mar.81
114 Apr.
Preferred (guar.)
6.8% preferred (guar.)
Holders of roe. Mar. 15
$1.65 Apr.
Northport Water Works pref.(gust.)... 134 Apr. 1 Holders of rec. Mar. 17
7% preferred (guar.)
North West Utilities, pr. lien pt.(go.).. 111 Apr, 1 Holders of rec. Mar.15
Holders of rec. Mar. 15
14 Apr.
a% preferred (monthly)
Ohio Bell Telephone, pref.(guar.).
Holders of roe. Mar. 15
50e. Apr.
114 Apr, 1 Holders of rec. Mar.30
Holders of ree Mar Is
Ohio River Edison, pref. (guar.)
14 Apr. 1 Holders of reo. Mar.1$
550 Apr.
6.6% Preferred (monthly)
Continental Gas & Elec., corn.(guar.) _ 51.10 Apr.
Holders of rec. Mar. 12a Ottawa Light, Heat & Pow,corn.(all.)
1
Mar.81 Holders of reo. Mar. 15s
Prior preference(guar.)
Holders of Teo. Mar. 120
134 Apr. 1 Holders of res. Mar,154
134 Apr.
Preferred(guar.)
22
Men. 22 1930.]
FINANCIAL CHRONICLE
Name of Company.
Inv*
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Uri!Mee (C'orgieraea).
Pacific Gus & Elec. corn.(guar.)
•SOc. Apr. Is •Holders of ree. Mar. $1
• 1
Pacific Lichting $6 Pref. (qed.)
Apr. IS 'Holders of rec. Mar. 31
Pacific Tries. & Teleg.. corn. (guar.)
1)4 Mar. 31 Holders of rec. Mar. 200
I Preferred (guar.)
IN Apr. 14 /folders of rec. Mar. 31a
Panama Power & Light. Pref. (i11
•
1 Holders of rec. Mar. 15
111 Apr. '
1.)
Penn Centre! Licht & Pow pref
•51.25 ACV. 1 •lifildere or re's' Mar 15
Pennsylvania Gas & El.. 7% pref. (cle•) *I% Apr. 1 'Holders of roe. Mar. 20
$7 preferred (guar.)
*51.7 Ape. 1 •Holders of rec. Mar. 20
Penney I vattia-ohlo Power & Lght Co.
$6 preferred (guar.)
$1.50 May 1 Holders of rec. Apr. 21
7% preferred (quit.)
1% May 1 Holders of rec. Apr. 21
7.2% preferred (monthly)
60c. Apr. 1 Holders of rec. Mar. 20
7.2% preferred (monthly)
60e. May 1 Holders of rec. Apr. 21
6.6% Preferred (monthly)
560. Apr. 1 Holders of rec. Mar. 20
650. may 1 Holden) of roe. Apr. 21
6.6% Preferred (monthly)
Pennsyh aids Water & Power (clunf.)--75e. Apr. 1 Holders of rec Mar. 14
Peoples Gas Light & Coke (guar.)
Apr. 17 Holders of rec. Apr. 30
2
People Lvt. & Pwr. Corp.. corn. A (go.) bb600, Apr. 1 Holders of roe. Mar. 8
Philadelphia Company. oom.
Apr. 30 Holders of rec. Apr. la
1
Common (extra)
750. Apr. 30 Holders of rec. Apr. la
6% Preferred (guar.)
$1.50 May 1 Holders of rec. Apr. la
Philadelphia Electric Pow.. pref. (guar.) 60o. Apr. 1 Holders of rec. Mar. 11
phimariorda Staturban Water. pf Agora.) 1)4 May 3 Holders of rec May 12n
Philadelphia Traction
•22 Apr. 1 *Holders of tee. Mar. 10
Portland Elec. Power. let pf.
114 Apr. 1 Holders of reo. Mar. 15
Prior preferenoe (guar.)
1% Apr. 1 Holders of reo. Mar. 15
Porto Rico Telep.. preferred
4 Apr. 1 Holders of roe. Mar. 150
Postal Teregraph Cabe pref (guar.).
1% Apr. 1 Holders of rec. Mar. 14o
Power Corp. of Canada,6% pref.(M.). 114 Apr. 15 Holders of rec. Mar. 31
Participating preferred (guar.)
73e. Apr. 15 Holders of rec. Mar. 31
Providence Gas (guar.)
30e. Apr. 1 Holders of rec. Mar. 15
Public Service Corp.of N.J., oom.
(GM) 854. Mar. $1 Holders of roe. Mar. la
2
Mar. 31 Holders of roe. Mar. ls
8% Preferred (guar.)
7% Preferred ((luar.)
1)4 Mar. 31 Holders of too. Mar. la
$5 Preferred (guar.)
$1.25 Mar. 31 Holders of rec. Mar. la
6% preferred (monthly)
No. Mar. 31 Holders of tee. Mar. ls
Public Service Elec.& Gas.,
114 Mar. 31 Holders of roe. Mar. la
preferred (guar.)
1% Mar. 31 Holders of me. Mar. 1
Public Service of Oklahoma,com.(on.)
Apr. 1 Mar. 21 to Apr. 1
2
7% prior lien stock (guar.)
11g Apr. 1 Mar. 21 to Apr. 1
6% prior lien stock (guar.)
114 Apr. 1 Mar. 21 to Apr. 1
Quebec Power Co. (guar.)
6.2140. Apr. 15 Holders of rec. mar. 27
Shasta Water Co. pref (guar.)
•
37140 Apr. 1 *Holden of rec. Mar. 15
Shawinigan Water & Power(guar)
6214o tor. 10 Holders of rec. Mar. 15
Southern Calif. Edison, orig. pf. (guar.)
b0o. Apr. 15 Holders of rec. mar. 20
Series C
3414e. Apr. 15 Holders of rec. Mar. 20
% Prat (guar.)
Southern Calif. Gae, pref. A (go.)
•
37440 Apr. 15 *Holders of rec. Mar. 31
Southern Canada Power. pref. (qual.)
114 Apr. 15 Holders of rec. Mar. 20
Southern N. E.Telephone (guar.)
Apr. 15 'Holders of tee. Mar. 31
*2
South Pittsburgh Water, pref.(go.).... 1% Apr. 15 Holders of ree. Apr. 1
Southwestern Bell Telep. Pref.(guar.)
1% Apr. 1 Holders of rec. Mar. 20
Southwestern Gas & Elec., pref.(guar.). •1% Apr. 1 *Holders of ree. Mar. 15
Springfield Gas & Elec.. pf. A (guar.).1)4 Apr. 1 Holders of roe. Mar. 15
dTennessee Electric Power. 5% LC (Q11.) 1% Apr. 1 Holders of rec. mar. 15
6% preferred (guar.)
114 Apr. 1 Holders of tee. Star. 15
11f Apr. 1 Holders of roe. Mar. 15
7% Preferred (guar.)
7.2% preferred (guar.)
1.80 Apr. 1 Holders of tee. Mar. 15
Texas-IA.1191mm Power, pf. ((luar.)...- 1% Apr. 1 'Holders of rec. Mar. 20
Twin City Rapid Translt, pref (0111.)..- lk Apr. 1 Holders of roe. Mar. I2a
Union Natural Gam of Canada (quiz.)
fac40c. June 10 *Holden, of rec. Apt. 15
United Corporation prof. (guar.)
Holders of roe. Mar. 6a
75e. AM.
United Gas & Eleetric Corp.. pref.(qL) 1% Apr.
Holders of rec. Mar. If.
30c Mar. 3 Holders of roe Feb 280
United ries Improvement. Corn. (CIU.) -$1.25 Mar. 3 Holders of roe. Feb. 280
15 Preferred (guar.)
United 1.1. & Pow.,coin. A & 13, old (gu) $1.25 May
Holders of rec. Apr. 15a
Common A & new (guar.)
Holciera of rec. Apr. 15a
25c. May
$1.50 dAttr.
Holdere of rec. dater. 1Sa
$e cony. (Jet Pref. Must.)
United Pubtle Service. $7 pf. (guar.)
$1.75 Apr.
Holders of rec. Mar. 15
$8 preferred !guar.)
81.50 Apr.
Holders of rec. Mar. 15
United Pub&()Oates $5.75 pt.(ou.)-.5 1 7-111 Apr.
Holders of rec. Mar. 15
jg preferred (gem.)
Holders of rec. Mat, 15
$1.50 Apr.
Utah Power & Light. 117 pref.(guar.)
$1.76 Apr.
Holders of lee. Mae. 5
$11 pref (guar.)
Holders of rec. Mar. 5
$1.50 Apr.
111111110. Power & Light, coin.(ouar.)-•• (m) Apr.
i161.11.111 of rec. Mar. 10.
Clan. A (gear )
Holders of rec. Mar. 10a
(u) Apr.
Clare fl(quid )
Holders of roe. Met, 10o
(cc) AM.
Preferred ((uar.)
Holders of rec. Mar. 10
$1.76 API.
Virginia Public Service. 7% pt.(qua
Holdere of rec. Mat. 15
1% Apr.
preferrial (mar.)
Holders of rev. Mat. 15
114 Apr.
Western Massachusetts roe. (guar.) --- 82140. Mar.3 Hoidens of fee Mar 17
Western Power Corp , pod (glear.).-- IN Ape. 16 Holders of ice. Mar 31
Wearers. Power. 1.1 & Telep., pf. A (011.) $1.75 Apr. I Holders of ree Mar 15
Western Union Trim.(guar.)
Apr. 15 Broder. of rec. afsr.d2la
West Penn Elee ('0.. class A (guar.)
$1.76 Mar. 31 Holders of roe Mar. is
West Penn Power Co., 7% pref. (gU.) 134 May I Holder,. of rec. Apr. 5a
get preferred (guar.)
114 May I Holders of rec. Ant. 5
West Texas Ctilltles, 86 ore!. MIL).--- *$1. Apr. I •Flouters of :re. Mar. 15
Winnipeg Electric Co.. pref. (guar.)...-- 1% Apt. I Holders of rm. Mar. 6
6% vt. ono
7%
Banks.
Bank of America (Na(ional Aesoclation)
Bancamerlea-Blair Co
21 : Holden of roe Mar. 15.
$1.125 A :
Bank of United Slides (guar.)
*Holders of rec. Mar. 18
Bankue Corporation
Bryant Park (guar.)
Holders of tee. Mar. 31a
500. AM.
Chase National (glut
.)51
Holders of .ec. Mar. 12a
1 51
Apr.
Chase neeurWea Corp (qtuer.)
Chatham Phenix Net Bk.& Tr. MO.. $1
Holders of rec. Mar. 14a
Apr.
Chelsea Rank & Trust Co.(quiz.)
Holders of rte. Mar. 14a
8214e. AV.
Fifth Avenue (guar.)
aHolders of rec. Mar. 31
*6
Apr.
First National War.)
5
Holden of tee. Star. 250
Apr.
First Security Co ((luar.)
Holders of tee. Mar. 25a
20 AM.
International Acceptance Bank (go.)
Apr.
4
National City hunk Meat.)
Holders of roe. Mar. 8
AM.
} Al
City Bank Farmers Tried Muer.)
Peoples National Gliclyn.1 (guar.)
Holders of ree. Mar. 110
.
1
Apr.
Holden' of roe Mar. 20a
Public Natkinal Bank A Trust (guar.)... 51
Apr.
Holders of nee Mar
aftlenn.....a National (stook dividend).' s113 1-41 Apr. '
Trade(guar)
1j4 Apt.
Holder. of fee. Mar.25
Trust Companies.
Madera of rec. Mar 15
Dance Commerciale Italians Tr (qua-- $2.50 Apr.
Bank of Europe Trust Co. (guar.)
Holders of rec. Mar. 20
750. Apr.
Extra
Holders of rec. Mar.20
25e. Apr.
Bank of Manhattan Tr. Co.(IIL)
4
Apr.
Bank of N. Y.& Tt ust (guar.)
Holders of Fee. Mar. 21a
4% Apr.
Bronx County (gust.)
40c. Apr.
Holders of roe. Mar. 20a
Chemical Bank & Trust (guar.)
Holders of rec. Star. 18
450. AV.
Guaranty (guar.)
Mar.3 Holders of rec. Mar. 14
6
Irving (quiz.)
Holders of roe Mar. 4
400. Apr.
Manhattan Co.(nuar.)
Holders of ree. Mar. 180
Apr.
$I
Manufacturers (guar.)
*Holders of rec. Mar. 15
•$1.60 Apr.
U. S. Trust (guar.)
15
Apr.
Holders of roe. Mar. SIC
Fire Insurance.
American Sala maudra Corp.(qu.)
Brooklyn (guar.)
City of N.Y.Ins. Co.(guar.)
Hanover (guar.)
Home Insurance (guar.)
R089111 (011ar•)
United States Fire (atter.)
75e. Apr.
300. Apr.
4
Apr.
400. Apr.
500. Apr.
650. Apr.
•60e. May
Holders of rec Mar 20
Holders of rec. Mar. 20
Mar. 16 to
Mar. 31
Mar. 20 to Mar. 31
Holders of rec. Mar. 15
Holders of rec. Mar. 144
*Holders of tee. Apr. 22
Miscellaneous.
Abbott Laboratories, corn. (qua?.)
Holders of reo. Mar. 21
500. APr.
Abitibi Power & Paper, 7% prey.(Q3.)._ 1% AM.
Holders of too. Mar. 20
Acme Steel (guar.)
Apr. 1 Holders of tee. Mar. 20
111
Adams Express, COM.(guar.)
400. Mar.8 Holders of rec. Mar. 15a
Preferred ((liar.)
134 Mar.31 Holders of rec. Mar. 150
Addressograph International (go.)
•37140 Apr. 10 *Holders of reo. Mar. 21
Name of Corn pang.
1975
Pm
Coil.
When
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Ainsworth Mfg. (stfirk div.) (guar.)
Jim', 2 *Holders of rec. May 20
*el
Air Reduction Co.(guar.)
15c. Apr. 15 Holders of rec. Mar,31
Air-11 ay F:lec. Appliance, corn. (gu.)..... 61.)4r Apr. 1 Holden of rec. Mar. 2114
eferred (quar.)
lid Apr. 1 Marters rif fee. Mar. 20
A letneo Associates Cotter )
•441e. Ate. 1 *Holdere of ter Mar. 22
Allegheny Steel, pref. (quiz.)
•IN Juno 2 *Holders of rec. May 15
Preferred (guar.)
'1)4 Sept. 'Holders of rec. Aug. 16
Preferred 100ar.)
•1% Dee.
*Holders ot roe. Nov. 15
Alles & Fisher (gear.)
.50e. Alit.
'Holders of rec. Mar. 12
Alliance Investment Corp.. corn. (guar.)
200. Apr.
Holders of rec. Mar. 14
Common (payable In common stock).. fl
fielders of rec. Mar. 14
Apr.
3
Holders of rec. Mar. 14
Apr.
Preferred
Alliance Realty. pref.(qual.)
1% June
Holders of rec. May 20
Preferred (guar.)
1)4 Sept.
Holders of rec. Aug. 20
Preferred (qual.)
114 Dee.
Holders of rec. Nov. 20
Allied American Indu-tries. pr. pf.(gu.) 51.50 Apr.
Hoiden, of rec. Mar. 14
Allied Chemical & Dye Corp., pref.(OU.) 154 Apr.
Holders of rec. Mar. Ss
Allied Motor Industries pref. (quit.)
*Holders of rec. Star. 15
Apr.
Allied Products, corn
*Holders of rec. Mar. 10
*50c. Apr.
•87 Mc Apr.
"Holders of rec. Mar. 10
Class A (guar.)
Holders of rec. Mar. 19
Aloe (A. S.) Co., corn,(guar.)
62c. Apr.
114 Apr.
Holders of rec. Mar. 19
Preferred (quar.)
Aluminum Co.of Amer., pref.(guar.)... *14 Apr.
*Holders of tee Mar. 15
Met. 22 to Mar. 31
Aluminum Goods Mfg.(guar.)
30c Apr.
Aluminum Mfrs.. pref. (guar.)
•134 June 30 *Holders of roe. June 15
Preferred (guar.)
'1)4 Sept.30 *Holders of rec. Sept. 15
•11( Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
Amalgamated Elee Corp.. Ltd., pref...
750 Apr. 15 Holders of rec. Mar.27
American Art Works, corn. & Pf.(qean) 114 Apr. lb Holders of rec. Mar. 31
American Bank Note. emu.(guar.)
50a Apr. 1 Holders of rec. Mar. 70
Preferred (guar.)
76e Apr. 1 Holders of roe. Mar. 70
. Mu.31 Holders of rec. Mar. 210
Amer. Brake Shoe & Fdy..corn.(go.)
1% Mar.31 Holders of rec. Mar. 210
Preferred (guar.)
Amer. Brown Boyer' Elec., pref.(gu.)-. 135 Apr. 1 Holders of rec. Mar. 200
1% Apr. 1 Holders of rec. Mar. 14a
American Can, pref.(guar.)
Amer. Car & Fdy., corn. (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 170
1% Apr. 1 Holders of rec. Mar. 170
Preferred (guar.)
American Chain common (guar.)
75e. Apr. 20 Holders of rec. Apr. 10
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 21a
600. Apr. 1 Holders of rec. Mar. 124
American Chicle, corn.(guar.)
260. Apr. 1 Holders of rec. Mar. 120
Common (extra)
114 Apr. 1 Holders of rec. Mar. 15
American Cigar, pref.(guar.)
Amer. Colortype. corn. (guar.)
60e. Mar.31 Holders of roe. Mar. 12
1% June 1 Holders of rec. Mar. 14
Preferred (guar.)
Amer. Cyanamid, corn. A & B (quiz.).. 40e. Apr. 1 Holders of rec. Mar. 15
50e. Mar.31 Holders of roe. Mar. 140
Amer. Encaustic) Tiling, corn.(quiz,)...
51.50 Apr. 1 Holders of rec. Mar. 144
American Express (guar.)
'$1.75 Apr. 1 *Holders of roe. Mar.26
Amer. Fruit Growers Co.. pref.(M.)
Amer. Furniture Mart Bldg., pf.(m.) - 1% Apr, 1 Holders of reo. Mar. 20
35c. Apr. 1 Holders of rec. Mar. 144
Amer. Home Products (monthly)
Apr.
Holders of roc. Mar. 12a
American International Corp corn
$1
12
Apr.
Holders of rec. Mar. 124
Corn.(payable In tom.etock)
Oct.
12
Cora.(p,iyable In corn.stk.)
June
*31
*Holders of rec. May 20
Amer. Laundry Machinery (guar.)
$2
Mar. 31 Holders of rec. Mar. ltia
American Locomotive, corn.(quiz.)
Preferred (guar.)
114 Mar. 31 Holders of rec. Mar. 130
Amer. Maize Products,core.(guar.)
•500. Mar.31 *Holders of reo. Mar. 16
'11.4 Myr. 31 *Holders of roe. Mar. 15
Preferred (guar.)
American Manufacturing, corn.(guar.). 1
Mar. 31 Mar. 16 to
Mar.30
July 1 June 16 to June 30
1
Common (qual.)
Oct. 1 Sept. 16 to Sept.30
1
Common (guar.)
Dec. 21 Des. 16 to Dec. 30
1
Common (guar.)
1% Mar. 31 Mar. 16 to Mar. 30
Preferred (guar.)
1% July 1 June 16 to June 30
Preferred (guar.)
114 Oct. 1 Sept. 16 to Sept.30
Preferred (guar.)
114 Dee. 31 Dec. 18 to Dee. 30
Preferred (guar.)
Amer. Radiator & Stand Sanitary Corp.
3714e Mar. 31 Holders of rec. Mar. ha
Common (qual.)
60e Apr. 15 Holders of rec. Mar. 310
American Rolling Mill. corn.
--Amer. Safety Bator (guar.)
$1 25 Mar. 31 Holders of roe. Mar. 10a
•30c. June 1 ...Holders or rec. May 15
Amer. & Scottlah Invest. (gulu%)
. pr. 1
American Seating. corn. (guar.)
.
75e A pr. 15 Holders of rec. Mar. 200
50c
Holders of rec. Apr. is
Amer. Steel Foundries, corn.(guar.)
114 Mar. 31 Heiden; of rec. Star. 150
Preferred (guar.)
4meriean Stores common (guar.)
o. 1
50e
1 k . A pr 2 Holders of rec. Mar. 15a
Holders of rec. Slur. 54
AMM lean sugar Refg.. corn.(guar.)
1% Apr 2 Holders of rec Mar. 54
Preferred ((luar.
)
American Snuff, emu. (guar.)
Holders of roe. Mar. lba
Holden of rec. Star. 13a
,
114 APr.
Au
Prefereed (goat.)
3
American Surety (gnu.)
$1.50 Mar.31 Holders of rec. Mar. 154
Amer.Title & Guaranty (guar.)
1% Apr. 1 Holders of rec. Mar. 20
Amer. Type Founders, COM.(quiz.)
Apr. 15 Holders of rec. Apr. 54
2
Preferred (guar.)
11g Apr. 15 Holders of rec. Apr. 54
American Teheran. prof. (guar.)
114 Apr. 1 Holders of ree Mar. 10a
Amer. Writing Pape.. preferred
Mar.Si llo.dera of fee. Mar. 20
$1
American Yvette co.. prof (guar.)
*50e Apr. 1 •lioldere of tee. Mar. 21
Amer. Zinc. lead & Smelt. pref.(gu.)...- $1.50 Apr. 1 holders of roe. Mar. 204
Amoskeas Mfg..corn.(guar.)
.
0500. Apr. 2 *Holders of rec. Mar. 22
Common (guar.)
•25e. July 2 *Holden; of roe. June 14
*Me Oct. 2 *Holders of rec. Sept. 13
Common (guar.)
Anchor Cap ('.nrp.. corn. (guar.)
60e. Apr.
Holders of rec. Mar. 204
Prisrerred (quer.)
Holden( of roe. Mar 250
111.628 Apr.
Anchor Post Fence,own.(In eom.stka *f214 Apr.
'Holder, of rec. Mar. 15
Anglo-Norwegian Holdings. Ltd
slac. Mar.2 Holders of rec. Mar. 21
Anshaeher-Slecle Corp.. pref.(quir.)_
Holders of roe. Mier. 20
60e. Apr.
Apponaus Co elan. (quiz.)
*Holders of ree. Mar. 15
*60e. Ain.
*Holden of roe. Mar. IS
Preferred (guar.)
'144 Apr.
Armour & Co.(1111notn Pref.(quit.)
Holders of roe. Mar. 104
134
Apr.
Holders of rec. Mar. 10a
Armour & Co. of Delaware. pref.(guar.) 154 Apr.
rmatrong COrk (guar.)
"Holders of rec. Mar. 14
•50e. Apr.
Artloom Corp.. common (Qua?.)
tioiners of roe. Mar.240
50e. Apr.
Art Metal Construction (guar.).
50e. Mar.3 Holders of ree Mar. 2141
Assoctsted iopsrei indutorres. corn.(gut $1
Holden of ree mar. 204
Apr.
Asionciated Brewrriee (Can.) own.(au.).
50e. Mar.3 Holders of rec. Mar. 15
Holders of ree Mar. 16
Preferred (gnarl
134 Apr.
Areoelated Oil (guar.)
50e. Mar. 3 Holders of rec. Mar. 144
Atisociated Security Inventors:et:m..(qr.)
Holden; of rec. Mar.251
400. Apr.
Atlantic Guif & W.1.8 8. Linea pf.(1111.) 1)4 JunoMsr.3 Holders of roe. Mar. 12a
:1(
1
Preferred (quit.)
,
Holders o ree. June lla
Preferred (guar.)
1% Sept.30 Holders of rec. Sept. 105
Preferred (gear
1% Dee. 3 Holders of tee. Dee. 11
All. Terra Cotta. Pref.(guar.)
1
Mar.25 Holders of rec. Mar. 5
Atlas Plywood (guar.)
•500 Apr. 15 *Holders of rec. Apr. 1
Auburn Automobile (guar.)
Apr, 1 Holders of rer. Mar. 21a
51
Stock divIdend
e2
Apr. 1 Holders of ree. Mar. 210
Automatic Washer prof.(guar.)
•500. Apr. 1 *Holders of rec. Star. 15
Auto Strop Safety Razor class A (Gil.)
750. Apr. 1 Holders of rec. Mar. 100
Class B(No. I)
400. May 1 Holders of fee. Apr. 10
Babcock & Wilms Co.(guar.) ......
134 Apr. 1 Holders of tee. Slat. 20
Backstay Welt Co. common
•50e. Apr. 1 "Holders of tee. Mar. 20
Common (payable In common Meek)._ •1
Apr. 1 *Holders of rec. Mar. 20
Baker (J. T.) Chemical Co. common.... •30o. Apr. 1 'Holders of rec. Mar. 15
Balaban & Rats, corn. (guar.)
*76e. Mar. 29 *Holders of rec. Mar. 15
Preferred (guar.)
*134 Mar. 29'Holders of rec. Mar. 15
Banconat Corp.. corn. & corn A (guar.)
400. Apr. 1 Holders of rec. Mar. 15
Bancroft(Joseph) & Sons Co.. corn.(gu.) 6214c Mar,31 Holders of rec. Mar. 15
Bankers Securities Corp.. pref.(go.).
75e. Apr. 15 Holders of rec. Mar. 310
Barker Bros Corp. common (quar.)---600. Apr. 1 Holders of rec. Mar. 144
6 M % preferred (guar.)
1% Apr. 1 Holders of too. Mar. 140
Baum Candy Co.,corn.(guar.)
•10o. May 15 "Holders of rec. May 1
Common(extra)
•100. May 15 *Holders of too. May 1
Preferred (qual.)
"2
Apr. 1 *Holders of rec. Mar. 15
Bayuk Cigars, Inc., corn. (guar.)
*75e. Apr. 15 *Holders of roe. Mar. 31
First preferred (guar.)
•114 Apr. 15 "Holders of roe. Mar. 31
Beatrice Creamery,COM.(guar.)
Apr. 1 Holders of rm. Mar. 154
$1
Preferred (guar.)
134 Apr. 1 Holders of ree. Mar. 15.
Beech-Nut Packing (guar.)
750. Apr, 10 Holders of rec. Mar. 255
Belgo-Canadian Paper pref. (guar.)
134 Apr. 1 Holders of roe. Mar. 4
Bandit Aviation Corp.(guar.)
60e. Apr. 1 Holden of rec. Mar. 10e
Bethlehem !Reel common(guar.)
$1.60 May 15 Holders of rec. Apr. 180
Apr. 1 Holders of ree. Mar la
7% preferred (guar.)
134
[VOL. 130.
FTNANCIAL CITRONTCLE
1976
Name of Comeau,.
when
Per
Cent. Payable
Boots Closed,
Doys Intlustte.
all.., rlIaneou• reartl(assed)•
Hoiden of ree. Mar. 20
Bickford's, Inc .rom.(qual.)
250. Apr.
lioldets of ree. Mar.20
Preferred (tiine%)
82 ar. Apr.
,
BMW. Mfg.. pre' A UMW%)
*I ion lera of ree Mar 24
•46110 A or.
0110101, 1.0
6... Mar. 3 II. biers 01 roe. Mar. 15
ree Mat IS
11...ara.
25e. Apr.
Beim (F. W.) en.. common (ouat.)..Holders ot ree Mar 18
.Firm preferred foliar /Apr.
Si
Serum! prof einem A (guar.)
Homers 1.1 reo Mat IS
87)40 Aor.
Heider. 01 ma Mar 18
Second pref 01/00 it aim%)
15c Apr
Bloch item_ ono. (quiz.)
37(4c May 15 •Hoide.', of rec. May 10
_Comomn (mine)._ .
•37 lac Aug 15 •11..1dera of roe Aug 9
Common (guar.)...
•3740 Nov 15 *Hoidero of roe Now 10
of me Mar. 20
Preferred (pier.)
'11,4 Mar 31
,
Preferred (quer.)
•1% June 30 •Holden of roe June 25
•114 Sept 30 *Holden. of roe Sept 25
Preferred (quer.)
Preferred (quiz.)
'114 Ike. 31 •111.0den of me Dee 26
114 Apr. I Holders of ree. Mar. 17a
Blumenthal(Sidney)& Co.. pref.
Dobbs-Merril. co (guar 1
66)4c June 1 *Hoiden. of me. May 20
Bohn Alunilnum & Bram common (an.).
75e Apr. 1 Holdern of rev Mat 140
Boise Chic.. Oil. chew A Palma
.2e Apr. 15 *Holder. of roe Mar 31
Bonner Co., Class A (cilial.)
3740. Mar. 31 Holders of ree. Mar. 16
Booth (F. E.) Co.. etas, A (quer.)
•75e. Apr. I *Holdere of rec. Mar. 14
Apr. 1 !logien. of ree. Mar. 154
Borg Warner Corp.. coin. (qual.)
$1
Preferred (mum.)
$1.75 Apr. I Hobters of rec. Mar. 15
$1
Apr. 15 Mar 22 to Apr. 14
Borne Scrymser Co
Holders of roe. Mar. 1
Brandram Heoderson. Ltd.. Pref. (Su.). 14 Apr.
Holders of rec. Apr. 20
250. May
Bridgeport Mach., corn.(gL)(No. I)..
Holders of rec. Mar. 20
134 Apr.
PreferredHiller3
50e. Mar. 3 Holder* of rec. Mar. 200
& Stratton Corp. (guar.)
Holders of reek Mar. 170
50e. Apr.
Brill° Mfg clams A (guar.)
40c. Apr.
ab r. 15 to Mar. 31
British American Oil old stock (reg.) Holders of coup Mar.13
40r Apr.
Coupon ,,tork _
British- Amer Tobacco. ord. (Interim)__ (q) Mar. 3 Holders of coup. No. 134
234 Mar. 3 Holders of coup No. 53
British American Tobacco preferenee___
Holders of me. Mar. 1
8c. Apr.
British Type Investors (bl-month17)---30c. Apr.
Holders of roe. Mar. 17
Broad Street Investing (guar.)
Holders of rec. Mar. 10a
Brockway Motor Truck, pref. (quar.)_ _
134 Apr.
Holders of rec. Mar. 20e
Brunswick-Balke-Collender. Orel. HILL/- 134 Apr.
25e. Apr.
Hollers of rec. Mar. 21
Brunswick Rite Co
25e. Apr.
Holders of roe. Feb. 240
Co. common (guar.)
Bucyrus
-Erie
Holders of roe. Feb. 240
134 Apr.
Preferred (guar.)
Holders of roe. Feb. 240
Convertible preference (guar.)
6240 Apr.
25e. Mar. 3 Holders of roe Mar. 100
Budd Wheel common (guar.)
1% Mar. 3 Holders of roe. Mar. 100
First preferred (guar.)
75e. Mar. 3 Holders of tea. Mar. 10a
First preferred (extra)
40e. Mar. 3 Holders of roe. Mar. its
Bullard Co. ((mar.)
Holders of Mo. Mar. 150
75c. Apr.
Burro, Inc.. Pref. (guar.)
'Holders of rec. Mar. 15
Apr.
Burger Bros , pref.(qual.)
•Holders of rec. June 10
July
•2
Preferred (quer.)
'Holder, of roe. Sept 15
Oct.
Preferred (guar.)
Holders of rec. Mar. 130
154 Apr.
Burns Bros., pref. (qual.)
'Holders of ree. Mar. 14
Burt (F. N.) Co.. Ltd., corn.(guar.)... •75e. Apr.
Heidern of roe. Apr. 44
621.40 May
(guar.)
Bush Terminal. corn.
131 Apr. 16 Holdere of rec. Mar. 280
Debeeture stork (guar.)134 Apr. 1 Holders of rec. Mar. 140
Bush Terminal Mita., pref.(qua
134 May 1 Holders of rec. Apr. 15o
Byers(A. M.) Co.. pref. Bluer./
50e. Mar. 31 Holders of rec. Mar. 15
Byllesby (H. M.)& Co.. elms A (go.)...
IL0e. Mar. 31 Holders of ree. Mar. 15
Claw it (special)
50e. Mar. 31 HoWera of rec. Mar. 15
Preferred (guar.)
Calif. Art Tile. clads A (guar.)
•4314c Mar. Si •Ifolders of reo. Mar 15
•20e. Mar. 31 Hoilers of reo Mar. 15
Class B (guar.)
•50e. Apr
I Holden' of rec. Mar. 17
California Ink. elms A k B (gear.)
$1.50 afar. 24 Holden. or rec Mar 70
Calumet & Aliens Mining
Mar.81 Holders of rec. Feb. 28a
Calumet & Heels Comma. Copper Co--- $1
•50c Apr. I Holders of rec Mar 10
Camp,Corp common (guar.)
el% May 1 'Holders of roe Apr 16
Preferred (guar)
Canada Bread. pref. A. &
- 0134 Apr. I 'Holders of rec. Mar. 15
134 Mar. 3i Holders of roe. Feb 28
Canada Cement. pref (guar.)
Canada Found-le- & Font.. ci. A (qu.)-- 37%.). Apr. 15 Holden, of rec. Mar 31
r3
May le Holden of rec. AM 30
Canaria iron Foundries. common
re
May 10 Madera of roe. Apr. 30
Preference
to
Mar. 14
374e. Muir. If. Mar 1
Canada Malting ree Meek bluer.)
114 Apr. I Holder, of roe Mar 15
Canada Steamship Lines pref (quar.)..
440 Apr. In HnIders of reo Mar. 26
Canadian Car & Fdy pref (guar.)
Holders of rec. Mar 15
Canadian General Elretrie. pref (qua., 117%c. Apr.
•Holders of rec. Mar. 21
Canal Coadruntion to.,cone. pref.(gu.) •37%c Apr.
Mar. 21
to
4 Mar. 3 Mar 21
Cantle(' nil, eommon & pref.(qual.)... 1 3
Holders of ri.C. Mar. IS'.
70e. Apr.
Cannot, Mlii.(mar I
754. Apr.
Holders of ree. Mar. 2I0
Capital Af1 fll 1111/1. Co.. Ltd., Wei. A (gu.)
•134 Maz.3 *Holden. ef ree Mar 20
Carey (Philip) SM.. pref.(qual.)
•
40
A
•
.
Cannot...,
uret ...mar •
14 Apr.
Holders of ree. Mar. 120
Caro (J 1.1 (al_ eons. (guar.)
Holden. of teo. Mar. 120
Preferred (guar.)
13.4 Apr.
Holders of rec. Mar. 200
144 Apr.
Cavanagh- Dobbs.
prof. (guar.)-- lloiriera of .er. Mar. lea
750. Apr.
°obit*, Co.. corn. (quer.)
floaters of ree. Mar. 15a
I% Apr.
Preferred (qua?.)
Cer,o Mfg (guar.)(pa-sta. In stork) .
3tie A pr
e2
1
or.
.
'Holder.' of ree. Mar. 20
Madero of roe Mar. 200
Centre. Aguirre Asone.ate. Balm.)
I% Apr.
Holden, of roe Mar. 134
Central ...Hoy Steel, pret (quar.)
Central Vold Storage. corn. (qua?.)
•40e Mar 3 'Holder, of roe. Mar 26
Common (cjear.)
•40e June 30 •Ilolder, of ree Jime 25
Holders of roe. Mar. 18
CentralNatior.al Corp.. class A (qual.)
750 Apr.
150 May It Holden of rec M .y
Centrifuge, Pipe Corp (qual.)
lbe Aug IS Holders of ree Aug. 5
Quarterly
Quarterly
15e Nov. 15 Holders of roe Nov. 5
Holders of ree. Mar. 154
I
Apr.
Century Elertrie en. (roar.)
'Holders of ree. Mar. 20
Products Corp..eonv.M.(au) "37340 Apr.
Chain Store
•Holders of rec. Mar 20
1st pref. (gust.).... •I 34 Apr.
Channop (IL)
'Holders of roe. Mar. 20
.$2 Apr.
Second preferred (pawl
Co..
Chase Brass & Copper. pref. (quiz.).... 1)4 Mar. 3 Holders of rec. Mar. 20
Holeere of tee Mar. 16a
35e. Apr.
Checker Cab MN.(montldr)
.
254. May .5 H.. cc of .01 Mao,
Caelses
rota ,el ea &B (.11
,
Mar. 81 Holders of rec. Mar. 10
$I
Cbesetwougb 'Mfg. Coned. (guar.)
60c Mar. 31 Holders of tee. Mar.10
Extra
1 "Holden of ree Mat at
•30ir Apr
Chicago rexible Shaft, corn (qual.)..
•30e. July I *Holden of rer June 20
Common (goal.)
•Holdere of ree Sept 2f
0111/0.
•10e (let.
ol
•
Chicago Pneumatic Tool. Pref.(QUA!.).. 8714e Apr. 1 Holders of roe Mar. 300
Chicago Ry Equipment. corn.(M.) --- •250. Mar. 31 •flulderasof rec. Mar. 20
'134 Mar. 3' 'holder, of rec. Mat 20
Preferred (guru .)
25e. Apr. I Holders of ter mar apo
adman. Vedow Cab (monthly)
28e. May 1 Holder, of rec. Apr. 21a
Monthly
25c. June 2 Holden. of rec. May 211a
Monthly
Holden. of rec. Mar. 10a
750. Apr.
Chickasha Cotton Oil (guar.)
87.4e Mar. 8 Holden. of ree. Mar. fia
Chi) Copper Co (guar.)
,
3.750. Mar. 3 *Holden of roe. Mar. 3
Chrysler Corporation(guar.)
Cincinnati Ball Crank, pref. (quar.)__-_ •56e Mar. 3 olloldens of rer. Mar. 15
Cineinnati fin. SD( Vda 3.1 A (guar.).
- 564c Mar.3 •Holders of ree Mar 20
Holder, of roe. Mar 13
2)4c. Apr.
Cities Service. eommon (monthly)
Holders of roe. Mar. 13
Common (payable in common stock).- 14 Apr.
Holden. of rec. Mar. 13
50e. Apr.
Preferenre and pref BEI tmonthly)
Sc. Apr.
Holders of roe. Mar. 13
Preferemm B (monthly)
'el(4 Sept.
•Holdere of rec. Aug 15
City lee ft Fuel. noel' dividend
•Holders of roe. Mar. 20
•280. Apr.
Claude Neon Mee. Prod.. corn.(quiz.)
"Holders of roe. Mar. 20
•35e. Apr.
Preferred (guar.)
•Floirlma of for Jan 2.
•3
bily
Claude Neon Eire Prod . Mork die .
Cleveland Automatic Mach..PL(qM.)--- $1.75 Mar.3 Holders of rec. Mar.21
Holders Of rec. Mar. 14
Cleveland Builders Supply (quer.)
sor. Apr.
•Holders of rec. Mar. TO
Clorox Chemical, cl. A & B (quer.)
•500. Apr.
Holders of reo. Mar. 2I0
Cluett, Peabody & Co. pref. (gust.).... 14 Apr.
Costs (J P.) Ltd.
American deposit rola, for preferred-- •w24 Apr. 5 *Holders of me. Feb. 21
Carat Cola Bottling Sec.(quer.)
•250. Apr. 15
Quarterly
3
15e. July 15
Quarterly
3
.250 Oct. 15
Coca-Cola Co. common (guar.)
$1.50 Apr. I Holders of ree. Mar. I2a
Coca-Cola Internat., corn. (qual.)
Apr. 1 Holders of rec. Mar. 120
53
Coeksbutt Plow (guar.)
3734e May 1 Holders of roe. Apr. 15
Coleman Camp & Stove corn.(guar.)
Apr. 1 'Holders of rec. Mar. 18
"31
Colgate-Palmolive-Peet. corn.(quar.)___ 6231e Apr. 15 Holders of ree. Mar.90a
Preferred (guar.)
1(4 Apr. 1 Holders of too. Mar. 100
.2
.2
B.(assr.)--
Name of Company.
miscellaneous temelinvert)
Colonial FM/1RM I'0111 1/1.1f Mu.)
Clllll tperrial Creda. el A IvItit
(quar•)..
Com...Trial Credlt. con. (qma.)
Preferred It (quer
7% prefernsi Num I
eterr.,1 011111,
6 4.1
Co%
t
corn HS a
stocki
7% first preferred (quer )
6(4% first preferred (guar )
Cony prel opt sent...0 1929(qual.).
Per
Cent
When
Powahle
•Ifis Apr
Vie mar
Silo Mar
5fie Star
4334e Slat
14 Nler
411o. Apr
3
3
3
3
Bvoks Closed
Days Inegustoe.
•11.,Idera of rue
Holders 01 CYC
Holders of rec
Iiiiidera of me
ti16,.n
ti1.1..rs
Ill nc
Holden. of ree
H
Hoiden. Iii rec
Heiden' of me
Holders of rec.
Holders of rec
Holders of rec
Holders of roc
Holders of ree
Holders of rec
Hoiden of rev.
Holders el ree
Holders of roe.
Holders of me
*Holder, of ree
'Holder, of roe
Holders of me
•Holdere of reo
Holders of rec.
Holders of rec
Mar.25
Mar. 110
Mar. III
Slur. lid
11: 11
3 t. 11
Slat.
Mar. 6.1
Mar. 50
Mar. 54
Slat. 60
Mar. 50
Mar. 104
Mar. 10a
Mar. I44
Mar. 174
Mar. 144
Mar. lea
Mar. 204
Mar. 18a
afar. IS
Mar. 15
Mar. Ila
Max 11
Mar. 170
Mar. 20.
11 4 AAtiww.
1
134 Alt'.
(4a) Apr
254. Mar 3
12
Mar 3
C°C0111 11"11111411 7711:Ie. :::
( /11' : t' °I'D'S )
s" ,
nek).
Commonwealth Seenralea. pref. "
.quar.). Si 50 A pr.
Conde Nast P.M.. it.r.. corn (guar.).- -50e. Apr.
$1.25 Mar. 3
ConmemCigar(quar.)
Extra
25e. afar. 3
11 75 Apr.
Consolidated Clear. corn (qua?.)
500. Apr.
Consul Film Indus • coin & pref.(guaComedidated steel Corp.. pies. (quar.).- •4334c Apr.
Conaliniere Co., prlor preferred (quar.). •114 Apr.
30e Apr.
Coot...bier Corporation. coin. A (guar.).
•Itt Apr.
Preferred (qua. )
$2
Apr.
Contleental Baking pref (quar.)
75e. Mar. 3
Continental Diamond Fibre (gliar.)---•12150.25. Aar.
Continental GM (gnat 1
Apr.
Continental Shares, Inc.. corn.(qual.)-.
Holders of rec. Mar. 141
•704. May
Coon (W B ) Co.. corn. (guar.)
"Holders of roe Apr. 16
7% preferred (guar.)
0134 May
"Holders of me Apr. 16
60e. Apr.
Holders of rec. Mar. 10
Cooper-Hemmer Corp., corn. (qual.)
750. Apr.
Holders of rec. Mar. 10
Preferred (guar.)
50e. Apr. 15 Holders of rec. Mar. 15
Copper Range Co. corn.(qua?.)
Corroon & Reynolds, pref A (guar.)
--- $1.50 Apr. 1 Holders of roe. Mar. 20
60e. Mar. 31 Holders of rec Mar. 140
Coty. Inc. (guar.)
13
June 30 Holders of rec. June lea
Stock dividend
50e. Apr. 1 Holders of roe. Mar. 200
Cream of Wheat Co., oom.(guar.)
2e, Apr, 10 Holders of roe. Mar. 31
Cresson Consul. Cold Mining (guar.).25e. Apr, 1 Holders of tee. Mar. 210
Crosley Radio, corn.(guar.)
•75e. Mar. 24 *Holders of rec. Mar. 14
Crowell Publishing, corn. (guar.)
Crowley. Milner & Co . corn. (quar.)--- •50e Mar. 31 ...Holden. of rec. Mar. 10
250. Ape.
Holders of rec. Mar. 100
Crown Cork Internat. Corp., el. A (gu.)
Crown Willamette Paper, tat pref. MU./ $1.75 Apr.
Holders of rec. Mu.13a
51.50 Apr.
Holders of rec. Mar. 13
Second preferred (qual.)
25e. Apr, 1
Holders of rec. Mar. 316
Crown Zellerbach Corp., COM. (qual.)..
Crucible Steel CO. of Amer.. pref.(qu.). 14 Mar.3 Holders of roe. Mar. 160
Mar. 3 Holdem of roe Mar. 20
Crum ar Forster pref (guar
------ 2
.62340 Apr.
"Holders of tee Mar. 15
(Qual.).... 3
M
urin
$1.75 Apr.
Holders of rec. Mar. 204
Curtis meri (qllar./
Preferred
fe anufactg,mm.
Holders of roe. Mar. 20a
Curtis Publishing, corn,(monthly) - 50c Apr.
Holders of roe. Mar. 20a
60c Apr.
Common(extra)
Davenport Hosiery Mills, Inc., com.(qu) 50c Apr. 1 Holders of ree. Apr. 1
Holders of rec. Mar. 20
134 Apr.
Preferred (quer.)
Mar. 16 to
3% Apr,
Apr. 1
Hayfield Realty Corp.. pref.
"Holden! Of rec. May 20
Deerefr(A 11.7:61.)
p keerr
66 )& Cohn, pref.(ltlar.)-- •134 June
6.
*Holders of too. Aug. 20
'134 Sept.
14 Apr.
Holders of roe. Mar. 15
Deere & Co., common (guar.)
,r134 Apr. I
Holders of me. Mar. 15
Common (payable in r----- mon stock)
"Holders of roe. Apr. 25
DerorestCro: y Radio (uu.) No. 1)- •20. May
r
( .)
Ier
May
Holders of tee Apr.
2
Dennison Mfg del. mork (Oils!.)
134 May
Holders of roe Apr. 19
Preferred
Holders of roe Mar. 15
200 Apr.
Detroit & Cleveland Navigation Mar./
"Ifolners of reo. Mar. 20
•62 he Apr.
Detroit Electric (.o.. pref. A qu.)
•25c Apr.
"Holders of ma Mat. 20
Detroit Steel Product.. Iguar.)
Holders of rec. Star. 210
I /erne di Reynolds. I nr.,rom. A & B(qu) 600 Apr.
Holders of rec. Mar.211
14 Apr,
First & Second pref. (guar.)
•I5c. Apr.
'Holders of ten. Mar. 15
Devonlap Oil
Dlat-----1.1 Eleetriral 511g.,corn.(qual.).. •60e. Mar. 3 •Iloldera of rec. Mar. 20
•134 Mar. 3 *Holders of roe. Star. 20
Preferred (guar.)
280 Apr. 2 Heiden. of ree Mar. 311
Dome Mines. COI (guar I
'folders of ree. Mar. 15
154 Apr.
Dominion Ohms. dm. and Prof (allara
30e. Am,
Holders of ree. Mar. 156
Dominloo Stores 1.10 wear 1
$1.25 Apr.
Holders of ree Mar. 15
00111 Textile, Ltd..rom.(quit.)
14 Apr. 15 Holders of roe Mar. 31
Preferred (quer.)
•25e. Mar. 3 *Hidden, of rec. Star. 20 •
Donotmen. Ines. Clalc. A (guar.)
1% Apr.
Doug lea 1W, La time. prof. (guar.)
Hoiders of tee. Mar. 15
•25e. Apr.
•Holders of roe. Mar.21
Dow I/rug, CORI. (01110 •)
914 Apr.
•Holdere el rec Mar. 21
Preferred (opiar.)
Bolder, of tea Mar. 1
Dretwr Corporation (quer 1
Ape.
$1
Dufferin Pa.ing & Crushed Stone
Holden. 01 rec. Mar. 17
$1.75 Apr.
First preference (gnarl.
•Iiiilder of roe. Mar.
,
Dunham (Jame. H.)& Co.,corn.(go.).. '1% Apr.
•Iiiiidere of rel. Mar. IS
First preferred (guar....
'1)4 Apr.
•Holtiere of tee. Mar. 13
'134 Apr.
Sevond preferred (guar.)
amble I u ter i
AM. 15 Bolder* 01 re. Apr.
C011.1-----. (guar.).
- 11
Apr. 15 Hoiden of roe Apr. 10
common (Pavel le In mon Mock).1
Acr. I Holders of rec,
Doplan Silk Corp met Pinar.)
Du Pont (E I .de Nelllllurs & CO.Apr. 25 II dere of me AM'. 105
1)Mention. stork Muer./
200 .4111'.
lionlets ef ree Mar. 10
lb..apt Motors.0(suarle .
"We Mal 3 'Holders of me Mier 20
F.3141) hrrl11) 11:701. C1:111. (Oust.)
.0.ed 1.,
'134 Mar 3 "Iloiden...1 me Mar 20
Holden. of rer Feb. 28.1
$1.25 Apr.
leastmat, Kodak,coup.(guar.)
75e. Apt.
Hoiden. of no. Feb. 280
t
' i6rmite( si,1)
pfr
tra
1)4 Apr.
Holden. of red Feb. 280
g sa
•Holtlers Ill tee Mar. 10
Eastern alantifueturina. prof (euar.)--- •87tyr Apr.
I' Apr.
111.1drre 4.1 me Mar 200
F.aatert. Rolling N11.1.....m (quer.)
•11.0clere of tel Mar. 14
-- *Me Apr.
Ea...tern 1.8. Lines. eon. Hsu (No. H.
•134 Apr.
•Holders of tee Mar. 14
Find preferred (quer.)
•874e Apr.
'Holders of rec. Mar. 14
No par preferred (gum.) Eastern Ittillties inveetment$1.25 Apr.
Holden, of ree Fib 28
t/ ono, prwerree .111,51
Holden. of 'Pe Mar. 15
Apr
Ernadorbin Corp ordinant (guar.)
Edison Bros Stores. Prof (guar.)
134 June 14 Holders of rec Slay 31
51.5(1 Apr. 1 Holden. of rev Star. 150
EleetrIc Auto Lite, eon. 'quer.)
13
4 Apr. I Holdere of n.e Mar. 15a
Pmferred (lpine)
$1.25 AM. 1 Holden. of me. Mar. 20
Electrie Controller & Mfg.. corn.
, 16
t Holden. of roe.ar.20
I
A f.tr
104.3 u,
$
C1111/10011 100,
01
see ,
Holders of rec. Mar. 8a
Elec. Storage Battery.eom & Pf. 01113-- $1.25 Apr.
•Holdera of lee. Apr. 16
...13'2he May
Elgin Notional W ael (qual.)
Emerson Bromo Soldier Co'Holders of ter. Mar. 15
050e. Apr.
Common A & B ((mar.)
'holders ot re.. Mar IL
•50e. Apr.
Preferred (Que..)
'folders of ree Mar. 20
I% Apr.
Emerson Elec. Mfg., pref. (guar.)
•111.1.1ere of me Mar. 17
Mel Apr.
Empire Corp . pane. pref. (trust.)
...Holdera of rec. Mar 17
..$1.50 Apr.
en [heroic...I (lunar.I. Mar. 29 Holdere of ree Mar. 22s
3
Em11relafeDepo Corpusr.)
Eli6.,riuincaimer Co.(Lar.).
6013. Mar. 24 Holders of rec. Mar. la
Holders of rec. Mar. 184
preferred(g :•'orp., con.. (quar.)- $1.25 Apr.
FaldieidtJoht.
6
Hoider, of rerStar. 1134
1(4 Apr,
l
11:41 Ier Ia rec
( r n? i e
,
6234c Apr,
a . 1 66
t.
EQ111 10,red(g ap
5a
pr 161f01Ihede..con.. WO
:
: A
ts
O
is
sus. tss
114
.
•11.01ders of re). Mar. 15
-31 4 Apr.
.7
50.
Holders of ree Mar. 204
824e Apr.
•600. May 15 "Holders of rec. May 5
60e May 1 Holden, of ree Apr. 21a
1% May 1 Holden. of me Apr. 211
76o. Mar.81 Holders of rec. Mar. 12a
Falrbankm, Morse & Co., corn. Pluara25.• Mar. 31 Holders of ref Mar. 1
esirfax Airport.,'
(No 1)
"Holders of ree. Mar. 15
Fanny Farmer Candy Shope, corn.
(Q) •25e. Apr.
"Holders of ree. Mar. 15
•60e. API'.
Preferred (guar.)
Mar.3 "Holders of roe. Mar.21
•2
Farr Alpaca (qual.)
Holum of tee. Me2. 14
624c Apr.
Faultless Rubber (num.)
"Holders of rec. Apr. 16
Federal Knitting Mills, rem.(gear.)
-- •624c May
•Holdera of tee. Apr. 15
*124c Slay
Common (extra)
200 Apr.
Holders of roe. Mar. 170
Federal Motor Truck (guar.)
75e Apr.
Holders of rec. Mar. 15
Federal Screw Works, COM.(grew.)--- .
111
Mar. 3 "Holders of roe. Mar. 20
Ferro Enameling,class A (guar.)
•25e Mar.3 'Holders- of roe. Mar.20
Class A (extra)
•254 Mar. 3 "Holders of rec. Mar. 20
Clam B
Egan) Inv. Corp., pref. (guar.)
,
Evant. Auto Loading, corn. (guar.)
Ewa Plantation (guar.)
Fair(T reld (im oii(guara
fehre eon nar )
g
?tan. 221030.1
Name of Company.
FINANCIAL CHRONICLE
Wien
Per
Cent. PapaPie
Books Closed
Days Inc
-lustre.
Miscellaneous (Confinueefl
Feltman & Clime Shoe Stores. pt. (qu.)
131 Apr. I Holders of rec. Mar. I
Ferry 'at, & Scow.rom.(guar.)
b0c. Apr. I Holders of rec. Ma 15
Filth Ave Bus Securities. cont. (qual.).
16c Mar. 29 Holders of rec. Mar. (34
F1lene(William)Sons Co., prof.(mi.) _
134 Apr. 1 Holders of rec. Mar. 17a
Finance Co. of America (Balt.)Common A and II (utter.)
200. Apr. 15 Apr. 6 to
Apr. 14
7% preferred (guar.)
Apr. 14
43340 Apr. 15 Apr. 6 to
First Natt.onal stores. Inc., corn. (qu.)_ _ 62%c. Apr. I III:Were of rec. Mar. 210
Flintkote Cu. clam A & B (qual.)
•3735c Apr. 15 *Holders of rec. Apr. 10
Florsheina shoe. pref.(mho )
Apr. 1 Holderr of rec. Mar I5o
Flour Mills of Amer., pref.(guar.)
Apr. 1 !folders of rec. Mar. 15
52
Flynn Electric Co., common A & B. _
5
Apr. 1 Holders of roe. Feb. 10
Food 'Machinery .T0,1 MVIOPTI(1.. . - _ •at
Apr. 15 •Ii older. lit roe NI or 31
,
Foote Bros. Gear & Mach., corn,(qu.)._ •300 Apr.
•Holders of rec. Mar. 20
•141. Apr.
Preferred (quar.)
•Holders of rec. Mar. 20
Foremost Dairy Products, pref. (qu.)
•Holders of rec. Mar. 17
•40e Apr.
Formica Insulation (qua?)
•Ilolders of rec. Mar. 15
.50c Apr.
Quarterly
•Holders of rec. June 15
•50c July
Quarterly
•floiders of rec Sept. 15
'Mk Oct.
Quarterly
•50e Janl'3 •1101riere of roe. Dec. 15
Foster & Kielser preferred (guar.)
•111)Iders of rec. Mar. 27
•134 Apr.
Footer-Wheeler Corp.. corn. (quar.)_ _
500 Apr.
Holders of reo Mar 120
Preferred (quard
51.75 Apr.
Holders of rec. Mar. I20
Frank lA
• 44 Apr.
o., pref. (guar.)
•Holuers ot rev. Mat 15
'Holders of rec. June 15
Preferred (guar.)
.134 July
Preferred (near.)
•Heldere of rec. Sept 15
•134 Oct.
French (Fred F.) Construction. pret
334 Apr.
Mar. 16 to
Apr. 1
Fuller (George A ) Co., part. pref. (qu.) 51.60 Apr.
Holders of rec. Star. 100
Participating pref. (Partle. dividend)- $1.95 Apr.
Holders of roe. Mar. 10a
Second preferred (guar.)
$1.50 Apr.
Holders of rec. Mar. 104
Second pref.(panic. dividend)
Holders of rec. Mar. Irlo
$1.40 Apr.
Gardner-lienver Co.. corn. (guar.)
•Holders of rec. Mar. 20
.75c Apr.
Garlock Packing, corn. (quar.)
Holders of rec. Mar. 14
300 Apr.
General Amer. In% rotors, pref.(WOI% Apr.
Holders of rec. Mar. 200
General Amer. Tank Car. corn. (guar.)- 51
Apr.
Holders of rec. Mar. 13a
Coin. (payable In corn. stock)
Holders of rec. Mar. 13a
Apr.
fl
General Baking Co.. Prof. (guar.)
Mar. 3
Holders of rec. Mar. 220
2
General Baking Corp., pref. (guar.) __- .75e Apr.
`Holders of rec. Mar. 19
General EleetrIc new com(qu.)(No. D.
40e. Apr. 25 Holders of rec. Mar. 7a
-Special stock (guar.)
150. Apr. 25 Holders of rec. Mar. 70
General Mills, Inc., pref. (guar.)
Holders of rec. Mar. I4a
144 Apr.
General Motors Corp.,7% pref.(quar.) _ •141 May
'Holders of roe. Apr. 7a
6% preferred (guar )
•11-4 May
"Holders of rec. Apr. 7a
6% debenture stock (guar.)
*Holders of rec. Apr. 7a
•134 May
General PaInt Corp., class A (guar.)
Ifolders of rec. Mar, 17
- .500 Apr.
Clans II (guar.)
•Holders of rec. Mar. 17
.3714r Apr.
General Printing Ink, cont.(guar.)
Holders of rec. Mar. I7a
823-4c Apr.
Preferred (guar.)
Holders of rec. Mar. 17a
$1.50 Apr.
General Railway Signal, coot. (qUar.)-- 51.25 API%
Holders of rec. Mar. 10
Preferred (guar.)
fielders of ree. Mar. 10
13-4 Apr.
General Steel Castings pref. (guar.)._ - $1.50 Apr.
Holders of rec. Mar. 18a
General Tire & Rubber, pref. (quar.)-Mar. 21 to
Mar. 30
134 Mar. 3
Gerlach-Barklow Co.. corn.(guar.)
'Holders of rec. Mar. 20
.300 Apr.
Preferred (quard
'Holders of re°. Mar. 20
•50c Alm
Gilbert (A. C.) Co.. corn. (qu.)
•25c Mar. 3 'Holders of roe. Mar. 19
Common (near.).
•25e. June 3 •Holders of roe. June 18
Gleaner Combine Harvester (guar.).
Holders of rec. Mar. 18
- 50e. Apr.
Glidden Co.,corn.(guar
50e. Apr.
Holders of rec. Mar. 12a
Holders of ree. Mar. 12a
Common (payable In com.stock)
Apr.
fl
Prior preferred Near.)
Holders of rec. Mar. I2a
134 Apr.
Globe Grain & Milling Co., corn. (guar.) .50e. Apr.
•Holders of rec. Mar. 2(1
'Holders of rec. Mar. 20
First preferred (guar.)
'4334e Apr.
Holders of rec. Mar. 20
Godchaux Sugars. Inc., cl. A (guar.)
50c. Apr.
Holders of rec. Mar. 20
134 Apr.
Preferred (guar.).
Goldberg (S. M.)Stores,com.(guar.)...
25e. June 16 Holders of rec. June 2
Preferred (guar.)
$1.75 June 10 Holders of rec. June 2
Goldblatt Bros. common (guar.)
.3734e Arr.
•Hrilders of rec. Mar. 10
Common (payable in common stock) _ •
flyi Apr.
•Holders of rec. Mar. to
Gold Dust Corp., Prof.(guar.)
13-4 Mar. 3 Holders of rec. Mar. 17a
Goldman Sachs Trading (guar.)
•Holders of rec. Mar. 14
•134 Apr.
Goodrich (B. F) Co., preferred (guar.)._
Holders of rec. Mar. 150
141 Apr.
1% July
Preferred (guar.)
Holders of rec. June 140
•1% Apr.
Goodyear Textile Mills. pref.(guar.).
•Holders of rec. Mar. 20
Goodyear Tire & Rubber,corn.(quar.)_
$1.25 May
Holders of rec. Apr. la
First preferred(guar.)
Holders of rec. Mar. la
134 Apr.
Goody?. T. & It. of Calif., pref.(guar.). _ *134 Apr.
'Holders of rec. Mar. 20
Goodyr. T. & It. of Canada, corn. (qu.). $1.25 Apr.
Holders of rec. Mar. 15
Preferred (guar.)
I% Apr.
Holders of rec. Mar. 15
Gotham Silk Hosiery,corn.(qua?.
Holders of moo. Mar. 12a
62 44c Apr.
Goulds Pump, Inc., corn.(guar.)
Apr.
Holders of rec. Mar. 20
2
Preferred (guar.)
Holders of rec. Mar. 20
13-1 Mir.
Grand Rapids Varnish (guar.)
'Holders of roe. Mar. 20
.250. Apr.
Granite City Steel (guar.)
gt
Mar. 3
Holders of rec. Mar. 170
Grant(W. T.) Co., corn. (((liar.)
Holders of rec. Mar. I2a
25e. Apr.
Great Britain & Canada Invest. Pre?.__.
Holders of rec. Feb 28
234 Apr.
Great Lakes Engineering, corn.(qu.).._
•1101ders of rec. Alit. 24
•250. May
Great Northern Bond & Share cotn.(qu.) •si
•Holders of rec. Mar. 15
Apr.
Preferred (qual.)
•II°friers of rec. Mar. 15
•$1.75 Apr.
Great tt estern Sugar, coin.(guar.)
The. Apr. 2 Fielders of rec. Mar. 15a
Preferred t(iltar.)
% Apr. '2 Holders of rec. Mar.
Greene Canniest Copper (guar.)
API% 7 Holders of rec. Mar I3a
$2
Greet field Tap & lite Corp 6% pt.(qu.)
1 44 Apr.
Holders of rec. Mar 15
8% preferred «mar.1
Apr.
Holders of rec. Mar. 15
2
Greenfield Tai, & 1/1e.6% prof.(qu.)__.
,
Holders of roe. June 14
134 MIS
8% preferred (illar.)
lady
Holders o' rec J•Ine 14
2
Grelf Bros. Coepeeme, corn. A (guar.)...
age Ayr.
Holders of rec. Mar 14
Guardian Detroit Group (guar.)
,
•500 Mar. 3 ' Holders of tee Mar. 12
Extra
•31.1c Mar. 3 •Holdere of rec. Mar. 12
Geardian Investors Corp.
57 first preferred (guar.)
Holders of rec. Mar. 15
$1.75 Apr.
511 first preferred (guar )
$1.51) Apr.
Holders of no Mar. 15
!Miners of no Star. 15
$3 +coon(' prefer ec. foliar.)
75e Apr.
Guenther (Rialolphl-Russell Law
•Ilelders of rec Mar. 20
•50c Apr.
Gulf Oil Curl.(guar
•11eiders of rec. Mar. 20
•3754e Apr.
1i, Iders of rec. Mar. 150
Gulf State- Steel. torn. (quer.)
Apr.
1
First preferred (hmar.)
Holders of rec. Star. Ira
134 Apr.
First it !erred NUM..)
Itoldrrs of rec. Jena 16a
134 July
FIN( Mere,red (gear.)
lloldere of tee Sept. 150
134 Oct.
First It,1.te,red (quilt.)
.
134 Jan2 3 fielders of rec. Dec. 1 fa
(lord (Chas.) & Co., corn.(qua.)
•Ileiders of rec. Mar 15
.500. Apr.
Preferred Como.)
•Holders of roe. Mar. 15
•141 Apr.
Gypsum Lin e & A labast Inc(Canada)._ 3734e Apr.
Holders of tee. Mar. 15
Hahn Department Stores. pref.(guar.)._
!folders of rec. Star. 220
1% Apr.
Hamilton Bridge, corn.(guar .)
Holders of rec. Apr. (5
50e. Slay
Preferred (guar .1
Holders of rec. Apr. 15
144 May
Hammern 111 Paper pref (guar.)
Pr.
'Builder's of rec. Mar. 20
•144
Hanes (P. 11.1 Knitting Co.. pref. (Oil.)141 Apr.
Holders of rec. Star. 20
Harbison 31 alk Ilefraes., pre( (guar.).Holder. of rec. Apr. 9,7
Apr. I
1
Harniselifeger Corp., corn. (guar.)
•flolders of rec Mar. 15
.45e Apr.
Preferred (guar.)
•flohlers of rec. Mar. 15
.$1.75 Apr.
Harrods I PI.
Artier dep rights for ord. reg. she.
*tr15 Mar. 22 •Holders of roe Feb. 14
- -Hartley Rogue Trading. corn. A (ou.)-- .20e Am.
•Holders of rec. Star. 15
Ha yes-Jackson 1201 11., pref. (((liar.)
•lloiders or rec. Star. 21)
'8134"
Heath (D. C.)& Co. pref. Omar.)
Holders of rec. Mar. 29
I % Mar. 3
Udine (G. W)Co., Coin. (guar.)
Holders of me Mar. Ifla
$1.25 Apr.
Preferred (guar.)
Holders of reo Mar. 10a
144 Apr.
(ferrule, Motor (guar.)
Holders of rec. Mar. 2Pa
45e Apr.
Hercules Powder, corn. (guar.)
750 Mar. 25 Holders of tee. Mar. 140
Hibbard. Slien,r. Bartlett & Co.(mthly)
35e Mar. 224 Holders of rec. Star. 21
(o.. first pref. (guar.)
•1% Aug.
FlIgbee .
Holders of rec. July 20
First preferred (guar.)
Holders of rec. Oct. 19
•144 Nov.
Second preferred (guar.)
• Holders of rec. May 20
June
*2
Second preferred (guar.)
.2
*Holders of rec. Aug. 20
Sept.
Second preferred (guar.)
Dec.
.2
Holders of rec. Nov. 21
HIghtstown Rug. corn. (guar.)
Apr.
Holders of rec. Mar. 26
$I
Preferred (guar.)
$1.75 Apr.
Holders of rec. Mar. 26
Holland Furnare. corn.(guar.)
6214e Apr.
(folders of rec. Star. 15a
,
Hollinger Conant. Gold Mines
cc. Mar. 25 Holders of rec. Mar. 11
Holly Deveamment Co.(guar.)
*2fie. Apr, 15 'Holders of rec. Star. 31
Holly Oil
•250. Mar. 31 4
:11otrIer4: of roe. Mar. 15
Nanso of Company.
1977
Per
Warn
Cons. Payab)a.
Boots Closed
Days includes.
Miscellaneous (Cont(nued).
Holoplaane Co., common
.50e Apr. 1 'Holders of rec. Mar. 15
*31.05 Also. I *Holders of rec. Star. 15
Preferred
Apr, 1 Holders of rec. Star. 26
Holt. Renfrew Co.. Ltd.. corn.(guar.)
Preferred (guar.)
134 Apr, 1 Holders of rec. Mar. 26
ornesutke Ntining (monthly)
50e. Mar. 21' Holders of rec. Mar. 200
IloakIns Nlfg. (guar )
•750. Ntar. 31 *Holders of rec. Mar. 15
Floudaille Heratwy Corp. class A (qu.).. •62
Apr. I *Holders of rec. Mar. 20
Claw B (qua!)
bee Al.?. 1 Holden, of rec Mar. 200
Household Fin. Corp pertie. pf. (qu.)..
75e Apr. 15 Holders of rec. Apr. la
12 1 e. Apr. 15 Hoiders of rec. Apr. la
PaqIcipating preferred (extra)
4
51.25 Apr. 1 Bolden, of rye. Mar. III
Hudson Motor ('Sr toner.)
Humble 011 & Refilling (guar.)
50e. Apr, 1 Holders of roe. Niro. 1
Apr. 1 *Holders of rec. Mar. 13
Ilydrarilie Brake Assoehrter (qual.).
"SI
25e. Apr, 1 Holders of rec. Saar. 10
Byars& Lamp. Nan. (attar.)
11.625 Apr, I Holders of rec. Mar. 10
Preferred (guar.)
Illinois BrIck (guar.)
•60e. Apr. 15 'Holders of rec. Apr. 3
.60e. July 15 'Holders of rec. July 3
Quarterly
.600. Oct. I
Quarterly
dere ot ree Oct. 3
Illinois Pipe Line
•54.50 Mar. 25 "Holders of rec. Mar. 15
Imperial Tobacco of Can.. ord.(Interim)
1 41 Star. 28 Hoiden' of rec. Star. 6
Mar. 3 *Holders of rec. Mar. 6
*2
Preferred
Ineorporated Investors, corn. (guar.)... •25c. Apr. IS.11olders of rec. Mar. 22
Apr. I *Holders of rec. Mar. 22
Stock dividend
Independent lilt & Ga. (guar.)
*50e. Apr. 3 *Holders of rec. Apr. 15
Apr. 1 *Holden of rec. Mar. 22
,
Independent Pneumatic Tool (guar.)._ 'Si
Apr. 7 Holders of rec. Mar. 206
Inspiration Cons. Copper Co.(qesr.)--- $1
11.1131111 I) Wiry Invest.. corn (in Brock)... '1134 Apr. 1.5 •1101ders of rec Apr. 1
Common (payable In common stock). 11% July 15 •Holders of ree July 1
Common (ppyahle In common stock). *11% Oct. 15 •Iloldere of ter Get. 1
*51.37 Apr. 15 *Holders of roe. Mar. 15
$5.50 prior pref. (guar.)
Interlake Iron Corp., corn.(qu.)(No. 1)
250. Mar. 25 Holders of rec. Mar. 104
Apr. I Holden3 of rec Mar. 20
SI
Interlake Steaniarop corn.(moo.).
Internat. Aridness Staehhies (guar.)
SI 60 Apr. 10 Holders of rec. Mar. 226
20e. Apr, I Holders of rec. Star. 15
Internat. Button flole Sw. Mach. (qu.)
Mar. 28 Holders of rec. Mar. lla
International Cement. corn (guar.)- -- SI
May I Holders of rec. Mar. 1
Internat. Educational Publishing pref._ $1
I nternattonal Egriltirs. el. A (qu.)
8734c. Apr. 1 Holders of rec. Mar. 19a
62%0 Apr, 16 Holders of rec. Mar. 200
Intermit. Harvester, corn. (guar.)
Apr, 15 Holders of rec. Mar. 220
International Match. COM. (quar.)
51
Apr, 15 Holders of rec. Mar. 25a
$1
Participating preference (guar.)
25c Mar. 31 Holders of rec. Mar. la
Inter. Nickelof Canada. corn.(qu.)
144 Slay I Holders of rec. Apr. la
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 17
h3
International Products. pref
International Salt (guar.)
1% Apr. 1 Holders of ree. Mar. 150
75e Apr, 1 Holders of rec. Slat. 15
International Shoe, corn. (guar.)
50e Apr. 1 Holders of rec. Mar. 15
Preferred (monthly)
•50e Slay 1 *Holders of rec. Apr. 15
Preferred (monthly)
Preferred (monthly)
.50r June 1 *Holders of rec. Slay 15
1% Apr. 1 Holders of rec. Mar. 12a
International Silver, pref. (guar.)
75e Apr. I Holders of rec. Mar. 6
International Textbook
50c Apr. 1 Holders of rec. Mar. 240
Interstate Dept. Stores. corn. (guar.)._
Apr. I 'Holders of rec. Mar. 14
.2
Intertype Corp., let pref.(guar.)
Investors Corp. of Rhode Island
Mist,second Ar Cony. pref.(ouar.)___. $1.50 Apr. 1 Holders of tee. Mar. 20
50e Apr, I Holders of rec. Mar. 17a
Investors Equity Co., Inc., corn.(qu.) _
37 44e Apr. '2 Holders of rec. Slat. 21
Iry Mg Air Chute (guar.)
Apr. 1 Holders of rec. Mar. 200
$I
m
Islanefe ed (a oal, co.((Plan)
d Creek Coal.
$1.50 Apr. 1 Holders of rec. Mar. 213a
Preferred
.50a Mar. 3 *Holders of rec. Feb. 28
Isle Royale Copper Co. (guar.)
.750 Apr. 1 'Holders of roe Mar. 15
Jefferson Electric (guar.)
.500 Apr. 1 •Holders of rec. Mar. 15
Extra
750. Apr. 15 Holden, of rec. Apr. 2
Jewel Tea common (guar.)
75e. Apr. 16 Holders of roe. Mar. 220
-Manville Corp., corn. (qua?),,..
Johns
Holders of rec. Mar. lla
1% Apr.
Preferred (guar.)
750. Apr.
Holders of rec. Mar. 15
Jonas & Naumburg. pref. (guar.)
Holders of rec. Mar. 13a
141 Apr.
Jones & Laughlin Steel, pref. (quar.)---• 51.12 Apr.
•lioldeis of rec. Mar. 20
Kalamazoo Stove. corn.(Quar.)
'Holders of rec. Slat, 20
4
Corn. (payable In common s(ock)- - - •fl 1 Apr.
•g 1.62 44 Apr.
'Holders of rec. Mar. 15
Katz Drug. pref. (guar.)
Holders of rec. Mar. 10
134 Apr.
Kaufmann Dept.Stores. vet.(((liar.)..,
Holders of rec. Mar. 14
Kaybee Stores, Inc., class A (quar.)____ 43% Apr.
Holders of rec. Mar. 20
50e Apr.
Kaynee Co.,com.(guar.)
12% Apr.
Holders of rec. Mar. 20
Common
144 Apr.
Holders of rec. Star. 20
Preferred (extra)cIair.)
(
'folders of rec. Star. 190
Kelth-Albee-Orpheum Co., pref. (qu.)._
13-4 Apr.
40c. NIar. 3 Holders of rec. Mar. 150
Kellogg (Spenrer) & Sons, Inc., (qua?.).
50c. Apr.
Holders of rec. Mar. 210
Kelsey Hayes Wheel, corn. (guar.)
$1.25 Apr.
Holders of tee. /Mar. '40
Kennecott Copper Corp.(g Liar.)
Holders of rec. Mar. 10
Kent Garage Investing Corp.. Pf.(guar.)
13.4 Apr.
•40c. Apr.
*Holders of rec. Star. 15
Kentucky Rock Asphalt. COM. ((Mar.)
•Holdere of roe July 17
Kidder Participattona. Inc., common___ .5611e Aug.
.37 1 C Apr.
Preferred (extra)
4
Bidder Participations No. 2, pref.(extra) .25e. Apr.
•25e Get.
Preferred (extra)
"folders of rec. Mar. 12a
62 he Apr.
Kimberly-Clark Corp., corn.(auar
I% Apr.
Holders of rye Star. 12
Preferred (quer.)
•liolders of rec. Star. 20
King PhIllip 61111s ((plat.1
•134 Al'?.
2
Mar. 3 Holders of rec. Mar. 15
king Royalty Co., pref. foliar.)
25e Air.)1Mile!, 0 rr: sue 171
,
. 1.01, MOO I guar.).Kloney (4: )4.1
•1 31 lune 10 *Holders of rec May 31
Kirby Lumber (guar )
'134 Sept. 10 •11,1ders of tee. Aug. 30
Quarterly
•Iti Dec. 10 'fielders nf rec. Nov. 29
Quirterly
•30e. Apr.
Holders of tee. Mar. 18
Co.. corn. (guar )
•Ilotders of roe June 15
Klein (D. Emil) Co.(guar.)(No. 1)_. •25e. July
3460e Apr. 1 •Ilolders of ree. Mar. 29
Knott Corp.(QUM
.
hopper Gas & ('oke. pref.(gild.)
•Holdere of rec. Mar. 11
•I M Apr.
II °liters of roe Slur. 104
4
Kraft Phenix Cheese. corn. (guar.)
37 1 c Apr.
Helder. of roe. Star. 1114
1% Apr.
Preferred (quar.)
Kresge (S. S.) Co COM.(gear.)
40e Slat. 3 I elders of rec. Mum. 100
Holders of rec. Mar. 10a
Preferred (guar.)
134 Mar. 3
liolderb ot ree Sixty 104
June
Kroger Gnwery & Baking. stk. dividend
Cl
Sept. I Holders et -e• 0.0 1 le
Stork dividend
el
Laboratory Products (guar.)
.75e Apr. 1 *Holders of roc Star. 20
•e3
Stock dividend
Apr. 15 *Holders of no Mar. 20
tee. Slur. 170
Apr. I Itotders
I ambert Co. coin. (guar.)
$2
Landis Machine. corn (attar.)
•75e May II •Ilolders of rec May 5
•75e Aug. 15 *Holders of rec Aug. 5
Coromott (quar
COMMOO (guar )
•75e. Nov. 15 'Bolder* of roe Nov. 5
lane Bryant, I M... COM. (guar.)
50e. Mar, I Holders of roe Mar. 17
Apr. 1 Holders of rec. Star. 21a
Lawyers Title & Guaranty (guard__
3
common roma.)
twattr 11c
•25e Mar. 30 *Holders of ree Mar '10
Common (guar.)
•25e June 30 Holders of roe June 20
Common (guar )
*25e Sept. 30 •Ileldrce or roe Sept. 29
Preferred ((luar.)
•87 14c Apr. I *Holders of roe. Star. 15
Lehigh Portland Cement. pref. (guar.).
144 Apr. I Holders of rye Mar. 140
to Star. 31
Lehigh Valley Cord Sales (guar.)
911e. Slat. 31 Star. 14
Lehltar Valley Coal Corp., pref.(guar.)
Holders of ree Mar. 134
lAx.sing's, Inc (guar.)
25e: A iai. 31 Holders of ye Mar. 11
750ttl'r
Extra
Sc. Mar. 31 Holders of rue Mar. 11
Liberty Baking. pref.(cum%)
134 Apr. 1 Holders of roe. SW.24
Lthert) Shares Corp dock dividend___ •el
Dec. 3
Stock dividend
•el
Mar.3
Liggett & Myers Tob.. pref.
13-4 Apr. 1 Holders of rec. Mar. 100
Lily Tulip Cup Corp.. pref. (guar.)
$1.75 Star. 31 Holders of rec. Mar. 8
Lindsay Light, pref (guar
•114 Mar. 3 *Holders of rye Mar. 15
Lion Olt Refining. corn. (guar.)
•50e. Apr. 2 •Holriers of roe. Mar. 27
Liguld Cat bonle Co., corn. Plum.)
Holders of tee. Apr. 194
SI
May
Brothera. pref. (guar.)
.31.50 Apr.
•11(driers of rec. Mar. 15
Locomotive Firebox (guar.)
•50e. Apr.
'Holders of rec. Mar. 15
Extra
•25e. Apr.
*Holders of roe. Mar. 15
Loew's Inc., corn (guar.)
75e, Mar.3 Holdern of roe. Mar. 144
Loose-Wiles 111..cult. corn. (guar.)
65e. May
Holders of roe. Apr. 180
Common (extra)
100. May
Holders of ree. Apr. 18a
First preferred (litter.)
lh Apr.
Holders of roe. Mar. 180
Lord & Taylor, eon). (guar.)
234 Apr.
Holdern of rec. Mar. 17]
Lorillard (P.) 5: Co., pref. (guar.)
Holders of rec. Mar. 156
134 Apr.
Loudon Packing. corn. (guar.)
.75c. Apr.
*Holdern of rec. Mar. 14
Louisiana Oil Refg. pref. (qua?.)
144 May 15 Holders of ree. Stay la
Ludlow Typograph. rem. (guar.)
*500. Apr. 1 'Holders of rec Mar. 21
•25c. Apr. 1 *Holders of roe Mar. 21
Common (extra)
Preferred (guar
•141 Apr. I *Holders of ree Mar. 21
1978
Name of Compaq,.
Per
When
Cong. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
50e. Apr. 1 Holders of rec. Mar. 20a
Ludlum Steel common (guar.)
51.825 Apr. I Holders of rec. Mar. 20a
Preferred (guar.)
•1% Apr. 1 *Holders of reo. Mar. 22
Lunkenheimer Co.. pref. (guar.)
*el Apr. 15 *Holders of reo. Mar 15
Macfadden Publications. corn
$1.50 Mar. 31 Holdcrs of rec. Mar. 150
• Mack Trucks, Inc., corn. (guar.)
'37(40 Apr. 15 "Holders of rec. Mar. 31
Magnin (11.) Co., corn.(guar.)
'134 May 15 •Holdets of roe. May 5
Preferred (guar.)
*IA Aug. 15 "Holders of reo. Aug. 5
Preferred (guar.)
•13,4 Nov 15 *Holders of tee. Nov. 5
Preferred (guar.)
*1% Mar 31 'Holders of roe Mar. 24
Magor tar Corp. prat. (guar.)
*550. Apr. 15 *Holders of rec. Apr. 1
Mahon (R. C.) Co., Pref. (quar.)
Matthews(H. R.)& Co.. Inc., pf.(uW.)- 1% Apr. 1 Holders of res. Mar 200
Apr. 1 Holders of rec. Mar. 170
Manhattan Shirt pref. (guar.)
Mauer:hewn'(B.) Co.
June 1 'Holders of rec. May 20
Corn (pay In corn, stock)(quar.)---- ft
4.14 Apr. 1 *Holders of rec. Mar.20
Preferrexi (guar.)
•13( July 1 'Holders of rec. Mar. 20
Preferred (guar.)
Apr. 1 *Holders of reo. Mar. 20
Manning. Bowman & Co.. el. A (qu.)__ •37
'12%c Apr. 1 *Holders of rec. Mar. 20
Class B (guar.)
•75o Apr. 1 *Holders of rec. Mar. 14
Mapes Consolidated Mfg.(guar.)
50o Apr. 10 Holders of rec. Mar. 18
Margay Olt Corp.(qual.)
*30o Mar.31 "Holders of rec. Mar. 1
Marine Midland (guar.)
Marks Bros. Theatres, pref. (qual.).... *500 Apr. I *Holders of reo. Mar. 22
Marlin-Rockwell Corp.. Coln.(guar.).
- 500 Apr. I Holder. of roe. Mar. 220
50c Apr. 1 Holders of roil. Mar. 226
Common (extra)
*lc. Mar,25 *Holders of tee. Mar. 15
Mascot Oil (monthly)
500 Apr. 1 Holder(' of tee Mar. 140
Mathieson Alkali Works, corn.(guar.).
1)4 Apr. 1 Ho!dera of reo. Mar. 140
Preferred
25c Apr. 1 Holders of reo. Mar. 14
Maud Muller Candy Co.(qual.)
May Department Stores
Common (payable In common stock). fl 1( June 2 Holders of reo. May 156
Common (payable In common stock)_ 11 34 Sept. 2 Holders of rec. Aug. Ida
1 Holders of rec. Nov. 150
Dec./14
Common (payable in common stock)
3734e Apr. 1 Holders of rec. Mar. 156
Maytag Co. common (guar.)
62310 May 1 Holders of rec. Apr. 19a
McCall Corp.(guar.)
McCord Manufacturing, pref.(guar.).- •1% Apr. 1 *Holders of reo Mar. 20
*50o. Apr. 1 *Holders of rec. Mar. 20
Debenture stock (g liar.)
McCord Radiator & Mfg., Cl. A (rm.)... *75o. Apr. 1 *Holders of reo. Mar. 24
50o. Apr. 1 Holders of rec. Mar. 200
McGraw Hill Publishing (guar.)
- *50o. Apr. 1 *Holders of rec. Mar. 20
McGraw Electric Co., com. (guar.).
Apr. 1 Holders of eee. Mar. 154
$1
McKeesport Tin Plate (guar.)
McLellan Stores. Inc., pref. A & B (qu.) 1% Apr. 1 Holders of rec. Mar. 20a
50o. Apr. 1 Holders of rec. Mar. 22
(guar.)
McQuay Norris Mfg.
Apr, 1 Holders of rec. Mar. 22
1
Stock dividend
75o. Ace. 1 Holders of rec. Mar. iba
Mead Johnson & CO., corn.(guar.).-25o. Apr. 1 Holders of rec. Mar. 15a
Common (extra)
Mercantile Discount Corp.. pref. A (qu.) •500. Apr. 1 *Holders of rec. Mar. 16
Merchants & Mfrs. Secur. corn. A (go.) •3734e Apr. 1 *Holders of rec. Mar. 15
•31.75 Apr. 15 *Holders of rec. Apr. 1
Prior preferred (guar.)
Merchants es Miners Tramp.(QUIZ.).. •62340 Mar. 31 *Holders of rec. Mar. 8
$2
Apr. 1 Holders of rec. Mar. 17
Merck Corporation pref. (guar.)
$1.50 Mar. 31 Holders of rec. Mar. ba
Mergenthaler Linotype (guar.)
250. Mar. 31 Holders of rec. Mar. 50
Extra
40o. Apr. 1 Holders of reo. Mar. 15
Mesta Machine, corn. (quay.)(No.
100. Apr. 1 Holders of reo. Mar. 15
Common (extra)
Paving Brick, pref.(guar.) 1% Apr. 1 Holders of rec. Mar. 14
Metropolitan
Apr. 21 Holders of rec. Mar. 31a
23
Mexican Petroleum, corn. (guar.)
$20 Apr. 21 Holders of reo. Mar. 316
Common (extra)
Apr. 21 Holders of rec. Mar. 31a
2
Preferred (guar.)
Mid-Continent Petroleum,eom.(rm.).-- •500. May 15 *Holders of rec. Apr. 15
75c. Apr. 1 Holders of rec. Mar. 25a
Midland Steel Products, new corn. (OIL)
Apr. 1 Holders of rec. Mar. 25a
2
New first pref. (guar.) (No. 1)
--- •500. Apr. I *Holders of rec. Mar.25
New second pref. (guar.) (No. 1)
(in
Midland United Corp.com. corn.stk.) 113.4 Mar. 24 Holders of rec. Mar. 1
Apr. 1 Holders of roe. Mar. 15
61
Midvale Co.(guar.)
Milgrim (H.) & Bros., Inc., pref.(guar.) 1'.4' Apr. 1 Holders of reo. Mar. 15a
'8734c Apr. 1 "Holders of reo. Mar. 15
Miller & Hart. Inc., pref. (guar.)
50a. Apr. 1 Holders of reo. Mar. 15
Miller
dc Sons, corn. (guar.)
•25C. Apr. 1 *Holders of rec. Mar. 15
Manor, Inc.(guar.)
•75c. Apr. 1 *Holders of rec. Mar. 14
Minneapolis Consol. Mfg.(guar.)
Mock, Judson & Voehringer Co. pf.(qu.) 1% Apr. 1 Holders of rec. Mar. 15
75c. Mar. 31 Holders of rec. Mar. 100
Mohawk Carpet Mills, corn.(guar.)
31.75 Apr. 1 *Holders of rec. Mar. 20
Montgomery Ward & Co.. class A (go.). 4
2
Mar. 26 Holders of reo. Mar. 20
Mortgage-Bond Co. (guar.)
Apr. I *Holders of rec. Mar. 27
•2
Mortgage Guarantee Co.(guar.)
12340 Apr. 10 Holders of rec. Mar. 31
Monarch Royalty. pref. A (mthil.)
134o. Apr. 10 Holders of ree. Mar. 31
Preferred (monthly)
•37140 Apr. 1 *Holders of rec. Mar. 7
Monroe Chemical, corn.(guar.)
*87%0 Apr. 1 *Holders of reo. Mar. 7
Preferred
3110. Apr. I Holders of rec. Mar. 100
Monsanto Chemical Co.(guar.)
el% Apr. 1 Holders of rec. Mar. 100
Stock dividend
250. Apr, 1 Holders of rec. Mar. 14a
Moore Corp., Ltd.,common (guar.)
134 Apr. 1 Holders of reo. Mar. 140
Preferred A & B (guar.)
81740 Mar. 31
Moreland Motor Truck. prof.(QUIZ.)
•150. Mar. 3 "Holders of reo. Mar. 14
Moreland 011,class B (guar.)
'Sc. Mar. 31 *Holders of rec. Mar. 14
Class B (extra)
Holders of rec. Mar. 20
% Apr.
Motor Products Corp. (guar.)
Holders of roe. Mar. 15a
40o. Apr.
Mountain Producers (guar.)
•1% Apr.
*Holders of rec. Mar. 20
Munsingwear Corp.. pref. (guar.)
52 Apr. 2 Holders of rec. Mar. 22
Murphy (G. C.) Co., pref. (g11.)
500. Mar.81 Holders of roe. Mar. 14a
Myers(F E.) & Bro. Co.. corn.(guar.)
1% Mar. 31 Holders of reo. Mar. 15
Preferred (guar.)
*Holders of rec. Mar. 17
Naehman-Springfield Corp. (qUar.)---- Me. Apr.
Holders of ree. mar. 17
1% Apr.
Nashua Mfg.. Prof.(guar.)
'Holders of ree. Mar. 17
*55o. Apr.
National Battery pref. (guar.)
Holders of rec. Mar. 200
National Biscuit, corn. (1110 Par)(guar) 700. Apr. 1
Holder. of ree Mar. 21s0
eorn.($25 Pan MOW.) $1 75 Apr. I
National
Holders of ren Mar 15
400. Apr.
Nat. Breweries, new awn.(go.)(No. 1)
Holders of reo. Mar IS
44o. APT.
New Preferred (guar)
Holders of ree. Mar. 12
50e. Apr.
National Candy. corn (gum.)
Holders of rec. Mar. 12
1% Apr.
nen and second pref. (fluor.)
Holders of rec. Mar. 13
20e. Apr.
Clem Credit Assn.. corn.(qu.)National
Holders of rec. Mar. 13
Apr.
(I)
Corn.(2-100tha share emu.stock).
Holders of rec. Mir. 13
150. Apr.
Preferred (guar.)
Holders of rec. Mar. 13
20c. Apr.
Preferred (extra)
Holders of ree. liar. 13
Preferred (3-100ths at. pref. stock).-- (I) Apr.
Holders of coo. Mar. 30
corn.(qu.). 60o. Apr.
Nat. Dairy Products Corp..
twiner', or tee Mar 3a
Arm.
ri
Corn tpayarde in corn stock (guar.).
Holders of rec. June So
July
Corn (Payable in corn stock)(Qual.). fl
Holders of ice. Seor 36
Oct.
Corn (peyahle in corn. stock)(Qual.). ft
•14.4 Apr.
*Holders of rec. Mar. 3
Preferred A (guar.)
Holders of reo. Mar. 1541
(No.1) 50e. Apr.
corn.(guar.)
Nat. Depart. Stores,
50e. Mar. 3 Holders of ree Feh. 21t•
Nat Emmeline & Stog. (guar
*Holders of ice. Mar. IS
•500.
National Erie Co. class A (guar.)
1% Mu.3 Holders of rec. Mar. 14a
National Lead. corn. (guar.)
Mar. 3 Holders ot rec. Mar. 14a
3
Common (extra)
Holders of roe. Apr. itto
1% May
Preferred 11 (guar.)
1% Mar.3 Holders of rec. Mar. 17
National Licorice. pref.(guar.)
Holders of rec. Mae. 14
Apr.
2
National Refining. Prof• Siturra
*Holders of rec. Mar. 15
•75o. Apr.
National Securities. pref. A (guar.)
*Holders of rec. Mar. 20
.
1,75c. Apr.
National Standard Co., corn. (qual.)
Holden' of rec. Mar. 20
50c. Apr.
National Steel Car (guar.)
Holders of rte. Mar. a
600. Apr.
Nat Sugar Refining (guar.)
134 Mar.3 Holders of rec. Mar. 214
National Supply. pref. (guar.)
Holders of reO. Mar. I8a
$1.25 Apr.
National Surety (guar.)
Holders of rec. Mar. 140
600. Apr.
National Tea, corn. (guar.)
Holders of rec. Mar. 19
40e. Apr.
Neet, Inc., class A (guar.)
Holders of rec. Mar. 19
Class us (special)
400. Apr.
Holders of reo. Mar. 15a
Neisner Bros (guar.)(No. 1)
40e. Apr.
*Holders of rec. Mar. 20
Nelson (Herman) Corp.(guar.)
*50o. Apr.
Nevada Como!. Copper Co.(wawa.
750. Mar.3 Holders of rec. Mar. 14a
-Holders of rec. Mar. 17
Newberry (J. J.) Co., atm. (guar.).
- 27340 Apr.
.
*Holders of reo. Apr. 16
Newberry (J. J.) Realty. pref. A (an.)
ol% May
"Holders of rec. Apr. 16
•13( May
Preferred B (guar.)
Newcastle
-Upon-Tyne Elec. Supply
"Holders of rec. Mar. 14
•tr33.4 Apr.
Amer dep.rights ord.reg.she
Newton Steel,corn.(guar.)
75c. Mar. 3 Holders of rec. Mar. 204
Preferred (guar.)
13.4 Apr. 30 *Holders of rec. Apr. 15
New Britain Machine,corn.(guar.)
*3756c Mar. 31 *Holders of rec. Mar. 15
New Raven Clock, Corn.(gum.)
*37340 Apr. 1 *Holders of reo. Mar. 21
$1.25 Apr. 29 Holders of rec. Apr. 15
New York Hamburg Corp
[VOL. 130.
FINANCIAL CHRONICLE
Name of CO1wPastI
Pet
When
ass. Panels.
Boots Closed
Days iscJusioe.
Miscellaneous (Continued).
50c. Apr, 1 Holders of rec. Mar.21
N. Y. Title & Mtge.(guar.)
400. Apr. 15 Holders of rec. Mar.21
New York Transit (guar.)
10o. Apr, 15 Holders of ree. Mar.21
Extra
ewe Mar 28 *Holders of rec. Mar. 13
N Y. Transportation, (guar.)
50o Ape. 1 Holders of rec. Mar. 15
Niagara Wire Weaving. corn
750 Apr. 1 Holders of reo. Mar. 15
Preferred (guar.)
Nickel Holding Corp.. corn. (ellar.)---- *80o. Mar. 31 *Holders of rec. Mar. 1
*500 Mar. 31 'Holders of rec. Mar. 21
Niles-Bement-Pond common (guar.)
*25e. Mar. 31 *Holders of rec. Mar. 21
Common (extra)
•50c. June 30 *Holders of rec. June 20
Common (guar.)
•50e. Sept. 30 *Holders of rec. Sept. 20
Common (guar.)
•50e. Dec. 3 'Holders of rec. Dec. 20
Common (guar.)
'Holders of rec. Mar. 20
*750. Apr.
NoblItt-Sparks Industries,corn.(qu.)
*el% Apr.
*Holders of rec. Mar. 20
Nobiltt-SParke industries tin stock)
'Holders of rec. June 20
'el(4 July
Stockdividend
tot
'Holders of rec Sept.21)
*el
Stock dividend
40c. May
Holders of roe. Apr. 15
Noma Elec. Corp.(guar.)
Holders of rec. Mar. 15
76c Apr.
Nora oda Miners(guar.)
*Holders of rec. Mar. 17
North American Creameries, el. A (MI.)- *36e Apr.
810e Apr.
*Holders of rec. Mar. 20
North American Oil Como!.(mthly.)
*Holders of reo. Mar. 10
No. Central Texas 011. pref.(quar.)...• 31.826 Apr.
•68 2-3e Apr.
'Holders of rec. Mal. 15
Northern Disc., pref. A (mtblY)
•66 2-3c May
*Holders of rec. Apr. 15
Preferred A (monthly)
•862-3c June
'Holders of rec. May 15
Preferred A (monthly)
•66 2-3c July
*Holders of ree June 15
Preened A (monthly)
•66 2-3e Aug.
*Holders of icc. July 16
Preferred A (monthly)
•662.50 Sept. 'Holders of re. Aug. 15
Preferred A (monthly)
•66 2-3c Oct.
*Holders of rec. Sept.15
Preferred A (monthly)
•66 2-3c Nov.
*Holders of tee. Oct. 16
Preferred A (monthly)
•662-50 Dec.
*Holders of rec. Nov. 15
Preferred A (monthly)
*450 &pr.
*Holders of rec. Mar.20
Northwest Bancorporation (guar.)
*Holders of rec. Mar.20
- •500 Apr.
Novadel-Agene Corp.. corn.(guar.).
•134 Apr.
'Holders of rec. Mar.90
Preferred (guar.)
no Mar.
*Holders of reo. Mar.20
Occidental Petroleum
•50o .4pr. 15 *Holders of roe. Apr. I
Ocean Spray Press, A
*3% Apr. 15 *Models of roe. Apr. 1
Preferred
"11.50 May I *Holders of res. Apr. 30
Ogglesby Paper pref.(lum.)
•$115 Aug. I *Holders of rec. July 90
Preferred (guar.)
•51.50 Nov. 1 *Holders of rec. Oct. 30
Preferred ((Mora
$2 Apr. 1 Holders of rec. Mar. 20
Ogilvie Flour Mills,corn.(guar.)
134 Apr. I Holders of reo. Mar. 14
Ohio Seamless Tube, pref.(qua?.)
Oliver Farm Equipment, prior pfd•A (qu) $1.50 Apr. 1 Holders of rec. Mar. 10a
750 Apr. 1 Holders of rec. Mar. 104
Cony. partio. stook (guar.)
*500 Apr. 1 !Holders of rec. Mar. 20
Oliver United Filters, clams B (qual.)
Apt. 1 Holders of reo. Mar. 140
2
Omnibus Corp., pref. (guar.)
•750 Are. 1 *Holders of rec. Mar. 20
Ontario Mfg., corn. (guar.)
*154 ltpr. 1 *Holders of rec. Mar.20
Preferred (qua!)
Apr. 1 Holders of rec. Mar. 195
2
Orpheum Circuit, pref. (guar.)
62340. Apr, 15 Holders of rec. Mar. 31
Otis Elevator, new corn. (guar.)
134 Apr. 15 Holders of rec. Ma?. 31
Preferred (guar.)
62140 Apr. 1 Holders of rec. Mar. 19
Otis Steel, corn.(guar.)
134 Apr. 1 Holders of rec. Mar. 19
Preferred (guar.)
1% Apr. I Holders of rec. Mar. 16
Owens Illinois Glass. prof.(qua!)
Pacific Indemnity, new $10 par stk.(au) •350. Apr. 1 "Holders of rec. Mar. 15
•50o. Apr. 1 *Holders of rec. Mar. 20
Pacific Mutual Co.(guar.)
$1 25 Apr. 1 Holders of roe. Mar. 20
Page-Hershey Tubes, corn (qu.)
134 Apr. 1 Holders of reo. Mar.20
Preferred (guar.)
Mar.27 Holders of reo. Mar. 17
$1
Paraffine Companies. Ino. (Wear.)
750 Apr. 1 Mar. 22 to Apr. 1
Paragon Refining, class A (quar.)
Paramount Famous Lasky COrPMar. 29 Holders of reo. Mar. 75
$1
Common(guar.)
1
.250 Mar. 31 *Holden of rec. Mar. 20
Parke, Davis ds Co.(guar.)
0100 Mar. 31 *Holders of rec. Mar. 20
Extra
730 Apr. 14 Holders of reo. Mar. 29a
Park & Tilford, Inc. (otter.)
Apr. 14 Holders of rec. Mar. 29a
1
Stock dividend..
Parmelee Transportation corn.(mt/11.9.)- 12340 Apr. 10 Holders of reo. Mar. 28a
081.50 Apr. 1 *Holders of rec. Mar.81
Preferred (guar.)
250 Apr. 1 Holders of rec. Mar. 15
Ponder(D.) Grocery Co.. dead B (qu.)
250 Apr, 1 Holders of rec. Mar. 15
Class B (extra)
134 Apr. 1 Holders of reo. Mar. 144
Penick es Ford, pref. (Qual.)
$1 May 15 Holders of rec. May 6
Penmans. Ltd., corn. (guar.)
Holders of rec. Apr. 22
114 May
Preferred (guar.)
750 Mar,3 Holders of rec. Mar. 200
Penney (J. C.) Co..corn.(guar.)
1% Mar,3 Holders of rec. Mar.20a
Preferred (guar.)
el% Apr.
*Holders of rec. Mar. 20
Penn•Federal Corp., pref. (guar.)
•254 Apr.
*Holders of rec. Mar. 8
Peoples Drug Stores, corn (Qua?.)
*Holders of rec. Mar. 20
*500 Apr.
Perfect Circle. corn.(guar.)
"37% Mar.3 'Holders of reo. Mar.20
Perfection Stove(monthly)
•Holders of rec. Mar. 20
Apr.
oil
Perrnutit Co., corn. (guar.)
Apr.
'Si
•Holrlers of rec. Mar. 20
Common (extra)
Holders of rec. Mar. lla
3714e. Apr.
Pet Milk. corn. (guar.)
Holders of reo. Mar. 11
134 Apr.
Preferred (guar.)
Holders of rec. Mar. ea
760. Apr.
Phelps Dodge Corp. (guar.)
'Holders of rec Mar. 20
Phila. Dairy Prod, prior pfd. (qual.)..' $1,625 Apr.
Holders of rec. Mar. 19
40c. Apr.
Philippe (Louls) Inc • clime A (qual.)..100. May
Holders of rec. Apr. 18
Class A & B (special)
Holnera of rec. Mar. 144
50e. Apr.
Phillips Petroleum (qua?.)
*20C NW.25 *Holders of ree Mar. 15
olekvdek Corp ec preferred (qual.)
Holders of rec. Mar. 15
50e. Apr.
Pie Bakeries of Amer.,class A (qual.)
154 Apr.
Holders of rec. mar. 16
Preferred (guar.)
Holders of reo Mar. 18
3710 Apr.
Pierce Go% tTnor ('lilac.)
30e. Apr.
Holders of rec. Mar.20
Pilot Radio & Tube, clans A (quar.)
*50e Apr.
'Holders of rec. Mar. 15
Pittsburgh Plate Glee (guar.)
*Holders of rec. Mar.25
Apr.
*31
Pittsburgh Steel, Own Mum./
'holders of rec. Mar. 20
•13.4 Apr.
Pittsburgh Steel Foundry (qua?.)
25e, Apr.
Holders of rec. Mar. 22
o.
Polyrnet Mrs. Corp.,Irn (MUM)
Apr,
Holders of rec. Mar. 22
Common (payable n common stock).- fl
- I% Apr. 10 Holder's of ree. Mar. 203
Porto Rican Amer Tohae.Cl. A (WSJ
Al Si Apr. If) Holders of rec. Mar. 206
Clang A (acecount'Locum. dive.)
I "Holders of rer Mar. 15
Powrirell & Alexander co. prof. (qual.) •134 Apr
50e. Mar. 31 Holders of rec. Feb. 284
Prairie 011h Gas(oliar )
754. Mar,31 Holden. of ran. Feb. 284
Prelrle Pipe 1.1110 (quar3
50c. Mar.31 Holders of rec. Feb. 284
Extra
Apr. 1 Holders of rec Mar. 15
$1
Pratt h Lambert. Inc (guar.'
Sc, Apr. 4 Holders of rec. Mar. 12
(qual.)
Premler Gold Mining
134 Mar. 31 Holders of reo Mar. la
Pressed Steel Car, and.(qua?.)
,
14 Apr, I Holders of rec. Mar. 15
Price Bros. & Co., Ltd.. corn.
134 Apr. 1 Holders of rec. Mar. 15
Preferred (quilt.)
Apr, 15 Holdars of rec. Mar. 254
- 2
Procter & Gamble,8% pref.(guar.).
14 Al'!. 1 Holders of rec. Mar. 10
Pure (111. 5(4% pref.(guar.)
14 Apr, 1 Holder. of reo. Mar. 10
6% Preferred (quer.)
Apr. 1 Holdere of rec. Mar. 10a
2
5% preferred Borne)
Apr. 15 *Holders of rec. APr. 1
•21
Quaker Oats, corn. (guar.)
Apr. 1.5 *Holders of reo Apr. 1
e$4
Common (extra)
'Holders of rec. APT. 1
Common (payable in common stook) 120
•13.4 May 31 "Holders of reo. May 1
Preferred (guar.)
Redio Corp of Amer. pref. A BIllor.)-- 874e. Apr. 1 Holders of rec. Mar. la
$1.25 Apr. I Holders of roe Mar. la
Preferred B (guar.;
July 15 *Holders of rev. July 1
"e5
Rapid Electrotype, stock dividend
*Holders of rec Mar. 20
•50e. Aar.
Halls Packing, corn (.mar.)
Holders of rec. Mar. 135
$1.25 Apr.
Real Silk Hosiery Mills. corn. (qua?.)
Holders of rec. Mar. 134
134 Apr.
Preferred (oiler.)
Holders of rec. Mar. 16
35C. Apr.
Reece Button Hole Machine (rinor.).--50. Apr.
Holders of rec. Mar. 15
Reece Folding Machine (guar.)
*Holders of rec. Mar. 20
•134 Apr.
Regal Shoe, pref.(guar.)
373.4o Apr.
Holders of rec. Mar. 20
Reliance Mtg. of lila., corn.(flue?.)
Holders of rec. Mar. 20
154 Apr.
Preferred (quar.)
Holders of reo. Mar. 14
Apr.
el
Reliance Mfg. (Ohio). eom• (Qunr•
)--Holders of reo Mar. 84:
40o. Apr.
Remington-Rand, Inc., oom
1% Apr.
Holders of rec. Mar. 8a
Flret preferred (guar.)
Holders of reo. Max'. 86
Apr.
2
Second preferred (lum.)
*Holders of rec. Mar. 84
'134 Apr.
RemIngt,on Typewriter, corn.(011ar.)
Holders of rec. Mar. 84
134 Apr.
First preferred (guar.)
Apr.
Holders of rec. Mar. 136
2
Second preferred (guar.)
20o. Apr.
Holders of rec. Mar.104
Reo Motor Car (guar.)
*Holders of rec. Mar. 15
*350. Apr.
Republic Investing. oret.(qu.)
124
Holders of reo. M.
Republic Iron & Steel, pref. (guar.).
- 154 Apr.
*750. Apr. 1 *Holders of res. Apr. I
Republic Supply (guar.)
•75e July I *Holders of rec. July I
Quarterly
*75e. Oct. 1 *Holders of ren Oet. I
Quarterly
*Holders of rec. Mar. 15
Research Investment Corp., pref. (qu.). *760. Apr.
MAE.22 1930.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cora. Payable.
Boots Closed.
Days Includes.
1979
Pee
Name of Company.
When
Payable.
Boots Mooed
Days Inausiso.
albreeibineous (COriffnued).
Miscellaneous (Continua).
Holders of rec. Mar. 10a 'Torrington Co. (quar.)
Revere t lopper & Brass. arse A (guar.)
Apr.
51
75e. Apr. 1 Holders of rec Mar. 14
Preferred (guar.
Holders of rec. Apr. 106
51.75 May
Extra
50o Apr. 1 Holders of roe. Mar. 14
Reynolds (R. .I.) Tobacco
Transonotinental 011 (new)
•300. May 1 *Holders of rec. Apr. 15
Common and common B (quar.)
750. Apr.
Holders of rec. Mar. 18a Traung Label A Lithograph. el. A (qu )'3794r June 15 'Holders of rec. June 1
Rice Stix Dry Goods. corn. (quiz.)
Holders of roe. Apr. 15
3736o. May
Class A (guar.)
•3794e Sept. 15 *Holders of rec. Sept. 1
on First and second preferred (guar.).
Holders of rec. Mar. 15
Class A (guar.)- 14 Apr.
'3714i' Dec. 15 *Holders of rec. Dee. 1
Richfield OIL pref. (quar.)
•Holders of rec. Apr. 5
Tr -Continental Corp.. pref.(Quit.)
1434c May
8$1.50 Apr. I *Holders of roe. Mu. 14
Richman Bros.. corn.(guar.)
Holders of roe. Mar 25
Trier, Products (guar.)
75e Apr.
5294c Apr. 1 Holders of tee. Mar. 184
Rich's. Inc.. pref. (Qum.)
Trl-National Trading Corp., pref.(qua
•14 Mar.30 •Holders of rec. Mar. 15
14 Apr. 9 Holders of rec. Mar 21
Hike Kurnter Co
'Holders of rec. Mar. 15
I'd-Utilities Corp.. eons (41u.)(No. 1)-- *30e. Apr. 1 *Holders of roe. Mar. 15
•550 Apr.
Ritter Dental mtg.. corn.(quar.)
Holders of rec Mar. 20a
Common (payable In common stock). oft
6234e Apr.
Apr. 1 *Holden of roe. Mar. 18
Ross Gear & Tool,corn.(quiz.)
'Holders of rec. Mar. 20
$3 preferred (quar.)
.750. Apr.
75e. Apr, 1 Holders of rec. Mar. 14
Royal Baking Powder, corn.
Holders of rec. Mar 104 Trumluzli-ClifIs Furnace. pref. (guar.)
250. Apr.
1 si Apr. 1 Holr,ers of rec. Mar. 20
r Preferred (guar.)
Holders of rec. Mar. lea Trus000 Steel, corn (quar.)
I 94 Apr.
30e. Apr. 15 Holders of rec. Mar. 266
Safety Car Heat. & Lighting (quar.)
"Holdere of rec. Mar. 14
Twenty Wacker Drive Corp.. pref.(w.) '51.50 Apr. 15 "Holders of rec. Mar. 111.
Apr.
*2
gateway Stores. corn. (guar.)
Holders of rec. Mar. 126 Underwood Elliott Fisher Co.,corn.(q.) $1.25 Mar. SiHolders of fee. Mar. 124
t11.25 Apr,
6% preferred (guar.)
Holders of rec. Mar. 124
Preferred (quar.)
14 Mar. 31 Holders of rec. Mar. 124
14 Apr.
op y% preferred (qua?.)
Holders of ree. Mar. 150 Union Carolde & Carbon (guar.)
14 Apr.
65e. Apr. 1 Holders of roe. Feb. 2134
St. Joseph Lead Co. (qear.)
Union Metal Mfg.(guar.)
50e Apr.I Holders of roe. Mar. 20
50e. June 2 June 10 to June 20
Extra
r
Extra
Holders of roe. M.
25e. June 20 June 10 to June 20
a .20
Quarterly
Union Storage CO.(guar.)
50e. Sept. 2() Sept 10 to Sept.21
•624C A Deaf 15 *Holders of roe. May 1
250
M
Extra
Quarterly
.62 Sic Aug. 15 *Holders of rec. Aug. 1
250. -not.20 Sept. 10 to Sept.21
Quarterly
Quarterly
'62!4e Nov. 15 *Holders of rec. Nov. 1
50c Dec. 20 Dec. 10 to Dec. 21
Extra
Unit Corporation. pref (guar
50r. Apr. 1 Holders of rec. Mar. 20
250 Dec. 20 Dee 10 to Dec. 31
St. LOUIR Nat.Stock Yards, pref.(qtr.).- *2
United Aircraft & Transport, pref.(qu ) 75e. Ave. 1 Holders of roe. Mar. 13e
Apr. 1 *Holden of rec. Mar.22
St. L. Rocky Mt. & Prie.Co. com.(qPL)
50c. Apr. 1 Holders of rec. Mar. 154
50c. Mar. 31 Holders of rec. Mar. 15a United Carbon, corn. (Oust.)
OM Preferred (quar.)
. 334 July 1 'Holders of rec. June 13
0
Preferred
14 Mar. 31 Holders of rec. Mar. 15c
St. MarirIce Valley Corp.. Prof.(dam.)
14 Apr. 1 Holders of rec. Mar. 14
United Dyewood Corp.. pref. (guar.)... 144 Apr. 1 Holders of rec. Mar. 13a
Salt Creek Consol 011 (quar.)
United Elastic Corp.(guar.)
*750. Mar. 24 *Holders of rec. Mar. 14
•10c. Apr. 1 *Holders of rec. Mar. 15
Sangamo Electric Co.. Corn.(guar.)---United Founders Corp. common
50e. Apr. 1 Holders of rec. Mar. 10
(8) Apr. I Holders of rec. Mar. 12
Preferred (guar.)
14 Apr. 1 Holders of roe. Mar. 10
$1
Apr. 1 Holders of roe. Mar. 36
United Fruit (guar.)
Sarnia Bridge, class A (guar.)
United Piece Dye Works,corn.(qua?.)
500. May I Holders of rec. Apr. 151
•50e. Apr. 1 *Holders of roe. Mar. 15
Class B (interim)
Common (guar.)
•250. Apr. 1 *Holders of roe. Mar. 15
50c. Aug. 1 Holders of rec. July 154
Savage Arms, pref.(aura.)
•14 May 15 'Holders of rec. May 1
Common (guar.)
50o. Nov. 1 Holders of rec. Oct. 154
Behlage Lock, corn. (quar.)
•15o. Mar. el *Holden; of rec. Mar. 15
Preferred (guar.)
14 Apr. 1 Holders of reo. Mar. 1104
Sehletter & Zander. Prof. (guar.)
Preferred (guar.)
•874c May 15 *Holden of roe. Apr. 30
14 July 1 Holders of reo. June 200
Schulte Retail Stores. prof. (guar.)
Apr. 1 Holders of rec. Mar. 12a
2
134 Oet. 1 Holders of roe. Sept. 20o
Preferred (guar.)
Schulze Baking,cony. pref.(guar.)
750. Apr. 1 Holders of rec. Mar. 10
14 Jan2'21 Holders of roe. Dee. 206
Preferred (guar.)
Preferred (quar.)
14 Apr. 2 Holders of rec. Mar. 19
United Securities Ltd.. prof.(guar.)
134 Apr. 1 Holders of rec. Mar. 10
Scott Paper. corn.(guar.)
35e. Mar. 31 Holders of rec. Mar. 17a United Shoe Machinery. corn. (guar.)-- 6240. Apr. 5 Holders of rec. Mar. 18
Scoville Mfg. (quar.)
Holders of rec. Mar. 18
Preferred (guar.)
37140 Apr.
•21 Apr. 1 *Holders of rec. Mar. 17
Seaboard Utilities Shares Corp.,Del.(gt1) 12340 Apr. 1 Holders of reo. Mar. 10
United Thrift Plan
25e. Mar.31 Holders of roe. Mar.12
Sears, Roebuck & Co.,stock die.(on.)
May 1 Holders of roe. Apr. 14a United Verde Extension Mining (guar.). 51
May 1 Holders of rec. Apr. 2
al
SecondIntern. Sec. Corp. corn. A (gu.).50e. Apr. 15 Holders of roe. Mar.12
500. Apr. 1 Holders of rec. Mar. 15
U. S. Finishing, corn.(quar.)
First and second pref.(guar.)
Common (payable in common nook). f2
Apr. 15 Holders of roe. Mar. 12
750. Apr. 1 Holders of rec. Mar. 15
Second National Investors, Prof. (guar.) $1.25 Apr. 1 Holders of rec. Mar. 106
14 Apr. 1 Holders of rec. Mar.12
Preferred (guar.)
Selected Industries. Inc., prior Stk. (4111.) 51.375 Apr. 1 Holders of rec. Mar. 14a U. S. Foil. corn. A. & B.(guar.)
250. Apr. 1 Holders of rec. Mar. 144
Allot certificates, lit and 2nd pref...•5 1.034 Apr. 1 *Holders of rec. Mar. 14
Preferred (guar.)
134 Apr, 1 Holders of rec. Mar. 14o
Service Stations, clam A & B (quar.).--•400. Mar. 31 *Holders of rec. Mar. 15
650. Apr. 1 Holders of rec. Mar. 15a U.S.Gypsum,corn.(guar.)
Shaffer Stores (No. 1)
*14 Mar. 31 *Holders of rec. Max.15
Preferred (guar.)
•25o. Apr. 1 'Holders of roe. Mar. 22
Shattuck (Frank G.) Co.(flun)
14 Apr. 1 Holders of roe. Mar. 104
250. Apr. 10 Holders of rec. Mar. 206 U. S. Leather, pref. (guar.)
sg1
/Meatier(W.8.)Pens,ems.(guar.)
Prior preferred vol. trust certificates. 14 Apr. 1 Holders of rec. Mar. 10
Sept.15 *Holders of rec. Aug. 25
Sheffield Steel, corn. (guar.)
•$1.50 Apr. I *Holders of rec. Mar. 20
U. S. Lumber
50e. Apr. 1 Holders of rec Mar. 8
Common (payable in common stock)
Apr. 1 Holders of rec. Mar. 8
11
U. S. Pipe A Foundry,oom.(quar.)..... 34 Apr. 20 Holders of roe. Mar. 314
Preferred (quar.)
14 Apr. 1 Holders of rec. Mar. 21
214 July 20 Holders of rec. June 366
Common (guar.)
Shell Union 011 Corp., 00ln.
24 Oct. 20 Holders of rec. Sept. 200
no. Mar.31 Holders of rec. Mar. 66
Common (guar.)
Preferred (guar.)
14 Apr. I Holders of roe. Mar. 10a
234 Ja 20'31 Holders of rec. Dec. 315
Common (guar.)
Sherwln-Wms. Co.of Canada,oom.(gu ) 400. Mar.31 Holders of rec. Mar. 15
30c. Apr. 20 Holders of roe. Mar. 31e
First preferred (guar.)
Common (extra)
300. July 20 Holders of rec. June 300
First preferred (guar.)
5e. Mar.31 Holders of rec. Mar. 15
Preferred (guar.)
Mar. 31 Holders of roe. Mar. 15
30c. Oct. 20 Holders of rec. Sept. 300
First preferred (guar.)
Signal Oil& Gas,class A& B(War.)
300. .1'620'31 Holders of roe. Dec. 316
Apr. 10 *Holders of rec. Feb. 28
First preferred (guar.)
---Silent Automatic Corp.. prof
Ape. 1 Holders of ree. Mar. 25
t30c. Apr. 20 Holders of rec. Mar. 31a
6
Second preferred (guar.)
Sinclair Comm]. OIL, corn. (guar.)
t300. July 20 Holders of rec. June 30a
500. Ape. 15 Holders of roe. Mar. 154
Second preferred (guar.)
Singer Mfg.(guar.)
130o. Oct. 20 Holders of rec. Sept. 300
*24 Mar.31 *Holders of rec. Mar. 10
Second preferred (guar.)
Extra
1300. Ja 20'31 Holders of roe. Dec. 31.
1494 Mar. 31 *Holders of rec. Mar. 10
Second preferred (guar.)
Sloss-Sheffield Steel & Iron. pref.(qu.)
Apr. 1 Holders of rec. Mar. 20a U. S. Playing Card (guar.)
Apr. 1 'Holders of rec. Mar. 21
•21
Smith (L. C.) & Corona Typewriter
*50c. Apr. 15 *Holders of rec. Apr. 1
U. S. Radiator common (guar.)
Common (guar.)
•75e. Apr. 1 *Holders of rec. Mar. 22
'194 Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
Preferred (guar.)
•14 Apr. 1 *Holders of reo. Mar. 22
14 Mar. 31 Holders of rec. Mar. 20
U.S. Bobbin & Shuttle, pref.(guar.)
Southern Acid & Sulphur (guar.)
•75o. June 15 *Holders of reo. June 10
14 Mar.29 Holders of rec. Feb. 27e
United States Steel Corp. corn.(quar.)
Southern Dairies. class A (guar.)
374e.!Aar. 31 Holders of rec. Mar. 200 U. Tobacco,corn.(guar.)
Apr. 1 Holders of rec. Mar. 176
U.S.
21
Southern lee, Prof. A (Gear.)
14 Apr. 1 Holders of rec. Mar. 17a
*51.76 Apr. 1 'Holders of roe. Mar. 21
Preferred (guar.)
Southland Royalty(Qum.)
750. May 1 Holders of rec. Apr. 210
•250 Apr. I *Holders of rec. Apr. 1
Universal Leaf Tobacco coin. (guar.)
South Penn 011 (guar.)
Apr, 1 Holders of rec. Mar. 170
*50o Mar.3 *Holders of roe. Mar. 15
52
Preferred (guar.)
Extra
Apr. 1 Holders of rec. Mar. 24a
•12 14e Mar.3 *Holders of roe. Mar. 15
Universal Pictures, Inc., pref. (guar.)._ $2
South Porto Rico Sugar, corn. (quar.)._
Holders of roe. Mar. 106 Utah Copper Co.(attar.)
50e Apr.
$4 Mar. 31 Holders of rec. Mar. 14a
Preferred (guar.)
Holders of rec. Mar. 104 Utilities A Hydro Rails Shares(No. 1)._ •140. Apr. 1 *Holders of rec. Mar. 15
Apr.
2
Southwestern Dairy Prod. pref. (guar.). 4,14 Apr.
'Holders of rec. Mar. 10
Mar. 31 *Holders of roe. Mar. 20
oil
Vanadium Alloys Steel (guar.)
South West Pa. Pipe Lines(lum.)
Medal of rec. Max. 15
Apr.
$1
Van de Kamps Holland
Spalding (A 0 1 & Bros. corn. 0:111.1.--Holders of rec. Apr. in
•3734c Apr. 1 'Holders of ree. Mar. 11
50o Apr. 1
Dutch Rakers, corn. (guar.)
Soong. Chalfant & Co.. Prof. (quar,).,_. 136 Apr.
Holders of roe. Mar. 154
•Hoiders of rec. Mar. 11
50, pr:
•124e Apr1
Common (extra)
Sparks, Withlrigton & Co.,corn.(qu,)_.. 25c Mar. 3 Holder, of rot. Mar. 14a
'Holders ot roc. Mar. 15
Van Sick ienCorp.. clan A (guar.)
Square I/ Co.,class A (guar.)
•550 Mar. 3 Holder, of rec. Mar. 20
'134 June 1 *Holders of rec. June 1
Vapor Car Heating. pref.(guar.)
Standard Brands, corn. (lum.)
Holden of rec. Mar. 104
3714e Apr.
•14 Sept. 10 'Holder, of rec. Sept. 1
Preferred (guar.)
Preferred (guar.)
Holden of rec. Mar. 10o
•14 Doe. 10 'Holder, of roc Deo. 1
$1.75 AK.
Preferred (guar.)
Standard Dredging. Prof.(quiz.)..
'Holders of rec. Mar. 15
Holders of rec. Mar. 20
•50e Apr.
400. 5islar3
Vic:think Tool. corn.(Guar.)
Standard 011 (Kansas)(011ar•)
*500 Mar.3 *Holders of rec. Feb. 28
.50,5 ,
•$1.75 Apr, I 'Holden of rce. Mar. 20
Preferred (guar.)
Standard 011(0111o). corn. (eller.)
Holders of rec. Mar. 14
6234c Apr.
Apr. I 'Holders of rule Mar. 15
Vogt Mfg. Pular 1
Standard Steel Constr., Ltd. pf. A (qu.)
Holders of rec. Mar. 15
75o Apr.
Apr. I 'Holders of rec. Mar. 20
Vortex Cup Co. common (guar.)
Standard Steel Spring (guar.)
Mar.3 'Hollers or roe Mar 20
*51
Clan A (gnarl
'623.40 Apr. I 'Holders of rec. Mar. 20
Stanley Works(qua?.)
'Holders of rec. Mar. IS
•I12 tie Apr.
Apr. BS Builders of rem' Apr 106
Vulcan Detinning corn. & mm. A
Starrett I .. 8.) Co.,corn.(guar.)
(
50c Mar. 3 Holders of rec. Mar. 224
144 Apr. 19 Holders of roe. Apr. 104
Preferred and pref. A (guar.)
Common (extra)
25e Mar. 3 Holder" of rer. Mar. 22a Wain & Bond. chow R (guar.)
•10c Mar. 20 •Ilolders of roe. Mar. 15
Preferred (quer.)
•21.50 Mar.3 •Iloiders of rec. Mar. 22
Waldorf System. Inc.. own.((Mara
3794c Apr, 1 Holders of roc. Mar. 206
Starr,tr 'or') Tel.(gum.)
Holders of roe. Mar. 18
75e Apr.
Holden of rec Mar. 20
20c. Apr.
Preferred (Otter.)
Stearns(Frerrk)& Co.. Corn.(monthly)* 16 3-3c Mar.3 'Holder, of roe. Mar. 20
Heider* of roe Mar. VW
Walgrcen Co.. pref (quar.)
14 Apr.
Stein I A & Co.. Pref. (Oiler.)
•134 Apr. 1 *fielders of we Mar. 22
'Holders of rec. Mar. IS
•14 Apr.
Walthrun Watch. pref (Oleo.)
Sterling Motor Truck, Prof.(guar.)
*Holders of rec. Mar. 20
•50e Apr.
Walworth Co.. Pref.(Qom.)
•7 .Mar. 3 "Holders of rec. klar. 20
Slit, Baer A Fuller. corn. (guar.)
•Hfridere of rec. May 15
Ward Baking Corp.. pref.(qar.)
14 Apr. I Holden) of rec Mar. 176
'3794c June
Common (guar.)
'3714eSept. •Hoirtors of rec. Aug. 15
Warner-Quinlan Co..corn (guar.)
25e. Apr. 3 Holders of rec Mar. 140
Common Nu m.)
'Holders of rec. Nov. 15
Doe.
Holders ol rec. Mar. 17a
*37 94o
Warren Bros. common (guar.)
Stone (II. 0.) & Co. coin.(In own.stk.) •
*Holders of rec. June 16
July
15
Holders of roc Mar. 176
$2
First preferred (guar.)
750. Apr.
AP...
Stone & Webster. Inc.(guar.)
Apr.) Holders of rec. Mar. 10
$1
Holders of roe Mar. 170
Second preferred (goor.)
874e Apr.
Storkline Furniture, corn. (guar.)
•Holdera of rec. kf:tr. 20
0250 Apr.
Holders of roc Mar. 144
Warren Foundry A Pipe Corp
50c Apr.
Strawbridge & Clothier. pref. (gisar.)
'Holders of roe. Mar. IS
•134 Apr.
'Holders of rec. bier. 16
Wniikelha Motor common (guar.)
•750. A Pr.
Studebaker Mall Order. class A (guar.)
•Holdere of rec. Mar. 20
•50e. Apr.
Webeter-Kisenlohr Co., prof.(QU.)
Holders of rec. Mar. 204
14 Apr.
Submarine Signal Co
Holders of rec. Mar. 15
•}4 der. of foe. M Sr. 21
250. Apr.
Weilman-seaver.Morgan. pref. MIL)
- '$94 Apr.
Sullivan Machinery (guar.)
Allr. I
Apr.
to
51
Apr. 7
Wasson 011 & Snowdrift. Own. (qua?.)
Holders of roe Mar. 154
50e Ape.
Super-Maid Corp (nook dividend)
*Holders of roe. Apr. 31
May
*el
Wont Coast Oil(guar
•I14 Apr. 5 osielaers of ref,. Mar. 17
Bur/erten Petroleum, corn, & ord.(qu.)
Holners of roe Mar 15
200. Apr.
Western Breweries (guar.)
*2
Apr. I 'Holders of rec. liar. 15
Preferred A (guar.)
•Holders of roe. Mar. tit
031.75 Apt.
Western Electric. common (quer.)
Mar. 31 Holder, of roe. Mar. 25
51.
Preferred B (0ular.)
*Holders of rec. Mar. 16
'37340 API%
Western Grocers. Ltd pre
$1.75 Apr. 15 Holden of rec. Mar. 20
Swift & CO., old $100 per stock (quar,)_
Holders of rec. Mar. 10
Apr.
2
Holders of roe. Mar. 11
Wratrern Reserve Inverit tor.(guar.)..
prof (pls.). 14 Apr.
New $25 par stock (guar.)
Holders of rec. Mar. 10
50o. Apr.
Western Tarniet A Stationery. corn.(qu.) •50e. May I *Holders of roe. Apr 21
Taggart Corp., corn.(guar.)
•Holders of rec Mar. 15
•25e. Apr.
'Holders of roe Mar. 21e
Preferred (quer.)
*I% Ape.
Clan A (guar.)
'Holders of roe Mar. 15
•50c. Apr.
Weatinghourre Air Brake (guar.)
500. AM. 30 Holders of rec. Mar. 26
Preferred (guar.)
'Holders of rec. Mar. 15
81.75 Apr.
Westinghouse Elec. A Mfg Taylor Milling Corp.,corn.
Hoiders of eec Mar. 10
6240. Apr.
Common and preferred (quern)
(guar.)
Holders of roe. Mar. 11
Telephone Corporation (monthly)
*Holders of roe. Mar. 20
•200 Apr.
Westmoreland. Inc
*Holders of rec. Mar. 15
Apr.
Monthly
*Holders of ree. Apr. 20
•20o. May
Weston Electric Instrument (quar.)
Holders of rec. Mar. 21a
. e
3 . pP a
2
°
Monthly
'Holder, of rec. May 20
•20e. June
Clam A (Quiz.)
Holders of rec. al ar. 2I6
50o. Apr.
Monthly
*Holders of roe. June 20
•20c July
West Point Mfg.(lum.)
Holders of roe. Mar. 16
2
Apr.
Monthly
*20o. Aug.
*Holders of rec. July 20
Westvaco Chlorine Prod.. pref. (O81.)--- •14 Apr.
*Holders of rec. Mar. lb
Monthly
*Holders of rec. Aug. 20
*20e. Sept.
vi eaters Radio Stores-See note (e)
Monthly
*Holders of rec. Sept.20
•20o. Oct.
Wheataworth, Inc., corn. (War.)
*Holders of ree. Mar. 20
•25e. Apr.
Monthly
*Holders of rec. Oct. 211
•20o. Nov.
Whee'Ing -feel Corp., pref. A (guar.)._ 132
Apr.
'Holders of rec. Mar. 12
Monthly
'Holders of rec. Nov. 20
•20o. Deo.
Preferred B (guar.)
'holders of rec. Mar. 12
'23.4 Apr,
Texas Corporation (guar.)
750. API'.
Holders of roe. Mar. 7a Whitaker Paper, common (guar.)
.51.50 Apr.
'Holder, of rec. Mar. 29
Thatcher Mfg. common (guar.)
Holders of rec. Mar. 200
400. Apr.
•14 Apr,
P eferred (guar.)
*Holders of rec. Mar. 20
Thompson (J. R.) Co.(monthly)
Holders of rec. Mar.2 a Waite Motor Co.. corn.(guar.)
3043. Apr.
506. Mar.3 Holders of rec. Met. 120
Thompson Prorluota,new no par oom.(qu) 600. Apr.
Holders of rec. Mar 20a
White Motor 8e0nritles, pref.(guar.)
134 Mar. 3 Holders of rec. Mar. 12
Thomption'a Spa, Inc., $6 pref.(guar.)
Holders of rec. Mar, 10
51.50 Apr.
*624c Apr.
White Star Refining,corn.(guar.)
*Holders of rec. Mar. 15
Thompson-Starrett Co., Inc.. Prof.(gun) 87340 Apr.
Holdere of roe. Mar. lba
1,4 Apr.
Whitman(Wm.) Co. prof.(guar.)
Holders of rec. Mar. 21
Timken-Detrolt Axle, corn.(quar.)
Holders of rec. Mar. 20a Wilcox-Rich Corp.. class A (guar.)
200. APr.
62Sic Mar.3 Holders of rec. Mar. 200
Tide Water Assoc. Oil, pref.(guar.) --- 136 Apr.
Holders of rec. Mar. 144
Clue 13 (guar.)
500. Mar,3 Holders of rec. Mar. 20a
Tide Water Associated 011, semi-annual.
30c. Aug. 15 Holders of rec. July 310 Will & Boomer Candle. corn. (guar.)...
100. May 16 Holders of roe. May 1
Tide Water Oil, corn.(guar.)
20o. Mar. 31 Holders of rec. Mar. 14
10o. May 15 Holders of roe. May 1
Common (extra)
Time-O-Stat Control. class A (guar.)
•50e. Apr. I *Holders of rec. Mar. 20
2
Preferred( guar.)
AI*. 1 Holders of roe. Mar. 15
Tintic Standard Mining (guar.)
*We. Mar. 29 *Holders of rec. Mar. 18
Williams(II. C.) dr Co.(guar.)
350. May 1 Holders of rec. Apr. lb
Extra
•10e. Mar. 29 *Holders of rec. Mar. 18
Willys-Overiand Co.,pref.(guar.)
116 Apr. 1 Holders of re's. Mar,18.
14
•4340
134
al57
Name of Cowpony.
When
Per
Coo. Payable
Books Closed
Days Inclusive.
itio.celleneous ,('on leafed).
Wilson & Co. pref (acct. aceuni.
P.them (Pere% ,A it, (No 1)
Winn & Lovett Groecry Co.. el. A (qu.)_
Preferred (Solar.)
WInsted Hosiery (guar.)
Extra
Quarterly
Extra
Quarterly
Extra
Wiser
(guar.)
Wolverine Tube (guar.)
Extra
Wood (Alan) Steel pro? 'guar.)
Wood Chemical Products. class A (qu.)_
Class II (guar
Woodruff & Edwards. Inc.. el. A (cm.).
Woods Nlantifaeturing, pref. (guar.,
_
Worthington Pump & Mach.. pf. A (qu)
Preferred (accrued accum. dies.)....
Preferred Fl (guar.)
Preferred B (accrued accum. divs.)._ Wrigley
vo., Jr
treonthlY)
Monthly
Yale A Towne Mtg. (guar.)
Yosemite Holding Corp , pref. (guar.)._
Young (L. A.) Spring & Wire, corn.(qu.)
Youngstown Sheet & Tube, corn. (qu.).
Preferred ((Iuar.)
Zoller (William) Co., pref. (quer.)
8194 Apr.
•50.•
lir.
50c Apr.
Apr.
.21
1 May
•50e Slay
.2.14 Aug.
•50c Aug.
•2y., Nov.
•50c Nov.
.25e Apr.
•30c. Apr.
•15c. Apr.
Apr.
Cl
50c. Apr.
25e. Apr.
•51le Apr.
1% A pr.
1% A pr.
hl % Air.
194 Apr.
AI 44 Apr.
go, ,pr.
25c May
Apr.
$I
87(4c Apr.
75c. Apr.
$1.25 Apr.
I m Am.
•1%
Mar.3
Holders of tee. Mar. If)
Holders of rec. Mar. 21
Holders of rec. Mar. 21
•Uoirlere of roe. Apr. 15
•11.1deni of rec. Apr. 15
'Holders of rec. July 15
•Holdera of roc July 15
.1101ders of rec. Oct. 15
•Holders of rec. Oct. 15
•Holders of rec. Mar. 11
•Holders of rec. Mar. 15
Holders of rec. Mar. 15
'Holders of rec. Mar. 12
Mildert, of rec. Mar. 18
Holders of rec. Mar. 18
•I leiders of rec. Mar. 20
Holders of rec. Star. 15
iluider.s of rec. Mar .104
Holders of ree. Mar. 10a
Holders of rec. Mar. lila
Holders of roe. Mar. 10a
auidera of rev. Mar. 20a
Maders of tee Apr. Ion
Holders of rec. Mar. 10a
Holders of rec. Mar. 15
Holders of rec. Mar. I36
Holders of rec. Mar. 146
Holders of rec. Mar 14
•Holdere of roe. Mar. 20
*From unofficial sources. f 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 Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
S Transfer books not closed for this dividend.
b Payable In cash or one-fortieth share class A stock.
d Correction. e Payable In stock.
I Payable in common stock. g Payable In scrip. h On account of accumulated
dividends. J Payable In preferred stock.
Knott Corp. dividend payable either in cash or one-fiftieth share stock. Stockholders must notify company by March 31 lf they desire stock.
m General Gas & Electric common A & 10 dividend will be applied to the purchase
of common A stock at rate of $25 per share unless written notice of their desire to
take cash Is given by stockholders prior to March 22.
n Richmond National Bank dividend ratified by stockholders at meeting on
Feb. 25.
o New York Stock Exchange rules Columbia Gas & Elec. common [neck be not
quoted ex the Mock dividend until April I.
p Holders of General Water Works & Electric, common A dividend have right to
apply this dividend to the purchase of class A stock at $24 per share. Notice of this
intention must be received not later than March 22.
f British American Tobacco dividend is 10 pence. All transfers received In London
on or before March 3 will be In time for payment of dividend to transferee.
r Canada iron Foundries preferred and common dividend au:pleat to confirmation
by geueral meeting on AMU 17.
s United Founders Corp. dividend Is one-seventieth share common stock.
f Payments on 2d Prof. stock of U. B. Pipe le Fdy. Co. subject to discontinuance
In the event of the redemption of that stock before all dividends are paid.
s Union Natural Gas of Canada dividend payable either 40c. cash or 2% stock.
r Westark Radio Stores dividend announced last week Pc payable April 1 was an
error. The dividend was not declared.
is Lees deduction for expenses of depositary,
s Anglo-Norwegian Holdings declared Marcia 1.8.
aa Commercial Investment Trust cony. pref. dividend payable In corn, stock
at rate of I 1(2nd share common unless company Is notified on or before Marcel 17
Of shareholders' desire to take cash-$1.50 per share.
he Unless advised on or before close of business March 18 by stockholder of his
desire to take cash Peoples Light & Power dividend will be paid In class A coin.
stock a* rate of 1-50th share for each share held.
cc Utilities Power dr Light corn, and class A dividends will be paid 1-40th share
corn. stock lades,' stockholders request cash-25e. a share. Clips A dividend will
be paid 1 -40th share arise A stock unless stockholders request cash-50e. a share.
ff Safeway Stores corn, dividend payable In cash or III% In common stork at
rtorkholders' option. Divider.d will be paid In rash unless notice of election to
take stock Is received prior to close of business March 22
Weekly Return of New York City Clearing House.
Beginning with Mar. 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
,
err siT,,st srT 'SF MEMBERS OF THE NEW YORK ell,EA RING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAR. 15 1930.
Clearing House
Members.
*capita:.
•SUrplus and Net Demand
()towns
Undlrided
Profits.
A wage.
Time
Deloodts
Average.
14,297.300
64,847.000
43.209.600 180,068.000
38,653,000 158.953.000
129.650.200 a1000084.000
22.017.700, 200.275.000
202,636.0001 e775.889.000
111.466.100 158,541,000
84.117.7001 347..553.000
174,0)7.000
. .
103,350.800 226,831.000
83.741.0011 3.55,086,000
9,612.000
11,280.300
136.361,100 c720.631.000
24,748,000
3.627.700
63,611.000 d461,239.000
82.631.490 e388,935.000
33.741,000
24,321.803
40.621.000
5.659.200
19,524,000
4.615,100
34.276.600 147,110.000
42.408.000
8.700.500
32.010,000
12,509,700
$
10,121.000
40,901.000
55,941,000
228,812.000
01.546.000
120,172.000
37.9 54.000
40.260.000
33.595,000
14.185,000
50,654,000
809.000
83.426.000
1,361,000
65.555,000
64,889.000
1.480,000
5,155,000
2.067.000
28,900,000
8,995,000
6.511,000
3,279.000
2.801.000
1.712.000
5.450,000
625,825,300 1,154,496.600 5,571,843,000
927,439.000
Bank uf N Y. & Tr. Co..
Bk. of Manhattan Tr, Co.
Bank of Amer Nat. Amen
National City 11411X
Chem ilk & Trost Co...,
Guaranty Trust Co
Chat Ph Nat.11k &Tr.Co.
Cent Han Ilk St Tr. Co.
Corn Excli Ilk Trust Co.
Fire,
'i-esil Bank
Irving Trost Co
Continental ilk & Ti. Co.
tiase
Ulna! Bark. _ _
Fifth Avenue Bunk
Equitable Trust Co
Bankers Trost Co
Title hoar & TrustCo...
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Corn') Nat Ilk. & Tr. Co.
Harriman Nat. Bk. dr Tr.
6.000.000
22,2 i0,000
35.775,300
110.000.000
15.000,000
90.000,000
16.200,000
21.000.000
12.100.000
10.000.000
50.000,000
6,000.000
105.000.000
500,000
50.000.000
25,000.000
10.000.000
6.000,000
3.000.000
12,300.000
7.000.000
12,000,000
Clearing Non-MetntersCity Bit Farmers Tr. Co.
Mech 'Tr Co.. Bayonne_
10.000,000
500.000
Tot iLs
12,187.700
888.300
• As per official reports: National, Dec. 31 1929: State. Dec. 31 1929; Trust
sompanies. Dec. 311929, As of Jan 20 1930.
Includes deposits in foreign branches: (a) $293,352,000: (10 $140,586,000: (c)
$15,782,000;(6) $117,643,000: (e) $61,837,000.
[vot. 130.
FINANCIAL CHRONICLE
1980
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Mar. 14:
INSTITUTIONS NOT IN CLEARINGHOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, MARCH 14 1930,
NA TIONAL AND STATE BANKS-Average Figures
OtherCash lies., Dep.. (Sep. Other
Including N. 1'. and Banks and
Bk.Notes. Elsewhere. Trust Cos
Gold.
Loans.
hf anhattan$
Bank of U. S...-- 212.620.000
Bryant Park Ilk. 2.666.000
Grave National. _ 22.124.638
Port Morris
2.410,100
Public National. 140.975,000
Brooklyn8.252.300
Brooklyn Nat'l_ _
7,2(10.000
Peoples
_
Gross
Deposits.
15.000 3,919,000 32,067.000 2,127,000 208.510.000
173.000
344,000
2.159.800
62,094 1,906,387 1.596,833 111,083,333
4.000
23,400
98,300
131,900
2,871.500
33,000 1,741,000 8,479,000 24,493.000 146.874,000
15,100
5.000
41.500
107,000
479.300
516,000
378,600
124,000
5.266,400
7,100,000
TRUST COMPANIES-Average Figures
Loans.
Cash.
Ites've Dep., l)epos .01her
N Y and Banks and
Elsewhere. 7'rust Cos.
s
alfanhallan$
s
916.100
49.788.100 9,389.800
American
789,400
204.900
Bank of Europe & Tr. 15.770.300
589,483 1.729.696
Bronx County .. . 24.865.661
Chelsea Exchange Bk 22,406,000 1,220,000 1.804,000
87,928,900 85,219,700 8.531.600
Empire
107,464
1,287,310
17,504.498
Federation
346.100
19,569,900 .2 144.500
Fultou
367.270.000 2.984.000 45.8:19,000
Manufacturers
67.591.165 3,350.000 6.606,032
United States
Brooklyn-117.655.000 2.122,000 21.223.000
Brooklyn
27.912,609 2.1355,848 2.079,611
Kings County
Bayonne, N. J.Xianha n i,..,
R nnfi 092
271.192
695.695
---
Gross
Deposits•
s
$
20,600 48,540.9
15,199,4
24,659,2
19.829,0
3.247,900 87.536.700
121,240 17.147,839
18,623,100
2,799,000 331,265,0
00
48,909,9no
117,207,0 0
25,347,513
310.97.5
8.4128.025
• Includes amount with Federal Reserve Bank as follows: Empire, $3,556,500;
Fulton. $2,027,500.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Mar. 17
1930.
Changes from
Previous Week.
Mar. 12
1930.
Mar. 5
1930.
$
$
$
$
97.475,000
-500.000
97.975.000
96.975.000
Capital
102,461.000 -3.026,000 105.487.000 106.487.000
Surplus and profits
Loans, disels & Investle. 1.100.196.000 +9.224,000 1,090.972.000 1.087.634,000
662.556.000 -1.978.000 664.534.000 687.755.000
Individual deposits
.000 +5.878.000 136.905.0110 135.719,000
I 42.783
Due to banks
268.388,000
+458,000 267,9311,000 267,672,000
Time deerelt3
802.000
961.000
15.773.000 +14.971.0001
United States deposits
29.632.000
-302.000
29,934,000, 33.342,000
Exchanges for CI's Ileum
78.097.000, +3.669.000
74.928.000; 79.435.000
Due from other banks...
82.200,000;
+271.010
81.929.0001
81.114.000
Res've in legal deposit's..
8.908.0001
-299,0001
7.205.0110
7.284.000
Cash In hank
+348.000
1.042,900
770,000
1.391.000
Rem•vppirre.otir, V TI PC
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Feb. 15, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
Is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philotlel phio Clearing House Association discontinued showing the reserves and whether reserves held are above (Sr below
requirements. This will account for the queries at the end
of the table.
Week Ended Mar 15 1930.
Two Ciphers (00)
omitted.
Trust
Members of
F H. .Systern Companies.
62.408.0
Capital
Surplus and profits.
- 218.845,0
Lean& dterts dr invest. 1.072.059.0
Exeh. for clear. theme
38.014.0
Due for banks
99.057.0
Bank deiseits
143.768,0
Individual depoolte- - - 618.968.0
Time deposits
237.022.0
Total depoelta
999.756.0
Res. with legal donne..
72,245,0
Bee with F ft Bank_
Cash In vault.
10.087.0
Total res. & cash held_
82,332,0
Reserve required
1
ExeeSs reserve and cash
in vault
Mn,. 8
1930
Total.
Mar. I
1930.
7,500,0
69.908,0
69,908,0
69.9e8.0
16.869.0 233.714.1
233,714,0 '23:1.714,0
64,276.0 1.136,335.0 1.137,710.0 1,123.336.0
291.0
38.305.0
45,263.0
39.341,0
13.0
99.070,0
99,478,0
92,944.0
1,792.0 145,558.0 147,223,0 144.018.0
29,252.0 648,220.0 641,700,0 6411,491.0
15,096.0 252,118,0 249,886.0 247,996.0
46,140,0 1,045.896.0 1.038,809,0 1,032,505.0
71.091,0
72.245.0
70,994.0
4,972.0
4,972,0
6.812.0
5,835.0
1,556,0
11,643,0
11,780.0
11,362.0
89,683,0
88,860,0
6,528.0
88,191,0
1
• Cash in vault not counted he reserve for Federal Reserve Member..
SUL 221930.]
FINANCIAL CHRONICLE
1981
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday atternoon, Mar.20,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the result For the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding waek 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 1931, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAR. 19 1930
Mar.191930. Mar.12 1930. Mar.5 1930. Feb. 28 1930. Feb. 19 1030 Feb. 12 1930. Feb. 5 1930. Jan. 29 1930. Mar. 20 1929.
RESOURCES.
1,683,659.000 1.656.159.000 1.615.230.000 1,629,630,000 1.663,332,000 1.646.634,000 1,646.264,000 1,654.164.000 1,300,876,000
Gold with Federal Reserve agents
53.266,000
53,766,000
Gold redemption fund with U. S. Trees_
53,770.000
55,109,000
57.558,000
58,258.000
55.409,000
58.258,000
70,707,000
Gold held exclusively agst. F. R. notes 1,738,925,000 1.709,925,000 1,669,000.000 1,685,039,000 1.718.441.000 10704,192,000 1,704,522.000 1,712.422.000 1,371,583.000
Gold settlement fund with F.11.Board_ 615,496,000 638,670,000 648,856,000 634,655,000 627.703,000 664,423,000 661,780.000 645,447.000 675,996,000
Gold and gold certificates held by banks_ 683,616,000 690,564,000 677,667.000 669,937.000 631,314.000 606,363,000 610.261,000 627,343.000 664,434,000
Total gold reserves
Reserves other than gold
3,036,037.000 3,039,159,000 2,995.523,000 2.989,631,000 2,977.518,000 2,974.978.000 2,976.563,000 2.985,212.000 2,712,013,000
185,058,000 183,703,000 188,436.000 196,954,000 199,412,000 108.479.000 199,872.000 203,144.000 165,778,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,221,095,000 3,222,862.000 3,183.959.000 3,186,585,000 3,176.930.000 3,173.457,000 3,176,435.000 3,188,356.000 2,877.791,000
71.600.000
71,724,000
67,857.000
68,031,000
69,602,000
69,144.000
70.001,000
74.988,000
78,367,000
82,970,000
122,664,000
120,838,000
145,500.000
148,890,000
159.726,000
184,163,000
158,618,000
204.930,000
172.013.000
212,650.000
169.264,000
197,928,000
183.494.000
220.312.000
186.629.000
588,439,000
354.298,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Corti!let.tea and bills
205,634.000
185,017.000
266,338000
256.538.000
308,616,000
271.202,000
342,781.000
299,306,000
376.943,000
281.057,000
381,914.000
276,084.000
381.422,000
295,791,000
406,941000
258,472.000
942,737,000
236,838,000
56.252.000
211,7133.000
293,424,000
66,339.000
214.504.000
233.270.000
69.660.000
209.605.000
206.820,000
79.167.000
221,030.000
182,558,000
69.770.000
200,532.000
210,313,000
69,592,000
186,182.000
222.786.000
69,679.000
171.226.000
236.939.000
69.570.000
170.252.000
236.714.000
51,611,000
90.904,000
42.836,000
Total U.8. Government securitlell
Other securities (see note)
Foreign loans on gold
561,439,000
8,780.000
514,113.000
12,080.000
436.145.000
12,230.000
482.755.000
13,680.000
480.615.000
14,280.000
478,560.000
11,280,000
477.844.000 476.536.000
12.180.000
12,430.000
185.351,000
6,845,000
Total bills and securities (see note)
Bald held abroad
Due from foreign banks (see note)
Uncollected Items
Bank premises
All other resources
980,870.000 1.049.069,000 1,078.193.000 1,138,522,000 1,152,895,000 1,147.838.000 1,167.237,000 1,154.379.000 1,371,771,100
723,000
705.903.000
53,480,000
11.916,000
722.000
639.502.000
58.453.000
15.458.000
722,000
631.687.1)00
08.419,000
14.785.000
721,010
678.108000
58,419,000
14,857.000
722.000
651.924.000
580388.000
13.826.00(1
721,000
650.812.000
58,311,000
13,802,000
722,000
721.000
594,478.00(1 573.020.000
58,267.000 58.260.000
13,479,000
12.810.000
723.000
747,690,000
58.691.000
8.010.000
Total resources
L1.4 RII.17'l RS.
It. notes in actual circulation
Deposits:
Member banks
-reserve account
Government
Foreign bank0 (see note)
Other deposits
5,030,587.000 5.057.790.000 5.035,622,000 5.147.303.000 5.124.287.000 5.112.972,000 5079.762.000 5.062,534.000 5,143,013,000
2,290.540,000 2.353.002,000 2,315,190.000 2.345.958.000 2,315.411,000 2.307,658000 2.338,845.000 2,307,948,000 2,339,544,000
1,171,000
3,008.000
6.732.000
25,562.0011
48.987 (1111
11.743.000
36.840,000
35,075.000
4.570,000
6,696.000
6,503.006
7.710,000
5.669.000
8.226.000
6,305,000
5,718.000
6,389.000
6,047,000
19.672.000
19.447,000
19.476.000
19,226.000
18.893.000
18.297.000
63.165,000
20,272,000
20,149,000
Total deposits
Deferred avidlability items
Capital paid In
Surplus
All other liabilities
2,319,496,000 2.381.441.000 2.349 1118.1)00 2.407.980.000 2.3110.921 COO 2.388.871.000 2.389.301.000 2,369,013.009 2,370.310.000
660,145.000 599,018.000 578,440.000 635,683.000 611.818.000 576.719.000 542.446 000 527,238.000 701.967,000
172,245.000 172.212.000 172.064.000 171.813.000
171.4:14.000 171,547 000 171.416.0(e) 153,730.000
.
276,936,000 276.936.000 276.936.000 276.906.000 276 930.000 276.936.000 276.936.000 276.936.000 254,398,000
18.277,000
13.062,000
16.051.000
17.648.000
16.860,000
16.568.000
17.707.000
16,030.000
21,061.000
1,583,701,000 1.609.006.000 1.641.426.000 1.637.094,000 1,656.161.000 1,682,444,000 1,683.481,000 1,701,901.000 1,641,577,000
Total liabilities
5,030,587,000 5,057.790.000 5,035.622.000 5,147,303,000 5,124.287,000 6,112.972.000 5.079.762,000 5,062,534.000 5,143,043,000
Ratio of gold reserves to deposits and
76.2%
F. R. note liannities combined
75.9%
73.0 X,
77.7%
73.5%
73,7%
73.3%
73.9%
67.8%
Ratio of toml reserves to deposits and
80.8%
F It note 11:11111Itleti CO1111)111011
82.5%
79.8%
78.5%
77.9%
78.0%
78.3%
78.8%
71.7%
Contingent IlmbIlity on hills purchased
for foreign norres1811
503.362.000 505.599.000 505.179.000 513,316,000 518.664.000 523.891,000 526,924.000 535.229,000 329,194.000
010910
DistrOutfon hy Maturates
-I-lb day bills bought In open market-1-15 days bilL0 d nicolinted
1-15 days U. 8. certlf, of indebtedness.
1-15 days munlcips I warrants
111-30 (lays bills bought a open market-16-30 days hills d'spoil nted
16-30 days U.S. can't of Indebtedness.
16-30 days municipal warrants
81-60 days bills bought Ii open market
31-60 11.ys bIlls dim-minted
31-80 days U. S. certif. id Indebtedness
31-60 days municipal warrants
61 90 days hills bought In open market
61 90 days bills discounted
61-90 days U S certif. or Indebtedness
61 90 days municloal wrirratits
Over 90 days bill bought 10 open market
Over 90 days bilis discounted
Over 90 days mrtlf. of Indebtedness.-Over 90 days municipal warrants
79.605,000
128.042.000
29,000,000
135.843.000
179,416.000
77,728.000
125.896.000
222.086.1100
54.032A/00
158.895.000
253,437.000
150.000
150,444,000
284,604,000
146.001.000
281,658.000
630.000
146.963.000
275,883 001.
130.000
119.202.000
304,177.000
124.186,000
776,069,000
19,275,000
36.401,000
19.040,000
49.042.0110
23.622.000
63.532.000
24.488.000
70.628.000
23.760,0110
34,037.000
62.413.000
24,845.000
61.102,000
68.485.000
27,42(3.000
69.096.000
28.299,000
48.576.000
26,110,000
54.169,000
42,865,000
45,272,000
30,205.000
38.000.000
30.000
22.669,000
17.080,000
72,530,000
45.257.000
33,0132.000
52.697.000
34,230.000
50.007.000
36.142,000
59,899.000
36.363,000
60.674,000
42.472,000
76.531.000
67.917.000
41.010.000
78.517.mo
36,423.000
73,860,000
30,000
25.618.000
20.536,000
49.840.000
39.968.000
61.516,000
30.1100
28.375.000
18,927.000
20.000
19.583.000
20,012,000
8.123.000
22.191.000
11.551.000
24,070,000
19.651.000
25,415.000
22.088.000
25.263.000
1.070.000
11.207.000
153,894.000
778.0(10
9.782.000
155,542.000
792.000
8.885.000
152,768,000
30.000
193,000
9,430,000
148,371.000
30.00(1
178.01)0
8.940.000
149.211.000
30.000
207.000
8.792.000
160.640.000
19,123,000
39,763.000
39,000
30.000
407,000
9.353.000
160.278,000
689.000
10.355 000
160.197.000
30.000
2,937.000
10,180.000
23,522,000
F. R. notes received from Comptroller-- 3.2:10.501.000 3.295,118.000 3
.332.638.000 3,391.218.000 3.449.193.0011 3,459.900.000 3,459.114,000 3.442.565.000 2.873.578,000
P. R.notes held by F. It. Agent
1.283.902.000 1.291.275.000 1.31 8.110.000 1,363,869,000 1,382.813,000 1.411.803.060 1.403.314,000 1.345.486000 824,062,000
Issued to Federal Reserve Banks
1,946,659,000 2.003.843.000 2.014.528.000 2.027,349.000 2.066.389.000 2.048.097.000 2.055.800,000 2.097079000 2.049.516.000
How Secured
By gold and gold mrtifleates
401,539,000 399,239,000 397,210,000 404,910,000 418.112.000 421,114,000 421,744,000 425,744,000 363 125 0
972 20 0
; 9 ; 00
Gold redemption fund
Geld fund-Federal Reserve Board
1,282,120.000 1.256.920.000 1.218.020.000 1,224,720,000 1,245.220,000 1.225.520.000 1.224,520.000 1.228.420.000 810,459.000
By eligible paver
381,856000 507.391,0001 662.422.000 597,048.000 621.8691000 625.288,000 654,526,000 648,725.000
1.133.676,000
Total
5059.5l.5.010 2.163.550m0 2,177,1162,0(X) 2,226,678.000 2,285.2(11 000 2.271.922,000 2.300.790.000 2.302.889.000
2,431,552,000
Num.-Beginning with the statement of Oct. 7 1943, two hew iteala were added in order to
show seParate y the amount:oh balances held abroad and amounts due
80 foreign correspondents. In addition, the caption. "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed
"Other securities, sou tue 01001011, **Total earning assets" to "Total bills and securities." The latter Item was adopted as a more accurate description of the total to
of
the discolitius, 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.
WECKIN STATEMENT OF RESOURCES AND LIARILITIES OP EACH OF THF.12 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS MAR. 19
1930
Two ciphers t(101 omitted.
Federal Reserve Rank of-
Total.
Boston.
RESOURCES
$
$
Gold with Federal Reserve Agents 1.683,659.0 184,917.0
53,260.0 1.553,0
Gold red'n fund with U. S. Treas.
Gold held excLag0t.F.R. notes 1,736,925,0 186,470.0
Gold settle't fund with F.R.Board 615,496,0 34,789.0
683,616,0 29,871,0
Gold and gold ctfs.held by banks
Total gold reserves
•
Reserve other than gold
3.036.037.0 251,130,0
185,058,0 19,239.0
Total reserves
3.221,095.0 270,369.0
Non-reserve cash
71,600.0 9,599,0
B1110 discounted:
82,970.0 8,642,0
See. by U. 8. Govt. obligations
122,664,0 9,723,0
Other bills discounted
,
Phila. Cleveland Richmond Atlanta. Chicago. St. Louis .1linneap Kan.Cily. Dallas. San
Fran.
$
$
$
$
$
S
$
$
$
$
$
258.594.0 130,000,0 165,550,0 70.211,0 127.070,0 319.564.0 73.345.0 55.845.0 80.000.0 33.800.0184,763,0
15.590.0 3,214,0 4,103.0 2,000,0 2.269,0 11,011,0 2,008,0 1,054,0 1.714,0
1,450.0' 6.400,0
274.184.0 133,214.0 169,653.0 72.211,0 129.339.0 330.575.0 75.353,0 57.799,0 81,714,0
181.938,0 43,714.0 82,107,0 20.536,0 11,919.0 90,678,0 32,828,0 15.2.54.0 42,138.0 35.250,0191,163.0
21,566.0
417.535.0 30,706,0 43.315,0 7.749.0 5,934,0 95.407,0 6,941,0 5,194,0 8,378.0 8.582,0 38.629.0
24.004,0
873.657,0 207,634,0 295,075.0 100,496,0 147.192.0 518,060,0 115.122,0 78,247.0 132,230,0
51,634,0 17,205.0 13,319.0 8,508.0 15.544.0 18,066,0 11,399,0 4,291,0 8,596,0 65.398,0 203.790.0
6,512,0 10,745,0
925,201.0 224,839,0 308.394,0 109,004,0 162,736,0 534.126,0 126,521,0 82,538,0 140.826,0
14,086,0 4,236.0 5.275,0 4,853.0 4,407.0 9,058.0 5,410,0 1,948,0 2,419,0 71.910,0 264,541,0
4,603,0 5,706,0
17,422,0 15,049,0 13,222,0 3,099,0 1.328,0 10,035.0 0,369,0
380,0 3,479,0
778.0 3,167.0
13,388,0 17,443,0 12,041.0 11,608,0 16,437,0 14,144.0 5.972,0 1.872,0 9,795,0
5314,0 5,127.0
30,810,0 32.492,0 25.263,0 14.707.0 17,765,0 24,179,0 12,341,0 2,252,0
7,431,0 9,404,0 25,828.0 12,007,0 15,154,0 26,328,0 13.656,0 12,925,0 13,274.0 5,892,0 8,294,0
11,760.0 10.747,0 34,027,0
New York.
Total bills discounted
Bills bought In open market
cr. S. Government securities:
' Bonds
Treasury notes
Certificates of indebtedness
56.252,0 2.974.0
211,763.0 9,614,0
293,424.0 18,681.0
6,808,0 2,566,0 1,743,0
97,700.0 17,484,0 18,034,0
148,466,0 26,657,0 15,639,0
.
Toes! U.S Gov't securities
561.439.0 30,869.0
252.974.0 46.707,0 35,416,0 12,822,0
205,634,0 18,365,0
185,017,0 5,750.0
1,881.0
3,713,0
7,228.0
447.0 23,140,0 1,165,0
4,518.0 16,907.0 11.511,0
3,881,0 23,472,0 6,590.0
6,387,0
6,572,0
6,787.0
8,8211,0 72.619.0 19.266.0 18,740 n
370.0
1,886,0
3,607.0
C
052
8.478,0 1.693,0
5.562.0 18.262.0
6.595,0 16,781,0
(Vol. 130.
FINANCIAL CHRONICLE
1982
RESOURCES (Ccmcluded)•Two Ciphers (00) omitted
Total
Boston.
$
8,780,0
Aber securities
Foreign loans on gold
New York.
$
1,000,0
S
1,000,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. BonFres.
$
1
S
$
3
30,0
$
$
8
$
297,965,0 89,603,0 86,507,0 39,536,0 41,745,0 123,026,0 45,293,0 33,923,0 30,957,0 37,274,0 79.057,0
230,0
70,0
72,0
30,0
26,0
97,0
26,0
16,0
22,0
22,0
50,0
199,533,0 58,015,0 62,724,0 49,091,0 24,851,0 92,667,0 32,433,0 13,176,0 39,943,0 28,162,0 38,768,0
15.664,0 1,762,0 7,058,0 3,204,0 2,658,0 8,295,0 3,811,0 2,018,0 3,972,0 1,876,0 4,582,0
2,687,0
135,0
1,092,0
686,0 3,969,0
795,0
323,0
550,0
257,0
918,0
436.0
960,870.0 55,984,0
723,0
53,0
705,903,0 66,540,0
58,480,0 3,580,0
11,916,0
68,0
Total bills and securities
Due from foreign banks
Uncollected items
Sank premises
111 other resources
Phila.
$
6,750,0
5,030,587,0 406,193,0 1,455,465,0 378,660,0 471,122,0 206,404.0 240,392,0 768,064,0 213,817,0 134,169,0 218,396,0 144,765,0 393,140,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_
196,550,0 142,501,0 175,264,0 74,360,0 130,684,0 290,632,0 81,380,0 59,663,0 79,286,0 36,706,0 155,707.0
1,583,701,0 160,968,0
Deposits:
Member bank-reserve geol._ 2,290,540,0 144,903,0
325,0
Government
3,008,0
491,0
6,503,0
Foreign bank
19,447,0
98,0
Other deposits
189,913,0 65,090,0 65,380,0 332,558,0 80,665,0 52,589,0 88,416,0 62,684,0 169,276,0
59,313,0 47.433,0 25,958.0 81.687,0 34,074,0 10.792,0 36,755,0 31,125,0 36,469,0
15,960,0 6,016,0 5,466,0 20,267,0 5,315,0 3,080,0 4,335,0 4,437,0 11,415,0
29,141,0 12,496,0 10,857,0 40,094,0 10,877,0 7,143,0 9,162,0 8,935,0 19,514,0
1,531,0 1,009,0 2,047,0 2,826,0 1,506,0
902,0
442,0
878.0
759,0
5,030,587,0 406,193,0 1,455,465,0 378,660,0 471.122,0 206,404,0 240,392,0 768.064,0 213,817,0 134,169,0 218,396.0 144,765,0 393,140,0
Total liabilities
Memoranda.
2,319,498,0
660,145,0
172,245,0
276,936,0
18,062,0
138,583,0
53,295,0
16,639,0
26,965,0
677,0
82.2
83.1
teserve ratio (per cent)
:1ontingent liability on bills purchased tor foreign correspondls
P. it. notes on hand (notes rec'd
from F. R. Agent less notes In
2imulation)
928,527,0
177,504,0
67,647,0
80,001,0
5,236,0
145,817,0
65,740,0
11,668,0
21,751,0
249,0
82.5
Total deposits
3Merred availability items
3apital paid In
lurplus
01 ether liabilities
917,944,0 137,065.0 187,323,0 64.277,0 64,519,0 330,963,0 80,073,0 51,889,0 87,891,0 62,442,0 161,251,0
394,0
400,0
454,0
375,0
87,0
344,0
483,0
80,0
117,0
45,0
4,0
644,0
2,049,0
664,0
889,0
239,0
153,0
279,0
239,0
199,0
199,0
458,0
8,140,0
'474,0 1,572,0
266,0
203,0
159,0
139,0
626,0
209,0
39,0 7,522,0
80.0
84.5
78.2
83.0
85.7
78.1
73.5
84.0
72.4
81.4
165,612,0 48,825.0 50,335,0 21,141,0 18,121,0 67,449,0 18,121,0 11,577,0 15,101,0 15,101,0 34,731,0
503,362,0 37,246,0
71,620,0 21,498,0 37,515.0 16.338.0 27.626.0 44.263.0 16,343,0
362.958.0 46.669.0
5,514,0 10,655.0 11.301.0 53.636.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAR. 19 1930.
Boston.
Total.
Federal Reserve Agent at-
New York.
F.R.notes issued to F.R. Bank. 1,946,659,0 207.637,0
Collateral held as security for
F. R. notes issued by F. R. Bk.
Gold and gold certificates__ 401,539,0 35,300,0
Gold redemption fund
1,282,120,0 149,617,0
Gold fund-F.R.Board
381,836,0 24.038,0
Eligible patter
229,968,0 39,900,0 15,550,0
3,211,0
9,245,0 11,845,0
5,220,0
14,300,0 35,000,0
27.626,0 90,100,0 151,000.0 65,000,0 121,850,0 319,564,0 64,100,0 44,000,0 80,000,0 19,500.0 149.763,0
35,981,0 40,498,0 50,638,0 26,456,0 31,875.0 50.312,0 25,201,0 14.744,0 24,482,0 15,966,0 41,665,0
294,575,0 170,498,0 216,188,0 96,667.0 158,945,0 369,876,0 98,546,0 70.589,0 104,482,0 49,766.0 226,428,0
2,065,515,0 208,955,0
Total collateral
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Phila.
$
$
$
$
$
$
3
$
$
1
$
723,570,0 207,499,0 290,759,0 127,136,0 251,275,0 552,205,0 114,323,0 105,327,0 131.191,0 93,594,0 310,743,0
455,400,0 43,500,0 77,980,0 36,440,0 92,965,0 217.310,0 16,600,0 40,150,0 41,270,0 45,587.0 101,400,0
_
268,170,0 163,999,0 212,779,0 90,698,0 158,310,0 334,895,0 97,723,0 65,177,0 89,921,0 48,007,0 209,343,0
$
Two Ciphers (00) omitted$
P.R.notes ree'd from Comptroller 3,230,561,0 322,937,0
F.R. notes held by F. R. Agent- 1,283,902,0 115,300,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dee. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3-17.5. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1931, immediately preceding which we also give the figures of Now York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances-of other banks and bills of exchange or drafts sold with endorsement, and Include all real estate mortgages and mortgage loans held by the bank, previously acceptances of other hanks and hills sold with
endorsement were included with loans, and some of the banks Included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commerciai paper, only a lump total beini: given. The number of report in
banks is now omitted, in its Place the number of cities included has been substituted
The figures have also been revised to exclude a bank to the San
Francisco district with loans and investments a $135.000.000 on Jan.2 which recently merged with a non-member bank. The figures are now given in
round millions Instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MARCH 12 1930 (In millions of dollars).
Federal Reserve Distrld-
Total.
New York
Boston
Loans and investments
-total
--
S
22,232
$
1,490
$
8,868
Loans--total
16,704
1.168
7,883
8,821
504
664
5,528
2,753
2,775
Cleveland. Richmond Atlanta, Chicago. Si. Louts %linnets!, Kars. City
Phila.
$
1,191
1
2.117
6,631
907
3,543
3,108
473
434
322
2,218
158
164
1,209
1,009
1,733
222
101
15
13,152
6,948
IL S. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
$
653
432
$
1,954
2,550
515
259
439
346
1,372
1,274
1,276
233
282
89
170
136
303
108
238
448
926
122
656
150
116
214
106
582
58
63
305
350
36
114
63
53
94
119
65
41
325
257
40
11
40
10
257
36
45
6
26
5
57
11
34
s
108
18
1,015
940
353
240
331
243
1,849
1,200
379
230
230
131
489
176
282
143
753
1,015
57
169
97
208
48
93
73
110
202
451
54
121
53
81
121
199
67
88
175
233
9
20
4
12
17
3
5
5
8
1,509
407
493
717
792
196
301
164
328
284
608
152
76
208
296
312
68
84
818
61
77
13
130
27
893
475
5.871
1,867
706
287
44
114
119
958
95
Investments
-total
Dallas. San Fran
375
614
1,113
2.827
On securities
All other
$
665
648
$
3.206
7
6
$
$
$
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Mar. 19 1930.
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redeme. fund with U. 8. Treasury..
Mar. 19 1930 Mar.12 1930. Mar. 20 1929.
$S
S
258,594,000 258.594.000 291,683,000
12,635,000
15,590,000
15.590,000
Gold held exclusively anal. F. R. notes
Gold settlement fund with F. R. Board..
Gold and gold certificates held by bank_
274,184,000
181,938,000
417,535,000
274,184,000
186,279,000
415,596,000
304,318,000
252,108,000
417,811,000
Total gold reserves
Reserves other than gold
873,657.000
51.634,000
876,059,000
55,062,000
974,237,000
45,628,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations__
Other bills discounted
925,291,000
14,086,000
931,121.000 1,019,865,000
30,138,000
14,161,000
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates and bills
17,422.000
13,388,000
18,799.000
14,349,000
141,273,000
66,863,000
30,810,000
7,431,000
33,148,000
60,558,000
208,136,000
43,819,000
6,808,000
97.701,000
148,465,000
11,137,000
107,855.000
114,438,000
1,384,000
8,880,000
25,904,000
252,974.000
6,750.000
233,430,000
10,050,000
36,168,000
2,095,000
Mar. 191930. Mar. 12 1930. Mar. 201929.
Resources (Concluded)
0010 held abroad
Due from foreign banks (See Note)
Uncollected items
Bank promisee
All other resources
Tote resources
238,000
169,266,000
15,664.000
5.861.000
218,000
197,620,000
16,087,000
823,000
1,455,465,000 1,473.497,000 1,554,969,000
Maelltdes-Fed•I Reserve notes in actua elreulationDeeoeits-Member bank, reserve sect..
Government
Foreign bank (See Note)
Other deposits
196,550,000
202,268,000
017,944,000
391.000
2,049,000
8,140.000
957,233.000 936,582,000
194.000
812,000
2,242.000
1,970,000
7,835,000
7,397,000
Total deposite
Deferred availability items
Capital paid in
Surplus
Ail other liabilities
928,527,000
177,504,000
67,647.000
80,001.000
5,236.000
967,504,000
150,792,000
67,639.000
80.001,000
5.203,000
Total liabilities
Total U.S. Government securitiesOther securities (see note)
Foreign loans on gold
239,000
199.533,000
15,664,000
2,687,000
298,540,000
946,761,000
178,607,000
54.550,000
71,282,000
5,229,000
1.455,465,000 1,473,497,000 1,554,969,009
Ratio of total reserves to deposit and
82.2%
70.6%
81.9%
Fedl Reeve note liabilities combined.
Contingent[lability on bills purchased
165,612,000 168.107,000 100,307,000
for foreign correspondence
Total bills and securities (See Note)
337.186.000 290,218,000
297,965.000
NO ['E.-Beginning with the statement of Oct. 7 1925, two new items were added in order to show leperately tee amount at haiaaces held :thread and amounts due to
foreign correspondents. In addition, the caption "All other earning assets," previously mide up of Federal Intermediate Credit bank debentures, was changed to
'Other 4024ritie4.' Ind the caption "Total earninz assets" to "Total hills and securities." The latter term was adopted as a more accurate description of the total of the
.
.watch.1 t was stated.are the only Items Included therein/
d1IMOUnt acceptances and Securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Aot
MAR. 22 1930.]
FINANCIAL CHRONICLE
Vaulters' Gazette.
--Wall Street, Friday Night, Mar. 21 1930.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 1966.
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. 21.
Sales
for
Week.
Range for Week.
Lowest.
I
Highest.
!
Range Since Jan. 1.
!
Lowest. I Highest.
RailroadsPar. Shares $ per share.
per share. 1 5 per share.$ per share.
Buff Roch & Pitts_ _100
10 9614 Mar 20 9614 Mar 20 8934 Jan 9654 Mar
Buffalo & Susqueh ctfs_
Mar
Feb 87
700 86 Mar 20 8634 Mar 17 77
Preferred
100
Jan 8634 Mar
10 8634 Mar 10 8634 Mar 19 75
Preferred certificates_
Mar 8634 Mar
300 86% Mar 18 8634 Mar 18 85
Common
100
Jan 8634 Mar
600 86 Mar 20 86 Mar 20 71
Carolina Clinch & Ohio
Certificates stamp100
Mar
Jan 101
26101 Mar 20 101 Mar 20 96
Chicago & Alton pf ctfs
Mar
Mar 3
100 3 Mar 181 3 Mar 18 3
C C C St Louis 1)4_100
&
Feb
Jan 105
1010434 Mar 1510434 Mar 15 98
Chic Rock 181 & Pac rts 175,100 134 Mar 15 234 Mar 20
74 Mar 214 Mar
Cuba RR pref
100
Mar
20 5754 Mar 21 5754 Mar 21 57% Mar 68
Detroit & hiackinac100
Jan
100 2034 Mar 21 2054 Mar 21 2014 Mar 40
Hudson & Mani' pf_100
Feb 79% Jan
200 78 Mar 19 79 Mar 21 75
Manhat Elev Guar 100
Feb
60 6314 Mar 18 65 Mar 18 5114 Jan 65
Minn St P & SS Marie
Preferred
Mar 5534 Mar
100
500 5034 Mar 18 5514 Mar 21i 50
New On Tex & Mex 100
Mar 12054 Jan
35 120 hiar 20 120 Mar 20,120
N Y Lack & Western__
Mar 111
Mar
260 10954 Nfar 20 111
Mar 20 107
NY State Rys pref_100
80 214 Mar 18 254 Mar 18 214 Mar 3% Feb
Northern Central_ _50
Feb
120 8534 Mar 21 86 Mar 21 8534 Jan 86
Pacific Coast 1st pf.100
530 26 Mar 15 2914 Mar 17 1734 Jan 29% Mar
2nd preferred..._ _100
Feb 19% Mar
280 1654 Mar 18 1914 Mar 17 15
South fly M &0ctfs100
Jan 135% Mar
100 13214 Mar 1913234 Mar 19 90
Indus. & Miscall.
Allegheny Corp pref w I 2,700, 9934 Mar 17 9934 hfar 15 99%
Am Beet Sugar pref_ 100
300 41 Mar 20 45 Mar 15 36
American lee pref _ _100
200 85 Mar 19 8534 Mar 20 84
Am Nilo% & Foundry
Preferred ex-warr 100
40 115 Mar 19 115 Mar 19 112
American Plano pref100
40 514 Nfar 2
534 Mar 20 33.4
Am Rad-Stand SanitPreferred
100
520 133 Mar 15 138 Mar 21:1263.4
Am Rolling Mill rts_ _ 35,400, 1 Mar 15 13.4 Mar 18
14
Art Metal Construct.10
900 2734 Nlar 15 2854 Mar 15 2454
Asso Dry (Ids lot p1100
300 90 Mar 21 9154 Mar 21 85
2d preferred
100
300 9134 Mar 21 93 Mar 21 85
Atlas Stores
38,900 3134 Mar 20. 33 Mar 20 3114
Beech-Nut Packing. _20
200 63 hfar 18 6454 Mar 19, 6034
Celotex pref
200, 83 Mar 18 83 Mar 18 71
100
Central Alloy Steel ctf
4,200 31 Mar 17 3234 Mar 18 31
Preferred certificates_
100 108 Mar 21 108 Mar 21 108
City Stores class A.
110 40 Mar 15 40 Mar 15 3714
Colgate-Palmolive-P__. 2
,800 61 Mar 21 63% Mar 17 61
Preferred
100 9854 Mar 21 9854 Mar 21 97
•
Columbia CI&E pf 11 100
100 98 Slur 19 98 Mar 19 91
Comml Credit pref 100
40. 24 Mar 19 24 Mar 19 2234
1st pref ex-warr_ .100
50 8854 Mar 18 8854 Nlar 18 7734
200 153 Mar 1715854 Mar 19. 123
Commonwealth Pow_
Commonw & So prof
15.500 9934 Niar 1510134 Mar 18 99
Coos Cigar pref (7).100
100 8054 Mar 17 83 Star 20 7654
Prior prof ex-warr___
100 6834 Mar 15 70 Mar 17 6014
Cons Film Indus rts___ 34,006
14
14 Mar 19,
% Mar 18
Crown Willamette Pap
1
lot preferred
200, 97 Mar 19 97 Mar 19 93
Cuban Dominion Sugar*
506 134 Mar 21 13-4 Mar 21
134
Cushman's Sons
Preferred 7% _.__100
101115 Mar 15 115 Mar 15 111
Dupian Silk prof. _100
__
100 100 Mar 1510254 Mar 15 97
Dunham 11 Nlills p1_100
10 53 Mar 15 53 Mar 15 4434
Eastman Kodak pref100
8012434 Mar 18 125 Mar 2012034
Elk Horn Coal pref_50
2301 934 Mar 20 934 Slur 19 9
Emporium Capwell
40, 1754 Mar 15 1934 Mar 18 1734
*
Eng Pub Sore ctfs
• 4,200, 56 Mar 17 58 Mar 19, 55
Fashion Park prof..100
300 65 Mar 18 67 Mar 171 61
Fed Min ,Sr Smelt_100
20017434 Mar 19 175 Mar 20 17454
Preferred
100
100 10034 Mar 17 10014 Slur 17, 98
Fox Film A rights
104,9001 35-4 Mar 21 734 hiar 17: 334
Debenture rights_ _ _ _ 89,100
14
A Mar 15
14 Mar 17
Gen Cigar prof
100
50 117 Slur 19 118 Mar 20 112 14
Gen Italian Edison_
5,500, 4134 Mar 19 43 Mar 15 4134
Gen Printing Ink
•
300, 42 Mar 19 42 Mar ID 42
Gen Steel Castings Pf-*
20010054 Mar 1710034 Mar 17 100
Gold Dust pref
80010554 Mar 19 107 14 Mar 20 100
Gotham Silk Hosiery
Prof ex-warrant. _100
10 77 Mar 18 77 Mar 18, 65
Hackensack Wat pre( 25
20 29 hlar 15 29 Mar IS 28
Hanna prof new
•
580, 8934 Mar 15 92 Mar 20 85
Hercules Powder p1_100
10011834 Mar 1511831 Mar 15'
Internal Tel & Tel rts_ _ 208,650 134 Mar 15 134 Mar 18 134
Interst Dept St pf..100
10 82% Mar 19 82% M
19 76%
Kan City P&I.Ist 1)113
22011234 Mar 19 115 Nlar 21 108
Kresge Dept Sta 1)1_100
801 50 Mar 15 52 hiar 19' 50
Kresge (9 S) prof .100
3011054 Mar 1511134 Mar 20 110
Laclede Gas
100
100 230 Mar 18 130 Mar 18 200
Preferred
20101) Star 1510034 Nlar 15' 98
100
Lehman Corp (The)_ _* 37,806 89 Mar 15 9254 Mar 211 89
Liggett & Myers pf_100
500,142 Mar 2114254 Mar 21138
Loose-Wiles B 1st pf 100
10 120% Mar 1812034 Mar 1811834
Lorillard Co prat _ _100
100 96 Mar 19 96 Mar 19 9214
Maracaibo 011
• 4.600 814 Mar 20 1034 Mar 18, 534
Met-Gold l'ict 1st p1_27
500 2514 Star 15 2534 Mar 20, 2334
Midi Steel Pr 1st pf.100 1.60010234 Mar 1510554 Mar 20i 90
Nat Biscuit, pref...100
20014734 Mar 18 148 Mar 21,142%
Nat Bell Mss, pref_100
300 55 hlar 19 5654 Mar 20 55
Neiser Bros
•
400 44 Mar 20 46 Mar 15, 43
Omibus Corp pref A 100
100 73% Mar 21 7314 Mar 21! 73%
Oppenh, Collins & Co_.
200 43 Mar 17 4734 Mar 211 43
Otis Elevator, new.
13,400 76 Mar 15 8034 Mar 191 76
Pacific Lighting rights_ 33.900 334 hiar 15 434 Mar 16 3%
Pacific Tel & Tel, rights 7,030 19 Mar 15 2434 Mar 20 19
Park & "'Ilford
• 7,100 31 Mar 18 3334 Slur 15, 25
Penn Coal & Coke___50
900 1034 Mar 19 1214 Slur 19, 8%
Pitts Terminal Coal_100
Mar 15 113.4 Mar 20 8
500 11
Preferred
•
10 36 Mar 21 36 Mar 211 36
Postal Tel&Cable pf100
900 10134 Mar 1710254 Mar 21i 97
Prod'rs & Ref, Prof.100
40 38 Mar 21 40 Slur 171 31
Pub Ser of NJ pref (5)_ 4,200 95 Mar 18 9654 Slur 21: 92%
Repub Iron & Steel Ws 1,906 72 Mar 19 7334 Mar 18' 72
Preferred certificates_
20011254 Mar 20 113 Slur 2010934
Revere Cop & Br pf 100 2.050103 Mar 17 104 Mar 17,102
Scott Paper
•
200 50 Mar 15 50 Mar 15 45
Shell Transp & Trad_ £2
530 43 Mar 20 44 Mar 211 425-4
Sloss-Sheffield Steel 100 3,700, 35 Mar 15 5634 Mar 19 35
Preferred
lur 19' 6054
S
500 70 Mar 17 82
Southern Dairies el A.
200 2534 Mar 15 2514 Mar 15 1834
Southern Calif Ed rte._ 12,500 3% Mar 17 3% Mar 19, 314
Spear & Co
110 7 Mar 31 8 Mar 20 6
Preferred
100 80 Nlar 2 80% hlar 20 71
Thompson Products_.* 20,800 35% Mar 18 38 Mar 19, 3334
Thompson Starrett_. 15,800 1234 Mar 19 1554 Mar 21, 11
Preferred
2,600 4154 Mar 18 4834 Mar 211 40
Tobacco Prod div ctfs C
100 434 Mar 19 4% N1ar 19 21.4
Div ctts B
100 414 Mar 21 434 Mar 21 33-4
Transcont'l 011 new • 34.01o0 18 Mar 15 2034 Mnr 17 16 14
Mar 99% Mar
Feb 45
hlar
Mar 8714 Jan
Jan 115
Mar
Jan 614 Feb
Jan 138
Jan 2
Jan 2854
Feb 9134
Jan 93
Mar 33
Jan 7054
Jan 84
Slur' 3434
Nlar 108
Febl 40
Slur 63%
ar
Mar 100
Jan 98
Jan 25
Jan 8814
Jan 16434
Feb10134
Jan 8454
Feb 70
Mar
%
Mar
Feb
Feb
Mar
Mar
Nlar
Jan
Feb
Feb
Mar
Slur
Mar
Nlar
Mar
Feb
Mar
Feb
Mar
Feb
Feb
Mar
Feb 97
Mar
Mar 214 Jan
Jan 115
Feb 11034
Feb 5734
Feb125
Mar 14
Jan 2034
Mar 58
Jun 80
Nlar 175
Jan 100 34
Mar 734
Mar
14
Jan 118
Mar 4434
Mar 4234
Fob 10034
Jan'10734
Mar
Jan
Feb
Feb
Jan
Mar
Mar
Mar
Slur
Slur
Mar
hiar
Nlar
Feb
Mar
Mar
Mar
Jan 77
Jan 29
Jan 192
18
Mar
hlar
S
Slur
Slur
8ar 21! tr
.
Jan 115
Mu
Mar 62
Jan
Jan 113
Feb
Jan 237
Mar
Jan 10034 Mar
Mar 92% Mar
Jan 142% Slur
Jan 120% Mar
Jan 97% Mar
Jan 1014 Mar
Jan 25% Feb
Feb 110
Feb
Jan 148
Slur
Mar 82
Jan
Jan 50
Jan
Mar 7314 Mar
Mar 54
Jan
Mar 8034 Mar
Slur 434 hiar
Mar 2454 Mar
Jan 33% hlar
Jan 12% Mar
Mar 1534 Jan
Mar 45
Jan
Jan 103
Jan
Jan 40
Mar
Jun 96% Mar
May 79
Feb
Feb 113
Mar
Jan 104
Nlar
Nlar 50
Mar
Feb 47
Jan
Jan 5634 Mar
Feb 82
Nlar
Jan 27
Mar
Mar 37-4 Mar
Jan 1054 Feb
Jan 8014 Mar
Feb 38
Feb
Mar 1514 Mar
Jan 48541 Mar
Jan 5
Jan
Jan 63.4 Jan
Mar 204 Mar
STOCKS.
Week Ended Mar. 21.
1983
Sales
for
Week.
Range for Week.
Lowest.
Range Since Jan, 1.
Ilighest.
1 Lowest.
Highest.
Par. Shares.
IS per share. i per share. 11$ per shore.S per share
Indus. & Misc.(Cone.)
United Business Pub.,'
200 25 Mar 20 28 Mar 18I 25
Mar 30
Jan
United Piece Dye pf 106
200111 Mar 19 114 Mar 19 97
Jan 114
Mar
U 9 Tobacco pref___ 1001
3012234 Mar 19 12434 Mar 21,12234 Mar 12434 1 Jan
Univ Leaf Tob prof.100'
6011434 Mar 15 115 Mar 15110334 Jan 115
Mar
Vadsco Sales pref_106
200, 62 Mar 17 62 hlar l't 57
Feb 64
Jan
Van Itaalte 1st pref_100
60 50 Mar 18 51 Mar 171 4854 Feb 543-4 Jan
Common
100 1934 Niar 21 1934 Mar 211 183-4 Feb 22
Jan
Vu El & Pr rd (6)___100,
190 101 Mar 18 103 Mar 18,10034 Jan 103
Mar
Walgreen Co prof. 1001
300 103 Mar 15 103 Mar 151 97
Jan 103
Mar
.
20 60 Mar 20 63 Mar 19, 5134 Jan 63
Webster ELsenlohr pf100
Feb
•1
900 68 Mar 17 6814 Nfar 15' 68
Wrigley Jr(Wm)
Feb 7014 Jan
• No par value.
New York City Banks and Trust Companies.
(All prices dollars per share).
Banks.
Bid
New York.
America
134
Amer Union._ 115
Bryant Park* 49
Central
Chase
Cbath Phenix
Nat Bk &Tr
Chemical_ _ _
Commercial__
Continental._
Corn Exch...
180
168
Banks.
N. Y.(Con.). Bid.
Seward
107
Lt.] S par $25*. 77
1Yorksdlle _
Yorktown._
1
Ask.
137
125
53
188
169
Brooklyn
Globe Exch._ 220
450
13712 139 People('
92
90
570 580
4312 4412
Trust Cos.
243 245
Fifth Avenue_ 3300 3£03 I New York.
First
5925 6000 Banca Comle
Italians Tr_
600
Grace
Bank of N Y
Harriman....1400 1500
& Trust Co_
Lefcourt __._ 155 175 Bankers Trust
130
Liberty
140 Bronx Co Tr_
Cent Hanover
Manhattan._ 15112 153 Chelsea Bank
National City 249 250
& Trust Co_
Penn Exch_ 76
83 County
Port Monis-- 50
60 Empire
Public
145 147 Equitable Tr_
Trust Cos.
Ask. N. Y.(con.). Bid.
114 fulton
60
79
Guaranty.... 816
International_
Interstate....
245 Irving Trust__
625
Lawyers Trust
54
53
7112
Ask.
650
819
60
533
4
7212
425
N Y Trust... 305
343
Manufacturers 148
Mutual(Westchester)____ 375
309
151
346
Imes Square. 65
73
785 810 rrhtic Gu & Tr 165 170
162 163
70
80 Iunited States_ 3700 3800
400 403 Westches'r Tr 1000
60 I Brooklyn.
rooklyn_
290
900 920
93 Kings County 2900 3050
133 11,11dwood__ _ _ 205
• State banks. I New stock. 2 Ex-dividend. g Ex-stock div. y Ex-rights.
58
270
91
132
New York City Realty and Surety Companies.
-p. 1967.
Quotations for U.S.Treas.Ctfs. of Indebtedness.-p.1967.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
1
Daily Record of U. S. Bond Prices. Mar.15 Mar.17 Mar.18 Mar.19 1far.20 Mar.21
_
Liberty Loan
High 100.3, 100.3, 100.., 100113, 1001.3, 100.3,
First
334% bonds of 19'23-47_ Low- 100.3, 100°., 100.1, 100.3, 100113, 100"3,
Close 100.3, 100.31 100"1, 100113, 1001.3, 100".,
(First 354)
26
20
171
6
Total sales in $1,000 units_ _ _
223
227
____
Converted 4% bonds ofliiiith
-_
-------- -____
1932-47 (First 45)
Low----------Wiese
_
____
_
Total sales in $1,000 units_ ...
____
__ __
_- 1013.3; 101u., 100.3,
Converted 434 % bonds file ii 101.3; 10213, 102
-ow- 101u32 101.3, 101“:2 1011122 101I.:: 100''
Of 1932-47 (First 414011
,,
Close 101,142 101,In 101. 31 101‘In 101..2 101,
,
.32
Total sales In $1,000 units. _ _
2
21
8
13
34
82
____
Second converted 4 1i % II ig h
---.-----------bonds of 193247(find(Low__. Close
Stamm! 4 A s) .
Total sates In $1,000 units__
____
____
_
reit 102
Fourth Liberty Loan
10213
, 102
- 102
- 102
1;3; 107 ';
1
1
434 % 1,0l11113 of (933-38_ Low- 101.3, 101.3, 101"n 101"n 102
102.31
Close 101.3, 102
(Fourth 434,)
101"ss 101"3, 102.a, 102In
72
174
Total sales in $1,000 units. _ _
234
259
504
221
hitch 113Ia 113
TICaDU r y
113
113,,as 113.'32 113..al
112.3, 112.3, 113 3, 112.33
3 Low_ 112.31 113
454o. 1947-52
,
Close 113.3, 113
112"n 11311n 1131Isr 112 Ia:
,
24
Total sales in $1,000 units..._
5
20
43
20
109
(High 1OSI.sr 108"rs 109
109
109..2 mein
I Low_ 108IIn 108.'is 105"s2 1081431 109.21 109.2,
4s, 1944-1954
031 108eIn 109
(Close 108Ihr 103.
189 :t 109.33
,
Total sales in $1,000 units.. _
107
3
61
29
293
1
r High 10693, 106Isr 106Ias 1061°32 106"n 1061In
i Low_ 100.32 106.31 1044
33(s, 1946-1958
., 106
106W,, 105'Irs
[Close 106932 106631 106'n 1061.22 1061731 105"32
Total sales in $1,000 units__
25
10
30
75
5
56
II Igh 101'n 1012.3, 1011.32 101 1ra 101,,,, 101'',,
LOW_ 101'.2 101 1.31 101 1.32 101',, 101",, 101.11
354s. 1943-1947
Close 1017,3 1011 Isr 1011,32 101H,1 101.'3 101%18
2
Total salts in 51,000 units.,,
1
12
41
158
High 101.3, 101.3, 101.3, 101.., 1011 3 101.,,
.
,
1A.w_ 101"n 101"n 101"n 101"n 101"n 101.31
314s. 1940-1943
Close 101"n 101"n 101"n 101"n 101"n 101,
32
Total vales in $1,000 units ._
269
1
2
211
2
1
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
5 1st 314s
,
2 1st414s
36 41h 4 548
100 3, to 10013, 5 Treas.4 1
,
4,.112"13 to 112toss
101 ,,i) to 101.3, 1 Treas. 3148'43,,47...101
to 101
101"4, to 102
Foreign Exchange.
To-day's (Frida.).'s) actual rates for sterling exchange were 4.85 11-16Q
4.86 9-16 for checks and 4.863.4©4.86 13-16 for cables. Commercial on
banks, sight 4.85 13-16@4.863; sixty days, 4.8374, ninety days, 4.8274,
and documents for payment, 4.8334. Cotton for payment, 4.855-4. and
grain for payment 4.855 .
4
-day (Friday's) actual rates for Paris bankers' francs were 3.91%
To
3.9154 for short. Amsterdam bankers' guilders were 40.0734(5440.11 for
short.
Exchange for Paris on London, 124.31; week's range. 124.33 franc high
and 124.26 franc low.
Sterling, Actual
Checks.
Cables.
nigh for the week
4.86 9-16
4.86 13-16
Low for the week
4.85 11-16
4.86%
Paris Bankers' Francs
High for the week
3.9134
3.91 9-16
Low for the week
3.9034
3.9134
Antsttrdam Bankers' GuilthrsHigh for the week
40.11
40.1234
Low for the week
40.0451
40.0834
ny Bankers' Marks
High for the week
23.8634
23.8734
Low for the week
23.813.4
23.8434
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 1966.
A complete record of Curb Exchange transactions for the
week will be found on page 2002.
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.
March 15.
Monday.
March 17.
Tuesday.
March 18.
Wednesday. Thursday.
March 19. March 20.
Friday.
March 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1029.
Lowest.
Highest.
Par $ per shore $ per share $ per share $ per share
Railroads
$ Per share $ per share $ per share S per share $ Per share 5 per share Shares
8
13,800 'kWh Topeka & Santa Fe--100 2193 Jan 6 2404 Feb 8 1954 Mar 29858 Aug
2324 234 232 23354 2334 23814 23534 237 236 238 233 238
99 May 10478 Dee
100 1024 Jan 3 105 Mar 15
2,000 Preferred
105 105
10412 1044 10134 105
10472 105 •10412 105 *10412 105
700 Atlantic Coast Line RII.--100 165 Jae 11 17512 Mar 18 161 Nov 20913 July
175 175 1744 175
*175 17714 *17378 175 17511 17512 *17234 175
100 115 Jan 2 121 Mar 20 10514 Nov 14512 Sept
12018 1204 35.100 Baltimore dc Ohio
121
4
8
117 1177 11834 11732 11712 11978 120 1203 120
75 Jon,' 31 Dec
4
:
100 781 F:b 10 823 Mar 21
900 Preferred
8234 823
4
8112 817
8 8118 82
*8034 82 •8113 82
.80 4 82
1 3
55 Ou 904 Sept
50 63 Jan 3 784 Mar 21
8 7418 734 6,700 Bangor & Aroostook
781
*75
753 *7414 7513 7512 7612 764 7812 77
4
40 Preferred
100 109 Feb28 112 Jan 9 v10314 Oat 115 Sept
111 111 *111 11112
111 111
•11018 111 *11/112 111 *11012 111
85 Apr 145 Joly
600 Boston & Maine
109 109 *108 109100 99 Jan 14 112 Feb 8
1054 107 *107 110
4
1043 1044 *105 110
7 Nov 15 Dec
1238 124 1212 •1134 124 4,600 Brooklyn & Queens Tr.No par 10 Jan 11 1314 Jan 25
4 1134 1234 12
1113 113
4 1134 113
44 Nov 65 Sept
51 Jan 11 6512 Mar 18
1,200 Preferred
67
824 654 *607 654 8518 6512 *61
5
62 82
*
55 62
40 0a. 81.4 Feb
29,400 Bkiyn-Manh Traa VI c_No par 63 Jan 2 784 Mar 18
No par
8
757
2 753 784 7812 7814 783 7712 7614 /7
4
4
744 7813 743
7612 Nov 924 Feb
4
1,100 Preferred v t 0
NO Par 8472 Jan 6 913 Mar 19
4 914 9I34 *9112 92
•91
914 89 9014 9138 913
*904 91
412 O' 4118 Jan
194 10,900 Brunswick Term & Ry See.100 1412 Feb 17 234 Jan 16
20
19
19
174 20
204 19
17
1612 1612 17
100 1874 Jan 3 22614 Fab 10 185 Dec 25978 Feb
205 20334 2054 204'8 12,500 Canadian Pacific
2014 202 201
20214 2034 20132 20212 2004
203 Jan 7 23712 Feb 1' 160 Nov 27934 Sept
100
4
4
225 2264 226 223 229 232 231 233 2323 2334 2323 23312 9.030 Chesapeake dr Ohio
4 Nov
1034 Feb
84 Jan 2:
44 Jan 8
100
612 64 3,500 Chicago & Alton
54 612
s
44 514
54 51
438 4 3 •44 5
,
313 NOV 2.554 Feb
s
87 J in 21
9.34 Jan 20
100
6,203 Preferred
7
7
71,
61
4 7
6
64 74
614 64 *5's 612
15 Dec 43 Feb
2112 2,003 Chic& East Illinois RR__ —100 1414 Jan 7 234 Mar 19
2112 *20
2212 23 8 •
, 20
23
19
18
18
*19
20
363 Dv 661 Feb
4
8
100 36 Jan 2 514 Mar 20
4912 8.003 Preferred
42 5014 487 507
2
8 5012 51.4 49
4
4034 40 4 403 42
3
7 Nov 234 Fen
Jan 8
8
8
13
144 133 144 13, 11's 134 1418 11.700 Chicago Great Western-100 124 Mar 6 154 Jan 14
4
•13
134 123 13
1712 Nov 63 8 Jan
4
,
9.200 Preferred
100 34 Fee 25 403
4 3813 39
39
374 40
3912 3812 393
3612 334 33,3 37
16 Nov 414 Aug
7
4
4
223 214 24 247
s 237 244 23's 244 14,200 Chicago hillw St Paul & Pao.._ 22 *Mar 13 254 Feb 10
4
2278 2312 223 23
2812 Nov 6•03 Aug
3914 Mar 13 4614 Feb
8
394 424 41
434 4l' 4214 40, 414 21,500 Preferred new
3314 40
3913 40
75 Nov 10Sis Sept
8812 8714 81'i 8712 11,900 Chicago .8 North Western_ 100 84 Jan 3 894 Feb 8
814 864 8512 87
8
8112 8112 8114 817
100 133 mar 5 140 Jan 18 134 Apr 145 Feb
8
300 Preferred
4
13911 13913 •13912 140 1303 140 •1395 11014
*13918 140 *1394 140
1213 1213
4
41 6.800'Chicago Rock NI & Pacific_100 114 Jan 6 125, Feb 14 101 Nov 1431: Sept
120 122
118 11812 11778 118 11734 11934 11914 120
100 107 Jan 2 1104 Mar 20 100 Nov 109 Oct
400 7% preferred
10913 10912 10918 1094 111) 1104 •10312 11012
*10912 110'lOS'z 110
9478 Nov 10314 Nov
100 9934 Jan 6 108 Feb 7
300 6% Preferred
103 103 10314 10314 1044 1044
*103 104 01034 1034 *103 104
3
8614 Dee 135 July
100 83 Jan 15 95 Feb 13
500 Colorado dr Southern
93
93
92
91
92
92 *86
88 88 *86
*88 92
6513 01 80 Jan
100 6834 Jan 3 71 Feb 19
190 First preferred
*744 77
714 77
75 •7458 77 .
75
*734 75 *744 75
64 Apr 724 Mar
40 Second preferred
100 65 Jan 23 70 Mar 19
70
70
*68
70
70
70
70
*
88
*6614 70
*
6814 70
45 Nov 703 Jan
8
100 49 Jan 2 1314 Mar 5
57
5814 2,400 Como! RR of Cuba pref
59
58 5814 574 58
3
•57 60 *53 58 4 58
11/0 16112 Jan 3 181 Feb 8 14113 01 226 July
174 1773
4 5,000 Delaware & Hudson
17534 177
17214 1743 175 1763
4
4
17014 17334 171 171
Jan 28 153 Feb .34 12014 June 18934 Sept
14514 1464 14514 14614 10,500 1)elaware Lack & Western 100 1311
144 145
1394 144
13834 140
4
1393 140
49 01 7734 Feb
4 2,200 Deny. & Rio Or West pref 100 60 Jan 2 754 Feb 10
74
74
7514 7518 75 18 7512 753
73
723
31724 7212 72
4112 Nov 934 Sept
4
100 553 Mar 17 6314 Feb 14
8
587 6014 5914 604 537 6012 584 5912 41,800 Erle
8
581z 5738 5534 567
5512 Nov 6614 July
8
100 613 Jan 10 674 Feb 19
6618 864 2,600 First preferred
66
85
66
66
68 68
*6514 66
*6514 88
52 Nov 834 July
574 Jan 2 6212 Feb 19
101
300 Second preferred
623 824 *8212 624 6212 6212
8
82 6212
62 62 .82 6234 *
Feb I11
8514 Nov 12814 July
9734 984 98 934 91 10014 9914 10012 5.700 Great Northern preferred_ 100 95 Jan 13 1004 Feb 21
72
974 974 *97
98
8512 Nov
1224 July
100 904 Jan 3 9914
3.000 Fret rertifIrates
93
97
953 93
4
95 98 .95 96
*93 95
*94
95
18 Nov 59 Feb
100 384 Jan 2 454 Feb 17
4,800 04411 Mobile & Northern
42'8 4112 4'14 4112 4112
4112 434 42
411
*41
4112 *41
70 Nov 103 Jan
14 9814 Mar 10
100 94 Jan
200 Preferred
964 9712 133314 974 9313 9312
*96
9712 963 984 *9614 9712 *
8
till Dec 1112 Apr
5l8 Jan 17
8 Jan 2
Havana Electric Ry...No pa
*1
8
*44 8
*4
8
•
4
8
55 Feb 7134 Dec
63118 Jan 14 72 Jan 2
101
'
1
*::
.:. ‘ It. -:!2 -!-- ...... Preferred
1
*
68 ---- •66
*6514 _-__ •86
100 450 Jan 25 52) Feb 14 370 Nov 600 Oct
Hocking Valley
*475 495 *475 495 *475 495 *475 495 *475 495 *475 495
8
3412 May 583 Jan
2
491 504 21.200 Hudson & Manhattan_. 100 463 Jan 18 51 18 Feb 1
4.
8 4914 50
497 51
8
4312 4812 475s 48's 4818 497
100 128 Feb I 131 Jan 6 116 Nov 15312 July
4
8
7
1284 12312 12318 1283 1284 128'8 1283 123 2 12312 12912 12918 12912 2.900 Illinola Central
70 Nov 804 Feb
300 RR Sec Stock certificates
- 70 Jan 2 74 Jan 18
76
74
73
74
*7314 7312 *74
*7212 7714 73
*7212 74
2
15 Oct 543 Feb
3912 Mar 18
s
4
394 374 384 373 3812 57,700 Interboro Rapid Tran vi 13_100 201 Jan
3912 37
32 344 3413 333 37
25 Nov 59 Jan
100 Int Rys of Cent America 100 2814 mar 18 324 Jan 16
*2814 29 •2814 29
2814 2814 *2814 29
•2813 29 *284 30
6114 Dec 804 Jan
4
100 813 Jan 2 71 Feb 5
Preferred
*6013 70 *70 701 *70
4
*70
71
7012
*3914 71
*6912 71
60 Oct 10878 July
Ity Sout hern____100 77 Jan 30 83 Mar 20
9.000 Kansas I.
82
8213 8214 83
82
814 82
7914 797k 79
78 4 79
3
03 Nov 7012 Jan
100 6718 Jan 6 6934 Mei' 14
400 Preferred
69 69
108312 69 *8812 61)
69 69 •8838 69
*
3814 69
4
50 7014 Jau 27 773 Feb 8 65 No 10214 Feb
7614 75
7234 7413 744 714 75
764 3.700 Lehigh Valley
7218 721
72 73
4
128 Jan 3 13s Jan 22 110 Oct 1513 Sept
100
134 1344 13418 13418 1,200 Louisville & Nashville
133 133 131 134
*13114 132 132 132
491k Mar 18
24 Or
5712 Jan
4012 39 404 384 394 3818 3914 19,900 Manhat Eiev modified guar 100 3014 Jan 3
3812 394 39
354 37
1412 No
3912 Jan
100 Market St Fly prior peet_100 17 Jan 16 252 Feb 11
25
24 24
25 *24
25
*24
25 *24
*234 25 *24
114 Nov
2 Jan 7
14 Feb 27
3
3 4 Jan
14
Vs 6,000 Minneapolis & St. L01118_100
14 14
8 •138 138
8 •138 13
112 112 *14 13
35 Ma
8112 Sept
2.300 Minn St Paul & 88 Marle_100 2818 Mar 17 35 Feb 7
34
34
31
33
4 2914 30
23's 2334 2834 283
4, 8 29
2
51 Dec 66 Jan
54 Jan 3 5'14 Feb 21
100
100 Leased lines
60
5912 59 59 *5412 59 •54
59 *59
*58
59 *58
4
3
274 Nov 65 4 July
8234 136.003 Mo-Kan-Texas RR----No Par 4678 Jan 2 623 Mar 21
8 61
5478 564 5714 8114 6012 621
5312 5412 5314 55
9378 Nov 10712 Apr
100 103 Jan 8 10814 Mar 21
1074 103
1073 10314 4,100 Preferred
4
8
10613 1063 10618 10811 10618 10714 1087 107
8
45 Nov 10138 July
100 87 Jan 2 944 Mar 6
931 984 911z 9534 914 934 2,700 Missouri Pacific
8 9314 95
93 934 93 937
100 134 Jan 7 14512 Mar 6 105 Nov 149 Oct
3.700 Preferred
14012 141
1393 141
4
1407 141
8
14034 111
140 14012 14012 141
754 Oct 8658 Jan
4
50 813 Jan 29 83"s Mar 14
30 Morris & Essex
4
4
4
4
4
82 82 •813 814 *813 844 *813 844 '813 844 *813 8414
20 Nash Chan & St Louls___100 e12812 Feb 18 13178 Feb 24 173 Nov 240 Aug
130 130
•12612 130 •1284 130 *1264 130 *12612 130 •12312 130
1 Oct
35: Jan
14 Jan 11
1 Feb 5
.100
118 14
14 114 1.400 Nat Rya of Mexico 2d pref.
14 •1
Vs •1
112
118
1
•1
19234 Feb 14 160 Nov 2581: Aug
100 167 Jan
185 1884 183 189 8 187 1881 54,000 New Volt Central
,
18912 182
18213 186
181 182
s
100 130 Jan 6 144 Feb 10 110 Nov 1923 Aug
2.000 N Y Chic & St Louis Co
141 141
4
140 140
14014 14134 14014 1404 1413 142
1394 140
4
100 1083 Jan 7 110 Fel, 18 100 May 110 Dec
1,000 Preferred
4
4
4
8
1093 10938 *10912 1093 10914 10912 1093 1093 10914 110 *109 110
50 180 Jan 6 324 Feb 3 155 Oct 379 Jan
330 N Y & Harlem
277 277 275 279 282 298 290 299 234 295 290 292
R04 Jan 13212 Oct
100 1054 Jan 20 12714 Mar 21
2
12214 127 126 12714 36,700 N,Y N H & Hartford
12112 12214 12114 12112 122 1233 12314 128
122 Jan 23 1)5':Star 21 11438 Jan 13454 Aug
133 13512 4,400 Preferred
13114 112
129 130
4
4
12818 12812 1283 1283 12814 129
16 Feb 14
8 Nov 32 Feb
1312 1312 134 144 1312 144 144 1478 144 1512 144 1518 10,600 N Y Onturio & Western_ _100 134 Jan 2
112 Dee
078 Feb
44 Jan 16
2 Jan 7
403 N Y Railways pref __No par
212
212
8 *24 28
272 24 *212 27
234 2 4 11212 24
3
212 Feb 6
1 Oct 141: Mar
112 Jan 15
N Y State [Ws
100
214 214
4 218 •14 214 *141 214
134 134 •13
*134 232
1413 Wt. 4.81: Feb
100 1634 Jan 8 334 Feb 14
30
30 18 2,700 Norfolk Southern
2912 294 294 3178 3014 31
31)
3125
30
•25
Jan 290 Sept
100 226 Jan 4 265 Feb 18 191
1.900 Norfolk & Western
257 25934 25414 25913 260 260
2504 25014 250 230 253 256
82 Nov 8714 May
100 83 Feb 3 86 Feb 18
600 Preferred
8512 8512 8512 8512 8512 8512 *8512 8812 8512 8514 85 85
7518 Nov 11878 July
100 81 Jan 211 97 Feb 21
91
954 9,600 Northern Pacific
934 91
8
92 924 927 9438 93 91
*9214 923
4
75 Nov 11452 July
100 8212 Jan 23 954 Feb 21
4 9234 934 9334 914 3,000 Certificates
,
9212 92 3 9272 9212 923
92
92
92
47 Dec 43 Feb
8
7 Jan 3 16: Mar 17
100
500 Pacific Coast
16
16 •15
16 •15
16
16
,
164 16 3 16
15
14
72.2 Mar 119 Aug
50 7218 Jan 8 8514 Feb is
84
343 82.000 Pennsylvania
4
8 834 843
8114 8314 8213 831
4
80 4 8112 804 81
3
17 Dee 35 July
1714 Feb 28 21 Feb 11
100
Peorla & Eastern
20
20 •17
20 •17
20 *17
20 •17
*17
20
*17
100 150 Jan 30 183 mar 18 140 Nov 260 Aug
600 Pere Marquette
•
150 163 •150 163 162 163 *182 188 *150 170 •150 171)
04 Nov 101 Mar
4
100 941 Jan 31 9912 Mar '20
160 Prior preferred
9912
93 9312 *99
98 99
*98 99 *
98 98
•
98 99
Jan
90 Nov 147
100 95 Jan 7 97 Mar 12
Preferred
319512 97
*9512 9/
*9512 97 *9513 97 *9512 97
*9513 97
90 Nov 4814 Jan
200 Pittsburgh & West Va
100 11.0 Mar 3 12134 Feb 11
118 *110 118 *110 118
117 11714 *110
*
984 118 •110 118
121 Jan 4 14113 Feb 6 13)l! may 1474 Sept
50
5.800 Reading
12514 129 •1254 127
127 128
125 127
123 125
12138 123
4112 ADC 50 Sept
50 441s Mar 11 53 Feb 21
First preferred
*4518 47
*4512 47
*4814 48 •164 48
314818 48
•4618 49
4:15, May 604 Sept
4
50 473 Jan 4 57 Feb 6
400 Second preferred
50 50 *5012 53 •4914 51
50 *484 50 •4914 50
*47
4978 Ort 704 Sept
4
1 673 Mar 5
100 6012 Feb
Rutland RR prof
68
6312 *65
68 *65 6812 *65
135
*85 644 •65 83 3
4
100 10733 Jan 3 11418 Feb VI 101 Nov 1313 Aug
1127 1133
8
4 4.10081 Louis-San Francisco
1124 1124 114
112 11212 11212
111 111
*111 112
87 Nov 9613 Feb
92 Jan 2 10014 mar 21
100
9951 9912 10014 3,100 1st pref paid
9814 934 984 9914 9914 9913 99
977 98
8
50 Nov 1 534 Feb
Jan 20 6938 Feb II
4 5,900 St. Louis Southwosterh____100 5914
3
8 6512 674 677 6778 *8612 673
637 6378 64 657
8
*
62 64
84 Oct 94 Apr
100 87 Jan 4 90 Mar 5
Preferred
14
4
4
4
4
3
*873 933 *3734 93 4 *873 933 *873 93 *8734 933 *8734 9314
4
4
4
94 Dec 213 Mar
9 8 Jan 15 1212 Feb 15
3
100
11 14 104 111a 7,100 Seaboard Air Line
1038 1114 1034 1112 11
1012 11
*104 11
1614 June 414 Oct
28 Feb 7
,
100 224 Jan 3
25
500 Preferred
25 *24
2134 25 •24
25
*234 2514 25
*2334 2514
100 11914 Jan 8 127 Feb 10 105 Nov 15712 Sept
7,400 Southern Pacific Co
4
12011 1204 12012 122 1224 12472 12378 12412 12312 12478 1243 1244
4
100 1234 Mar 8 1363 Jan 13 109 Nov 10218 Sept
6,400 Southern Railway
4
1274 1294 1294 1303 1301: 131
1263 128
4
128 12612 125 126
93 June 100 Dec
100 98 Jan 2 101 Mar 20
500 Preferred
10012 10034
100 10014 *1004 10012 10012 10012 10012 10012 10012 101
117 Jan 6 1234 Jae 14 115 Nov 181 May
100
Texas & Pacific
•
11714 126 41118 126 *118 126 *118 126 *118 126 *118 126
6IE Nov 39 Feb
9 Jan 14 1512 Mar 20
100
1514 13,400 Third Avenue
1172 1172 114 1178 1178 1312 133 154 1414 1512 15
8
2014 Disc 5134 Jan
900 Twin City Rapid Traoalt_100 234 Mar 15 3112 Jan 29
*2313 25
2312 24
234 2318 234 2312 234 2312 234 24
75 Dec 100 lea
Jan 28 79 Feb 3
100 70
Preferred
7514
5---- 7434 *---- 7434 *---- 7434 •___. 7514 *-- 7514 *
100 215 Jan 8 23714 Feb 10 200 Nov 29718 Aug
8,700 Union Pacific
.314
•22412 225 22312 225 225 230 23014 232 234 235 27 236
80 Nov
ME Sept
100 8214 Jan 17 8412 Mar 19
800 Preferred
844 844 8414 8414 8414 8438 844 8112 *8412 8512 8412 8412
40 Nov 8158 Jan
100 51 Jan 6 60 Feb 10
5312 531
574 574 5612 5734 8,200 Wabash
, 53 5312 54
5614 57
57
82 Nov 1044 Jan
100 83 Jan 7 8712 Mar 21
900 'Preferred A
8712
874
87
86
86 8612 .
87 *8611 87 *8612 87
87
10 Oct 54 Feb
301z Mar 21
100 2414 Jan 1
2734 3012 55,200 Western Maryland
2534 2578 254 253
8 2612 277
s Ms 2818 2678 28
1414 Nov 5312 Feb
294 Feb 15
100 2412 Jan 1
200 Second preferred
30
25 4 25 4 *28
*29
3
3
27
31274 29
267 287 •
3
8 2718 30
15 Oct 417 Mar
2
8
21 Jan 2 293 Mar 19
100
287 2912 4,800 Western Pacific
8
2612 267
29
264 264 2914 29
8 25
294 29
37 Nov 67% July
:
1
53'z Mar 19
100 401s Jan
48
4812 4612 464 4714 50 4 503 5312 513 531s 5113 51.4 6,400 Preferred
4
1
8
*
29
*79
Industrial & Miscellaneous
No par
324 6.700 Abitibi Pow & Pap
32
32
2912 3078 31
Inn
1.500 Preferred.....
R5
85
81
854 •82 85
prices: no sales on this day. 460% stook dividend path s Es-dividend v Ex-riants.
293 *2914 29 4
4
3
80 *794 80
•3456 and
mud
2934 3012
80
82
22 Jan 1
6478 Jan 1
333 Jan 8
4
to
1354
344 Dec
.^
11.1
,
Oils Aug
Ws Jan
New York Stock Record-Continued-Page 2
1985
For tales during the week of stocks nor recorded here, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
March 15
Monday.
March 17.
Tuesday.
March 18.
Wednesday. Thursday.
March 19. March 20.
Friday.
March 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per hsare $ per share $ Per share
Per share $ per share Shares
Railroads (Con.)
Par
*47
53
*5014 5212 5212 5212 .51
54
54
.51
54
54
200 Abraham St Strausa____No par
*107 110
107 107 *107 110 .107 110
107 107 •107 110
100 Preferred
100
313 3214 313 3214 3214 33
4
4
33
3312 324 334 39,300 Adams Express new___ ,No par
333
4 33
*87
9314 *8712 89 .89
9314 •8712 8912
9314 89
39 .89
100 Preferred
100
.2318 2512 .23
25
*2312 25
.24
25
2614 2614 2812 3,400 Adams Millis
25
No par
*1712 18
*1712 18
1712 1712 1712 18
18
1812 1712 173
4
1,500 Advance Rurnely
100
344 35
35
36
353 37 .3612 3712 3612 3612 36
4
3614 2,300 Preferred
100
7
8
3
4
34
4 2,000 Ahuinada Lead
3
4
4
14
3
4
5
1
4
7
3
3
4
1
13313 1315 131 134
8
1344 13612 13613 1407 13814 14138 13814 141
8
45,900 Air Reduction. Inc
Nona
33
3114 34
354 3334 35
33
34
35
4
334 323 343 51,800 Air-Way Elee A Pella eceNo Pa
4
17
8 2
172 218
94 214
2
2
2 14
214
2
214 15,800 Alan Rubber,Inc
No pa
74 714
7
74
7
7
7
7
74 38,600 Alaska Juneau Gold Mix,__10
718
71s
71s
.1212 14
*13
1334 *1212 1312 *1212 1312 121. 1212 13
1312
300 Albany Pert Wrap Pap_ No pa
3014 31
3014 303
4 304 325
8
8 3218 3314 3218 3318 313 3214 165,100 Alleghany Corp
No pa
10438 1043 1033 10412 10418 105
4
4
105 1054 10518 1055 1044 10518 4.100 Preferred
8
.100
*92
93
•92
93
*92
93 .92
93
.92
93
93 .92
Preferred ex-warrants
26712 26712 267 270
270 280
27812 29212 288 292
277 280
15,000 Allied Chemical dr Dye_No par
12312 ____ *12312 ---- .124 126
4
124 124 •124 1243 1243 1243
4
4
300 Preferred
100
624 64
6212 644 643 654 614 654 643g 6514 647 653 48,600 Allis-Chalmers Mfg new No pa
8
8
4
3314 34
33
34
34
31
3412 357
354 36
34
8
3412
3,800!Alpha Portland CernentNo par
278 27
8 *27
8 312 .27
8 312 .27
8 314 •27
8 312 .24 312
100'Amalgamated Leather _ No par
21
21 14 2112 224 224 234 23
23
22
23
2312 22
18,300 Amerada Corp
par
3
74 7 8
7
7 4 7 4 *73
3
4 8
8
8
74 74
3
3
31, 32,
714
8 814 2.400 Amer Agricultural Chem_o
N
r
.3014 3212 3012 3012 32
3212 32
32
3214 32
1,700 Preferred
100
8714 8714 8714 8714 8712 8712 89
897
8 894 89's 8912 9212 4.100 Amer Bank Note
10
*613 627 *6214 624 *623 627
4
8
4
,
4
4
8 6234 623 *02 4 63 .623 63
100 Preferred
50
1018 10.8 •10
1012 *912 1014
9
10
8 *9
912 97
9
500 American Beet Sugar__No par
5014 5014 51
515
8 51 14 517
51
*5212 53
538 *524 53
8 4,000 Amer Bosch Magueto__No par
51
5112 5012 5012 5014 513
,
4
52
4 52
523 54 8 x53
54
4,100 Am Brake Shoe dr F____No par
126 126 .12618 12612 12618 12614 .12612 127
12612 127 X127 127
260 Preferred
100
1414
14
14
1414
1412 1612 15
154 15
1514 24.800 Amer Brown Boyer! El_No Par
167
8 15
*69
70
70
70
7212 7212 .7212 73 .67
7214 .6712 7214
60 Preferred
100
14018 1413 13912 1425 14318 14518 14158 15012 1474 1494 1463 150 225,500 American Can
4
8
4
214418 14412 14414 14412 14114 14114 144, 14412 145 145
14412 14514
8
1,300 Preferred
100
784 79 .27618 773
6512 71
72 '75
4
4 753 76
4 784 783
7,500 American Car & Fdy__, 7o p::
,0
5
v
1124 11214 *11014 113
11112 11112 .11038 113 *11012 113
111 111
300 Preferred
100
94
94
.93
95
*9312 95
29612 9312
97
*95
97
97
600 American Chain prof
100
4412 45
45
457
8 45
4
453
s 4618 471s 4712 494 473 494 16.400 American Chicle
254 253
4 24
1912 2012 2018 21.8 24,300 Am Comml Alcohol__ _No par
2514 2212 2133 22
23
.2512 23 .25
26
*2'
2812 2612 234 234 294 285 2933 6.700 Amer Encaustic Tiling_No par
8
4712 4712 47
4714 4612
48
434 4812 494 5,000 Amer European Sec's...No par
4 50
85
863
4 85 4 8912 884 9114 904 9212 8312 91 8 8714 9138 166,200,Ainer & Fora Po wer
,
,
No par
1093 109 4 10912 110
4
3
10912 110
8
10912 1094 1110 11014 1097 11014 7,800 Preferred
No pa
.9618 961
. 96
96
.97
9612 97
98
97
98
97 12 97
900 2d preferred
No pa
26
28
28
31
4
30 2 304 3212 3012 334 303 32
,
3212 29,700 Am Hawaiian S S Co
10
*43
4 53
4 *43
4 53
*43
4 534 .412 5
*44 512 *44 512
American hide & Leather_100
*284 33
29
294 2934 293 *2812 30
.2812 30
*2812 30
4
300 Preferred
100
663 663
8
8 654 6612 663 6718 67
4 6718 68
8
6712 6714 693
12.300 Amer Home Products_ _No pa
371 4 374 37
373
8 37
3738 3712 3838 373 38
38 14 383
4
4 5,200 American Ice
No pa
4612 47
4514 4714 4712 484 473 4812 473 483
4
4
8 475s 4812 36,200 Amer Internal Corp..
.No Pa
*23
8 21
24 212
24
214 24
8 212
214 214 *23
214 1,400 Amer La France & Foarnite_10
.32
36
*32
33 .33
34
33
.32
34
34
3512 *33
10 Preferred
100
9412 941. 9012 94
91
87
8412 9914 83
8714 13,200 American Locomotive_ No Pa
837s 84
*11414 11614 114 114
11712 11712
114 114 *11312 114 •11312 115
500 Preferred
100
*256 25712 .25212 257" *256 25712 25714 25714 *25212 255
251 2543
4 1,000 Amer Machine & Fdy_ _No pa
44
44
444 4414 44
, 4412 45
4412 451
414 4412 45
3,700 Amer Metal Co Ltd__ No pa
*115 117 .115 117 .115 117
115 115 .115 117 •115 117
300 Preferred (6%)
10
75
7512 7912 7912 84
.8012 85
85
85
85 .8012 85
460 Amer Nat Gas pref___-1110 Pa
5
8
5
8
12
5
8
5
5
8
12
33
12
5
8 4,500 American Piano
5
8
53
No par
10418 105
10418 1067 10612 10812 1083 114
10318 106
111 11314 51.700 Am Power & Light
4
8
No pa
10214 1023 10212 10212 1034 10414 104 1044 104 105
4
105 10612 2,700 Preferred
No pa
.82
83
83
85
83 .83
.85
8518
35 .83
85
85
No pa
400 Preferred A
863 863
4
4 833 863
4
4 863 87
4
864 8714 8818 883
874 88
4 1,700 Pref A stamped
No pa
3412 351 1 3418 35
364 35 s 3714 102,800 Am had &Stand San'ry No pa
,
3112 3512 317 3512 35
8
3012 3113 31
4
3312 313 333
8 3014 32
307 3114 31
8
333 10,700 American Republics
4
No Pa
923 933
4
8 9212 94
944 954 94
94
954 914 96
9514 18,400 Amer Rolling 51111
2
*62
64
.6214 03
6112 6212 6212 623
6312 633 063
6312
4
4
800 American Safety Razor.No Par
2012 2114: 213 213
4
4 21
x2112 2212 22
22
21
.21
22
2.900 Amer Seating v t c
Vo par
14
178'
17
8
17
4
178
17
8
17
8
178 2,700 Amer Ship & Corm
1 78
17
8
17s
17
8
No par
*92
923
4 92
92
.87
90
92
*87
.97
90
92 .87
20 American Shipbuilding_ __ _100
7018 71
7013 7112 714 727
8
8 723 732
8
8 7212 734 725 7414 21,100 Am Smelting & Refining__100
.137 138 0137 133 .137 138
13714 13714 13714 13714
138 138
300 Preferred
100
423 423 .421. 4284 4212 425
4
4
8 4212 4212 421s 4218 424 4218
600 American Snuff
25
.103 108 .103 108 *103 108 .103 108
103 103 .103 105
Preferred
10
100
9814 1812 1814 187
2 1812 1914 18
4
4 1714 18
194 173 183
7,700 Amer Solvents & ChemNo par
*2714 28
27
284 29
2912 30
30
287 2914
8
30
3.100 Preferred
No Par
04612 47
4612 49
483 517
4
8 493 513
8
4
4 5012 5214 5012 515 33,300 Amer Steel Foundries., No par
*115
_ _ _ 1154 11512 113 113 .11414 115 .1114 115 .11112 115
60 Preferred
100
.50
5112 5014 5112 *4918 52
*4972 50
5014 5014 4912 50
900 American Stores
No par
6312 6312 64
84
643 663
8
8
8 66
674 665 69
6814 64
14,200 Amer Sugar Refining
100
*105 10712 10518 10519 *1054 106
100 10718 10818 10712 10712 1073
4 1,800 Preferred
100
20
207
3 19
20
1512 1712 14,200 Am Sum 'lob
19
197
1912 19
8 174 194
No par
2714 *2614 2714 2612 2612 264 263
97
2614 26
8 26
26
150 Amer Telegraph & Cable.100
236 23712 23.513 23812 237 240
4
8
2394 2433 2413 24418 245 24812 74,600 Amer Telep & Teleg
100
.234 236 *233 236
237 237
2313 2323
22912 232
4
4 5.000 American Tobacco corn ____50
223 231
235 23812 23414 23712 23414 2394 22514 237 ! 23014 2343 23312 236
4
39.00 Common claw B
50
.123 12484 124 124 •123 12414 12314 12314 123 123
1234 124
100
600 Preferred
.134 139
136 136
138 138
14112 14112 1.400 American Type Founders100
138 1393 1394 141
4
11012 11012 11012 11012 113 113 .1104 113
111 111 •11012 111
40 Preferred
100
10314 1037 10212 1014 10514 1001g 10612 1083 10718 10912 10918 11111 46,100 Am %%at Wks & El_ ___No par
8
8
.10212 - - 10212 10212 1023 10312 .1023 105
4
104 104 .104 1053
4
4
400 lot preferred
134 134 1314 14
8
1324 1414 137 137
1414 2,600 American Woolen
8
8 135 14'! .14
100
3614 37 4 37
,
3712 38
383
4 37
3912 3912 397
3914 39
8 6.000 Preferred
100
57
8 68
8 *6
,
64 63
6
618
54 6
6
6
6
3.200 Am Writing Paper etfs_No Par
42
4212 41
43
42
44
4314 44
.42
40
44
41
900 Preferred certificate. _.l00
.1232 13
123 1278 •123g 13
8
4 14
134 142
125 131
8
145
8 3,700 Amer Zinc, Lead & Smelt___25
.66
*66
70
70
66
70
*67
60
0814 69
*67
70
300 Preferred
25
6912 703
34 714 7114 717
4 69
8 7133 7314 713 73
7212 75 131,300 Anaconda Copper Min new_50
8
*45
49
*4712 49
.4712 4812 *4712 48
4812
4712 4712 .46
200 Anaconda Wire dr Cable No par
44
4514 4358 444 44
4484 44
443 454 10,700 Anchor Cap
4
464 x4514 46
No par
.10912 120 .109 119 *109 119
1093 1094 *11014 12014 11018 11018
8
200 Preferred
No par
31
3112 31
3284 32
3212 32
32
31
3312 2,800 Andes Copper Mining...No par
325
8 32
2412 2412 2312 24
2414 2412 243 25 4 253 26
26
s
4
264 4.900 Archer, Danl.% Mid'id.No par
,
.744 7512 7412 7412 75
75 .744 7412 7414 7412 •7412 743
4
600 Armour & Co (Del) pref___100
rs
512 584
512
512 53
4
512 53
4
4
512 53
512 53
4 5,600 Armour of Illinois class A __ _25
3
3,8
3
24 3
3
3
27
2 318
333
11,500 Class B
25
5814 5814 .584 60
5812 5918 *5814 5812 5814 5812 58
5812 1.100 Preferred
100
81s 834
912 912
812 87
912 10
812 83
4
8
93
8 912
2,500 Arnold Constable Corp_ No par
*1714 18
*1714 18 .1714 18
•18
20
20
18
20
20
1,500 Artloom Corp
No par
42
427
8 42
43
4212 4314 4114 4284 x42
424 4114 4114 8.000 Associated Apparel Ind No par
423 434 427 453
4
8
8 44
41
8
457
8 425 44
8 4314 443
423 18.700 Assoc Dry Goods
4
No par
*3212 43
414 4114 4112 4112 42
45
*43
*43
45
42
50 Associated 011
25
*6514 67
66
6712 673 634 6812 684 684 704 704 705
8
8 3,300 AU G& WISS Line ___No Par
.623 6312 *623 6312 .13314 1333
4
4
*6312 64
4 634 634 634 64
400 Preferred
100
48
474 4658 485
8 47s 4914 474 48
463 4718 4614 485 79,800 Atlantic Refining
4
8
25
95 10012 964 984 9912 103
93 1013
4 95 1004 9914 10434 20,700 Atlas Powder
No par
*102 103
102 103
103 103
103 103 •103 104 *103 104
60 Preferred
100
*718 8
8 74 *67
8
74
67
8 67 . 8 74 .64 74 •67
8
67
200 Atlas Tack
No par
237 241
240 24614 24714 25212 249 2517 2483 2573 x248 254
4
4
8
22,200 Auburn Automobile_ ...No Par
412 44
414 412
418 44 .43
414
8 412 2,600 Austin, Nichols & Co_ _No par
458
412 412
.31
36
.31
35
36
.31
.31
35
.31
*31
35
35
Preferred non-voting_ ---100
*5614 58
*5614 58
.5614 58
.5614 58
.5314 58 .5614 58
Austrian Credit Anstalt
7
712
7
712
74 74 74
718 84
712 814
8
8,200 Autosalea Corp
No par
1612 164 .17
20'
23
•19
•18
18
19
.18
21
20
500 Preferred
50
4458 4524 *431 2 45
413
45
48
454 46
474 4812 4,000 Autostr Sat Razor A ___No par
46
64 7
64 7
64 7
67
8 7
87
8
64 7
7 8 24,000 Aviation Corp
,
No par
3418 315
8 34
3514 344 353
35
3512 3414 35
4 354 3533
29,100 Baldwin Loco Wks new No par
*11214 114
11212 114
114 114
115 115
114 114 2 .11412 115
,
100
180 Preferred
*10814 1097 10934 1094 1093 1093 .10814 1093 •109 10912 108 10912
8
4
4
4
250 Bamberger (L) & Co pref 100
.18
194 •184 184 .18
184 1833 181s •1812 1912 1812 20
No par
1,150 Barker Brothers
.734 82
*733 82
4
90
7518 82
•
734 82
*734 82
90
100
80 Preferred
.3
44 .24
418 .278 418 •23
.
4 418
3
312 312
100 Barnett Leather
No par
2612 271s 264 2314 273 2618 2714 277
8
4
274 233 2814 91,403 Barnsdall Corp class A
8 27
25
•girl and itaked prices; no *ales on thl day. x Ex-dIvIdend.
y Ex-rights.
PER SHARE
Ranee Since Jan. 1.
On basis of 100 share tots
Lowest.
$ per share
45 Jan 2
104 Jan 11
234 Jan 20
8514 Feb 4
23 Jai323
114 Jan 6
22 Jan 4
12 Jan 4
118 RID 22
21 Jan 13
13 Jan 2
8
7 Mar 3
814 Jan 21
23 Jan 8
9512 Jan 3
8914 Jan 27
2553 Jan 3
4
121 Jan 2
494 Jan 3
2818 Mar 7
258 Jan 6
18 Jan 16
VII Feb 25
26 Feb 20
77 Jan 2
61 Feb 3
7 Jan 4
4018 Jan 17
47 Jan 9
11814 Jan 14
83 Jan 16
8
6012 Jan 3
11714 Jan 2
14033 Jan 27
631 2 Mar 21
110 Jan 27
754 Jan 3
36 8 Jan 2
,
1912 Mar 20
234 Jan 17
35 Jan 8
82.8 Mar 12
107 Jan 3
95 Mar 12
197 Jan 2
8
44 Jan 30
2718 Feb 7
553 Jan 11
8
3518 Feb 7
353 Jan 20
8
2 Jan 20
30 Jan 9
84 Mar 21
111 12 Feb 3
210 Jan 10
44 Jan 21
110 Feb 8
65 Jan 23
1 2 Feb 7
77 Jan 2
100 Jan 28
75 Jan 8
80 Jan 6
3018 Jan 3
2012 Jan 21
8058 Jan 2
69 Jan 16
1732. an 3
118 Feb 25
83 Jan 24
694 Jan 22
13312 Feb 6
424 Jan 21
1001s Jan 3
15 Mar 4
253 Mar 1
4
4412 Jan 2
11012 Jan 7
4612 Jan 2
8018 Jan 3
104 Jan 6
1512 Mar 21
25 Feb 27
216 Jan 2
197 Jan 8
197 Jan 8
120 Feb 3
125 Jan 22
106 Feb 5
8812 Jun 2
9912 .h.n 4
712 Jan 2
1934 Jan 2
5 Jan 20
2912 Jan 17
812 J210 2
56 Jan 6
6912 Mar 14
40 Jan 22
35 Jan 2
105 Jan 2
3014 Feb 20
2212Mar 6
7414 Mar 14
54 Jan IX
24 Jan 20
58 Mar 12
6% Feb 8
1718 Feb 8
3618 Jan 4
28 Jan 4
3212 Feb 27
831 2 Slur 13
59 Jan 7
3614 Jun 17
8112 Jan 17
101 Jan 20
614 Jan 2
8
17 '2 Jan 18
33 Jan 22
4
24 Jan 2
56 Jan 10
412 Jan 20
15 Jan 11
37 Jan 2
43 Jan 20
4
3012 Jan 2
111 Jan 13
107 Jan 3
164 Jan 15
7312 Feb 11
24 Feb 18
2012 Feb 15
Highest
PER SHARE
Range for Previous
Year 1929
Lowest.
Highest
$ per share $ nee share $ per than
5712 Feb 1
43 Dec 15912 Jan
110 Feb 11
10012 Nov 11212 Oct
354 Feb 26
20 Nov
34 Nov
89 Mar 19
84 Nov 96
Jan
28'2Mar 21
19 Nov
354 Jan
2314 Jan 24
7
Oct 10178 May
4114 Jan 29
15
Oct 119 May
4 Feb 5
.8 Feb
7
33 Dec
1413 afar 20
8
77 Nov 2233 Oct
2
3514 afar 17
18,8 Dec 487 May
8
212 Jan 9
1
Dec
1114 Jan
94 Jan 7
414 Nov
1014 Jan
1512 Feb 17
5 Oct 25 Jan
341s Feb 14
17 Nov
5612 Sept
10712 Feb 11
90 Nov 1183 July
4
9614 Feb 24
8018 Sept 92
Oct
29212 afar 20 197 Nov 3543 Aug
4
1243 Mar 21 11812 Nov 125 Apr
4
7512 Sept
68 Mar 11
3518 Nov
36 Mar 21
23 Nov 23 Nov
312 Mar 10
II', Jan
2 Nov
234 Mar 18
1712 Oct 424 Jan
4
Oct 2333 Jan
814 Mar 10
3514 Mar 10
18 Nov
7334 Jan
93 Feb 27
65 Nov 157
Oct
66 4 Jan 31
57 July 65 June
,
34
12 Jan 16
514 Dec 2012 Jan
5472 Feb 14
27 Nov
7612 Sept
4012 Nov
62 Feb
5433 Mar 20
128 Feb 13 113 Nov 12612 Mar
173 Feb 14
44 Oct 3434 June
s
7514 Feb 14
493 Jan 104 June
4
15012 Mar 19
86 Nov 1844 Aug
14512 Mar 13 13318 Nov 145 Dec
82)2 Feb 6
75 Nov 10612 Jan
116 Jan 4 11012 Oct 120
Jan
982 Mar 21
7014 May 954 Oct
494 Mar 20
27 Nov 815 Sept
8
33 Jan 16
20 Oct 55 May
294 Mar 20
1814 Nov 473 Feb
4
50 Mar 19
23 Nov 9812 Sept
10114 Feb 19
50 Oct 19914 Sept
11014 Mar 20 10112 Nov 10812 Feb
9912 Feb 19
8614 Oct 103 Feb
335 Mar 19
8
1712 Dec 42
Apr
578 Mar 10
312 Dec
10
Jan
2314 Nov
34 Feb 19
5214 Aug
4 Mar 20
693
40 Nov
85 8 Jan
5
29
3912 Jan 6
Oct 5312 Aug
5184 Mar 11
2912 Nov 96 4 Sept
3
3 Feb 20
212 Oct
87 Jan
8
35 Feb 14
2712 Nov
75 Feb
105 Jan 6
90 Nov 136 Inky
11812 Mar I 11114 Nov 120 Dee
268.2 Feb 28 142 Nov 2793 Oct
4
5112 Feb 7
31 12 Nov 81 18 Feb
116 Feb 18 106 Nov 135 Feb
83 Mar 18
58 Nov 9414 Jan
1 Jan 4
1778 Jan
84 Dec
114 Mar 20
644 Nov 1753 Sept
4
10812 Mar 21
9214 Oct 105 Feb
8.5 Mar 20
70 May 80 Feb
727 Nov 8418 Feb
4
8
883 Mar 21
38 Feb 14
28
Oct 55 8 Sept
3
3418 Mar 12
1212 Nov 6434 Jan
1007 Feb 17
60 Nov 1445 Sept
s
8
44 Nov 7434 Jan
6414 Mar 4
2612 Fel:14
17 Dec 4178 Mar
238 Jan 24
38 Oct
7 Feb
70
Oct 112'8 Aug
98 Feb 14
7812 Feb 6
62 Nov 130 Sept
,4
2318 Nov 138
13814 Mar 12
Jan
4378 Jan 27
38
Oct 49 July
1074 Mar 11
98 Nov 112
Jan
2212 Mar 7
3314 Mar 5
624 Mar 20
3534 0,1
794 eh
116 Feb 25 .10 June 114 Mar
53 Mar 4
40
Oct 85
Apr
69 Mar 21
56 Nov 9434 Jan
1073 Mar 21
4
99 Nov III
Feb
2634 Feb 10
18 Nov 60
Jan
17
271 2 Feb x
Jan 327 Mar
8
24812 Mar 21 19314 Jan 3104 Sept
24314 Mar 3 160 Mar 23212 Oct
24614 Mar 3 160
Oct 235
Oct
12418 Mar 14 11458 Nov 12114 Jan
1411251.g 21 115 Nov 181 Sept
113 Mar 10 103 Nov 112
Apr
112331%18r 1
50 Nov 199 Sept
Jan 104
97
Jan
104 4 Mar10
,
57 Oct 277 Jon
8
2014 Feb 17
8
44.2 Feb 18
1512 Nov 583 JI1D
8
1618 JO,
4 Nov
7,2 Jan 31
28 Nov
46 Mar
4484 Feb 27
174 Feb 3
7 Nov 4914 Mar
493 Nov 11114 Mar
4
794 Jan 20
804 Feb 7
6714 Dec 140 Mer
46 Dee R93 Seta
5314 Feb 6
4
25
Oct
Oct 80
464 Jan 27
96 Nov 15412 Oct
III Jan 27
30 Oct 884 Mar
37,8 Feb 7
4912 Mar
1812 Nov
8
273 Jan 9
813 Jan 3
75 Oct 95 Jan
8
1818 Jan
63 Feb 3
54 Oct
4
1014 Jan
312 Jan 6
2 4 Nov
8
36
57 Nov
Jan
64 Jan 9
1214 Mar 5
614 Dec 404 Jan
30 Feb
162 Nov
8
20 Feb 8
34 Nov
584 June
4618 Mar 10
70:4 Jan
25 Nov
454 Mar 18
, 474 Apr
3412 De
45 Mar 14
32,8 Feb 8612 Oct
803 Jan 30
8
4534 Feb 627 Sept
8
6514 Feb 28
Oct 774 July
30
4914 Mar 18
67 Nov 140 Sent
1043
3Mar2i
50 Nov 10612 Jan
104.8 Jan 18
177 July
812 Mar 5
8
5 Nov
Oct 514 Sept
2573 Mar 20 .20
4
113 Aug
314 Oct
64 Jan 28
4
35 Mar 7
18 Nov 42, Jan
,
60 Jan 13
4912 Nov 65
Jan
104 Mar 3
4 Dec 3512 Aug
13 Dee 454 Aug
25 Mar 4
•
Dee
4812 Mar 21
34 Nox
Jan
812 Feb 18
20 Aug
50
412
38 Feb 18
,ar's
15 Oct ,
116 Jan 21 10312 Nov 125
Apr
11012 Feb 4
9312 Nov 1104 Feb
203 Mar 5
4
10 Dec 3334 Jan
90 Mar 21
70 Nov 97 Jan
Cs Jan 30
212 Dec 2914 Jan
2818 Mar 14
Oct 494 May
20
New York Stock Record--Continued-Page 3
1986
For sates during the week or stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday.
March 15.
Monday.
March 17.
Tuesday.
March 18.
Wednesday. Thursday.
March 19. March 20.
Friday.
March 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Lowest.
$ per share $ per share $ per share $ per share $ Per share $ Per share Shares Indus. fk Miscel. (Con.) Par $ per share
6512
No par 6312 Mar 14
Bayuk Cigars. Inc
6512 *62
*62
6512 *62
6512 *62
6512 *62
6512 *62
100 97 Mar 3
110 First preferred
99
9812 98
98 98
*9814 9812 9812 9812 9812 9817 *98
No par 13 Feb 18
2,900 Beacon Oil
16
1414 1512 15
15
*1412 15
*143 15
4
1518 1512 15
50 6712 Jan 18
500 Beatrice Creamery
808 8018
81
8112
81
*80
82
*78
80
80
*79
80
100 10114 Mar 20
200 Preferred
10114 102 *10112 104
*10114 104 *10114 104 *10114 104 *102 104
438 Jan 3
400 Belding Hena'way Co__No par
53
4
53
4
*53
4 6
*512 6
*558 6
*55,
3 57
8
53
4 53
4
*83
83 8 *83
5
8314 8314 8512 8312 8312 8312 8312 2,900 Belgian Nat Rys part met__ 80 Jan 3
8312 *83
No par 324 Jan 18
8
4 3812 473 50,100 Bendix Aviation
4358 44
4318 4512 4538 463
8 4618 473
4 4612 373
No par 3118 Jan 8
417 23,100 Best & Co
8
423
4 41
38
8
3814 3814 4158 4214 4314 415 4318 41
100 92 Jan
10312 1043 160,800 Bethlehem Steel Corp
4
4
993 101
4
10038 10178 10214 10418 10314 1053 1033 105
8
4,600 Beth Steel Corp pl(7%) 100 12214 Jan 1
4
13012 13112 131 13114 13114 1317 13114 13112 1313 13214 13212 133
8
Bloomingdale Bros_ __No par 23 Jan 4
247
8
8 *20
247
*20
247 *22
8
*21
25
25
*23
25
*21
100 100 Mar 1
90 Preferred
10014 10014 *10014 -- - - *10014 - - - 100 100
*98 ____ 100 100
100 74 Feb
Blumenthal & Co pref
*8314 88
*8314 88
*85
88
*8314 88
*8314 88
*8314 88
7
8.200 Bohn Aluminum (lc Br__No par 47 8 Jan 22
8
555
8 5714 587
5412 5618 55
4 5538 5718 55
557
8 5512 553
No par 70 Mar 7
100 Bon Arni class A
7212
*72
72
72
72
*71
72
*7012 72
*71
72
*71
No par
34 Jan 3
300 Booth Fisheries
4
33
4 33
*33
4 4
33
4 33
4 *314 4
*312 4
*33
4 4
100 2718 Feb 19
I 1st preferred
*22
28
28
*22
*22
28
*22
*22
28
28
*22
28
25 604 Jan 8
737 44,900 Borden Co
8
733 744 73
3
4
713 74
4
7118 717
8 7014 7112 703 72
10 324 Jan 2
47
40,700!Borg-Warner Corp
8
4518 463
4434 45 4 443 4618 4512 47
3
4 455 4612 46
4
3 Jan 14
Cons Mills class A-50
4 418 *33
4 412
tBotany
*4
412 *414 412 *414 412 *334 412 *33
1
18 119,100,Briggs Manufacturing_No Par 134 Mar 6
8
153 16
4
1538 15 4 1558 16
3
153 1618 157 1714 17
4
* 2114 Jan 2
200;Briggs & Stretton
4
283 *2712 283
4
*2814 283 *2712
*2712 283 *2814 283
4
4
4
4 283 29
14 Jan 30
100
2
300 British Empire Steel
2
13
4
13
4
13
4 12
*13
4 218 *134 218 *13
4 218
4
418 Mar 10
100
200 2d preferred
412 412
418 418
*418 412 *41g 412 *418 428 *418 414
2,000 Brockway Mot Tr
No par 13 Jan 3
4
1412 145 1538 *143 15
8
8 1412
1412 1412 1438 1478 1438 142
100 68 Jan 11
Preferred 7%
*6818 76
*6814 76
*6814 76
*6814 76
*6814 76
*6814 76
No par 131 Jan 6
4
16712 1693 1673 17012 12,900 Bklyn Union Gas
4
4
16614 16614 166 1693 168 17012 1693 172
4
No par 40 Jan 30
*4112 4212 1,500 Brown Shoe Co
42
42
4012 4012 4012 *4112 42
*393 4012 *40
4
225 11,700 Bruns-I3alke-Collender_No par 131g Jan 16
8
223
4 22
22
8
2114 205 22
2012 203
4 2012 2114 21
10 2218 Jan 24
308 9,000 Bucyrus-Erie Co
8
8 2812 297
8 295 298 30
283 285g 283 283
8
4 2818 285
4
10 331g Jan 7
4 4,800 Preferred
4 4218 423
4112 4218 4212 423
4112 4112 4112 4134 4138 42
100 1074 Jan 3
430 Preferred (7)
111 11112 11113 11112 11112 11112
4
*1103 111
*1103 1113 *1103 111
4
8
4
8 3 Jan 3
,
1218 12.100 Budd (E: G) Mfg
No par
8
4 1078 113
8 1114 113
4 107 11 12 11
1138 1112 1112 117
818 Jan 2
No par
1212 113* 12
113 1218 15,400 Budd Wheel
4
8 12
123 1238 1218 1212 1218 123
8
3418 14.400 Bulova Watch
No par 2618 Jan 17
333 343* 33
4
3412 3314 3412
7
313 323
4
s 3212 33 8 33
8
No par 297 Jan 16
60
38,100 Bullard Co.
5712 5912 59
57
4
4 55
54
53
54
5538 x543 553
600 Burns Bros new el AcomNo par 9912 Jan 13
104 103 •
10614 10614 106 106
*104 108 *104 1083 *104 108
4
2514 2012 2512 4,500 New class B corn_ _ _No par 224 Feb 15
2414 241g 2612 25
*23
241 1 *23
2414 *23
10 Preferred
100 93 Feb 7
4
8
4
8 997 997 *923 997 *923 9978
8
4
8
*923 993 *923 997 *928 991
4
8
4
8
8 9,400 Burroughs Add Mach_ _No par 4314 Jan 7
8
8 487 4934 4814 493
493
4 4918 497
8 4818 4918 49
483 495
4
No par 36 Jan 4
45 I 13,300 Bush Terminal
45341 44
4 4212 4312 43
4218 4218 4212 4334 4212 433
310 Debenture
100 10014 Jan 2
109 109
1033 10914 108 10914 10912 10918 *10912 110
4
109 110
50 Bush Term Bldgs prof
100 10918 Feb 10
11512 11512 *112 118 *112 11512 *11212 11512 11218 1123* *11212 115
34 Mar 5
2,100 Butte dr Superior Mining___10
3.1
312 312
35
8
312 35*
4
312 312
3 8 33
5
s
37
8 37
3 Jan 24
6
8 1.600 Butte Copper & Zinc
4
35
8 37
33
4 33
4 37
8
312 3 .4 *33
3
3
3
3
3 4 34
*3 8 3 4
5
4,400 Butterirk Co
100 1612 Jan 17
8
8 265 27
263 277
4
8
4 2612 267
2618 2618 2612 2612 2638 263
8014 Feb 4
No Pa
9834 10133 103,600 Byers & Co(AM)
973 102
4
8
4
92
97
973 10112 975 100
9538 101
100 Preferred
100 109 Jan 27
4
*10912 110
11014 11012 *109 1103 *109 110 *10914 110 *109 110
8
733* 7318 7412 2,400 California Packing_ No par 665 Jan 3
7
7
8 73 8 73 8 73
*73
74
73 8 737
7
8 7312 737
California Petroleum
25 28 Jan 22
2938
295 *28
8
295 *28
8
2958 *28
*28
295 *28
8
293* *28
1 Jan 2
10
114
114
13
8 2,000 Callahan Zinc-Lead
138
114
138 *114
114
llt
114
*114 138
4
7912 2814 9,600 Calumet It Arizona M1n1ng_20 747 Feb 19
4 7912 80
4 7918 803
777g 7918 7912 803
775 78
8
25 26 Mar 15
7,000 Calumet & 'facia
8 2714 28
273
8 2718 277
2612 2614 2738 267 2714 27
26
8
19 Jan 2
23
24
2512 2,300 Campbell W & C Fdry_No par
23
*2212 23
*2212 24
2318 2318 2258 23
3
10,300 Canada Dry Ginger Ale No par 63 4 Jan 3
4 7414 75
73 4 7312 7412 7414 743
3
8 72
723
4 73
7112 725
par 27 Jan 7
33
3214 3214 2,500 Cannon Mills
3312 3378 3312 34
33
33
73318 3414 33
8
183 Jan 18
3,100 Capital Adminis et A_No par
r
N
2512 2512 2512 26
26
2512 25
*2358 2458 235* 2412 24
50 31 Jan 2
41
74018 4018 1.700 Preferred A
*39
413 42
4
41
40
40
39
39
39
29,200 Case Thresh Machine elfs..100 19214 Jan 2
273 284
274 281
274 278
2785 28612
8
264 268
266 271
Preferred certificates..._ _100 115 Jan 16
8
8
8
*130 1323 *130 1323 *130 1323 *130 13478 *130 13478 *130 1347
8
22,900 Caterpillar Tractor__ _No par 54 Jan 2
723 743* 7312 74
4
6918 6912 6918 707
8 7118 7218 7214 73
84 Jan 2
11
Cavannagh-Dobbs Ino.No Far
.10
11
11
*10
*10
11
*10
*10
11
1110
11
100 62 Jan 2
50 Preferred
*75
7512
75
775
75
7412 74
*74
*74
75
*74
75
No par 354 Jan 2
5514 5312 5514 34,200 Celotex Corp
54
8 53 8 554
5
5518 54
543
4 5314 553
53
1,1001Central Aguirre Asso_No par 2312 Feb 19
29
2758 2738 2778 277
8 2814 2814 2812 291 *2718 2912 29
8
4 3214 3212 315 321* 4,300 Central Alloy Steel____No par 3034 Jan 2
3218 327
8 3214 323
3214 3214 3134 32
20 Preferred
100 1054 Feb 7
110
108 108 *108 110 *108 110
108 108 *108
*105 110
334 Feb 4
4 5,400 Century Ribbon Mills_No par
4 63
8 *53
738 77
61z
73
4
*47
8 5
5
612
3
8
7
140 Preferred
100 51 Feb 27
*56
60
60
60
*56
58
*56
60
60
60
*56
60
6018 6118 6212 7,400 'erro de Pasco Copper_No par 5734 Mar 17
60
60
5912 60
58 5812 573 5812 60
4
11 Jan 15
1314 5,800 'ertain-Teed Products_No par
1318 13
4 13
1312 1438 1312 133
1212 1212 1214 14
0
pa
1,300 City lee & Fuel
No 10r 404 Jan 3
45
8 45
443 447
4
4434 45
4434 45
*4431 45
*443 45
4
96 Jan 15
180 Preferred
97
97
*9612 97
96
97
97
97
97
*96
*961z 97
par 36 Jan 2
,
4
8 573 59 8 80,600 Checker Cab
565
8 5518 593
8 55
3
543 573
4
563 5738 55 4 58
8
11
N par 63 Jan 3
8 7514 7614 17,000 Chesapeake Corp
8
757
8 7418 7614 753 763
73 73
725 7318 73
8
8
353
4 3414 357 36,600 Chicago Pneumat Tool.No par 224 Jan 20
365
8 3414 3518 35
4 35
354 363
35
36
No par 5112 Jan 3
8 5512 5512 2,000 Preferred
7553 553
8
*5518 56
8 541z 55
5412 543 557
4
5412
163 Feb 1
4
2918 1,170 Chicago Yellow Cab__ _No par
29
22712 32
27
27
2612 27
27
27
*2612 27
600 Chickasha Cotton 011
10 25 Jan 4
2518 2518 2514 2514
25
25
25
*253 2612 253 25 4 25
4
4
3
1g
Chhillle coo
2
647
8 7,500 C ds C
No par 57 Jan 8
6514 63
6514 64
6418
6212 6212 62
64
*6112 63
65 Feb 6
Copper
65
*56
65
*55
65
*55
*55
65
*55
65
*5514 65
No par 3314 Jan 18
8
387
8 3818 3912 393 41 304,500 Chrysler Corp
s 3812 3914 38
8 3718 387
3718 377
758 Mar 21
No par
75
8 818 14,200 City Stores New
814 85s
4
13
8
5s 83
8
812 83
4
85
8 85
838 87
4,000 Clark Equipment
par 33 Jan 20
37
367
8 37
36
3614 3614 37
3614 *35
3614 363
4 36
1,700 Cluett Peabody & Co ' par 30 Feb 1
Ao
No
3812 3812 3812 3812 40
3
38
38
*373 38
4
*373 39
4
250 Preferred
100 9114 Jan 2
997 100
8
*9712 100
*97 100
12
*9712 100
100 100
*9712 100
27.800 Coca Cola Co
No par 13314 Jan 8
8
1637 1737 17312 177
8
8
4
5
1573 15812 159 159 4 1593 1617 16112 164
2
53
1.700 Class A
4812 Jan 8
8
8 5012 5012 5012 5012 503 5012 5012 8012 50
503 503
8
8
r
145 Jan 2
o
8
N° par
N
327
8 3014 327 17,200 Collins & Alkman
32
2814 2812 3114 3112 32
2814 2812 28
Preferred non-voting___100 73 Jan 3
.8212 88
*8212 88
*7814 88
*7814 88
88
*78
*7814 88
100 3612 Jan 2
5912 603
4 5914 6014 19,000 Colorado Fuel & Iron
5812 61
5812 61
567 60
8
5714 58
8
191 1957 37.200 Columbian Carbon v t eNo par 16818 Jan 18
8
193 1965 193 196
187 18912 18912 193
1871s 190
8
GraphopboneVo par 7014 Jan 2
9418 957 200,500 Colum Gas & Elea
8
4 945 96
4
913
4 913 947
8 9412 963
3 90
5* 907
10414 Jan 31
109 10914 2,000 Preferred
109 10914
109 109
8
8
2
*108 10812 1083 1083 1083 109
8
243 Jan 17
8 2812 29 121,200 Columbia
8
4
8
4 2812 294 273 2914 277 283
273 285
4
8 277 283
8
3914 63,400 Commercial Credlt____No par 233 Jan 2
383 3958 38
4
385
8 377 39
8
3614 3812 38
363 37
8
7,600 Class A
50 314 Jan 2
43
8
4 417 4312 43
8
*4012 41
8
4114 4214 417 4238 *413 413
150 Preferred B
25 22 Jan 6
4
4
4 2512 2512 2512 2512 253 253 *2512 26
8
*2414 2514 247 253
280 1st preferred (8 %)_ _ _100 764 Jan 18
88
88
88 8812 884 89
88
88
88
88
89
88
523* 5112 5214 14,800 Corn Invest Trust new_No Par 3618 Jan 20
5118 515
8 51
51
507 52
8
493
4 49
*49
600 Preferred (8%)
;
100 89 Jan 3
98
*95
98
*95
94
92
*915 92
8
8
*915 92
*9138 92
300 Warrants
100 11 Jan 3
2118 211s *2118 2212
20
21
*193 21
4
*19
21
23
*19
8 3214 3312 123,800 Comm Solvents new___No par 2714 Jan 22
8
7
33 8 3318 3414 3314 33 8 325 335
7
8
323 3312 327
4
4
123 Jan 2
8
163 1714 17
4
1714 167 1718 142,100 Cornmonwealth&Sou'rnNo Par
4
4 163 17
1614 163
8 1614 188
1.700 Conde Nast Public/L. _No par 44 Mar 8
4812 49
48
47
47
47
46
46
46
45 45
x46
131a Ja. 2
4
183
4 174 184 174 183 70,500 Congoleum-Nairn Inc_ No par
8
175 173
4 1712 184 175 184 174
45 Jan 14
1,200 Congress Cigar
54
*52
54
547 *52
8
52
*5312 55
54
55
54
54
Jan 16
;
Sg
5
8 1,000 Corriley Tin Foil(And_ _N° pa2
12
No ci
12
52
*12
12
12
4.1
4
8
*12
152
No par 44 Jan 2
563
4 9,200 Consolidated Cigar.
4 *56
4
5914 x563 563
8
593
8 583 5914 57
56
583
8 58
110 Prior preferred
100 87 Jan 22
7814 7812 7812 7812
78
78
*7712 78
78
*75
*75
79
1512 Jan 3
8
237 247g 237 2438 15,700,Consol Film Indus__ __No par
8
a2412 2538 244 25
2538 257
8 25 4 26
3
18 Jan 3
8
4 2418 2412 11,600 Consol Film Ind prof __No par
a2412 263
8 2438 254 243 243
2618 263
8 2614 27
4
186,400 Consolidated Gas(N Y)No par 965 Jan 2
4
121 1223
8
4
4
1173 11914 1173 1193 11914 1213 12012 12214 120 122
4
4,700 Preferred
No par 994 Jan 28
4
4
4
10212 1023 1023 1023 1023 103
4
14 103 103
103
10212
10214 102
1 Jan 2
No par
las 1,300 Consolidated Textile
114
138
112
112
112
112 112
*114
138
1914 4,200 Container Corp A vot_No Par 12 Jan 2
193
4 1918 1912 19
2012 2012 *1912 2018 1912 2012 19
414 Jan 2
2,100 Class B voting
No Par
67
8 7
65
8 712
8
67
8 67
712 712
718 712
718 7 8
,
21.500 Continental Baking el ANo par 39 Jan 20
4 4318 45
5
43 s 4214 443
3
8
424 42 4 4218 427
8 427 43 8 43
8
512 Mar 13
No par
618 614 21,500 Class B
4
512 53
54 614
4
512 54
54 5 8
5
5 8 53
5
100 8612 Mar 19
897 897
8
8 1,600 Preferred
4
89 89
g
4 8612 8712 873 90
3867 867 *857 863
8
s
par 5018 Jan 2
8
6514 66
67
693
4 684 6288 6818 687 47,200 Continental Can Ina_ _No
65
663
8 6614 67
25.900 Cont'l Diamond Fibre_No par 28 Jan 21
4
283 30
30
2814 2912 283 2914 283 297
8
,
,
4
8 287 30 8 729
10 59 Jan 4
8812 6912 11,000 jontinental Ins
8 684 69
8
6614 67
67 67
66
6914 687 693
6 8 Jan 3
5
7
7 1s 10,600 71ontinental Motors- _ _No Par
67
8 7
7
7
67
4 7
67
8 7
67
8 7
No par 1912 Feb 4
2414 2612 92,600 Continental 011
245 2512 2518 2614 26
8
267
8 2418 2514
s 2518 257
3
8
3512 3518 357 13,700 Continental Shares ___ _No par 273 Ja11 21
3514 3518 3614 35
345 355
8
8 3418 353
4 35
Corn Products Refining__ _26 874 Jan 3
s
8
8
925 934 9214 9312 923 941z 9412 9512 9512 974 955 983 36.800
8
100 140 Feb 10
60 Preferred
147 147
14412 1445 146 148
8
,
*1444 - - 14418 144 s *14412 _
No par 2414 Jan 2
8
2912 297 15,000 Coty Inc
8
2912 2112 2912 293
8
4 285 2912 287 2914 295 30
8
No par 254 Jan 6
8
8
8
8 343 353 20.700 Cream of Wheat
317
8 3218 3312 33 4 347 x337 353
3
313 313
8
s
s 31
9 Jan 22
4,800 Crex Carpet
100
1712 19
177 1914 1712 187a
8
2012 2112 177 2012 1712 21
8
1014 Jan 17
y177 177
2
8 4.200 Crosley Radio Corp_ __No par
18
18
167 1714 1712 1812 1778 1814
17
8
17
-dividend and ex-rightsa
ts IC apdasked prices; no sales on this day. x Ex-dividend. p Ex
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
IMAM.
$ per share $ per share $ per share
4
55 Nov 1133 Jan
68 Feb 4
95
Oct 1068 Jan
4
99 4 Feb 21
3
1212 Dec 327 July
8
164 Mar 12
Oct
69 [Dec 131
827 Mar 14
8
10478 Feb 18 100 Dec 10612 Aug
412 Dec 173 Apr
4
68 Jan 17
8
75 Nov 844 Jan
8511 Mar 19
25 Nov 10438 July
4734 Mar 19
25 Nov 12312 Sept
4314 Mar 18
784 Nov 1403 Aug
4
10538 Mar 19
133 Mar 21 11658May 128 Sept
223 Dec 6178 Apr
4
29 Jan 31
Jan
103 Mar 8 100 Oct 111
Jan
7018 Dec 118
85 Feb 25
37 Nov 1368 May
4
587 Mar 21
8
70 Oct 8912 Jan
72 Jan 6
4
3 Dec 113 Jan
44 Feb 1
4
18 Dec 633 Jan
3314 Jan 3
53 Oct 1004 July
7414 Mar 20
8
26 Nov 1433 May
473 Mar 12
4
212 Dec
1512 Feb
43 Jan 20
4
812 Nov 6318 Jan
18 Mar 21
17 4 Dec 4312 July
3
2912 Feb 13
112 Dec
67 Jan
8
218 Jan 25
134 Jan
3 8 Nov
7
44 Feb 6
14 Nov 7378 Jan
1614 Jan 3
714 Dec 145 Jan
75 Jail 28
99 Nov 24812 Aug
17814 Mar 3
36 Oct 5112 Sept
42 Feb 18
164 Nov 554 Jan
244 Feb 28
14 Oct 4234 Jan
304 Mar 21
4234 Mar 20
2612 Oct 50 Feb
112 Jan 14 1074 Dec 117 Apr
1458 Feb 3
818 Dec 224 Oct
145 Feb 6
8
73 Dec 1212 Dec
4
3478 Feb 27
2114 Nov 34 Deo
25 Nov 544 July
60 Mar 21
88 Nov 127 Jan
1095 Mar 5
8
224 June 39
Jan
2612 Mar 19
88 Nov 10514 Jan
100 Feb 19
29
514 Mar 1
3
Oct 321) 4 may
3114 Nov 8918 Feb
4812 Mar 5
914 Nov 1104 Mar
110 Mar 15
4
117 Mar 3 1053 Nov 1184 Feb
438 Dec
1238 Jan
514 Jan 6
2 Oct
912 Jan
4 4 Feb 20
,
171z Dec 41
293 Feb 24
8
Jan
50 Nov 1924 Jan
102 Mar 20
114 Jan 25 105 Apr 12114 Jan
8
6312 Oct 847 Aug
7712 Mar 5
25 June 3412 Aug
28 Jan 22
1
4 Jan
Oct
218 Feb 3
7312 Nov 1363 Aug
4
897 Jan 9
8
8
25 Oct 617 Mar
333 Jan 7
8
19 Dec 4912 Aug
27 Feb 3
45 Oct 983 July
154 Mar 10
4
27 Dec 4884 Sept
3414 Mar 18
17 Nov 6518 Oct
277 Feb 13
8
29 Nov 394 Oct
42 Mar 19
2943 Mar 10 130 Nov 467 5001
4
130 Mar 14 113 Nov 1231z Dec
5014 Dec 61 Dec
744 Mar 20
64 Dec 4218 Feb
137 Jan 11
8
88 Dec 1014 Mar
75 Jan 18
Oct 794 Feb '
31
80 Mar 10
21
Oct 4834 Jan
29 Mar 14
2618 Nov 593 Oat
27
4
34 Jan
84
4
110 Jan 3 1053 Apr 11212 Jan
3 Oct 204 Jan
77 Mar 20
8
(14 Dec 82 Jan
3
60 Jan 11
5
5214 Nov 120 Mar
653 Jan 8
4
1078 Dec 32 July
154 Feb 6
3912 Dec 62 4 Jan
49 Feb 4
3
96 sent 10514 Jan
983 Feb 11
4
5938 Mar 20
18
3
Oct 80 4 Sept
4218 Nov 112 July
764 Mar 20
4
217 Oct 4713 Sept
363 Mar 17
8
47 Nov 61 Sept
557 Mar 14
8
214 Oct 36 Jan
32 Mar 20
25 Dec 50 Jan
2814 Feb 6
444 Nov 75 3 Sept
6712 Mar 3
7
63 Nov 1274 Mar
61 Feb 6
414 Feb 6
26 Nov 135 Jan
1014 Jan 2
74 Oct 27 Feb
25 Nov 614 Oct
381z Feb 7
3412 Dec 7254 Jan
41 Jan 14
100 Feb 13
9012 Dee 119 Jan
177 Mar 21 101 Nov 15412 Aug
53 Mar 21
4434 Oct 50 Feb
10 Nov 7214 Mar
353 Feb 13
4
844 Feb 4
13
85 Dec 103 Feb
61 Mar 18
273 Nov 784 Mar
4
199 Mar 11 105 Nov 344 Oct
52 Nov 140 Sept
963 Mar 19
4
10914 Mar 20
9912 Nov 109 July
1618 Nov 884 Jan
313 Jan 6
4
8
18 Nov 625 Jan
394 Mar 20
8
28 Nov 513 Sept
4312 Mar 20
28 June
20 8 Nov
3
4
253 Mar 17
4
70 Oct 1053 Jan
90 Feb 19
Oct
2814 Nov 79
55 Mar 8
87 Nov 09 Jan
94 Mar 19
9 Dec 6912 Sept
2314 Mar 5
2014 Oct 63 Oct
343 Mar 6
4
10 3
4
4ct 248 Oct
1814 Feb 7
35 Nov 03 Jan
49 4 Jan 8
8
11
Oct 35 4 Jan
8
3
187 Mar 14
43 Nov 924 Feb
567 Mar 11
8
14 Nov
58 Mar 21
112 For
40 Oct 964 Jan
593 Mar 17
8
/
1
83 Nov 96 Jan
783 Mar 14
4
10 Oct 253 Sept
273 Mar 11
8
8
2814 Jan 10
154 Oct 30 4 Apr
3
1233 Mar 6
4
8018 Nov 18314 Sept
921, Nov 1004 Dec
103 Mar 14
2 Jan 27
63 Jan
4
5 Dec
8
2213 Feb 24
12 May 2313 Jan
34 Nov
81z Feb 20
114 Jan
2514 Oct 90 July
5212 Feb 17
7 Feb 17
45 Oct 1514 July
8
944 Feb 17
791z Nov 100 June
693 Mar 19
4
4012 Oct 92 Sept
341s Feb 5
2034 Nov 334 Doe
711 Feb 10
:
4618 Nov )1014 Hept
61q Dec 2832 Jan
814 Feb 19
267 Mar 18
8
18 Nov 373 Aug
4
383 Feb 14
4
2612 Dec 454 Dec
993g Feb 5
70 Nov 1264 Oct
147 Mar 21 137 Nov 1443
4
33 Feb 3
18 Dec 824 Jan
354 Mar 20
24 Nov 31 Nov
294 Mar 5
15 Dec 574 Apr
15 Dec 125 Feb
22 Jan 2
New York Stock Record-Continued-Page 4
1987
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
March 15.
Monday.
March 17.
Tuesday.
March 18.
Wednesday. Thursday.
March 19. March 20.
Friday.
March 21.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SIIARE
Range Since Jan. 1.
On basis of 100
-share tots
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ Per share $ per share Shares Indus. & Miacel.(Con.) Par $ Per share
5058 513
8 5238 5534 56
553
5712 5514 563
4 5312 5638 22.200 Crown Cork & Seal____No par 43 Jan 2
4 55
*17
173 .17
8
175 *1714 1753 177 177 •17
8
175
8 177 177
8
300 Crown Zellerbach
No par 17 Jan 8
g
8
8
841g 85
*84
88
85 85
4
8 8934 9138 6,400 Crucible Steel of America_100 84 Mar 14
87
893
4 883 897
114 114 114 11412 114 115
11412 11412
4
470 Preferred
113 11314 1123 113
100 10934 Feb 7
*13
1312 13
1312 1312 133
4 1312 1334 8,300 Cuba Co
4 1312 1312 1312 133
No par
9 Jan 2
*4
418
4
4
4
4
4
4
418 *4
4
4 Mar 11
800 Cuba Cane Products__ _No par
418
*1
118
1
118
1
1
118
118
1
1
118 •1
1,400 Cuba Cane Sugar
No par
3 Jan 2
4
*214 3
*214 334
212 212 •24 212 *218 212 *218 21
100
2 Jan 7
100 Preferred
718 718 *714 712
714 714 *714 712
7
71
71
712
3.400 Cuban-American Sugar.___10 7 Mar 21
*5712 60
5934 60
*5712 60
*5712 60
60 60 *5712 60
110 Preferred
100 5812 Jan 3
4518 454 4514 4514 45
4512 453 453
4
50 4434 Mar 6
4 4534 4518 4618 454 1,800 Cudahy Packing
*117 121
12018 12018 121 121 *117 12112 212012 12012 *118 1201
400 Curtis Publishing Co. No par 113 Jan 27
*11812 12014 120 12012 1193 120
118 1183
4
119 12118 2118 118
No par 1147 Jan 29
8
8 2,400 Preferred
1114 103 1114 1118 1112 1118 1134 1118 1138 11
11
4
1138 102,800 Curtiss-Wright
No par
812 Jan 31
1718 175
8 1634 1712 174 1778 1714 177
1714 13,700 Class A
100 1338 Feb 1
8 1718 1712 17
*80
85
8214 8438 85
86
84. 85
4
8614 853 857
5,800 Cutler-Hammer Mfg___No par 64 Jan 25
8
8 85
404 414 41
4238 42
43
417
8 4112 43
20,100 Davison Chemical
4114 4212 41
No par 284 Jan 2
*21 ____ *21
____ 23
*21
____ *21
2312 23 23
400 Debenham Securities
54 23 Jan 3
124 124
124 12418 124 124
123 123
123 124
123 124
100 117 Jan 4
780 Deere dc Co pref
235 235 *235 242 23614 24014 240 2414 2240 240
240 240
1,700 Detroit Edison
100 19538 Jan
.38
4112 *38
4112 *38
339
39
41
4018 413 *3912 41
8
400 Devoe & Raynolds A__No par 304 Jan 24
*1113 ---- *11134 ____ 11134 11134 *11112 ____ *111
4
•111
10 1st preferred
100 10834 Jan I
16514 167
16514 167
167 176
16414 16612 163 165
2,650 Diamond Match
16312 165
100 139 Jan 1
8
8 14
838 83
4
9
9
83
4 95s
12,500 Dome Mines, Ltd
No par
9
9 12
9
64 Jan
918
22
21
*21
21
*21
2112 2078 2114 2114 213
4 2112 2112 1,100 Dominion Stores
No par 2014 Jan
828 83 8 8218 837
,
8 8212 8338 8212 833
4 837 8614 8412 8512 25,500 Drug Inc
No par 76 Jan
8
*32
353 •32
4
3212 32 32
32
*31
32
32 .31
*31
200 Dunhill International_ _No par 32 Mar 13
*18
193 *18
4
193 "18
4
100 Dupan Silk
1934 •18
No par 15 Jan
1934 '18
1012 1814 1814
*101 ---- *101 ____ *101
10118 10118 10138 10112
300 Duquesne Light 1st pref__ 100 100 Jan
101 101
*2212 2338 *2212 2338 23
2314 *2214 2318 *2218 2212 2158 2212 1,400 Eastern Itching Mill..._No par 2012 Jan
8
2225 22534 223 236
23434 24012 236 24012 23512 2384 235 238 61,200 Eastman Kodak Co No par 1753 Jan
4
*3212 3312 33 33
345s 364 5,700 Eaton Axle & Spring
35
3318 3312 333 3438 35
4
No par 2778 Jan
128 12914 12814 133 13218 13312 13114 133 13212 13812 13512 13838 113,200 El du Pont de Nem
20 1121s Jan 11
119 119 *119 120 *11934 120
1197 120
8
9,500 6% non-vot deb
1193 120 *11912 120
4
100 11412 Feb
*7l
712 712 *7
8
74 712 •7
8
712
712 *7
300 Eitingon &Mid
No pa
8
73 Jan 24
*535 5412 "53 8 5412 •534 5412 5358 5358 *523 54
8
5
*534 5312
8
100 Preferred 6)4%
100 41 Jan
10012 10412 10014 10412 10418 1053 10412 106
10318 1054 106 1094 54,000 Electric Autolite
8
No pa
81 Jan
*10612 10834 *10612 10834 1083 10834 *10814 1083 1083 109
109 109
4
120 Preferred
4
100 10614 Jan
4
64 55
8
63
8 65
54 64 "6
8 4,500 Electric Boat
53
4 614
612
No pa
54 614
412 Jan 4
7712 7934 7612 774 7718 784 75
4
7858 763 7814 7914 813 222,500 Electric Power A Lt
4
No pa
4914 Jan 2
110 110
10934 11014
110 110
10978 110 *10934 110 *1093 110
4
900 Preferred
No pa 10812 Jan 3
*140
*140 _--- *138 ____ *138
*138
•138
Certificates 50% paid
12814 Jan 9
*7414 7412 74
774 4,900 Elea Storage Battery--No Par 69 4 Jan 2
743
8 74 74
8 76
7418 754 7512 757
3
•33
4 438
*334 43
8
438
3 4 3 4 *314 334 *4
3
438
438
3
300 Elk Horn Coal Corp___No par
33 Mar 17
4
*412 5
*412 6
•412 5
*434 5
*412 6
*412 6
Emerson-Brant class A _No par
34 Jan 6
.56
*5714 5712 *56
5714 5714
57
*56
563
57
57
*56
4
200 Endleott-Johnson Corp____50 5212 Jan 9
11212 11212 *11214 11212 4
110 110
4
'10934 11212 *10934 112 •1093 112
300 Preferred
100 1074 Jan 7
55
5534 5418 5534 5512 574 57
5718 58
5718 573
19,500 Engineers Public Serv_-No par 394 Jan 2
58
9858 9858 9812 9812 994 9912 9912 100
100 10014 1.700 Preferred $5
100 100
No par 9458 Jan 8
*97
98
9758 9758 9714 974 98 98
8 9812 9812
9818 983
900 Preferred (5)5)
No par 9412 Jan 2
*43 44
4212 4278 1.700 Equitable Office Bidg No par 3934 Jan 8
4312 44
424 43
4212 43
43
43
40
4158 *4012 4112 4078 4078 40
38
3934 40
403
40
8 2,300 Eureka Vacuum Clean_No par 35 Jan 27
25
25
24
2412 25
2412 2,500 Evans Auto Loading
25 32418 247
2478 25'2 25
5 1812 Jan 20
•28
2638 *26
264
263 *26
s
264 *26
253 *26
8
Exchange Buffet Corp_No par 22 Jan 2
264 •26
•658 634 •558 534
558 558 *514 512 •si4 51
*514 512
25
478 Jan 28
100 Fairbanks Co
1024 y18
1734 1812
1818 181g 18
18
18
184 1712 19
480 Pi eferred
100 1538 Feb 11
4112 42
42
•41
423
4 4278 4278 4212 4234 4014 4178 42
2.300 Fairbanks Morse
No par 344 Jan 6
*108 10914 *108 10914 106 108
105 105 *105 108
105 106
220 Preferred
100 102 Jan 7
1658 17
15
1734 1538 16
16
1678 1578 1712 164 177
12,000 Fashion Park Assoc__ _No par 15 Mar 15
86
*80
9014 8714 893
8278 83
4 81
85
81
833
15 595 Feb 6
11,700 Federal Light & Trite
4 85
8
95
924 921 *9212 95
*93
*95
*9312 99
95
93 93
No par 91 Jan 13
20 Preferred
1112 1112 1.100 Federal Motor Truek No per
9058 1112 103 105
*103 11
4
8
8 11
1112 1112 111
74 Jan 17
4014 41
3912 4018 403 4214 42 43
4178 42313 41
4112 11,300 Fed'i Water Service A.No par 3212 Jan 3
4
30
32
30
*30
32
*31
32
3112 3238 3114 32
32
1,200 Federated Dept Stores_No par 29 Jan 4
79 79
•7812 80
811
8178 10,400 Fidel Phan Fire Ins N Y---10 6512 Jan 2
80
7912 813 *8012 8118 81
*8
812
8
812 *8
8
'814 812
1
'
812 . 30 Fifth Ave Bus
814 814 *8
No par
7 Feb 11
*3312 37
*3312 37
*3312 37
37 •33
533
*3312 37
37
No par 3414 Feb 5
Filene's Sons
92
92 .903 9412 *80
8
92
9218 95
*92
95
95
95
200 Preferred
100 92 Mar 15
2718 2714 2718 2733 27
4 28
2738 273
284 4.500 Firestone Tire & Rubber___10 26 Feb 24
2738 2714 271
8214 8258 8212 8212 823 8314 8338 85
8518 857
8 8518 86
4
7,600 Preferred
100 7934 Feb 20
54
53
54
5478 5212 5314 5378 54
59 x573 5812 12,100 First National Stores...No par 5058 Jan 2
8
55
338 312
33s 4
334 4
358 33
312 33 21,300 Fisk Rubber
353 33
4
4
No par
3 Jan 2
1514 11318 1412 15
1578 16
15
164
16
16
710 let preferred
100 13 Jan 2
*12
14
1458 1512 1512 16
154 1512 1512 1512
1514 16
400 1s1 pref convertible
100 124 Jan
47 47
4834 4912 4912 5012 5012 501
52
5234 5278 2,700 Florsheim Shoe class A_No par 4212 Jan 4
5012
100 100
•9012 100
*9012 100
*9012 100
*9012 100 •9012 100
100 Preferred 04
100 97 Jan I
4212 423
4 4212 434 4312 44
434 443
44
43
4334 441
5,100 Follansbee Broz
No par 37 Jan 2
7614 7712 754 77
7112 733g 73
7612 753 777
4
7614 777
43,800 Foster-Wheeler
No par 6012 Jan
*1912 20
20
2014 2012 24
,
,
24
264 23 2 21 4 2318 2414 7,500 Foundation Co
No par 154 Jan 6
34
345
8 32
34
3214 33
264 30 169,600 Fox Film class A
2612 30
2914 321
No var 1618 Jan
4412 4534 44
4484 4312 4484 4334 4438 433 444 44
444 13,500 Freeport Texas Co
4
No par 3818 Feb 25
91
91
*91
92
91
91
91
9012 90
9012 901 *90
120 Fuller Co prior pref
No par 85 Feb 14
*812 9
'814 918
814 814
814 81
914 914
700 Gabriel Snubber A
No par
84 9
5 8 Jan 2
5
*72
77
73
74
•72
75
7418 7418
73's 73 73 •74
400 Gamewell Co
No par 8914 Jan
518 514
6
614
518 514
578 61
514 658
534 618 8.400 Gardner Motor
5
34 Jan 16
1418 1414 14
1414 1412 147
15
1412 15
1438 147
5
4,000 Gen Amer Investors___No par 12 Jan 23
*95
98
98 98
99 1011 *98 101 2100 1003 100 100
8
1,000 Preferred
100 90 Jan 23
103 104
10438 10638 10618 10758 1061e 1073 1054 10 8 1054 106
67
8
41,800 Gen Amer Tank CarNo par 994 Jan 2
6118 524 6034 6338 834 66
6334 6512 6314 6418 6314 66 60,700 General Asphalt
100 494 Jan 7
112 115
112 112
110 112
112 112 *107 115 *107 115
210 Gen Baking pref
No pa 105 Mar 4
3412 *3312 3412 3418 3512 35
*33
34
353
4 3318 34
36
5,400 General Bronze
No pa
254 Jan 7
*30
30
31
30
*30
30
31
3058 3112 3112 32
31
2,000 General Cable
No pa
28 Jan 7
7012 7012 70 70
70
70
8
7012 713
4 707 7112 6914 71
No pa
3,600 Class A
854 Jan 4
6012 59 60
8 597 6012 60
603 607
8
4
5814 5814 59
597
3,500 General Cigar Inc
No pa
51 Jan 2
765 775
75
7478 76
77
8
8
784 755 781 256.900 General Electric
8 765 783
s
s 77
No par 0 644 Jan 29
*1112 1138 1112 1112 1112 1112 1112 1112 1158 1158 1158 1158 2.200 Special
10 114 Jan 2
4918 503
8 495 5012 504 503
8
503 5138 21.500 Gen Foods
8
4 5014 51
501s 51
No pa
4618 Jan 17
69
69 '68 684 68 89
6734 681
68
68
69 69
2,000 General Gas & Elea A No pa
6412 Jan 20
*9012
_ ...... Class B
- *905s
_ _ *9034 _ _
*904 -- -- *9034
No pa
90 Feb 25
*115 124 *115 12434 *117 124
115 115 •11512 ifs 115 117
No pa 115 Mar 19
100 Preferred A (8)
107 107 .105 108
*107 109
5
10738 1074 107 1075 *10712 108
80 Preferred A (7%)No pa 104 Feb 19
50 50
50
50
5112 5012 51
5078 5078 5158 51
3,100 General Mills
No pa
60 Jan 2
92 *90
*90
92 •903 9012 *9112 92
92
92
s
92
92
200 Preferred
10
9014 Jan 17
4412 454 4458 483
484 4914 650,800 General Motors Corp
464 49
4 464 47318 4538 47
10 3712 Jan 18
•12414 12434 *12414 12412 12414 125
125 125
125 125 12434 125
100 11712 Jan 24
2.500 7% preferred
•38
384 38
*35
38
*35
*36
38
38
38
38
3812
700 Gen Outdoor Adv ANo pa
35 Jan 6
1512 153
4 15
154 •1518 16
1518 15
15
151s 1514 15
4.000 Trust certificates-___No pa
15 Mar 17
41
4112 4058 4158 4134 423
44
4334 453 16,600 Gen Public Service__ _No pa
4
4 423 444 43
8
323 Jan 2
8
92
9914 98 100 44,500 Gen Ry Signal
93
9212 934 93 973
4 95 9914 98
No pa
8818 Jan 7
824 84
81
8358 824 86
804 833 36,600 General Refractories.__No pa
8318 854 8212 84
g
67 Jan 2
4112 4214 41
444 4512 4412 46 144,500 Gen Theatres Equip_ No pa
4212 44
4212
4314 404
39 4 Jan 31
3
8814 897g 8534 8834 8718 903
9114 8434 884 8112 854 261,600 Gillette Safety Razor No pa
4 88
8112 Mar 21
1614 163
4 16
163
1612 6,400 Gimbel Bros
4 1638 174 1658 164 1618 154 16
No pa
1112 Jai)20
*7214 78
73
*7212 7434 7438 75
73
*7212 743 *7212 74
4
400 Preferred
100 867 Jan 30
8
3312 3312 3358 351
3318 34
353 3734 47,000 Glidden Co
4
344 375s 3634 38
No pa
31 Jan 18
*10312 10411 •102 10112 102 103
103 103 10334 10412 •I0412 105
390 Prior preferred
100 9812 Jan IL
k 1478 15 1434 15 1512 1814 1712 19 1612 174 164 1758 18.900 Gobel(Adolf)
No pa
13 Jan 18
4212 427
8 4238 4338 43 4418 4314 444 434 4414 4318 4378 41.300 Gold Duet Corp v t c No pa
37 4 Jan 2
3
r 4714 473
4 4712 4814 4714 491s 4818 484 4812 493
503 5258 30,100 Goodrich Co (B F)
4
No pa
4014 Jan 17
10101 103 *101 103 .101 10112 102 103 •10312 105 *10312 105
300 Preferred
100 9558 Jan 7
88
893
4 88 9012 8978 9238 914 9214 91
943
9312 954 42,000 Goodyear T & Rub_ ___No pa
62 Jan 2
100 100
100 100
100 10018 100 100
100 100
100 100
2.800 let preferred
No pa
90 Jan 3
25
2558 26
2512 243 25 2 2514 264 25
2614 247 2512 6,000 Gotham 811 Hos new No pa
4
8
,
214 Jan 18
77
*75
*75
77
7812 80
7712 7712 7712 80
80
82
440 Preferred new
100 70 Jan 10
*97 1014 1014 107
8
8 11
1234 1312 13,000 Gould Coupler A
1114 104 134 1214 131
No par
712 Jan 2
912 97g
95 10
8
912 97
912 94
94 1018 8.900 Graham-Paige Motors_No par
914 94
918 Jan 18
ess4 97
8 *84 912 "83
91
4 912 *83
912 912
4 912 *9
No par
100 Certificates
85 Jan 10
8
53
527 5312 5212 53
52
8
55
56
55
5234 55
5578 5.200 Granby Cons M Bm & Pr_100 51 Jan IS
44
4312 4312 4338 45
44
4512 4712 464 471
484 4912 9,000 Grand Silver Stores
No par 3214 Jan 22
...... Grand Stores
100 3312 Feb 6
s 1934 1913 1913 191e "iii 16" "1953 197 -1978 161- 3.700 Grand Union Co
1938 197
s
2
No par 1358 Jan 18
423 *4112 43
4
*42
4278 43
4212 43
4258 43
424 4212 1,300 Preferred
No par 37 Jan 2
4012 33912 398
1539
4112 417
4 3934 3934 3934 41
4114 41,
4 2,100 Granite City Steel
an
No Par 37
1
• Bid and asked prioes; no sales on this day. $ Ex-dly deed. b Ex-dividend ex-rights.
$ per share
574 Mar 18
1812 Feb 19
9212 Jan 14
117 Mar 13
16 Feb 18
7 Mar 3
l's Feb 2
4 Mar 3
9 Feb 4
6555 Feb 11
48 Jan 2
122 Feb 15
12118 Mar 19
127 Mar 5
8
19 Mar 12
894 Mar 8
43 Mar 18
27 Jan 20
12712 Fen 13
25012 i• et 7
,
4234 Mar 4
1113 Mar 18
4
176 Feb 21
958 Jan 18
2412 Feb 7
8738 Mar 10
414 Jan 13
184 Feb 24
10212 Mar 21
2512 Jan 31
24012 Mar 18
374 Feb 20
13812 Mar 20
120 Mar 11
104 Feb 8
62 Feb 5
1093 Mar 21
4
1103 Jan 7
4
71g Mar 1
8134 Mar 21
1104 Mar 6
14112 Feb 26
794 Feb 10
5 Jan 14
s
75 Jan 24
59 8 Jan 22
5
11212 Mar 15
583 Mar 6
4
10414 Mar 21
102 Feb 13
44 Feb 8
435 Mar 5
8
303 Feb 18
4
283 Mar 3
s
978 Jan 8
39 4 Jan 20
3
4534 Mar 7
10914 Feb 19
2714 Feb 27
9014 Mar 18
96 Feb 17
1214 Feb 26
43 Mar 19
3678 Feb 8
82 Mar 7
9 Feb 14
4018 Jan 22
961211dar 4
3318 Jan 7
863 Jan 2
8
613 Jan 30
/
414 Jan 24
20 Jan 24
1978 Jan 27
5278 Mar 21
100 Feb 3
447e Mar 7
777 Mar 18
s
264 Mar 19
8912 Feb 6
467 Mar 13
8
9512 Mar 6
Ps Star 13
767 Feb 18
8
73 Feb 18
4
1612 Feb 18
10112 Feb 18
1083 Feb 8
4
66 Mar 18
125 Jan 15
3812 Feb 15
3412 Mar 7
744 Feb 5
61 Mar 7
79- Mar 7
1134 Feb 28
5558 Feb 11
7612 Feb 10
91 Feb 7
12011 Feb 11
10914 Mar 11
5514 Jan 30
94 Feb 10
4914 Mar 21
125 Mar 10
3838 Mar 10
174 Jan 27
4958 Feb 13
103 Mar 21
88 Mar 18
4812 Feb 18
10818 Jan 18
18 Mar 11
75 Mar 21
38 Mar 20
10412 Mar 20
19 Feb 7
484 Feb 5
524 Star 21
10312 Mar 8
9538 Mar 21
10078 Feb 20
287 Mar 8
8
82 Mar 21
1312 Mar 21
1114 Jan 4
104 Feb 8
59 4 Jan 7
3
49 Mar 10
4512 Mar I
205 Feb 13
8
434 Mar 14
414 Mar 20
y 3 additional shares for each share held.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
I per share $ per share
3718 Nov 79 Aug
17 Oct 253 Jan
4
71 Nov 1214 Aug
103 Nov 11834 Feb
Nov 2412 Jan
158
678
56
38
100
11218
638
1314
512 Jan
Dec 1878 Jan
Dec 17 Jan
Dec 95 Jan
Nov 6778 Jan
Nov 132 Oct
Nov 12134 May
Dec 3018 Aug
Dec 3778 Aug
21l Oct -918 ..
13. 1;11
20 Dec 4878 Jan
109 Nov 128 Jan
Aug
151 Nov ass
24 Nov 13478 Feb
102 Dec 11512 Jan
117 Nov 16412 Jan
1114 Aug
6 Nov
12 Oct 5414 July
69 Nov 1284 Feb
25 Oct 92 Jan
8
10 Nov 287 Jan
4912 Jan 1004 Mar
19 Oct 3912 Bent
150 Nov 28434 Oct
18 Nov 7614 Feb
80 Oct 231 Bent
10712 Nov 11934 Aug
4 Dec 3938 Jan
39 Dec 113 Jan
50 Oct 174 July
1023 Nov 115 Apr
4
8
314 Oct 183 Mar
2918 Nov 884 Sent
98 Nov 10914 Feb
108 Nov 14012 June
84 Nov 1044 Oct
34 June 1012 Oct
314 Oct 224 Feb
494 Nov 8338 Jan
10814 Sept 1244 Feb
31 Oct 7958 Aug
80 Nov 1234 Aug
844 Oct 109 Oct
3114 Jan 41 May
3812 Dec 54 Feb
15 Nov 7334 Mar
2214 Jan 2712 July
334 Nov 1334 Dec
11 Apr 35 Jan
2934 Oct 5478 Sept
10112 Dec 11078 Jan
22 Dec 724 Mar
8012 Nov 109 June
90 Nov 104 Feb
5 Oct 223 Feb
8
28 Nov 56141Sept
2512 Dec 33 Dec
4712 Nov 123 Sept
6 Oct 1334 Mar
30 Dec 9812 Feb
84 Dec 107 Jan
2412 Dec 37 Dec
8358 Dec 8958 Dec
4412 Nov 90 Sept
218 Dec 2018 Jan
8 Dec 7212 Jan
8 Dec 824 Jan
38 Nov 54 Jan
904 Oct 10218 Jan
324 Nov 8234 Aug
33 Nov 95 Sept
1234 Nov 895 Apr
8
194 Dec 10558 Sept
2334 Nov 347 Jan
8
8211 No• 1071t May
5 Oct 3378 Feb
854 Nov 8312 July
3 Dec 25 Jan
75 Nov
4214 Nov
121 Nov
24 Nov
23 Nov
8318 Dec
42 Oct
16818 Nov
11 Jan
35 Oct
5934 Nov
76 Jan
1114 July
99 Oct
50 Oct
4
873 Dec
3312 Oct
112 Nov
30 Oct
94 Oct
20 Nov
70 Oct
64 Oct
Oct
9434 Aug
140 Feb
694 June
61 Feb
12012 Feb
74 Feb
403 Aug
1134 Feb
774 July
112 Sept
116 Oct
135 Feb
11612 Jan
8918 Jan
100 Jan
9134 Mar
12611 Jan
52 Jan
41 Mar
98 Aug
12812 Aug
8812 Aug
80 Nov 143 Oct
1012 Nov 4818 Jan
58 Dec 94 Oct
28 Oct 6418 July
95 Nov 10618 Apr
918 Nov 66 Feb
3112 Oct 82 Jan
3814 Dec 105 4 Jan
3
954 Dec 11518 Feb
60 Oct 15412 Mar
87 Nov 10478 Feb
14 Nov 60 Apr
88 Dec 10114 Jan
4 Oct 14 May
738 Oct 54 Jan
7 Nov 494 Jan
4614 Nov 1027s Mar
3212 Dec 444 Dec
33 Dec 9612 Mar
94 Nov 324 Jan
30 Oct544 Jan
32 Nov 63 8 Sept
3
1988
New York Stock Record-Continued-Page 5
For sales dikes the meet of *roots not recorded here, see fifth pegs preceding
HIGH AND LOW SALE PRICES
-PER SJARE, NOT PER CENT.
Saturday.
March 15.
Monday.
March 17.
Tuesday.
March 18.
Wednesday. Thursday.
March 19. March 20.
Friday.
March 21.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I.
On basis of 100-share lots.
Lowest.
Highest.
Spar share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscel.(Con.) Par $ per share $ per share
33 33
/
1
4
/ 33 358 35
1
4
No par 3258 Jan 2 43 Jan 9
357 .334 3434 6,200 Grant(W 'I)
3618 3512 357
35
23
2318 8,300 Gt Nor Iron Ore Prop_.No par 197 Jan 3 233 Jan 30
22% 2212 2258 2214 2278 2234 23
22
2214 22
4
313 3214 3,600 Great Western Sugar....No par 2814 Mar 1 3412 Jan 16
4
4
32
3218 313 317
4
32
3238 317 3233 313 32
100 11413 Jan 4 120 Mar 14
300 Preferred
11712 11712 117 11712
11712 11712 *11712 119 *11712 119
11812 120
153 17
4
167 1714 1712 1812 1812 103s 19% 1958 1814 1938 121,500 Grigsby-Grunow
2
No par 1212 Jan 18 2212 Jan 2
4 Feb 4
12Max 7
*1
14
No par
200 Guantanamo Sugar
1
1
11 118 *118 112
/
4
*112 112 *114 112
100 517 Jan 2 80 Feb 19
7313 4,000 Gulf States Steel
7312 *72
k 72
7112 72
*71
72
743 .72
4
717 711
8
100 9812 Jan 17 1074 Mar 14
*108 10712 *101314 10712 10614 10614 *10614 10712 *10614 10712 106 10614
70 Preferred
*2613 28
Hackensack Water
25 26 Jan 4 27 Feb 25
*2612 28
*2612 28
*2613 28
*2612 28
*2813 28
40 Preferred A
*2612 27
25 26 Jan 8 28 Mar 13
2612 2613
*264 27
*2612 27
*2612 27
26 26
164 1712 1758 1912 1812 1938 57,200 Hahn Dept Stores
1612 17
164 1612 1618 167
8
No par 125 Jan 2 1912 Mar 20
*8014 82
100 7118 Jan 3 83 Mar 20
700 Preferred
*7812 81
797 83
8
*79
80
*7814 80 *7814 81
24
10 24 Mar 17 2914 Jan 6
28
2814 1,800 Hall Printing
27
28
27
244 2612 27
/
4
2412 241 24
Hamilton Watch pref
__
__ *103
___ *103
__ *103
. _ *103
100 99 Jan 7 104 Feb 8
_ *103
Hanna let pref class A
-100 1004 Jan 10 128 Mar 4
*103*127 13i *127 112 *128 110 *128 130 *128 130 *128 110
- 50 Harbison-Walk Refrao.No par 55 Mar 12 61 Jan 25
*59
50
5912 5912 *59
60
5912 *5912 60 *59
60 *59
138 Jan 15 20 Feb 5
*1658 1634 1678 1678 1678 1712 1714 1712 163 17
17
1714 3,700 Hartman Corp class B.No par
4
100 Class A
*2234 23
*2258 2234 *2258 2234 "2258 2254 22 4 22 4 '22 4 23
,
No par 2012 Jan 17 23 Feb 5
, ,
100 Hawaiian Pineapple
20 64 Jan 14 61 Feb 13
59 59
*57
5938 *5613 5918 *58 60 *58 60 '
559
60
712 714 *7
712 714
7
/ 7
1
4
/
1
4
714
934 Mar 21
614 Feb 24
4
713 9
No par
9
9 3 16,100 Hayes Body Corp
25 82 Mar 20 9253 Feb 19
1,500 Heime(OW)
83% 84 84
*8134 83% 82
8334 84
83 4 8358 *82 81
3
20() Hercules Motors
254
25
1125 257
No par 22 Jan 3 2714 Feb 10
25 *25
257 x25
257s *25
25 .25
991
No par 70 Jan 2 10334 Mar 10
9334 10312 30,100 Hershey Ctiocolate
95 9618 9534 9812 98 1007g 99 10012 99
No par 834 Jan 2 103 Mar 10
99 10212 6,400 Preferred
87 9912 99 10034 9934 99% 4199 100
96 96
100 10414 Feb 21 106 Jan 13
200 Prior preferred
106 1064 *106 10514
/
1
*1053 106
106 106 *106 10814 106 106
4
600 Hoe (R) .4 Co
No par 15 Jan 15 254 Feb 27
*21
23
23
22 .21
1914 2012 2012 2012 *21
224 21
No par 2614 Jan 14 373 Mar 12
900 Holland Furnace
36
36
*364 37
3618 3618 354 36
37
3612 3812 *36
8
612 Feb 27 125 Jan 29
800 Hollander & Sons(A) _No par
758
7
7
7 18
712 712
*714 734
7
14 71
73
3 758
100 76 Mar 14 84 Feb 1
700 Homestake Mining
*78
793
137312 76
*7312 7838 *7514 7813 z787 79
*7312 75
254 2578 2538 273* x2578 2613 253 2614 31.800 Houclaille-Hershey el B No par 19 Jan 2 29 Feb 5
2434 2518 2412 25
8 3.500 Household Finance part p1_50 49 Mar 5 5314 Mar 19
5314 5112 5314 5213 527
4 52
5214 5158 523
*5014 5158 51
4 60 6014 3,000 Household Prod 1ne___No par 5212 Jan 25 6112 Mar 10
*58 592
4 5912 5912 5912 594 5912 5912 5952 603
8
8
8014 8314 83 8738 8612 90
86
8814 845 878 843 928 68.700 Houston Oil of Tex tern ctts 100 524 Jan 17 92% Mar 21
No par 354 Mar 17 41% Feb 7
4,700 Howe Sound
39
38
38 387
3712 39
3614 36
3538 36
36
36
5412 5512 3412 533
8 5514 5612 5512 564 5558 575
Vo par 5358 Jan 16 6278 Jan 6
8 5713 5914 76,800 Hudson Motor Car
/
1
10 204 Jan 18 243 Jan 6
2154 2112 224 23,100 Hupp Motor Car Corp
21
2118 2078 2112 2034 217
21
2012 2112
4
4 2614 273 54,600 Independent Oil dr Gas No par 2014 Feb 19 27% Mar 18
27 2713 2534 283
2512 27
25 253
12
27'4 277
5 Jan 3 17 Mar 4
No par
9% 1018
9% 104 104 1118 101 114 1034 1112 1112 1258 33,900 Indian Motocycle
100 30 Jan 6 8712Mar 3
80 Preferred
68
68
65
61
65 .61
61
60 60
6014 6014 61
10 1734 Jan 2 2712 Mar 21
203 2178 2112 254 233 251s 23% 2118 2312 244 2.384 2712 187.300 Indian Refining
10 16 Jan 2 2658 Mar 21
2258 26181 49.200 Certificates
1913 204 195 2114 2258 2438 222 2314 2212 23
4
/
1
No par 90 Feb 11 124 Jan 10
109 110
4
105 105 109 109 *106 110
1094 1091 105 109581 1.000ndustrial Rayon
8
3,7001Ingersoll Band
No par 15414 Jan 8 2035 Mar 18
193 194 200 20378 195 20134 198 200 *190 199
18534 186
1.300 Inland Steel
92
No par 7058 Jan 6 98 Mar 11
92
*88
93
*188
9112 901s 9018 9111 9312 93
90
8
2
2733 287
* 2778 2812 283 29
2814 2912 22814 2833 273 285 41,000roiration Cons Copper„.20 264 Jan 17 307 Feb 7
3
3,600 Insuranshares Corp__No par 1314 Jan 3 1738 Mar 10
17
17
1658 17
1678 17
1634 17
1634 17
1654 17
612 Mar 10
44 Jan 2
/
1
1.300 intercont'l Rubber__ _ _No par
61
6
6
6
6
6
6
6
6
*6
638
6
*25
26
No par 24 Feb 20 2834 Feb 1
25
254 2514 257
2 2514 2512 2513 2513 251g 2512 3,800 Interlake Iron
57
718 Jan 16
412 Jan 2
2,100 Internet Agricul
57
6
6
5%
No par
57
534 53
5% 5 2
7
4
58 57
55
100 5412 Mar 8 58 Feb 6
800 Prior preferred
55
56
56
5712 574 *53
55
56
56
56
58
1767 17834 18014 183 188 188
17514 180
185 1873 x180 18258 3,800 Int Business Machines_No par 15212 Jan 18 19214 Mar 11
7,300 International Cement__No par 5534 Mar 6 68 Mar 21
65 6514 6512 66 4 6614 67
/
1
,
4
663 67% 664 6734 6738 68
4
5 Jan 2 113 Mar 20
938 1134 1012 1138 122,200 .nter Comb Eng Corp__No par
7 8 73
5
7 8 Vs
5
4
818 9%
75
8 812
13.000 Preferred
100 30 Jan 2 71 Mar 20
69
69
69
71
4
58 597 *5812 5914 593 644 63 673
s
89 917
89 90
9118 9214 9112 927 x9013 9215 914 947 20,100 Internet Harvester-___No par 7838 Jan 7 9638 Mar 5
s
500 Preferred
100 14012 Feb 10 14412 Mar 14
14414 14414 *14414 145 *14414 14412 14414 14414 *14438 1444 14412 14413
4
4312 437
4318 44
433 43% 43% 4514 4453 46
4
4558 473 108,800 lot Hydro-El Sys cl A_No par 3112 Jan 3 473 Mar 21
16,500 International Match prof. 35 6512 Jan 3 8313 Mar 20
78
8018 79
82
8058 7834 83
8318 81
804 8178 80
10,300 Int Mercantile Marine ctfii_100 25 Jan 2 3053 Jan 6
2738 28
2714 2812 27
8 2814 287
273 2853 2812 293
28
5
383 394 3912 39
3818 39
4
4
3958 4214 403 424 408 413 240,000 lot Nickel of Canada...No par 313* Jan 2 4212 Mar 8
100 International Paper___No par 58 Jan 8 65 Mar 21
65
85
*57
65
*57 65
65
*57 65 *57 65 *56
100 80 Jan 23 8512 Mar 12
100 Preferred (7%)
85
85
*84
8514 *84
84% 844 *83
85
*84 85 *84
4
8
2758 28
2814 28 4 28
283
4 285 2938 5,900 Inter Pap & Pow Cl A__No par 26 Jan 7 303 Feb 18
2812 2813 2814 28
,
No par 1514 Jan 6 2014 Mar 21
2014 4,000 Class B
1834 1831 *1814 1831 18
18
18
19
18
1958 19
No par 1218 Jan 7 17 Mau 21
1414 1412 1412 141/ 144 1412 133 15
e
1412 1558 .147 17 1 29,800 Class C
4
100 7914 Jan 31 82 Jan 16
700 Preferred
8014 8014
*80
81
8012 8012 8078 808 8012 8012 80 80
*5012 51
*5012 51
500 Int Printing Ink Corp__No par 4814 Jan 17 53 Feb 14
51
8
513* 5112 5118 5178 517
51
*51
100 9312 Feb 7 98'2 Mar 21
400 Preferred
9812 9812
98 98
98 98
9558 9558 9512 9512 954 98
810 International Salt
100 69 Jan 30 8514 Mar 17
*8314 85
8314 84
*83 85
85 85
84 8514 85 85
100 International Shoe_ _No par 59% Feb 25 62 Jan 15
*5914 60
60 60
*5914 60 *594 60 •5914 60 *5914 60
100 100 Mar 17 119 Feb 1
10112 10113 1,100 International Silver
100 103 101 10212 *10212 103 *10112 104
104 104
100 105 Feb 26 11214 Feb 17
30 Preferred
109 109
111 111 *10914 1113 *109 111 *109 111 *109 111
4
3
8
6718 0418 641 121,300 Internal Telep & Teleg.No par 623 Jan 30 75 4 Jan 2
6358 6512 645 647
8
2 658 66 8 66 6712 66
7
8
31
3118 3112 327
3018 3034 307 3112 3,200 Interstate Dept Stores_No par 30 Jan 24 40 Feb 4
4
311 324 313 313
s
70 Preferred ex-warrants _ _ _100 71 Mar 12 754 Feb 6
7171
75
71
71
*71
75
3
.71
76
75
*71
71
71
400 Intertype Corp
No par 23 Jan 2 31 Mar 15
32
32 •30
7130
32 *30
31
31
•30
31
3012 31
2512 3,500 Investors Equity
No par 19 Jan 7 29 Feb 19
2538 264 2514 25% 25
2414 25
8
24 2412 x237 24
2,400 Island Creek Coal
1 40 Feb 14 43 Mar 19
41% 413
43
42 42% 4212 43 x42
4112 4112 417 42
No par 43 Jan 20 59 Mar 7
8
5.458 56% *55
5612 5612 561g 573g 570 5872 5.300 Jewel Tea Inc
56
*5334 54
No par 117 Jan 2 14838 Feb 6
135 142 53,000 Johns-Manville
13912 14238 1401 14212 139 143
136 13634 1368 139
610 Preferred
100 11814 Feb 24 123 Mar 21
__ 123 123
12012 121 *122
122 122
122 122
*12014 122
350 Jones & Laugh Steel pref....100 11812 Jan 6 123 Mar 15
122 124
121 12112 71121 124 *122 114
12112 124
12112 123
33
s 33
4 2,700 Jordan Motor Car
4
33
8 33
311 33
4
312 33
8
311 312
412 Feb 18
2 Jan 22
No par
358 312
1112 Mar 17 1312 Jan 16
700 Karstadt (Rudolph)
121g
12 "12
1134 118
4 1112 1112 1113 1112 117 117
s 12
1,300 Kaufmann Dept Stores..$12 50 18 Jan 7 2012 Mar 7
19, 1934 .194 21 .1914 21
8
*1912 21
•1912 21
*1958 21
8,300 Kayser (J) Co v 1 o__._No par 34 Jan 23 4111 Jan 2
3613 37
3534 3514 3512 38
3712 384 3514 37
36
37
100 Kelth-Albee-Orpheum _No par 21 Jan 8 36 Mar 19
3858
*3513 3812 *35
313
4 36
*3312 3712 v3314 3713 *34114 383
100 85 Jan 7 118 Mar 10
115 1153
4 1,000 Preferred 7%
116 118 *115 11712 115 115
1111 115 *113 116
47
5 4 Jan 24
3
314 Jan 2
21.200 Kelly-Springfield TIre_No par
4% 5
434 5
514
6
538
413 458
458 434
100 2018 Jan 3 42 Jan 24
860 85, preferred
333 *3312 35
4
*31
3358 33
34
*31
34
*2612 2912 30
*
100 29 Jan 2 55 Jan 25
100 6% preferred
50
*45
*4518 50
50 *45 57
43 45 *46
4141
43
8
4
8
29
2958 2934 327
30
3112 3112 325 23012 313 25.800 KelseyllayesWheel new 'Jo par 224 Jan 3 327 Mar 17
317
8 31
713 Jan 2 2218 Mar 20
No par
223* 2118 211's 244,000 KeivInator Corp
1714 171/ 1812 193 2134 20
1612 1678 17
56 Kendall Co pref
No par 8211 Jan 4 e9 Mar 21
89
89
*87
89
•87 89
86 86
86
88
85 85
Vo par 5414 Mar 15 6234 Feb 7
5512 5518 5572 5514 5614 5512 5812 55,400 Kennecott Copper
5412 554 55
544 55
/
1
No par 49 Jan 7 5213 Jan 31
100 Kimberley-Clark
4
5012 5012 5012 *5012 513 *5012 5134
5012 *50
*50 5012 •50
900 Kinney Co
No par 20 Jan 29 27 Mar 21
27
4 24
26
2614 *2714 283
26
*25
4
*2214 25 /233 24
100 iims Feb 26 91 Feb 11
20 Preferred
*89
90
*89
90
89 89
8 90 90
*89 891 *89 897
's
6a Mar 17
158 Jan 18
6,200 Holster Radio Corp_No par
5
512 512
633
413 41
618 50
4% 514
413 5,
8
487 17,500 Kraft Cheese
8
No par 3818 Jan 6 4n14 Feb 10
4814
4712 4713 48
47
4718 4612 4714 4614 474 47
100 98 Feb 6 10714 Mar 21.
106 106 *106 10614 106 10614 1064 10614 10612 10611 10612 10714 1.000 Preferred
10 3058 Feb 17 3834 Jan 2
-6.200 Kresge (S 8) Co
3134 32
315 32
3134 32
3112 317g 3112 3212 313 32
700 Kress Co
No par 6114 Jan 15 70 Jan 24
6314 6314
647 65
647 617
8
65
0
82 6312 6312 6312 *64
23 4 Jan 2 3114 Mar 21
3
,
3018 30 4 301g 3012 3018 30 4 3058 3114 139.200 Krellger az ToU
,
304 3038 3018 303
4114 23,300 Kroger Grocery & Bkg_No par 37 Feb 27 48% Jan 23
407
8 40
39
384 3914 3811 39
384 391
381 32
252 2512 2513 1,300 Lag°()II& Transport...No par 2114 Jan 11 2512 Mar 12
2513 2512 2512 25's *2412 2512 *25
25
25
No par 97 Jan 2 108% Mar 1
3
s
10612 1067 10314 10412 104 104% 1037 1047 1022* 10334 103 10418 10,200 Lambert Co
s
9 Jan 24
64 Jan 2
. No par
734 8
833 8% 2,400 Lee Rubber & Tire.
812 8
,
2
012 87
814 814
7 2 758
3
900 Lehigh Portland Cement-50 34 Jan 4 4138 Mar 8
3812 39% *3812 3912
39
*38
39
39
3834 39
•38 39
230 Preferred 7%
100 105 Jan 2 108 Mar 10,
104 108 *104 108 ,•104 108
104 108
108 108
104 108
Mar 171
15
/
4
163* 153* 1712 1612 1713 161 1658 1512 1612' 14% 15% 16,100 Lehigh Valley Coal____No par 12 Feb 10 1712
400 Preferred
50 32 Feb 24 37% Mar 19
35
3518 3612 37% 3712 3618 364 35
*37 334 *37
38
8
210 Jan 21 34 Jan 27
800 Lehn & Fink
NO par
3234 3111 32
32
32 32
33
323 *31
4
31.% 3158 •31
7
4
3.400 Libby-Owens Glass_
No par 195 Jan 4 273 Feb 3
2412 25
2413 25
25 2512 2413 25
25 25
24 26
,
108 109 4 9,500 Liggett & Myers Cous000...25 g9 i It Feb 13 III Mar 11
4
108 1093 1043 109'8 105 108
4
10612 109
107 108
4
gill% Feb 10 1113 afar 10
Series B
25
4
10514 109
107 108
s
1084 1097 103 1097 1054 1083 1064 10914 90,400
s
444 444 2,600 Lima Locomot Works..-No Par 357k Jan 2 4914 Feb 15
44
3
*4234 427
421g 4254 4232 4512 437 4534 44
3
2011 Link Belt Co
No par 39 Jan 14 45 s Feb 21
4313 447
*4112 42 *4112 42
4212 4212 "4112 42
*4212 43
4
13,600 Llould Carbonic
No par 523 Jan 3 7434 Mar 20
74
4 72
8814 6958. 6873 703
8 798 724 7114 7413 7353 747
1
/
4
'
'
,
7358 7512 7312 7618 764 7818 7612 7914 753* 7718 7614 77 4 61.600 UMW , Incorporated_ Vs par 421 Jan 2 83 Mar 10
1,500 Preferred
No par 8553 Jan 17 105 Mar 10
101 102 *10034 101
10112 10134 103 10312 103 10312 10313 10312
700 Preferred ex-warrantsNo par 84 Jan 28 92 Mar 21
92
881s 8813 8812 8818 89
*90
93 *9012 934 92
89
6 1 Fob 0
.8
3% Jan 27
Vs par
418 412 16,000 Loft Incorporated
43
4 472
412 47g
452 472
412 472
434 478
11 4 Mar 6 1412 Mar 21
,
800 Long Bell Lumber A.. Nopar
*1118 13 *1213 13
*12% 13
8
123 1258 127 1314 1414 1412
3
25 5013 Jan 4 664 Mar 7
63 8 638
5
6214 6312 6312 6412 6414 6512 6312 6532 6412 6514 11.200 Loose-Wiles Biscuit
25 1618 Jan 2 2818 Mar 3
25 4 261
3
4 2513 26
4 2512 2614 58,500 Lorillard_
25
253
26
2684 2158 26
8 Feb 28 1018 Mar 17
93 10
No par
93 10'3
9% 9'8 7,100 Louisiana 011
10
9
93
1018 10
1038
Preferred
100 84 Jan 7 .912 Feb 6
93
*91
NI
93 *89 93
93
*91
93 *91
93 .91
43 4312 4278 4312 4318 4334 44
2 4314 4414 10,500 Louisville 0& El A ----No Par 38'4 Jan 18 4612 Mar 1
44
447
45
2
.170 pm' 323 Jan 2 4478 Mar 12
4041 30,300 Ludlum Steel
4112 4212 4053 42
4133 4212 4118 417 x40% 4114 38
4
No par 90 la. 20 993 Mar 18
9913 1,100 Preferred.
98 98
98
9212 95
9912 *98
9934 98 98 *98
100 atacAndrews & Fornes_No par 28 Feb 28 314 Jan 15
*2812 30
2914 2914 •284 30
*2812 30
*2812 30
*2813 39
No par 70 Jan 2 8512 Mar 21
80 814 8114 823* 8213 8212 82
837
8 83% 8512 15.600 31ack Trucks Inc
802* 81
No Oa 1374 Jan 7 13914 Feb 3
,
4 5.400 '1..'y CO
1401. 1501s 1401e 151
141131 14147. 1401s 152
4519 147
148 1483
'Mu and • kid ortoe.
LW
sales on this ay.
PER SHARE
Range for Preview
Year 1929.
Lowest.
Highest.
$ per share S Per Man
324 Dec 14458 Fat
19 Oct 3914 Fat
28 Nov 44 Jam
105 Nov 11912 Vet
1414 Nov 70 Sepl
512 Jam
1 Nov
42 Nov 79 Mat
995k Dec 109 Feb
2312 Nov 35 Aug
26 Jan 30 Aug
12 Oct 5634 Jam
7158 Dec 115 Jam
27 Dec 297 Dee
8
99 Nov 1055 Jam
8
91 Jan 11312 Gel
54 Jan 87% Doi
13 Oct 4178 Aul
167 Oct 31 Sept
a
55 Dec 7218 Aug
512 Nov 683 May
8
84 Nov 1184 Jam
2113 Dec 334 Oct
45 Nov 14378 Oct
6058 Nov 14314 001
104 Jan 10658 Oct
1258 Dec 33 Aug
21 Nov 51 Mat
1313 May 2458 Aug
65 Nov 93 Aug
13 Nov 5234 May
46 Aug 52 Sept
/
1
4
40 Oct 7912 Jan
26 Oct 109 Apr
343 Nov 8212 Mat
as Nov 9312 Mar
18 Nov 82 Jan
17 4 Oct 393 May
3
312 Oct 3212 Jan
25 Nov 9534 Feb
1318 Oct 53 Aug
1113 Oct 5114 Aug
6812 Nov 135 Jan
120 Jan 22312 Oct
71 Dec 113 Aug
22 Oct 6612 Mar
12 Dec 16 Nov
2 Nov /44 Jan
i Oct 177 Jan
40 Nov 8812 Jan
109 Nov 255 Oct
48 Nov 10234 Feb
44 Dec 10312 Feb
1813 Dec 121 Feb
65 Nov 142 Aug
137 Aug 145 Jan
23 Nov 594 Sept
47 Nov 10212 Jan
1818 Nov 39% Oct
25 Nov 7234 Jan
57 Dec 112 Oct
77 Nov 941 Jan
20 Nov 4414 Oct
12 Nov 331 Oct
's
9 Nov 2618 Oct
77 Nov 95 Oct
40 Nov 6838 Oct
917s Nov 106 Mar
554 Jan 9034 Feb
54 Oct 7712 Sept
45 Nov 15913 Aug
.0314 Oct 119 Jan
53 Nov 14914 Sept
2512 Oct 9313 Jan
74 Dec 97 May
17 Nov 3s58 July
1212 Nov 7212 Aug
39 Oct 69 Mar
39 Nov 16214 Feb
90 Nov 24234 Feb
118 Nov 123 May
117 June 126 Oct
112 Oct 1612 Jan
10 8 Nov 1378 Nov
7
174 Dec 3712 Feb
30 Nov 5812 July
151/ Nov 48 Jan
70 Nov 138 Jan
3 Dec 23% Jan
16 Dec 0478 Jan
26 Dec 100 Feb
1802 Nov 5934 May
5 Oct 1914 Feb
75 Nov 06 Feb
494 Nov 1047s Mar
4514 May 5731 Oct
214 Nov 4413 July
4
130 Oct 1093 Mar
34 Dec 7458 Jan
27 Nov 7614 Oct
8
95 Apr 1057 Oct
28 Nov 5712 Mar
534 Nov 114 Jan
2218 Nov 46% Mar
3814 Nov 12212 Jan
1612 Nov 3838 Jons
804 Nov 16714 Mar
5 Oct 25 Jan
30 Nov 65 Feb
100 Nov 1103 May
4
10 Oct 32 Oct
31 Dec 448 July
28 Nov 11/119 Feb
17 Oct 43 Aug
804 Nov 106 Oct
RO Nov 10814 Oct
30 Nov 57% 1117
37% Nov 61 Feb
40 Oct 11373 Jan
72 flet 134% 1"3h
80 Oct 11034 Jan
80% Nov 95 2 Mar
1 0 Apr
Dv
31$
12 Dec 3212 Jan
3918 Nov 877s Rept
144 Oct 3112 May
/
1
7 Oct 18 Jan
80 Nov 10014 Feb
28 Oct 725 Sept
22 Nov 1087 My
8
76 Nov 18 June
3014 Oct 46 Jan
554 Nov 1143 Feb
4
110 Nov 2561. Slept
New York Stock Record -Continued-Page 6
1989
For sales daring the week of stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
March 15.
Monday.
March 17.
Tuesday.
March 18.
Wednesday. Thursday.
March 19. March 20.
Friday.
March 21.
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share $ per share $ per share S per share 3 per share $ per share Shares Indus. & Miscel.(Con.) Par
.117 1214 *1173 1214
.113 12
8
4
1214 *113 12
4
121 4 1214 12
300 Madison Sq Garden___No par
4712 4712 47
471g *47
48
4914 4912 497* 2,300 Mama copper
48
No par
478 48
93 1014
4
912 12
1113 1138 117 31,000 afallison (KR)& Ca No par
12
1212 11
123
4 11
8
8 8 612 *55
55
8 63
3 63
8 63
8
8
8 63
3 *55
52
8 553 .55
10 Manati Sugar
8 •55
100
*2418 26
26
26
*25
2912 *25
2912 *25
2914 *25
10 Preferred
100
2912
*1418 143 .1418 143 *1418 143
4
4
*1418 15
4 143 1434 .1418 15
4
100 Mandel Bros
No par
35
36
35
3512 35
3512 35
3518 35
35
35
3512 18.400 Manh Elea Supply__ No par
22
22
*20
2112 22
2212 223 24
22
4
22 12 2212 22
1,500 Manhattan Shirt
25
5218 5218 53
54% 53
513
3 533 543
8
8 5314 5314 x5153 528 3,600 Marlin-Rockwell
No par
2718 2712 2612 27
8
263* 263* 27
5,600 Marmon Motor Car
275
8 273 28% 2812 29
No par
47
412 412 *412
*412 43
4
453 453
43* 45
3 *412 43
300 Martin-Parry Corp
4
No par
4412 45% 441 447
8 443 4558 445 46
8
8
4553 464 46
467 20,200 Mathiason Alkali WorksNo par
8
____ •12112 ____ *12214 ____ 12212 12212.12312 __-- .12312 ---*120
10 Preferred
100
5412 5412 5418 5714 5514 5613 5038 56% 5514 5514 55
56
16,100 May Dept Stores
25
*183 1913 19% 193
4
4 19
193* 19
2118 12,000 Maytag Co
No par
193* 193* 19% 20
35I 36
35
35
35
37
36
3653 37
36
353 36
4
1,000 Preferred
No par
8112 8112 *8012 83
8218 8218 81
8214 8212 83
83
81
700 Prior preferred
No par
*433* 433
.42
44
.42
44
*43
43 4 4334 433
3
4
4
4 433 44
800 McCall Corp
No par
*65
67
*65
67
.65
67
64
*65
65
120 McCrory Stores class A No par
*65
67
67
67 67
67 67
*62
67
.62
67
*62
*62
67
3001 Class 13
67
No par
895 100
897 100
*95 100
*9514 100
*9514 100 .9512 100
Preferred
100
36
3718 *3714 38
*3714 33
.3818 39
38
38
600 McGraw-Hill Publica's No par
3813 39
*177 1812 18
1812 *18
1812
1812 *18
1818 1818 1818 *18
100 aleIntyre Porcupine Mlnes_.5
7013 7114 70
7012 71
71
7113 737
7313 741
72
7312 11,900 McKeesport Tin Flate_No par
27
27
29
3012 29
8
2913 297 297s 2912 2913 3.000 McKesson & Robbins_No par
30% 29
*4112 44
4212 421 *4312 44
4 431 44
4319 431. 4313 433
400 Preferred
50
1534 16
1553 153
4 1512 1512 *1518 16 .1512 16
1518 15%
1,600 afeLellan Stores
No par
36
38
*39
33
37
36
36
3778 37
36
373
37
4 2.000 Melville Shoe
No par
2018 21
2053 21
2014 21
2014 21
8 2013 2014 5,400 Mengel Co (The)
203* 207
Vs par
273 283
4
4 28
2914 2914 304 30
313
4 317 3312 33
347 238,200 Mexican Seaboard Oil_ _No par
28
283
4 2814 29
28% 29
2914 2912 29
293
4 3.600 Miami Copper
283 29
4
5
7
69 6912 6812 707e 7014 717
70
703 723 10.300 Michlgan Steel
8 7012 7112 70
4
No par
29
2912 2918 311
3018 313
2912 31
8 29N 3012 2912 30
54,100 afld-Cont Petrol
No par
17
13*
15
8 213
2
13
23*
4
IN
17 36,090 Middle States 011 Corp etfs_-8
178 2
2
4612 4612 45
45
45
461
4
46
3,900 Midland Steel Prod_ _ No par
4714 4514 4534 453 46
418 418 .418 414
413
43
414
414 414
43* 2,100 Miller Rubber
414 43*
No par
•67
70 .66
68
6958 7313 733* 764 7418 7418 .73
75
4,000 al:nu-Honeywell Regu.No par
1912 1934 193* 201
20
2034 193* 2013 1912 195
8 1913 197
9,100 Minn-Moline Pow Impl No par
*81
83
*8012 83
*8053 83
8
*8053 83
*8053 83 .805 83
No par
Preferred
.30
3014 2953 30
283 293
4
2518 263
28
8 25
5 2518 25% 12,100 Mohawk Carpet MIlls_No par
485 4912 43 4 49
8
3
52% 52
*493 51
51
52
54
51
4
2,800 Monsanto Chem Wks_ _No par
43 433
4 4313 447
8 44
3
8
443
4 425 4412 4214 4314 4013 423 153,000 Mont Ward asC0111CorpNopar
1114 117
1114 12
8
112 123
8 1138 1218 1113 1253 1212 13
40,600 Moon Motor Car new-No par
*6612 68
675 68
8
6812 694 69
65
68
6,600 Morrell (J) Js Co
No par
703* 69 69
13
`
17
0
134
17
8
17
178
17
8
l7o
4
13
4
17
8 4,500 Mother Lode Comition_No pa
1%
13
.618 612 .618 612
614 653
618 613
6
63
8
614 614
3,100 Moto Meter Gauge &EgNo par
.56
GO
*5713 60 .57
60 .5718 5812 x5812 5812 5812 5812
300 Motor Products Corp No par
297 3014 3014 3014 3012 307
8
4 30% 3113 3118 3118 2,300 Motor Wheel
303 303
4
No par
*18
183
4 1812 19
1818 193
4 19
1918
1818 1818
19
193
4 3,900 Mullins Mfg Co
No par
55814 60
*5814 60
60
60
60
60
613 63
4
60
60
270 Preferred
No par
.48
52
*48
50
*4812 50 .4812 5012 .4812 5012 .4812 501 __ ____ Munsingwear Inc
No par
193* 20
1913 197
20
2013 2053 2114 213* 2212 213* 2214 50.100 Murray Body
No par
4313 4312 433 46N 47
3
4612 473* 47% 4718 10,300 Myers F & E Bros._ No par
48% 473* 48
4818 4814 4712 4812 4712 48% 473 483
8 43
8 4718 485
491 18,200 Nash Motors Co
No par
2314 23% 2312 235
8 235 2378 243 2518 248 2514 2413 25
8
8
30,000 National Acme stamped.._ _10
1812 1858 1818 1812 1818 20 4 1914 203* 1914 1934 1914 20
3
No par
48,000 Nat Air Transport
125 13
8
1253 13
4 12
1312 11,700 Nat Hellas Hess
1212 123
4 113* 1212 111s 113
No par
.214 216
4
21413 215
214 217
222 225 x220 2213 224 22513 7.000 National Biscuit
25
8512 86
85
8614 8614 873
8 89% 90% 95.600
894 8812 903
4 88
10
New
7714 783
8 7612 775
643 71 144,800 Nat Cash Register A w I No par
4
8 76% 783
8 7512 7712 7113 76
491 495
3
4918 493
4 493* 50
5153 527 75,000 Nat Dairy Prod
No par
4953 5012 5014 517
*2112 22
2112 213
4 2113 2112 2118 215
21 18 2014 2013 2,100 Nat Department Stores No par
3 21
.88
893 .88
4
893 .88
4
89
89 .88
*88
89
89
*88
100
1s1 preferred
353 36
4
353 3612 3618 3913 3514 3614 3514 3514 3,800 Nat DLstill Prod ctfs___No par
4
3553 36
2913 29% .29
32 .2912 32
52912 32
.2912 32
•2912 31
100
100'Nat Enam & Stamping
172 172
1713 17134 173 173
4
178 180 .170 178
173 176
1001
1,900 National Lead
•1403 14112.1403 14112 *1403 14113 .140 4 14112.1403 141
4
4
4
1403 1411_
4
4
3
1001
70 Preferred A
•116 11612 *116 11612 .116 11613 *116 11612 116 116
11612 117
100
210 Preferred B
447 46
4414 4514 445 4513 4553 463
473 79.500 National Pr & Lt
3
4 45
463* 45
No par
3
3
*23
4 314
23
4 23
8
25
4
8 258 .212 3
23* 25
No par
600 National Radiator
.6
612 5618 612 *618 612 59% 612 857
No par
613 557
Preferred
6'2
•110 11212 110 110 *110 11212 110 11117 11212 11212 11312 11334
50
900 National Supply
91
01
92
967
927 292
8
9618 944 98
95
9512 067
12,300 National Surety
50
35
3514 3473 35
323 3434 333 3412 *3314 3313 3313 3313 3,100 National Tea Co
4
8
No par
267 2714 267 2712 2714 2734 2714 2734 2714 23
8
8
2714 2812 21,700 Nevada Consol Copper_No par
.6214 67
64
64
65
66
*6413 69
67
65
*65
70
50
900 Newport Co class A
5114 52
52
523* 5212 5212 5213 533 x52
52
52
52
No par
1,800 Newton Steel
4412 4412 4414 443
45
4412 4412 4414 443
45
4 45
45
No par
1,000 N Y Air Brake
*38
40
3912 3912 •38
42
42 .38
41
40
43
.40
100
900 New York Dock
84
84
.84
86
86
*84
.84
.84
86
86
86
.84
100
100 Preferred
10114 10314 10214 10214 102 10214 .10214 10318 10318 10318 10214 103%
230 NY Steam pref (6)____No par
•11113 11414 11112 111 12 *11113 1143 .113 1143 113 113 .113 11413
8
4
1st preferred (7)
No par
70
11514 1163* 11418 11673 11653 1173 1173* 1193 120 12112 1205* 123
4
8
56,100 North American Co__No par
M% 545
8 513 548
4
5412 543
4 5412 5417 5412 5412 5413 54 12 2.000 Preferred
50
•103 1033 103% 10312 103 104
8
4
10414 1043 .104 10412 10414 10414
1,700 No Amer Edlson pref__No par
5012 503 .5014 51
8
50 4 503
3
517 5l7
8 1.500 North German Lloyd
5113 5114 5214
4 51
5018 50% 50
5018 .50
5018 .
5018 .50
5018 *50
50
5018
30 Northwestern Telegraph___50
11
•1
114
11
114
112
114
112
133
112
112 2,400 Norwalk Tire & Rubber----10
13*
*212 6
.3
6
•3
6
.3
*3
6
6
*3
6
Nunnally Co (The)___ _No par
11
11
*934 1112 II
1218 1514 6,200 Oil Well Supply
1118 1118 1112 1113 1134
25
.86
87 .86
87
86
8618 88% 883*
86
8618 8618 .86
100
70 Preferred
2512 263
4 2614 2614 2614 2678
2678 2778 263 2714 27
4
2714
5,700 Oilver Farm Equip____No par
4213 43
4134 427
423* 4212 4158 423
427 427
8
4 4112 427
8 2,900 Cony participating __No par
•85
83
86 .73
85
85 .73
85 .85
85
88
83
400 Preferred A
No par
43
.44 412 5414 412
43
8
412 43
4 547
5
5 12 7,100 Omnibus Corp
8 5
No par
844 80
•130
80
84
84
8612 8012 8013
*81
381
81
110 Orpheum Circuit, Inc pref_100
313 313
.309 318
31712 31712 318 318
318 318 *318 32:1
1,800 Otis Elevator
50
125 1257 .12518 1257 •125 1257 .125 1257 .125 1257
125 125
8
8
8
8
40 Preferred
8
100
34
31
34
.3312 34
3514 23418 347
34
34
34
35
6,400 Otis Steel
No par
.964 973 *963 .973 *963 973 .98
4
4
4
4
4 97
4
973 *9613 973
4
97
100 Prior preferred
100
807 60
.59
60
60
60
5914 597 *594 60
5813 59
1,100 Owens-Illinois Glass Co___25
65
6614 65
663
4 67
3 67
677
8 67
6812 6714 677
673 25,400 Pacific Gas & Elec
4
25
8912 9035 8914 90
9012 923
933 9513 9414 953 18,500 Pacific Ltg Corp
4
4
4 9212 943
4
No par
*2713 28
263 264 *25
4
.2613 27
267 27
0
27
27
.26
200 Pacific afilLs
100
118
118
118
Us
118
118
114
118
113
114
1'8
119 6.900 Pacific 011
No par
•141 1437 141 143
8
143 144
148 151
143 146 :146 150
1,890 pacific Teter) a, Taloa
100
*121 125(2 .121 12213 .121 12212 .121 12212 .121 12512 1237 1247
8
8 2,630 Preferred
100
21
217
8 22
2112 21
8 2214 231 4 223 2314 426,300 Packard Motor Car___ _No par
2338 223* 233
8
55412 5512 5412 5412 *5512 56% 5412 55
55412 58
•54l2 58
400 Pan-Amer Petr & Tran9_54)
.5413 55
5412 57
55
5453 553
55
5612 5613 5412 55
4,000 Class is
50
2373 2414 2118 253
4 233 2618 24
4
2513 237* 243
4 2
3
2418 99,900 Parmelee Transporta'n_No par
614 678
612 712
71
712 83
8
77
73
4 778
733 753
7.700 Panhandle Prod & ref_ _No par
*40
60
*40
60
5273 •40
*40
60 .40
60
*40
527
8
Preferred
100
6812 693* 6812 7012 7034 734 723* 74
7218 733* 72
735* 231,000 Paramount Fern La.sky_No par
.27
3
23
4 21
23
4 3
3
278
3
23
4 27
8
2%
1.700 Park Utah C 51
1
5
514
57
5
57
514
515
513 512
53*
535
53* 30,900 Pathe Exchange
No par
93 103
8
918 107
1014 1112 1034 117o 1012 1118 1012 1012 12,800 Class A
No par
27
27
26
2412 24% 2312 2413 4.500 Patine) Mines & Enterpr„ _ _20
27
2513 263* 2478 25
918 10
98 10
013 10
08
,
818 10
0',3
872
918
7.200 Peerless Motor Car
50
39
3912 3812 3912 3918 4014 40
397 4133 407 413
40
8
No par
8,800 Penick & Ford
6814 6814 68
69
67
6812 6812 63
6812 x67
6414 667
8
1,900 Penney (J C)
No par
9512 9612 .96
9612 9613 9612 0612 0612 29613 9312 9612 97
1,700 Preferred
100
1038 1073 10
93* 914
105
8 10
953 10
1014
....No par
912 953 5,700 Penn-Dixie Cement..
55 55
*54
55
55
*54
.51
55 .51
55
55
55
100
200 Preferred
28012 28412 28012 28414 28614 288
288 304
300 313
307 30812 8,400 People's G L & C (Cnic)- - -100
•1918 20
*1918 20
8
8
1913 1912 .185 1913 •185 1912 *1853 1912
No par
100 Pet Milk
.3712 38
3718 3812 38
41% 4134 435* 28,500 Phelps-Dodge Corp
40
3812 3814 40
25
.240 250 .240 250 .240 250 *240 250
24712 21712 *245 250
50
100 Philadelphia Co (Pittsb)
54
54
.53
54
5334 54
543
3 54% 5418
54 .54
54
7.0
800 6% preferred
15
1512 1514 1612 164 1684
165 1814
3
173 185
4
3 171
18
58,900 Phila & Read C & 1____N0 par
14
13
1253 134
1312 1318 /353 13
125* 13
133
4 13
_
6.800 Phillip Morris & Co., Ltd_ _10
.20
25 .25
2653 25
2518 •25
2658 •25
263* .25
2
200 Phillips Jones Corp__ __No par
653
*71
74 .
71
74
74
*71
.71
74
.71
74
*71
74
100
Phillips Jones Pref
'Bid and asked prices; no itsJes on this day. 11 Ex-dividend and ex-rightg. I Ex-d
Aden
Ex- ,
'
Highest.
PER SHAER
Range Jor Previous
Year 1929.
Lowest
Highest_
$ per share
113 Jan 10
4
45 Mar 15
8 Jan 15
5 Jan 21
23 Jan 16
14 Jan 16
257 Jan 3
8
207 Jan 6
8
398 Jan 2
203* Jan 17
3 Jan 6
3712 Jan 2
115 Jan 24
49 Jan 15
1618 Jan 2
2914 Jan 2
76 Jan 7
403 Jan 14
8
64 Mar 20
63 Feb 20
92 Feb 4
35 Jan 15
143 Jan 2
4
61 Jan 2
2514 Mar 13
4118 Mar 6
1412 Feb 14
2614 Feb 8
1518 Jan 15
1618 Jan 18
267 Jan 2
8
53 Jan 6
2312 Feb 24
% Mar 4
37 Feb 24
37 Jan 23
61 Jan 10
1218 Jan 10
72 Jan 7
25 afar 19
485 Mar 15
8
385 Jan 15
8
33 Jan 22
4
5810 Jan 7
13 Jan 18
4
41 Jan 16
50 Feb 15
2611 Jan 2
127 Jan 2
5712 Jan 3
46 Jan 3
18 Jan 17
3553 Jan 2
4558 Mar 5
183* Jan 18
11 Jan 13
053 Jan 13
177 Jan 2
71 Jan 2
643 afar 21
4
454 Jan 20
20 Jan 15
88 Feb 4
29 Jan 2
2712 Feb 3
137 Jan 2
13818 Jan 3
116 Jan 17
32 Jan 2
13 Jan 7
4
4 Jan 2
102 Jan 10
3012 Jan 7
323 Mar 18
4
26% Mar 14
51 Jan 9
40 Jan 2
4414 Jan 2
35 Jan 9
80 Feb 8
100 Jan 2
110 Feb 5
933 Jan 18
8
51 Jan 13
1004 Jan 23
45 Jan 7
42 Jan 2
7 Jan 9
3
2 Feb 3
918 Jan 3
86 Mar 10
137 Jan 2
8
3118 Jan 3
70 Jan 2
23 Jan 3
4
63 Jan 6
280 Jan 3
11818 Jan 23
3013 Jan 2
91 Jan 10
5214 Jan 8
5218 Jan 2
72 Jan 2
21 Jan 7
1 Jan 2
141 Mar 17
11612 Jan 6
153 Jan 18
5158 Feb 21
5012 Jan 25
1733 Feb 18
$ per share $ per share $ per share
)113 Nov 24 Feb
1418 Feb 14
35 Nov 8212 Mar
523s Jan 7
6 Nov
123 Mar 18
4
393* Jan
8 Jan 29
Jan
3 Dec 26
197 Dec 5012 Jan
50 Jan 28
14
Oct 383 Mar
15 Jan 14
8
197 Nov 373 Jan
361s Mar 12
243* Jan 10
1914 Dec 35 8 Jan
5
55 Feb 28
30
Oct 807 May
302 Mar 5
19 Nov 104 May
212 Nov
5 Mar 10
18
Jan
29
47 afar 12
Oct 218 Feb
12212 Mar 10 120 Jan 125
Jan
4511 Dec 10812 Jan
613 Jan 31
0
217 Mar 21
8
15 8 Oct 2912 Aug
3
2814 Dec 4914 July
37 afar 21
7513 Nov 9018 Jan
8312 Feb 11
3914 Dec 103
Oct
458 Mar 4
74 Dec 1135 Feb
74 Jan 2
70 Dec 11512 Feb
70 Jan 161
8612 Nov 120 Feb
95 Feb 14
30
33 Max 21
Oct48 Feb
1812 Feb 13
2312 Jan
1212 Nov
747 Mar 3
8
54 Nov 82
Jan
21% Oct 59 Mar
35 Jan 9
Oct 63 July
40
467 Jan 2
3
2014 Jan 7
1812 Dec 5912 Aug
2618 Dec 72
3812 afar 10
Jan
9 Oct 347 Jan
4
233 Mar 10
914 Oct693* Jan
347 Mar 21
Oct5412 Mar
20
337 Feb 6
44 Dec 1227 July
7434 Jan 13
8
31% Mar 18
397 Jan
224 Nov
3 Nov
212 Afar 17
4
33* July
53 Feb 28
314 Dec 288 Mai
45 Mar 21
8
59 Nov 12314 Sept
764 Mar 19
227 Mar 1
10
Oct43 8 July
5
65 Nov102 July
87 Jan 30
35 Nov 8014 Mai
40 Jan 27
47 Nov 8013 Oel
60 Jan 30
425 Dec 1567 Jar
497 Jan 2
8
8
112 Oct
13 afar 21
5
Ocl
42
72 Feb 5
Oct 813 Oel
3
112 Oct
2 Jan 2
613 Mal
34 Oct
753 Feb 4
3134 Aug
65 Jan 6
36 Nov 206 Mal
32 Feb 19
21 Nov 5518 Aug
203 Feb 14
4
10
Oct 817 Jar
55 Dec 10214 Jar
647 Jan 31
38 Nov 613 Ma3
53% Feb 10
4
147 Nov 10078 June
244 Jan 27
487 Mar 18
8
30
Oct 67% On
5812 Jan 6
40 Oct 11878 Jar
1438 Nov
2614 Feb 14
4178 Jul3
204 afar 18
10 Dec 4814 Mal
918 Dec 71 Mal
157 Feb 4
5
225% Mar 21 140 Nov 2363 Oc'
907 Mar 21
8
654 Dec 73 Dee
59 Nov 1483 Mai
8313 Feb 3
527 af ar 21
36
Oct Ea% Ant
2412 Feb 27
20 Dec 375 Mal
90 Jan 27
89 Dec 96 JUDI
15
3913 Feb 6
Oct 58 June
3312 Mar 1
25 Dec 6214 .7M
12
18912 Feb 71 12914 Nov 210
Oci
14112 Mar 211 138 Nov 14112 Fe!
11718 Feb 28 115 Oct 1233 Api
4
23 Nov
713 Atli
4
473* Mar 21
113 Dec
413 Jan 15
17
Jar
113 Dee 41
11 Jan 16
Jar
9812 Nov 144
122 Feb 18
Jar
98 Mar 21
7014 Dec 155 Pet
41% Feb 4
3118 Nov 913 Mai
2314 Nov 627s Mar
323* Jan 7
43 Mar 103 Sept
70 Mar 21
5
35 Dec 113 July
573 Feb 6
47 Feb 19
4
3512 Oct 493 Mai
33 Nov .583 Fel
43 Mar 21
8
823 July 90
84 Feb 14
4
Am
10314 Mar 15
9312 Nov 103
Jar
11612 Mar 13 107 Nov 115 Aug
6612 Nov 1863 Sept
123 Mar 21
4
48 Nov 544 Jar
5514 Mar 11
4
98 Nov 10334 Jar
1043 Mar 19
4112 Dec 6114 Jar
5414 Mar 20
5018 Mar 14
4012 Dec 50 Mal
112 Mar 191
6
74 Fet
8 Oct
4
214 Mar 10
8 Yet
2 Dec
77 Dec 32
154 Mar 21
Jar
8834 Dec 10612 Jar
89 Jan 2
287 Max 5
8
8
Oct 6412 API
17 Oct 693 Am
8
3
445 Mar 4
89 Mar 11
6412 Dec 9912May
212 Oct 107 Feb
512 Mar 21
50% Oct 9534 Jan
8614 Mar 11
3335 Feb 19 195 Nov 450 Oct
Jan
0
1258 Mar 17 1187 Oct 195
2214 Nov 55 Oct
36 Feb 1
893 Nov 108 Feb
4
97 Feb 5
43 Nov 8912 Sept
607 Feb 7
s
8
42 Nov 03 Sept
6912 Mar 10
5318 Nov 14617 Sept
657 Mar 1
8
37 Apr
17 Nov
30 Feb 8
12
1 13 Jan
58 Oct
114 Jan 22
178 Feb 19 131 Nov 220 JuIS
Oct
145 Feb 21 1163 Jan 138
4
3212 Pep'
13 Nov
23% Mar 18
6018 Jan 4
4014 Feb 69 Aug
6014 Jan 8
41112 Feb 6914 Aug
2618 afar 10
1512 Dec 21 Dec
418 Feb 14
4712 Jan 14
485 Jan 2
213 Jan 31
234 Jan 3
5 Jan 2
2312 Mar 21
618 Jan 7
26% Jan 7
625 Jan 22
8
93 Jan 7
618 Jan 4
3018 Jan 2
230 Jan 17
18% Jan 21
3653 Mar 7
22134 Jan 10
504 Jan 15
113 Jan 17
84 Jan 8
2434 Jan 241
70 Feb 4
83* Mar 18
5018 Feb 27
74 Afar 19
33 Jan 2
6 Mar 11
1212 Mar 11
327 Feb 5
3
14 Feb 3
413 Mar 20
8
80 Jan 31
97 Mar 21
12 Mar 8
5512 Mar 13
313 Mar 20
2013 Feb 24
435 Mar 21
24712 Mar 20
5418 Mar 21
185 Mar 20
8
1512 Mar 11
277 Feb 18
3
75 Feb 11
8,
.
1514 Jar
3 Nov
Jar
4712 Feb 76
36
Oct 7512 Ocl
3 Dec 138 Fel
8
147 Jar
212 Dec
412 Der 30 Jar
4
247 Oct 473 Mal
518 Oct 2213 Jar
22 Nov 60% Sepi
66 Nov 10514 Oc'
33 Oct 97 Dee
312 Nov
27
Jar
2018 Nov 94 Jar
208
Jan 404 Au(
1318 Dee
45 Jal
12
31 No%
7078 Ma:
15712 Apr 285
Oc
4713 Nov
54 Ma
34
918 Nov
Jai
5114 Oct23 Fel
14
73 Mw,
1913 Nov
65 Nov
96 Ma:
1990
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, see seventh page preceding
111011 AND LOW SALE PRICES
-PER SINRE, NOT PER CENT.
Saturday.
March 15.
Monday.
March 17.
Tuesday.
March 18.
Wednesday. Thursday.
March 19. March 20.
Friday.
March 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On huts of 100
-share tots.
Lowest.
Htghest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
per share Shares Indus.& Miscall.(Con.) Par g per share $ per share
,67Per share $ Per share $ Per share
Per share $ per share
Per share $ Per share
47
Jan
244 Nov
6 363 367
2
383
8 3612 37% 38
2 3712 37% 3714 37% 3714 3814 71,500 Phillips Petroleum____No par 2918 Feb 17 3832 Mar 18
Phoenix Hosiery
*1014 13
/ Jan
1
4
•10
15
8
•10
5 1054 Mar 4 13 Jan 31
105 Oct 37
1512 *1014 1512 *1014 1512 •1012 13
200 Pierce-Arrow Class ANo par 2112 Jan 13 2612 Mar 18
/ Jan
1
4
18 Nov
37
2812 2612 .24
*24
28
26
28
28% *2412 264 *2418 2612
2
332 Mar
212 Mar 17
218 52,200 Pierce Oil Corporation
212
1% 2
1 Jan 4
1
Oct
2
2
24 212
25
218
212 214
9.100 Preferred
29 Oct 5112 Mar
413
8 39
2
100 2012 Jan 10 413 Mar 17
38
41
40
39
3818 30% 3612 3812 3614 37
12 Oct
6% Mar 17
/ Jan
1
4
No par
512 6
2 Jan 3
/
1
4
5% 6 320,800 Pierce Petrol'm
5
5 8 614
5
618 13%
812 8
5 8 6¼
7
3314 3314 334 34
2,000 Pillsbury Flour Mills
30 Oct 6372 Jan
34
No par 3318 Mar 10 3714 Jan 22
34
34
3312 333
4 3312 334 34
800 Pirelli Co of Italy
*49
4314 Oct 68 Aug
45 Jan 4 50% Feb 27
4912 *4912 493
,1
4 4812 49 8 *4914 4912 1852 1852 4812 4812
Pittsburgh Coal of Pa__--100 60 Feb 14 784 Jan 7
*6114 68
3
*6114 68
54 Nov 83 4 Jan
*6114 68
*6114 86
68
*62
88
•64
500 Preferred
Oct
8312 June 110
*95 10014 *95
100 9514 Mar 20 110 Jan 7
*95
991g 9514 9514 9712 9918
9912 *05 100
21
800 Pittsb Screw & Bolt_ _ No par 174 Jan 22 22% Feb 18
21
*2012 21
17 Dec 2712 Aug
*2012 21
20% 21
2012 21
2012 21
*
21
21
3,900 Pittston Co
22 22
22
22
No par 204 Feb 28 2214Mar 1
22
22
22
224 22
224
437 Aug
313 32 8 48,600 Poor & Co class B
4
,
8
297 3012 30
2
/
1
4
34
3112 3112 343
3212 31
No par 27 Jan 23 343 Mar 18 icr Nov
8 33
953; Mar
73 4 74
3
4
37312 733
4 7312 7312 1.700 Porto Rican-Am Tob cl A-100 593 Jan 14 7814 Mar 18
61 Nov
75
757
8 75 2 7814 75
7
78
2418 25,4 2412 2512 24
25
8,800 Class B
par 12 Jan 10 2714 Mar 10
Nov
503 Jan
4
No
25
8
2512 25 2512 254 25 8
5
4012 Oct 05 Jan
1814 48% 4,100 Prairie Oil & Gas
52
25 45 Mar 6 5214 Feb 4
48
49
484 49
49
4914 4752 483
4 47% 48
25 5418 Mar 6 6012 Feb 7
45 Oct 85 Aug
554 13,100 Prairie Pipe & Line
55
553
4 55
4
584 543 55% 543 5512 5513 55% 55
4
1412 13,100 Pressed Steel Car
25 8 Mar
3
1334 14
618 Nov
8
No par
7 8 Jan 2 165 Feb 18
7
13% 15 2 1518 1512 113 153
4
8 1452 14% 1418
3
72
*69
72
Preferred
50 Dec 81 Mar
100 52 Jan 2 7612 Feb 14
72
72
72
*69
*68
72
*68
*68
*68
5,700 Procter & Gamble
No pa
523 Jan 3 7012 Feb 19
6812 69
8
4318 Nov 98 Aug
4
673 08
4
6718 6712 6714 88% 083 694 6812 69
13,700 Producers & Refiners Corp_50 812 Feb 17 1178 Mar 17
8
4 Oct 2572 Jan
2 101 1012 1012 11
1052 105
1112 1014 107
11% 11
2 10
*48
4
Pro-phy-lac-tic Brush_No par 46 Jan 2 55 Feb 27
35 Oct 823 Jan
____
*48
- 8 23;i65 Pub Ser Corp of N J No pa
8112 Jan 2 10418 Mar 21
54 Nov 13734 Sept
99'
943 9514 944 9614
4
1:17 12 -9782 - 3 -55; flifi 102 1641- 1- 98 Nov 10818 Feb
100 10812 Jan 3 1124 Mar 20
11218 11214 11218 1124 11112 11238 *11112 11214 11112 11112 ini2 111% 1,100 6% preferred
600 7% preferred
130 13014
129 129
100 121 Jan 10 13014 Mar 21 105 Nov 12478 Ja3
12814 12814 12814 12814 130 130 *12812 130
500 8% preferred
100 143 Jan 2 15552 Feb 6 13912 Nov 151 Sept
8
*150 15514 *150 15514 *150 15352 *150 15353 1533 1535 153 153
8
400 Pub Serv Elea & Gas pref_100 10714 Feb 5 110 Mar 8 10412 Nov 10952 Jan
4
4
*109 4 110 101094 109% 100 4 109% 1093 1093 10914 109 4 *10914 110
3
3
,
73 Nov 994 Sept
8
No par 8118 Mar 17 893 Jan 3
8112 81% 8118 8112 8112 813
4 8212 8312 8212 834 8212 8312 12,800 Pullman, Inc
500 Punta Alegre Sugar
43 Mar 4
4
812 Jan 17
6 Dec 2112 July
512 512
60
512
6
5
5
5
*5
*51s 5 8 *5
3
512
235 2412 39,800 Pure Oil (The)
8
20 Nov
244 2378 21
25 2118 Feb 25 2512 Mar 13
2438 24% 2414 25
303 May
4
2414 244 24
80 8% Preferred
4
100 11214 Jan 2 1133 Jan 15 108 Nov 118 Feb
4
113 11312 *113 11312 *113 1133 11312 11312
113 113 *11212 113
744 Mar 15 83% Feb 15
80
55 Oct 1484 Aug
774 797 10,900 Purity Bakeries
8
7414 753
4 747 7612 7612 774 784 7918, 78
2
28
/
1
Oct 11434 Sept
52
4914 504 193 52
5312 5218 5338 504 524 514 534 633,000 Radio Corp of Amer__ _No par 344 Jan 29 5312 Mar 18
8
50 Nov
57
Jan
50 53 Feb 4 5512 Mar 21
55
5512 5514 5514 67,300 Preferred
8 54 8 55
3
*54
5452 85412 54.
5114 545
7712 4,200 Preferred B
76
No par 68 Jan 24 777 Mar 21
7412 7412 76
62 Nov 8212 Apr
74
74
74
7614 77
744 *73
12
8
19 Jan 2 383 Mar 10
Oct 4878 Jae
8
34-4 35% 3414 364 3618 3712 385 374 357 37,
3
2
2
8 35% 367 201,800 Radio Keith-Orp cl A No par
28 Nov 5812 Sept
3812 374 3814 5,600 Raybestos Manhattan..No par 33 Jan 4 4312 Feb 3
377 38
2
4
3712 363 39 1 38
3712 38,
2 37
2
3614 Nov 843 Mar
4
, 59
10 443 Jan 15 6212 Mar 19
81
6212 6012 6152 25,700 Real Silk Hosiery
617
8 6114 6212 61
597
s 5918 61
99
110 Preferred
07
100 88 Jan 13 97 Mar 21
98
8614 Dec 10212 Feb
91 1 *94
91
91
91
90
*90
*90
91
*
37
g *3% 4
37
1814 Feb
5% Feb 3
1,400 Reis(Robt) & Co
314 Jan 16
3 8 Dec
3
No par
3 4 3%
3
•35
2 37
2
33
4 37•
3
54 3 8
7
31
600 First preferred
40 Dec 10812 Feb
31
40
40 I *33
100 2812 Feb 27 37 Jan 28
31
, *33
3112 3212 *32
40
31
4
No par 25 8 Jan 2 413 Mar 10
20 8 Nov 573 Oct
3
5
407
4
3912 403
8 374 39% 45,100 Remington-Rand •
3814 39
4 40
383 39 2 39% 403
2
3
1,700 First preferred
81 Nov 964 Oct
100 92 Jan 3 100 Mar
1
9912 9912 99
9912 99 2 9912 994 994' 997 998 99% 100
93 Mar 101 Apr
20 Second preferred
2
*100 10112 100 100 *100 10112 *1004 101 *1003 101 *100% 101
100 95 Jan 4 102 Mar 10
1018 Oct 3178 Jan
1414 14,400 Reo Motor Car
137 1414 14
10 103 Jan 24 14% Feb 18
8
7
7
133 13 4 133 13% 13 8 1114 13 2 14
4
3
4
6214 Nov 1464 Sept
/
1
3,900 Republic Iron & Steel
76
74
100 72 Mar 15 81 Feb 18
72
7514 744 75
74
7112 7514 74
743
4 73
1,500 Preferred
4
100 107 Jan 3 11412 Mar 1 10334 Nov 11512 Feb
2
•110 11211 111 11214 1117 11214 11212 1123 11314 1134 *11312 115
25 Dee 3112 Nov
100 Revere Copper & Brass No par 23 Feb 26 30 Jan 3
•2314 27
8
25
*2212 2752 *2212 275 *2318 27
*2212 273
2 25
3 8 Nov
5
1214 Jan
14,100 Reynolds Spring
74 Jan 29
/
1
4 Jan 10
53
4 612
53
4 8
6
6 1
No par
6
614 63
814
4
8
64
3
3812 562
39 Nov 66 Jan
2 56% 573 x584 5712 5412 56% 547 35
4
2
/
4
8
4 543 553 02,200 Reynolds(RI)Top class B_10 491 Jan 3 584 Mar 11
310 Class A
70 Apr 8912 Oct
75 •____ 69
4 75
11,7214 75
75
753
2'71
10 7214 Jan 27 80 Jan 2
75
*7214 74
4272 Dec 64
Jan
44
44
300 Rhine Westphalia Elec Pow__
44
44
*42
41 Jan 7 454 Jan 21
43 •
42
4214 *4214 4312 437 437
2258 Dec 4958 Jan
255s 27
45,500 Richfield 011 of California 25 2214 Feb 17 2814 Mar 14
2
4
2612 27
263 273
4
4
4 283 27% 283 27 1 263 27
15 Oct 4212 Mar
22
237 48,000 Rio Grande 011
8
1
224 23
164 Feb 19 2412 Mar 13
/
1
7
8 23
No par
52 244 22 2 23
224 23 8 2314 243
7
40 Nov 70 June
4
500 Ritter Dental Mfg
No par 447 Jan 13 593 Feb 5
2
55 I *5112 5512 .5412 551
55
55
65
4
5514 *543 5514 55
28 Nov 98 May
4
4512 463 15,700 Rossia Insurance Co
47
2
4514 47
10 374 Jan 18 483 Mar 3
43
4312 4212 4312 4334 153
/
1
4 46
4812 Oct' 64 Sept
/
1
4
2
8 503 5114 511s 5172 31,800 Royal Dutch Co (N Y shares) 491 Feb 20 54 Jan 10
8
8
/
4
4 513 51% 503 513
504 50% 504 513
384 Nov 94 Jan
2 4912 5012 10,700 St. Joseph Lead
494 513
4914 4914 4912 5014 50
/
1
4
2
10 48 Jan 2 5714 Feb 6
50 4 493 50
,
0018 Nov 19514 Jan
/
1
4
100 1013 100 10112 7,200 Safeway Stores
4
8
No par 9612 Feb 20 122 Jan 23
9912 100% 993 10238 9912 1017 100 102
8
Oct 101 Sept
85
95
80 Preferred (8)
96
96
*96
100 9412 Mar 13 9972 Feb 7
*9514 96
0612 95
96
06
96
96
Oct 10912 Dec
370 Preferred (7)
109 Jan 28 100
100 10518 Jan 1
10812 10812 *1084 10
10812 10812 10812 10812 1084 1083 •10812 109
4
9
8
20 Nov 517 Jan
12
314 Jan 30
/
1
/
1
27
2812 1.900 Savage Arrns Corp_ _ __No par 244 Jan 1
4 2612 27
27 27
263 283
4
4 2818 26% *2872 273
312 Dec 4112 Jan
9
91
414 Jan ' 1312 Jan 23
9
9
9 14 3,800 Schulte Retail Stores__No par
9
9
9 12
9
918
8 8 014
7
30 Dec 11812 Jan
75
75 Jan 21
490 Preferred
100 35 Jan
75
75
75
*70
713
4 711 75
/
4
70
*
88
8912 70
10 Dec 2214 Apr
1414 Mar 11
1,300 Seagrave Corp
4
No par
*1212 133 *1212 133
8
93 Jan 24
4 1212 1212 124 1212 1112 12
8
8 12 4 123
Jan
45,200 Sears. Roebuck dr Co_-NO Par 8212 Jan 1 1004 Jan 31
SO Nov 181
/
1
8 8914 9012 8714 90
875 883
8
4 8812 9214 9012 924 8914 917
912 Jan
23 Feb 17
9 Dec 15's'Nov
1912 1912 185 1852 1912 2088 1912 20
4
197 208 193 103
2
8
4 4,100 Second Nat Investors_ _No par
5812 Jan .
45 Nov 6314 Nov
823 Mar 18
4
75
8112 8118 81,
*73 8 75
5
82 4 8214 82
,
8 8112 8118 3,000i Preferred
14 81
1012 Mar
2 Nov
23
8 25
8 1,400 Seneca Copper
3 Jan 29
/
1
4
2 Jan
/
1
4
212 2%
No par
25
8 23
252 2 8
212 24
6
2 8 258
5
4
113 Mar 21
7 Jan 1
/
1
4
4
7 Nov 2138 Aug
14
4
No par
912 1012 1012 113 168,800 Serval Inc
81g 814
83
2 914
82 8 2
3
,
814 812
2518 Oct 1114 Aug
4612 18.600 Shattuck (F 0)
49 Feb 10
4413 4514 4532 4852 34514 464 45
par 36 4 Jan
3
4112 4434 4438 45
20 Nov 63 4 July
3114 2,300 Sharon Steel Hoop
5
29
29
323 Feb 13
•28
4
*27
26
29
2814 *27
29
•28
29
No par 2214 Jan 1
No
*
16% Nov 22 Nov
253 10,200 Sharp & Dohme
2
273 Mar 10
4
52, 28
25
2512 *2412 2512 25
No par 17 Jan
23
233
4 2332 2612 25
1001 Preferred
*60
83
63 4 Mar 10
8
3
*5714 60
par
50 Nov 657 Aug
63
83
627 827 •
ar
2
6212 .60
No loo 54 Jan
*
80
8 60
/
1
4
223 2314 15,000 Shell Union 011
4
Oct 313 Apr
4
4
4
21 Feb 20 23 Mar 13
3
19
2 223 23
,
22 4 2312 2253 234 2318 23 2 223 233
3
10414 Jan 16
1027 1027
8
2 1,4001 Prefeed
102 103
Preferred
102 102
102 103
102 102
10218 103
100 Mar
- _ 4
4 7,8001Shubert Theatre Corp_No p :
8 s Jan ' 183 Mar 19
3
8 Dec 7412 Jan
1712 183
4 1712 183
N° p
1614 16 2 1618 174 1812 18
8 1714 173
,
4
7
5912 Nov 188 Sept
4
523 54% 5414 587
8 544 5812 5014 5412 1814 504 4512 193 206,000 Simmons Co
No par 1512 Mar 21 94 2 Jan 2
15 Nov 4018 Aug
2
3633 Mar 21
/
1
4
4
4 3318 364 3112 383 406,700 Simms Petroleum
10 22 Jan 2
313 3252 323 3518 344 3512 3312 343
8
2814 Mar 14
21 Nov 45 Jan
4
2714 2814 2718 273
2 2812 2752 114,100 Sinclair Cons Oil Corp_No par 2152 Feb 1
28
4 263 273
26 4 2714 27
3
600 Preferred
8
2
2
Jan
Oct 111
2
2
8110 1104 *110 1104 *11014 1103 1103 1103 *1103 11012 1103 1103
100 109 Jan 18 111 Jan 29 103
8
/
1
3312 3312 33
33% 355 30,800 Skelly Oil Co
3
8
28
2
Oct 4612 May
335 341
347
25 287 Feb 18 35% Mar 18
2 344 347
8 3452 357
612 Jan 2
1,000 Snider Packing
318 Nov
1614 Feb
8 Jan 9
612 812 *812 7
No par
N
814 812
8 87
814 614
8
614 64 *65
14 Nov 641, July
32
1,100 Preferred
32
*31
32
32
384 Feb 24
*31
23 Jan
/
1
4
*31
32
31
*3112 32
32
107 Mar 21
3,000 Solvay Am Inv Trust pref_100 9512 Jan
106 10612 1084 107
85 Nov Ill Sept
1054 10612 106 106
*103 10412 104 105
123 Dec 45 May
2
8
27
284 4,400 So Porto Rico Sug
283
8 28
30 4 Jan 18
3
No par 243 Jan
2814 28
28
281s 28
28
28
28
4518 Nov 934 Sept
85 2 Feb 27
3
4
25 5618 Jan
8012 6118 6012 6114 61
6212 6112 634 613 623
4 6112 82% 24,900 Southern Calif Edison
*714 8
312 Jan
9 Mar 3
400 Southern Dairies el B.
712 8
212 Nov
*712 8
154 Jan
*7
/ 8
1
4
*714 8
*714 8
-No Par
44
1,200 Spalding Bros
30 Nov 531. May
45
45
*43
443 45
4314 4312 1312 45
4
413
4 14
33 Jan 8 45 Mar 17
110 Spalding Bros tat preLN " 108 Jan 1
113 Mar 15 107 Nov 117 Feb
113 113 *113 115 •113 115
113 113 *113 115
2_100
112 113
21,400 Spang Chalfant &Co IneN0 Par
15 Oct 5214 Jan
2
197 Jan 2 33 Mar 21
3114 3014 3112 304 3114 3114 33
305 3114 30
8
293 31
4
*9512 95
*9512 95
Oct
9512 9512
70 Preferred
89 Mar 98
100 92 Jan 20 98 Jan 2
*
944 9512 9512 9512 *9512 96
8
2 207 213 16,700 Sparks W ithington_ __ _No par 134 Jan 18 22% Feb 28
1312 Nov 73 Aug
8
4 203 217
4
203 203
8
4
4 2084 20
194 1952 193 203
100 Spencer Kellogg & SoneNN par 207 Feb 1 23 Jan 2
*2118 22
20 Nov 45 Aug
8
*2112 2212 *2112 2212 *2112 2212 2112 2112 *2118 22
4
33 8 334 334 5,700 Spicer Mfg Co
5
2112 Jan 2 3612 Feb 4
3412 83 8 33% 3212 3314 313 3212 31
2018 Dec 663 Mar
4
3
34
5572 Mar
700 Pr
2 43
39 Jan 15 4412 Feb 10
/
1
4
43
4232 423
Preferred A
38 Nov
8
No
4284 4214 *423 43
4214 4214 *4214 43
8
II Dec 1177 Feb
4112 2,200 Splegel-May-Stern Co_A ° pa
423
4 41
43 2 41
3
42
4314 41
43
N par 3512 Jan 4 52 Feb 3
*4012 4212 43
'O
4
Oct 443 Sept
/
1
4
par 224 Mar 15 291 Feb 8
8 23% 244 38,700 Standard Brands
20
8
4
233 244 237 243
223 2314 23
233
2 2312 24
8
4
700 Preferred
11914 11912
119 119
119 119 *11712 119
N par 11712 Feb 3 11912 Feb 11 11414 Nov 1183 Sept
*11712 120 •l1712 119
r
312 Dec 4352 Jan
900 Stand Comm Tobacco_No par
714 Feb11
5 Jan 2
64 812
812 63
4 *8
612
4 67
2
8% 87
8 *63
6
83
4
4
7312 Nov 2433 Sept
8
3
2
8
11418 116% 116 1183 117 11812 11514 1177 33,100 Standard Gas & El Co_No par 109 4 Jan 18 1247 Feb 19
1
4
113 1133 1124 114
5812 Nov 67 Feb
8
4
50 64 Feb 6 8612 Mar 21
4
64% 64% 843 843
4 644 64% 843 6518 6514 6571 655 6612 3,900 Preferred
4 Dec 48 Sept
800 Stand Investing Corp _No Par
10 Jan 2 15 Feb 18
4
.123 133 *123 13
4
13
124 123
2
*13
4 1234 13
1312 13
2 7,900 Standard 011 Export pref __100 98 Feb 8 102 Mar 14
101 10118 101 10118 10114 10118 10112 10112 10112 101,
10014 101
5111 Oct
;i8;
644 28,700 Standard 01101 Cal_
.No par 5512 Feb 20 85 Mar 18
63 4 647
3
8 634 84,
85
2 63
63
8218 6412 81
62
48 Feb 83 cell
30,950 Standard Oil of New Jersey _25 58 Feb 20 89 Mar 21
6832 69
67% 6653 6714 6612 67
643 8512 654 67 2 67
4
3
3134 Nov
4318 Sept
347 60,800 Standard Oil of New York 25 3114 Feb 19 3512 Mar 17
8
3418 343
4 33 2 3412 34
5
4
334 33 2 333 3512 3412 3514
7
14 Nov
3 Feb 19
1,700 Stand Plate Glass Co No par
6
/ Jan
1
4
134 Jan 3
218
214
24 218
12
218 238 *212 238
8 2
23
8 212 *23
1012 Mar 10
312 Dec 31
250 Preferred
Jan
4 Jan 13
7
7
7
100
7
*63
4 7
13% 7
*
84 7
63
4 83
4
20 Nov 45 May
180 Stanley Co of Arnerica_No par 25 Jan 9 551s Mar 21
5518
554
55
4914 494 50
*44
50
*44
•44
50
50
304 Oct 477 Oct
200 Starrett Co (Ti,, L 3)__No par 33 Jan 23 4312 Feb 17
2
*374 39
40
*38
*384 40
*38
40
39
39
*38
39
-ia-
17
4
17% 163 174
11
*1352 14
11
3
*44
4412 43 8 14 8
3
39
397
8 3912 10 2
7
9514 96
9412 9612
4218 423
2 42
43
01204 123
123 12312
•1253
i MI4
/
1
12
*56
574 57
59
103 103
1023 103
4
lart 7 4
3
71 1 8,
4
*22 ,;. 2231 213 2238
1"
4
10f_1012 *93 10
4
*1
45
4
43
4 5
104 103
4 10% 13
1912 1912 193 19 4
4
3
143 143
4
4 1414 1414
,
8
54 2 5412 5514 567
5912 8014 59 4 8012
3
1218 123
4 1212 143
8
287 283
2612 28
2
2
•131
17
1712
144 144
4518 48
40 4 42
3
96
9714
4212 4314
125 125
%
60
63
10212 1023
4
7 4 814
3
21% Z24
93
4 94
3
5
6
1312 15
1918 194
143 15
4
56 2 5712
,
6018 61
1314 1112
2612 283
8
174 174 1712 177
173 1814
4
14
1414 1414 1414 1414 1414
457 46% 16
16% 1512 46
8
41
403 417
8
413
4 403 415s
983
2
984 93 2 96
3
9712 96
8 4212 4312
4233 424 433
423
8
8
8
124 125 *1203 125 *1203 125
12
12
gg
58
5
8
5
8
4
6414 613 65
62
5312 553
8
4
1023 1027 1023 10318 103 10314
4
712 8
712 752
714 814
8
215 2212 2212 227
8
2112 22
*93 10
.1
10
10
*93 10
4
512 6
57
8 8
512 6
15
16
153 1653 1514 1618
2
19
1912
2
2 187 19
184 193
14% 15 2
,
*143 15
4
15
15
564 5718 5614 583 5612 574
4
8 6012 6114 6118 643
60 4 613
4
1212 1314
8 1212 1314
1318 133
277 314 2932 3113 3014 314
,nd asked prices: no 48804 0 MD lai
I Exallvidend
13,600 Sterling Securities Cl A-No Par
1018 Jan 8 1814 Mar 21
8
2,200 Preferred
20 12 Jan 2 145 Feb 7
6.000 Convertible preferred-- _50 363 Jan 6 48 Mar 18
8
13,900 Stewart-Warn Sp Corp_ __ _10 38 Jan 3 44 Feb 3
42,700 Stone & Webster
No par 77 Jan 22 103 Feb 8
19.200 Studeb'r Corp (The)_ _No par 404 Jan 18 4714 Feb 6
1.150 Preferred
100 116 Jan 21 12.1 Mar 18
3,600 Submarine Boat
34 Jan 2
3 Jan 4
8
,o
Vo
v
4
3,900 Sun 011
par 53 Feb 20 653 Mar 19
1.100 Preferred
100 10212 Jan 13 1054 Feb 6
858 Mar 14
28,400 Superior OH new
par
514 Feb 17
3,800 Superior Steel
20 Jan 2 21312 Feb 5
2
400 Sweets Co of America No li
812 Jan 24 113 Mar 3
6 Mar 18
7,500 Symington
4
23 Jan 3
No Par
38,900 Class A
812 Jan 3 164 Mar 20
No par
2,500 Telautograph Corp--Na Par
153 Jan 25 201 2 Mar 11
8
5,400 Tenn Copp & Cnem No par
13 Jan 3 1612 Feb 6
65,500 Texas Corporation
25 50% Feb 14 5712 Mar 18
54.700 Texas Gulf Sulphur___No ar 5478 Jan 2 644 Feb 7
52,800 Texas Pacific Coal & 011
87 Mar 3 1412 Mar 18
8
10
72,800 Texas ac Land Trust
4
1
133 Jan 2 313 Mar 19
8
16 rights
I Ex-d1v 200%
common stook
814
812
31
30
64
Nov 38 Sept
Nov
157 July
2
Oct 5512 Sept
Oct 77 May
Nov 20112 Aug
4 Nov 98 Jan
115 Nov 126 June
11 Oct
8
412 Mar
55 Dec 563 Oct
2
100 Jan 10512 Jan
514 Nov
24 Aug
15 Nov
733 Apr
4
54 Nov
2214 Apr
2,2 Dee
9 May
05, May
6, Nov
4
4% Dee
512 Mar
9 Nov
072 Apr
012 Nov
172 t4.• t
212 Nov 8514 Apr
110.
012 , , 2372 Mar
614 0,1
2412 Jan
New York Stock Record-Concluded-Page 8
1991
For sales during the week of stocks not recorded here, see eigith page preceding
PER SHARE
PER SHARE
Range for Previous
Range Since Jan. 1.
Year 1929.
-share lots
On basis of 100
Friday.
Wednesday. Thursday.
Monday.
Saturday.
Tuesday.
Highest.
Lowest.
Highest.
Lowest.
March 15. March 17. March 18. March 19. March 20. March 21.
per share
$ per share
$ per share $ per share $ per share $ Per share Shares Indus. & Miscall. (Con.) Par $ per share $ per share
$ per share $ per share
1613 Mar 35 Sept
8
19 Jan 17 265 Mar 19
No par
2418 6,600 Thatcher Mfg
227 2312 2314 26; 22512 2512 24
8
22; 22; 2234 23
8
35 Mar 497 Sept
4
1
/
No par 40 Jan 2 4414 Feb 4
300 Preferred
4434
*44
44
44
4
1
/ 44
*43
44
44
*43
*43
44
543
4
/
511 Jan
2512 Dec
No par 26 Mar 20 32 Jan 18
100 The Fair
•2611 27
26
26
27
526
*2814 27
526
28
27
*26
Feb 13 102 Nov 11014 Oct
100 102 Jan 21 110
20 Preferred 7%
*110 112
110 110 5110 112 *110 112 5110 112 •110 112
Jan
Oct 62
30
25 3612 Jan 21 47'2M37 12
x4312 4312 1,200 Thompson (J R) Co
44
44
*43
8 4312 44
447
45 45
*44
45
10 Nov 2312 June
8
4
103 Feb 15 153 Mar 18
1418 15
83,300 Tidewater Assoc% 011___No par
1
/
144 15
13; 14
4
133 1412 14; 15; 1412 15
8
7418 Nov 907 Aug
100 78 Feb 13 84 Jail 8
4
/
821 1,800 Preferred
4
/
811 8112 81; 82
81
81
57812 80
4
783 8012 81
14 Nov 40 June
4
1
/
100 1912 Jan 31 23 Mar 18
524
300 Tide Water Oil
2412
23
23
23
7
23 8 237 522
23
23
8
24
523
8518 Nov 9712 Jan
100 8618 Feb 13 91 Mar 13
100 Preferred
91
589
*8912 92
92
91
89 89
*89
589
*8912 91
1112 Oct 3438 Sept
10 1412 Jan 17 1812 Mar 11
3,400 Timken Detroit Axle
51712 18
17
8
17
1714 1714 1714 17; 1814 2173 18
s
17,
Jan
2
58, Nov 150
19
8
8312 84; 82; 8418 44,600 Timken Roller BearIng_No par 703 Jan 13 85 Mar 23
8 8112 83
835 8412 83711 85
,
s
80 2 825
1
Oct 2218 Mar
612 Jan
214 Jan 3
20
418 412
8 4.200 Tobacco Products Corp
412 45
4
/
*414 412
418 41
4; 412
418 414
514 Nov 22; Mar
8
75 Jan 2 1114 Feb 20
20
1018 1018 3.300 Class A
10
1014
10
9; 1012
10
10
10
8
97 lo
4
1
/
5; Oct 15
15
10;
734
Transcont'l Oil tern
93
9
9
7
88 9
1018
914 934 918 912 9 934 2478 2534 165,000 Traasue & Williams ctf...Vo par 16 Feb 25 28; Jan 31 1538 Dec 5338 Aug
Apr
Jan
Jan 4
311 Nopar
8 8.900
2523
2434 253
8 25
2514 2812 2512 2614 25
26
30 Dec 63 July
30; Jan 2 4134 Mar 1
14 3818 3812 1.400 Trieo Products Corp___No par
38
4
1
/ 38
33
53818 39
38
33
39
,
38 8 *37
1312 Dec 31; Jan
2 22 Mar 18
15 Jan
No par
18; 19
3,900 Truax Truer Coal
4
•17
1812 22
19
1914 2014 183 19
18; 518
3018 Nov 6158 Jan
3514 3514
10 33 Mar 2 3712 Jan 3
300 Truscon Steel
1
/
*354 36
36
35
•
*343 3512 535
36
36
4
36
82 Nov 181; Oct
4
1
/
134 133
18.503i Under Elliott Fisher Co No par 97 Jan 2 138 Mar 21
4
12812 130
128 1303 131 136
13312 1353 13312 136
4
1043 121 Feb 4 12212 Feb 25 120 De 125 Jan
5122
Preferred
*122]
*122 ____ *122
*122
7 Nov 43 Jan
10 Jan 8 16 Mar I
4
8,103 Union Bag & Paper Corp_ l00
1
/
144 14; 513
14
1618 1414 15; 1378 1458 •133 14
14
59 Nov 140 Sept
14 92
981 100; 186,703 Union Carbide & Carb_No par 76 Jan 2 100;.Mar 21
4
/
93;
8 98
9412 94;
1
/
954 957
,
93 8 94
4218 Nov 57 Sept
25 4118 Feb 20 47; Mar 19
4
45
47; 453 4634 4514 45; 17,003 Union Oil California
45
3
45 4 4614 453 46; 46
4
33 Feb 27 3612Mar 11
No par
35
35
35
1,100 Union Tank Car
*33
8 35
36
38
3514 353
36
*3512 38
-- 31 Nov 162 May
71; 6918 70; 69; 75 195,300 United Aircraft dr Tran_No par 4312 Jan 31 75 Mar 21
8312 65 8 643 693
,
4 6914 71; 69
4
1
/
444 Nov losiz May
50 56 Jan 31 70 Mar 18
,
1,800 Preferred
4
/
,
66
4
4
/
661 653 67
56712 6912 631 68 4 67 8 70
4
693 70
3312 Dec 60 Oct
No par 36 Jan 7 5078 Mar 8
18 45
45; 4512 1,900 United Biscuit
47
47
4712 47
47
8
5467 4712 47; 47
Oct
100 118 Feb 6 127 .Mar 21 11412June 136
127 127
100 Preferred
*127 130 *127 ..___ 5127
5127 ____ 5127
4012 Nov 111; Sept
4
No par 443 Jan 2 72'2 Mar 21
1,
4
/
5518 591 5712 60; 5912 4
/
6112 621 65; 6218 64 8 62; 72 2 160.800 United Carbon
3 Dec 2712 Jan
9 Jan 22
10
4 Jan 4
4,000 United Cigar Stores
5; 6
4
1
/ 618
5
6
5; 618
613
5; 6
5; 6
Jan
1
/
194 Dec 104
100 26 Jan 2 531s Jan 23
4212 43
46
200 Preferred
*4212 46
542
*1212 46
*4212 46
46
*42
7512May
19 Nov
No par 3018 Jan 2 42 Mar 3
38
3312 373 39
4118 40; 41 14 260,390 United Corp
8
4
33 2 3934 393 40; 40
,
4
1
/
4212 Nov 49 July
Jan 6 5214 Mar 19
8
No par 465
8
5118 52
52
8,200 Preferred
5012 5124 505 51
50; 51
50; 5214 51
6 Dec 8118 Feb
4
/
No par
10 Jan 2 191 Feb 19
4
133 II
1
/
13; 1318 1418 5,400 United Electric Coal
13; 1312 133 15
1412 154 13
4
Oct 15312 Jan
99
Vs par 861 2 Feb 21 105 Jan 13
,
94 8 90
13,033 United Fruit
93
93
9114 9112 91; 9314 93
9314 95
95
8
Oct 595 July
22
8
4
/
4
4
1
/ 3314 39; 381 40, 259.600 United Gas & Improve_No par 315 Jan 2 4014 Mar 21
33
38; 36; 3618 37; 37
8 33
377
9014 Oct 9814 Dec
No par 97 Jan 13 100 Jan 15
93; 9914 9818 9312 2,605 Preferred
4
9818 98; 9318 983
8 98
9388 93; 983
•
7 Nov 26; Jan
4 14 Mar 14
100
7; Jan
1312 1214 12 38 1,400 United Pape, board
13; 13; 13
13
13
1312 513
133
4 13
4
1
/
1514 Nov 48 Aug
4
31
530
31
2,200 United Piece Dye Wits_No par 25 Jan 20 323 Mar 7
2912 2912 528
4
2912 *2812 2912 291 303 *30
4
/
318 Dec 14
Oct
418 Jan 2 12 Jan 23
No par
818
el A
1,303 United Stores
8
8
8
81s
9
81
8
812 812
1414 Dec 40; Oct
1512 Jan 2 3614 Jan 23
2412 2514
1.603 Preferred class A__ No par
25; 26
•2/14 2124 27
4
/
2718 2814 2834 *251 26
8
857 May
2518 Nov
3212 Jan 7 39 Mar 15
*3512 37
1,300 Universal Leaf Tobacco No par
3612 37
387 39
8
8
377 3312 37
53912 37
37
28 Dec 93 Jan
58
57
58
30 Universal Pictures 1st pfd .100 30 Jan 3 61 Mar 10
555
556
58
58
55512 .58
*55
556
58
2; Dec 2214 Jan
8 Jan 23
53
218 Jan 9
412 4; 2,200 Universal Pipe & Rad _ _No pa
4; Vs
4
4 43
43
4
4; 4;
4 43
43
4; 478
Oct 55's Mar
12
1
/
,
39,000 US Cast Iron Pipe & Fdy__20 18 2 Jan 2 334 Mar 17
3112 3214 3114 337
8 3212 33; 32; 3314 32; 3314 3212 33
Jan
15 Oct 19
15; Jan 7 18 Mar 20
No par
18
18
4,000 1s1 preferred
17; 1712 1712 1712 1712 1712 1712 1712 1712 18
20 June
19'4 Nov
1812 Jan 3 20 Mar 15
No pa
*20
20
21
400 26 preferred
20
20
____
20
_ *20
3
*19 4
520 _
-9
Oct 23 Sept
8
No pa
1514 Jan 6 203 Jan 17
•17
•17
2,100111 13 Distill) Corp
171
8
1712
516
17
4
516
16
17
1734 173 177
Apr
10
2 Jan
4
33 Feb 1
10
3
2 4 Jan 13
3
3
200 U S Express
352
3; *3
*3
333 *3
8 *3
33
3; *3
8614 Nov 13412 Sept
8553 Feb 25 10114 Jan 6
No pa
907
8,500 U S Freight
4
/
,
4 89 2 911 89
87
5
4
1
/ 913
88
89
87
4
1
/ 92
87
87
17; Nov 72 Aug
1814 Jan 3 31 Mar 10
No pa
8
8
287 29; 28; 28; 29
29; 28; 29 283 28; 28; 29; 11,100 U S Jr Foreign Secur
8
82 Nov 921 Aug
8512 Jan 8 101 Mar 21
.No pa
*9132 9012 4.91t2 9612 592
,
1,4001 Preferred
9612 9312 9212 9212 9212 96 8 101
1712 Dec 49; Jan
8
19 Jan 2 305 Mar 12
8
8
900,U S Hoff Mach Corp. .No Pa
29; 237 287 *2812 29
*2812 29
2814 295
29; 529
8 29
95 Nov 243; Oct
Mar 20 139; Jan 2
4
8 983 1013 87,600 U S Industrial Alcohol-100 9814
4
4
1
/ 9314 1027
102 103
105 107
103 10512 103 105
35; Jan
5 Nov
718 Jan 2 1018 Mar 10
No pa
9; 9; 1.500U S Leather
1
/
9; 594 91
9
4 9
*83
9
4
4
1
/ *9; 93
9
1414 Dec 61; Jan
1918 Jan 4
15 Feb 26
No pa
173 1814 1.8001 Class A
4
18
4
/
181 18
1612 1714
1712 1712 18
4
163 17
8114 Dec 107 Feb
4
7712 Mar 17 893 Jan 9
10
*7812 82
700 Prior preferred
57812 82
*7812 82
579
82
7712 7812 *7712 82
02
5 , Nov 11912 Feb
60 Jan 3 72; Mar 21
4
Mar 19
6812 683 72; 7118 72; 29,200,U S Realty & I in in_ ___No pa
6612 66; 6534 66
6614 687
8 68
15
Oct 65 Mar
I
2118 Jan 17 2512
2712 2912 2318 2918 2812 2918 55,400 United States Rubber
1
/
8
264 2712 26; 27; 273 23
40; Nov 9212 Jan
3
100 47 4 Jan 17 5714 Mat 21
54
557
55
5714 10.700 1st preferred
55
53
4
1
/ 52; 533
5178 52
52
52
4
4
1
/
4
1
/ Oct 72 Mar
29
29 Mar 5 3612 Jan 6
.5
4
/
311 3212 9.900 U S Smelting Ref At MM
313
1
/
304 3012
29; 39; 29
30
4
1
/ 30
30; 30
Jan
48 Nov 58
5312 Jan 7
511 2 Mar 11
5
1.300 Preferred
,
52 4 55112 52
5112 5112 5112 5112 551
5112 5214 52
52
4
/
150 Nov 2611 Sept
8
18814 1883 1881 187 191 729,200 United States Steel Corp-100 166 Jan 2 191 Mar 21 137 Nov 14414 Mar
179 18012 178; 183; 1833 186
4
1843
8
10 141 Jan 4 146 Mar 21
4
3.700 Preferred
8
4
1
/
144 1443 *144; 145 4 1443 144; 1445 1447 144; 1143 145 146
8
4
4
,
4
5512 Nov 713 Nov
No pa
6014 Jan 6 68 Feb 10
4 6318 65
6214 621
2.600 US Tobacco new
637
64
6418 64; s64
83
63; 63
2418 Nov 5812 Aug
3118 Jan 4 39 Feb 18
No Par
4
3612 3712 3618 383
37 53712 36; $7; 363 3712 14,100 Utilities Pow & Lt A
4 3612 37;
1312 Jan
3 Nov
718 Mar 12
No par
4 Jan 7
61
6
4 57
53
s 5,300IVadsco Sales
818 612
4
1
/ 6;
5
,
614 6 8
523 558
3712 Nov 11612 Feb
No par 49; Jan 2 104 Mar 21
91; 91; 98; 9712 104 149,000 Vanadium Corp
,
89 8 9212 9015 9412 92; 944 93
1
/
33 Oct 109 May
No par 3712 Jan 18 46 Mar 7
4412 441 7,600 Vick Chemical
4
/
44
45's
44; 4418 4312 4418 44; 44 2 441 4412
4
/
,
4
1
/ Jan
318 Oct 24
7; Jan 24
512 Jan 2
,
61
6; 63
6
614
4
/
61 6 4
; 6 4 4,7001Virginla-Caro Chem_ No par
5
s
6
61/4 6''
,
15 Oct 6512 Jan
100 2612 Jan 17 3212 Mar 10
530
31
31
31
1,300 6% preferred
3112 53012 3134 2912 30
0 4 31
3012 3 3
69 Nov 97[2 Feb
100 78 Jan 2 8012 Mar 12
7% preferred
7912 801*
81
578
*7812 81
801- •
57912 8012 579
8012 *79
Sept
109 109
20 Virginia El & Pow pf (7) 100 105; Jan 8 110 Feb 27 102 Nov 110 Jan
•1083 -- 51083
4
4
4
1083 1033 5109 ____ 5109
4
39 Dec 43
•39
48
48
Virg Iron Coal & Coke 111-100 39 Feb 3 39 Feb 3
539
539
48
48
539
*39
48
*39
48
1
/
38 Nov 1494 Aug
145 Mar 21,
100 65 Jan 7
12812 145
113 11412 113 114
4,480 Vulcan DetInning
113 119
119 12212 12312 130
81 Nov 110 Apr
100 85 Jan 24 96 Feb 19
96
96
*95
80 Preferred
96
95
9512 95
595
95
96
40 Jan 142 Sept
100 68 Jan 22 140 Mar 21.
127 140"
117 125
111 111
620 Class A
107 10714 109 11112 115 117
20 Nov 3612 Oct
No pa
2414 Jan 6 2912 Mar 20
4
/
283 40,700 Waldorf System
2612 263
2914 x281 2912 28
4 26; 2612 26 8 26; 27
,
22 Nov 49; Oct
8
26 Jan 3 403 Mar 21
No pa
3914 40; 30,000 Walworth Co
35; 35; 3512 3618 36
8' 37; 3912
36; 3814 377
4
20 Dec 843 Jan
2112 Jan 7 42 Mar 20
42
39
34
40
1,490 Ward Bakeries class A No pai
,
26 8 2658 *261 277 526
33
4
/
8
28
28
112 Oct 2114 Jan
812Mar 21
418 Jan 2
No pa
81 22,300 Class B
7
2
73
7
4 53
53
612 734
4
614
512
6
512
50 Nov 8712 Jan
4
100 58 Jan 2 683 Jan 24
66
8
657 66 2
66
83
5
1,700 Preferred
65
66
,
63
5
65
*62
562
65
30 Nov 6412 Aug
4
/
68; 7018 683 7112 72; 75
75; 73; 74; 731 761 550.000 Warner Bros Pictures new.... 38; Jan 2 7612111ar 21
4
74
2514 Oct 5914 Jan
8
No pa
3812 Ian 2 673 Mar 21
62
62
s 6518 67; 11,800 Preferred
6112 6214 6312 64; 6412 6612 64; 65,
15 Oct 4278 Jan
Jan 2
1658 Jan 23 20;
No pa
187 36,900 Warner Quinlan
17; 18 8
8 18
185
4
1
/ 19
1744 19
,
2018 1812 1912 18
No pa 132 Jan 18 19332 Mar 14 115 Nov 207; Oct
188 1893 10,600 Warren Bros
1
/
1884 190
185 188 218212 18412 18412 18612 188 191
39 Aug 6318 Oct
5
46 Jan 15 64 Mar 21
6314 64
preferred
62
62 z62
,
63 4
62
63
570 1st
5
62
62
63
62
1518 Mar 3414 Jae
8
2314 Jan 2 307 Mar 5
3012 30; 3012 6.900 Warren Fdy & Pipe._ __No pa
30
27; 2812 23; 297
4
1
/ 30
29
s 30
30
8
Oct 1133 Feb
4
812 Feb 19
*812 7
2
514 Jan 2
4 7
612 612 •63
500 Webster ELsenlohr
*612 7
612 612
612 612
Oct 48 Mar
20
2212 Jan 23 29 Feb 13
2514 25
2534 2.000 Wesson Oil & Snowdrift No pa
2512 2512 525
25; 2518 25; 2514 2512 25
49; Nov 72; Mar
Mar 20
No Pa
555; 5614
5012 Jan 15 56
4
5812 5512 55
1,100 Preferred_
5514 5518 5512 5512 5512 553 56
Oct
8
8
205 208
20212 208
20512 2035 205 20912 206; 20814 x201 2047 22,500 Western Union Telegra911-100 190 Jan 7 2103 Feb 19 160 Nov 27214 Aug
8
3612 Oct 673
4
8
435 Jan 17 52 Feb 27
1
/
434 49; 48; 49; 8,700 Westingh'se Air Brake_No pa
48; 493
1
/
4 4858 484 4912 .5012 4952 50
,
140 Jan 2 195 Mar 7 100 Oct 292 8 Aug
4
/
4
18218 1843 181; 185
181113 183; 188 19114 18714 19012 188; 1901 116,000 Westinghouse El dr Mfg____5
5 133 Jan 2 192 Mar 10 103 Nov 234 Aug
1801s 180, 5180 185 *180; 185
40 1st preferred
8
186 186 *186 187 51813 187
1918 Nov 645s Sept
8
,
44 8 x437 44 8 5,300 Weston Elec Instrum't_No pa
,
20; Jul 18 44;Mar 20
,
42 8 42
4
/
4
393 391 39; 42
41
42
42
3212 Aug 3612 Apr
36
23412 34 2
3312 Jan 27 38 Jan 28
'co pa
534
34
,
34
36
533
200 Class A
3512 •35
*33
38
90 Nov 110 Feb
4
1063 Mar 10
106 106
98 Jan 3
30 West Penn Elec class A_No pa
4
1
/
105 107 2103 10314,•10414 106 5105 108 *105 106
•
97 Nov 11114 Jan
4
100 1053 Jan 2 110 Jan 30
230 Preferred
4
109 10912 10812 108121 1083 1083 10818 10818 10912 10934 •I0912 110
4
Jan
4
1
/
83 Nov 102
100 9714 Jan 2 10012 Jan 14
380 Preferred (6)
99; 100
100 10012 100 10012 10012 10012
9914 9914 *99; 100
29 110 Nov 117 Mar
8
100 11312 Jan 3 1163 Jan
80 West Penn Power pref
4
1153 116 *116 117
11618 11618 11618 11618 •116 117
3
5115 4 117
100 1043 Jan 23 10912 Mar 20 102 Sept 11012 Jan
109 10912 5109 110
8
290 6% preferred
,
108 8 109
109 109
109 109
510714 109
3812 Nov 60 Sept
49; 493
3
*49 4 50
4
44 Jan 11 50 Mar 10
48
300 West Dairy Prod Cl A__No pa
45
511
548
548
50
548
50
7 Nov 40 Sept
171 18
4
/
No pa
1312 Jan 3 1914 Feb 10
3,500 Class 11
1734 18
18
517313 17; 17 8 17 4 1712 18
,
,
18
30 Oct 9318 May
56
8
5314 3,900 Westvaco Chlorine Prod.Vo pa
37 Jan 2 5212 Feb 17
5212 52 2 521 52; 533 57
53
4
/
55112 54
*5218
,
Oct 75 Sept
19
7
16; 16; 4,100 Wextark Radio Stores_No par
17
16
10 Jan 21 21 Jan
*16
,
16 8 1314 1434 14; 16
18; 13
26 Oct 33 Feb
*2914 30
52914 30
29
800 White Eagle Oil& Refg No par 26 Jan 17 2912 Mar 17
29
1
/
284 29'z 2912 2912 529; 30
2714 Nov 5312 Mar
3618 37
No par 31 Jan 2 37 Mar 21
White Motor
4
/
,
4 35 2 361
4
7,600
34; 34 4 3418 347
,
3518 353 353
8 35
3
4
1
/
27 Nov 55 4 Sept
4
/
4 51; 541 52; 5412 36,400 White Rock Min Spring ctf _50 3618 Jan 21 54; Mar 20
45; 4534 45; 467
8 46; 483* 4914 413
Oct 48 Jun
1
8 117 114 12
4
/
111 117
1111 1112 1,100 White Sewing Machine_No par
1214 *1112 1178
718 Jan 14 13;Mar 4
12
12
1
/
8
27 Dec 57; Ja 9
No par 2712 Jan 11 36 Mar 12
3512 3512 1,500 Preferred
37
*35
,
3514 35 2 53512 38
35
35
36
535
8
127 Nov 2934 Feb
No par
18 Mar 18
1112 Feb 26
1712 4,100 Wilcox Oil & Gas
2 17
1618 163 515; 1612 1614 18
4 1712 17,
8
1714 173
Oct6114 May
19
32
32
531
32
32
531
32
200 Wilcox-Rich class A.. No par 27 Jan 3 3414 Jan 29
531
32
32
32
531
8
123 Oct62 May
20
2378 2212 2334 2,300 Class ii
No par
1912 Jan 17 261g Feb
2314 2312 2312 233
4 23; 2414 2418 2412 2312
4
1
/
5 Oct35 Jan
8 958
87
5
912 10
5
4 9
83
712 Jan 2 107 Feb 6
32,400 Willys-Overland (The)
4 918
83
914
9
4 0's
83
65 Dec i 03 Jan
94
90
•52
532
100 6714 Jan 2 84 Jan 29
82
*80
200 Preferred
4
813 82
82
580
82
80
5
1312 Jan
3 Dec
No par
414 412 1.200 Wilson & Co Inc
4
43 Feb 5
414 *3
,2
*3; 4,
4 *4
3 Jan 14
4
1
/ 418
4
/
4 31 *418 414
33
Jan
658 Nov 27
9i2
59
Vs par
9
9
8
718 Jan 13 1014 Feb 5
200 Class A
8 85
83
8; 912 *8; 912 *818 91
5
3534 Nov 79 Jan
548
548
6
50
100 42 Jan 13 52 Feb
1346; 48
48
50
547
48
200 Preferred
48
48
48
4
/
521 Nov 112 Sept
It
6058 Feb 24 723* Jan 2
4
/
64; 6434 6412 65
,
64 8 6514 6412 65; 64; 6514 63; 641 17.700 Woolworth (F IV) Co
8
43 Mar 1373 Sept
10' 6714 Jan 17 12712 Mar 18
1093 11314 111 122
8
12012 1271 122 12514 119 12514 120 1231 32,400 Worthington P & M
75 Nov 10012 Sept
100 88 Jan 17 101 Mar 19
598 101
598 101
100 Preferred A
101 101 5100 101 5100 101
598 101
100 78 Jan 3 911 Mar 20
4
/
613 Apr 9012 Sept
4
/
8912 911 907 907
85
8
582
4,300 Preferred B
85
8914 90
86
86
90
30 Nov 299 Feb
553
53
*53
58
58
553
4153
58
553
58
58
100 Wright Aeronautical_ __.Vo par 35; Jan 23 5912 Mar 5
58
25 71 Mar 12 77 Mar 1
4
613 Feb 88 Aug
57412 75
*7412 75
75
73; 73 4 73
75
3
731 *73
500 Yale & Towne
73
3
712 Nov 6114 Apr
4
4
/
2012 213
2113 22; 21; 2314 221 233 141,100 Yellow Truck & Coach cl B_10 123 Jan 16 23 4 Mar 21
4 20; 213
4 2114 221
80 Mar 96l May
100 72 Jan 27 90 Mar 5
8912 8914 89,2 *5912 90
89; 90
60 Preferred
85; 8912 8912 891 *88
5
3312 Oct 59114 Aug
43
4
1
/ 42
4212 431 10,800 Young Spring & wire._No par 3612 Jan 17 47 Mar 7
4412 4312 4412 42; 433
43
4 4212 43
91 Nov 173 ;tont
144 1493 140 147
4
141 146
1
/
1384 1383 138 139
4
4
1373 141
23,100 Youngstown Sheet & T_No par 103 Jan II 150 Mar 10
912 9l
,
5 8 Jan 17 11; Feb 13
612 Dec 52; July
9; 9;
914 1018
912 10;
9; 9;
4,600 Zenith Radio Corp _No par
4
1
/ 95e
9
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Sales
for
the
Week.
r
Bid and asked !nits= no 831113
on
this day, s Ex dividend, r Ex rights.
STOCKS
NEW YORK STOCK
EXC1IANGE
1992
New York Stock Exchange-Bond Record, Friday Weekly and Yearly
Jan. I 1909 the Ex^hange ateihod of quoted bonds was cAanged and ark..e ,
u now .
9n4 interesi"-except for income and defaulted bonds,
N
BONDS
Y. STOCK EXCHANGE
Week Ended March 21.
Price
Friday.
Mar. 21.
Week's
Range or
Last Sale.
U. S. Government.
Btd
Axt Low
High
First Liberty Loan
314% of 1932-1047
D 100144 Sale 10O,, 100o42
Cone 4% of 1932-47
J D
99,04 Jan'30
,
Cony 442% of 1932-47
ii)
101114110111n
24(00W 442% of 1932-47
D
993144 Feb'30
Fourth Liberty Loan
494% of 1933-1938
AO 1021,2 Sale 1011131 10210n
Treasury 494s
1947-1952 AO 1121144 Sale 11211441131,41
Treasury 4s
1044-1954 JO 109142 Sale 1081444109,
a
Treasury 348
1940-1956 M
106,,n Sale 106
1061,44
Treasury 3945
1943-1947 .2 I) 101844 Sale 101834 101"as
Treasury 314s June 15 1940-1943 JD 101 ” Sale 1011,, 1011,44
,
;•
to
No
Range
Since
Jan, 1.
Low
BONDS
N. V. STOCK EXCHANGE,
Week Ended March 21.
Price
Friday,
Friday.
Mar, 21.
Week's
Range or
Last Sale.
15
Range
Since
Jan. 1.
1108
Bid
Ask Low
Hush No. Lag
Mon
'..-hnelnyakla (Rep of) 8(4.1951 AC) 110 Sale 110
1103
4 25 1(1914 111
98"411001342
:end 88 ser B__ _ _1952 AO 110 11012 110
3 109 11112
110 4
,
40193
981,
'22 Danish Cons Muulclp 8s A.194(l FA 11012 Sale 10918
9 109 Ill
11012
160 100'.42101"22
f fis Series Il
1946 FA 10914 Sale 109 4
3
1093
losien2
4
9514499'1u Denmark 20
-year extl Os_ ..1942 J J 105 Sale 1047
8
1053
s 92 10312 10552
External g 5448
1955 J A 101 Sale 1003
4
10114 37
9912 10114
1484 100"33102Ion
External g 414s__Apr 16 1962 AO 9314 Sale 93
147
994 034
933
8
221 109144411314n Deutsche 13k Am part cif 618_1932 51 S 100 Sale 9914
136
100
97 100
494 1051
..10944 Dominican Rep Cost Ad 514s '42 MS 9412 95 4 9412
,
7
9814
9312 97
201 103
1st ser 540 of 1926
1061,a
1941) AO 91% 96
9014
963
8
9014 9154
432 99112 1012342
2(1 seriessinking fund 5491040 AO 94% Sale 937
8
94%
92
98
504 118E'illUlos2 Dresden (City) external 78_1945 SI N 101 Sale 99
, 101
4
62
96 101
Dutch East Indies esti ds_ _1947• J 102 Sale 102
102% 23 101% 103
State and City Securities.
40-year external Os
1962 MS 1013 10212 10214
4
8 10112 10314
10212
N Y C 3 44% Corp et_ _Nov 1954
N
85% Oct'29
30-year external 534s. _ .. 1953 Ml' 1015 10134 101%
8
7 101% 1023
101 4
,
314% Corporate st_Nlay 1954
N
e
8814 Aug'29
30
-year external 5448_ ...1953 NI Is 1015 10214 1013
8
4
101% 11 1015, 10254
as registered
.1936 SIN
3 Mar'28
99 4
El Salvador (Republic) Ss_ _1948 J J 108 Sale 10781
108
4s registered
103 4 108
,
1056 SI N -61" 94 Feb'30
94 94
Estonia (Republic of) 7a
8812 81%
1967 J J 87
33
88
4% corporate stock
75
88
1957 SIN
95 Nov'29
Finland (Republic) esti 6s_ _1941 NI S 95 Sale 93%
23
95
91 4 9712
,
44% corporate stock_. 1057 MN
104 Mar'30
1021i 104
External sinking fund 78_1950 MS 100 Sale 99% 100% 32
04% corporate stock _ _ 1957 MN
9714 1014
10212 Dec'29
External striking fund 6 Hs 1956 38 S 97 Sale 963
4
9812 63
4% corporate stock
914 981
:
1958 Si N
9414 Nov'29
External sInking fund 5)0 1958 FA 89% Sale 8812
91
4% corporate stock
8418 91
1959 MN
953 June'29
4
Finnish Mun Loan 644s A _ _1954 AO 95% 98 97
9712 25
494% corporate stock _
92% 98%
1931 A 0
Oct'29
96
External 6449
AO 9718 9814 947
8
11
97
442% corporate stock...1060 MS
92
, 9712
Jan'30
95
";18 95 French Republic series B._ _1954 J D 123 Sale 12252 125 629 11754 125
esti 740..1941
442% corporate 8tock
8
1964 M
99 Mar'29
_65_
External 78 of 1924
1049 JO 11812 Sale 11672 11852 681 11218c1185
494% corporate stock __ _ _1966 AO
8
101 Mar'29
German Republic esti 78... _1949 AO 107 4 Sale 1073
,
3 1083 237 10614 10838
2
434% corporate stock _ _ _ _ 1972 A 0
9012 Oct'29
Gras (NIunicipailty) 8s
1954 SIN 9914 Sale 9S3
99.8 12
9914
444% corporate stock _ _1971 JO
94 r10012
1004 Sept'29
Gt Brit & Irel (UK of) 5148_1937 FA 10412 Sale 103% 10412 128
434% corporate stock
10212 1602
.1963 MS
103 Feb'30
inik, 1(13
FA
Registered
10312 Dec'29
_
434% corporate stock
1965 J D 100 Sale 106
106
3 106 106
84% fund loan L opt 1960_1990 MN 8814 Sale 85
89
69 W.ti
434% corporatestock July 1967 J
19
10184 Nov'29
e5% War Loan £ opt 1929_1947 J D 08 10014 99
4 89714 99
99
New York State Canal 4s_ 1960
10114 May'29
Greater Prague (City) 710_1952 MN 106 Sale 106
10612 21 1023 10712
45 Canal
4
Mar 1958 M
10114 July'29
Greek Governments f sec 75 1964
N 997 Sale 9914
8
99% 24
9014 100
11345
1964 J J
109
Jan'30
109 109
SInking fund sec 6s
,
1968 FA 88 4 Sale 87%
883
4 86
8834
81
IIalti (Republic) 8 1 68
1952 A0 98 Sale 94%
27
98
Foreign Govt. &Municipals.
93 10014
Hamburg (State) 13s
1946 A0 97 Sale 9612
9714 76
Aerie NItge Bank 1 68
91
97
1947 F A
78
83
86
75
38
6312 86
Heidelberg(Germany)extl 7 %s'50 J J 103 Sale 101
103
27 10012 103
Sinkingfund fis A _ _Apr 15 1948 A () 8014 Sale 7414
8012 34
8312 8012 Hungarian NIunic Loan 744s 1945 J
96 4 Sale 04
,
963
4 94
Akershus (Dept) esti 58__ _ _1063 MN 0414 Sale 93
9054 9034
95
62
87
95
External s f 7s
9318 923
4
93% 27
Sept 11940 J J 93
Antiogula (Dept) col 7, A..1945 J J 87 Sale 8312
86
93 8
,
8712 32
71
8712 Hungarian Land M lust 744s '61
N 100 Sale 9314
5
100
External s f 7s ser Ii
91 100
J 87 Sale 8312
1945
8712 34
7012 872
Sinking fund 744s ser li_ _196 I MN
97 Sale 933
8
10
97
External 8 1 7s ser C
9012 97
J 8712 Sale 85
1945
8712 27
8712 Hungary (Kingri of) s t740 1944 FA 102 Sale 10118
70
1023a 49 100 10212
External s I 7s ser D
1945 .)
8618 8712 8212
88
28
Irish Free State extls s f 53_1960 MN
88
70
97 Sale 9812
9714 28
99
External a f 78 1st ser .__ _1057 AO 37
9712
90
8712 51
85
70
87'2 Italy (Kingdom of) esti 75..1951 J D 100% Sale 993
8
1003 510
s
9414 1003
External sec 8 f 7s 24 ser_ 1957 AO 87 Sale 82
8
89
66
ItalIan ('red Consortium 75 A1937 MS 9812 Sale 9718
89
67
9812 16
93
External Bees 0 73d ser_ 1957 AO 85 Sale 81
9812
88
48
88
67
MS 9712 Sale 97
External sec s f is ser 14 .1947
9734 46
Antwerp (City) external 58_1958 JO 90 Sale 944
9234 973
4
963
4 72
4
0214 96 4 Italian Public Utility extl 7s 1952 J J 98 Sale 9718
,
112
98
Argentine Govt Pub Wks611_1960 AO 99 Sale 9812
92 98
9914 38
9518 09 4 Japanese Govt L loan 4s_ __1931 J J 9612 Sale 9612
,
963
4 45
Argentine Nation (Govt of)
94 4 07
,
30
-years f 694,
1954 FA 104 Sale 10358 10438 153 1014 104%
Sink fund Os of June 1925-1959 JD 99% Sale 98
99% 78
95
Jugoslavla (State Mtge Bank)
Ertl Sf es of Oct 1925_ __ _1959 AO 9912 Sale 9812
9934
99% 78
954 9958
AC) 85 Sale 84
Secured 5 f g 7s
8512 59
1957
Sink fund 6s series A
7714 85 2
,
1957 MS 9914 Sale 98 4 c100
,
79
9458 c100 Leipzig (Germany) 8 f 7s
21
101
1947 FA 101 Sale 100
947g 101
External 68 series B _ _ Dee 1958 JO 9912 Sale 985
991, Lower Austria (Prov) 7445.1950 J O 97 4 99% 98
s
9912 47
,
98
1
9312 9834
Esti 8 f 6s of may 1926-1060 MN 99 Sale 985
955, 99; Lyons (City of) 15
8
9912 31
9505
911
,
-year 6s..1034 SIN 103 4 Sale 103% 103% 71 10212 10414
External of (is (State Ry)_ 1960 SI S 99 Sale 983
9912 64
4
95
Esti Its Sanitary Works.
.196i FA
99 Sale 98%
9912 100
95
9912 Marseilles (City of) 15-yr es 1934 51 N 1034 Sale 1035
8 103% 101 10212 10412
Esti Cis pub wk8(May'27).1961 MN 99 Sale 98 4
99 4 35
,
,
944 100'2 Medellin (Colombia) 63'48_1954 J
993
80 Sale 7814
8
67
80
SO
65
Public Works esti 5 45_1962 F A 95 Sale 9412
25
95
95
89
Mexican Irrigat Asfitng 43-45 1943 ---1214
6
12 4
,
12 4 1512
,
Argentine Treasury fis E_...1945 M S 8714 88
8718
12
88
A
854 8914 Mexico
4934 Jan'29
5)ex t11,,f 1899 £'45 Q J
5, 15so
, ,
Australla 30-yr 55_ _July 15 1955 J
9112 Sale 89 4
,
9112 249
17
20
174 Mar'30
1945
2Ol
17
External 58 of 1927_ _Sept 1957 51 S 9112 Sale 90
9112 60
874 9414
97
94
Assenting 55 large
1312 15
17
17
16,2 17
External g 4%s of 1928_1956 MN 8514 Sale 8212
8514 207
80
Assenting 4s of 1904
85,
1212
4
2
1212
113 13%
4
Austrian (Govt) tO 7s
1943 J
10612 Sale 10612 107
103 102 4 107
,
14
Assenting 4s of 1910 large.- -10
14
1112 141,
Bavaria (Free State) 6 Hs_ .1945 F A 9814 Sale 96
9814 98
1214 -127 127
91
9814
Assenting 40 of 1910 small....
8
43
2
13
Belgium 25-yr ext s f 714e g.1046 J I) 115% Sale 11518
103 14
2
11512 83 115 8118
saiais 63 of'13 assent (large)'33 i"-i
Trea i
22 Mar'30
25
18
20
-year e f 8s
1941 FA 11014 Sale 11018
1104 82 10912 11112
21 Mar'30
19
25
2514
-year external 644s
1949 51 S 108 4 Sale 108
,
108 4 111 10514 1093 Milan (City,
941. Sale 93
,
AO
4
9414 268
85
9414
External s 0 Os
,1 103 Sale 102 4
1955
, 10312 220 10112 1033 NIi
0 ye ( iy)elxtir9 3 "252
4
1 1 ta t e It 14211
Sta
External 30
-year s I 7s_ ..i955 J I) 11214 Sale 111
11212 121 1094 11212
External s f 6 Hs
17
83
1958 MS 83 Sale 79
83
65
Stabilization loan 78
1958 MN 108 4 Sale 107 4 108 4 179 107 1087
,
,
,
EMI see 0%s series A _ - - 1950 NI S 82 Sale 7012
8
82
37
Bergen (Nonvay)s f Rs
894 82
1945 SIN 11014 112 11014
11114
8 110 11212 Montevideo (City of) 78...1952 J I) 10214 Sale 10112 10212
6
15
9604 102,
2
-year sinking fund 6s. _1949 AO 10012 Sale 9912 100 2
4
,
99 101
Sale 937
External s f Gs series A __ _1959 61 N 95
05
22
Berlin (Germany) s f 6%s.1950 AO 9714 Sale 96
91
95
99
NewNeEt
76
9212 99
ands
nwal al
a
101318 24 103 107
7
1a )rx re 5.1 9 7 M 5 103 Sale 103
p ttis)_ 1952
e
External sink fund Os__ _ 1958 11) 93 Sale 9112
93
98
85 8 93
,
874 Sale 8614
F A
88
71
et86((State
Bogota (City) esti 8 f 8s_ _ _ _1945 AO 99 Sale 9812
843 90
4
9912 26
0212 9912
A 0 88 Sale 8684
Externals
88 2 46
,
Bolivia (Republic of) esti 88_1947 MN 9912 Sale 96 s
84
90
,
9912 72
88
9912 Norway 20
18 1025 104
-year esti Os. _p _ 1943 F A 10512 Sale 10312 1037k
A _r 1958
External securities 78
1958 ii 85 8 Sale 8212
,
20
85 4 28
,
7212 85%
1 A 10312 Sale 10312 10314 36 102 8 104
-year external as
11096454 7
,
8
External s f 78
1969 M
8312 Sale 7912
84
129
30-year external 68
84
72
A 0 10218 Sale 102
1031 2 51 102 104
Bordeaux (City of) 15-yr Os.1034 MN 103 4 Sale 10318 1033
,
4 70 1021,0105
40-year ,f 544s
1 D 10114 Sale 10114
f
1018 57 1004 1017
Brazil (U Sot) external Os..1941 J I) 10118 Sale 101
2
102
68
94 102
Externals( 58_ __Mar 15 1953 M 13 9812 Sale 9612
9812 121
96
2
9634 c9102
External s f 6%s of 1936_1957 AU 863 Sale 83 4
4
8718 171
,
7212 8718
54
08
511101e1Pal Bank extlsf 551967 J D 974 Sale 96
94 4 1)8
,
Esti 5 1 648 of 1927
1957 AO 87 Sale 8312
87
132
7214 87
904 Sale 8814
Nuremburg (City) esti 05.._1952 F A
91
26
91
84
78(Central Railway)
1952 J I) 9214 Sale 8912
9214 123
80
92 4 Oslo (city) 30
,
-year s I' 613_1955 M N 102 Sale 10112 10212 19 1003 10211,
748(coffee secur) Z(flat) 1952 AU 10412 Sale 104% 10518
s
4
95 105%
Sinking fund 5%s
3
997 1007 990
8
4
1946 F A
997s
Bremen (State of) mai 7s
9113 101
8
1935 38 S 10214 Sale 10214
11)3
81
Panama (Rep) esti 5 Hs_...1953 J D 1013 102 10114
9812 103
4
1018
4 11 100IA 103
Brisbane (('ity) s 1 Ss
1957 M
8514 Sale 85
85 4 16
,
Esti s 5sser A __Nfay 151903 M N 9418 Sale 9312
83 90
9418 42
8912 94 1s
Sinking fund gold Se
8512 85
1958 FA 85
90
6
83
90
Pernambuco (State of) esti 7547 M S 87 Sale 8238
87
19
7112 87
Budapest (City) esti 8 I 6.lt1O2 JD 84 Sale 82
8512 224
73
851 Peru (Rep of) external 75_ _1959 NI 5 9712 Sale 9512
:
971 2 98
Buenos Aires(City)6%s2 B 1955
91
9712
J1 10014 Sale 99
10012 26
9012 10012
Nat Loan extls f Os tat ser 1960 .1 D 84 Sale 80
84
184
69
84
External s f Os ser C-2__ _ _1980 AO 98 100
98
4
9818
polanrilioaen,
Nat R extl a Os6 ser 1961 A 0 833 Sale 7912
9212 981
4
:
gfa 2d
d
834 48
89
833
4
Externals f 6s ser C-3_ _ _.1960 AO 90
08 96
9818 14
90
9818
of) gold
1940 A 0 7918 Sale 7612
7038 30
74
7918
Buenos Aires (Prov) extl 68_1961 MS 904 Sale 8814
91
125
91
84
Externaltab111 tSinkl o loanri fund, 8 :1947 A 0 87 Sale 84%
87
289
5:
s 1 70 1950
87
79
Bulgaria (Kingdom) s f 78_1967 .2 .1 8504 Sale 8112
84
42
76 4 84
,
J J 98 Sale 9514
98
98
9312 98
Stabll'n l'n s f 7%s Nov 15'68
89% Sale 887
8
37 ,
90
99 Sale 95
82 93,4 Porto Alegre (City of) 88..
1
01 2
16
100
91 100
Caldas Dept of(Colombia)7 40'46 iJ 9312 Sale 85 4
,
9312 57
(4,2,ee5..tl..ig nd sink fund 794e. 1961 J 0 9412 Sale 9412
Ex y arru ir
.. e
9412
1066 J '1
8312 0412
Canada (Dominion of) 5e..._1931 AC) 100 4 Sale 100%
101
,
25
99 4 101
,
0 1 Sa le 0 1% 10714 27 104%
01
ex i 8 f 78 1941 A 0 107 sale 105
6et
1084
Is
1952 MN 104 Sale 10312 10418 77 10214 10418
external
(State)terfla I
17
993 10414
2
4%s
1936 FA
984 Sale 98%
99
67
974 994 Rio Grande do Sul esti s f 8s 1948 F O 10112 Sale ,
101
947 A A
10212 12
90 10212
Carlsbad (Clty) s f 8s
1954 J2 10914 Sale 10814
3 103 1094
10914
External sinking fund 81 1988 J I) 7912 Sale 77
7912 38
84 4 7912
,
(
-aura Val (Dept) Colom 7145 '46 A 0 9414 Sale 94
3
9412
8312 941
:
External s 1 75 of 1928
1966 NI N 89 Sale 887s
9314 48
74
9314
Central Agric Bank (Germany)
External s f 7s mimic Mau 1967 J D 87 Sale 8312
8912 54
8912
73
Farm Loan s f is Sept 15 1950 38 S 9712 Sale 97 2
983 123
8
9078
,
,
921 2 98 8 Ri (14 Jaa esro 25zear if 814_1946 A 0 101 Sale 10018
1rn nl t f 0 ,
12 20
101
9212 10112
Farm Leans f es July 15 1960 J J 88 4 Sale 88,
,
7744
905 133
8
4
External
833 Sale 81
4
1953 F A
63
85
704 85
Farm Loan sf Os Oct 15 1960 AO 8812 Sale 8814
90
305
774 90
Rome (City) esti 6
A 0 9414 Sale 1)418
943 210
4
87
94 4
,
Farm Loan asser A Apr 15 1938 A0 9212 Sale 9214
202
24
8412 94
Rotterdam (City) esti 68_1 9 MN 1034 Sale 10314
2 10314 10512
34e52
10412
64
19
Chile (Republic of)
1
88
Saarbruecken (City) Os....1953 J J
88
80% 88
20
-year external s f 78._ _ _ 1942 M N 10212 Sale 014 103
38
9912 103
Sao Paulo (City) a f 8s_Mar 1952 M N 107 Sale 101
11
107
95 107
External sinking fund 69.1960 A 0 93 Sale 93
94% 115
88
945s
72
External a f 644s of 1927_1057 MN 82 Sale 80
84
70
84
External s f 6s
1961 F A
934 Sale 9314
94
97
San Paulo (State) extls f 88_1930 1 - 10014 Sale 00
114
88
9
100,
4
96 102
1
Ry ref est) f es
8
1961 J J 9312 Sale 933
94
73
99 Sale 95
External Re 8 f Se
65
99
1950 .0 J
90
99
Esti sinking fund 68
,
1961 M S 92 8 Sale 9312
110
94
88
94
9
4
16
External
00
7, Water L'o_1956 NI S 90 Sale 8612
79 4 90
,
Extl sinking fund fie
,
1962 M S 9314 Sale 92 8
9414 65
9414
88
123
81
External s f 6s lot rcts..1968 J .1 81 Sale 7412
65
81
Chile Mtge Ilk 6 Hs June 30 1957 .1 1) 97 Sale 94 4
,
97
54
9214 97
Santa Fe (Prov Arg Rep) 78 1942 M S 954 Sale 9254
9554 63
87
95 4
,
8 f 614s of I926__June 30 1961 J D 100 Sale 97
100
90
94 100
Saxon State NItge Inst 78..1945 J D 119 Sale 99
99
13
93
99
9312 63
Guar a f Os
,
Apr 30 1961 A 0 92 4 Sale 9012
8612 9312
:
961 95
96
Sinking fund g 6 Hs_ _Dec 1946 J D 96
16
86
96
Chilean Cons Mullis 7s
NI S 95% Sale 93,
1960
9312 896
4
95, 143
4
4
Dept of(6,Frsainocvee)neexst1,788:, J 10814 Sale 1073
10814 182 1065
52 1
4
8810912
Chinese (Hukuang Ry) 58_1951 J
25 Sale 25
2512 10
23% 30
Serbs,
M N 1)7% Sale 934
977 204
87
97%
Christiania (Oslo) 30-yr s 68 '54 NI S 10012 Sale 10012 101
100 10218
142
External see 78 ser B___ _1962 MN 86 Sale 844
86
7584 86
CoPigne(City)GermanY6 As 195 M 8 9712 Sale 95,
c98 4 93
,
4
,
9018 c98 4 Silesia (Prov of) esti 78.- - .195R J D 82 Sale 78 4
0
82
,
64
82
70
Colombia (Republic) Bs
82
1961 .1 J 81 Sale 7812
30
8
487 82
Silesian Landowners Assn Os 1947 F A
:
Sale 791
82
33
82
82
72
External f 6s of 1928_1961 A 0 8118 Sale 78
81% 104
81% Solssons (City of) esti 6s... _1936 NI N 1035, Sale 10312 c107
68
11 1015
8c105
Colombia Nftg Bank 6%s of 1947 A 0 80
82
82
29
784
654 V.
Styria (Prov) external 78_1946 F A
92 Sale 92
92
4
93
86
Sinking fund 7s of 1926..1946 MN 85
83
8512 16
88
71
8512 Sweden external loan 5448.- 1954 MN 10114 Sale 10418
10412 43 10314 10614
Sinking fund 78 of 1927..1947 F A
80
7
86 Sale 83
86
70
Swiss Conted'n 20-yr s f 85_ _1940 J 1 1077 Sale 1073
4
8
112 1071 2c10912
108
Copenhagen (City) 56
9818 163
1952 J D 9818 Sale 97%
98% 9818 Switzerland Govt esti 540.1946 A 0 10318 Sale 103
10334 50 10212
1043
4
25
-year g 44.4s
,
1953 MN 93 Sale 92 4
884 9312 Tokyo City 5s loan of 1912_1952 14 S 80 Sale 773
03 2 183
,
8
80
26
8
747 80
Cordoba (City) esti f 75...1957 F A 9212 Sale 85%
7614 93
93
86
Sale 90 4
External 8 1 514e guar...1901 A 0
,
927 205
8.192% 8
8714 927
s
External, f 78._ _Nov 15 1937 MN 9512 Sale 9312
7
9512
Tolima (Dept of) esti 78_1947 M N
9512
82
85 Sale 80
2 16
8712 87
Cordoba (Prov) Argentina 7s1942 J J 987 Sale 9618
100
32
8
93 100
Trondhjeni (City) list 5 149- 1957 M N 98 Sale 97
98
6
9312 98
Costa Rica (Repub) esti 78_1951 MN 90 Sale 8914
91
27
86
Upper Austria (Prov) 75_ _ _1945 1 D 9614 97
91
9514 Mar'30
_
9284 9711.
Cuba (Republic) 58 of 1904_1944 M S 9914 99% 9912
8
99%
9918 101
External 5 1 8 Hs_June 15 1957 J D
8812
89
14
8114 19
External 58 of 1914 ser A_1949 F A 1013
0112 10112 20 1003 102
8
Uruguay (Republic) esti 88_1946 17 A 106 Sale 10612 10712
4
8912
3 105 108
External loan 4 i4e 8er C _ _1949 F A 04 Sale 93%
94
28
External, f as
954
93
9814 164
M N 9812 Sale 964
9312 ta.
Sinking fund 5148.Jan 15 1953 J J 10018 Sale 100
994 10114 Venetian Prov Mtge Bank 1960 A 0 9412 Sale 94
4
10014 41
127
96
71 '62
88
6
Cundinamarca (Dept) ColombiaVlenna (City of) extl s f 60_ _1952 Si N
9012 Sale 8912
91
99
91
82
Externals f Hs
1959JM N 8318 Sale 80 4
84
,
65
84
Warsaw (City) external 712..1958 F A
71
8312 Sale 80
8312 68
7
:3
Yokohama (City) esti 6s.. _1961 J I) 9814 Sale 9714
9814 140
II
98
c Cash •ale e On the basis of 5.5 to the sterling.
673
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 21.
U
Price
Friday.
_liar. 21.
Bid
Week's
Range or
Last Sale.
Rano..
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 21.
t
".
1993
Price
Friday.
Mar. 21.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Ask Low
High
Low
High
BO
Ask Low
High No Low
Peel
Ch M & SIP gen 4s A _May 1989 33 865 Sale 865
8
2
54, 87:8
8712 94
8
10212 Feb'30
1003 10212
Reglstered
4
Q J
85 Mar'30
813 35
4
923 Mar'30
4
92
Gen g 314s ser 13.....Nlay 1986 J J
923
4
75
19
725 Feb'30
8
723 74
s
88 Mar'30
834 •••8
Gen 494s series C _May 1989 J J 9614 9734 95 Mar'30
923 97
8
86 Mar'30
85
(.9 1 2
Registered
100 Nlay'28
2
9512
9512
921, 9512
Gen 4 As series E _ _ _ _May 1989 JJ 9614 963 95 3
4
3
9612 27
1617,
.
50
82 Sale 8012
85
76
Chic Milw St P & Pac 55_ _ _1975 FA
85
96 Sale 9458
963 905
4
0058 9614
9,44 Sale 9412
9612 246
0158 9612
Cony adj Is
Jan 1 2000 A 0 775 Sale 733
8
4
7114 781 2
7812 1291
Jan'30
---- 91
J1.
0,
Chic & N'west gen a 3 As ___1987 SIN
26
80
80
775 80
8
107
____
93
9018
87,
8 3
Registered
Q F
75
Jan'30
75
75
25
92 Sale 907
93
8
87
7A So
General 45
9112 Sale 9114
1987 SIN
9112 11
8778 9112
8814 Feb'30
Q
854 884
Registered
84 Apr'29
3
92
92
87
92
Stpd 4s non-p Fed In tax '87 SIN
91
92
2 91
9118
98
5
92
92
92
88
Gen 418s stpd Fed Inc tax_ 1987 81 N 105
104 Mar'30 - - - - 100 104
8912 Feb'30
Gen 5s stpd Fed Inc tax. 1987 NI N 112 Sale 107
8914 804
5 107 112
112
14014 Sale 13412 1404 208 128 14(112
MN
Registered
_
105 Mar'30 105 lua
89 Mar'30
92
90
88
Sinking fund deb 5.9
904
1933 MN jai
101 Mar'30 - - -- 100 8 10.12
5
2
9212 - - - 9214
9214
9012 9214
MN
Registered
99 Feb'30
99
-99
10114 Sale 9934
10114 89
10
97 10114
-year secured g 7s
3
1930• D 100 8 Sale 100 8 1003
3
4
30 10014 10114
____ 104 Mar'30
1035
8
15
10214 104
-year secured g 634e. 1936 MS 10912 Sale 109
10912 25 1073 tit 12
4
2
9612
9612
95
let ref g 5s
96.2
May 2037• D 10614 110 10614 Mar'30 - - - - 1043 1)5 14
4
29 10012 104
103 Sale 10214 103
1st & ref 434s
May 2037 31) 9712 Sale 9712
99
39
95
99
Jan'30
8518 - - - - 87
87
Cony 4115 series A
87
1949 NI N 10212 Sale 100 4
3
827
103
981.4 It•3
24
95 Sale 935
8
95
91
95
Subs rcts part paid
9912 Feb'30
99
991
:
9014 June'29
Chic ill & P Railway gen 48_1988 -3 op/3 Sale- 91
19
92
92
88
9914 Sale 9914
9912 96
9(1's 100
▪ J
Registered
87 Feb'30
_
85'. 87
,
8
913 93 917
4
917
8 10
8812 oaf,
Refunding gold 45
4
166
98
1934 AO 973 Sale 9712
9512 98
8
7312 Sale 637
7312 53
54
AO
7314
ItegLstered
95 Jan'30 _
_ 415
88
5778 Sale 57
577
8 11
Secured 4 As series A
.534 577
8
8
520
98
1952 NI S 963 Sale 953
4
9238 98
8512 893 85 Mar'30
4
824 85
Ch St L & NO Nfem Div 48_1951 J O 883 _ _
883
8
7
8
90
884 90
100 ---- 99 Feb'30
99 99
Gold Is
8
10412 Feb'30
June 15 1951 3D 1035
10318 10412
3D
Registered
107 A pr'28 _ _
halt & Ohio Ist g 4s____July 1948 AO 9412 Sale 9312
95
40
9112 95
Gold 3 At(
June 15 1951 3D 79
81 July'29 _
_
Registered
90 Mar'30 - _
July 1948 Q J
90
1 I)
9312
Registered
78 Apr'29
20
-year cony 4 As
4
10014 166
1933 MS 1034 Sale 993
98 8 10014 Ch St LA P 1st cons g 5s_ _ _1932 AO 994
3
100 Dec'29
Registered
99 Mar'30 - -M 8
9818 99
AO
Registered
1015 June'29
8
Refund & gen Is series A _1995 J O 104 Sale 1035
8 1043
4 71 101 1043 Chic St P NI & 0 cone 6s__1930• D i90f2 1661; 1004 10018
4
8
16i84
Registered
9914 June'25 - - _
J
_ 9914 Dec'29 _ _ _ _
Cons 68 reduced to 3 As__.J930 3D 9912
let gold Is
July 1948 AO iOLT8Sale 10412 10512 46 101,- 1C157
8 Debenture Is
8
8
1930 MS 095 10C112 997 Feb'30 _ _ _
-9978 f66Ref & gen 6s series C
11012 42 10812c111 8
1995 J O 110 Sale 110
MS
Stamped
10018 Dec'29 _ _
P I. E & W Vs Sys ref 48_ _1941 MN 95 Sale 9414
12
95
91
Chic T 11 & So East lst 58_ _ _1960 J O 994 Sale 97
95
994 33
951 ii978
Southw Div let fis
8 10412 57 10012 10412
1950 J J 104 Sale 1037
Inc gu 58
9414 26
Dec 1 1960 53 S 94 Sale 934
89
9414
Tol & CM Div 1st ref 48 A.1959 33 8612 Sale 8 4
0
874 13
84
8714 Chic Un Sta'n 1st gu 4148 A _1963 j j 100 Sale 973
4
100
65
97 100
Ref & gen 55 series D _ _ _ _2000 M
1013 Sale 1013
8
8 10412 88 10114 10412
1st 58 series B
1043 Sale 1043
4
1963 j
4
1043
4
7 103 105
Cony 412s
10458 7303 10012 1045
1960 FA 1034 Sale 1014
4
8
Guaranteed g 58
8 103
1944 J O 1023 Sale 1025
8 1917 10412
0 , 10092
85532
4
e
Bangor & Aroostook let 58_ .1943 ▪ .1 102 105 1015
8 10212
5 10134 105
let guar 634e series C... _ _1963 j
115 Sale 115
11512 12 114 11512
Con ref 414
8812 89 8812
89
61
1951 j
84
Chic & West Ind gen 6s_Dec 1932 QM 10114 Sale 10114
89
1014
1
Battle Crk &Stur let gu 33_1989• D
6812 Feb'28
Consol 50
8
-year 4s
92
70
1952 33 905 Sale 893
Beech Creek 1st an g 48
.
-1461? 98
.-1936 j J 9612 97
4
let ref 512s series A
44 100 ;191;
1962 3.1 S 1043 Sale 10412 105
:
0
,95
3 :955 4
5
Registered
95 Aug'29
J J
('hoc Okla ar Gulf cons 5e
8
1952 MN 1003
- - 10012 Jan'30
2d guar g 58.
Jan'30
100
1936 J J
100 10(3
H & D 2f1 gold 4 As___ .1937 33 9512 _
9512 Jan'30 _ _ _ _
Beech Crk Ext 1st g 3)4s
78 Feb'30
1051 AG
78
953
8
78
C I St L & C let g 4s.Atig 2 1936
_ 9514 Feb'30
_
Belvidere Del cons gu 3126_1913 .1 J 83
Registered
94 Feb'30
Aug 2 1938 Q F
94 04
941n
44
Big Sandy 1st 4s guar
893 Mar'30
4
1944 J I) 91
-8102 803- CID Leb & Nor 1st con gu 48_1942 MN 895 ____ 90 Mar'30
.
8
4
88's
Bolivia By 1st Is
_____
1927 J J
Boston & Maine 1st 5s A C_1967 NI S 10012 Sale 993
4
1017 -377
8
101 8 Clearfield NI Mali 1st gu 5s__1943 j j 9312
7
100 July'28
Boston & NY Air Line 1st 4s 1955 F A 83
5
84
8412 84
Cleve CM Ch & St I. gen 4s__1903 ▪ D 91 Sale 91
81
84
2 "iiif2 if"
91
8
Bruns & West 1st co g 4s. _1939 • J
--- 945 Mar'30 -- _ _
927 944
8
20
-year deb 4)4s
4
100
1931 33 100 Sale 993
36
0914 100
Buff Roch & Pitts gen g 5s_ _1937 M S 10014 10214 102 Feb'30
96_ 100 103
General Is series B
108 Feb'30
_
1993 3D 108
108 108
Consol 4 As
95
57
1957 MN 944 Sale 94
90
Ref & lmpt 13s scr C
95
- 105
105
1941 33 105
103 195
Burl C R & Nor 1st & coil 58.1934 AO 100 10012 1003 1003
5
8
8
Ref & impt 5s ser D
99 2 101
,
1035s
6 102 1044
1983 J J 1034 10514 10318
Ref & Impt 4948 ser E. _ 1977 33 9712 9812 97
9712 14
9312 974
Canada Sou eons gu 58 A __ .1962 AO 1054 -- -- 105; 1053
4 10212 1053
4
Cairo 1)1v 1st gold 48
4
2
9314
1939 J J
9314
92 943
8
Canadian Nat 4 As_Sept 15 1954 SI S 97 Sale 95
12
97
934 97
CinW&MJ3ivlstg4s..l99l j j 8714 ____ 8512 Mar'30
8514 864
30
-year gold 4948
65
97
1957 2, 97 Sale 9412
9214 117
St I. Div 1st coil tr g 45_ 1990 St N
7
894
894
8418 89,4
Gold 4125
9612 Sale 944
224
97
1968 J O
Spr&ColDIvletg4s....1940M S 9214
9214 97
9218 Mar'29
Guaranteed g Is.. __July 1969• J 10312 Sale 1015
10334 76
8
9914 1033
J J
93 Jan'30
90 41"
Guaranteed g 5s_ _ _ _Oct 1969 AO 103 Sale 1015
146 1013 103 4 CCC&I
8 103
8
gen cons g 6s____1934 J J 10414 -- 10414 Feb'30
103 10414
Canadian North deb ef 78..1940 JO 1113 Sale 1103
4
36 1093 112
4 112
Clev Lor & W con lst g 53_1933 A0 997
8
997 Jan'30
8
4
994 994
25
-years f deb 6 348
11612 Sale 1144
11612 19 113 1164 Cleve & Mahon
1946
32 9918
1003 Mar'30 -4
g 58---1938
98 98
Registered
11314 Jan'30
_ 11314 11314 Cl & Mar let Val4%s...1935 MN 973
8
4
1003 Nlar'28
ell e
10-yr gold 4 As._ _ _Feb 15 1935 FA 997 Sale 9912 100
---39
8
9818 100
Cleve & P gen gu 4 As ser B_ 1942 AO 983 ____ 1003 Mar'28
s
4
Canadian Pac Ry 4% deb stock.. 3, 87 Sale 8614
---- ---875 172
8
8312 875
Series B 3 As
8
4
1942 A0 863
- 87 Mar'29
Col tr 4128
---- ---1946 MS 9912 Sale 9912 10012 80
9918 10012
Series A 412s
9512 Nov'29 _ _
1942 32 984 _
58 equip tr temp et's
10314 Sale 10214 10314 48 100 4 103
1944 J
Series C 3%s
3
,
4
1948• N 8518 ____ 8512 Jan'30 _ _ ---- IO1851s
Carbondale A Shaw 1st g 44.1932 M
2
984 Mar'29
8518 _ _ _ _ 894 Jan'29 _ _ _
Series D3 As
1950• A
Caro Cent 1st cons g 4s
83
- - 83
1949• J 804
_ 9812 Mar'30 _ _ _ _
74 -gi"" Cleve Shor line let gu 410.1961 AG 0943
9714 98's
Caro Clinch &0 let 30-yr 58_1938 J
101 102 10112 10112 25
9912 102
Cleve Union Term 1st 5 As_ _ 1972 A0 10812 gide 108
1083
4
9 loals i0878
1st & eon g 65 ser ADec 15 '52
42 107 109
109
8
O 1085 Sale 108
107
Oct'28
AO
Registered
_
Cart & Ad 1st gu g 45
83 4 Feb'30
3
1981 JO 854
10412 10512 10514
853 853
4
let 9 1 5s series B
10512
4
6 10212 1051.
107')
Cent Branch U P lot g 4s _1948
8512 Sale 8512
8512
82
late f guar 412s ser C_ _ _ _1977 A0 98 101
96
8512
Jan'30
98
96
Central of Ga 1st g 58 _ _Nov 1945 F A 1033 Sale 1034 1033
4
4
1024 1033 Coal River RI' 1st gy 45. _ _ 1945 J I) 90
91 Mar'30
_
4
.
91
88
Conseil gold 55
10212 Sale 10212 1021
1945 M N
101
Colo & South ref & ext 4 As_ 1935 MN 100 Sale 9914
35
100
97 100
Registered
100 Feb'30 - - 100 104
81 N
Col & 11 V 1st ext g 48
8
10C1
3
1948 AO 907 _ _ _ _ 90 4 Feb'30
884 90
34
Ref & 6011 5348 series B.. _1959 A 0 10412 10512 10512 Mar'30
194 10,914 Col & Tot 1st ext 4s
1955 FA 8612 ____ 844 Dec'29
Ref & gen Is seriee C
1959 A 0 10112 Sale 10012 10112 63
983 10112 Conn & Passum Illy 1st 4s..1043 AO
8
8612 Feb'30
Chatt DIv pur money g 48_1951 J D
84112 51ll
8412 Jan'30
8412 8412 Consol fly non-cony 4s
7318
75
75
5
1954 J J
Mae & Nor Div 1st g 5e_ .. _1946 1 .1
75
70
100 Feb'30
100 10112
Non-cony deb 4s
_ 74
75
10
1955 J& J 7414
Mid Ga & AU Div pur m 68 47 J J 100 10214
75
70
Mar'30
98 100
Non-con v deb 48
59 Dec'29
1955 A 0 7318 _
Mobile Div 1st g Is
_
1946 1 J 100 ____ 100 Feb'30
100 1110
Non-conv debenture 4s_ _ _195(1 1 3 734
75
IS
1
Cent New Eng 1st gu 4s
70
75
8 85
853
853
8 17
1961 J J 84
814 9538 Cuba Nor Ry let Ills
8
70
108
1942 3 D 70 Sale 633
5012 75
Central Ohio reorg let 4 As_ .1930 51 S 99 100
9912
3 9912 100
9912
Cuba RR 1st 50
56
82
-year 58g... 1952 J J 80 Sale 80
77
Cent RR & Bkg of Ga coil to 1937 M N 100 10112 100
84
27
100
954 100
let ref 7128 series A
9512 26
4
1936 J D -„- 934 933
93 4 9914
Central of N 3 gel' gold 58
3
-1987, 3 11012 ____ 109% Mar'30
1 73
10734 111
4
1st lien & ref Cis ser B _ ._ _1936 J 0 85
9212 90
90
2
87
92
Registered
11014 112 11014
11014
10 107 111
General 4s
s
3
1987 J J 913 937 914 Mar'30 --- 903 92
4
Day 5: Mich 1st cons 4128_1931 ▪ J 100 101 100
100
3 100 100
Cent I'ac let ref Cu g 1s_ _1949 F A 933 Sale 9312
95
4
48
9114 95
Del & Hudson let & ref 48_ ..1943 MN 9312 9414 93
94
60
Registered
914 94
90 Mar'30
F' A
90 90
30
-year cony 58
3
9912
1935 AO 9912 Sale 97
97 107
Through Short 1, 1st gu 48_1954 A 0 9212 94
9212
933
4 11
90 8 c9334
3
15
-year 514e
8
8 62 1004 1045
4 1045
1937 MN 1045 Sale 1033
8
Guaranteed g Is
10412 44 100 4 10412
4
8
1960 F A 1033 Sale 1027
3
10
-year secured 7s
10012 29 100 101
4
1930 J 1) 10012 1003 10012
D BRA Bridge 1st (pi g 4s.._ 1936 F A 9514
_ 9614 Aug'28
Charleston & thtv'h let 78 1935 J J 109
_
_ - -- 108 Dec'29
_
Den & It G let cons g 4e_ _ _ _1936 J 1 953 Sale 9612
96
147
4
92% 96
Ches & Ohio Int eon g 58.- _ -1939 NI N 1033 Sale 1033
4
1034
4
8 ioiii 104
Consol gold 4 34s
985
8 35
j 9812 Sale 98
1936
9138 983
8
Registered
10112 Jan'30 - - 10112
1939 M N
229
1021s Den & R Wiet gen 55.Aug 1955 MN 99 Sale 98
99
9212 9916
General gold 4 As. _____1902 M S 101 Sale 100
102
67
9714 102
Ref & Inapt Is ser li_Apr 1978 MN 943 Sale 9312
95
4
101
8712
• a...glittered
98
98
1
M S
98
Des M & Ft II 1st gu 45.. _ .1935
98
26 Feb'30
33
3 28
2314 26
Ref & Bunt 412s
1993 A 0 0818 Sale 97
94
Certificates of depoelt
9812
28
30
30
30
30
25
Registered
99 4 _2
r22
904 Sepo8 9 -45:
F A
-5
6
Des Plaines val 1st gen 434s.1947 MS
_
8
_ 925 Feb'29
Ref & impt 4148 ser B __I095 J J 9812 Sale 97
- 1 Det & Mae 1st lien C 4e
66 4
3
66
9255- -- 66
7412
G3
Craig Valley let fie May 1 '40 J J 10114 -- 10012 Feb'30 - -14855 ▪ D 66
66
Gold 49
9 8 101,
8,
2
60 Feb'30
65
60
1995• D 61
611
•••otta Creek Branch 1st 9s_1946 1 J
92
137
8812 Mar'30 8612 8812 Detroit River Tunnel 414e..1961 MN 99
6
9914
99
R & A Div ist con g 45
954 9914
9112 89 Mar'30 -.
19893 3 89
81114 591, Dul Missabe & Nor gen Is..1941 J J 1034
101 Feb'30 _ _ 101 101
20 consol gold 45
8
1989 J J 8458 87, 87 Mar'30 -_$4312 97
Dul & Iron Range let Is....1937 AO 1014
10212 10212
8 10014 10212
__
Warm Spring V let g 58_1941 M S 98 10014 97 Mar'30 - _
97
Registered
97
Oct'29
_
97
AO
Chesap Corp cony 53_ May 1547 M N 101 Sale 100
10112 373
98 10112 Dul Sou Shore & At! g 5s_ ..1937 .1
79 Stile 7312
60
79
Chic & Alton RR ref g 314...1949 A
.
79
72
6814 73 68
72
17
0
65 4 72
,
East By Minn Nor Div let 4848 A 0
_ _ _ 9212 Feb'30
Ctf dep stpri Oct 1929 Int _
9312 924
65 Mar'30
68
67
5378 115
East T Va & Oa Div g 5s _ .1930
997 10014 97
7
994
8
1 93Railway firet lien 3 Att.__ .195( J - .1 6412 6512 65
97 100
59
C9
Consol 1st gold Is
4
1956 81 N 1043 1085 1044
10434
4 100 10434
8
Certificates of deposit
6412
65 MaMar'30 31
6 30
614 68
Elgin Joliet & East 1st R 5s. 1941 MN 103 10514 102 Mar'30 _
Chic Burl & Q-111 Div 3
102 102
8712
8712 89
871*5
348 19493
8514 884 19 Paso & 4W let 51
10214 Mar'30
196' A (1 10214
Registered
102 10314
8418 Feb'30
_
3 J
844 8418
Illinois Division 45
9412 Sale 9412
9412
1949 J
1
921s 9112 Erie 1st consol gold 7s eat_ .1930 NI S 1014 10114 101
10118 13 101 10154
General 48
94
19
1954 M 8 9331 Sale 9312
89
1st cons g 4s prior
94
1998 J J 865 Sale 863
8
871 2 35
8
Registered
84 c89
913 Sept'29 _ _ _
4
IS S
Registered
824 Jan'30 _ _ _ _
1996 J J
1st & ref 4 As ger 11
8218 824
9931 Sale 994
993
4 41
1077 F A
06
99 4
let cons& gen lien g 4s_ ,...199f1 J 3 833 Sale 83
4
84
132
let A ref Is series A
79
84
10 30
4
1971 F A 101312 10712 1065s mar7 .... 10412 1(17,
Registered
8
1996 J J
77 Mar'30
Chicago & East III let 68
754 77
_ 1934 A 0 10412 _ - - - 1004
10088c105
Penn coil trust gold 4s_ ....105i FA 101 Sale 101
101
2 101 101
C & E Ill Ity (new co) eon 58.1951 M 3. 83 Sale 7712
84
522
72
50
84
-year cony 4e Rerles A. _1953 A 0 8612 Sale 85 4
.
3
8612 11
Chic & Erie let gold 5s
824 8612
1942 M N 10412 109 10412 105
22 102 105
Series B
1953 AG 85
8612 854
8612 12
Chicago Great West 1st 48 1959 M S 7012 Sale 67
824 86 8
,
71
253
64
71
8312 Dec'29
195:1 A () 3112
Gen eon v 4s series D
Chic Ind A LOWRY-Ref 6s_ 19473
1123 - - - - 1123 Jan'30
4
4
_ _ 1123 I13
4
Ref & Imp% Is
4
1967 MN 963 Sale 9512
977 553
8
Refunding gold 58
94
9
10212 10312 1023 Mar'30 _ _ _ 1013 10214
4
19473
11112 113 11114 Mar'30
4
Erie & Jersey let s f 63_ _ _1955 J
1104 112
Refunding 48 series C
1047 J
91
_ 89 Dec'29
_
Genessee River Ist 1 f 5s. _19.57 J J 11112 11412 112
113
6 109 113
let & gen 55 series A _ _1985 M N 1031 -- 10314
10312 15
:
99 10312 Erie & Pitts go g 3 As ser B.1940 J J 8612
_ _ 854 Nov'29 _
let & gen 65 ser 11_ __May 1966 J J 109.
s
108
3 10f1 108
-- -- 1073
8672 Oct'29
Series C 3(48
1940 J
Cale Intl & SOU 50-year 48_1 58 .1 3 RN 911
92
,
92
11
89
02
N 106 Sale 10518
1954
Est RR eat! s f 79
106
90 16.1114 1(6
Chic I. 8 & East 1st 4121_1969 1 D 9414
98
- 98
16
9354 98
Railroad
Ala 01 Sou let cons A Ls._ __1943 J o
let cons 4s ser 13
1943 J
Alb & Susq 1st guar 3 As1946 AO
Alleg ar West let g gu 48- - -1998 AO
Alleg Val gen guar g 48
1942 MS
Ann Arbor lsta 4s_ _ _ _July 1995 Q
Atch Top & S Fe-Gen g 48_1995 AO
Registered
AO
Adjustment gold 48 _ _July 1995 Nov
Stamped
July 1995 MN
Registered
MN
Cony gold 45 of 1909
1955 3D
Cony 45 of 1905
1955 3D
Cony g 45 Issue of 1910.._ 1960 3D
Cony deb 412,1
1948 3D
Rocky Mtn Div let 48. _ .1965 32
Trans
-Con Short L 151 48_1958 J J
Cal-Ariz lst & ref 4)48 A.1962 M
All Knoxv & Nor let g 53_ 1946 Jo
All & Chart AL 1st 4125 A_ _1944 J
let 30-year Is series B
1944 33
Atlantic City let cons 45. 1951
All Coast Line let cons 41)July '52 M S
Registered
M 15
General unifitcl 41,4a
1964 3D
L & N coil gold 4s._ Oct 1952• N
Atl & Dan lst g 4s
1948• .1
2d 4s
1948 j
All & Yad let guar 4s
1949 A0
Austin & N W 1st gu g 58_ _1941
103 - 9312 9412
8718 - -853 .--8
;:ws
-66-
•
s Cash sale.
New York Bond Record—Continued—Page 3
1994
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 21.
ts
Price
Artdaa.
Mar. 21.
Week's
Range or
Last Sale.
114
Range
Since
Jan. 1.
High
Ask Low
High No. Low
Bid
98
9812 98 Mar'30
97
Fla Cent& Pen 1st cons g Is 1943 is 98
D 8612 90
8412 Mar'30
794 87
Florida East Coast 1st 4348_1959
50
6012
55% 25
1974 MS 5512 Sale 5412
1st & ref 58 series A
24
34
2512 34
Sale 325
8
Fonda Johns & Gloy 1st 4;4E11952 MN 34
J
3
93 4 Sept'29
Fort St U D Co lst g 43.4s.,_1941
1, 10614
10512 166106
106
Ft W & Den C 1st g 534s_ _1961
10218 104
104 Feb'30
e
From Elk it Mo Val 1st 68 1933 AO 1043
N loots 1663 1003
99 100%
8
4 8 1003
1931
GH&SAM &P 1st 5s
_ 100 Feb'30
99% 100
1931 Si lows
2d extens 58 guar
5 94% 99
99
1933 A0 99 11(i 99
Galv Hong & Hand 1st 5s
86 Nov'29
83
Ga & Ala Hy 1st cons Sa Oct 1945 J J 81
Ga Caro de Nor 1st go g 5s_ _1929 .1 J
_ 100
99 100 4
3
10012 16
Extended at8% to July 1_1934 J J 10012
6512 73
73 Mar'30
Georgia Midland 1st 38
194 AO
in
4 Feb'24
983
194
Gouv & Oswego let 53
1 -9612
9712
Gr. R & I eat 1st gu g 4;0_194 Si 974- 9712
-e
1
Grand Trunk of Can deb 78_194 AO 11112 §8 - 11112 11214 17 10912 11214
27 104 106
106
15
-year s f 6s
193 M S 106 Sale 105
Grays Point Term 1st 58
194 SD 9512 -- 9712 Oct'29
Great Nor gen 78 series A _ 193 Si
Si
Registered
1st & ref 4Yes series A __ _1961 Si
General 5345 series B_ _ _ _1952 J J
General Is series C
1973 J J
General 4348 series D__ _ _1976 J J
General 431s series E_ _ _ _1977 J J
Green Bay & West deb ctfs A_ -- Feb
Feb
Debentures ctfs B
Greenbrier Sty 1st go 4s____1940 MN
Gulf Mob & Nor 1st 534s__1950 AO
1st M 53 series C
1950 AO
Gulf & S I 1st ref & ter 5e_b_1952 55
Hocking Vol 1st cons g 448_1999 J J
Registered
1999 J J
Housatonic Ey cons g 5s_ 1037_ MN
H az T C 1st g 55 int guar_ _1937 Si
Waco & NW div 1st 6s_1930 MN
Houston Belt & Term 1st 58_1937 Si
N
Houston E & W Tex 1st g 58_1933
1st guar 58 redeemable..._1933 MN
Hud & Manbat 1st Is ser A1957 FA
Adjustmentincome 55 Feb 1957 AO
Illinois Central 1st gold 48_ 1951 ii
J J
Registered
1st gold 33s
1951
is
Registered
Extended 1st gold 3Ms_ _1951 AO
lot gold 33 sterling
1951 MS
Collateral trust gold 4s_ J952 AO
_1952
MN
Registered
1st refunding 4s
1955 MN
Purchased lines 334s
1952 Si
,
ii
Registered
Collateral trust gold 48_ _ _1953 MN
MN
Registered
N
Refunding Is
1955
15
-year secured 6348 g _ _ _1936 Si
40
-year 4%8
Aug 1 1966 FA
Cairo Bridge gold 43
1950 SD
Litchfield Div 1st gold 38_1951 11 .7
Loulay Div & Term g 334s 1953 Si
Omaha Div let gold 38_ _ _1951 FA
St Louts Div & Term g 38_1951 Si
Gold 3 Ms
1951 Si
JS
Registered
Springfield Div 1st g 3348 1951 J J
Western Linea 18t g 48
1951 FA
FA
Registered
Dl Cent and Chic St L & NO—
Joint 1st ref 58 series A__.,1963 Jo
1st & tel 431s series C__1963 JO
246
113
11214 Sale 112
10812 Dec'29
9612 10
-5513 9714 96
.
5
111 Sale 11014 111
107 108 105% 10614 12
7
98
997 9712
98
97% 13
981 974
98
Oct'28
86
78
--17
28
27
27 28
1
9314
-- 93
4
931
2
1051
10512 Sate 103
96 Feb'30
99
104 10814 105 Feb'30
41
99
99 Sale 98
Jan'30
_ 94
2
98
98% -- 98
10012 -- 10012 Mar'30 ---Jan'30
100
Hors 101 10014 10012 • 2
100
- 9914 Dec'29
IN) RN 100 Mar'30
317
100
99% Sale 98
/
4
84% 398
83% Sale 811
933 96
4
8418
-gi6912 --__
895 94 _
8
_
95- Sale
86
901
-00
94
10611 109
11014 111
10012 Sale
91 Sale
7818
77
8312 848
747 7818
765 78
8
835 ____
8
4
913 ____
12
94
9212
Oct'29
87
893
8
865
8
823 Feb'30
4
Jan'30
85
73 Mar'30
9412
934
8712 Mar'30
31
93
95
85 Mar'30
87 Nov'28
903
4
9114 22
8712 Jan'30
5
10612 10612
3
11014 11014
147
9978 4102
1
91
91
7
74 Mar'30
85
85
743 Feb'30
4
7514 Mar'30
823 Mar'30
8
76 July'29
72 Sept'29
913 Mar'30
4
92 Apr'29
107 Sale 105
9712 9912 9612
-.-;
107
9812
45
30
4
Ind Bloom de West let ext 42 1940 AO 863 ____ 91 Nov'28
9212
9212
8
Ind Ill •fe Iowa 1st g 4s
1950 Si 907 93
4
88
88 88
Ind & Louisville 1st go 48_1956 J J 87
a
8
Ind Union Sty gen 58 set A.._1965 .1 .7 1017 ____ 1003 Mar'30
J J 10178 ____ 10014 Feb'30
Gen & ref Ss series 13
1966
1043
4 16
Int & Grt Nor 1st 68 ser A _ 1952 Si 10414 Sale 104
921 115
92 Sale 8912
Adjustment 6s set A July 1952
14
96
.1"- 95 98 94
;
let Is serleaB
1956
38
97
1st g M series C
1956 Si 97 Sale 95
28
80
80 Sale 7712
Bit Rys Cent Amer 151 Is _1972
1st coll tr 6% notes.
933
4 14
1941 MN 93 Sale 93
25
98
1st lien & ref 6 Ms _ _ ,
1947 FA 9718 Sale 97
4
3212
3212
J D 2514 35
Iowa Central 1st gold 56___ _1938
32-2 3511 3212 Mar'30
Certificates of depoait----8 ar
84 9% 93 M'30
Refunding gold 43
1961 MB
4
James Frank & Clear 1st 48_1959 J D 9012 __-_ 883 Feb'30
Kan A & R let gu g 5a_ _ _1938 J
96% ---- 10114 Apr'28
6
8714
/
1
4
Kan & M lst gu g 48
1990 A 0 87 Sale 8714
5 Sale 9653
914 53
KC Ft S & M By ref g 48_ _1936 AO 96
74
80
Kan City Sou 1st gold 3s,,_ 1950 AO 7934 Sale 78
10214 13
Ref &!rapt Is
Apr 1950 J J 10112 Sale 101
4
4
913
4 29
Kansas City Term 1st 48_1960 J J 913 Sale 903
4
Si 873 ---- 873 Mar'30
4
Kentucky Central gold 48_1987
1
8514
Kentucky & Ind Term 4348_1961 J J 8512 89 8514
10
91
91
1961 J J 8914 92
Stamped
Plain
1961 is 8618 ____ 83% Nov'29
26
j 102 Sale 10118
102
Lake Erie & West 1st g 5a
1937
2d gold Ss
1941 j J 100 10212 99 Feb'30
/
4
8114 45
Lake Sh & Mich So g 3348_ 1997 D 811 8112 8012
78 Feb'30
/
1
4
Registered
1997'ID 7812 __
993
4 11
4
25
-year gold 48
1931 MN 993 Sale 9913
993 Apr'29
4
MN
Registered
105
Leh Val Harbor Term go 58_1954 FA 105 10512 105
99 Mar'30
Lob Val NY 1st go g 4 Ms_ _1940 Si 99 100
89
913
8 30
Lehigh Val(Pa) cons g 4s_ _ _2003 MN 894 91
8612 Mar'30
MN
Registered
62
100
General cons 414s
2003 MN 100 Sale 99
99 Nov'29
MN
Registered
Lehi Valley RR gen 58series 2003 MN
Leh V Term Ry lat gu g 58_ _1941 AO
AO
Registered
Leb & NY 1st guar gold 4s.,1945 M
Lox & East 1st 50-yr Is gu _1965 AO
Little Miami gen 43 series A _1962 MN
Long Dock consol g 61
1935 AO
Long 181d Int con gold 58 July1931 Q J
1st consol gold 48___July 1931 Q J
General gold 45
1938 in
Gold 45
1932 J D
Unified gold 48
1949 MS
Debenture gold 59
1934 in
20
-year m deb 56
1937 MN
Guar ref gold 48
1949 MS
Nor $h B 1st con go M Oct'32 Q
Louis &Jeff Bdge Co gd g 48_1945 MS
Louisville & Nashville Ea.__ 1937 MN
Unified gold Is
1040Si
Registered
Si
Collateral trust gold Is _ 1931 MN
-year sec 7s_ May 15 1930
N
10
let refund 5 Ms series A _ _2003 *0
2003 AO
1st & ref 5.8 series B
let & ref 414s series C___ _2003 *0
A0
When Issued
c Cash sale. b Due Feb.
4 1093
4 14
1093
4
- 1093
102 1 10312 102 Mar'30
1053 Feb'28
8
3
8912
893 -- 8912
4
1
4 108%
10318 109 1083
Jan'30
88
864 91
10312 -- 104 Mar'30
3
/
1
100 8 Sale 1004 10C-'s
5
97 Sept'29
98% 99
934 9514 94 Mar'30
965 Dec'29
8
97% 99
1
9014
904
91
7
10012
1C04 -- IGO
13
100
994
9914 100
5
9012
9012 Sale 9012
100 _ -- 10012 Mar'30
1
90% 92
90e
90%
1004 10412 10318 Mar'30
9612 Sale 95-2
9612 83
9412 Mar'30
4
10034
1003 Sale 1508
4
10014 25
10014 Sale 10014
6
107 107 4 10612 10612
104 10612 10412 1644
341
100
99 Sale 9818
96 Mar'30
110
113 _
-04F8 .. 6
1 12
108 111
10314 1064
95
9814
95
977
8
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 21,
b
R
Price
Friday.
Mar, 21.
Week's
Range or
Last Sate.
8 8
13
Bid
Ask Low
Hieh
High No Low
Louisville & Nashv (Concluded)—
wit 9212
Paducah & Mem Div 48_1946 FA 93__ 9212 Mar'30
1
M
6712 io
67
67
St Louis Div 2d gold 3s._.1980
6712
66
Mob & Montg 1st g 4 Ms__1945 MS 978 ___ 9734 Jan'30
5
97% 97 4
9312
3 89
South Sty joint Monon 48_1952 S i 931 Sale 9212
9312
9
93
14 923
4
Atl Knoxv de CM Div 4s._1955 MN 93
14
9114 93
9312
2
99-2 ____ 9912
9912
Lotlisy cui &Lex Div e 4359 31 NM
98% 99%
'
___ 9934 Feb'30
99% 9916e
Mahon Coal RR let Is
1934 S i 1001
7412
7312 76
1
N 75 876
7412
Manila RR (South Lines)43_1939
73 67 Feb'30
lst ext 48
60 67
1959 MN 69
g
5
4
9918
984 9912
Manitoba SW Coloniza'n 58 1934 in 993 997 9912
89
hien GB&NW let 3Ms_ 1941 J J 86
853 Sept'29
8
_
Mex Internat let Is aastd_ A977 MS
—1
12
412 Mar'30
mos lows
Mich Cent Det& Bay City 531- 31 MS 155-8
100 1001a
'
100 Jan'30
M
Registered
100 100
95 Feb'30
Mich Air Line 45
944 95
1940 J J
J J
924 Juty'29
/
1
Registered
_—
S
79 Mar'26
Jack Lane & Sag 3Ms__ _1951
____ _1st gold 334s
8318 85
1952 MN 8518 ____ 8412 Feb'30
AO 954 ---- 95
15
Mid of NS 1st ext 58
951
95 9512
1940
4.,_ 9614 Jan'30
Mil& Nor 1st ext 43.45(1880)1934 ▪ D 963
9614 063
4
4
8
Cons ext 434s (1884) 1934 J D 963 9712 965 Dec'29
__ 92 Mar'20
MS 9114
1;111 Spar & NW let go 48_1947
"55 92
Milw & State Line 1st 3Ms 1941 55 844 -- __ 90 Apr'2
4618 414
411
10
Minn & St Louis let cons 53_1934 MN 41
377 414
8
44
41
11
411
Temp Ws of deposit_ _1934 MN 41
36
4118
141
4
9 1314 16
1st & refunding gold 4a- — 1949 MS 123 1414 1414
15
20
1518 Feb'30
Ref & ext 50-yr 58 ser A _ _1962 Q F
1518 1518
15
14 Feb'30
14
Certificates of deposit
15
StP & BS IA con g Is int 911 38 Si 55 Sale 90
9114 131
8818 9114
'
3
let cons 58
953
4 41
93 4 95 4
3
1938 S i 964 961 9553
3
973
4
lat cons 5s gu as to int_
9812 10
97
1938 S i 9814 99
99%
S 10114 Sale 10012 1004 38 99 1014
10
-year coil trust 6 Ms---1931
let & ref 68 series A
9
84
1946 S i 9814 1004 9814
88
5 97 100
25
-year 5Ms
81
88
1949 MS 88 Sale 85
92 Feb'30
1st Chicago Terms!48_1941 MN
92 92
32
25
934
98 10512
98
96
103 105
9614 99
93% 04
9714 9612
993 10012
4
100 100
95 Mar'30
99
953 10012 MissIssippi Central 1st 5s___1949 S i 95
4
891 8718 Mar'30
Mo Kan & Tex 1st gold 4s__1990 ▪ D 89
17
-9984 166- Mo-K-T RE pr lien 5s ser A _1962 is 10338 104 4 103 10312 40
8912
893 884
J J 89
40
-year 48 series B
93 100
9612 28
8
' 9614 Sale 96
S
7614 848
Prior lien 431s set D
33
Cum adjust 5s set A Jan 1 9 7 AO 108 Sale 10612 108
97682
96
Mo Pac let de ref be set A_ 1965 FA 101% Sale 1004 10214 26
94
93
8112 Sale 78
813 930
4
General 4a
1975 MS
477
102
1st & ref 58 aeries 1'
863o
81
1977 MS 101 Sale 100
338
lat Zs ref g 58 ser G
82% 823
4
1978 MN 100% Sale 10014 102
4 112% 242
MN 1193 Sale 1103
4
Cony gold 5348
85
83
Mo Poe 3d 78 ext at4% July 194 MN 9314 941 924 Mar'30
73
68
98
3
9
s an
895 9412 Mob tllir prior lien g Is,,,1945 S i 97 --- 100 Mar'30
8
95 Feb'30
J J
8712 97%
0 88 Mar'30
1st M gold 48
95
90
1945 S i -5i- IC
80 Feb'30
87
S i 82
Small
85
82
8
Mobile &Ohio gen gold 4s_ _193 M S 935 941 92% Jan'30
19 8
45
99
Jan'30
Eer ,t i e t D1 v 1st g 58_1947 FA 10018
m o tgo i y4 3is
r
873 91'4
s
137
08
111 13 98 Sale 97%
8712 8712
hlolat CMa lst su gold 48_1977 M S 804 --- 88 Feb'30
m on & letIgo Og
10418 107
1991
105 Feb'30
S i 104%
10712 11014
2
S i
1st guar gold 58
- 10018 10018
97 c102
82
80
• D 100%- - 79 Mar'30
Morris & Essex lat gu
8812 91
348-911E7
106% 34
4
7478 747
Constr M 58 ser A w 1_ _ 1955 MN 1063 Sale 106
8
8
991 225
.
Constr M 4 Ms set B w l 1955 MN 987 Bale 9812
82I2 8514
7412 7512
9114 92 90% Mar'30 _ —
Nash Chatt & St L 4s set A_ _1978 FA
7514 7514
10012
16018 Mar'30
8
82% 823 N Fla & S 1st gu g 58
1937 FA
18 July'28
Nat Sty of Mex or lieu 4;46_1957 S i
1 37
723 July'28
4
J
July 1914 coupon on
714 Feb'30
Assent cash war rct No 4 on
92
89
8712 Aug'28
- et
Guar 70
-year s f 4s
1977 A 73 Mar'30
8
Assent cash war rct No 5o7
1 7n
3512 July'28
Nat RR Mex pr lien 434s Oct'26 iJ
10214 107
1312
13% 22
Aeonnt ah
let sse soicr war rct No don
981s
95
22 Apr'30
AO
612 71
7 May'30
Assent cash war rct No 4 on
86 Mar'30
90
92's Naugatuck RR 1st g 4a _ _ _ _195 MN
1 51
4
9814 105
New nsngiand RR Cons 58_ _1945 S i 82- - 9614 Jan'30
coE oi. u
84
88
g ar
4
89
S i 89 Sale 89
100 10112
88
Jan'30
N J Junc RR guar let 4s_ _ 1945 FA
100 101
98
6
95
96
1
05
N O&NE 1st ref & Imp 4 Ms A '52 J J 95
102 106
3
4
893
4
9212 New Orleans Term 1st 48_ 1953 S i 9c94 987 893
84
9814 49
NO Texas & Mex n-c Inc 58 1935 AO 9814 981 98
9114 96
41
98
AO 98 Sale 9614
let Is series B
97
91
987
8 27
4
1st 58 series C
724 80
11995564 FA 983 Sale 984
7
8
FA 9214 923 915
9214
1st 443 series D
94
9012
8 10.84 123
AO 10418 Sale 1023
1st 5M8 series A
9814
93
981 9512 Mar'30
3412 N & C Bdge gen guar 4 Ms 111999451546 S i 96
30
3014 3412 NYB&MB lat con g 58_1935 AO 983 100 100 Jan'30
4
1073
8 14
N 10612 1073 107
N Y Cent RR eons deb 6s_ -1935
8
10
106
MN
Jan'29
87% 88%
Registered
9218 Sale 92
1998 F A
9212 56
Consol 48 series A
4 100% 88
4
Ref & imp 43'4s series A 2013 A 2 1003 Sale 993
-gare. 17 4
-1107 Sale 107
1073 100
s
Retegistert ds series C__2013 A
n de lmP e 5
9412 974
106 Mar'28
A 0
80
75
99 10212
82 Sale 82
82% 55
8818 913 N Y Cent & Hud Ely M 3 Ms 1997 J
4
5'1
8012
81
8712 89
Registered
1997
45
-055 Sale 9812
8
99
85% 8512
Debenture gold 48
94 July'29
91
88
Registered
93
944 Mar'30
96
30
-year debenture 48
8114 64
Lake Shore coil gold 3 Ms 1932 14 81 Sale 77%
Too- 102
98
4
11994
1
7512 80
1998 F A
78
78
99 100
Registered
7
8112
MR hgis t coll gold 3Ms__1998 F . 8112 Sale 79
ice Cenred
7914 8212
_ A
2
79
714
_ 79
Registered
773 78%
4
1998 r
11
96%
97
98% 993 NY Chic & St L 1st g
4
_ _1937 A 0 9613 97
1937 A 0
9314 Mar'30
Registered
1931 M N 55E8 fi;lse 9912 10018 30
ioi" 165'- 25-year
4a
MN 102 Sale 101% 10218 56
debntur2
68 series A B C
9534 99
10012 Sale 10238 10212 98
8538 91% 6% gold notes
N
O
88
8612
Refunding 5 Ms series A _111999733421 A 0 1064 Sale 10612 1071s 37
9612 100
Refunding Ills series B _ _1975 4.! 10712 Sale 10712 107% 16
983 Sale 97
4
983
4 53
Ref 4 34s series C
1978 _54
9812 sale 98
98 12 10
N Y Connect lst gu 4 Ms A _ _1953
1
1983 F A 984 98% 10312 10312
1st guar Is series B
toe 1093
4
Jan'30
- 89
1013 10314 N Y& Erie let ext gold 4a_._1947 M N.. 90
4
9612 166 984 May'28
tel
3d ext gold 434s
1193303 A " lows ---- 99 Aug'29
0
9
554 116- 4th ext gold 58
10414 109
Jan'30
4
NY&OreenwLgugIs,,1946MN 943 ---- 96
88
88
854 Dec'29
NY & Harlem gold 3%8._ _ _2000 Al
104 107
7514 Oct'29
MN
Registered
994 100%
9718 Oct'29
NY Lack & W 1st de ref gu 55'73 PA _N
99 Feb'30
"i§r2 if" lat & ref gu 448 ser B _ _ _1973 ID loaf:
_
1003 Dec'29
8
100'4
NYLE & W 1st 7s ext._ __1930
10012 fof 994 Mar'30
N Y & Jersey ist 58
-871s
861
:
87 Sept'29
_ _ _ 1941
932
9914 10012 N Y & Long Branch
954 July'28
9712 100
NY&NE Bost Term 48_ 1939 A "„
88
91 8612 Mar'30
87
00 4 NYNH& 11 n-c deb 4a1947 r•I__
3
4
8134
2
83
- 813
994 10012
Non-cony debenture 3346_1947 m
9
79
8012 905s
Non-cony debenture 3;49_1954 A 0 79 Sale 7614
4
8514
84% 863 854
Non-cony debenture 48
101% 10314
1955 L
854 Sale 854
8512 12
Non-cony debenture 4a
9414 9512
1956 m
7812 Sale 7612
79
Cony debenture 3 Ms
923 9412
4
1956 J
13412 488
993 1003
4
Cony debenture 68
4
1948 1 1 133% Sale_ 1304
4
131
131
10014 101
Registered
4
10512
-1
Collateral trust 68
teral
103% 107
1940 A 0 io5f4 165 105
36
/914
80
9912 1051s
794 80
48
9614 478
1st & ref 434s sstr of 1927_ 19 7 J N 9514 sale 94
05 100
96 M D
5
88 Feb'30
Harlem R & Pt Chug 1st 48 1954 M N 881a 90
943 96
4
9134
Range
Since
Jan. 1.
95
99
8512 88%
9912 10312
8512 8912
924 9812
10312 108
9914 10214
7414 804
97 102
963 102
4
1075 113
8
91
9214
100 100
95
95
8718 91
80
8018
925 94
8
9818 99
9414 98
8614 88
105 105
99% 10012
77
80%
10314 1063
4
9634 991s
86 86
534 8
86
86
8614 9814
8614 89
85
88
92% 95
8714 0012
955s 98%
92% 99
98
9912
9052 94
10114 10512
95
9512
100 100
105 107%
"Wire
97
105
100 4
3
107%
7814 82%
81
75
99
97
51 1418
76
754
7612
79
54
9314
983
4
1014
101%
10512
10512
93%
9618
100
89
95
8114
78
11112
79
97
934
10018
1024
10212
10712
107
/
1
4
083
4
10018
10312
90
96
"i5ie "jai
81%
78
735 79
5
811s 8514
79
86
7412 79
121 13412
125 131
104% 1068
4
80
77
90
964
8 % 89
7
New York Bond Record-Continued--Page 4
BONDS
N Y. STOCK EXCHANGE
Week Ended March 21.
•t;
Price
Friday,
Mar.'21.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
.40k Low
Bid
High No, Low
High
6312 133
5512 6514
NY 0& W rot 151 g 4s_Juno 1992 131 S 653i Oslo .58
Reg 5,000 only _June 1092 MS
_--- 70 Apr'29
General 4s
18 "76- 54
54
1955 J D 54 Sale 48
NY Providence & Boston 4s 1942 AO 87 ---- 9012 June'20
Registered
A 0 ____
8914 Jan'28
NY & Putnam lot con Cu 4s 1033 A 0 8738 -8912 8712
1 -f35f2 18
8712
.NY Sus(' & West lot ref 53_1937 .1 J 85 Sale 8212
19
85
8212 8612
2d gold 4358
80 75 Feb'30
75
1937 FA
75
75
General gold 50
5
77
1940 F A 77 Sale 764
75
79
Terminal lst gold 5s
3
99
1943 M N 99 9934 99
9418 993
4
NY W-ches & li 1st ser 1 4300 '46 J J 9112 Sale 90
9212 97
8612 9212
Nord Ity ext'l sink fund 6300 1950 A 0 105 Sale 104
'27 10212 10512
105
Norfolk South lot & ref A 55_1061 F A 7812 Sale 70
79
80
5812 79
Norfolk & South 1st gold 5,3_1941 MN 85 100
95 Mar'30
95
99
Norfolk & West gen gold 6.1_1931 M N
Improvement & ext 60_ _.J934 F A
New River let gold 6s
1932 A 0
N & W Sly let cons g 4s 1096 A 0
Registered
1996 AO
Dly'l lot lien & gen g 42_1944• J
Pocah C & C joint 42.
1941 J D
North Cent gen & ref 50 A..1974 MS
Gen & ref 4350 ser A stpd_1974 MS
North Ohio let guar g Os... _1945 A 0
North PacifIc prior lien 4s_ _1997 Q J
Registered
Q 5
Gen lien ry & id g 3s_Jan 2047 Q F
Registered
Jan 2047 Q F
Ref A !met 414a series A...2047
0047 j 5
Ref & impt Os series B
5 5
Ref A inlet 5s series C____2047
.• 1
Ref A impt 5s series D_ _ _2017• J
Nor Par Term Co let g 643_1933 J .1
Nor fly of Calif guar g 59_1938 A 0
1014
101 Mar'30
8 _ 1043
1043
8
8 1043
1
10212 1024 1024 1024
9412 37
9412 Sale 93
90 Feb'30
4
9412
941-2
. t;1e 9412
9412
4
033 Mar'30
102
10112 Feb'30
_
97
99
Jan'30
9512 66
-12 08 Mar'30
144
92
9112 Sale 90
83 4 91 90 Mar'30
3
70 Sale 674
7014 33
6212 Feb'30
6212
3
9914
9014 9.1e 9914
8 115
114 Sale 1133
146
1047 106 10412 105
8
2
1047 Sale 1047
8
8
8
105
1023 ____ 10512 Jan'30
8
100
Jan'30
101
1003 1013
4
8
10314 1043
8
10214 1023
8
9012 9412
90
90
913 9412
4
923 9414
4
10112 101 12
99
99
93
98
8812 92
863 90
8
637 7014
8
62
6212
9512 9014
112 115
10312 10512
10312 105
10512 10512
101 101
Otr & L Cham lot gu g 43--1948 J J
Ohio Connecting Ry 1st 4.s.._1943 Si S
Ohio River RR let g 58
1936 J D
General gold 5s
A s
1937 J O
Oregon RR & Nay con g 4s.1946 .1 1)
Ore Short Line 1st cons g 50_1946
Guar stpd cons 55
1946 J J
Oregon-Wash lot & ref 43
1961 • J
Pacific Coast Co 151 g 5s.. _1946 J D
Pas RR of Mo let ext g 40 1938 I' A
2d extended gold 5s
1938 J J
Paducah & Ills lot a f 4140..1955 J J
Paris-Lyons-Med RR ext1 Os 1958 FA
Sinking fund external 70_1958 131 S
Paris
-Orleans RR. ext 5140 1968 MS
Paulista Sty 1st & ref s f 70._1942 MS
793
4
953
8
100
10012
00
99
10434
93 Sale 913
4
10412
e
4
1043 iii;1- 10412
923 Sale 9014
8
60
0114 05
923 9512 9214
8
100
993
4
9618-- 9512
1023 late 1023
4
4
10514 Sale 10414
4
1003 Sale 1003
4
10018 ---- 99
Pennsylvania RR cons g 40_1943 MN
Consul gold 44
1948 MN
4s starl stpd dollar_Slity 1 1948
N
Registered
Consol sink fund 4 Ms_ -1960 FA
General 434s series A._ _ _1965 J D
General 50 series B
1968 S D
10 year secured 7s
1930 AO
15-year secured 634s
1936 FA
Registered
FA
-year secured gold 5s___1964 MN
40
Pa Co gu 3350 coil tr A reir_1937 MS
Guar 3 Ms coil trust set 13_1941 FA
Guar 3350 trust Ws C.._1942 S D
Guar 3 Ms trust elf* D._ _1044 J
Guar 15
-25-year gold 40_ _1931 A0
Guar 40 ser E trust etfs....1952 MN
Secured gold 4 Us
1003 SIN
Pa 01110 & Dot lot A ref 4.1 14 A'77 AO
Peoria & Eastern lot cons 48.1940 AO
Income 4s
April 1990 Apr.
Peoria & Pekin Un 1st 5340.1974 FA
Pere Marquette let set A 55.1056 J J
lst 4s series 11
1956 S i
1st g 4340 series C
1980 MS
Plias halt & Wash 1st g 4s 1943 MN
General 50 series B
1974 F A
953
0
- 95 Feb'30
923 95
4
9512
9412
9612 11
923 9612
8
4
95
943 971 9418
10
9214 05
9212 Jan'30
9212 9212
1617- 10012 10112 11 9834 10112
10012 Sale 100 10034 109 9712 10634
109
109 Sale 108
26 106 109
8
100
100 Sale 997
38 100 c10112
1003 Sale 109
8
1097 190 10818 1094
8
112 Apr'28
4
I04'2 Sale 10312 1043 182 i02f4 1- - 4
643- -- 84 Aug'29
2
88
9087
8912 83
8
843 -- 833 Sept'29
4
88
1 -£38- - - -843
4
- 83
8
8
993
903 116 9912
4 25
4
987 1(51
8
017
5172 Sale 01
8 22
90
917
8
10112 392
4
1003 Sale 100
97 10012
0812 Sale 9714
9812 30
9412 9812
88
883 9014 87
4
25
84
88
31
357 32 Mar'30
8
31
32
10412 34 101 1041.
10414 --- 10318
,
8
8
1037 S;.le 1037
16 1023 1044
10414
4
4
9212 Sale 913
9212 18
9012 9212
997 1173
983 Sale
4
9818 997
8
998311'
933
978
9312 9312
8_ - 9334 Jan'30
4
1074 10312 1053 Jan'30
1063 1063
4
4
793 Sale
4
1
793
4
Nov'28
Jan'30
Feb'30
32
93
105
9
10514
5
9314 61
Feb'30
924
100
Dec'29 _
10314 43
10514 38
10114 55
9
100
77
80
1E15 1- 6699
91
10418
1037
8
883
4
GO
9214
973
4
99
93
105
10514
9314
6212
9512
100
165- 164
. - -12
10314 107
993 102
4
95 100
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 21.
z
Price
Friday,
Mar. 21.
Week's
Range or
Last Sale.
-
St Louis Sou 1st gu g 43
1931 hI S
St L S W let g 4s bond ctfs_1989 131 N
20 g 4s inc. bond ctis Nov 1989 J J
Consol gold 40
1932 J
let terminal & unifying 55_1952 is
St Paul & K C Sh List 4340_1941 FA
3
St Paul & Duluth lst 5s
1931 1 A
let consol gold 45
1968 J D
St Paul E Gr Trk 1st 43.40..1947 J J
St Paul Minn & Man con 40_1933 S i
let consol g Os
1933 S i
S i
Registered
60 reduced to gold 4350_1933 J J
J J
Registered
Mont ext lot gold 40
1937 3D
Pacific ext guar 4s (sterling)'40 S i
St Paul Un Dep let & ref 50_1972 J J
S A & Ar Pass 1st gu g 4s
1943 ii
Santa Fe Pres & Phen lot 58_1942 SI S
Say Fla & West 151 g 65
1934 AG
let gold 5s
1934 AG
Scioto VANE 1st gu g 45
-1989 SI N
Seaboard Air Line lot g 4s 1950 AG
Gold 4s stamped
1950 AG
Adjustment 55
Oct 1949 • A
Refunding 4s
1959 AO
1st & cons (to series A
1945 Ai S
M S
Tteastered
Atl & Blrm 30-yr 1st g 4,1_41933 MS
F A
Seaboard All Fla let gu 6s A_1935
•A
Series B
1935
Seaboard & Roan 1st 55extd 1031 S i
1936 11; A
SANAlacensgugSs
Gen cons guar 50-yr 50___ _1963 A0
Bid
Ask Low
High No
9612 Sale 9612
0612 10
8914 Sale 88
8912 16
81 Sale 80
8112 14
9914 Sale 983
8
50
100
100 Sale 9914
80
100
9712 Sale 9614
9712 51
10018 Feb'30
1004
9112 dtife- 9112 9112
9214 _ 9718 Jan 23
9758 - - 974 Feb'30
9818
1037 105 1033 Mar'30
8
8
10018 Dec'29
lob fiZe 994 100
975
4
- 98 Feb'30 - 92 62iie 92
1
92
9112 92 89 4 Mar'30 -3
10613 -- 10514 Mar'30 - - - 9312 Sale 93
9414 41
100
100 Feb'30 ---10318 -- 103 Mar'30 -1004 -- 903 Jan'39 -4
923 Sale 924
8
94
15
7012 80
603 Feb'30 -8
6618 Sale 8618
70
65
5514 60
55
6034 26
603 Sale 5812
4
6018
16
7812 Sale 744
79
487
75 klar'29 _
_
88 Sale 88
88
2
69 Sale 65
70
25
6512
68
70 64
4
9812 Sale 9812
9812
1
1004 -1003 Mar'30
4
1074 ---- 10712 Mar'30
So Pac coil 40(Cent Pao coll) 1949 S D
ii)
Registered
let 4340(Oregon Lines) A_1977 MS
20
-year cony 5s
1934 J D
Gold 434s
1968 MS
Gold 435s
May 1 1969 MN
San Fran Term let 49._ -1959 AG
AG
Registered
So Par of Cal 1st con gu g 53_1937 MN
So Pac Coast 1st gu g 45----193 J J
7
So Pee RR 1st ref 4s
1955 J J
J
Registered
Southern fly let cons g 5s-1994 J J
J J
Registered
Devel & cents series A___1956 AO
AG
Registered
Bevel & gen 6.0
1956 AG
AG
Develop & gen 6340
1956
Stem Div lot g Ss
1996 S i
St Louis Div let g 40
1951 J J
East Tenn reorg lien g 5s 1938 ki S
Mob & Ohio coll It 4,0
1938 MS
9218 Sale 913
8
9218
7
863
8
-. 88 Dec'29
994
9914
10112 Sale 10112 102
6
9812 Sale 0712
99
79
1007 Sale 983
8
4 101
507
9112
9212
9212
3
87 Feb'30 _ _
HIT
103
1
103
5512 _- 96 Jan'30
9314 Sale 9318 94 78
91
Jan'30
ii5f2 Sale 10934 111 79
10814
3
10814
92 Sale 91
204
93
_
8714 Sept'28
_
1183 Sale 11834 120 119
12612 Sale 12512 12612 70
109 11012 1064 1(164
1
9114 Sale 91
9114
4
100 ___- 8884 July'28
944
9414
10
Spokane Internal 1st g Se,..1955 J J
Staten Island fly 1st 434s
1943 S D
Sunbury & Lewiston 1st 4,1..1936 S i
Superior Short Line lot Os.
.e1930 33 S
Tenn Cent lot 65.A or B
1947 A0
Term Assn of 5th 1st g 4 Ms- 1939 A0
1st cons gold 5s
1914 FA
Gen refund s f g 43
1953 J
Texarkana & Ft Slat 5340 A 1950 13 A
Tex & N 0 com gold 50
1943 J J
Texas & Pac 1st gold 5s
2000 J I)
20 Inc50(Mar'28cp on)Dec2000 Mar
Gen & ref Ss series B
1977 AG
Gen A ref 58 series C
1979 AO
La Div
L 1st g 5s
1931 J J
Tex Pac-Mo Pac Ter 5340-1964 SI S
Tol & Ohio Cent lot gu 50._1935 S i
Westeln Div Isle 55
1935 A0
Gen gold 5s
1935 J J
Toledo Peoria & West 1st 43_1917 5 .1
Tol St LA W 50-yr g 4.8
1950 AG
Tol W V & 0 gu 43 A
1031 S i
50
lot guar 435s series B
1933 S i
Phillippine fly 1st 30-yr s f to '37 J J 2912 3012 30
32
16
28
let guar 40 series C
32
1942 M S
Pine Creek reg let Os
8
4
1932 JO 1023 10312 1023 Mar'30
11)2 10238 Toronto Ham & Buff let g 4s 1946 S D
Pitts & W Vs. 1st 414s ser A.1958 J O 934 9512 96 Mar'30
9212 96
lot M 444s series B
9518 20
AG 9518 Sale 9412
92
9518 Ulster & Del let cons g 50_1928 SD
P C C& St L gu 4348 A__ 1959 A0 100 Sale 99
100
15
_RAO
9714 100
Stpd as to Dec '28 A Joe '291nt
Series B 4340 guar
093 Sale 99
4
5
993
4
1942 AG
9612 993
lot cony Sect/sot dep
4
Series C 43 guar
4s
_ _ 9712 Dec'29
1942 M N 964
-6
1st refunding g 48
1952 ;3 Series D to guar
9612 13 -9414 0634 Union Par 1st RR & Id gr 4s_1947 J J
1945 MN 9612 Sale 9612
Series E 335s guar gold
95
3
1
1949 1 A 95 Sale 95
933 95
8
J J
Reg istered
Series 134s guar gold
1953 S D 9514 - -- go% May'29
let lien & ref 4s__ __June 2008 11 S
Series 0 48 guar
94 Nov'29
1957 MN 9412
Gold 43.48
1967
Series H cons guar 42. __ _1960 FA 9412 _- 944 Feb'30
944 944
let lien & ref Is
June 2008 kJ S
Series I cons guar 4 14s
4
3
2
1963 FA 99 4 Sale 993
993
4
97
1968 J 1)
40
-year gold 45
993
4
Series J cons guar 4 1 40...1964 MN 9934 10012 98 Sept'29
_
U NJ RR & Can gen 4.5
1944 M S
General M So series A...1970 J
109
10812 ---- 10814
16
109 - Utah & Nor lot ext 4s
-1933 5 J
Registered
w9
10212 Jun e'29
0
8
3D
Vandalla cons g 4s serifs A _ _1955 F A
Gen mtge guar 50 ser B..1075 AG 165 fig
4 io6T8109
Cons s f 4s series B
1957 MN
Registered
11312 Jan'29
AG
Vera Cruz A P assent 4 Ms..A934
Virginia Slid 55 series F
1931 MS
Pitts McK & Y 1st gu 83_1032 S i 1015
102 Mar'30
8
10112 102
General 5s
1036 MN
20 guar Os
8
1033 July'28
1934 J J
Va & Southw'n 1st gu 50
2003 J J
Pitts Sli & L E lot g 50„....1940 AO 1003
4
- 100 Dec'29
1st cons 50
-year 50
1958 AG
let consol gold 50
10014 Aug'29
1943 S i 102
Virginian Ity 1st 55 series A.1962 16 N
Pitts Vie A Char lot 4s
923 Mar'30
4
1943 MN 86
0234 92'i Wabash RR 1st gold 55
1939 MN
Pitts Y & Ash Bit 4s set A 1948 JO 923
9112 Jan'30
4
9112 9112
2d gold 5s
1939 P A
1st gen 511 series II
105
4 10214 105
8
1962 FA 1047 Sale 10478
Ref & gen sf5 Ms ser A _ _ _1975 M
1st gen 5s series C
1974 • D 103
_--Debenture 13 60 registered.1039 S i
Provident* Seour deb 4s-- -19 MN
75 Fc1) 1315
- 11st lien 50-yr g term 43.,. _1954 J J
57
ProvIdenee Term 1st to. .1956 MS 8514 -- 86 Mar'30
86
Bet & Chic ext lot 55
86
1941 J J
Reading Co Jersey Can coil 45 '51 AO 933 Sale 924
933
4
9
4
91
Des Moines Div 1st g 40_ _1939 J J
Registered
9414 July'28
AO
Omaha Div 1st g 3340....1941 AO
Gen & ref 4 Ode aeries A. __1997 J J 10012 Sale 100
93714
101
67
Tol dr Chic Div g 44
101
1041 M
Rensselaer & Saratoga 60...1941 MN 1054
- 10018 Mar'2I
Wabash Ry ref & gen 5s B_ _1976 AO
Rich & Meek it g 445. _ _ _ _1948 MN
_ -7 8 7818 May'28
-57
Ref & gen 430 series C.._1978 F A
Richm Term lty let gu 50_1952 J J ioi
- 100 Dec'29
Warren let ref gu g 3 Ms....2090 F A
Rio Grande June 18t gu 58_1939 S O 97 10114 97
97
1
94
Wash Cent 1st gold 48
97
1948 Q 16
Rio Grande Sou 1st gold 45.1940 J .1
114 8
Wash Term let gu 3355
1945 FA
Guar 4s (Jan 1922 coupon) '40 J J
8 l'laY
712 A pr:221
lot 40-year guar 4s
1945 FA
Rio Grande West let gold 48.1939 S i 95 g;.le 937
8
95
31 -51- 95
W Min WAN IV lot gu 5s1930 FA
1st conk coil trust 4s A__1949 AO 883 Sale 85
88% 24
8
8112 884 W Maryland lot g 45
1952 A0
R I Ark & Louis 1st 4148_1934 MS
8
9912 82
9812 Sale 983
953 9912
4
let & ref 505 series A
1977 S i
Rut-Canada let gu g 45,___1949 J J
78 Mar'30
81
75
75
\Vest N Y & Pa ist g 50-1937 J J
78
Rutland lot con g 434s
0012
1941 J J 904
9012
86
Gen gold to
9112
1943 AO
Western Pac 1st scr A 50-1946 M
St Jos & Grand 181 1st 4.0___1947 J J 88
8518 Mar'30
89
85
86!, Registered
MS
St Laws & Atilt let g 50____1996 J J
963 Nov'29
4
_ West Shore lot 4.s guar
2361 J J
20 gold Os
10112 Feb'30
1996 AO 101
iOi 16112 Registered
2361 .15
St LA Cairo guar g 4.1
2
1931 J J 5512-- 9914
9914
983 9912 Wheeling & Lake 1 le4
,
5th Ir Mt & S gen oon g 5a_1031 AO moss
8
1003
4 51 100 1003
gale 1003
1930 FA
Ext'n A impt gold 5s
4
Stamped guar 5.0
4
1931 AO 1003 1003 1013 Dec'28
8
4
Refunding 414s series A..1966 MS
Sly A
Div let g 4o _1933 MN 984 Sale 9712
9812 140 -9534
1966 MS
Refunding .5s series B
St L M Bridge Ter gu g 5s...A930 AO 997 101
9978
997
8
8
5
997 10018
8
1949 33 S
RR lot consol 45
St L-San Fran pr Ilan 4o A 1950 MS 924 Sale 91
927 162
8
8712 927 Wilk & East 1st gu g be
1942 J D
8
Can M 44s series A
953 1663
4
1978 MS 9412 Sale 9312
8812 953 Will & S F lot gold 5s
1938 J
4
Pr1^- 11sn fis series 11
8
1954) J J 1033 Sale 10212 104
49 100 104
Winston-Salem S 11 181 4s.„1960 S i
)404 San Fr Ity gen 60_1931 J J 1014 - -- 1014
1014
3 10018 1013 M is Cent 50-yr let gen 40
8
1949 is
Chios,ai gold be
1931 J J 10012 Sale 10012
10012 13 100 10112
Sup & Dui dB/ & term 1st 4.1'36 M N
St L Peor & NW let au 50_1948 S i 1023 104 10214
4
3 10214 10214 Wor & Conn East 1M 43.4e.1943 S J
10214
cCash sale. 6 Due May. S Due August, 4 Due June.
1995
100 ich
72
72
5
72
85 Feb'30
9012 -- 95 Apr'28
99 klar'29
997
8
99
2
9914
4
9818
984
4 12
- -- 10212 1023
10249118 9218 91
91 12 77
106 10614 1051
4 1053
8
4
98
98 Dec'29
11018 111 1093
4
35
110
_
95 klar'29
115234 E3.;le 1023
4
1033
4 38
103 Sale 1023
4
f0412 137
1003 101 1003
8
8
2
1003
8
106 107 106
106
-- 100 Feb'30
10014
100 101 10038 Feb'30
9934 lool4 99 100
2
12 Sept'29
0238
92
92
11
991
4
9812 Jan'30
99 foo
9914 Mar'30
9212
9212 Mar'30
8018 VO
8814
8814
Sale
Range
Since
Jan. 1.
Low
HOD
944 9612
85
8912
767 8112
8
9714 110
96 100
9418 c98
10018 1004
9112 9112
-55
103
9714
1033
8
-1 8i8
)
98
92
893
.4
1047
8
905
8
9912
103
99414
31414
60s
65
54
52
65
166'
- 98
94 8
6
9912
1053
2
9414
100
1C3
9954
94
66
7018
60 4
3
6012
79
8412 88
72
61
72
62
94
98,2
1003 10014
4
1053 10712
8
8918 9238
9434 for
100 102
93 4 99
8
9614 101
9252
89
87
87
100 103
96
96
91
94
91
1)1
10614 111
106 10814
8312 93
115/8 1107.
122 12612 .
10612 107
8718 9114
-1101s 944
72
68
8212 861
:
-9713 991
97
9818
c91113 1023
4
4
8714 9112
10412 10613
ia6i2 ficr
-6a-i4 104
-- 984 10412
993 101
8
1041 1063
:
4
9912 103
98 100%
9718 100
--
89
06
90
90
79
8412 82
82
753 8712 74 Nov'29
4
5018 Sale 5018
55
953 Sale 9512
4
963
8
92 Sale 92
92
9118 Sale 92
93
993 Sale 9812
8
99 4
3
1093 11012 1093
4
8 110
91 Sale 8912
91
934 Feb'30
9612
96 Nov'29
93
93
8212 May'29
812
83
3
Bale
101 tide- 101
101
101 10112 1004 Mar'30
99 100
99
99
8812 95
9212
91
106 Sale 10512 107
103 Sale lfr23 c10314
8
1013 Sale 10134
4
102
10514 Sale 10412 10512
10214 Sale 984 May'29
8412 87
86 Jan'30
100 103 100 Feb'30
883 93 87 Nov'29
8
36 Sale 854
86
894-90 Mar'30
10214 10272 1007
-8
10214
94% Sale 9212
9512
7112 8012 7212 Feb'30
8512 93
87
87
8612
853 Mar'30
8
9114
841.
8412
993 100
4
993 Jan'30
4
84 Sale 823
4
84
1007 Sale 98
8
1007
8
102
__ _ 10012 102
91
_ 9112
9212
983 Eikile 98
8
983
0
97 Feb'30
9012 Sale 883
4
91
887
8
89
92
-7034
83
89
84
9912
91,18
101
803
4
Sale 6912
98
82
Sale 823
0
Sale 8818
937 79
8
Sale
Nov'29
9218
101
893
4
71
Nov'29
Nov'29
83
90
Oct'29
91
9812
984
9212
88
92
9813
991
4
9212
8814
79
81
90
8714
-O5933
2
9114
88%
96
10612
8714
934
05
963
8
93
93
99 4
,
110
91
94
1
03
- 19
18
10
714
9818
100
95
8478
1024
101
994
1013
4
_
9
101
1003
4
99
9212
107
10314
102
10512
84
100
80
100
5
139
1
143
60
14
103
5
22
69
04
4
22
4
172
522
1
2
133
237
5
3
152
50
5
--81i4 86
884 90
974 10214
883 9512
4
7212 7212
833 90
8
8414 86
834 91)
993 994
4
4
84
81
944 1007
s
98 102
8818 9212
9712 99
97
97
8534 91
854 89
-
s -50- - -272
5
9834 lot
8814 804
624 71
10
4
7
24
32
70 SS
888 91%
4
1996
!New York Bond Record-Continued-Page 5
BONDS
N. V. STOCK EXCHANGE
Week Ended March 21.
Price
Friday.
Mar. 21.
Week's
Range or
Last Sale.
•
04Q
•
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 21,
Price
Friday.
Mar, 21.
•
RWe
anosr
g:
Last Sale,
Rang
Since
Jan. 1.
Bid
Ask Low
High Na Low
INDUSTRIALS
MOO
High No Low
Ask Low
Hige
Bid
1013
4 15 10014 1025
82
14 88% Detroit Edison 1st coll tr 56_1933 J J 101 10112 101
AbitibiPow &Pap let 5s----1953 3 D 8712 Sale 84
883 203
8
s
1st & ref 58 series A_July 1940 M S 10234 -__ 10234 10312 12 101 10312
Abraham & Straus deb b Hs1943
A 0 10112 Sale 9812 10112 44
Gen & ref 58 series A
1949 A 0 10414 Sale 10334 10414 60 10134610414
97 10112
With warrants
34
1st dr ref 136 series B_ _July 1940 M S 10714 Sale 10634
96 100
Sale 9612 100
10714 37 10512 10714
Adriatic Eleo Co extl 7s
100
25
87
Gen & ref 58 series B
1955 J D 10414 __ 10334 104
82
87
1958 A C
S
Adams Expresscoll tr g 4s-_1942 M ' 87 Sale 8414
2
0 102 104
F A 10418 ____ 10318 Mar'30 ---- 1028* 10312
30
Series C
45% 80
80
Ajax Rubber letlS-yret8s_1938 3 11 75 Sale 48
812 9
Bet United let cone g 4318_ 1932 J J 96
97 9618
1962
969*
9 Mar'30 ---514 9
2 98
Alaska Gold M deb 6s A _ _ _ _ 1925 51
98
987 327
1940 PA N 9812 Sale 95
514 5% Dodge Bros deb 1321
Cony deb 613 series B
1926 M
514 Feb'30
514 10
9212 957
9212 Dold (Jacob)Pack 1st68_ _1942 M N 6912 70
69
85
70
9
9212
Albany Pefor Wrap Pap 68..1948 A 0 9212 95 90
4
67
70
S
201
10012 Mar'30
Dominion Iron & Steel 58_ _ 1939
99 104
- 10012 10012
Alleghany Corp col tr 56.-1944 F A 104 Sale 10112 104
J J 103 Sale 103
99 10412 Donner Steel let ref 78
103
90 A D
Coll & cony 56
5 10112 103
1949 3 0 104 Sale 10112 10412 295
PA N 10514 Sale 10498
974 994 Duke-Price Pow lot(is sr A.19 6
Coll & cony 58
108
1962
4
9818 Sale 973
112 10313 106
4
994 966
99% 10114 Duquesne Light 1st 4 W. A..1967 A 0 9934 10014 9938 100
.1937 M N 100 4 Sale 100 4 10114 53
3
Allis-Chalmers Mfg deb 5s.
222
3
984 100
46
86
91
9814 East Cuba Bug 15-yr 8 f g 7%8 3 M S 86 Sale 83
66 286
9814 Sale 9712
3
9814
Alpine-Montan Steel let 7s_ .1955 M
'7
A 10414 Sale 1031
4
963
Am Agric Chem 1st ref s f 7 Hs'41 F
4
8 1043
4 35 1021261043 Ed El III Mtn] 1st con g 48
e
- 935 .1 J 0614 9712 9612
1099
943* 9634
J J 10912 111 109
8418 10
109
75
8418 Ed Elec Ill lot cons g
10 109 109
Amer Beet Sug eon v deb 8s_ _1935 F A 84 Sale 8334
Edith Rockefeller McCormick
97 101
38
101
American Cbain deb f 6s._ _1938 A 0 101 Sale 10014
Trust coil tr 6% notes._ _1934 J 1 10112 Sale 101
99 1003
4
1931 M
100 4 Sale 10018
3
10112 18 100 8 1013
5
1003
4
Am Cot Oft debenture 5s
3
4
11
2A 4
97
39
_195 j 0 10012 Sale 9814 10012 85 98 100% Elec Pow Corp(Germany)8545'50 5 S 97 Sale 9534
1 43 54 E
Am Cynamld deb 58
894 97
20
2
94
94
813% 8914 Elk Horn Coal 1st & ref 610 1931 ID 96 100
89
89 Sale 88
Amer Icesf deb 5s
82
94
84 66 Jan'30
(Deb 7% notes(with warr)1931 J D 70
10712 Sale 10412 10814 281 100 10814
Amer JO Chem cony 5319- 1949
68
88
509
100
Equit Gas Light lot con 5s_ _1932 M S 99.14 ____ 100
93 131
4 101
4
1003 Sale 993
Amer Internal Corp cony 534s'49 11
1 100 100
1939 A 0 104 Sale 104
5 1033 105% Ernesto Breda Co 1st m 78_ _1954
4
104
Am Mach & Fdy f 68
PA 81 Sale 763
With stk purch warrants
81
55 .7544 81
70 8912
8912 126
Am Nat Gas 6 Ha (with war)1942 A 0 8712 Sale 8278
99186102
Federal Light & Tr 1st
_ 1942 IN 8 9712 Sale 9818
9714 47
1010
8 36
Am Elm & R 1st 30-yr 5s ser A '47 A 0 101% Sale 101
94
97 4
,
S 9712 9883 9618
let lien of 56 stamped
9712 2
.1942
7
4 10414 27 103 105%
104 Sale 1033
Amer Sugar Ref 15-Yr 611----1937 3
9412 9712
M S 103 10312 10112 102
15
let lien (3sstamped
943 98
8
97
3 10038 10212
8
97 Sale 957
_1936 511
Am Telep & Teleg cony
99% 105
J D 9712 981 9812
30
97
-year deb Os series B .-.1954
1
101 105 10112 101'Z
10
1942
1933 M
30
-year cony 4349
9218 97
14 100 102
101
1939 .1 13 9912 100 .100
8
10412 Sale 104
1048 78 103 1047 Federated Metals s 1 78
1946
80
-year coil tr 58
J D
107
Fiat deb 78(with warr)
1946 J .1 106 Sale 1035
103 103
- 103 Feb'3
22 103% 107
Registered
933 Sale 9218
8
282 1064 105
go
935, 102
9532
Without stock purch warrants.
104% Sale 103% 105
• 1960 J
315-yr 51 deb 59
8518 22
85 Sale 84
233 104 4 108
Fisk Rubber lets f 38
3
1943 33 N 10714 Sale 1064 108
20
-year of 534s
89
78
8
108
Framerlean Ind Dev 20-yr 7H5'4 1 .1 J 1083 Sale 108
79 10312 109
1942
1863 Sale 1563
4
1939 J
4 168 4469 13714 183
Cony deb 434s
nog F A 104% Sale 1033
96 95 Mar'30 - N 95
967 10018 105
Francisco Sugar lstsl7l48..1942
4 105
85-yr deb Be
95
97
Sale 102 8 10314 41 102 4 104
18
e
318
8
9
4
10512 Sale 10418 10512 21 103 1053 French Nat Mall SS Lines 761949
Am Type Found deb&
83
6
F A
9912 101% Gannett Co deb 88
1948 'I D 18693'2
4 96
44
193 A
Am Wat Wks& El col tr 56_1 9 0 A 0 10114 Sale 10012 1015
8914
D 102
8
__- 997 Feb'30 ---26 10414 108
1
Gas & El of Berg Co cons g 55 1949
10718 Sale 10712 108
Deb g(is series A
1975 M
997 99
12
41
91
Gent Amer Investors deb 155 .1952 F A 901 Sale 85
69
83
83
10473
36
AmWrltPaplstg6s
82 91
83 Sale 8112
8312 95
18
4
103
.1 1023 Sale 103
40
Gen Cable 1st f 5Hs A _ _ _1947
95
3
Angio-Chilean s f deb 75... _ _1945 M N 95 Sale 93 8
6
4
3
3: 10 %
1
94
49
50 Sale 50
Gen Electric deb g 3)4s
55
55
1942 F A 94 943 94
8
Antilla(Comp Azue)7Hs _ _1939
30
104
Gen Elec(Germany) Jan 18'45 J J 103 Sale 103
98 100
14
9918 _-- 100 Feb'30
9914 10412
Ark & Mem Bridge dc Ter 56_1984 M
75
4 1183
4
St deb 6348 with warr__ _ _ 1940 J D 11412 11884 1163
874 9112
90 4 Sale 89
3
2 109 124
6
9112 12
Armour & Co 1st 4Ha
23
101
9312 101
8612 87
86 Sale 82
Without warets attach'd_ 1940 J D 10014 Sale 99
Armour dr Co of Del 534s
81% 8612
1943111
7 Sale 9614
1 102 10312
9714 170
20
103
103 Sale 103
-year s f deb 6a
1948 Si N 96
Associated 0118% gold notes 1935 M
9218 9714
10438 122 1004 10434
F A 10314 Sale 103
4
10218
_ 10134 Jan'30 -- 1013 1013 Gen Mot Acceptdeb es
4
Atlanta Gas L 1st 58
102
63
Genl Petrol lot f 3s
1238 May'28 _ 1940 F A 102 Sale 10114
93
7
Atlantic Fruit 75 We deg- _ 1947 j
934 J
997 102
I D
102
101 Sale 9814
64
1
Gen Pub Berl/ deb 531s
8
_-- 123 May'29 --6
9312 102
Stamped ale of deposit
1939 J
734 80
8
1057
80
8 57 101 10553
Gen't Steel Cast 5345 with war '49 J J 105 Sale 104
16
All Gulf & W I SS L col tr Is 1959 1 3 787 Bale 777
9712 43 9212 97%
4
37 100 102
1013 102 10112 102
4
Good Hope Steel & I see 76...1945 A 0 063 9712 941
Atlantic Refg deb 56
1937 J
.
10712 .
Baldw Loco Works let 5e_ _1949 MN 107 Sale 10612 107
Goodrich (It F)Co 1st6Hs _ _ 1947 J J 10718 Sale 107
8 105 107
36 105 10712
96
05
6
8514 91
4
90 96
Goodyear Tire & Rub 1st 56_1957 Si N 955, Sale 94
1937 1 3 8314 863 8514 Mar'30
Baragua(Comp Az) 7 Hs
9378 20
D 0514 101
937
8
94 Sale 94
Batav1an Pete gen deb 4Hs.... 1942
92% 9512 Gotham Silk Hosiery deb 66.1936
9512 157
7413 74
84
21
83 Sale 75
5
74
Belding-Hemingway 68
89
67
67
94'2
84
Gould Coupler lots les
75
1936
1 71
1940 F A
47
101
4
10418 Sale 10318
CR Cons El Power(Japan)781944 F A 101 Sale 993
10418 18 102 106
BollTelepotpa5sseriesB 1948
9714 101
8
98
60
lst & ref 3s series C
9118 98
05
5 0814
lat&genef 8Ha
4 10818 35 153 3 19718
1950 J J 977 Sale 9514
3451951 1 O 10818 Sale 1083
1960 A D
9914 130
9718 132
9718 Sale 9312
Gulf States Steel deb 5Hs_ _194'2 J D 9914 Sale 9818
Berlin City Elec Co deb 6
6 14
9
%
ta
1
87
1959 F A 94 Sale 9314
200
95
Deb sink fund 6346
843 95
4
Hackensack Water let 4s. .1952 J J 874 89 87
4
7
Berlin Elec El & Undg 6 Hs_ _1958 A 0 943 Sale 92 k
813
943 Bergin Mining Os with elk purch
4
943
4 9
9
9312 52
571 94
N 1013 Sale 1013
1 .1 93 Sale 9212
4 10112 104
Beth Steel 1st & ref 58 QUM A '42 IIII
4
war for corn stock or Am she'49
4 10314
221
4
92
4
Hansa SS Lines(1s with warr_1939 A 0 913 Sale 893
81
4
92
87
993 104
4
4 102
30-yrpm&impel58_1936 1 3 1013 Sale 1003
9612 Aug'29
6
91
Bing & Blue deb °Hs
Hartford St Ry let 48
8814 91
1930 M 5 9012 91
1950 M S 90 Sale 89
8312 Sale 8312
40
11
42
Botany Cons Mills6 Sis
8312 56 .2 11111
40
40
41
i2
1
9
Havana Elec conaol g 5e
1952 F
47
2 6514 5711
6212
63
6614 6212
13 131 105
Bow man-hilt Hotels 78
86
105
J , 104 1043 104
A 731
2
05
4412
8
7
Deb 51.46 series of 1928-1951 M
85
39 Sale 387
Hoe (11)& Co 1st8 Hs ser A_1934 A 0 85 Sale 8412
B'way & 7th Av 1st cons 33_1 43
8
40 4 15
3
5
89 813
4
86 84 Mar'30 -Brooklyn City RR 1st 39 _ _ _ _1941 1 3 84
8012 924
8134
Holland-Amer Line 6s(flat)_1947 Si N 82
82
12 86
88
73
Bklyn Edison Inc gen 5s A _ 1949 J J 10414 10518 1044 105
10 1034 10514 Hudson Coal 1st s f ser A.1962 .1 D 727 Sale 72
73
103 Mar'30
10014 Sale 9914
9412 101
Bklyn-Man R Tote Os
Hudson Co Gas lot g 58 530_ 1930 M N 103
101 1138
4
1011 104 4
6: ,
573
92
10212 Sale 10218 10212 124
J
Bklyn Qu Co & Sub con gtd 5V1 2 MN 714 73 71 Feb'30 11
r eb 0 1 1
71
16
7514 Hur b1:0 15 Refining
10114 105
4
A 0 1003 Sale 100
3
let 58 stamped
1941 J J 75 4 92 8312 Dec'29
Brooklyn It Tr 1st cony g 48_2002 J J
42 199931 4 102114
Illinois Bell Telephone 5/3_ _ 193 J D 105 Sale 10414 105
9212 June'29
.. 1103
5
6
7
005
3
A 0 99 4 Sale 99
100
_
8-yr 7%s ecured notes _l921 J J 108- 2:: 10814 Nov'29
1i
97 102
Illinois Steel deb 4 Hs
84
1960 F A 883 Bale 883
92
4
4
Stipa Un El lst g 4-56
84
883 Ilseder Steel Corp mtge 88_ _ _ 19 0 F A 913 Sale 9014
4
948
4
4
883
4
7
1930 F A 884 Sale 8434
887
8 23
Stamped guar 4-5s
85
88% Indiana Limestone Ist s f 68_1941
r5
74 0 '2
'2 72
M N 100 101 1 0 Ma7 30
N 72
3
Bklyn Un Gas lat conga Se_ _1945 111 N 1053 108 10612 Mar'30 ---- 104% 10612 Ind Nat Gas & 01158
7252
16082 101
8 0
954 223
1 114 117
114
1stlien & ref69series A _ _1947 MN 11418
Inland Steel let 4 Hs
- 114
193 A 0 951 Sale 94
97
6
8
8
S 1007 Sale 10012 1007
Cony deb g 5H8
3 1100 8 10512
8
255 Oct'29 - 1936
Inspiration Con Copper 8Hs 1931
91
91
912 Feb'30 -.22
912 912
,
912 20
A 0
Buff& Susq Iron 1st f 822. _ _ 1932 J D 94% _ - 96 Jan'30 - 96 ler Interboro Metrop 4 34s
74 Sale 663
7412
8714 90 Interboro Rap Tran 1st 56_1 9 6 I
90 - - 90 Mar'30 --Bush Terminal 1st 48 _
4
93
6
6112 7412
1956
2
99
Consol 5s
94 99
'
s
15 1 ?) 9712 983 98
1 2 1
4
7412 023
.1 3 73 Sale 663
6112 7411
65
Bush Term Ridge 56 gu tax-ex'60 A 0 102 Sale 10114 10214 32
85
6124lu i'e4
3
Beglstered
99 102%
6034 65
128
By-Prod Coke 1st 5348 A _ _1945 MN 10214 10212 10214 10214
85
-3;CO 65 16 8 54
10
3 10014 10214
-year 6s
o5
9412 119
9412 Sale 90
100% 102%
Cal &E Corp waif& ref 53_1937 MN 10112 Sale 10112 10112
84 94
51
932
10
-year cony 7% notes_ _ 193 M
512
997
Cal Petroleum cony deb of 521939 F A 99 Sale 98
40
95
99% lot Aerie Corp lot 20-yr 56_ _1932 M N 95 Sale 95
2
94
934 95
9812 102
Cony deb a f g 5Hs
24
101 Bale 101
733 Mar'30
4
102
Stamped extended to 1942_ -- M N 747 79
7214 74 4
3
1
60
Camaguey Bug Ist6 f g 78.._ 19 A O 58
58
38
58
130 ItCementcony deb Is. _.1948 M N 10014 Sale 968
58
42 M N
2 ‘ 91 101
.5
_
101
Canada SS L 1st & gen 8s_ _1941 A 0 98 Sala 9818
4
48
947 97 Internal Matcher deb 56 _ _194 7 M N 993 Sale 9912 10012 017
8
97
97 10012
Cent Dist Tel 1st 30-yr 56_ _ _1943 I D 10318 104 10312 10312
3
3 10218 104 Inter Mercan Marine a f (3s_ _ 1941 A 0 100 Sale 99
981 1008*
4
10034 31
Cent Foundry lets f 138 May 1931 F A 7912 80 80 Jan'30
924 28
83 9218
terna t
80
8112 Innef et Papera nri68 ser A & B _1947 J J 9112 917 90
r 58 A
Cent Hud G dr E 56
104 105 10212 Feb'30
10214 102k
923
8 61
Jan 1957 M
85
925,
1955 M S 92 Sale 9012
15 121 125
Central Steel 1st got
m
93
125
_ _1941 MN 125 Sale 124
84
1 5
89% 94
deb g 4145 1952 J J 92 Sale 91
1183 Sale 11618 1173 1188 116 128
4
Certain-teed Prod 530 _ _ _ 1948 M S 58 Sale 51
4
51 (31
1939 J
5914 121
2
70
73
74
73
73
Ceepedea Sugar Co 1st f 730'39 M
4
9918 1298
7814
9814 9918
111999555725 F A 989* Sale 963
8 103 105
M 5 10414 Sale 10414 10412
5312 5312
Chic City dr Conn R3850Jan 1927 A 0 547
- - 5312 Mar'30
,
osewritsLBt
Ch G L & Coke lingo gl5s_ _1937 J J 10112 102 101 Mar'30
1na ifold 4 14s
100 102 Ka Me eitY P
J J 085, - - 9512 Feb'30 ---9512 954
59
Chicago Rya 1st 56 stamped
3
S 105 4 Sale 1055, 106
20 104 1064
)i568......1952
trec
K arstadDas a ollp2
M N 83 Sale 79
89
80 Kamas t(RudE eh
Aug 1 1929Int 10% paid _ _1927 F A 78% Sale 7712
7914 11
83
7 106
8912 83 8
7
94% 9814 Keith(B F)Corp 1st68
Chile Copper Co deb 5s
IN 8 874 89
74
91
3
90
90
1947 J J 9712 Sale 9812
9814 471
1988 A 0 9014 Sale 89%
8134 90% Kendall Co &Hs with warr_ _199463 M S 92 Sale 91
Citz G dzE lamb]A
90% 87
928
89
929* 19
119448
78 Mar'30 ---80
83 63
75 78
Clearfield Bit Coal lot 49_
1940 J 1 84% 77 63 Jan'30
Key8tone Telep Co 1st 58_ _1935 J J 75
106
83 Bale 80
71
83
Colon 011 cony deb (is
87% Kings County El & P g &L.-1937 A 0 10118 10212 1024 Feb'30 - - 10014 10214
1938
9514 97
97 Feb'30
95
9818
ColoF&ICogen a f 513
1997 A 0 125 127 128 Feb'30 -- 125 1283*
Purchase money 88
9
9
80
80
924 96
96
Col Indus 1st & coil Is gu_ _ 1934 F A 954 Sale 9512
7512 80
KInta m ped tuarltl lstg 4s _ _11349 F A 7912 86
s gs Coung y E ev
12
81
1017
8 84
751a 81
F A 81 Sale 7712
Ms 1017
8
Columbia G & E deb 55 May 1952 MN 10112 Sale 101
1 10012 104
104
104
gs County Lighting 58 _1949.1
98%61013 Kinirnt
8
101% 32
. Debentures 56._ _ _Apr 15 1952 A 0 10112 Sale 101
954
1 11412 11814
3
95 4 98 95 4 Feb'30
3
95
1154
95%
Columbus Gas 1st gold 5s _ _ _ 1932
1964 J J 11514 Bale 115%
49
8
96
96
90
Columbus Ry P & L 1st 4Hs 1957 J J 95 Sale 94
14
Kinney(OR)dr Co734% notes'36 J D 1017 104 101% Mar'30 - -- 101 103
10412 13 10214 105
17
9918
993 97
933 9918 Kresge Found'n coil ti 6s._ 1936 J D 10412 Sale 104
4
4
Commercial Credits f 88- _ _ 1934 MN 99
100 1109
14
99
85 99
19351 I 97 Sale 97
92 100
Col tr s f 5Hs notes
Kreuger & Toll 56 with war _1959 M S 9918 Sale 987
973 Sale 94
4
88
98 4 Lackawanna Steel 1st 56 A_ _1950 Si S 10214 Sale 10112 1024 29 100 10211
,
9814 105
Comm'lInveat Tr deb 621- _.1948 M
9712 612
10214
1949 F A 974 Sale 93
1
83 9712 Lad Gas of St L refdrext Fa .1934 A 0 10214 Sale 10214
Cony deb 5W
99 1024
8
4
10312 29 1001 104.2
1 1034 10518
Col & ref 534e series C _ _1953 F A 10318 Sale 103
10518
Computing-Tab-Rec ef 6s..1041 1 .1 10518 - 10518
96 Sale 9512
954 9512 Lautaro Nitrate Co cony 66.1954
9512 16
Conn Ry & L 1st & ref g 4 H81951
85
128
4
9
74
J I 843 Sale 829*
9312 9812
95 12
85
S 95% 9612 95
Without warrants
tamped guar 4 H8
944 98
1
98
7613 90
212
8
Lehigh C & Nav s f 4 He A _1954 .1 J 98 Sale 9712
90
Consol Agricul Loan 834c 1958
1951
g 897 Sale 88
8
8 994 10012
Lehigh Valley Coal bit g 56..1933 J J 1003 sale 10014 10012
Consolidated Hydro-Elee Works
96
947
Oct'29 -- 89 . 94%
34
94% Sale 9334
6 ryrgiilnt red to 4% _ 1933 j j 9512
4!)- ef a tu
of Upper Wuertemberg 76_1956
0
100 181 Dec'29 _
_ioit
55% 63
lot
31
59
Cons Coal of MS Ist&ref
11995434 F A
19501 0 5712 Sale 557
2
81
1st & ref 6 f 56
4 10612 228 105 10612
1944 F A
Consol Gas
(N Y)deb 5348_1945 F A 101314 Sale 1053
73 Mar'30
7314 82
9812 101
10012 _ _ 10012 10012
2
F A
1st dr ref 6 f As
7212 74
Consumers Gas of Chic go Si 1936
72 Feb'30
F A ---- 72
- -4
1st A ret t 58
4 10214 103%
10314
Consumers Power let 59_ _ _1952 M N 10318 1033 103
704 761
4
9313
70 Feb'30
9312 Sale 92
F A ____ 70
6
70
1st & ref 6 f 511
8918 9312
78
Container Corp 1st 68
19483
0
77
83 4 Liggett &Myers Tobacco 71_19784 A 0 120 Sale 11914
3
8312
3
1171a 12014
I5-yr deb &with wars'
120 i
199444
113 8312 Bale 83
3185
F A 103 Sale 102%
913 97
4
20
91 4 103
58
98
96 Sale 954
13
Copenhagen Telep 58 Feb 15 1954 F A
121
118 10111 122
9712 102
Corn Prod Refg 1st 25-yr of 58'34 111 N 1007 10214 100 4 Mar' 0 -Loew's Inc deb es with warr_19 1 A 0 121 Sale 117
8
5
3
194
3
4
1008 345
94
912 100 4
4
99
Crown Cork & Seal s!Os _ _ _.1947 J D 984 Sale 915
9818 23
Without stocks purch warrants A 0 10012 Sale 983
3
D 984 Sale 9612
9912 102
989* 25
8
93
Lombard Elec 1st is with war '52
Ors
J 1014 Sale 100 * 10114 22
Crown-Williamette Pap (is. _ 1951
354 4118
983
4
2
Cuba Cane Sugar cony 7s_ .19303
7
.1 D 977 Sale 9712
41
Without warrants
37
50 407
98
98 4
3
.
8 11012 29 1044 11012
A 0 110 Sale 1097
384 4312 1.0rieb rd( ('o 78
1
40
Cony debea stamped 8%.1930JJ 4018 41
llla5 x5
40
P)
.
7
8912 40
9912 10014
F A 8814 Sale 87
85
Cuban Am Sugar 1st coll 88_1931 IN El 10014 Sale 99
10014 16
7834 8912
1
95
Cuban Cane Prod deb Bs_ _ _ _1950
167
343 3
4 8%
84
95
J 1 94 Sale 92%
343 Sale 343
4
4
11
35
32
47
Cuban Dom Bug let 734s_ _1944 M N 35
Louisville Gas & El(Ky) 56 94995471 M N 10212 Sale 1014 10312 35 100 10312
2
3712
38
40
3
132
95
44
95
35
4
2
384
fa
3818 Sale 35
Certificates of deposit
95
Louisville Ry 1st cons 55_
_1930 J J
13 10014610N Lozr f 6 45 Hydro El Pow
Cumb T & T 1st & gen 50. _1937 .1 J 10118 10214 10112 102
e A1 trla
Cuyamel Fruit ist s f es A._.1940 A 0 10318 Sale 103
90% 11
F A 905 Sale 85
1033
4 14 10214 104
80
909*
9912 19
M eCrery Stores Corp deb 548 44 J D 9912 Sale 9812
Denver Cow)Tramw 1st 58 1933 A 0
_
_ 76 Dec'29
9612 9912
19 1
'
77
17
Den Gas E L tat dr ref f 956'51 MN 1.64 Sale 10034
87
88
101% 18 -a nil% Mane'Sugar let 6 f 754o.1942 A 0 7512 Sale 75
984 10112 Nanhat Ry(N Y)cons g 4s. 1990 A 0 59 Sale 57
60
Stamped as to Pa tax
89
10112 11
10112 Sale 1005
54
60
54 Sale 50
54
6
2d 4a
Dory Corp(DO)Islet 79_1951 MS
Oct 29 __
47 - 54
497 61
1942 M N
"40 47 Mantle Flee Ry & 1.6. f 58. 1953 51 S 9634 1024 93 Mar'30 __ 24 98
Second stamped
Jan'30
25
3214 40
3
193:
r"
I
c Cash sale.
New York Bond Record
E•g
BONDS
N. V. STOCK EXCHANGE
Week Ended March 21.
.44
PM.
Fridatr.
Mar. 21.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 21.
11;91Price
Friday,
Mar. 21.
Week's
Range or
Last Sale.
Range
Since
Jon.!.
Rid
Ask Low
High Ni. Low
High
Bid
Ask Low
High No Low
Marion Steam Shovel if 86-1947 *0 80 Sale 25
High
4
so
Rhine-Main-Danube Is A-1950 32 S 10212 103 10212 1023
75
80
4
Mfrs Tr Co Ws of partic to
100 103
Rhine-Westphalia El Pow 76 1950 MN •1011 Bale 101
4
101% 51 100 10214
A I Namm & Son 1st es _1943
D 98 Sale 98
1
98
961 98
:
Direct mtge 65
1952 MN 924 Sale 92
9512 187
Market St Sty 7s ser A _April 1940 03 94 Bale 93
88 9512
23
94
99
94
Cons M 63 of'28 with war_1953 FA 92 Sale 9112
198
94
Meridional° Elec let 7s.....1957 A0 1003 Sale 100
83 94
4
1003
4 10
9714 10.3
Without warrants
4
911: Bale 92
8
9412
Metr Ed let A ref 5s tier C..1953 JJ 103% 10414 103
85
941z
103
101 10318 Richfield Oil of Calif 13s
MN 9734 Bale 9512
1944
193
5
98% 178
Metr West Side El(Chic)0_1938 FA
94 984
7012 ___
5
73
73
804 73
W oos Steel 1st f 78
FA 98 4 9714 984
7 884 9714
3
97
Miag Mill Mach 7s with war_1958 J
-.-- 973 81
Jan'30
81
4
Rochester Gas& El 7s ser 13_1946 MS 10712 Bale 107% 108
81
41 1064 108%
Without warrants
D 90 Bale 8512
25
90
Gen nage 530 series C___1948 MS 1053
80
90
4 -- 105% 1088
1 105 1053
Midvale St &0cony s f 56._1936 MS 1011: Sale 101
4
4
10112 87
993 10112
Gen mtge 430 series D___1977 MS 9912 Gale 991
4
4
: 99%
Milw El By & Lt ref & ext 430'31 J J 100 10012 100
117
99%
4
100
Roch & Pitts C & I p ra 5s__1946 MN 87
9712 100
99
90 Nov'29
General & ref 5e series A __1951 JO 102 _ _ _ _ 101 Mar'30
St Jos Sty Lt H & Pr Ist 56_1937 MN 96
99% 10114
96
5
9812
961,
lat & ref 59 series B
94
• 1981 31) 1007 Bale 10014 10114 95
8
9614 10114 St L Rock Mt Al'59 stmpd.1955 33 Oh
lilt; 81
814 10 60 0112
let & ref be ser 13 temp......1961 3D
9914 Mar'30
974 9912 St Paul City Cable cons 59_ _1937
8814 90
87
4
Montana Power tat 58 A __l943 J
10212 titife" 10112 10234 45 100 10338 San Antonio Pub Serv 1st M.1952 J 3 1083 1074 10514 88 11 85 90
8
Deb M Aeries A
1084
1112 10612
1982 J
1024 Sale 10112 1023
4 35
9816 1023 Saxon Pub Wka(Germany) 75'45 FA 100% Sale 99
4
1003 109
4
Moutecatini Min & ArtHe92 8 100 4
3
3
Gen ref guar 8 Hs
1951 MN c99 Bale 944 c99
99
Deb 7s with warrants_ _1937 J J 10714 Sale 10718 108
86 919
22 1014 108
Schuico Co guar 630
1946 33 75
80 73
5
75
45
without warrants
76
J 9914 9912 99%
9934 37
95
993
Guar f Hs aeries 13_ __ _19413 A0 75
4
801 8618
:
7514 38
45
Montreal Tram lot & ref 56_1941 ii 993 Sale 983
751
4
4
993
4
4 28
95 10078 Sharon Steel Hoop 9 f 53403- 1948 MN 99 100 984
Gen & ref s f 5s serial A _ _ 1955 *0 963
9912 22
95
9912
7
4
94
96
Shell Pipe Line if deb 58 _ _1952 MN c9714 Sale 94%
9114 96
c9714 149
Series 13
92 c971
12
9
1955 *0 963 91% Jan'30
4
91% 91% Shell Union Oils 1 deb 59_ _1947 MN 98 Bale 9612
116
Gen & ref f 430 ser C
98
9312 98
1955 *0 89- 8412 Feb'30
844 8412
Deb 59 with warr
1949 *0 101% Sale 994 10212 600
Morris & Co lets f 430._ _1939 33 833 fide 813
97 1021t
12
8
4
83 1 10
3
81
833 Shinyetsu El Pow 1st 634s_ _1952 J
s
923 Sale 91
4
Mortgage-Bond Co 49 ser 2.1966 A0 7314 75
8518 924
923 179
4
7314 Jan'30
7314 7314 Shubert Theatre 6s_June 15 1942 it) 80 4 Sale 504
3
118
10-25
64
41
-year 58 series 3. _ 1932 33 97
64
2
97
98
97
984 97
Siemens & Halake a f is..1935
J 103 10314 1023
4 101 104
4 104
Murray Body lst630
1934 JO 96 Sale 98
3
9618
89
Deb s f 6 Hs
9814
1951 hi S 1083 107% 105% 10614 23 10112c10614
8
Mutual Fuel Gas let gu g 59.1947 MN 103 Bale 103
2
103
Sierra & Sao Fran Power 54_1949 F A 10114 Sale 994
99% 103
Mut Un Tel gtdOs ext at 5% 1941 MN
10112 29 98 3 1092
3
98% Jan'30 -- 98% 98% Silesia Elec Corps I 8349_1946 F A
2
Namm (A I) & Son--See Mfrs Tr
8812 914 8812
88 8
3
8012 88%
Silesian-Am Exp coil tr 76..1941 FA 9212 94
921:
93
N/188101 Elec guar gold 4s._ _1951 J J 57 Sale .55
8 9012 93
57
25
Sinclair Cons
5012 57
15
104 Sale
-year 79-1937
Nat Acme 1st a f 6s
104
163
1942 JO 102
_ 0134 Mar'30 „
4 101% l02 4 1st lien collOil series D__.1930 M S 1001: Sale 1025. 104 108 10014 10012
.
4
Os
1003
8 10012
Nat Dairy Prod deb 5119_1948 FA loo fide 98
99%
c101
48
9718c101
Lk lien 634* series D
1938 3D 102 Sale 101
Nat Radiator deb 6 Hs
1024 111
99% 102
14
FA 28 Bale 261s
.1047
28
9
24
Sinclair Crude 0113 Hsser A _1938 J2 100 Sale 994 1001
40
:265
Nat -Starch 20
94% 10012
-year deb SP...1930 Ji 9912 993 9978 Jan'30 -4
997 100
5
lrPlpe Lines f 5s_ _ _1942 AC 98% Sale 965
ou d0344
e
Newark Consol Gas cons .33_1948 Jo 10214
944 98%
9812 61
1 102 103
102
102
Skelly
1939 M S 96
New Engl Tel & Tel 54 A_ _ _1952 .111) 105% firce- 10512 1055
96
91
30
4
96
2 103 t0612 Smith(*0)Corp let 834s-1933 MN 102 Sale 93
Sale 102
104
1st g 430 series 13
21 10112 101
.1981 MN 100 8 Sale 994 100i
3
87
981, 1004 South Porto
Rico Sugar 7s_ _1941 J D 1043 1044 105 Mar'30 -8
New Orl Pub Sere 1st 59 A _1952 *0 924 Bale 9114
1044
0 82
53
3
921
3
91
922 South Bell Tel & Tel 1M.f Ce '41 J J 10314 10312 102% c1044 57 101% 107
First & ref 59 series B _1955 JO 93 Sale
10414
83 93
1st s f 5.3 temporarY
NY Dock 50-year lat g 443_1951 FA 7914 82 814 Mar'30
102 Feb'30 -- 101% 103%
-8014 8212 Southern Colo Power 89 A._194 3 3
1941 3 3
7
10414 10334 104
Serial 5% notes
9 1011 104
*
82%
8
1938 *0 82% Sale 8214
70 82% Solvay Am Invest fts
1942 M S 98
96
NY Edison 1st & ref630 A.1941 *0 114 Sale 11318 114
961 951
28
93% 954
35
Erwest Bell Tel let & ref 56.-1954 F A 10514 Bale 10412 10514 51 102
let lien & ref 59 series B _1944 A0 10412 104 10412 1044 22 11112 114
c108
3
1023 10412 Spring Val Water 1st g 513-1943 MN 9912 100 10412 Mar'30
4
N Y Gars El Lt II dr Pr g 5s .1948 JO 107% 109 4 10618
99% 994
50 1043 109
109
Standard Milling 1st 59
4
1930 M N 10014 Sale 10014
1
Purchase money gold 49 .1949 FA 95 4 97 9414
10014
99% 100
12
3
97
8 92 4 97
1st & ref 530
3
1945 M S 1024 103% 10012 Mar'30
NYLEAWCoalARR530'42 MN 101 102 101 Mar'30 --99 101
Stand 011 of N deb M Dec 15'411 F A 10312 Sale 10212 10312 109 10. 1M2
NY LE&W Dock & Imp '43 J
100 4 108
3
12
964 -- 9712 Sept'29 ---Stand 011 ef N Y deb 4844. 1951 J D 9734 Sale 96
N Y & Q El L & P 1st g 5s _1930 FA
5
973 107
95
4
973
4
2 firic
10014 14412 10014 10014
Stevens Hotel let Os ser A .19483 J 88 Sale 88 s
N
Rys 1st R E & ref 4s. .1942 J
88 18 25
88
90
4318 50 56
Jan'29 ----- sugar Estates (Oriente) 79
1042 M
40
42
40 Mar'30
Certificates of deposit
40
48
5814 Mar'29 -431
8
---.
10434 ____ 1033 Feb'30
30
4
-year ar1J Inc 5s___ _Jan 1942 A0
1034 103%
1 Aug'29 - .S ermeCoal-lro tirRla g l3P1791
lY un use l iglin
ege
.
11995511 3 D 1025* ____ 104 Mar'30
Certificates of deposit
1021s 104
4 8 1 July'29
7
-- -- ren o Cop & Chem deb 0913_1944 33 101 Sale 100
MS
101
974 101
Y Rye Corp Inc 8s___ ian war, Apr
95
18
44 614
4
Venn Elec Power lat Os
9
1947 .1 D 107 Bale 1083
Prior lien 8s series A _
58 1044 108
4
108
71'4 Feb' 14
5
60
3
1985 J J 7214 75
84
Texas Corp coot deb 59_
71
,
1944 A 0 106 Bale 1023
N Y & Richm Gas 1st tki A-1951 MN 10414 106 10418
4 108
930 100 s 106
3
10418
1 104 105
rhird Ave 1st ref 49
1960 3 J 5312 Sale 5218
N Y State Rye tat eons 430.1962 MN
5412 127
45
544
18
18
20
2012
8
18 c25
A(11 Inc 58 tax-ex N Y Jan 19673 0 344 Sale 317
0
93 A 3
240
s
35
29
Reglatered
35
MN
Jan'30 -17
17
Third Ave By lot 59
17
92
98
954
95
let cons 830 series B._ _1982 MN 20 Sale 20
1
92 95
12
20
7
20 c*2414 TohoElec Power let 76
100 Sale 100
1955 M
14 46
N Y Steam lot 25-yr °Baer A 1947 MN 10712 Bale 10734
100
9814 100 4
,
4 1054 1074
10712
8% gold notes
993 Bale 994 100
4
NY Telep 1st & gee a f 4 30_1930 MN 99 4 Bale 993
73
984 100
27
3
4 100
98% 100 Tokyo Elec Light Co. LW
-19.4‘
3
30
-year deben s f 69 _ _Feb 1949 FA 111 Sale 110 4
11118 24 11014 Ill's
3
let Os dollar seder)
913 Sale 0012
4
9212 676
30
87% 9212
-year ref gold 6s
1941 AO 10814 Bale 1063
4 1074 69 10618 10912 Toledo Tr L & P 531% notes 193 3
90 D 10018 Sale 10018 10014 24
5
3
J
N Trap Rock 1st 89._ __1946 Jo 983 Sale 98%
997 1001
8
%
98% 30
8
94
98% Transeont Oil 630 with war.193b 3 3 101 Sale 9912 10112 183
98 1014
siagara Falls Power lot 59 _1932 J J 101 103 10212 103
21 10014 103
Without warrants
9212 951 9414
a 871 9414
Ref & gen 1311
9414
:
Jan 1932*0 10212 Sale 1024 10212
1 1004 103 'Trenton G & El lat g 59_ ...1949
4
m
103
____ 103 Mar'30
.41011 Lori, & 0 Pr 1st re A .1055 *0 10314 1041 103
10214 103
103
1 101% 103
Truax-Traer Coal cone 510_1943 MN 90 Sale 85
32
Norddeutsche Lloyd 20-yrsfris'47 MN 92 Sale 9114
90
794 90
924 181
883 9212 Trumbull Steel tat s I 89_1940 MN 103 Sale 1027
4
Nor Amer Cem deb 630 A _1940 MS 64
19 102 103
103
03
8218
87
83
3
501/ 88
Twenty-third St Ely ref 59_ -1962 .11 J 30
No Am Edison deb 59 ser A .1957 M
467 35
35
1
35
49%
10314 Sale 10212 10312 71
9918 10314 Tyrol Hydro-Elec Pow 748.1955 MN 994 Sale 9812
Deb 5 Holier 11 _ _Aug 15 1983 FA 103 Sale 10212 10338 114
9912 13
9912
94
119% 1033
Guar sec to f
8
747 A 94 Sale 927
F s
Deb 5s series C_ _ _Nov 15 1989 MN 973 Sale 9814
94
11
85 94
981 769
4
953 9812 URgawa Elec Pow s f 7s_ _ _119945
8
7s32
Nor Ohio Trim)& Light(is_ _1947 MS 104 Sale 100
993 Bale 99 4
4
3
10014 32
97 10014
12
104
38
98 101
nlon a eu u Pr(Mo)59_1932 M S 100 4 Sale 10014 1003
aei Elec Lt &
Nor States Pow 25-yr 5s A..1941 *0 10114
3
4 100 1004
1
Sale 10012 10112 17
904 1014
1st & ref 5-yr 6s ser B _ _1941 *0 107414 Sale 1065
101 Sale 100 8 101
48 100 101
3
, 10714 14 10412 10714 Un E L & P(111)1st g 5He A.1933 .1
954 31
North W T lstfdg4%sgtd.1934 33 9918 Sale 99%
1024 Sale 102
5 101 102%
1023
991
5
98 994 Union Elev Sty (Chic) Is,. _ _1945 A 0 78
Norweg Hydro-El Nit 510_1957
78 78
4
78
70
7C
N 9312 Sale
Union Oil 1st lien f 59- -1931 J 3 1013* ___ 10114 Feb'30
88% 94
Oblo Public Service 7Hs A _1046 A0 1124 Sale
_
9912 1014
110 11212
30-yr 13s aeries A--May 1942 F A 10812 Sale 10812 1087
st&ref7eeeriee II
12 1084 10
3
1947 F A 1124 113 191
1 1214 Mlr °
a912431 11 2303- 110 113
1st lien f 59 ser C _ _Feb 1935 A 0
Ohio River Edlsou 18t 8s...1948
35
4 1001
98 10
164
1081 '
12 105 1064 United Biscuit of Am deb 66_1942 MN 100 Sale 993
J
10812 Bale 108
i1 Ben Coal lath.
102 10214 102
18
103
99 1413
1944F A 80 Bale 7914
11
80
71
80% United Drug 25-yr 5.1
°Muir,Power v F let 59-1943
98 Sale 9512
315
99
9212 (79
101 101% 101
101%
4
F
9914 102
United Rya St L 1st g 49_ _ 1937 PA N 70
3 ra S
1 934 J .,
Ontario Pransmission .9t a,1945 MN 100- 98 Marl
75
71
7112 10
893 71
4
-98 1004 United SS Co 15-yr 89
Ori.ntal Devel guar Os
993 1003 993
4
4
4 10034 13
9731. 100 4
3
1953 MS 9912 gale 983
s 100
76
95 100
Un Steel Works Corp 850 A _195 J 113 9012 Sale 894
EMI der, .1 149.5514 9112
9112 107
333
1958 MN 913 Sale 904
92
4
863 92
4
Seef 8.318 series C
0110 1001 & El Wks
19613
91 Sale 8912
37
91
6534 91
ext1 lIe 1983 MS 95 Bale 94
97
83
90 ,
United Steel Wks of Burbach
•7
Otis Steel 1st M 8a ser A . .1941 MS 102 10218 10112 102
D
2
10014 10214
Esch-Dudelange a f 79_ ..1951 A 0 10412 Sale 104
Pacific Gas & El gen & ref Is 1942 J J 1024 Sale 1013
1041
47 102 W6
U 8'tubber 1st A ref 5s ser A 1947 3 J
100% 103
Fite Pow & Lt let &ref 20-yr 58'30 FA 100 Bale 100 4 10214 3
8714 Bale 87
88
75
824 318
10014 1
99 4 101114
3
10-yr 734% serured notes_1930 k A 100 4 Sale 10014
Paelfir Tel A Tel 1st 59
3
1003
4 98 10019 101
.1 .1 1023 Sale 10218 103
1937
2
8
10 1 10314 Universal Pipe A Red deb Os 1938 J D 61
Ref rntge 50 9erien A
8212 3911'30 _ _
75
61
624
_1952 M N 10512 Sale 10412 10512 2
101% 105 . Unterelbe Pow & la 69
Pan-A trier P & T carp" a f 69_1934 Id N 104
1953 A 0 91 Sale 8814
52
91
01
SI
105
64 102., 103
Sale 103
Dud, Lt & Ti 181 & ref 59_1944 A 0 96
-ac
1st lien cony 10-yr 7s.._1930 F A
961 177
921s 964
1043 10514 104 4 1043
4
4
1 101 1043 Utah Power & Lt let 514.... _1944 F A 1011: Sale 94
,
Pan-Am pet cowl Generale 69'40 J D
Bale 100
1011 171
1174 V1112
9512 22
95 Bale 0412
89
96N Utieu Elee L S, P 1st a f g 59.1950 J 3 10234 ____ 10318 Feb'30 -Partsmount-Irway let 54
4
941 101 4
101 Sale 101
3-.1951 3
101% 11
9. 1024 Mora Gas& Else ref & ext 59 11157
104
Paramount-Fam'9-lasky 84_1947 J 3 10212 Bale 1011
__ __ 104 Mar'30 -- 102 104
114
: 10314 153
95 1 1/314 Util Power & Light 5)
1947 3D 94 Sale 90 4
-is
Park.Lex let leasehold 0 30_1953 J
95 . 256
itti
3
95
8434 844 Mar'30
78
754 814 vertientes Sugar st ref 78 194. .7 D 59 Sale
Partnelee Trans deb 69
12
60
17
GO
Cl',
1944 A 14 894 Sale 8912
914 130
75
013 victor Fuel lot • f 59
4
Pat A Passaic 0 A• Ni cons Ss 1949 MS 1023
195: J 3 28
45
25 Mar'30.-- -25
21
1014 Feb'30
101 1013 Vs Iron r .11/1l
4
o te let g is 194. M 8 7214 79
Pathe Eseh deb 79 with toot 1937 MN 634- 83
72 Mar'30 - 73
70
7878 114
;1e
30
887 Va Ry & Pow 158 &
s
Os 1.1
,
Penn-Dixie Cement Os A _1941
J IOUs, Sale 100 4
101% 28
3
993 1014
4
S 8114 Bale 81
8212 74
2312 63
Walworth deb 630 with war 1935 A 0 1084 Sale 103
Poop Gaa & C 1st core g es_ _1943 AG 1117 Bale 1117
1083
934 108 4
41 32
3
1117
e
8
5 III% 1,
8
214
Without warrants
Refunding gold 59
95 Sale
95
95
91 87
1947 51 S 102 10314 10218
10318 1? In; 104
1st sink fund Os eerie; A__1945 A 0 9212 Sale 90
r9278 21
Registered .
at S
1354 93,
8 10 100's 1107 Warner Bros
- - 100% 1007
8
Pict deb 6s..l939 hi S 11114 Sale
Plain co sec 5s ser A
11114 1802 10812 11114
1967 JO 100', Sale 100
1007 175
98 100% Warner to let 89 with warr.1944 A 0 99 Sale 109
Philo Elec Co let 4 Ha
9812
95
4
9914 78
99 4
1967 MN 994 Sale 9834
,
993
4 54
97
91,34
Without warrants
A 0 933 Sale 90
1'114111 & Reading & 1 ref 5.1.1973 ii 8612 Sale 884
9334
011
2
95
87
38
475, Werner Sugar Refill let. 7s_ _1941 3 El
84
Conv deb 09
10512 Sale 105
1053
4 23 10212 107
1949 M S 9914 Sale 9818
100
713
91 100
Warner Sugar 1 orp 1st 79-1939
Phillips Petrol deb 530
J 52 Sale 50
52
48
5
561
1930
,
D 9514 Sale 933
4
9512 239
90 .5
Stamped
Pierce Oildeb ef8s .1 cc 1.5 1931 J
55
48 Mar'30 -- 48
,
6112
10511 1081 107 Mar'30
104 107
Warner-Quinlan deb 69
1939 M S 8734 Bale 8414
Pillsbury PI Mills 20-yr
834 88
.1943 A 0 104 Sale 104
87%
104
4 103 10.5
Wash Water Power if 59_ 1199 3 J 10312 105 1034 Mar'30 38 1001: 105
Pirelli Co (Italy) cony is. .1952 M N 10712 110 Ill Mar'30
3
9
105% 1134 Westchest LW g 59 stpri Ort.1950
Poesh Coo Collieries Isle(58'573 J 94
D 105
4 103 4 10
3
, - -- 9412 Mar'30 _ _ _ _
5
9412 9412 West Penn Power ser A 59_19413 M 13 103 Sale 1044 105
Port arthur Can & Dk 6.4.1953 F A 10218 108 1041
104 1025, 10314 12 1013 1034
1043
4
22 10212 105
4
4
let 5e series E
1st M 6s lieriee II
1963 M S 105 10512 10.5
7 102 105
105
.1963 F A 10212
103 2 Feb'30
-102 104 4
3
list 530 aeries F
Portland OOP Pow 1st 8. it. 1947 MN 100 Sale 9912 100
1953 A 0 1053 106 10512 1055*
8
4 1041 1003
/
4
8
31
9612 100
1st sec 58 series 0
Portland Oct. Eh.. lot 5, .1935 J
1956 J D 104 Sale 1031. 104
27 1011 104
1004 lisle 1004 1001
/ /
4 1
4
5
9814 103
West Va C & C 1st 8s
Portland Ily 1st & rlf 59
1950 J J
13
14
15 Feb'30 --- 11Ie 20
.1930 MN 99% Sale 99%
99%
3 97 100
Western Electric deb M._1944 A 0 1033 Sale 103
Portland By LA P let ref 53.1942 F A
8
104
54 1011 104
11938 104% 991
/
4
: 991
3
98
9912 Western Union colltr cony fs 1938 J J 10254
1st lien & ref fle series II .1947 M
Sale 1013
4
10314
100 Sale 100
/
1
4
1001
3
19 100 1034
9818 10912
Fund & real eat g 4345_ _ _1950 111 N 97% 974 0734
1st lien A ref 7 Hs s -r
972 12
1081
: 1061
.1946 MN 105%
95 98 fs
2 1043 107
3
s
15-year 830
Porto Moan Am Tob cony 09 1942 1
1936
A 1093 Bale 109
98
109% 24 108 110
9734 Bale 94%
45
91
98
25 year gold 59
Postal releg & Cable soil 56.1953 J
1951 J D 104 Bale 103
104
54 200 10
9514 336
9812 Sale 95
/ 1
1
4
9312 9612 Westphalia U0 El Pow 8s__ 1953 J .1
Premed Steel Car cony g 58.11)333 J 92 Sale 89
90 Sale 8.53
4
197
91
91
76
92
18
81
94
Wheeling Steel Corp let 5349 1948 .1
Pub flerv Corp N J deb 440.1948 F A
103 Sale 101
103
31 10 4 103
Jan'30 _ _ _ 181 194
• 99 190
03
let & ref 434* series B......1953 A o 9212 Bale 9012
Pub Serv El & Gas 1st& ref 5s'65 J D
281
93
57
tos 1043s 105
93
12 10218 105
White Eagle 011,4 Ref deb 5%1'37
lst&ref4l4e.---------11167.1 0 9912 Sale 98's
,
100
53
9512 100
With stork perch warrants_ _ PR S 104
lzt&ret4%s._
104
54 10214 106
1970 F A 9834 Sale 97%
9914 3 3
9512 99 4 White Sew Mach 89 with wart'36 3 .5____ Bale 103
6
,
Punta Alegre Sugar deb 7s .1937 J
99
81
Feb'30
81
50 Mar'30 _ _
47.2 50
90
50
55
Without warrants
Certificates of depotlt
7614 81
8012
81
10
81
75
49% 55 Feb'30 _
51
55
Partic ef deb Os, _
_1940 MN 78
Pure this 5‘2% notes.. _1937 F A 100 Bale 98
80
75
5
73
100
15
378
98 10012 Wickwire Span 811 1st 79 .193.5 J J 40 Bale (3
Purity itakeries ref deb Si.-.1948
35
40
12
2bli 40
97 Bale 967
971/ 59
95
9712
Ctf dep Chase Nat Bank . _ _ ...
Bennington Arms Be....1937 MN 983 Bale 98
39 Sale 3312
38
64
2518 39%
983
4
4
7
9314 97
Wickwire Sp fit'l Co 7s_Jan 1935 MN
Rem Rand deb 3 Hs with war'47 MN 100 Bale 9012 101
40 Sale 34
41
24
25
41
625
911 101
:
Ctf dap Chase Nat Bank
3018 3718 33
Repo' I & S 10-30-yr 5 P f 1940 A 0 101% 10214 101 4 Mar'30
,
393 108
4
25
394
10114 10214 Witlys-Overland f BM__ .1933 ivIS 1003 Sale
Ref A gon 5 14s series A
4
100
1003
8
98 100 4
1953 J J 1033 flaie 10312 10412 10 10019
3
4
104% Wilson & Co let 25-yr 5 f Be.1941 A 0 10018 Bale 100
Revere Cop & Br 13,1_ -_July 1948 M S 102 10314 1027
c1013
P9 491013
3
4 84
4
,1
10312 15 102% 10414 Winchester
Repeat Arms? 30'41 A () 3/0 Sale 100
Relnelhe Union Is with war.1946 J 3 110 Bale 1033
10012 18 100 102
4 107
27
99% 107
Youngstown Sheet & Tube be'78 J J 103% Sale 10214
e7148nor
•%,1, . WcarT
-14
103
193 1004 103
8
J 3 9712 Sale 987
977
52
2224 one
c Cash Bale
[Vol,. 130.
FINANCIAL CHRONICLE
1998
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Mar. 15 to Mar. 21, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Railroad
100
Boston & Albany
Boston Elevated
100
100
Preferred
1st preferred
100
2nd preferred
100
Boston & Maine
Class A 1st preferred-100
Prior preferred stpd_ _100
Series A 1st pfd stpd_100
Ser B 1st pref stpd 100
Chic Jot Ry US Y _ _100
East Mass St Ry com I00
100
Preferred 13
100
Adjustment
100
Maine Central
100
Preferred
N Y Nil& Hartford-100
100
Old Colony
50
Pennsylvania RR
Providence & Worcester100
179
178
77
9331
109
96
181
80
93%
110
97
75
75
11034 110 111
83
83
126% 12035
105 105
7% 7%
4434 44%
2531 28
86
85
83
83
12135 127
127
132 135
135
84% 80% 84%
185 185
Miscellaneous
5
5
Air Investors Inc
16
16
Amer Equities Co
Am Founders Corp corn atk 2534 25% 27%
6% 831
8
Amer Pneumatic Serv___25
24
23
25 24
Preferred
5134 5135
50
1st preferred
100 24734 235% 24811
Amer Tel Az Tel
20% 23
23
Amer & Conti Corp
16
16
•
Amoskeag Mfg Co
8% 8%
Aviation Sec of New Eng
73
70
Bigelow-Sanford Carpet_ • 70
101 101
160
Preferred
Boston Personal Prop Trust 2474 24% 25
85
80
Brown Co preferred
85
be
58
Continental Sec Corp
58
17
Credit Alliance Corp ci A
1631 16
10% 12%
Crown Cork Sr Int'l Corn 36
East Gas & Fuel Assn corn_
3554 35
435% prior pref
100 7835 76% 7834
95
94
100 95
6% cum pref
3255 3335
Eastern S S Lines Inc new
33
4731 4815
100
Preferred
96
99
1st preferred
100
12
12
East Utility bay Corp el A
266 273
Edison Elec Ilium
100 272
24
23
Empl Group Assoc
24
Range Since Jan. 1.
Low.
High.
Feb 181
302 175
Jan 83%
704 67
Jan 97
6 85
233 10534 Jan 110
Jan 9935
190 89
Mar
Mar
Mar
Feb
Mar
75
111
83
12615
105
10
46
2834
86
84
127
135
85
185
Mar
Mar
Mar
Mar
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Feb
Mar
315 Feb
100
534
Jan 20
10 16
5,343 2534 Feb 32%
9
2,105
5% Jan
690 2035 Jan 24%
Jan 5135
5 48
2,136 216% Jan 24811
Jan 23
1,323 19
210 1231 Jan 18%
914
Feb
5
200
Feb 80
210 72
Jan 101
25 100
Jan 27
665 22
Feb 85
140 80
Jan 60
530 48
1835
2,3j6 1235 Jan
3,050 10% Mar 12%
Jan 36
1,122 26
Jan 79
246 76
Jan 95%
754 92
656 2535 Jan 34
Jan 48;5
495 44
190 9314 Mar 99
Mar 15
80 12
Jan 273
1,836 237
830 2154 Feb 26
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Feb
Mar
Feb
10
480
5
16
62
35
10
385
58
10
769
225
1,878
18
683.1
104
77
115
101
635
35
25%
82
82
10831
125
72
171
110
4
4
4
Galveston Ilona Elea_ __IGO
110 12
16% 17
Preferred
100
51% 2,052 43
5035 50
General Capital Corp
10 41%
4235 42%
General Theatres Eq
931
173
955 10
Georgian (The) pf Cl A20 10
110 11
14
12
German Credit & Inv Corp
12
273 12
12
Gilchrist Co
• 12
9134 2,879 85
85
Gillette Safety Razor Co.*
30 14
18
18
Greenfield Tap & Die _.25
190 99
Hathaway Bakeries pref -_
9955 99 101
150 16
18
17
Class B
25 2834
2834 2835
HYgrade Lamp Co
88
88
5 88
HYgrade Lamp pref
88
15% 1735 5,830 15%
Internat Carriers Ltd cora. 1634
231
120
3
314
Jenkins Television corn _ _
334
19
19
57 17%
Libby McNeil & Libby __10
405
955 10
25 10
73.4
Loew's Theatres
634
955 1031 4.444
Mass Utilities Assn
91.1
115 105
105 10615
Mergenthaler Linotype 100
Mortgage Bk of Colombia
50 3011
30% 30%
American shares
1;5
83
1% 1%
10
National Leather
4
110
435 5
National Service Co
435
25 250
250
25c
N E South Mills pref_ _100 25o
New Eng!Tel Sr Tel_ __100 15334 145 153% 3,745 143
7
1011
8% 10% 16,141
Rights
131
15
131 1%
Nor Texas Elec pref_ _ _100
165 20%
25% 27
Pacific Mills
100
1,689 1731
Public Utility Hold corn.
2234 2115 22%
2" 72%
76
74
Railway Light & Ser
135
50
1% 155
Co__---134
Reese Folding Mach Co 10
4%
675
5% 534
Second Inc Equity corn stk
1951 21% 4,911 16
20
Shawmut Ass'n corn stk___
25 25c
60c
60c
Southern N E Ice Co _100
255 82
0555 9834
Stone & Webster Inc
123 31
31%
Swift & Co new
3135 31
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
9
Jan
Mar 24
Jan 52% Mar
Feb 47% Feb
Feb
Jan 10
Mar
14
Jan
Jan
19
Feb
Mar 105% Jan
1934 Mar
Jan
Mar 10831 Jan
Mar 20% Jan
Jan
Mar 31
Jan
Mar 93
1735 Feb
Jan
JIM
335 Jan
Feb
Jan 20
Mar
10
Jan
Mar
Jan 12
Mar 10835 Feb
Mar 3034
2
Jan
8
Mar
Mar 250
Feb 159
Jan 1055
334
Mar
Jan 30
Jan 2315
Jan 78
Feb
134
Jan
Jan 21%
Mar • 600
Jan 103
Mar 34%
Mar
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Feb
Mar
Mar
Feb
Jan
Feb 67
156 60
63
62
62
Torrington Co
3
Jan
1
740
234 215
251
Tower Mfg
9% Mar 11%
135
9% 10
10
Traveler Shoe Stores Corp
111 12% Jan
173.4
15% 16
Tr! Conti Corp corn
651 30 (Mar 51
32% 35
5 z35
Union Twist Drill
1635
1135 Jan
SO
United Carr FastenetsCorp
1331 124 13%
United Founders Corp.._. 3734 37% 4031 11,550 mu Jan 4451
1,904 5935 Jan 8635
6151 64
United Shoe Mach Corp_25 64
Jan 32
630 30
31
32
25 32
Preferred
1734 1735 1834 3,000 17;5 Mar 23
US Elea Power Corp
Feb 52
215 49
50
51
Ser Corp prof.. 51
U &
19
Jan
1735 1835 4,560 16
1834
S & Overseas Corp corn
18
35 10)5 Jan
1535 1635
Utility Equities Corp_
•
86
Jan
2,111 71
8434 7934 86
Preferred
29
190 2535 Feb
27
29
Waldorf System Inc
Mar
7834
7
700
8
9
8
Venezuela-Mexico 011
85
Jan
10 75
82
82
Waltham Watch pref__100
Mar 97
10 z95
595
95
100 x95
Prior preferred
65 14834 Jan 190
18935 190
Warren Bros Co
329 59% Mar 6435
63
64%
New stock
6335
Jan
50 48
x63
63
1st preferred
50
Jan 6855
144 49
6834
2d preferred
50 6835 66
Feb 27%
SO 22
2315 2334
Westfield Mfg Co corn
2%
111 Jan
270
155 2
13.4
Whittelsey Mfg Co A
Mar 53
100 52
52
52
Wilson-Jones
Jan
Mar
Jan
Feb
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Feb
Feb
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Feb
Mining
Adventure Cons Copper.25
Arizona Commercial
5
Calumet & Heels
25
Copper Range Co
25
East Butte Copper Min_10
Hancock Consol
25
Isle Royal Copper
25
La Salle Copper Co
25
Mass Cons Mining
25
Mohawk
25
Nipissing Mines
5
North Butte
15
Old Dominion Co
25
P C Pocahontas Co
•
Quincy
25
St Mary's Mineral Land_25
Utah Apex Mining
5
Utah Metal & Tunnel__ __1
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
134
2774
1434
135
1015
46
134
334
1515
3
834
25
200
155
26%
14%
134
134
10
400
250
46
1%
231
8%
15
3611
23
2%
510
20c
1%
2734
15
151
255
10%
90c
25c
46
1%
331
9
16%
3851
25
255
555
100
1,065
431
555
400
350
630
550
28
230
100
6,068
1,165
2,435
6,053
551
330
300
150
131
2631
14%
135
115
10
360
250
44
1%
2%
615
10
1515
23
234
500
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Mar
250
131
32%
1615
1%
335
1235
1
25c
52
131
555
10
17
41%
28
3
700
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Bonds
Amoskeag Mfg 6s_ __ _1948
Brown Co 534s
1946
E Mass St RR 434s A.1948
1948
Series B 5s
European Elec Corp Ltd
614s
1965
Hydro-Elec Sys 68 '44
Leipzig Trade Fair Corp
7s
1953
Lincoln-Forty-second St
1953
Corp 535s
Mass Gas Co 534s_ _ _ _1946
Miss River Pow Co 55 1955
N E Power Assoc 5s_ _1948
New Engl Tel dr Tel 551932
P C Pocahontasdeb7s_1935
1944
Swift & Co 58
Western Tel & Tel 53_1932
95
54
8035
95
4335
54
82
95
48
55
$18,000
23,000
18,000
2,300
Range Since Jan. I.
Low.
7935 Jan
94
Mar
42
Jan
46
Jan
3,000 100
100 100
10034 10315 16,000 98
8015 80;5
3,000
High.
Feb
84
97% Jan
Mar
48
Mar
55
Feb
Feb 100
Jan 103% Mar
8035 Mar
81
95
95
Feb 95
2,000 91
1,000 10331 Mar 10331
10331 10331
93
1,000 93
93
Mar 93
90
Jan 91
5,000 87
90
100% 101
4,000 9934 Jan 101
106 109
20,000 100
Jan 110
102 102
4,000 99% Mar 102
10035 101% 19,500 9011 Feb 101%
Mar
Jan
Mar
Mar
Jan
Mar
Feb
Mar
Mar
*No par value. x Ex-dividend.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Mar. 15 to Mar.21, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan, I.
Low,
1,000 35
4335 45
Abbott Laboratories corn... 44
Acme Steel Co cap stk__25 7531 72% 7531 2,300 70
150 28
2935 29%
Adams (J D) Mfg corn_
895 2235
3151 33
Addressogr Int Corp corn.' 32
200 21
28
25
Ainsworth Mfg Corp coral0 28
135 1% 1,100
I
1'A
All
-Am Mohawk Corp A_5
15% 3,050 15
1531 15
Allied Motor Ind Inc corn.
46% 13,850 34%
4434 42
Allied Products Corp A.-•
150 34%
4434
44
Altorfer Bros Co cony pt.'
300 21
3034 31
Amer Colortype Co corn--* 31
Amer Commonw Power
550 23%
7
25 x 275
2535 3 35 351
Common A
100 37%
•
Common class B
50
351
331 3%
Warrants
600
5%
1615 1734
Amer Equities Co corn..
127 96
Amer Pub Serv pref_..100 9734 9631 9715
200
134
115 1%
134
Amer Radio & Tel St Corp"
1,190
5
9
934
934
Amer Service Co com----.
7,150 17%
24
Art Metal Wks Inc corn-. 2334 22
200 5815
Assoc Investment Co_- •
202 58
1
62!4 6334
6
0
Assoc Tel & Tel CIA
• 61
6,700 2135
279 29N
1
Assoc Tel Util Co corn
• y28
5,300
54
Rights
29
32% 34,250 1715
Atlas Stores Corp corn...* 32
4,750 172
235 258
Auburn Auto Co com____• x251
50 12
12% 1255
Aut Washer Co cony pf_*
Balaban & Katz v to
25
100
Preferred
Bancoky Co (The) com_10 23
Bastian-Messing Corn....'
735
Baxter Laundries Inc
Beatrice Cream com
_50
47
Bendix Aviation corn
Sinks Mfg Co el A cv pf-•
Borg-Warner Corp corn.1O
7% preferred
100 99%
Bonin Vivitone Corp pfd.'
Brach dr Sons(E J) corn..'
Bright Star El Co el B •
Brown Fence & Wire cl A..• 2615
Class 13
• 27
Bruce Co(EL)common_ ..* 48
Bunts Bros corn
10
100
Preferred
Burnham Trad Corp al ctf• 47
Butler Brothers
20 1034
Castle & Co (A M)
10 63
CeCo Mfg Co Inc corn.- -• 1431
Cent Cold Stor Co com_20 2435
Cent Illinois See Co ctfs-- 30
Central Ill P S pref
•
Cent Ind Power
100
Preferred
Cent Pub Serv class A__-. 40%
33
Common new
Cent S W util com new...* 2935
102
Prior lien prat
97%
Preferred
Cent States P & I. pref...* 96
.
Chain Belt Co common... 4735
Chic City & Cons Ry•
Common
Ctfs of deposit
1535
Part preferred
1234
Chicago Corp coin
Convertible preferred...• 4031
Chicago Elec Mfg A
• 1315
Chic Flexible Shaft corn_ _5 15
Chic Investors Corp corn.'
Preferred
Chic No Sh & Mu pr pf_100
Chic Rys part ctfs ser 1.100
Part Ws series 2_..100
Cities Service Co com
•
Club Alum Uten Co
•
CornmonwealthEdison_100
Com'ty Tel Co cum part."
Com'ty Water Serv corn..'
•
37 1st preferred
Construction Material...-.
•
Preferred
Consumers Co coramon 5
V t c warrants
5
Coot Chic Corp allot etfs_•
Continental Steel corn...'
CordCorp
5
Corp Sec of Chic allot ctf..•
Crane Co corn
25
Preferred
100
Curtis Light's Inc corn..
Curtis Mfg Co corn
5
Davis Industries Inc A_100
De Mets Inc pref w w- •
Dexter Co (The) Corn.
..5
Eddy Paper Corp (The). •
El Household Utll Corp_10
Elea Research Lab Inc_ •
Empire Gas & Fuel Co
7% preferred
100
6% preferred
100
8% preferred
100
Empire Pub Serv Corp A..•
Fabrics Finish Corp corn.'
Fitz Simmons ee Connell
D & D common
7%
36
9774
38%
4
290
x2434
1751
2135
3955
6
65
14%
69
115
25
2
49%
76
101
6055
2535
22%
4335
20
98
4334
10
52
14.4
3
2435
285,
9554
104
80
9231
10
23
1,900
3934 1,550
375
735
81
400
47% 40,900
3054 5,200
47
70,400
99%
800
13
350
100
1731
100
74
2831 5,600
27% 6,900
5111 7,350
20
50
98
25
48% 24,450
10% 3,950
6315 33,250
1515
4,950
2435
20
30
4,200
97
1,031
90
40%
33
2534
9951
9431
92%
47%
9235
4035 10,250
34
300
30
16,350
102%
1.350
800
97%
96
110
4735
150
131
1434
14
1234
40
1315
14
154
800
15
200
1635 2,800
1315 37,750
4031 26,200
13%
100
15
250
75
92%
2031
38
65.4
80
4335
2715
4435
98%
10%
17
66%
90
19
36
6
70
33
24%
3234
97
10%
16
31
17%
935
40
20
98
25
10
45
14
2231
26
93%
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
High.
46%
99
32
33
28
254
193,4
46%
46
3134
Mar
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Feb 2734
Mar 37%
Mar
4
Jan 19
Jan 99%
Jan
211
Jan
11
Jan 2731
Jan 63%
Jan 6131
Jan 29%
Mar
35
Jan 3215
Jan 258
Jan 15
Feb
Mar
Feb
Jan
Feb
Jan
Jan
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Jan 80
Jan 92;5
Jan 23
Mar 39%
Mar 12
Jan 82
Jan 4734
Feb 3015
Jan
4735
Jan 100
Mar 1754
18
Jan
134
Feb
2831
Jan
Jan 2731
Feb 5131
Mar 28
Mar 98
Jan 48%
Mar 17%
Jan 6315
Jan 2015
Jan 25
Jan 33
Jan 97
Mar
Feb
Mar
Max
Jan
Mar
Mar
Mar
Mar
Feb
Jan
Jan
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Jan
Mar
Jan
Jan
Feb
Mar
Jan
88
Jan 95
35
Jan 4051 Mar
22
Feb 3535 Mar
2131 Jan 3035 Feb
98
Jan 102% Mar
94
Jan 9734 Mar
Mar
90
Jan 96
Feb
4435 Jan 48
1
835
934
1235
38
8
14
Jan
Jan
Feb
Jan
Jan
Feb
Feb
2
17
20
1515
41
15
16
Mar
Ms:
Mar
Feb
Feb
Feb
Jan
Feb
Jan
9
3,700
6
7% 7%
850 32% Jan 38% Mar
36
3835
Jan
202 93% Mar 98
9351 9731
Jan
Feb 25
160 10
1654 24
3% Mar
1% Feb
3
100
3
3734 3935 28,200 2635 Jan 3935 mar
335 Jan
300
41 5
3
53
4 Jan
4
2,000 23535 Jan 292
Feb
280 292
614 2035 Feb 24;5 Mar
24%
21
1534 1735 2,570 1234 Jan 17% Mar
99 910
Mar 95
90
90
1 Jan
Jan 2315 Feb
20
2294 2,100 14
2,600 36% Jan 40
40
Jan
38
400
5% Jan
6
Feb
6
8
300
2
2
335 Fob
1 31 Jan
8,000 62% Jan 6855 mar
6435 66
150 15
1814 17
Jan
Feb 21
Jan
1.351 15% 86,000 11
1531 Mar
3,750 54
Feb
Jan 71
69
68
230 42% Feb 44
43%
Jan
43
86 11335 Jan 11934 Feb
115 115
2151
215 17
Feb
Jan 22
20
Mar
610 20
28
Jan 28
24
1;4 Feb
325
2
2
334 Jan
40 19
19
19
Mar 20% Mar
141 1435 Mar 16
Jan
14% 15
95 1751 Jan 21 :Mar
1711 21
Mar
18.750 41
47
50
Feb 50
950
1% 131
1% Jan
34 Jan
86%
76
101
20
4%
87
7631
101
20
451
100
150
50
50
100
59
81%
3,100
Jan
854 Mar 87
76
Mar 7951 Jan
Mar
98% Jan 101
Mar
20
Mar 20
su mar
235 Jan
47
Mar
6135 Mar
MAR.22 1930.T
Sales
Priam,
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Foote Bros GI & M Co_-6 10% 15% 184
A 5-16
6-16
n Rights
60
60
Gardner-Denver Co corn.'
4134 46
Gen Theatre Equip vi o_. 45
24%
Gen Water Wks Corp cl A• 2434 22
24%
Gerlach-Barklow pref_
•
23
16
Common
•
15
33%
Gleaner Corn Har corn_ _ _• 32% 32
Godchaux Sugars Inc B....' 204 2034 22
6%
Great Lakes Aircraft A.•
6
6%
187 198
Great Lakes D & D._ _WO 190
•
13
Greyhound Corp com_
12
Grigsby-Grunow Co come 18% 164 19%
Hall Printing Co com___10 27% 25
27%
284 2935
Harnischfeger Corp com_ •
Hart-Carter Co cony pfd' 24% 24% 2534
Hartford Times part pfd..
• 424 424 42%
Hart Shaffner & Marx 100
133 133
Hibbard, Spencer, Bartlett
25
5634
& Co corn
56
Hormel dr Co(Geo) com A • 284 274 2834
294
28
HoudailleeHershey Corp A• 28
Class B
• 26
24% 274
Hussman-Llgonier Co corn'
16
16
Illinois Brick Co
25 25
24% 25
99
Illinois Nor Util pref__100
99
55
Indep Pneum Tool v t a_ •
55
Inland Util Inc class A___5 27% 25% 28
69%
Instill UM Invest Inc----• 694 68
3d preferred
9934
• 98 A
96
Iron Fireman Mfg Co v t e• 24
234 2434
Jefferson Elea Co nom--• 48
44% 48%
Kalamazoo Stove corn_ _ _• 75
78%
67
Katz Drug Co corn
1 36
35% 36%
Kellogg Switchb'd com_10
5
5%
634
Ken Radio Tube & Lt
5% 6%
Common A
•
534
Kentucky Util Jr cum pi _50 50
50
50
Keystone St & Wire com.• 134 13% 18
Lane Drug com v t c
24 34
•
314
*
Leath & Co corn
10% 104
Libby McNeill & Libby_10 10% 19 , 20
26
Lincoln Printing nom _ ___• 26
21
7% Preferred
42% 42%
51I
Warrants
1
2
2
Lindsay Light Co com_ _10
634 64
Lion Oil Ref Co coin_ _ _ _• 24
24%
23
Loudon Packing Co
45% 484
• 47
McCord Radiator Mfg A_•
McGraw Elea Co corn___'
McQuay-Norris Mfg Co._*
Mark Bros Thea cony pf _ •
Marshall Field & Co corn.*
Manhattan-Dearborn corn'
Mapes Cons Mfg nom •
Material Serv Corp com_10
Meadow Mfg Co nom_ ___•
Met& Mfrs Sec Co A com.•
Mid-Cont Laundries A•
Middle West Tel Co corn..'
Middle West Utilities new•
•
$6 cum preferred
Warrants A
Warrants B
Midland United Co com__•
Midland Util6% Pr l'n_100
100
7% prior lien
7% preferred A
100
6% preferred A
100
Miller &Hart Inc conv pf_•
Miss Val Util Inv 7% Pf A•
6% prior lien pref
•
Mo-Kan Pipe Line corn...5
Modlne Mfg nom
•
Mohawk Rubber nom_ _ _ _*
Monighan Mfg Corp A_ -.•
Monroe Chem Co corn_ _•
Preferred
•
Morgan Lithograph com_*
Muncie Gear common.. •
Class A
•
Muskeg Mot Spec oonv A •
Nachman Springrd nom...
Nat Battery Co pref.
•
Nat Elan Power A part___•
National Leather nom_ _10
National Pub Serv Corp
3334 cony pref
*
Nat'l Republic Inv Trust..'
Nat SecUr Invest Co com_•
Certificates
•
Nat Shareholders nom_ -•
Nat'l Standard corn
•
Nat Term Corn part old..'
Nat Un Radio Corp corn •
Nobblitt-Sparks Ind corn.*
North American Car com.•
North Amer G & El cl A__•
No Am Lt & Pr Co com__•
N & 8 Am Corp A nom_ _•
Northwest Bancorp com.50
Northwest Rag Co nom_ •
Northwest UM
7% preferred
100
Prior lien preferred_ _100
•
Ontario Mfg Co corn
Oshkosh Overall Co com_•
Convertible preferred_ •
Pao Pub Serv Co cl A com •
Parker Pen(The) Co corn 10
Peabody Coal Co B nom.*
Penn Gas & Elea A com_ •
Peoples Lt & Pr A corn. •
Perfect Circle (The) Co •
Pines WInterfront nom-5
Polymet Mfg Corp com__•
Potter Co (The) com_
•
Process Corp common..
-•
Pub Sera of Nor Ill nom. •
Common
150
6% preferred
100
Q-R-S De Vry com
•
Quaker Oats (The) pref 100
Rallroad Shares Corp com•
Rath Packing Co com_10
Raytheon Mfg Co
•
Reliance Mfg Co corn..._10
Rollins Hoe Mills cony pf-•
Ross Gear & Tool nom_ _.•
Ryan Car Co (The) corn 25
Ryerson & Son Inc com__•
Sally Frocks Inc common.'
Samara° Electric Cc
•
Seaboard Util Shares Corp*
Shaffer 011 & Ref cv p1100
Sheffield Steel Corp nom_ •
Signode Steel Strap pref.30
Common
•
Sivyer Steel Canting com_•
Be Colo Pr Flee A nom _ _25
1999
FINANCIAL CHRONICLE
26%
4634
404
234
26
10
434
7
27%
100
110
100
130
2734
10%
21%
134
19
334
,
1d34
17
35
114
50
48
'224
100
25
37%
58
3934
24%
71
224
50%
95%
534
36
4134
42%
12%
8
269
16
115
831
20
16
35
334
15
7%
Range Since Jan. 1.
High.
Low.
2,900 15%
4,650
A
400 5834
17,650 31%
291 20
650 18
500 13
2,800 194
1,050 134
2,950
4
330 150
1,950 12
82,70
1234
24%
1,40
100 27%
1,163 20
30 40%
50 133
Mar 20
Mar
5-16
Jan 64%
Jan 4834
Jad
24%
Jan 25%
Jan 16%
Jan 34
Jan 23
Feb
84
Jan 200
Feb 13
Jan 22%
Mar 294
Jan 30
Jan 2734
Mar 42%
Mar 140
Jan
Mar
Feb
Feb
Mar
Feb
Jan
Mar
Mar
Feb
Mar
Feb
Jan
Jan
Mar
Feb
Mar
Jan
359
700
3,200
18,550
50
632
10
175
21,900
33,600
5,050
800
15,300
38,600
1,050
6,350
51%
27
21
19
16
24%
95
49
24
53%
81
22
30
58
3534
44
Jan 564
Mar 364
Jan 31
Jan 284
Mar 234
Mar 27
Jan 99
Feb55
Jan 28
Jan 704
Jan 9934
Jan 25
Jan
48%
.1: n 78%
Mar 42%
Jan
6%
Mar
Jan
Feb
Feb
Jan
Jan
Feb
Mar
Mar
Feb
Mar
Jan
Mar
Mar
Feb
Mar
450
308
1,650
1,450
250
6,350
9,800
100
550
100
2,85
810
54
50
134
2%
10
18
19
41%
1
534
184
40
Mar
Jan
Mar
Mar
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Feb
Mar
Jan
Mar
Jan
Mar
Mar
1034
51
22
6
12
20%
25
434
2
7%
25
484
10 34
36
Jan 37
36
Jan
Jan 27% Feb
23% 25% 2,700 23
100 44% Mar 5035 Jan
4434 45
9
Jan 16% Feb
134 14% 3,595
464 Mar 5334 Feb
464 4734 8,35
Jan 40% Mar
40% 8,450 33
38%
220 38
Jan 4034 Mar
40% 40%
19 20
Jan 25
204 204
Feb
2
5,200
Jan
3
4% Feb
2
26% 4,150 17% Jan 27
24
Feb
Jan
10% 1,096 10
12
10
Jan
100 25
Feb 26% Jan
264
26
34% 3534 128,550 31% Feb 3634 Mar
350 98
Jan 1084 Mar
1054 1084
1% Jan. 5
44 2,200
4
Feb
6% 734 2,500
3
Jan
8
Feb
264 274 6,900 214 Jan 294 Feb
961 81
Jan 100
Mar
94 100
905 9434 Jan 110
Mar
105 110
75 91
Jan 1004 Feb
9934 100
295 84% Jan 100
Mar
934 100
38
39%
550 3434 Feb 40
Mar
gem 964
200 96
Mar 98
Jan
50 91
94
Feb 98
94
Jan
254 27% 15.
850 18% Jan 27% Mar
100 48
Jan 60
5734 574
Feb
203
834 Jan 13% Feb
104
10
881 10
214
Jan 214 Mar
18
1334 14
310 1234 Feb 15
Jan
10 27
32
Feb 35
Feb
32
Jan 21
Mar
1834 19% 4,850 10
400
2
Mar
234
334 Feb
2
2
Jan
700
334
434 Feb
3
Jan 21% Mar
174 2134 3,550 16
200 17
1734
Mar 28% Jan
17
10 27% Mar 31
28
28
Jan
750 18
Jan
38% Feb
3334 3
5
802
1% Jan
114 114
2
Feb
250
4834 50
450
48%
48
1934 224 5,600
900
954 100
309
25
25
38% 13,300
34
50
13% 134
6
7
1,700
19,700
554 59
1,750
3334 3934
244 264 10.500
9,650
70% 72
5,450
21% 23
4834 51% 5.400
1.600
294 29%
93
98
33%
534
194
96
98
35
6
194
61
20
250
255
10
484
47
134
75
25
31%
12
3%
46%
35
19%
674
16
48%
21
Mar 50
Jan 52
Jan 2234
Jan 100
Jan 25%
Jan 38%
Mar 16
Jan
834
Jan 69
Jan 40%
Jan 264
Jan 72
Jan 23
Mar 554
Jan 31
Mar
Jan
Mar
Mar
Feb
Mar
Jan
Feb
Mar
Jan
Mar
Mar
Feb
Jan
Mar
91
Mar 984 Jan
9534 Feb 101
Mar
31
Jan 35
Feb
5
Jan
6
Jan
18
Jan 20
Feb
1,223 2754
36%
34
650 3334
414 43
100
8
8
834
120 164
184
18
400 35
39
39
150 30
36% 37
950 364
404 424
124 15% 3,200
034
200 12
15% 164
400
74 8
534
753 213
260 273%
31 215%
272 273%
95 115
130 130
15% 1631 1,450 1534
.
200 110
115 115
734
834 8% 9.450
150 20
244 24%
850 17
20
20
15% 1634 4,050 14
50 40
43% 43%
650 29
35%
34
1,700
8
11
8
750 31
33% 334
2,020 13
14% 15
200 30
36% 37%
6
734 7% 10,500
100 90
90
90
495 60
60
57
24
150 21
23
150 1134
124 1234
50 34
34% 344
150 234
2534 26
Feb
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Jan
3834
45%
9
194
39
38%
45
1534
17
1034
273%
273%
130
22
116
934
26
27
174
4534
3734
11
364
17
40
8
90
60
24
13
35
26
Feb
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Mar
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Feb
Feb
Mar
Feb
Jan
Mar
Feb
Jan
&meg
'may
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
183
49
1,750
2,000
35
700
50
2,450
250
31,000
7,000
12,300
200
1,450
2,250
500
600
4,036
60
43,600
54
2,700
950
2,450
600
11.950
4,500
1,220
4,050
Low.
93
82
254
204
11
134
2434
24
1234
45
31
314
13
36
24
47
1034
14
7
19)4
6734
3934
14
8
414
1734
244
31%
144
Sp'west Gas& El 7% 01100
Southwest L & P pref____• 8434
Standard Dredge cony pf_• 294
• 2714
Common
Standard Pub fiery A_
•
•
Stelnite Radio Co
2%
Sterling Motor Truck pf _30 2634
Stone & Co(HO)com _ • 3234
Storkline Fur cony pref_25 15%
Super Mald Corp corn_ _ _• 524
25 3134
Swift & Co ctfs
15 3234
Swift International
Tenn Prod Corp com_
*
Thomson Co (J R) com.25 434
rime-O-Stat Controls A- •
Fri-Utilities Corp cora_ •
Unit Corp of Amer prof....'
United Am HUI Inc corn.... 174
United Dry Dks Inc corn *
• 40
United Gas Co corn
United Pub Util $6 pfd_ *
20 48
U S Gypsum
*_._
U S Lines Inc pref
US Radio & Telev corn_. 10%
Utah Radio Prod com_ •
Util & Ind Corp nom._ _ _• 194
Convertible preferred _ _• 2534
Util Pow & Lt Corp A....' 37
Common non-voting.....' 23%
98
8434
2331
2734
12
2
26%
32
15h
48
313.4
32
1434
43
24
53
164
14
7
33%
70
4634
19
934
434
19
25
364
2234
Van Sicklen Corp part A_•
•
Viking Pump Co corn
•
Preferred
Vorclo r(Corp part Prot •
•
Vortex Mfg
•
Class A
•
Wahl Co common
Waukesha Motor Co com_.
Warchel Corp common......'
Convertible preferred_.'
Ward (M)& Co class A....'
Wayne Pump cony Prof...'
Common
*
West Con Intl Inc el A. •
Western Grocer Co com_25
Western Pr Lt & Tel A...*
Wextark Radio Stores com*
*
Wieboldt Stores Inc
Williams 011-0
-Mat corn •
Winton Engine Co core....
Convertible preferred_ _•
Wiseman Bank Shs com 10
Wolverine Portl Cem Co 10
Woodruff dr Edwards Inc
•
Participation A
Yates
-Am Mach part pt..*
Yellow Cab Co Inc(Chic)_•
Zenith Radio Corp corn...'
22
23
1,140 16
45 12
134 13%
20 25
274 274
500
11
114
7
4,550 2034
27
25
700 2634
2434 2934
400
5
634 614
99% 10434
195 9934
8
934
1,010
8
100 20
204 2034
200 120
120 123
306 28
2934 3034
50
9
1234 12%
2134 2234 3,250 12%
362 1134
12
13
585 2434
27
2734
13
18
4,250 10
29
30
1,350 27
834
400
8
8
61
6834 35,250 45%
100 50
66
66
11% 1134
400 1134
50
5
5
434
22
27
2834
634
120
3034
1234
2234
27
29%
8
66%
1134
16
16
30
934
15
144
2734
934
984
844
30
28%
14
234
26%
33
16
54
314
34%
144
44
27
544
17
174
74
43%
70
48%
2034
1114
5
2034
264
3734
23%
Range Since us. 1.
16
17
31
1034
Bonds9834 100
Appalach Gas Corp 6s 1945
55
55
Chic City & Con Ry 5s1927 55
Chicago City Rya
Certificates of deposit'27
7634 7734
53
55
Chic Rya 58 series A....1927
1st mtge 55 ctfs of dep '27 7734 7734 774
Commonw Edison 58_1943 10334 1033,4 10334
79
79
Inland Gas 6348 ser A 1938
1940 111
10834 112
Insull Util HIV 68
105% 10734
Without warrants
73% 75
Metr W S Elev 1st 4s_1938 75
TTnlinei Amor deli tia
1540
93
98
• No par value. z Ex-dividend
720
8,308
3,000
3,700
45,000
17,000
High.
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
99
88
31%
2934
15
34
28
3334
18
54
3334
35%
16
4735
27
5434
18
174
734
4334
78
5154
20%
1334
7
2
334
29
3934
2434
Jan 23
Jan
1434
Jan 2734
Feb 15
Jan 2734
Jan 30
Jan
14
Mar 125
Mar 1034
Feb
2334
Mar 130
Jan 324
Jan
14
Jan 22%
Jan 14
Jan 28
Jan 24
Mar 31
Jan
834
Jail 6834
Feb 66
Jan
1134
Feb
534
12
Jan
1234 Jan
264 Feb
5% Jan
16
1734
31
1134
9834 Mar 100
52
Feb 56
Feb
Feb
Mar
Mar
Jan
Feb
Feb
Mar
Jan
Mar
Feb
Jan
Jan
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Max
Feb
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Jan
FM
Jam
Jar
Jan
Mat
Mar
Jar
Jar
Mai
Pet
Mai
Fel
Mai
Jai
17,000 6934 Feb 7734 Mal
28,000 4034 Jan 55
Ma
1.000 70
Feb 7734 Mal
2,000 1013-4 Jan 104% Mk
Ma
5,000 79
Mar 79
1137000 994 Jan 112% Ma
50,000 10534 Mar 107% Ma
Ma
6.000 6534 Feb 75
Ma
5.000 98
Mar 98
y Ex-rights
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Mar. 15 to Mar. 21, both inclusive, compiled from official sales lists:
Stocks-
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
*
Arundel Corporation
..50
Atl Coast Line (Conn).
10
Baltimore Trust Co
Baltimore Tube, pref__100
Berl-Joyce Aircr Corp com_
*
Black & Decker corn
25
Preferred
Central Fire Insurance.._10
10
Voting trust ctis
Ches dr Po Tel of Balt pf100
25
Commercial Cred pfd
25
Preferred B
Consol Gas, EL & Pow_ _•
6% preferred ser D...100
100
5% preferred
Consolidation Coal_ _100
*
Eastern Rolling Mill
Scrip
Emers Bromo Selt A w I_ _ _
25
Equitable Trust Co
Fld & Guar Fire Corp_ _ _10
50
Fidelity & Deposit
Finance Cool America A..'
Finance Service, corn A_10
First Nat Bank W I
Houston Oil pref v t ctfal00
Mfrs Finance com v t_ _25
25
1st preferred
25
2d preferred
Maryland Casualty Co_ _25
Merch & Miners Transp__*
Monon W Penn P S pref _25
New Amsterdam Cas InsNorthern Central
Penns, Water & Power___*
Roland Pk Illand Co corn*
Silica Gel, common
Stand Gas Equip pref
Un Porto Rican Sug pfd__*
50
Union Trust Co
Untted Rys & Electric_ _ _60
U S Fidelity & Guar new....
West Md Dairy Inc pfd__*
20
Western Nat Bank
Con Gas E L & Power
Bonds
Baltimore City Bonds
1961
45 sewer loan
_1961
4s Jones Falls_
1960
4s
1958
4s water loan
4s school bouse _ _1957
1951
45 annex imp
1951
48 paving loan
482nd school ser_ _1947
534s new sewer _ _ _ _1980
4634
3734
53
44
43
11634
115
101%
23
314
177
100
4534
2434
41
88
32
68
13
45
634
97%
Range Since Jan. 1.
Low.
4734 4,959 4034
46
108 170
1704 175
730 3634
373.4 3
8
25 5034
52
52
8
165
1434 1534
1,817 40
56
52
14 27
2734 2736
663 293.1
45
39
615 3034
39% 45
9 11374
1164 11674
55 2234
244 2434
34 23
25
25
292 93
10634 116
3 109
109 109
43 994
101 101%
300 1234
124 1234
428 21
23
22
41-50 20
23
23
140 30
3134 32
5 145
161 161
114 39
46
44
196 168
17334 17734
174 10
10% 11
30 1034
15
15
271 49
49% 51
123 7754
81
78
330 15
18% 21
45 17%
1834 184
65 13
14
15
649 8734
97 100
180 44
4534 4534
40 23%
2434 25
509 38
41
40
100 86
86
86
205 72
88
85
26 174
22
20
630 30
33
30
80 3131
32
32
25 36
36
36
148 61
6834 69
84
810
1234 134
2,769 40%
45
42
90
47 80
90
49 3934
3934 3934
3%
44 534 10,801
9734
97
97
9734
97
98
97
9734
8134
98% 89,700
97
800
100
97
200
9754
100
97
98
6,500
98
7,400
1.000
97%
400
814
954
97
9634
95%
97
9634
97
97
8134
High.
Jan 4734 Mar
Mar
Jan 175
Feb 3834 Jan
Mar
Jan 52
1534 Mar
Feb
Mar
Jan 56
Jan 2734 Jan
Feb
Jan 45
Mar
Jan 45
Feb
Jan 117
Feb
Jan 25
Feb
Jan 25
Mar
Jan 116
Mar 1104 Jan
Mar
Feb 102
Feb
Mar 15
Jan 25% Jan
Jan 26% Jan
Jan 3334 Feb
Mar
Jan 161
Feb
Jan 49
Feb
Jan 180
Jan 1234 Jan
Feb
Jan 15
Jan
Jan 51
Feb
Jan 81
Mar
Feb 21
Mar
19
Jan
Jan 1634 Mar
Mar
Jan 100
Feb
Jan 47
Feb
Jan 26
Jan 4234 Feb
Mar
Mar 86
Feb
Jan 91
Mar
Feb 22
Mar
Mar 33
Mar
Jan 32
Jan
Jan 43
Feb 7434 Jan
Jan 1334 Feb
Feb 48% Jan
Mar
Jan 90
Mar 4134 Jan
Feb534 Mar
Feb
Feb
Feb
Feb
May
Feb
Mar
Jan
Jan
98%
97
9734
98
9734
98
98
9734
8134
Mar
Feb
Feb
Jan
Jan
Mar
Jan
Mar
Feb
2000
FINANCIAL CHRONICLE
Bonds (Concluded)
-
'Friday
Last Week's Range Sales
Saki
of Prices
for
Price. Low. High. Week.
68
99
86
82
46
98
97
97
88
8334
102
98%
10044
95
99
9941
63
97
88
97
85
924
102
87
91
10044
101
63
45
82
7944
6834
98
97
97
88
85
10234
9834
10034
95
99
100
53
97
88
97
85
9244
102
87
91
1003.4
101
8334
48
63
8034
6634
$6,000
2,000
2,000
4,000
9,000
3,000
1,000
3,000
3,000
15,000
3,000
1,000
1,000
2,000
1,000
1,000
1,000
1,000
2,000
2,900
1,000
500
6,000
22,000
19,600
4,000
10,000
Low.
Mar
Jan
Feb
Jan
Mar
Jan
Jan
Feb
Mar
Feb
Jan
Mar
Jan
Jan
Feb
Mar
Mar
Mar
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Feb
98
97
97
66
83%
101
9734
100
95
97
99
50
94
80
97
85
9244
102
88
91
1004
100
5541
34
4934
87
85
High.
Mar
Jan
Feb
Jan
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Jan
Feb
Jan
Jan
Jan
98
97
97
88
85
10234
994
10034
95
99
100
53
97
88
97
88
9244
102
87
9331
1004
101
85
4934
84%
84
6734
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Horn & Hard (Phi's) corn _•
152
Horn & Hard (N Y)enm44
•
Insurance Co of N A._ _ _10 82
78
Lake Superior Corn- -- -100 13%
1334
Lehigh Coal & Navigation
New when issued
414 4134
Manufact Cas Ins
3434
Manufaet Rubber Co
41
Midland Valley pref
33
Mitten Bank Sea Corp_ __ 1734
1741
Preferred
17% 1744
Mock Judson Voehr corn.
2514
Penn Cent L & P cum pref
78
Pennroad Corp
144
Pennsylvania RR
50
80%
Pennsylvania Salt Mfg_ _50
96
Phila Dairy Prod prof
9241 92
Phila Electric of Pa $5 pf- 101
10014
Phila Elec Power pref _ _ _25 3234 3214
Philadelphia Inquirer
4734
Preferred when Lssued___
52
52
Plea Rapid Transit_._ _50 3931 384
7% preferred
384
50 39
Phila & Read Coal & Iron_
15
Philadelphia Traction_ 50
3934
Railroad Shares Corp
844
844
Reliance Insurance
10
184
4234
3734
41
33
1734
1754
2541
78
1844
8431
96
9234
101
3234
4734
53
3954
39
1834
40%
841
184
Seaboard Utilities Corp....
Scott Paper
7% A
Shaffer Storm Co
Shreve El Dor Pipe Line_25
Sentry Safety Control
Tacony-Paimyra Bridge_ •
Tono-Beimont Devel_ _1
Tonopah Mining
1
Union Traction
50
Ctfs of deposit
Unit Gas Improv com new*
Preferred new
•
US Dairy Prod corn el B.
York Railways pref
7%
50
104
2334
1234
741
42
4
112.
2934
2934
4041
9934
23
36
74
50
104
2334 2334
1241
84
7%
4044
44
141
2934 2934
294
3844
39%
9941
9841
2034
23
36
36
4
44
46
§§8§888§8§§§
w
BondsBaiti & Ohio C N 4 As_ ___ ______ 103 103
Consol Trac NJ 1st 531982 87
87
87
Elec & Peoples tr Ws 4545 43
44
40
__
44
Ctfs of deposit
40
Penna RR 434s w L _ _1970
9541 9541
Peoples Pass tr efts 4s 1943
50
50
Phila. Eke(Pa) 1st s f 4s '66
8934 894
99
1st 4.44s series
99
1987
1st 58
10541 10544
1986
Prnla Elec Pow Co 534s '72 10551 10534 10534
Strawbridge & Cloth 53'48
9844 9841
United Rya 4s trust Mrs
67
70
• No par value.
Low.
High.
3
45
36
1134
944
80
834
3841
2234
334
70
854
174
3634
Mar
434 Feb
Jan 5144 Mar
Jan 4444 Feb
Jan 1174 Mar
Jan 1234 Feb
Feb
Jan 70
Jan 1434 Feb
Feb
Jan 41
Jan 2844 Mar
5
Feb
Jan
Jan 7834 Feb
Mar 14
Feb
Mar 1934 Feb
Mar
Jan 40
145
40
89
1034
Jan 1604 Feb
Jan 4844 Feb
Mar
Jan 82
Jan 154 Feb
39
33
31
33
16
18
2534
7544
134
724
94
864
984
3134
40
49
38
38
144
3934
854
16
Jan 4434
Jan 3744
Mar
y,
Mar 34
Jan 20
Jan 20
Mar 2741
Jan 784
1844
Jan
Jan 854
Jan 100
Jan 93
Feb 101
Jan 33
Jan 5054
Jan 5341
Jan 40
Jan 44
Feb
1834
Mar 44
Feb
854
Jan
18
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Feb
Feb
Jan
Feb
Mar
Feb
Feb
Mar
Jan
Jan
Mar
Jan
Feb
Jan
7%
53
103%
2234
9
43.4
34
4
144
2544
2734
314
9644
14
35
8
ROMsAlmar Stores
734
152
4454
82
14
1188p8888q88 F.888 8882§882§88n88888A82§8 824888888§88888
-a .; a
a
a.;.gi 4 pi aaa-Taa gvioi
aa a.
VN
Almar Stores
•
334
344
341
American Stores
•
5041
50
Bankers Securities pref. _50
404 42
Bell Tel Co of Pa pref....100 11534 11541 1174
Budd (E G) Mfg Co
• 1134 11
1134
Preferred
67
6734
87
Budd Wheel Co
1134 1234
Cambria Iron
50
3934 4034
Camden Flre Insurance__ - 2834 2534 2834
Central Airport
434 44
Elec Storage Battery._100
7444 7441
Empir • Corporation
844
834 844
Exide fit.eur
1734 18
Fire Association
10 40
40
37
Range .Since Jan. 1.
Feb
8
Feb 51
Feb 108
Jan 2334
Jan 1274
Feb
834
Jan 4434
Mar
41
24
Mar
Jan 30
Feb 2934
Jan 4034
Jan 100
Jan 23
Feb 36
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Feb
Jan
Feb
Mar
Mar
Jar
Mar
Mar
44 Mar
103
82
34
3974
95%
45
89
9654
10354
10434
9541
413
% Mal
Mar 103
Jan 87
Jan 44
Mar 44
Mar 9554
Jan 54
Jan 8934
Feb 99
Jan 10534
Feb 105%
Jan 98
Jan 70
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Mal
Mar
Feb
Mar
Low.
High.
Mar 20%
Feb 60
Jan
44
Jan
5
Jan 102
Jan 2844
Jan 43
84
Mar
Mar 25
Jan 44
Jan 45
Jan 185
Jan
441
Jan
9
Jan 2054
Jan 5974
Jan 23
Jan 32
Mar 2734
Jan 23
Jan 23%
Jan 19%
Jan 47
Mar
1834
Jan 42
Mar
Jan
Feb
Feb
Mar
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Mar
Feb
Feb
Mar
Jan
Feb
Mar
Feb
Unlistedkmer Fruit Growers
Preferred
53PPer Welding Steel
nternat Rustiess Iron
..one Star Gas. pref
elesta Machine
Thoenix
xr..• rhd, c....................
Feb
15
Jan 75
Mar 49
Jan
3
Jan 107
Jan 294
Mar 30
ISM
MU
Mar
Mar
Mar
Feb
Jan
Feb
Mar
Mn
14
74
47
2
105%
2844 26
30
30
9“IA
2454
48
2
15
75
49
241
106
2644
30
2814
4
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Mar. 15 to Mar. 21, both
inclusive, compiles from official sales lists:
Range Since Jan. 1.
lachmelster Lind Co...' 2044
1734 2054
1734
larbison-Walker Rae_ .._* 60
80
60
59
ndependent Brewing_ __50
254 234
1
Preferred
50
4
4
141
Coppers Gas & C pref__100 102
10144 102
9934
Aberty Dairy Prod
* 24
24
23
23
..one Star Gas
25 4144 39
43
3441
AcKinney Mfg
•
541 554
554
'rational Erie, class A_ 25 25
244 25
244
i'is, Fireproofing
50 44
433.4 44
33
Preferred
4344 44
50 44
35
'eoples Saving & Trust 100
155 155
155
ettsburgh Brewing
441
50
434
231
Preferred
50
834 854
834
534
nttaburgh Forging
• 18
1734 1841
12
'ittsburgh Plate Glass_100 0834 5454 583453
'Itts Screw & Bolt Corp_ ..* 2134 2034 21 54
18
'ittsburgh Steel Foundry.• 32
3034 32
23
'Iymouth Oil Co
5 2454
2444
2434 2444
'ruett Schaffer ChernicaL* 20
2146
19
1754
rnarnrock 011 & Gas
• 2234 2134 23
1754
3tand Plate Glass pr pf 100
13
13
9
Rand Steel Springs
• 43
4434
41
38
luburban Electric Dev_* 1854
13
1841 18%
Jolted Engine & Fdy_ _ _ _• 41
41
40
3834
WW00C-Or
WWWv0W
* No par value.
I r!au,
,
Mil
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par Price. Low. Mph. Shares.
WOOWW§M0WQWNWV00000.50000g
WWWWQ
WWWw0.-.0t..WWWWWWWWWw
WV
V.WW.M
MOW
VW W
.
Alabama Co gen 8%
Arnold(JRay)LCo8448 _'37
Arn(JRay)CyPC06 A% 39
'
Bait Spar Pt dr C 4481953
Bait Trac N Bait _ _1942
Consolidated Gas 5._ -1930
Consol 0 EL dr P 4348 35
Series G 441s
Elk Horn Corp 64'7..193i
Fin Co of Amer 6448 _1934
Gibson Isi Co 1st 88
Macon Dub dr Say 5%
Md Elec Ry 1st 55 _ _1931
let & ref 840 ser A 1957
Nixon Nitration 634s _1937
North Ave Market 88 1940
Olustee Timber Co t3e 1935
Potomac Val 5%.
1941
Sandura Co Inc 1st 8.9 1940
Santee Timber Co 68 _1941
Say Flat West 53
_1934
Silica Gel Corp 634%
United Ry & E 1st 4s 1949
Income 45
1949
Funding 58
1936
1st 6.1
1949
Wash Balt & Annan 58'41
Range Since Jan. 1.
[VOL. 130.
1034
60
42
13.4
10454
25
30
23;4
*No par value.
Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange, Mar. 15 to Mar. 21, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Aluminum Industries Inc.*
Am Laundry Mach com _20
Amer Products pref
'
Amer Rolling Mill corn...25
Amer Thermoe Bottle A- •
Preferred
50
Amrad Corp
•
Baldwin new pref
100
7341
95
4954
2654
2334
65
19
9244
1634
4941
15
80
254
74
19
9554
17
4944
31
130
Carey (Philip) com__ _100 250
.
Preferred
100
Central Trust
100
Champ C'ted Pap apl pf 100
Churngold Corp
• 1741
•
MU Adv Products
CM Ball Crank pref
• 26
Cincinnati Car IL
134
•
Preferred
20
CNO&TPpref
100
Cin Gaa & Elea pref ___ _100 9941
Cin Street Ry
50 4434
Cin & Sub Tel
50
Cm n Union Stock Yards •
Cln Union Term
City Ice dr Fuel
• 4444
Cohen (Dan) Co
•
Cooper Corp pref
100
Crosley Radio A
• 18
Crown Overall pref_ ...l00
Dow Drug prof
100
Eagle-Picher Lead com _20 12
Fay dc Egan pref
100
Fifth-Third-Union Tr _100
Formica Insulation
• 45
2.50 270
11854 1184
280 280
104 104
15. 19
60
58
224 28
134
141
241
254
108 108
9814 99 34
4444
44
118 118
28
28
104 104
4441 45
214 22
10
10
1834
17
104 104
106 106
1241
12
35
35
307 310
45
44
Gerrard S A
•
Gibson Art aura
•
Globe-Wernicke Met__ _100
Gruen Watch corn
•
Hobart Mfg
•
Int Print Ink
•
Preferred
100
Kodel Klee & Mfg A
•
•
Kroger corn
Leland Electric
•
20
20
44
4434
MN 70
4014 4044
4544
42
51
51
9654 98
8
8
3544 40
34
34
40
40
2136
21
4344 45
6094 85
20
20
33.4
334
3174 32
3044 32
1034 1244
1034 1134
5734 70
173 170
10734 108
9854 100
57
54
17
16
18
17
534 11
1184
86
32
30
334 .434
754 94
105 105
Lunkenheimer*
Leonard
ManischewItz corn
•
Mead Pulp
•
Moores Coney A
•
B
•
Nat'l Recording Pump_ •
Newman Mfg Co
•
Paragon Refining B
•
•
Voting trust ctfs
Procter & Gamb com now..'
8% Preferred
100
5% preferred
100
Pure Oil 8% preferred_ _100
Rapid Electrotype
•
Richardson cons
•
Randall A
B
U S Playing Card
10
US Print & Litho com_100
US Shoe common
•
•
Waco Aircraft
Whitnkew Pa nay. nrof
1 MI
4041
454
8
21
31
1254
1154
6834
108
100
55
17
1744
11
864
31
934
10A
Range Since Jan. 1.
Low.
192 2344
2,507 .84
200 18
157 8044
110 15
75 48%
6,884 12
50 60
3
91
10
6
305
305
349
88
100
80
964
146
92
30
93
55
30
5
880
5
4
554
25
23
241
Mar
250
11834 Mar
285
Jan
10341 Jan
15
Mar
Feb
50
Jan
20
44 Jan
14 Jan
10541 Jan
95
Jan
42
Feb
110
Mar
2234 Jan
104
Feb
Jan
42
1944 Jan
Mar
10
1154 Jan
104
Jan
105
Jan
12 . Feb
35
Jan
300
Jan
40
Jan
410 20
22 38
20 654
15 4011
240 42
15 45
220 94
140
54
81 384
15 33
100 39
210 17
347 38
230 59%
5 20
25
3
10 30%
370 25
1,6
74
810
734
875 5344
7 180
180 10441
348 98
444 394
95 18
499 1344
1,819
5
244 85
433 30
78
34
644
340
10 104'4
High.
Mar 304
Jan 75
Jan 21
Jan 1004
Jan 174
Feb 50
Jan 31
Mar BO
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Jan
Mar
Feb
Jan
Jar
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Jan
Jae
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Jan
Jan
Feb
Mar
Mar
Mar
Mar
280
120
280
104
25
6254
26
2
34
110
100
45
119
30
10414
49
204
20
20
106
107
15
35
315
5354
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Mar
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
24
50
71
4244
47
52
97
834
4734
34
444
23
45
8894
22
4
36
32
1234
114
70
180
108
10014
5734
26
1834
11
91
33
3".
10
108
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Feb
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Mar
Mar
Mar
Max
Mar
Mar
Feb
Mar
Feb
Max
Mar
Jar
Jan
Jan
Jan
Jan
* No par value.
Pittsburgh Stock Exchange.
-Record of transactions at
-Record of transactions at
Cleveland Stock Exchange.
Pittsburgh Stock Exchange, Mar. 15 to Mar. 21, both inCleveland Stock Exchange, Mar. 15 to Mar. 21, both inclusive, compiled from official sales lists:
clusive, compiled from official sales lists:
Sales
Friday
Stocks-
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. lith. Shares
Range Mace Jan. 1.
Low.
High.
Stocks-
Allegheny Steel
6244 65
• 84
American Austin Car
544 8
Arkansas Gas Corp
• 15
144 1844
Preferred
100
734 8
73.4
Armstrorg Cork Corp_
•
59
59
Blaw-Knox Co
25 3534 34% 37
Carnegie Metals
10
6
8
8
Clark (I) L) Co
•
1454 1434
Colonial 'I rust Co
100
310 310
Devonian Oil
10 10
11
10
Dixie Gas dr Util pref_ _100 98
81
98
Donner Steel °Us deposit_
. 28% 28
28%
Preferred ctfs deposit _ _ 1014 101
.
10141
Donohoes class A
•
1841 1634
Piro. s',,• 'Rank _
40
0
400 CIO
675 58
1,935
534
3,670
2,182
7%
20 58
4,175 2144
5
2,335
100 13
6 305
158
9
191 70
430 28
147 95
240 16
10 400
Jan 65
Jan
734
Jan
1634
Jan
8
Feb 82
Jan 37
Jan
8
15
Jan
Mar 325
Mar 12
Jan 98
Feb 30
Feb 10141
18
Feb
Jan 400
Mar
Jan
Mar
Feb
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Sales
Ite,iday
Last Week's Range for
Week.
of Prices.
Sale
Pa,. Price. Low. High. Shares.
Allen Industries Coll,
•
Preferred
Amer Multigraph corn_ •
Brown Fence 13
•
A
•
•
Byers Machine A
Canfield 011 cornmon__100
Central Alloy Steel pf_ _100
Central Union Nat Ilk_ "
City lee & Fuel
Clark (Fred G) corn_ .._10
Cleve-Cliffs Iron pref_ _ _ _•
Cleve Elec 111
.100
Cleve Ry ctfs of deposit..'
6
28
40
27
27
5
110 110
108 108
8454 85
4454 45
1034 11
95
93
112 113
924
91
6
27
40
23
37
95
Range :office Jan. I.
Low.
100
5
145 28
30 34
250 1734
100 204
444
95
13 110
108 106
152 8434
401 41
9
200
85 0134
110 110
78 90
High,
Feb
754
Jan 28
Jan 40
Feb 27
Feb 27
Jan
7
Mar 110
Feb 109%
Mar 86
Jan 4834
Mar
11
Mar 95
Jan 113
Jan 9334
Feb
Feb
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Feb
Jan
Jan
Mar
Feb
FINANCIAL CHRONICLE .
Low.
High.
Cleveland Trust
100
480 480
Clay Union Stkyds corn.* 15
15
17
Dow Chemical corn
•
7134 72
Elea Control & Mfg com_ *
82
81
Enamel Products
•
10
10
Faultless Rubber coin_
•
3434 3434
Firestone T & R 6% p3.100 8535 8235 8534
General T & R com
25
145 145
Geometric Stamping
•
20
20
Halle Bros common
37
37
373-4
•
Preferred
96
96
Hanna(MA)pref 7%_ _100
90
90
India Tire dc R corn
• 18
13
19
Interlake S Scorn*
8034 81
10
ICaynee common
3034 3034
Korach (S) common
•
.5
5
Lamson Session
29
2935
• 29
Leland Electric
•
33
33
Marion 88 pref
• 7835 7834 80
McKee (A CO dr Co corn_*
50
50
B
* 5235 50
53
Medusa Cement
• 10035 10035 105
Metro Pay Brick corn. •
30
30
Miller Rubber pref__ _A00
3334 35
Mohawk Rubber com___-* 12
1034 1234
Myers Pump corn*48
48
Preferred
102 10435
10
305
295
52
150
100
292
22
15
270
17
100
2.725
76
25
100
156
90
85
50
1,135
95
26
230
450
10
82
501
18
75
83
11
37
8534
160
25
38
99
90
19
87
33
5
2935
37
80
50
53
105
32
25
14
48
10435
Jar
Jar
Jar
Fel
Jar
Pet
Mai
Jar
Jar
Fet
Jar
Mal
Mal
Mar
Jar
Mai
Fel
Fel
Mar
Mar
Ma,
Mai
Fel
Mal
Fel
Mx
Ma,
National Acme com_ _ --10
National Carbon pref__100
National Refining corn.-25
National Tile corn
*
No Ohio P & L 6% pf_100
Ohio Bell Telep pref__100
Ohio Brass B
•
Packard Electric com___-•
Packer Corp coin
*
Paragon Refining corn_ -•
Voting trust etre
•
*
Patterson-Sargent
Richman Brothers com- - -•
R & M series No 1
•
Selberling Rubber coin- - •
,
Preferred
100
Selby Shoe corn
•
Sherwin-Williams com_ -25
Preferred
100
Standard Textile Products
rrererred A
100
Stauffer A w w
•
Thompson Products corn •
Union Metal Mfg corn...*
Unioa Trust
1111*
V1check
•
Y 13 preferred
Youngstown El & T
•
Wellman-Seaver-M pr_100
White Motor Secur pref100
Weinberger Drug
*
2,700 2134 Jan 2634
30 13135 Jan 13435
Feb 34
100 32
685 1735 Mar 29
Jan 97
67 90
Feb 114
57 110
195 70
Jan 7535
Mar 2334
10 20
155
935 Mar 1334
3.720
735 Jan
12
900
12
734 Feb
Jan
585 23
2734
939 7955 Jan 99
10
53.4 Jan
734
2,965 1034 Jan 1934
Mar 78
272 50
Mar 20
312 12
Jan 85
187 80
Jan 107
50 105
Fel
Ma
Jai
Fel
Fel
Ma
Ma
Jai
Fe,
Ma
Ma
Fe
Fe
Fe
Fe
Fe
Ja
Ja
Ja
2434
2534
13334
33
.26
96
114
7535
21
945
935 IOU
12
10
12
12
1034 12
26
27
8955 8734 91
534
534
534
1134 1434
1334
55
50
58
13
13
81
80
81
106 108
33
18
2434
13134
33
1735
9534
11235
75
54
34
3644
34
8934 9034
19
1855
10134
150
88
104
2035
1934
55
34
3735
34
92
19
10134
150
88
10435
2034
484
113.4
8935
64
10
343-4
8134
13534
20
36
96
90
834
80
29
5
2734
27
7834
41
44
10034
30
20
834
3935
102
85 47
15 31
200 23
50 33
475 8935
100 1835
49 100
100 150
58 80
60 101
1,090 1934
Mar
Jan
Feb
Jan
Feb
Jan
Feb
Mar
Feb
Jan
Mar
Mar
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan 58
Fe
Jan 35
Ja
Jan 373-4 Mr
Feb 34
Ja
Mar 95
Jo
Mar 2034 Siz
Jan 10335 Fe
Mar 150
Mf
Jan 90
Fr
Jan 10434 MI
Mar 21
SII
Friday
sales
Lase Week's Range for
Sale
Of Prices
Week.
Stocks (Concluded) Pax. Price. Lew. High. Shares.
Sunset Stores pref
50
Wagner Elec common_ -15
Preferred
100
Street Ry. Bonds
City & Sub PS 5s...1934
East St L & Sub Co 5s_1932
United Rya 45
1934
Miscellaneous Bonds
Houston Oil 534s.._1938
Moloney Electric 534s 1943
St Louis Car 6s
1935
Scullin Steel (is
1941
48
30%
48
28
107
4835
31
107
34
9634
9
Emerson Electric, pref.
.100 95
Ely dr Walk DryGds,com25
1st preferred
100
Fred Tiedurt Mfg. corn_ _•
Fulton iron Works,corn_ •
Globe-Democrat, pref.100 111
Granite 131-Metallic.10
Hamilton-Brown Shoe_ _25
8
Husemann Ilefr, corn_ ___• 15
Hydrarlic Pr Brk, corn 100
indep Packing, prat...100
International Shoe, eara_ * 60
Preferred
100
Johnson-S & S Shoe
Key Br iler Equipt
Knapp Monarch,corn.
•
Landis Machine corn. _25
Moloney Electric A
Mn Portland Cerr.ent _25
Nat Bearing Metals corn.•
Preferred
100
Nat Candy lit pref. _ _100
Nat Candy common
• _ .27
Nicholas Beasley
5
434
Pedigo-Weber Shoe
•
Plukrel Walnut
• 20
Rice-Stix D G corn
• 1435
2d preferred
100
Scruggs-V-B D 0 coin. 25
Scullin Steel pref
•
Skouraa Bros A
•
Sou Acid dr Sulph corn_ •
So'west'n Bell Tel 1:3L _100 119
Stlx, Baer.& Fuller eom_ •
St LOU19 Bank Bldg
•
St Louis Pub Serv corn_ ..*
34
9655
9
16
40
42
117
94
3
12
115
89
21
2135
57
5%
25%
100 34
5 96
9
410
125 16
25 38
566 40
101 114
75 94
2 2
79 1134
3 104
20 89
40 14
40 20
1,064 38%
513
5
1,634 2434
Mar 35%
Jan 9754
Mar 13
Mar 16
Feb 40%
Mar 42
Jan 117
Mar 95
Mar
4
Mar 1234
Jan 115
Mar 95
Jan 27%
Ma
22
Jan 57
Mar
6%
25%
Ma
Feb
Feb
Feb
Mar
Jan
Mar
Mar
Mar
Feb
Jan
Mar
Jan
Feb
Mar
Mar
Jan
Mar
95
95
27
27
100 100
25
25%
235 235
111
112
30c 30c
8
9
15
15
234
234
78
78
59% 6035
106 107%
45
45
32
32
40
39
45
45
6135 62 34
3431 35
41
41
100 1003f
10535 109%
2534 27
4% 5
15
15
20%
20
1434 1434
87
88
1234 1, i
“
29
29%
24
26
4634
46
118% 12034
2134 2134
10% 11
8
8
0714 5,53
10 93
105 27
25 96
105 21
50
2
10 111
200 2:e
280
7-'4
140 15
15
2
158 75
708 50%
121 10435
20 43
111
30
202 39
10 40
239 52
39 31
2 41
81 100
10534
847 22%
Is
434
5 14
1.025 16
257 14!•i
6 85
25 12%
100 2834
34 21
120 46
78 11635
115 20
70 10%
6
1,550
, 5714
4 1
Feb 95
Mar 2S
Jan 100
Jan 2534
Mar
234
Mar 114
Jan 40c
Jan
11
Mar 23
Mar
235
Feb 85
Mar 63
Jan 10735
Jan 55
Star 40
Mar 40
Feb 64
Jali 66
Jan 3514
Mar 44
Mar 101
Jan 10.34
Fel) 27
Jan
731
Mar 13
Jan 2434
Mar
11)
Mar EN
Mar
L.%
Mar 3134
Feb 2(1
Mar 43
Jan 129%
Jai 24
Mar 12
Mar 111
05--119
Mar
Jan
Mar
Mar
Mar
Feo
Mar
Mar
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Mar
Mw
Mar
Feb
Feb
Mar
Feb
mar
Jan
Jan
me&
Mar
ma
FA
Jar
Jan
"an
34
9655
9
16
40
42
40
11534
94
3
11)4
115
89
89
20
21
57
4935
5
5
2514 24%
Low.
High.
675 45
Feb 48% Mar
2,444 25% Jan 31
Mar
5 10335 Jan 108
Feb
70
86
86
$2,000
95% 9534 10,000
70
72
8,000
8-54
9 '.
'
5
6934 Feb
95
9535
9534
96
95
9144 Jan
92
Jan
96
Mar
89
Feb
9614 21,000
9534 26,000
9634 2,500
95
3,000
tfl,' SIg i=
74
Jan
963-4
95%
98%
95
Mar
Mar
Mar
Mar
* No par value.
Loa Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Mar. 15 to Mar. 21,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
1Feek.
Sale
Par. Price. Low. High. Shares.
Aero Corp, Cal, Inc
•
Assoc Gas dr Elect A
• 4234
Bobra Chica Oil A
1 1.3235
New
10
Byron Jackson
*
California Bank
25 115
Claude Neon Else Prod--• 403.4
Douglass Aircraft, 100..* 193-4
Emsco Derr & Equip Co..*
8 1435
Gilmore Oil Co
Globe Grain & Mill, corn 25
Goodyr Tire & Rub, pfd100
lnternat Re-insur Corp_ _10 4834
Jantzen Knits Mills, com_*
Lincoln Mtge, corn
•
Los Aug Gas dr Elea, p1100 106
Los Angeles Invest Co 10
MacMillan Petroleum Co25 2534
Mortgage Guarantee Co100 165
Pacific Amer Fire Ins Co10 5234
Pacific Clay Products Co •
Pacific Finance Corp com10 3735
Pacific Finance series C_10
Series D
10
835
Pacific Lighting corn......
•
•
6% Preferred
4.30
Rights
Range Since Jan. 1.
Low.
3
135
3
400
4234 4235
400 4234
1.30
155 10,000 99c
600 1134
1334 1434
1734 18
400 1734
115 115
- 89 113
40
42
1,800 40
909 1234
1834 1934
17
17
600 17
1435 1434
500 13
2535
662 25
25
1,093 98
98
98
4635 4834
1,400 41
48
100 42
48
1.050 304
30c 300
55 101
108 10635
1,000 163.4
17
18
26
4.200 18
24
62 165
165 168
250 50
5235 5234
200 27
2755 2734
3634 394 9,900 3694
1035
200 10
10
200
835 834
835
,
700 79
9954 95
60 10034
10334 10334
3.45
3.90 4.35 7.400
Pacific Mutual Life Ins_10
88
85
Rights
3.20 3.80
335
3635
Pacific Pub Berg Acorn.. 3535 35
1535 1634
Pacific Western Oil Co_ __. 1535
Pickwick Corp eon]
7%
10
735
/34
,
Republic Petroleum Co_10
234
234
Bonds
2535 2734
Richfield 011 Co com__25 2634
City Ice dr Fuel 6s_ _..1933 ------99
31.000 99
99
Mar 99
MI
25 21
21
2134
Preferred
Steel dr Tube 6a
1943 10)
0716 inn
13.250 95.4 Feb 100
M,
Rio Grande Oil com
25 2334 22% 2435
1 San Joaquin L & P•No par value.
7% prior preferred-100 118
1153-4115%
St. Louis Stock Exchange.
-Record of transactions at Seaboard Dairy Cred Corp
95
95
A preferred
St. Louis Stock Exchange, Mar. 15 to Mar.21, both inclusive I See First Nat'l Bk of L A100 1163.4 11634 11834
25
compiled from official sales lists:
2334 2334
I Shell Union Oil Co com_25
33
25
33
Signal 011 & Gas A
6234 6351
So Calif Edis °rig pref _ _25
Priaay
Sales
2934 3034
25
Last Week's Range for
Range Since Jan. 1.
7% preferred
25 2635 2635 2734
6% preferred
Sale
of Prices.
Week.
StocksPar. Price. Low. High. Shares.
2434 25
25 2434
535% preferred
Low.
High.
3.45 3.45 3.60
Rights
Bank Stocks
623. 6435
4
Standard 011 of Calif _ _ _ -• 6434
Boatmen's Nat Bank_ _100
27
28
*
Mar 239% Jan Taylor Mills
2 220
220 220
First Nat Bank
100 8654 86
-America Corp_ __ _25 4535 4394 4545
106 8434 Mar 90
87
Feb Trans
Merchant Commerce_ _100 296
2' 4435 4334 4634
Union 011 or Calif
Jan 301
538 284
28755 297
Jan
Union Bank & Trust Co100 4555 4434 4734
Trust Co. Stocks
325 325
25 325
Union Sugar corn
Franklin-Amer Trust_ _100 280
3834 39
Jan 297% Feb Van De Kamp Baking...*
30 259
280 280
Miss Valley Trust
100
1.974 1.9734
10 _
Mar 300
229 284
284 295
Jan Victor 011 Co
St Louis Union Trust.J00 555
Jan 558
555 555
525
Feb
• No par value.
Miscellaneous Stocks
A S Aloe Co,com
20
Preferred
100
Bentley Chain Ste, earn.-•
Berry Motor
•
Boyd-Welsh Shoe
•
Brown Shoe, item
100
Preferred
100
pref
Bruce (E
100
Buriurrt Mfg, corn
Preferred
Century Electric Co_ _ _100
Champ Shoe Mach, pf_100
Chicago fly Equip. corn _25
Preferred
25
Coca-Cola Bottling, See_ .1
Consol Lead dr Zinc A.__ -•
Curtis Mfg
5
Range Since Jan. 1.
500
7,200
3,800
2,500
600
1011
18,600
2,900
16,800
8034
290
28
13
734
2.10
2235
2034
1645
High.
Jan
Mar
Feb
Mar
Jan
Feb
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Feb
270 110%
Jan
70 94
2,000 110
260 213-4
200 2734
155 57
5,800 2734
6,400 2434
4,500 2234
2.80
17,200
4.000 56
600 2431
14.000 4235
8.400 4034
11,200 4135
63 325
200 3835
220 19734
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Mar
"8. "
Range Since Jan. t.
"
Last Week's Range for
Sale
of Prices.
Week.
Stocka (Concluded) Pat. Price. Low. iich Shares.
__.....
l
2001
80 —"..=;
.3
0401
rxxxr
xx° r
xxx xxxS igr
rxxxxS xxx xxx
..4,4,1,0,1444t
mt,
-.4z.144vKKg•-. K
,
V.tec.s,I.ReeEeeg.atzA E EA'EA.gEg.EE F.PAKEtagnE!%444 tCgAaCa444a
r rsum/
g48SUU674 8 =4"08=154
38tgtttr,t5,
Mu:. 22 1930.1
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Mar. 15 to Mar. 21,
both inclusive, compiled from official sales lists:
Stocks-
, mu,s
Frtuas
Last Week's Rance! for
heck.
of P,ices.
Sale
Par. Price. Low. 11 th. Shares.
Range Since Jan. I.
Lim'.
85 215
217 220
Anglo & London P Nat Bk 220
1.390
7
635
Assoc Insurance Fund_ __ 74
7
1.465 28
31
30
30
Atlas Imp Diesel En A _._ _
2534 275
290 290
Bank of California
1,790 11%
1335 1434
Bond & Share Co Ltd
Byron Jackson
1735 1735 183. 2.258 1735
560 1134
1434
14
Calaveras Cement Co corn
45 8434
SO
89
Preferred
2%
245
234
California COIVer
234
30 106
Calif Ore Pow 7% pref..
1103-411214
145 8734
Calif Fackler: Corp
74
74
4
Caterpillar Tractor
7334 683 7434 14,804 5335
572 2934
Clorox Chemical
3035 32
133 98
Coast Cos G & E 1st yref _ _
98
9834
710 2534
Cons Chem Indus A
3034 3035
Crown Zeller Corp pref A_
8335 8035 8335
407 7834
678 78
Preferred 14
8034 8335
7
1734 9.353
Voting trust ctfs
17
1734
Eldorado Oil Works
Emporium Capwell
Farm! Motors corn
Preferred
Fireman's Fund Ins
Food Mach cora
Forger dr Sleiser
Galiand Mere Ldry _ __ ....
Golden State Milk Prod
Great West Power 0% .let
7% preferred
Hale Bros
Hawaiian N & S Ltd_
Hawaiian Pineari31, -. Home F & M rts_ _ _
Honolehr Cora 011_ _ . .
Hunt Bros A
Ilincis I aci!ic Glass A_
.nrestr,rs Assocfantzen Knitti^g MI 's- Koister common.
Lan.zendorf A
B
Leighton A
Leslie Calif Salt.
'-oe Ang G & E corp..
Lyons Magntia A
19
2%
99
39
______
27
--......
106
5035
5834
- .- -.
3355
25
25
19
19 34
23.4 235
6 „ 64
99
9935
3834 39
934 10
31) 31 14
;
'27
2755
102 1024
105% 109
1135 114
4034 5034
5835 5954
364 3834
3335 3335
223 224
2634 27
42% 424
44% 48
44 6
2535 26
23
24
10
10
19
18
10335 10635
12
12
233
310
330
140
335
1,190
26:
150
1.195
25
220
175
255
1,647
100
372
250
850
410
1,303
4.942
31)0'
302
201
803.
I
2,
325'
24
1735
2%
6%
PS
3735
735
3135
2334
99
10035
1134
4935
5234
38
31
21
3934
3734
40
2
25
23
934
1735
•
100%
12
High.
Jan 23335 Jan
Jan
734 Jan
Feb
Jun 34
Jan
Mar 300
Jan
1434 Jan
Jan 2354 Feb
Jan 1434 Mar
Mar
Jan 89
Jan
334 Mar
Jan 11234 Mar
Mar
Jan 77
Jan 743-4 Mar
Jan 3834 Feb
Feb 9934 Feb
.)an 33
Feb
Feb 8334 Mar
Feb 8335 Mar
Feb
1834 Feb
Feb
Jan
Jan
Mar
Jan
Jar
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Feb
Jan
Jan
Jar
Jan
Ja"
Fel
Mar
Feb
/Oar
Feb
Srar
2535
20-,
4%
735
10235
4434
10
3835
3135
10235
10634
14
51
63
3934
34
2234
28
4234
98
6
273
2534
11
21
10635
1334
Jan
Feb
Feb
Feb
Jan
Feb
Mat
Jar
Jar
Mai
Fel
Jar
Feb
Fel
Jar
Mar
Mai
Mal
Pet
Mai
Mai
Jar
Jar
Fel
Fet
Mai
Jar
[VOL. 130.
FINANCIAL CHRONICLE
2002
Sales
Friday
Lase Week's Range for
Week.
Sale
of Prices
Stocks (Continued) Par. Price. Low. High. Shares.
Magnavox
Magnin (I) corn
March Calcu new corn......
Mere Amer Realty 7% pref
Natomas Company
No Amer Inv corn
Preferred
No Amer Oils Cons
Occidental Insurance
Oliver Filters A
Pacific0 dr E COM
First preferred
Pacific Lighting Corp corn_
6% preferred
Rights
Pacific Public Service
Pacific Tel di Tel corn
L. Preferred
I Rights
Paraffine Cos corn
P1g'n Whistle pref
Rainier Pulp & Paper CO
Range Since Jan. 1.
Low.
2%
15,153
6
5
20% 21
755 20%
1,086 20%
20% 23
10 94
97
97
191 23%
25% 25%
13 105
109 109
5 98
100 100
18% 17% 18% 3,673 14
591
20%
27%
26
67%
2754
94%
104%
3534
150
23%
14%
2434 24%
27% 28
26
27
68%
65
2634 2734
9534
90
102% 104%
3% 4%
34% 36%
142 150
121% 124
24%
19
76
76
13% 14
26
26
235 23
778 26
799 25
11.556 51%
7,218 26
2,084 74%
982 100
334
22,398
38,027 28%
869 142
655 120
43,928 19
426 75%
840 13
150 26
High.
Jan
734
Jan 23
Jan 25
Jan 97
Jan 28
Jan 113
Jan 100
Feb 18%
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Jan 3531 Feb
Jan
Jan 31
Jan 2931 Jan
Jan 69% Mar
Feb 27% Mar
Jan 95% Mar
Jan 10431 Mar
4% Mar
Feb
Feb
Feb 39
Feb
Mar 180
Feb
Jan 144
Mar
Feb 24
Jan
Jan 78
Jan
Jan 14
Mar 29% Jan
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Richfield corn
Preferred
Roos common
Preferred
8 J L & Power prior prat_ _ _
6% prior preferred
Schlesinger corn
Shell Union corn
Sherman Clay prior pref._
Southern Pee
So Pee Golden Gt A
Spring Valley Water Co.._ _
Standard Oil of Calif
Tidewater common
Preferred
Transamerica Corp
Traung Label & Litho Co_
Union 011 Assoc
Union 011 Calif
Union Sugar prat
Wells Fargo Bk & U T.
West Amer Fin Co pref_
West Coast Bancorp
West Pipe & Steel Co
2631
21%
24
11734
102%
2231
50
16%
14%
64%
14%
81%
45
45
46
Range Since
Low.
Jan. 1.
High.
25% 2754 24,669 24% Feb 27% Mar
21
21% 2,087 20% Mar 22% Jan
24
Mar 27% Jan
24%
400 24
Mar
Jan 94
100 83
93
94
11534 11834
200 110% Mar 118% Mar
102 102%
Jan 102% Mar
10 100
725
734 7%
734 Mar 10% Jan
22% 23% 5,406 21% Feb 23% Mar
Jan
50
50
5 4254 Jan 64
124 124%
200 124
Mar 12434 Mar
399 1634 Jan 17% Feb
16% 16%
14% 1754 1,540 14% Mar 9034 Feb
6434 13,535 55% Feb 64% Mar
62
14
4,102
15%
15% Mar
31 Feb
539 78
8031 82
Feb 84% Jan
43% 45% 46,117 42
Jan 47% Feb
60 20
20
20
Jan
43% 4631 5,457 40% Feb 4654 Mar
44% 4731 8,514 41% Feb 4751 Mar
22
22
100 21% Jan 2234 Jan
Mar
15 320
330 335
Jan 335
2% 2%
2% Jan
2
100
Jan
2234
22
2234 Mar
505 1731 Feb
Feb
630 23% Jan 29
2631 26%
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Mar.15 1930)and ending the present Friday (Mar.21 1930). 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.
Ja4C3
Friaay
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Week Ended Mar. 21.
Stocks-
Indus.8, Miscellaneous.
Acetol Products cony A__*
Acme Wire corn v t c25 46
Aeronautical Indus warr__
Aero Supply Mfg class B.'
Aero Underwriters Corp....'
Agfa Ansco Corp com____* 20
Ainsworth Mfg corn.. _ _ _10 2834
Alr Investors com v i o__ .•
Convertible preference •
Ala Great Southern ord_50
2
•
Alexander Industries
All Amer General Corp_20 1854
Allen Industries corn........*
Allied Aviation Industries_
134
With stock purch warr_•
•
Allied Mills Inc
Allied Motors Indust cons •
Allison Drug Stores cl A_ •
•
Class B
• 332
Aluminum Co corn
100 10734
Preferred
Aluminum Ltd
*
•
American Arch Co
Amer Bakeries class A _ _ _ _* 3551
Amer Beverage Corp.._....'
734
Amer Brit & Coot Corp--•
Amer Brown Boverie Elea
•
Founders shares
Amer Capital Corp com B *
$5.50 prior preferred-' 77
* 37
$3 preferred
• 0134
Amer Chain COM
Amer Cigar Co com____100 86%
Amer ColortYPe corn
*
Amer Cyanamid com cl B _• 3454
5
Amer Dept. Stores Corp--•
American Equities corn- _• 1734
Amer Investors cl B oom_• 1234
Warrants
534
Am Laundry Mach oom--• 75
58 30
Amer Phenix Corp
Am Pneumatic Serv com 25
Amer Salamandra Corp_25 62%
100
American Stove
•
Amer Yvette Co coat_
Amrad Corp common...._..* _ _ 29
Amsterdam Trading Corp
American shares
Anchor Post Fence coin__' 12
Anglo-Chile Nitrate Corp_• 2034
Anglo Norweg Holdings.. •
*
Angus Co 84 pref A
Arcturus Radio Tube. •
Arrow Hart & Hegem El 10
Art Metal Works cora__ -• 23
3
Associated Dyeing dr Print*
Assoc Elea Industries
634
Amer dep rcts ord shs_g/
Associated Laundries.. •
Associated Rayon com- •
100 50%
8% preferred
Atlantic Coast Fish com •
•
All Fruit & Sugar
Atlantic Secur Corp corn • 21
• 25
Atlas Plywood
*
Atlas Stores Corn
874
Automat Music Instru A•
Automatic Voting Mach •
Cony prior panic elk....' 12
Aviation Corp of the Amer*
Aviation Credit Corp..---' 1534
Aviation Securities Corp_'
Axton-Fisher Tob com A 10
834
4234
2%
10
1934
20
2534
3%
1334
132
1%
1831
634
934
4634
3
1034
20
20
2834
434
14
132
2
20
6%
131 1%
1034 11
15% 1554
1
1
31
%
311 333
106 107%
169 17034
4534 46
3534 36%
554 5%
734 834
Range Since Jan. 1.
Low.
High.
9%
200
734 Mar
1,400 4234 Mar 52%
334
134 Jan
800
Feb 1234
8
800
200 1334 Jan 2334
Feb 24
100 19
1,900 2154 Jan 2834
534
1,000
334 Jan
16
200 II% Feb
100 119% Jan 132
234
I% Feb
400
Jan 2034
1,600 18
634
654 Mar
100
Jan
Feb
Mar
Feb
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Mar
234
Jan
Mar 1534
Jan 1734
1
Jan
334
Jan
Jan 345
Feb 10834
Jan 17034
Jan 46
Mar 44
Feb 10
854
Jan
Jan
Feb
Feb
Mar
Jan
Feb
Jan
Mar
Mar
Jan
Jan
Mar
%
100
1,100 1034
200 14
%
200
54
200
2,500 275
1,700 10534
200 108
300 3634
200 3531
534
200
434
1,600
1,000
10
600
73
300
SO
100
37
6134 18,100
150
8634
31
300
35% 245,500
554 2,200
5,400
1734
1234 11,900
600
554
1,625
75
100
30
700
8
700
6231
10
86
200
5
1,700
29
734
734
7634
37
87
68
2034
2534
3
1534
10
434
6234
35
5%
5554
86
5
1734
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Feb
Jan
12
834
80
40
6134
9034
31
3534
6
1954
1434
874
75
48
8%
6231
86
734
29
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Jan
Feb
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Mar
2434 2434
12
11
2034 2034
334 4
48
48
1934
17
240 z40
2134 2374
3
334
200
2,600
500
700
200
600
100
700
700
2434
11 na
1534
2%
42
934
40
18
2
Mar
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Jan
2834
1434
2131
4
48
2334
40
2734
354
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
6%
134
5%
5074
2374
note
22
26
3174
1134
574
12
38
15%
934
49
7,200
100
100
1,400
100
1,500
SOO
3,000
5,100
6,400
300
2,300
800
1,300
200
400
5%
s%
434
3934
2034
34
1534
2234
18
7
434
934
2434
1234
731
35
Mar
Feb
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
7
2
834
5454
2834
nits
22
26
3194
1534
8%
1734
38
16
13%
4934
Jan
Jan
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Feb
Feb
Feb
Mar
Feb
Feb
Mar
Jan 141
250 122
100 13054 13034 139
Babcock & Wilcox
6%
231 Feb
434 674 14,600
594
•
Bahia Corp com
634
1% Feb
1,200
434 654
25
Cum preferred
Mar 50
25 50
50
50
Baltimore Tube pref_ _100
Jan 5034
700 46
* 4831 4736 4832
Bancomit Corp
534 Jan x11%
1,100
794
6
734
Bellanca Aircraft corn vie'
•
200 1431 Jan 21
Bickford's Inc corn
1934 19%
Jan 33
300 28
3134 32
$2.50 cum cony pref. •
Mar 73
25 73
73
73
Bigelow-Sanford carpet...'
3434 3634 4,600 e31% Jan 3634
Blaw-Knox Co
•
Bliss(E W)Co corn
• 27% 2674 2834 1,800 2334 Jan 3034
Blue Ridge Corp corn........' 1434 1334 14% 24,100
691 Jan 1531
Opt 6% cony prat__ _50 44% 4234 44% 37,300 3334 Jan 4434
Blumenthal (Sidney) dtCo•
800 2732 Jan 4434
37
37
Mar 180
Boston & Albany RR__100 175
40 175
175 180
7
•
8
Mar
6
600
BourJois, Inc
634 7
Mar 3574
Bovrm-BlIt Hotels lst pf100
20 30
35
3534
Brill Corp class A
•
800 1031 Jan 14%
1274 1234
4%
Class B
2% Jan
500
4
•
3% 4
1634
Feb
Brill° Mfg corn
100 11
12
12
•
British-American Tobacco
1,400 265.4 Mar 28%
2634 2834
L Am dep rcts ord bear_ 21 2834
r Am dep vets ord reg__21 2834 2834 2834
400 2674 Mar 2834
Mar
Mar
Mar
Mar
Feb
Jan
Mar
Feb
Mar
Mar
Feb
Mar
Mar
Feb
Mar
Feb
Mar
Feb
Feb
Jan
834
734
7634
37
5334
85
3034
2734
434
1634
11%
534
6534
30
7
60
86
5
19
6
154
534
48
2334
fis
21
24
29
8%
414
10
34
15
954
43
Jan
Mar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocke--(Conlinued)Par. Price. Low. High. Shares.
Bruck silk Mills Lid____•
Bulova Watch $334 prof....'
•
Burco Inc torn
6% pref with warrants 50
Warrants
Burma Corp Amerdep rots
Butler Bros
20
Cable Radio Tube vs e_.•
Can Pac Ry new w 1
Carnation Co common_ •
Carrier Eng common A_ *
Celanese Corp of Am com •
7% first panic pref_ _ 100
100
7% Prior pref
•
Celluloid Corp corn
•
87 preferred
Centrifugal Pipe Corp____•
Chain Stores Devel corn.. •
Chain Stores Stocks Inc....'
Charts Corp corn
*
Ches & Ohio RR new-_25
Cities Service common___•
•
Preferred
City Machine As Tool.. •
Clark Lighter Co,cony A_•
Cleveland Tractor com___•
Club Alum Utensil corn....'
Cohn & Rosenberger corn..'
Colombia Syndicate
Colt's Pat Fire Arms Mfg25
Columbia Pictures com___•
Consolidated Aircraft____'
Consol Automatic
Merchandising corn v i e•
•
$3.50 preferred
Consol Cigar warrantsConsol Dairy Products......*
Consol Gas Util class A___•
Consol Instrument corn....'
Comiol Laundries com____•
Cons Retail St's Inc corn __•
Consol Theatres corn vie *
Continental Securities......'
Coon(W B)Co, corn
•
Cooper-Bessemer Corp
•
Common
83 pref A with war_
•
Copeland Products Cl A..-•
Without warrants
5
Cord Corp
Corruon & Reynolds com_•
Coty Societe Anonym,
Amer dep rats bear shs__
Courtaulds, Ltd
Amer deo rights reg__£1
Crocker wheeler corn_.._..'
Crosse es Blackwell Inc
83.50 pref with warr_ •
Crown Cork 2r Seal, pref__*
Cuban Cane Products ware
*
Cuneo Press, corn
Curtiss-Reid Aircraft Co
Fret with warrants___30
Curtiss-Wright Corp ware..
24
38
40
3%
3%
1014
734
52%
8234
674
1654
59
39
9234
30
35
25
4
16
30
434
1454
1194
57
25
Range Since Jan. 1.
Low.
High.
24
38
8
40
331
3.32
1074
431
5134
23
4034
23
8234
8394
15
68
634
734
16
32%
5651
3732
88%
100
24
700
39
600
8
200
4031
3% 1,700
1,500
3%
900
10%
931 37,000
5334 17,800
400
2851
200
4031
2434 1,600
225
87
100
8431
600
15
100
68
1,100
634
800
854
2,400
17
100
32%
5534 5,500
3974 191,800
92% 2,500
18
32%
8
40
3
2%
1034
3
51
2
634
4034
23
80
81
1334
68
4%
6
1234
2234
5334
2634
88
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Jan
Mar
Mar
Jan
Feb
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
24
4034
10
41
e374
334
1734
9%
58
30
44
35
90
87
20
68
634
834
17
32%
61
3934
9234
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
26
1%
29
334
12
he
29
33%
23
26
1%
30
374
12
%
30
3774
25
100
300
1,300
200
100
8,700
200
1.600
5,300
20
34
18
331
12
'ii
24
24
15
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Jan
2794
154
32%
8
13%
%
30
3934
25
Mar
Jan
Mar
Jan
Feb
Jan
Mar
Mar
Mar
4
234
2
16
2834
4A
1434
1151
3
57
25
4
3
2
16%
30,s
4%
15
11%
3
57
25
5,900
400
300
700
2,800
4,100
3,900
3,500
200
100
100
A
13.4
1
1334
213.4
3
10
1034
3
57
20
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
4
3
2
19
3054
534
1534
13
334
57
2534
Jan
Mar
Jan
Jan
Mar
Feb
Mar
Feb
Jan
Mar
Feb
28
38
Jan
Jan
35
43
Mar
Mar
Jan
Jan
Jan
9% Mar
Mar
16
184 Feb
600
300
3334
32 35
43
41
934
1534
15
83.4 9%
300
26,200
13% 16
15
100
15
5
1134
1234
404
4032 41
500
3934 Feb
4134
13
31
1,200
1194 13
31
3334 12,000
1034 Mar
1831 Feb
1334 Feb
3334 Mar
Mar
Feb
Mar
Mar
3934 Jan
3574 Mar
34 Mar
Jan
35
Mar
7
194 Jan
931 Feb
35.4 Mar
334 3334
34
3534
54
34
34
34
231
7
234
731
2%
334
3
354
(
Davis Drug,snot tarots _ __
374 491
434
Dayton Aeropl Eng com__•
12554 136
135
Deere & Co new com w I_ _•
625 665
100 658
Old common
3% 434
434
De Forest Radio cons__ _•
534 8
736
Detroit Aircraft Corp.._....'
2674 2631
Detroit Gasket & Mfg com • 2631
1851
18
18
Doehler Dle-Caating com.•
19
18
• 19
Douglas Aircraft Inc
6331 6331
Draper Corp
*
41%
Dresser(S R) Mfg Co el A• 4134 40
60
59
Driver-Harris Co com _ _ _10 59
1274
8
11
Dubliler Condenser Corp..'
4% 4%
4%
•
Durant Motors Inc
Duval Texas Sulphur.._....' 15% 1534 163.4
103.4 1394
East Util Invest com A-_• 13
14
14
Edison Bros Stores
•
Educational Pictures
2934 30
8% pref. with warr_100 30
• 2054 1834 2054
Eisler Electric corn
4734 4734
Elec Household Util_ _10
Elec Pr,wer Associates com* 3274 31% 34
32
29
• 3154
Class A
29%
Elea Shareholdings com_• 2954 26
10134 10251
Cony pref with warr_....* 102
3334
33
Emerson Bromo Seltzer_A•
16
14
Empire Fire Insurance_10 15
25%
25
Employers Re
-Ins Corp_10 25
1974 23
Europ El Corp Ltd cl A w I 22
874
8
834
Warrants
3% 434
4%
Fa brit% Finishing com____•
232 274
Fageol Motors corn
10
300
300
100
100
200
8,000
3391
30
ire
34
mar
2
500
3
900
15,900 113
800 435
24
3,100
5
34,200
200 2434
2,200 1874
5,100 1234
100 6274
3,000 31
300 41
8
21,600
9,400
4%
1,000 1834
7%
4,500
200 14
3%
Jan
Jan
83.4
Feb 136
Jan 665
Jan
494
8
Jan
Feb 27
19
Jan
19
Jan
Mar 64%
Jan 4134
Jan 6654
Mar 1334
Mar
7
Jan 1934
Jan 15
Mar 18
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Feb
100
28.200
100
4,600
4,400
12,100
1,000
200
700
1.000
16,100
9,300
3,700
200
Jan 30
Jan 23
Mar 4734
Jan 3834
Jan 34
Jan 3234
Jan 103
Jan 3351
Mar 1591
Jan 26
Feb 23
9
Mar
834
Jan
534
Jan
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Feb
Feb
13
14
4434
2434
2234
1534
82
3034
1374
2291
1834
8
2
234
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Lose. High. Shares.
Fairchild Aviation corn__ _•
Fajardo Sugar
Fandango Corp common..
Fan Farmer Candy Shops •
Fansteel Products Inc. •
•
Feddens Mfg class A
•
Federal Screw Works_
Federated Metals Corp...'
•
Ferro Enamel class A_
Flat, Amer dep receipts_ _ _
Finance Invest Corp_ _ _ _10
FlIntkote Co corn A
Fokker Air Corp of Amer.
Folds-Fisher Inc corn_ _ _ _•
Ford Motor Co Ltd
Amer dep rats ord reg _ £1
Ford Motor of Can el A _ _ _•
•
Class B
Ford of France Am dep rcts
Foremost Dairy Prod corn •
Cony preferred
Foremost Fabrics Corp...'
Foundation Co
Foreign shares class A_ _•
Fourth Nat Investors Corp
Corn (with purch. warr)•
Fox Theatres class A corn.•
Franklin (H H)Mfg, corn •
French Line
5
58
35
324
2314
184
44
244
5
1954
34
934
10
134
5
58
35
184
11
1014
3215
23
5434
1731
4
26%
2111
5
164
32
50
814
831
134
12
4%
4631
634
20
High.
Low.
300
190
600
100
1,200
200
800
30
200
1.80
500
400
9.800
1,00
3
48
34
15
7
9
33
2231
50
1734
394
2511
1334
5
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jars
Feb
Jan
Mar
84
684
34
184
13
10%
38%
24%
53
2034
6
2731
2434
711
Feb
Mar
Jan
Mar
Feb
Mar
Jan
Feb
Mar
Feb
Jan
Jac
Mar
Jan
19% 75,60
3454 9,90
10
5111
19,300
10
104 1,500
300
1535
600
17
1011
28
36
64
84
134
12
Jan
Feb
Jan
Jan
Ma
Ma
Mar
19%
34%
58
104
1011
18
244'
Mar
Mar
Jan
Mar
Jan
Jan
Jan
215
Jan
5%
64
31
18%
124
104
3415
234
55
19%
411
27
244
531
431
100
45% 46% 7.900
711 14,800
614
500
20
18
300
384 3814
Sales.
Friday
Last Week's Range for
Week.
of Prices..
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range for Year 1929.
Jan
33
24 Jan
14% Jan
384 Mar
7%
49
9
24
45
Jan
Feb
Jan
Jan
Feb
Merritt-Chapman & Scott
•
Common
Mesabi Iron
Metal & Min Shares com_• 103-4
Metal Textile partic prof •
Metropol Chain Stores...' 1934
Met 5 & 50c Sts corn A_ •
100
preferred
Midland Royalty $2 pref_' 1934
Midland Steel Prod 2d Pf-•
Midland United Co corn--• 27
•
Midvale Co
Miller (1) & Sons corn____• 324
23
,
Miss Rh Fuel Corp warr__
Mock,Jude & VoehrInger.•
I%
Montecatini NI & Agr war
Moore Drop Forg ni A...'
Morrison Elec Supply....' 4234
Mtge Ilk of Col Am shs___
831
Nat American Co Ina- __•
• 1754
Nat Aviation Corp
100
Nat Baking pref
•
Nat Container pref
Nat Dairy Prod prat A_100 105
Nat Family Stores com--_• 1934
$2 pref with warrants_ _ _
• 274
Nat Investors com
100
511% preferred
*
Nat Mfrs & Stores
Nat Rubber Mach'y corn _* 2134
• 234
Nat Screen Service
Nat Steel without warr • 63
• 32
Nat Sugar Refg
•
National Toe
5
,
,t
Nat Trade Journal
•
Radio com
734
Nat Union
Nauheins Pharmacies corn •
* 2131
Neet Inc class A
• 2454
Nehl Corp common
5 2934
Nelson (Herman) Corp
(J J) Co cora_ • 3914
Newberry
160
7% preferred
• 3634
Newport Co corn
New Haven Clock cora _ • 214
654
New ales & Ariz Land_ _ _1
N Y Auction corn
• 2555
N Y Investors corn
N Y Rio Buenos Aires AL. 104
Niagara Share of Mar/land 15
Niles-Beml-Pond com • 3931
Norma Elea Corn corn- •
84
North American Aviation.'
24
Warrants A
Feb
Jan 27
1,300 20
254 26
Garlock Packing corn.__ _• 26
64 Mar
931 Jan
100
General Alloys Co
631 64
231 Mar
431 Jan
24
Gen Baking Corp corn...'
231 33-4 148.700
541'i Jan
38% 41% 15,300 3551 Mar
Preferred
• 41
1431 Jan
851 Jan
100
11
Gen Cable Corp warrants._
11
11
Gen Else Coot Gt Britain
1131 Jan
American deposit rets...61 114 104 1134 6,900 10% Mar
Mar
Jan 27
1,900 21
2431 '27
27
General Empire Corp....
Jan
General Fireproofing, corn*
100 314 Jan 34
333.5 3311
Mar 1431 Jan
8
2,300
10
Gen Indust Alcohol v t c__•
8
8
Jan
1031 Jan
100 8
8
Gen Laund Mach,corn_ •
8
Mar
15
Jan
21,300 94
134 15
Gen'l Realty A Util com__• 15
Mar
Jan 90
2,400 69
Pf with corn purch war •
90
83
Feb 434 Jan
300 20
20
•
Gerrard (S A) Co com
20
154 Mar
San
21
'200
1514 1534
Gilbert (A C) Co
3331 Mar
Jar
600 21
3315
Gleaner Comb FIarvester_•
32
0
Glen Alden Coal
100 10054 5,30 99 Mar 121% Jan
• 100
2,500 114 Jan 16% Feb
Globe Underwrit Exch.-. 14% 144 15
754 Jan
Jan
12
00
5
*
Goldberg (S M) Stores
811 931
Jan
46% Mar
4334 32,500 35
4231 41
Goldman-SachsTrading__•
254 Feb
44 Jan
34 1,900
Gold Seal Electrical Co_ _ _•
3
34
1951 Jan
100 174 Ma
Gorham, Inc, corn A
1734 1734
•
Mar
Jan 43
100 37
43
Gorham Mfg, corn v t c__ •
43
111 Jan
311 Feb
300
211
231
Gotham Knitbac Mach_ •
1,200 314 Jan 41% Mar
404 41
Gray rnur Corn
• 41
Jan
460 1154 Jan 122
117 118
Gt Atl & Pao Tea 1st p1100 118
Jan
• 23435 22011 2323
Non vot corn stock
4
34° 22011 Ma 254
184 Feb
200 12% Jan
174
17
Greenfield Tap & Die corn*
144 Feb
1,300
1211 mar
124 13
Grocery Stores Prod v t c.•
274 Jan
2211 2431 4,700 22% Ma
Ground Gripper Shoe corn • 24
Jan 46
Feb
100 38
40
40
Guardian Fire Asssurance10
Jan
3
431 Jan
100
•
331 334
Guardian Investors
Ma
Jan
29
600 28
284
Guenther(Rod) Russ Law5 28% 28
16
Jan
Jan
100 15
15
15
Hall (C M) Lamp
Feb 56
100 47
Jan
514 514
Hambleton Corp allot ctfs_
Mar
8
8
Mar
100
8
8
.25
Hamilton-Brown Shoe.
Handley-Paige Ltd
231 Feb
311 Mar
1,100
Amer dep rata for pref_ _
311 351
a5 Feb
500
31 Jan
14 14
Happiness Candy St com.•
Feb
600 18% Jan 30
254
• 25
25
Hazeltine Corp
5
631 Jan
Jan
200
511
511
Helena Rubinstein Inc_
511
Mar 23
Jan
100 20
21
Hayden Chemical Corp_ •
21
1754 Mar
200 1715 Mar
Holophane Co Common..'
1734 1751
Feb 21
Feb
100 20
20
Holt (Henry) & Co A_
20
•
614 Mar
Jan
100
7
•
Horn (H C) Co com
6% 64
Mar
100 41% Jan 46
•
Horn Hardhart
4414 4411
Houdaille-Hershey Corp
200 224 Jan 294 Mar
Preferred A
294 294
Mar
18,500 374 Jan 48
47
44
Hydro-Elee Sec corn
• 47
13
Feb
Jan
104 6,500 10
HYgrade Food Prod corn..' 1035
10
Imperial Chem Industries54 Mar
Feb
7
Am dep rets ord reg..Cl
634 651 1,600
Mar
500 10
104 Mar
Imperial Tob of Canaria _5
104 104
Jan 2414 Feb
224 1,400 17
Indus Finance corn v t c_10 22
22
60
12.
Feb 64
Feb
7% cum pref
100 6351 6131 6334
Feb
6934 2,100 544 Jan 71
Instill Utility Investm
68
69
1,350 82% Jan 98% Mar
9814
$6 prat 2d series
• 984 95
82% 5,900 6911 Jan 82% Mar
Insur Cool North Amer_10 8211 78
Feb 2231 Mar
Insurance Securities_ _- _10 2134 194 2251 9,300 17
900 2011 Jan 23;4 Feb
Intercoast Trading corn_ •
204 20%
434 Feb
600
Mar
7
634
Internet Holding & Invest.
8
6% Ma
600
711 Mar
Internat Products coat_ •
711 74
Feb 74% Mar
100 67
$6 preferred
74% 74%
100
200 1111 Jan
1334 Jan
12
lot Safety Razor 1.1
12
•
2,200 104 Jo
14% Mar
Interstate Equities corn_ _• 13
1234 13
Convertible preferred__' 45
4311 4534 1,100 40% Jan 45% Feb
Ma
8
200
931 Jan
Interstate Hosiery N1111_ •
932 94
4,000 124 Jan
18
Mar
18
Irving Air Chute cora
1731 16
Jan 48% Mar
•
4834 4,300 44
Jefferson Elea Co
46
600 28% Jan 44
Mar
Johnson Motor Co corn_ _• 4351 424 44
14 Mar
200
23-4 Jan
Jonas-Naumburg corn _ _*
131
1%
100 154 Jan 22
Jan
•
17
83 corn cony pref
17
Kellogg Switchboard er
400
Feb
6
Mar
10
714
Supply common
Feb 204 Mar
Klein (II L)& Co prat .20 1831 184 20% 5,700 15
400 204 Mar 254 Jan
2114 214
Kleinert (I 11) Rub corn...
300 '2331 Jan
29% Mar
294
27
Knott Corp corn
Jan
400 29
33
Mar
•
304 33
Kobacker Stores corn
Kolster-Brandes, Ltd
4 Jan
14
£1
114 8,900
135
17-4 Mar
American shares
25 97
Mar 1014 Mar
10131 10134
Koppers Gas A Coke pt 100
2,000 354 Jan 4311 Jan
4114
Lackawanna Securities...* 414 41
814 Jan
700
12
94
Feb
9
9
Lakey Fdy & Mach corn..'
300
131 Jan
234 Mar
•
2
Lana Co of Florida
234
200 2151 Mar 29
• 2111 24
24%
Jan
Lane Bryant Inc
21% 1,100 14% Jan 2335 Feb
21
Lefeourt Realty Corp•
700 29
• 34% 343' 3514
Jan 37% Jan
Preferred
1,300 3874 Jan 45
Feb
Lehigh Coal & Nay new- • 404 40% 43%
600 103
Jan 132
Feb
Old stock
123 127
LO 127
900 3811 Jan
Jan
55
Lerner Stores Corp
• 484 48.4 4934
600 41
Jan 444 Mar
Ley (Fred T) & Co
• 44% 4111 44%
400 18
194
Jan 203.4 Jan
Libby. McNeil & Libby _10 19
19
100
4% Mar
Liberty Baking common..
431 431
53.4 Jan
300 1715 Feb
2215 Feb
224
Lily-Tulip Cup Corp
22
•
200
331 Jan
Loewai Inc stock purchwarr
124 144
1634 Mar
3
6,300
Feb
Jan
5
Louisiana Land & Explor_•
315 4
4
Feb 2434 Jan
MacMarr Stores corn_ _.• 2114
1814 2114 2.200 18
NIangel Stores Corp
200 73
Mar 77% Feb
75
73
634% pref with warr _ _ _ _
100 394 Jan 43% Mar
Manischewitz (13) Co com •
4314 434
100 1511 Mar 17
Manning Bowman & Co A.• 154
Jan
154 154
100 37
Feb 40% Mar
Mapes Consol NIfg
4014 4015
•
Marine Midland Corp_ _ _10 42
4035 4235 19,700 3234 Jan 4411 Feb
1,400 21
Mar 23% Mar
Marine Un Investors
23% 2131 234
100 10
15
Jan 15% Mar
15
Marlon Steam Shovel coin •
Marshall Field & Co
• 46% 46% 4731 4,100 454 Mar 53a1 Feb
100 90
Jan 100
Mar
Maryland Casualty
100 100
25 100
1
Jan
N1avis Bottling Co of Am'
14 234 85,700
24 Mar
131
1,700 48
Jan 65
63%
Feb
Mayflower Associates Inc.' 63% 62
1.700 5511 Feb 62% Mar
6034 6251
MearbJohnson & Co cous_• 61
200 55
Mar 59
5511
Jan
Mercantile Stores corn. •
55
700
25
1515 Jan 27
Feb
24
alarch & Mfrs Sec corn A •
2003
FINANCIAL CHRONICLE
MAR. 22 1930.]
500
1834
18
200
154 1%
2,500
1015 11
100
38
38
1,900
204
19
100
234 24
200
22
25
1,300
17% 1911
700
204 2031
300
27
26
200
57
57
2,300
32%
27
3,100
24%
22
300
2535
24
2.000
14 2
100
49% 49%
1,800
384 421_
500
317,1
30
2,100
84 84
5,900
16% 1711
25
61
61
100
1911 1911
1,000
105 105
184 19% 3.500
200
23
22
2914 19,90
25
10
84% 8451
10
1214 124
214 2231 2,00
1,800
23%
22
1,500
62% 64
1,200
30% 3214
500
24%
24
200
5
.5
634 74 3,600
200
111 2
165-1 2154 3,500
1,700
234 2415
700
281£ 30
SOO
38
3931
100
98
98
3654 3,000
32
300
214 2134
615 634 2.700
400
835
8
244 254 7,600
911 1314 7,000
15% 4,600
14
3814 39% 2,900
200
154 1535
831 914 11,000
231 22,200
2
• 1054
011stocks Ltd cl A
Class B
Orange-Crush Co
Outboard MotC,orp cons B•
• 1431
Cony pref el A
•
Overseas Securities
Pacific Coast Biscuit corn.' 3714
Pacific Coast Biscuit Pf • 7211
711
Paramount Cab Mfg Corn.*
37
Parke Davis & Co
*
Patterson-Sargent Co.
Pennroad Corp corn v t0.' 1611
Peoples Drug Store Inc_ • 64
Pepperell Mfg
Perryman Elec Co Inc_ •
Philippe (Louis) class B.•
• 13-16
Phil Morris Con Inc com.
25
Class A
Pick (A), I3arth & Co vtc 1
Pierce Governor corn. _ _ ..* 117-4
Pilot Radio & Tube el A__. 13%
Pitney Bowes Postage
• 1415
Meter Co
MO Plate Glass com_ _25 554
• 13%
Polymet Mfg
75,5
Ferrero Sugar corn
Powdrell & Alexander__ •
•
Pratt & Lambert
prince &Whitely Trad cum* 1215
• 40
$3 cony pref A
Proper McCallum Hosiery
•
Mills common
,
Prudence Co 7° pref_ _100 100
Prudential Investors corn.' 20
Public Utility Holding Corp
• 2214
corn with warrants
10
874
Pyrene Mfg corn
• 224
Radio Prod Corp
COM-,915
RainbowLuminous Prod).'
•
Common class B
Raymond Concr Pile corn •
•
Preferred
•
Reeves (Daniel) Inc
• 174
Reliable Stores Corp
20
Reliance Management_ _
(new co)
Repub Steel Corp
• 7354
Corn whan issued
100 95
8% cum prat w I
6
Reynolds Bros Inc_ _ _87.50
Reynolds Metals corn_ _ _• 284
Richman Bros
•
Richmond Radiator
7% cum cony pref
Rolls Royce of Amer p1.100 16
Rolls-Royce Ltd
Amer dep rats ord sbs_L1
431
•
Roosevelt Field Ins
Ross Gear & Tool
13,4
•
Ross Stores Inc
Itusseks Fifth Ave Inc- •
100
.
Range Since Jan. 1.
Low.
174
151
831
36;1
18%
24
22
1331
20
22
50%
27
High.
Jan
Jan
Jan
Feb
Mar
Feb
Mar
Jan
Feb
Jan
Feb
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Ma
Jan
Ma
Mar
Jan
Jan
Jan
so
Jan
29
Mar
24
314 Feb
334 Jan
14 Jan
13% Feb
1811 Jan
274 Jan
afar
36
Jan
95
Jan
24
18% Feb
334 Jan
6% Jan
22% Jan
Jan
8
Jan
12
2715 Jan
1234 Jan
Jan
Mar
2
194
14
47
3711
2411
734
811
5954
19;1
105
17%
22
1211
84%
13
1835
1534
20
Feb
234 Jan
12
Feb
41;1 Jan
Jan
30
Feb
3
Jan
29
20
Feb
afar
22
294 Feb
Mar
57
3214 Mar
273£ mar
Mar
26
24 Feb
Jan
55
4334 Jan
Feb
32
1231 Jan
1911 Star
Feb
65
20
Feb
106
Mar
19% Mar
Jan
26
Feb
30
84% Mar
1511 Feb
2314 Mar
2331 Mar
Mar
65
33% Jan
2431 afar
631 Jan
84 Feb
Mar
2
2111 Mar
2434 Mar
3131 Feb
Jan
44
Feb
101
3654 Feb
224 Feb
7% Feb
9.31 Jan
2734 Jan
Star
14
16% Feb
41% Mar
21% afar
Mar
10
231 Mar
1,200
104 1015
200
10
10
100
3431 3411
631 8% 3.600
13% 1414 2,200
200
18% 19
3,200
3714
34
74% 5,400
66
26,700
634
200
37
37
200
26%
26%
144 1631 133,600
SOO
64
48
440
100 100
900
734 9
600
16
164
% 7,700
31
500
974
9
100
I
1
2,800
1214
10
9,700
134 144
84
834
29
34
104
154
26
49
015
364
224
13%
43
94
84
1311
34
515
1
911
1034
Feb 104 Mar
Mar
10
Feb
Mar
Jan 36
831 Mar
Jan
Feb
Jan 15
Feb 194 Feb
3714 Mar
Jan
Mar
Jan 79
Ma
1355 Jan
4214 Jan
Fe
Jan 2731 Feb
Jan 164 Feb
Mar
Mar 64
Feb
Jan 105
Mar
Jan
12
Jan 16% Mar
11 Mar
Jan
931 Mar
Jan
134 Feb
Mar
1215 Mar
Mar
Jan 144 Star
1475 9,100
1,100
564
1454 5,000
100
734
600
504
600
54
124 32,600
4035 10,000
10
.53
9
64
50
5314
811
3534
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
13
54%
1214
7%
50
5315
11
394
7,900
20
19
125
100 100
1751 2031 22,900
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
afar
1634 Mar 20
Mar
Jan 100
93
Jan 2014 Mar
14
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Jan
2234
9
27
1454
731
504
52/1
30
1954
22
Feb
Mar
Mar
Feb
Feb
Mar
Mar
Feb
Jan
Feb
2.800
7,000
3,300
5,100
2,000
100
600
400
Jan
71
9034 Feb
654 Jan
224 Jan
8011 Jan
231 Feb
Feb
8
Feb
15
7811
954
7
3231
89
3
12
18
Feb
Mar
Jan
Mar
Mar
Jan
Jan
Feb
110
1,500
200
4,000
1,200
10% Feb
Jan
2
3034 Jan
31 Feb
1451 Jan
1134
54
35
r1234
17%
Mar
Mar
Feb
Jan
Mar
100 12034 Feb 137
1011
914 Mar
200
26,200 191a Jan 2511
Jan 110
425 106
900 2734 Jan 34
Mar 124
6
300
25
Mar
200 19
1431
64 Jan
1,200
4
234 Jan
1,400
Feb 624
50 58
424
100 3811 Feb
831
534 Feb
31,300
3,100 104 Jan 1711
734 J11/1 104
11,100
Jan 79
600 66
6731
Jan
400 59
Jan
Feb
Feb
Mar
Mar
Jan
Jan
liar
Jan
Mar
Jan
Mar
Feb
Jan
Mar
afar
2%
Mar
84
Feb
13
Feb
Jan 594
18
Jan
Jan 45%
Jan 333-4
Jan 530
e734
Jan
Jan 244
Jan
Feb
Jan
Feb
Mar
Mar
Mar
Feb
Feb
Mar
2151
831
1914
94
44
50
51
25%
1754
184
22% 30,900
700
84
7,60
24
70
10
431 2,40
10
50
300
52
200
2551
300
174
2,900
21
72
034
511
264
89
3
9
16
74%
054
6
29
89
3
94
1615
11;4 114
431 511
343-4 34%
14
1
1715 17%
127 127
Safety Car Ht & Mg_..100
10
10
St Lava Pap Mills corn_ _• 10
com-_10 254 22% 254
St Regis Paper Co
7% cum preferred.. _100 1094 108 110
324 34
•
Schiff Co, corn
74
6
Sehletter & Zander v t o_ ..•
22
19
• 22
Cum cony oref
1431
•
12
Real Estate
Schulte
334 4
Schulte-United 5c 10 $)St•
6211 6214
Scoville Manufacturing_25
40
40
Seeman Bros common_ _ _• 40
634 851
Segal Lock & Hardware • 1/811
4 144
• 134 111
Seiberling Rubber
914
831 93-4
Selected industries corn..*
77
79
Allot ctfs lot & 2nd paid 79
• 66
68 66
Prior preferred
Selfridge Provincial Stores
24 234
saArner dep rcts ord shs_£1
754
731
694
Sentry Safety Control....'
1214 12;1
•
Seton Leather
Sheaffer (W A) Pen Co _ _• 594 583-4 5914
154 17
• 17
Shenandoah Corp corn
50 4531 434 45%
6% cony pref
Silica Gel Corp com v t c__• 324 294 334
483 490
100 490
Singer Nitg
614 611
£1
Singer Mfg Ltd
'24
243.4
•
Sago Financial Corp
154
5811
1531
10
63%
5731
1234
4014
173(
7%
16
84
3%
50
50
2511
17
164
211
200
4%
6,500
100 12
700 5134
811
9,700
9,300 33
16,600 18
150 465
44
1,000
300 1834
2004
FINANCIAL CHRONICLE
Friday
Safes
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Skinner Organ corn
314 314
Smith (A 0) Corp corn..' 210% 189 214%
Sonora Products Corn- •
34 5-16
South Coast Comm
•
10
15
•
Southern Com corn
654 734
61%
Southern Ice & Util al B....*
74
7
7%
Southern Stores class A_.•
2
2
Southwest Dairy Prod__.' 1055
8
13
Spanish & Gen Corp LtdAmer dep rets ord rug ,C1
•
Square El Co corn B
34% 374
Standard Cap & Seal___10
64% 64%
Stand Mot Construct-100
134
13.
Standard Screw
100
140 145
Starrett Corp corn
• 30% 27% 30%
6% cum preferred---50 40
38% 4034
• 157%
Stein Cosmetics corn
15
15
•
Stein(A)& Co corn
100
674% preferred
Steinke Radio
•
Stereht Bros Stores corn •
Stern Bros corn v t 0_
"
Class A
•
Stetson (John B) corn. •
Stinnes (Hugo) Corp- •
Strauss(Nathan) Inc corn.• 15%
Strauss-Roth Stores Inc • 17
Stromb'g-Carls'n Tel Mfg*
Stutz Motor Car
•
334
Sun Investing corn
$3 cony preferred
Superheater Co
44
Super Maid Corp corn _ • 5254
Swift & Co new
i5 31%
Swift International
15
Byrne Wash Mach B com_•
Taggart Corp
•
Technicolor Inc
•
'Phermold Co corn
Third Nat Investors corn.•
Timken Detr Axle pfd_100
Tishman Realty & Conatr•
Tobacco & Allied Stocks_ •
Tobacco Prod Export....
Todd Shipyards Corl.---•
Transamerica Corp.. _25
Transcont Air Transe
,.....•
Trans
-Lux Piet ScreenClaw A eommon. _ .....•
Triplex Safety Glass
Amer dep rts reg shs-L1
Tri Continental Corp van •
6% cum pref
1110
Wamsnts.
Tri-Iltilittes Corp.
.
•
Preferred
Trona Park Stores
•
Tnbite Artificial Silk el 44 •
Tung Sol Lamp Wkscom..•
63 corn cony pref
•
Ulen & Cu.
(min
•
Ungerlelder Finan Corp..•
Union Amer Investing •
Union Tobacco corn
•
United Carr. Fanner cum •
United Chemicals. CornPreferred
Rights
-Associated 0& Fl,Ielo eta
Consol Film Indust. IV I.
Congo! GEL&P(Salt)
Eisler Electric
Flat
Loew's Inc deb rights
New Enc Tele!) & Teleg
Newport Co
High.
300 30
Jan 33
Mar
1.140 1374 Jan 214% Mar
o00
34 Jan
34 Jan
700
Jan
17
5
Feb
2.200
44 Jan
87% Feb
414 Jan
700
74 Feb
14 Jan
100
2
Jan
6,800
Mar
734 Mar 13
1,590
I
Jan
274 Mar
200 34% Mar 374 Mar
200 61
Feb 64% Mar
1,300
54 Jan
134 Feb
50 120
Jan 145
Mar
4,000 20
Jan 30% Mar
1.500 34
Jan 42 55 Mar
700 10
Jan 174 Mar
21
SOO
85
150
244
400
15
400
8
100
125
45%
72
100
500
834
164 5,800
17% 1,000
100
21.34
355 13,900
100
1835
46% 1,300
444 1,700
53%
900
31% 1.300
7
3,400
34
2,600
1634
82
1
12
8
4334
66
7%
1014
9%
264
1%
144
39
38
49
307
%
3174
8
Jan
Feb
Feb
Mar
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Jan
21
85
2%
link)
8,4
4554
72
10
135-4
1734
29
4%
20
46
4474
51
3474
38*.
9
300 IS
2074 21
Jan
2344
744 71% 79
3,700 7134 Ma
8654
254 24
2516 7.100 1974 Jan 2.54
44% 3,000 284 Jan 45
4335 42
109
109 109
20 1034 Jan 109
44
44
44
100 43% Ma
4554
38
39
200 24
Jan 39%
114
1,100
11
4 1%
34 Jan
134
49% 499-8 4954
200 44J( Jan
49%
45
444 4554 19,800 41% Jan 4754
774
74 854 4,500
10%
6
Jan
654
17 55
Si)
754
554
55%
1295(
26%
34
35
74
134
34
40%
United Corp warrants
21
United Dry Docks corn_ •
United Founders
3734
United Molasses, Ltd_ -£1
United Profit Sharing_
United Retail Chem cl A-5
United Shoe Mach
25
United Stores Corp
•
United Wall Paper Fact. • 10%
US Dairy Prod chum A .. • 60
Class (1
• 23
• 24
US Finishing
U 8 Foil class B
• 23%
US riyps
eon)tttttn
2
,
U S & Intern Sec Corp. •
tat pref with warrants___ ......
Allot certificate
76
•
U 8 Lines pref
194
U 8 Radiator common
•
47
Common v t e
47
S Shares Financial Corp.
With warrants.......• 1015
Utility Equities Corp.- -• 18%
Utility & Ind Corp eon.. - • 19%
Preferred
• 253s
Van Camp Packing
•
25
7% preferred
Vick Financial Corp
10
Vogt Mfg
Waltt dr Bond class A....'
Class B
Walgreen Co common- •
Warrants
Walker(Eliram)0ooderhari,
& Worts ammon... .•
Warren Bros new
Watson (John W) Co.- -.
•
Wayne Pomp PC0111111111
•
Welch Grape Juice corn
Western Air Express
10
West Tablet & Stitt v t ..
•
W11-low Cafeterias
•
Wilson-Jones Co
•
Winter (Beni) Inc cons
•
Winton Engine, corn
•
Worth Inc cone class A._•
point. Pnwhiets Corp nom •
194
33
24
12
8
45%
72
84
13%
1554
26%
24
18%
4535
43
52
3174
32
814
Range for Year 1929.
Low.
8%
21
11,
P.O
27
6334
451
1314
58
4014
3,534
7
67
274
18%
94
54
19
634
754
44
Jan
74
Fen
674
15%
884
6%
51%
504
244
124
26%
34
224
32
3554
4
12%
32
384
634
500
64
17% 59,300 1114
90
2.900 75
4
734 3.300
55% 6,000 40
5554 2.100 45
800 24
2574
130
310 124
300 20
2734
34
100 3354
22%
300 174
35% 4,400 264
36
200 27%
4
5; 9,900
1.300
13%
11
34
700 1934
41
LOW 32
8
Feb
Jan
Jan 174 Mar
Jan 90
Mar
Jan
Feb
Jan 555-' Mar
Mar 5554 Mar
Jan 26
fa°
Mar 178% Jen
Jan 2856 Mar
Mar 325
Mar
Jan 2434 Mar
Jan 3634 Feb
Jan *674 Mar
Jan
tau
1
Jan
in 4
Feb 42
Feb
Jan 44
Feb
194
6%
374
22%
14
4
62%
434
1034
5954
20
2174
23%
47
44
70
76
195
(
46%
47
6,500
21
300
754
41
02.700
1,200
24%
1%
100
100
74
62%
100
44
100
1074
100
60
600
23
5.300
244
1.000
24
900
4954
500
5
500
70
100
1,000
76%
20% 33.900
47
700
47
100
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Int.
Jan
Feb
Jan
Jan
Jab
Jan
144
634
3774
224
134
45
60
334
10
62
1374
20
1774
4?
2%
604
604
14
1274
12
22% Feb
51, Ian
44
Mar
2034 Jan
Jan
1
Feb
65
Jan
634 Jan
14
Feb
60
Mar
23
Mar
25
Jan
254 Mar
494 Feb
545 Feb
75
Mar
80
Mar
204 Mar
48
Feb
49
Feb
834
15%
1834
2.534
1074
1844
2014
26
1.800
8.200
8.300
700
7
10%
1774
24%
Jan
Jan
Jan
Jan
9If
10%
854
21
21
10%
4934
2634
10%
124
9
2114
21
11
504
28
SOO
200
2,800
600
306
200
600
200
93.4
10%
8
16
15
854
474
25
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
1414
144
914
2274
21
14
RI
35
Jan
Feb
Jan
Feb
Mar
Feb
Jar
Jan
6,900
21,300
4
5, 10,900
13%
1,100
58
100
4014 2,800
36
400
700
7%
100
514
414
100
67%
609
300
24
17% 1934 7,400
574
6074
54
5%
52
la 4
3014
64
51
14
58
2
171
4
Mar
11
Mar 65
Ii
fn.
Jan
143.'
Jan 66
42
Jan
Mar 36
Mar 11%
Jan 55
1.n
Mar 6734
3
Jan
Feb 2054
IAD
Mar
Mar
Mar
Jan
P44,
Mar
Jan
Jan
Feb
Mar
Feb
Jan
8%
8174
43-4
13
58
3.1%
35
634
5134
43.4
65
91i
64,4
94 1014 3.100
%
% 6,500
44 55e 42.200
ni..;
4.4 49.400
23i
800
384 42%
1.100
8.6 10
4.600
Ste 3.900
Ile
Public licilirospAla Power $6 prof
•
103 1044
$7 preferred
• 1134 1134 114
Allegheny Gas Coro con, •
74(
754 815
AM Cities Pw Lt ei .3_50 4534 445.4 1514
Class B
• 2634 24% 21%
Arm Com•w•ith P ..on. A • 26
2514 21
Common B
• 3934 35% 3934
Warrants
354 4
• m Dist Tel NJ 7%Pf 100
111% 111%
inter & Foreign Pow Warr- 65
62
68
Elea
Amer Gas &
146
13234 147
Preferred
•
109 tong
1,300
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Mar
Mar
Feb
Mar
Jan
Mar
Mar
Mar
Feb
Feb
125
450
6.300
900
15,700
18.500
3 300
900
50
11,200
34,300
509
7
Ian
34 Mar
344 Feb
74 Feb
11.4 Jan
12 16 .an
Mar
103
111
4
374
14
2334
3474
34
1104
60%
11354
10534
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
10% Mar
1845 Fel
23% Feb
294 Feb
[VoL. 130.
Friday
mites
Last Week's Range for
Public Utilities(Coned.) Sale
of Prices
Week.
Par. Price. Low. High. Shares.
Amer Lt & Trac com---100 2794
Preferred
100
Amer Nat Gas com v t 0-* 1244
Am States Pub &WV CI A.•
Amer Superpower Corp
-Corn, new
• 3054
First preferred
100%
• 95%
$6 cum pref
Arizona Power corn..
..100 33
Arkansas Pow & 1.1
'
Assoc Gas & Elea class A.• 4294
Brasilllan Tr Lt dr Pow ord•
Butt Mae & East Pr pf__25
Cables dr Wireless
Am dep rats A ord sh_ £1
Am dep rats B ord shim_ £1
Am deprcts pf tbs....
Cent All States Serv Vt c_•
Cent Pub Serv corn
•
Class A
•
Cent & Southwest
Cent States Elec corn _ _•
$6 pref without warn 100
Warrants
Cleveland Eiec Ill corn
•
Com'w'Ith Edison Co-100
Comm'wealth & Sou CowWarrants
Community Water Berg-.
'one EL&T Balt eran.•
Cont'l 0 & E 7% Pref_100
Untie Gas & Utll corn
.•
Duke Power CO
100
Eastern Gas & Fuel Mari •
6% preferred
100
East States Pow B cam. _•
East Util Associates
*
Convertible stock
*
Elec Bond & Si, Co com •
Preferred
•
Empire 0& F 7% pref_100
8% Preferred
100
Elea Pow & Lt 2d pref. •
Option warrants
Empire Pow Corp part stk•
Empire Pub Sere cops el A•
Engineer: P 8 opt warn..
Fla Pow & Lt $7 pref......•
Paelfle Gas h El let pref _25
Pacific I.tg $6 pref
•
slonne Pub Mery cl A corn.'
Peninsular Telep corn
Pa Water & Power
•
Peoples 1t 2e Pow eom A •
Power Securities cora__ --•
2d preferred
•
Puget Rd PA L6% pf_100
Quebec Power corn
•
Low.
High.
750 225
Jan 27935 Mar
100 105
Mar 11235 Feb
8,300
74 Jan 1334 Mar
100 18
Jan 26
Feb
284 31% 187,700 2
354 Jan 8234 Feb
983-4 3
.10055 2,100 9434 Jan y10014 Mar
95
9534
1,200 8754 Jan 954 Mar
3135 33
300 28% Jan 33
Mar
10614 106%
10 02
Jan 1
Star
424 4334 12.300 384 Jan 0834 Jan
4854
39
4354
4335 18,200 3544 Feb 444 Jan
25% 2534 25% 2,300 244 Jan
2654 Mar
254 3
1.300
24 Mar
874 Jan
1%
11
4 134 .5.600
1
Feb
2
Jan
4
44
100
4 36 Mar
43-8 Jan
356
44
454
000
34 Mar
654 Jan
33
33
355-4 2,100 2574 Feb
3574 Mar
40% 17,300 3434 Jan 4134 Mar
4034 40
3()
30
28
400 224 Jan 3134 Feb
3454 3154 35
26,900 19
Jan 35
Mar
80
794 80
200 70
Feb 79% Mar
4534 453-4
100 25
Jan 50
Mar
774 RI
300 63
Jun 84% Mar
29334 2764 293%
310 234
Jan 2934 Mar
554
536 554 86,300
354 Jan
634 Feb
184 1644 18% 16,800 1214 Jan
1834 Mar
1154 1074 119
7,700 904 Jan 119
Mar
104 10634
125 1014 Feb 10614 Mar
19y
165( 2334 14,300
19454 190 106
100
354 35
2.700
363.4
z95 39534
300
27% 2,700
274 26
41
41
100
1434 15%
1.1
700
374 104% 377,100
10334
1074 107% 108
6,100
200
86% 87
10054 10054 100%
100
107 107
100
51
56
564 16,700
534 53% 5444
1,500
21% 2,000
21
21
3034 '2814 30% 7.100
102
100 102
700
Gen Gas & El el A
• 134
Convertible preferred -• 874
Gen Water Wks & El A' 2414
Hartford Elec Light_ _25 8816
Internist Superpower
• 3855
International Util el A- •
• 15
Class B
•
Panic preferred
'Stir,:oil
45-4
Interstate Pow $7 pref_ *
Malian Super Power et A..• 1251
Warrants
534
Long island Light corn. • 45
7% preferred
100
Marconi Wird Tel Ltd
Bearer shares
1114
Marconi 11, Owl T of Can..1
5%
Mein ph Is Nat Gas
• 1934
Middle West URI cotu----• 3644
$6 cony post series A. •
A warrants
43-4
B warrants
634
& Hud Pow 1st prof.'
•
2d preferred
Montreal Lt Ht & Power.•
Mtn States Pow 7% Pf 100
•
Municipal Service
Nat Elec Pow class A- •
Nat Pow & Lt 6% prof..
Nat Pub Serv corn clam A.
•
Common class B
Nevada Calif Elec._ _100
NewEngPowAssu 6% pf 100
New England Pub Eery
37 prior lien Prof
•
Yew Eng Tel & Tel.. 100
N Y Pow & It $6 pref. •
N Y Telep 615% pref .100
5
11ag Hudson Pr corn _. _10
Chun A opt warr
B warn (1 warn for 1 *ht
Nor Amer Lt & P $6 pf-•
Nor Amer UM See OOM •
6% 1st preferred
Nor States P Corp com 100
7% preferred
100
Ohio Bell Tel 7% pref_100
2507-427974
112 112
11
137-4
234 2334
Range Since Jan. 1.
275
4
36%
89
384
2934
66
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Ja13
Jan
Jan
235-4
200
36
10534
28%
41 1
4
1554
10454
108
8754
1004
107
P674
Se
25
31
102
7,500 13
1334
90
600 .5
2434
200 20
8834
200 88
39% 2.600 3234
421
100 3414
4
15% 15,700
614
94
150 794
494 2,1110
- 34
20 90
1255 14
6.600
og
544 614 3.500
5
48
47
600 40
10854 110
120 10714
Jan
i 54
Feb 90
Feb 24%
Mar 92
Jan 3934
Jan 44
Jan
17
Jan 94
Jan
45-4
Star 90
Jan'63.4
Jan
(1 3-8
Jan 534
Jan 111
11
1134
500 10
534 634 103 300
34
174 20
47.400 104
344 36% 26,600 254
10655 10655
200 97
4
44
800
134
90J
on 734
34
108 10515
50 104
10834 10834
50 10374
131 131
25 131
99
99
10 :96%
9
1.400
934
694
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
13%
874:
24%
88
334
42%
15
93
354
33
10234 10254
2434
49
50
9931 90
914
115
154
43-4
9%
87
71
4
944
175
108
112
104
145
254
z95
1844
40
144
804
1034
8636
99
9934
283-4
40
1914
16
100
34%
1027-4
264
51
101
03
26% 27%
105 105
32
3715
2655 2674
53
8934
35
34
2934 29%
6954 694
4181
991
61
66
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Feb
Feb
12% Jan
73-'. Mar
20
Mar
Mar
10636 Mar
4% Feb
8
Feb
108 34 Feb
110
Feb
136
Jan
loo
Feb
97-4 Feb
300 29
Jan 3654
100 10034 Jan 10254
5.100 2274 Jan 264
800 404 Mar 51
8.500 60
Jan 101
950 8836 Jan 92
100 100
75 9694
14674 1504
350 144
101
101
25 9615
11444 1154
322 114
14 44 16% 70.800 11)4
434 44 14.500
8
9
95-4 6,000
5$1
4
87
87
25 85
100
7'.' 74
514
9414 0414
100 024
171
175
500 1711
108 108
150 054
112 1143-4
50 III
Mar
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
100
138
101
118
1754
534
10'
5
87
944
95
18334
10834
11414
Feb
Jan
Feb
Feb
Felt
Fe),
Fel,
Mar
Feb
Feb
Feb
Mar
Mar
3.100 2634 Feb 2714
200 101
Feb 105
1,590 274 Jan
39.4
100 26
Mar 284
1,700 73
4
Jan ‘11.
2,400 32
Feb 39
100 14% Jan 32
200 38
Jan 75
70 99
Ian lot
900 61
Star 66
Mar
Star
Feb
Mar
Feb
Mar
Feb
Feb
Mar
Mar
Railway & Light See corn.* 74% 7436 75
250 69
Rochester Cent Pow corn_• $64 353.4 " 3774
500
Rockland Light & Power 10 2411 2316 25% 4.000 343.4
194
'sierra Pacific Else corn. 100 79
2.300 41
79
75
Sou Calif Edison 7% pf A25
100 2834
294 20%
6% preferred B
1,400 2474
2635 2734
'.740/ Preferred I ,' 25 2634
2' 251-4 2434 254 2,200 2254
Southern Colo P w el A.25 264
1,200 23
1
2534 26%
1174 Mar South New Eng TeL.100
20 160
165 165
34 Mar Sou'we-st Bell Tel pref_100
11934 12036
150 117%
554 Mar Sou West Gas Util corn....• 1203.4
11
124
1474 10.500
734
4t Mar xtand Pow & Lt new .
1,100 62
6834 71
.'erles B
334 Feb
•
SOO 61
6774 70
45
Mar
Preferred
•
10334 106
200 094
10
Mar Swiss Amer Elect pref
100 90
9534 95%
•34 Mar
Tampa Electric Co
• 7014 6734 71
1,700 54%
Union Nat Gas of Can__ •
28
2815
o00 25
1044 Mar United Elec Serv Am ails.. 16% 16% 18'
1,000 1834
,
4
Purchase warrants
114% Feb
1
2,700
34
934 Mar United Gas coin
39% 364 43% 652,400 1954
49
Mar
When Issued
254 24% 27% 128,100 24%
Warrants w I
25 54 Mar
64 7% 52,300
74
634
finked LI& Pow COM
274 Feb
3954 3754 4054 41,400 2736
6% corn 1st pref
Feb
40
• 111
3,100 9754
10734 111
354 Feb (3 S Flee Pow with warr • 174
17
1831 14,500 17
1
111% Mar ULU Pow & Lt corn
• 2314 224 2354 25,400 144
1674 Fib
ClasaBvto
•
5414 54%
10.1 .134
Mar Western Mass Cos corn_ •
147
100 60
6054 6034
Western Pow prat
10034 Ma
100 107
107 107
100 10034
Jan 77
Mar 38'.'
Jan 2574
Jan 79
Jan 2935
Jan 2734
is,
2554
Jan 24 g
Feb 165
Jan 12934
Jan
154
Jan 794
7714
Jan 106
Jan 9514
Jan 82
Jan 304
Jan
1734
Jan
Jan 4154
Mar 2734
Mar
754
Jan
423-4
Jan III
Mar 22%
Jan 2434
Jan 65
Feb6534
Jan 107
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Star
Mar
Star
Feb
Feb
Feb
Mar
Feb
Jan
Feb
Feb
Feb
Mar
Mar
Mar
Feb
Mar
Feb
Feb
Jan
Feb
Mar
Sales
Friday
Last TVeek's Range for
Week.
of Prices.
Sale
Former Standard Oil
High. Shares.
Par Price. Low.
Subsidiaries
Anglo-American 011Vot stk ars of dep_ _£1
Borne-Scrymser Co_ _100
50
Buckeye Pipe Line
Chesebrough Mfg Cons_25
Contin 011(Me) t e. ill
100
Eureka Pipe Line
Humble Oil & Rfinfing_ _2b
Illinois Pipe Line c of d-- _
Imperial Oil(Canada)----•
10
Indiana Pip Line
.12.50
'National Transit...
25
Ohio Oil
21
Penn 84.5 Fuel
25
Solar Refining
10
Southern Pipe Line
25
tlauth Penn 011
South West Pa Pipe L_ _50
Standard 011(Indiana)-25
Standard 011 (Kansas)._25
10
Standard 011(Ky)
25
Standard Oil (Neb)
Standard 011(0) corn- _25
100
Preferred
25
Vacuum Oil
A
Fri cap
Last Week's Range Sales
for
of Prices.
Sale
Bonds (Continved)-Price. Low. High. Week.
Range Since Jan. 1.
High.
Low.
200
50
200
300
.800
200
20.200
50
21,500
800
1,200
3,300
700
700
200
6,600
150
42.300
11,900
10.700
500
1,350
60
13.500
14
234
634
155
124
45
78
304
22%
37%
19%
6634
194
24%
13
8734
504
494
2734
83%
4435
81
11735
8836
Mar
Mar
Mar
Jan
Feb
Mar
Jan
Mar
Feb
Mar
Mar
Feb
Jan
Mar
Jan
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Feb
1735
25
69
166%
16%
5434
109%
307
2754
41
2235
7135
2235
33
164
4435
64
54%
3335
875-s
48%
9335
122
9634
Jan
Feb
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Mar
Mar
Mar
Feb
A 77,100
255 5,600
100
1
I
114 1634 36,300
13% 1885 106.200
600
73' 7%
100
4
2,300
134 2
4,8C0
634 7
53% 5634 5,300
100
6434 6434
gi 735 10,401
200
Se
535
34
134
1
854
835
754
)4
34
535
60
61
• 534
34
Jan
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Feb
Feb
Feb
Jan
34
155
16%
15%
8
34
23,4
8-34
7435
6435
735
1
Mar
Feb
Feb
Mar
Mar
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Mar
14
14
23% 234,
6385 63% 6335
160 165
161
1534 14% 16%
45
45
45
1094 984 109%
304 304
304
'2635 24% 26%
2735 37% 3835
2034
204 20
6834 713i
71
204 21%
29% 24% 29%
1434 15
15
44%
42
50% 5035 5035
5435 534 5434
3335
3335 29
3535 37
36
4835 474 4850
5434
94% 87
1204 1204 122
9234 9535
94
Other 011 Stocks
Amer Contr 011Fielda_ _ _1
234
6
Amer alaracalbo Co
1
10
Argo 011
arkans Nat Gas Corp com• 1554
1435
Class A
10
Preferred
Atlantic Lobos Oil coin_ •
Carib Syndicate nom
Colon MCorp common_ _•
63.4
• 5535
Cobden OH common
Preferred
100
Creole Syndicate
634
•
Crown Cent Petroleum. •
9
Mar
735 Feb 11
13,300
84 11
Darby Petroleum Corp__ _• 1034
535 Mar
44 Mar
53.4 6,100
5
535
Derby 011 & Ref corn
•
Mar
/an 36
400 30
36
35
Preferred
•
Feb 3534 Mar
900 32
3434 35
General Petroleum new _ _ 35
Gulf 011 Corp of Penna__26 151% 14434 1844 12.400 1314 Feb 154% Mar
234 Mar
334 Feb
300
235 3
Homaokla 011 Co
•
Mar
935 Jan 18
400
174 1735
Houston Gulf Gas
Indian Ter Ill 011
1 4235 404 4435 53,000 2034 Jan 44% Mar
35 Mar
134 Jan
7.400
35 1
Intercontinental Petrol_ _10
Internet Petroleum
• 22% 1935 2235 39,500 174 Feb 22% Mar
235 Jan
134 Jan
•
235 215 1,500
Kirby Petroleum
Mar
4
Feb
1
38,200
234 4
335
Leonard 011D)..velopat_25
900 184 Jan 2535 Mar
247.4
23
•
Lion 011 Refining
4334 21,500 3435 Jan 4335 Mar
39
41
Lone Star Gas Corp
35 Jan
54 Mar
34 1,900
he
511
1
Magdalena Syndicate.
Feb
2
335 Feb
100
4
235 27
2%
Mexico Ohio 011 Co
•
Mo Kansas Pipe Line...
.6 2734 2534 2734 22,100 1834 Jan 2735 Mar
35 Jan
35 2,400
35 Mar
34
Mountain & Gulf 011_
Jan
8
935 Mar
935 3.500
9
94
Mountain Prod Corp_ _10
• 324 30% 324 4,400 2534 Jan 353( Feb
Nat Fuel Gas
Mar
24 Jan
3
1,500
234 3
3
New Bradford 011 Co--5
300 1034 Mar 1634 Jan
1035 12
N Y Petrol Royality__ _ _• 12
1535 1635 1,600 1235 Jan 16% Mar
•
Pacific Western OH
Jan
1
235 Mar
234
•
134 235 70,700
Pardon 011 Corp
Jan
134 Jan
4
285 334 6,600
335
Pantepeo 011 of Venezuela•
Jan 2335 Feb
Amer * 224 2235 2334 24,000 19
Petroleum Corp of
Mar 27)4 Feb
5 2434 2435 2534 1,200 24
Plymouth Oil Co
Feb 10
9
Jan
100
9
9
•
Red Bank Oil
235 Mar
354 Mar
3)4 2,700
3
Reiter Foster 011 Corp. •
Jan 2334 Jan
100 21
21
21
Richfield Oil Cal pref_.. 25
4% Mar
334 Jan
400
4 435
41
Ryan Consol Petrol
•
434
Jan
2
235 Mar
300
235 215
Salt Creek Consol Oil__ .10
Feb 12% Mar
1235 1'24 3,100 10
Salt Creek Producers_....10 1335
Mar
1
400
Mar
34 1
1
Savoy 011 Corp
5
Mar 16
9
Jan
94 1035 5,500
Southland Royalty Co...
1035
635 Feb
8% Jan
Sunray Oil corn
635 734 8,500
6%
854 Feb 144 Mar
144 15,280
Tenon Oil & Land
• 1235 10
435 Mar
234 Jan
4
334 435 19,300
Venezuela Petroleum
5
235 Mar
4
5,800
Mar
4
2
Woodley Petroleum
1
3%
35 Jan
135 Feb
400
135 135
"Y" 011 & Gas Co
135
•
Mining Stocks
Arizona Commercial
5
Arizona Globe Copper---1
Bwana M'Kubwa Cop Mln
American shares
Carnegie Metals
10
Comstock Tun & Drain 10c
Consol Copper Mines__ _5
Cortez Silver Mines
I.
Cresson Consol G hi dr MI
Cusl Mexicana Mining..
.1
Engineer Gold Min Ltd-5
Evans Wallower Lead crotn•
Falcon Lead Mines
1
Gold Coln Mince
Golden Centre Mines- __5
Goldfield Consol Mines. l
25c
Recta Mining
_6
Hollinger Consul G M
Bud Bay Min & Smelt_ _•
Iron Cap Copper Co .10
3,1
5
735
635
134
Ill
35
535
11%
135
III
44
6
38
635
34
35
1
1%
5
3.4
534
ta
,
114
53.4
11%
234
800
4,600
14 Mar
'ii /an
535 3,300
734 2,100
500
35
635 6,400
34 3,000
35 5,300
135 19,700
400
14
100
5
.11 4,400
35 8,900
535 10.700
2,700
600
12
300
534
12% 6,300
2% 1,000
434 Feb
Jan
5
A Jan
Jan
1-16 Jan
Jan
1%
55
Jan
Fe
4 Jan
35 Jan
Jan
3
tan
47 Mr
a1
831
5
Jan
A% Jan
234 Mar
135 Feb
35 Jan
634
735
1
8%
)5
34
2
234
6
he
%
7
Si
14
544
14%
3
Mar
Mar
Feb
Feb
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
400 1-16 Jan
3-16 Feb
1-16 1-16
5
Kerr Lake Mines
24 Jan
200
335 Feb
2% 235
Mining Corp of Canada. 5 • 234
100 4435 Jan 49
Feb
4534 4535
Mohawk Mining Co- -25
2,730 1054 Jan 134
Mar
Newmont Mining Corp-10 1274 124 128
8t54.5 913's 3.100 664 Jan 9134 Mar
25 87
New Jersey Zhu,
35 Mar
34 2,800
1
35
Jan
New Quincy Mining_ _ _10
Mar 16
200 12
Jan
/2
12
N Y & Hood Rosario_ - -10
134 Jan
200
14( Feb
135 1%
154
NiPissing Mines
6
• 40
3935 4134 4.200 344 Jan 4634 Mar
Noranda Mines Ltd
34 Fe
34 1
7,700 110434 MarFebb
14 Jan
Ohio Copper
1
15
100
1435 Jan
1034 1034
Pacific Tin special stock -•
100
1635 Mar
1635 11355
Pond Creek Pocahontas_
14 Jan
% 114 9,400
Premier Gold Mlning__-1
1-18 Mar
M
35 2,400
ar
lig
3-16 Jan
Red Warrior Mining
_1
3.4
1,000 254 Mar 33
Jan
Roan Antelope C Min Ltd. 264 254 27
14 3,100
A
35 Jan
St Anthony Gold Mines..1
54 Feb
Si
7.66 Mar
934 Jan
5 835 1,700
75
Shattuck Donn Mining
814
800
4
234 Feb
194 1 1
154 Mar
So Amer Gold & Plat_ _1
ran
634 1,300
A Feb
Teak Hughes
634
1
1
1
400 1431 .'Tr a
1 b
/ n
2
135
135
Jan
Tonopah Mining
1
11135 11,800
16% Mar
United Verde Extension 50e 15% 13
100
2
Jan
3
3
3
Mar
United Zinc Smelting
•
600
35 Mar
35
Hu Jan
Unity Gold Mines
34
1
300
35 Mar
435 Jan
34 34
Walker Mining
1
7,4
7,900
Mar
Ili
ion
714
Wenden Copper Mining. 1
Jan
35 2,900
34
Yukon Gold Co
35 Feb
5
34
37
Bonds
Alabama Power 43515.-1967 97%
le
1968
bs
1956 102
Aluminum Co
deb as'52 102
Aluminum Ltd 6s
1948
Amer Aggregates 68_1943
With stock pee warr___ _ 35
Amer Com'Ith Pr68-_1949 1023:
1940 99
Cony deb 6a
95%
10235
102
102
9734
97% 872,000 93
Feb 973.4 mar
1024 11.000 99
Jan 102% Mar
3,000 100
102
Jan 102
Jan
102% 42,000 10135 Feb e10234 Jan
81.000 9755 Feb 100
100
Mar
5,000 83
86
85
10235 10315 156,000 100
98A 9934 203,000 98
Range Since Jan, 1
Low.
High.
Mar 9135 Mar
9134 2,096,000 90
Amer dr For Power 56_2030 9035 90
Amer Ci & El deb ta--2028 9835 973.1 9835 371,000 93% Jan 9834 Mar
Mar 9634 Jan
18,000 94
95
94
Amer Gas & Power 65_1939 95
American Power & Light
Mar
Jan 109
1074 109 110,000 105
68. without warr--2016 108
Jan
9735 17,000 9644 Mar 98
9735 97
Amer Radiator deb 435s'47
Mar
MH deb 58_1948 10035 9934 101 214.000 9631 Jan 101
Amer Roll
Amer Solv & Chem 6355'38
Jan 10035 Mar
13,000 95
99 100
With warrants_
Mar
93.000 1.6 V. Jan 101
Appalachian El Pr 55.1956 10035 08 101
Mar
38.000 9935 Mar 101
Appalachian Gas 60_1945 10035 9935 101
9834 171,000 93% Jan 984 Mar
Pr & Lt Ss_ _1956 9835 96
Arkansas
Associated Gas & Electric
Jan
9,000 10135 Jan 124
Cony deb 430 w war1948 1174 115 118
94% 12,000 8735 Jan 94% Jan
93
5.Without warrants.... 94
Jan
1968 8735 83A 88 168,000 784 Mar 88
1977 10435 102 10455 46,000 984 Feb 10434 Mar
5355
Mar 864 Feb
5,000 86
86
8635
Asaoe'd Sim Hard 635s 1933 86
98
Jan 1 12
Feb
,
Assoc Telco Utll 53.0_1944 102% 100 1034 236,000 98% Jan 10335 Mar
10234 100% 103% 68,000
When issued
Mar
Jan 86
14,000 82
86
85
Atlas Plywood 534s_ _1943
Bates Valve Bag Corp
Jan 1084( Mar
10635 losy 4.000 102
6s with warrants_ _1942
Feb
Feb 104
6,000 103
10334 104
Beacon 0116* with war 1936
102 10335 112,000 100' Feb 11.354 Mar
of Canada 55_1957 103
Bell Tel
10134 5,000 1004 Feb 1014 Jan
101%
Boston Consul Gas 55.1947 _
Mar
10,000 1004 Jam/ 103
Boston & Maine RR 6*1933 10234 10235 103
Burmelster&Wain (Copan)
Jan
Jan 101
9935 9934 2,000 98
1940
-year 6s
15
108 10835 7,000 10734 Jan 108% Mar
Canadian Natl By 7s.1935
Mar
139,000 91554 Jam' 103
Canadian Pacific By 581954 10234 10234 103
Capital Admit)deb 5sA1953
Jan 80% Mar
8035 8054 2.000 74
Without warrants
Mar
101 102 119,000 0345 JU. 182
Carolina Pr & Lt 55_ _ _1956 102
Jan
Mar
84
70,000 71
84
81
Cent States Elea Se_ _ _1948 83
8635 89% 168,000 7235 Jar 8914 Mar
Deb 54s_ _Sept. 15 1954 88
Feb
15,000 8844 Jai, 91
8935 90
Cent States P & Lt 530'53
Feb
29,000 89% Mar 90
8935 90
1st lien 535s new_ _1953
10,000 10031 Mar 100% Mat
Chic MU dr St P By 430 F 10035 100% 10035
Jao 102
Feb
10.000 97
100 100
Chic Pueu Tool 5358_1942
Mar
Feb 78
6,000 68
7555 78
Chic By,5s ctfs dep-1927
Mar
Chic R I & Pac Ry 435s'60 10334 1003: 104 2,611.000 9834 Mar 104
88% 91% 50,000 8234 Jan 9134 Mar
1943
Childs Co deb Is
Cigar Stores Realty
Mar
39,000 6234 Jan 89
89
83
1949 88
534s series A
Jan
Feb 97
5.000 93
94
94
Cincinnati St Ry 530_1952 94
8835 79,000 8234 Jan 88% Mar
1968 8831 84
Cities Saralee 5s
Service Gas 5461942 8835 844 8835 52,000 83% Jan 88% Mar
Cities
Jan
Jan 94
14.000 90
93
91
Cities Serv Gas Pipe L 6s'43 93
Jan 9434 Mar
8934 9435 123.000 81
Cities Serv P & L 53551952 94
Jan
Jai 108
107 10735 12.000 106
deb 79_1941
Cleve Elect III
Jan 10315 Mar
4 8,000 100
10235 1031
General Is series B_1961
Feb
97
9435 9435 2,000 90 •
Cleve Term Bldg 6s--1941
Commerz und Private
884 8934 164,000 814 Jan 8935 Mar
1937 89
Bank 5345
Jan
18,00
9335 Feb 108
9735 99
Com'wealth Edison 4%5'57 99
Consol GEL& P (Balt)103 10335 2,000 10135 Feb 1034 Mar
1965
5s series F
Mar
Feb 101
5,00 100
101 101
1969
1st & ref 430
an
2,000 9634 Feb 98
Consol Publishers Sl4s 1936 9735 9735 9735 14.00
9134 Feb 98% Mar
984
Power 435s.'58 9835 98
Consumers
Mar
94 249,000 84% Feb 94
1958 92% 89
Cont'IG & El 5s
Feb 9535 Mar
94
31,00
9435 96
Continental Oil 53M-1937 96
Crown Zellerbach Os_ _1940
Mir
Mar 99
83.000 98
2894 9815 99
With warrants
Mar
7,000 10735 Jan 119
Cuban Telephone 7356 1941 10835 10435 109
ti9,000 954 Jan 974 Mar
98
9635
Cudahy Pack deb 53551937 98
100 1003.4 15,000 9834 Jan 10035 Mar
1948
514
5
2005
FINANCIAL CHRONICLE
MAR. 22 1930.]
Feb 86
Mar
Jan el064 Feb
Mar 9934 Mar
Delaware Elea Pow 534s'59
Deny & Salt L RY 14..1960
1950
Os series A
Det City Gas gis ser 41.1947
1950
B
55 series
Detroit lot Bdge 6%6_1952
1952
26-yrafdeb7l
Dixie Gulf Gas 630-1937
With warrants
Edison El(Boston)55A933
Electric Pow (Ger)630'53
Else Power & Light 5s-2030
El Paso Natural Gas
1943
630 series A
1938
1335s
Empire 011 & Refg 535s'42
European Elea 6144_ _1965
Eur Mtg & Inv 730 A 1950
1967
78 series C
.l939
Fabrics Finishing 6s.
Fairbanks Morse Co 561942
5
Federal Water Sera 5 '4
Finland Residential Mtge
1961
Bank 138
Firestone Cot Mills 58_1948
Firestone T & R Cal 5s 1942
1931
Fisk Rubber 535s
Florida Power & Lt 58_1954
Garlock Packing deb 68 '39
Gatineau Power 56-1956
1941
65
Gelsenkirchen Min 618_1934
Gen Indus Alcohol 630'44
Gen Laundry Mach 64837
General Rayon 65 A._1948
Gen Theatres Eq 614-1944
Gen Water Wks GM & El1944
ea series 13
Georgia Power ref 58_1967
Goodyear T & K 530_1931
Grand Trk By 630-1936
Grand(F & W) Properties
Cony deb 6s Dee 15 1948
Guantanamo dr W Ry 8* 58
1937
Gulf Oil of Pal%
Sinking fund deb 58_1947
Gulf States Util 56_ _ _1956
9335 9335
82
82
102 102
102
10535 105% 10634
10035 100%
86
81
86
6735 70
69
1,000 9235 Feb 9335
Jar
85
1,000 72
1.000 9934 Fe 102
32,000 1044( Fe 10634
16,000 9734 Fe 10035
86
30,000 73% Fe
Jan 70
79,000 50
68
0934
87
9234
Mar
Feb
Jan
Mar
Mar
Mar
Mar
Jan 95
Mar
Jan 10134 Mar
Mar
Jan 97
Jan 94% Mar
9235 83
10134 101
9454
97
9235 9235
64,000
98
10134 35,000
64,000
97
91% 465,00C
sla3
106
106
8432
89
10134 100
99
8734 87
Jan 108
1,000 98
103
Jan 109
21,000 98
107
83,000 834 Jan 89
89
Feb 101%
10135 362,000 100
Jan 102
2,000 99
99
Jan 88
87% 14,000 83
5214 3,000
50
8947.4 9614 11,000
9535 16,000
95
8534 8735 63,00
90
9234 51,000
1-1.000
95
94
5145 5234 9,000
94,000
88% 92
1,00
102 102
974 9435 973( 330,000
96,00
1004 9735 101
44.00
944 9435 95
5,00
80
79
79
5034 5035 3,000
17,000
80
80
76
125 135 276,000
133
8715
92;5
95
5135
9131
Mar
50
Jan
93
9035 Jan
7535
89
9235
44
8234
9435
91
9454
00
79
60
47
9734
32,000 9134
95
95
98% 101 226.000 95%
14,000 9934
100% 101
10734 108% 8,000 10535
6.000 90
91
91
90
6,000 45
50
50
50
25,000 993(
10035 101
101
101 1023-1 37,000 100
102
,
9655 9134 96 5 52.000 9231
52,000 8434
85% 90
89
4,000 97
99
99
994 42,000 9634
99
4
81 1 8235 65,000 80
4,000 8835
92
92
0245 84% 9335 207,000 64
9235 844 93% 166,000 6735
6,000 76
90
87
90
64% 38,000 51335
63% 62
12,000 9735
100
9935
5,100 8834
9135 92
10335 10834 92,000 100
106
9, 10035 45.000 9635
10035 9815 102 250.000 9835
90
100
Hamburg El & Und 530'38
1934
Hanna (NI A) 6s
Hanover Cred Inst 66_1931
Hood Rubber 530-- -1936
1936
79
Houston Gulf Gas 630 '43
1943
6e
Hungarian Ital Bk 730'63
Ilygrade Food 68 A-1949
Ill Pow & Lt 5348 see B '54
1957
Deb 530
Indep Oil& Gas deb 6s 1939
Ind'polis P & L 58 err A '57
Inland Utilities 68_ __ _1934
Insull Utility investment
65 sec B without ware '40 11035 10835 11135 668,000
41,000
Int Pow Sec 75 see E_1957 9935 9855 100
Internal Securities 5s_1947 86% 8334 86% 86,000
9035 9235 28,00
Interstate Power 5a _ -_1957
9135 21,000
1952 9135 158
Deb 6s
46,000
! Invest Co of Am 1s A_1947 9734 9734 98
13,000
80
80
Without warrants
Investors Equity 55_1947
75
7835 25,000
Without warrants
Jan
Feb
Mar
Mar
Mar
Feb
5234 Mar
96% Mar
9535 Mar
Jan 8734 Mar
Jan 91% Jan
Jan
Jan 95
Jan 72% Feb
Mar
Jan 92
Jan 1024 Feb
Feb 973-4 Mar
Mar
Jan 101
Jan 95% Feb
Jan
Mar 90
Jan
Jan 52
Mar
Jan 80
Jan 144
Feb
0354
101
101
108,4
Feb
Mar
Mar
Mar
Mar 91
Jan 50
Jan 101
Jan 1C2
Jan 064
Mar
Feb
Feb
Mar
Mar
90
99
9935
83
934
933.4
9356
90
69
100
92
109A
10035
102
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
99
9334
80
83
8034
8634
761,4
Jan 112% Mar
Mar
Jan 100
Jan 684 JIM
Feb 9234 Mae
Jan 91% Mar
Jan 9835 Feb
Mar
80
Jan
70
Jan
7834 Mar
2006
Bonds (Continued)
-
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High Week.
Range Since Jan. 1.
Low.
High.
Bonds (Concluded)
-
[Vox,. 130.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Tri Utilities Corp deb So'79 984 904 99 485.000 78
Jan 99
Mar
Ulen Co as
1944 94% 91
9435 26,000 83
Jan 04% Mar
Union Amer Inv 5s
1948
94
94
10,000 84
Jan 94
Mar
83
84% 17,000 80
Jan 844 Mar Union Elec Lt & Pow (131o)
Is series B
1087
10115 102
10,000 9934 Jan 102
Mar
80
79
80 136,000 69
Jan 8031 Alar
United El Serv (Does)78'56
Union Oil 55
1945 100
100 1004 82,000 100
Mar 10015 Mar
Kansas Gas & Elec 68_2022
10235 1024
5,000 1004 Jan 103
Mar
With warrants
101% 1024
1,000 9815 Jan 194 4431
0
2
Kelvinator Co 68
1936
Without warrants
9415 924 9434 39.000 89% Jan
Mar
Without warrants
8515 83;4 87% 79,000 694 Jan 8735 Mar United Indus Corp 6355 '41 92
9035 92
6,000 84
Jan 92
Mar
Koppers G & C deb 98_1947 100
98% 100
12,000 9545 Jan 100
Mar United Lt & Rys 574s_1952 94
8911 9434 56,000 8315 Jan 9414 Mar
515s
1950 10235 1024 10235 153,000 9934 Jan 102% Mar
65 aeries A
1952 103
101 104
34,000 10015 Jan
Mar
United fly: (Slav) 715s '36 10131 10135 10115 2,000 10015 Jan 104
10215 Feb
Laclede Gas 51is
1935 102% 10015 103% 14,000 9735 Jan 103% Mar United Steel Wks 615s 1947
545
1960
10215 103% 64,000 102
Mar 103% Mar
With warrants
89% 9115 13,000 87
91
Jan 9115 Mar
Lehigh Pow Secur 6s__2026 10615 1054 1074 88,000 10234 Jan 1074 Mar US Radiator 5s A_
_1938
84
84
5,000 8215 Jan 854 Feb
Leonard Tletz 7155
1946
U S Rubber
Without warrants
95
964 32,000 93
Feb 98% Mar
Serial 614% notes__1931 100
100 1004 6,000 9635 Jan 100% Mar
1.113by, McN & Libby 55'42
93
9435 19,000 91
Jan 9435 Mar
Serial 635% notes_ _1932 9815 97% 99
10,000 9514 Jan 99
Mar
Lone Star Gas Corp 981042
994 994 29,000 9635 Jan
9915 Mar
Serial 635% notes_ _1933 9634 96
9615 4,000 94
Feb 9634 Feb
Long Lsiand Ltg, 6s_ 1945
1054 1054 1,000 1034 Jan 106
Serial 615% notes_ _1934 96
Feb
96
96
2,000 9335 Jan 96
Mar
Louisiana Pow & Lt 58 1957 9715 9515 973.1 67,000 92
Jan 97% Mar
Serial 615% notes. 1935
95% 95%
2,000 94
Jan 9515 Mar
Serial 615% notes_ _1936
95
95% 2,000 93
Feb 95% Mar
Manitoba Power 5358_1951
43,000 9635 Feb 99% Jan
9835 99
Serial 615% notes__1937 9:i
9534 5,000 92
95
Jan 9534 Mar
Mans Min & Smelt 7s_1941
Serial 634% notes..1938 9551 9511 95%
1,000 9235 Feb 96
Jan
With warrants
94
96
26,000 93
Jan 96
Jan
Serial 635% notes. 1939
95
04
6,000 92% Feb 95
Mar
Without warrants
94
94
94
12,000 87%, Jan 94
Mar
Serial 64% notes_1940
05
95
4,000 024 Feb 95
Jan
Mass Gas Cos 54s___1946
1034 10314 51,000 10115 Jan 1044 Mar Utilities Pr & Lt 58.-1959
91
8014 86
43,000 81
Jan 91
Mar
McCord Rad Mfg 69_1943
78% 87% 9,000 75
Jan 87% Mar
Memphis Nat Gas 68_1943
Vaispar Corp cony 68_1940 985( 98% 9811 10,000 9815 Mar
9915 Feb
With warrants
10415 984 1044 93,000 95
Jan 1044 Mar Valvoline Oil 75
1937
10235 102% 2,000 102% Jan 10315 Jan
Metrop Edison 4153..1968 99% 984 9915 131,000 9535 Feb 994 Mar Van Camp Packing 6s_1948
80
80
1,000 80
Jan 81
Feb
Milw Gas Lt 1st 448_1967
98% 7,000 95
98
Jan 9894 Mar
Virginia Elec Pow Ee__1955 100
100 100
17,000 9735 Jan 100
Mar
Minn POW & Lt 448_1978
934 934 10,000 894 Jan 934 Mar Virginian Ry 415s B._1962
31,000 98
9834 98 100
Mar 100
Mar
Miss River Fuel 6sAug15'44 12015 118% 121 451,000 102
has 121
Mar
Without warrants
98
95
98% 224,000 924 Feb 98% Mar Wabash fly Is ser D._1980
10174 101 102% 140,000 101
Mar 102% Mar
Montreal L H & P coils'51 10014 10035 102 967,000 98% Jan 10135
Waldorf-Astoria Corp
Mat
Mo Pac Rolls ser II 1980
100 1004 18,000 10035 Mar 102
Mar
1st 7a with warr____1954 931
38,000 86
5 934 94
Jan
Morris & Co 735s
1930 10032 100% 1004 29,000 9915 Jan 101
Wash Wat Pow 58 tv 1_1980 101% 10115 101%. 69,000 984 Jan 10334 Jan
Feb
101% Mar
Munson S S Lbw 6158 '37
Webster Mills 64s___1933 97
954 9734 2.1,000 8534 Jan 9734 Mar
With warrants
98
98
984 9,000 98
Mar 103
Jan
West Texas UCH Is A_1957 0334 914 93% 102,000 8915 Feb
934 Mar
Weitern Newspaper Union
Narragansett Elea 58 A '57
1004 1014 29,000 97
Jan 10114 Mar
Cony deb 613
1944
91
27,000 86
89
Jan 92
Jan
Nat Power & Lt 68 A_2028
10615 107
21,000 104
Jan 107
Afar
Western Power 54s-1957 121 1
4 114% 124 527,000 11115 Jan 125
Nat Public Service 56_1978 85
8015 8611 106,000 74
Jan 864 Mar
WesternUnionTelez 581960 10415 81024 10435 580,000 1004 Feb 104% Feb
Mar
Web Power 6s A
2022 107% 10715 108
2,000 104
Jan 108
Westvaco Chlorine 515s '37 10234 10215 10235
Mar
1,000 101
Feb 10334 Jan
Neiriner Bros cony 68 IA.
9414 11,000 90
93
Jan 94% Mar
NE Gas & El Assn 51A947 92
89
924 55,000 85
Jan 92% Mar
Foreign Government
5s
1948 92
92
89
15,000 85
Feb 92
and NfunicipalitlesMar
N Y & Foreign Invest
agrIcul Mtge Bk Rep of Co
5158 A, with warr 1948 89
89
88
15,000 79
Jan 89
Mar
20-year75 A & 0- - -1946
8515
7,000 82
85
Mar 944 Jan
NYP&L(orplet44(3'67 9535 9435 9535 113.000 91
7s J & J
Feb 9535 Mar
1947 8635 8515 864 3,000 723.4 Jan 8615 Mar
Niagara Faits Pow 68_1950
10534 105%
4,000 105
Jan 10634 Feb
Baden (Germany) 78 1951 95% 95
5
95% 23,000 91
Jan 9515 Jan
Nippon Elea Pow 64s 1953
914 94
50,000 8835 Feb 94
Mar Bank of Prussia Landown's
North Texas Util 78_1935 101
9935 101
7,000 97
Feb el00
Ass'n 6% notes....1930
Jan
23,000 98
99% 100
Jan 100
Mar
North Ind Pub Serv La 1986
101% 102
10,000 97% Jan 1(12
Mar
Buenos Aires(Prov) 7148'47 101
10045 10031 34,000 9735 Jan 1014 Mar
as series D
1969 1024 101% 1023 43,000 9715 Jan 10235 Mar
4,
7s
1952
16,000 944 Jan 100
99 100
Mar
No Sta Pow 615% notes '33
102 102
9,000 10014 Feb 103
Feb Cauca Valley (Dept) Rep of
Northwest Power 6s A 1960
9915 100
36,000 984 Jan 100
Columbia,extl. f 78.48
Mar
10,0J0 68
85
Feb 85
80
Mar
Cent Ilk of German State .0
Ohio Power 58 ear B__1952
101 101
2,000 984 Jan 101
Pray Banks Os B___1951 8515 8374 8634 71,000 7645 Jan 854 Mar
Jan
4358 series D
1956
9415 95
66,000 91
Jan 95
1st as series A
Mar
1952
1,000 7735 Jan 8015 Mar
86A 8614
Oswego Falls 6s
1941
80
80
2,003 79
Mar 80
Jan Cuba (Rep.) 515s w 1_1945 98
98% 69,000 98
Feb 984 Feb
98
Oswego River Pow 88.1931
100 1004 8,000 99
Jan 100% Mar
Pan Gas & El 1st 4348_1957
9535 97
36,000 9315 Feb 07
Mar Danish Cons Muni° 5358
34,000 9715 J an 100
'55 994 01)3410
0
Jan
5s
1953
9534 063.4 41,000 9015 Jan 9615 Mar
Pacific Invest deb 58....1948
8415 85
6,000 79
Feb 85
Mar Danzig P ar Waterway na
Pacific Western 0116391'43 94% 9235 9415 166,000 81
Jan 9435 Mar
Ertl of 615s
1952 8574
8574 8515 2,000 7854 Jan 85% Mar
Penn-Ohio Edison S8__195)
Frankfort (City) 6145_1953
954 23,000 894 Jan 9614 Mar
95
9515
Without warrants
101
101 103% 41,000 99
Jan 10335 Mar German Cons Mimic 78 '47
9815 89,000 91
Jan 984 Mar
9714 96
515s
1959
100% 10135 24,000 90
Jan 101% Mar
Cs
1947
89
9015 87.000 7934 Jan 904 Mar
9015
Penn Dock & W as w w '49 98% 9731 984 71,000 934 Jan 984 Mar
Penn Pow & Lt 55 B__1952
10135 10135 8,000 994 Feb 1014 Jan
Hanover (City) 75 w 1_1939 96
9815 26,000 954 Jan 98% Mar
96
lot & ref 5a ser D___1953
101% 10115 19.000 9915 Feb
Hanover (Prov) 634s..1949
9035 6,000 8615 Jan 0014 Mar
90
Pennsylvania SIR 4451970 964 91% 9715 1675000 9435 Mar 1024 Jan Heisingfors
9715 Mar
(City) 615s 130 96
954 96
5,000 954 Mar 96
Mar
Peoples Lt & Pow 5s1979
844 85
11,000 87415 Feb 85
Mar Indus Mtge of Finland
Phila Elec 545
1947
106 106
2,000 10514 Jan 1084 Feb
1st mtge cons I 78_1944
994 100
3,000 97
Jan 100
Jan
Phila Elec Pow 548_1972
:105 105% 22,000 10435 Feb 105% Mar Lima (City) Peru 6155 1958
83
5,000 73
83
Jan 83
Feb
Phil Rap Tran as_ _1962
88
90
4,000 88
Mar 9315 Jan
Marauhao(State) 78__1958 8115 80
2,000 66
8115
Jan 8134 Feb
Phila & Suburban Counties
Medellin (Colombia) 7s '51
85
85
1,000 75
Jan 86
Jan
& E 1st & ref 448.'57
9841 98% 6.000 96% Mar 98% Mar Mendoza (Prov) Argentine
Pittsburgh Coal 6o.._.1049
10015 1014 10,000 994 Jan 1014 Jan
Extl 745 sink fund g '51
.11
24,000 85
91
Jan 91
Mar
Pittsburgh Steel 6s_ __1948
102% 103
5,000 1014 Jan 103
Mortgage Bank of BogotaMar
Poor & Coils
1939
1054 110
85,000 8104
7s L4911C of 1927 new_1947
Jan 1104 Feb
82
8214 21,000 654 Jan 8235 Mar
Potomac Edison 5s___ 1956
99
99% 14,000 9435 Jan
9934 Mar Mtge Bank of Chile 6s..1931 9915
99
9934 31,000 9815 Jan 9915 Afar
Power Corp of N Y 5358'47 974 96
9735 6.000 9534 Jan 9715 Mar
Os
1962 9134 90
92 147,000 84% Jan
92
Mar
PowCorporCan4 3013 _1950 89
8414 89
25,000 81
Feb 89
Mar
Puget Sound P & L 5145'49
101% 102% 64,000 0054 Jan 1024 Mar Netherlands 6s
1972
10315 10315 5,000 10335 Mar 106
Jan
Pure Oil 5158
1940 9835 98
98% 773.000 98
Mar 98% Mar Newfoundland Is
1952
97
97
5,000 97
Mar 97
Mar
Queens Boroi gh G & E
Parana(State)Brazil 781958 80
814 21,000
78
Jan 8134 Mar
5348 series A
1952
1024 102% 6,000 1004 Jan 102% Mar Prussia (Fee State) 8s_1952 92% .114 9215 283,000 65
8115 Jan 0234 Mar
Reliance Bronze & Steel
Biala 348(0126)Sep 1551 97
96
9735 82,000 863.1 Jan 9734 Mar
Cony deb 6s__Apr 1 1944
75
75
3,000 75
Mar 77)6 Mar Rio de Janeiro 615s___1959 80
7814 8115 54,000 67
Jan 8134 Mar
Reliance Alanage't 58.1954
Rumanian Mono last 7s'59 86
84% 86
47,000 8015 has 88
Mar
With warrants
89
5,000 77
90
Jan 90
Russian Govt 64s ctfs 1919
Mar
415 434 2,000
5
Mar
Jun
7
Rochester Cent Pow 53 '53 8335 8115 83% 114,000 77
Feb 834 Mar Saar Basin 78
99
99
1935
2,000 113
Jan 100
Mar
Royal Dutch Co 4s__1945
Fin.arbrueeken 78
10035 1004
1935
5,000 98
Feb 101
Jan
With warrants
90% 894 90% 375,000 89% Mar 90% Mar Sante Fe (City) Argentina
Ruhr Gas 6 411
1953 89
84
89 277,000 80
Jan
1.9
external
Mar
9214 94
0,000 88
1945
Jan 94
Afar
Ruhr Housing'Corp 614s'53 87% 884 8815 43.000 864 Mar 8814 Mar Santiago 78
(Chile) 7s___1949 973.1
9735 974 7,000 9034 Jan ,99
Mar
Ryerson (JosT) & Son.s,Inc
Sydney (City of) New
15-yr deb 5s
1943 93
93
93
3,000 92
Jan 94
South Wales 53.4s..1055 904 9035 9014 13,000 90
Feb
Mar 90% Afar
Iowa-Web L & P 581957
Isarco Ilvdro Mee 7s__1952
Dona 1.7a-whin' 7s1942
With warrants
Italian Superpower of DelDebs as without warr '63
94%
934
St Louis Coke &GM 63_ '47
San Antonio Pub Serv5s'58 9736
Sauda Falls let Ss_ _ _ _1955
Schulte Real Estate as 1935
With warrants
Without warrants
Scripps(E W)5%s_ __1943 90
Servel Inc 5s
1948
Shawinigan W & P 44s'67 95
448 series B
1968 9435
1st Is ser C when issued_ 10135
Shawsheen Mills 7s_ 1931 100
Sheffield Steel 5 158_ _ _1948 9735
Sheridan Wyo Coal 68_1947 78
Silica Gel Corp 615s 1932
With warrants
10615
Snider Pack 6% notes. 1932
Southeast P & L 6s___2025
Without warrants
10715
Sou Calif Edison 58.„1951 102%
Refunding 56
1952 10215
Gen & ref Is
1944 1024
Sou Cal Gas 55
1937 93%
Sou Nat Ga8
1944 z100
Wwest G & E 56 A
1957 96
So'west 1.t & Pow 5s A 1957
S'west Pow & It 6s_ _2022
Staley Mfg Co lot as __1942 39
Standard Invest 548_1939
Stand Pow & Lt 6s___1957 100)5
Stinnes(Hugo) Corp
78 1948 without warrants 784
78 Oct 1 '36 without warr 87
Strauss (Nathan) Inc 68 '38 81
Sun 0115348
1939 102%
Swift & Co 53 Oct 15 1932
Texas Cities Gas 58___1948
Texas Power & Lt 58-1956 0915
Thermoid Co 6,3 w w__1934 9434
9335 9415 15,000
934 37,000
93
80
8215
9514 9715
10034 10014
5,000
73
73
876
76
90
90
6634 64
9335 95
9335 944
100% 101%
9914 100
9735 9735
78
78
1,000
5,000
5,000
4,000
56,000
26,000
148,000
28,000
1,000
14,000
1,000
9015 Mar
83
Jan
94% Mar
9315 Mar
70
Feb 8234 Mar
91
Jan 97% Mar
9935 Mar 1001; Mar
51
53
85
64
90%
90
98
964
974
77
Jan 73
Jan
Jan 75
Jan
Jan 90
Feb
Feb 70
Jan
Feb 95
Mar
Feb 9415 Mar
Feb 1014 Mar
Jan 100
Feb
Feb 90)6 Feb
Feb 78
Jan
97
59
Jan
Jan
107
72
107% 10814 232,000 103
102 1034 5,000 993w
10214 10235 49,000 994
102 102% 11,000 1004
9235 94
57,000 9015
9715 1014 610.0J0 87
80,000 91
94% 9b
934 94
8,000 9035
1064 1074 15,000 103
98
99
13,000 974
9035 9114 25,000 8134
9915 10035 295,000 9734
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
10815
1034
102%
102%
94
10115
96
95
10715
99
9134
100%
7635 7815 18,000 75
87
87
4,000 8215
7035 81
7,000 70
101
102% 34,000 100
100% 1014 63,000 794
8235 82% 21,000 80
98% 9915 119,000 95
92% 9-115 35.000 8215
Feb 79
Jan
Jan 89% Jan
Mar
Feb 81
Jan 102% Mar
Jan 101
Mar
Jun 82% Mar
Jan 99% Mar
Jan 95
Feb
101 107
59,000
7015 71% 7,000
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Afar
• No par value. I Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. 0 Sold for cash.
Option sales. I Ex-rights and bonus. m When issued. a Ex-div. y Ex-rights.
e "Under the rule" sales as follows:
Aluminum Co. of Amer. 5e, 1952, Jan. 30, 81,000 at 10311•
Amer. Commonwealth as, 1949. Jan. 22. $300 at 1060107.
Arcturus Radio Tube, Feb. 8, 100 corn. at 154.
1)15w-Knox Co.. Jan. 2, 58 shares at 31.
Burco Co., Jan. 26,10 warrants at 41-6.
Central States Elec., Feb. 6, 3.300 shares 6% pref. at 70.
Donner Steel Feb. 27, 50 shares common at 33.
General Water Works & Elec. 6s, 1944, Jan. 29, $1,000 at 964.
Gerrard (S. A.) Co., Jan. 2. 105 shares corn. at 24.
Houston Gulf Gas, Mar, 3, 2 shares at 19.
Lackawanna Securities, Jan. 27. 300 shares at 4134.
Mohawk & Hudson Power, Fe 6, 75 shares 2c1 pref. at 112.
Nelsner Bros. Realty Os, 194 Feb. 6. $11,000 at 9394.
North Texas Util. 78 1935, Jan. 3. $1,000 at 10215.
Russian Govt. 634s, 1919 ctfs. web. 20. $4,000 at 714.
Russian Govt. 5353, 1921 °Us.. Feb. 7, $6,000 at 7.
Singer Mfg., Feb. 18. 100 abs. at 8.
United Zinc Smelting, Feb. 5, 200 shares at 33-4.
y Cash sales as follows:
American Super Power Co. lot pref. Starch 20, 100 at 101.
z "Optional" sale as follows:
American Aggregates deb. 6s. 1943, Jan. 3, $1,000
at 8035
Dellanca Aircraft corn vat trust ctfs. Mar. 4, 200 shares
Del. Elec. Pow. 515s, 1959, Feb. 19. $1,000 at 9211
Montreal Lt., Ht. & Pow. Cons., Feb. 10, 100 share
Sou. Calif. Gas Is, 1937, Feb. 15, 51.000 ay 9034
FINANCIAL CHRONICLE
MAR. 22 1930.]
2007
Quotations of Sundry Securities
---
once,a
"and interest" except where marked "f".
Trust Stocka
Chain Store Stocks Par Bid. Ask. Investment (Cenci.) Par Bid. Ask.
Ask
Railroad Equip.(Cancld.) Bid
and Bonds
t *3314 3414
Schiff Co corn
Par Bid. Ask
General Trustee common__ ____ __
94
n
Cum cony pref 7%_-_100
Minn St P & SS M 445 dr 5. 5.25 5.00
New units
2
24
3
inter Public Util com_100 60 80
corn
Equipment 6%.& 76-..- 5.60 5.15 Shaffer Store
93
6% bonds
60
7% prior preferred____100 89
5.25 5.00 Silver (Isaac) & Bros com_t 40
30
28
Missouri Pacific 614o
89
100 85
Greenway Corp corn
97
preferred
Partic
5.15 4.95 7% cum cony pref._ _100 92
54
68
EquiPment
Preferred without warr
45
kppalachlan El Pr pref-100 108 109
4.80 4.6' Southern Stores8 units
Mobile az Ohio Is
Warrants
7%
6
kssociated Gas & Elec4.55 U S Stores
2212 26 --- New York Central 44a & 5s 4.65 4.90
Guardian Investment
53
t *95
25 preferred
First preferred 7%__100 49
5.10
24
Equipment 6s
70 80
Preferred
Dleve Elec III corn
4.80 4.65 Young(Edwin H)Drug units 100 105
Equipment 7s
100 111 114
Guardian Investors
Preferred
6%
4.65 4.55
90
SO
___ Norfolk & Western 4iis_
26 unite
100 109
Dol El az Pow 7% Pi
Standard Oil Stocks
4.90 4.65
28
38
Northern Pacific 79
$3 units
15
Eastern 1:1111 Assoc com_t •Bni 43
Anglo-Amer Oil vot-otock il *14
90
4
*144 1514 Pacific Fruit Express 7s-.... 5.00 4.75
preferred
stock
t
87
1634
21 *14
Convertible
Non-voting stock
4.65 4.55
3112 3412
Pennsylvania RR equip 5s
89
t *86
25 *4812 4838 Incorporated Equities
Den Public Gill $7 pref
4.65 Atlantic Ref corn
4.90
5812 60
Incorporated Investors
Mississippi My Pow 0_100. 10412 ___ Pittab & Lake Erie 64s
25 *2212 25
4.65 4.55 Borne Scrymser Co
-___ ___
12 ___ Reading Co 445& 55
Industrial Collateral Assn
First mtge 59 1951___J&J 100
50 *6212 64
4.90 4.65 Buckeye Pipe Line Co
2712
25
M&N 95. St Louis & San Francisco 55
Industrial & Pow Sec Co
Deb 5s 1947
Mfg Cons_ _25 *165 175
6s 6.00 5.40 Chesebrough
1434 1634
Insuranshares Ctrs Inc
16
National Pow & Lt 67 preLt *109 11I Seaboard Air Line 545 &
4.65 4.55 Continental Oil(Me) v t c 10 *15
60
54
Southern Pacific Co 44s_
t *10312 105
*2614 2612 Inter Germanic Trust
$0 Preferred
4.85 4.85 Continental 011 (Del)
64
59
Equipment 75
lot Sec Corp of Am corn A
4 7
North States Pow 7% pre- 106 110
(t) .63
4.70 4.60 Creole Petroleum
29
33
Southern Ry 44s az 5s
Common B
48
Dhlo Pub Serv 7% pref-100 104 106
5.10 4.90 Cumberland Pipe Line_100 41
139
Equipment 65
Allotment certificates_
50
4
9 'I 9512
13% preferred
100 45
4.90 Eureka Pipe Line Co
5.10
89
4
7% Preferred
(t) *212 4
Pacific Gag & El 1st pref-25 *2714 273 Toledo & Ohio Central Os
4.85 4.65 Galatia w I
91
85
Union Pacific 72
4
64% preferred
Puget Sound Pr & Lt 36 Pf-t *99 101
Galena Signal Oil c.o.d._100 *3
88
80
91
t *89
6% Preferred
80
$5 preferred
Preferred old c.o.d-100 77
50
45
Aeronautical Securities
102 103
Share Corp Inc_ _
Internal
1st & ref 5%,1949__J&D
80
100 77
Preferred new c.o.d
Interstate Share Corp
Bay El .f4 Pow 8% pf___100 90 93
*33% 35
4
123 General Petroleum wi
9
47
43
AeronauticalInd without war
corp.__
Berra Pao El Co 6% pf-100 96
212 278 Humble Oil & Refining-25 *109 10912 Invest Co of Amer
8712 9312
Warrants
Stand Gas &El $7 pr pf _100 110% 11312
7% preferred
100 306 30812
Illinois Pipe Line
3
38 4
common
3
74 8
Air Investors
Tenn Elec Pow 1st prof 7%_ 10812 110
Invest Fund of NJ
303 308
Ctf of dep
11%12¼
__ Alratocks Ins
100 100
6% Preferred
t *2614 2612 Investment Trust of N Y._
Imperial 011
138 2
t
3212 3712
__ Alexander Indus corn
Invest Trust Associates
Toledo Edison 5% Pref-- 89
Indiana Pipe Line Co____10 *3713 38
40
8% participating prof.- ---- 82
104_
-t *2218 2212 Joint Investors class A
6% Preferred
International Petroleum
100
American Airports Corp___ ____ 6
preferred
100 1091
Convertible
4
203
7% preferred
National Transit Co__12.50 20
12
n7
Aviation Corp of Calif
99
Utilities Pow & L 7% pf_100 98
1612 Keystone Inv Corp classA_ ---- -__
New York Transit Co--100 13
10
5
Aviation Sec Co of N E
Class B
48
*6
s7
Northern Pipe Line Co-_100 44
11%12¼
Reliance Aircraft Corp
Short Term Securities
717 Leaders of Industry
25 *71
5
Ohio 011
ri3
Central Airport
Massachusetts Investors.- 481 51%
100 102 108
Preferred
112 5
7014 7314
Invest Corp
6s May 1937 101 10114 Cessna Aircraft new corn
Allis Chal Mfg
21% Mohawk
25 20
24.2 247 Penn Mex Fuel Co
11%
10
Alum Cool Amer tra May '52 102 10212 Consolidated Aircraft
8
25 *483 483 Mutual Invest
4% 434 Prairie Oil & Gas
1334 14%
9812 Consolidated Instrument_ _t
Amer Red deb 4iis May '47 97
25 *55. 5584 Nat Re-Inv Corn
Prairie Pipe Line
11
9
Curtiss Flying Service
-North Amer ULU See
Am Roll Mill deb 5s_Jan '48 100 101
29
25 *24
5
Solar RefinIng
n2
Bell Tel of Can 5a A _Mar '55 103 10312 Curtiss Reid corn
Preferred
1612
50 *14
Southern Pipe Line Co
40
30
854 1014
-Robertson corn_
Curtiss
Bethlehem Steel25 *4314 4312 North Amer Tr Shares
4% 414 South Penn 01.I
1.
Airpl Engine
Dayton
212 512
8
North & South Am B com
Sec 5% notes_June 15 '30 997
58
71
Southwest Pa Pipe LIne_50 50
7%
45
50
See 5% notee_June 15 '31 10018 ___ Detroit Aircraft
4
*6414 643 Oil Shares units
518 5% Standard 011 (California)-t
A
15
13
Sec 5% notes June 15 '32 10018 ___ Fairchild Aviation class
4
25 *541 543 Old Colony Invest Tr cam_
15
Standard Oil(Indiana)
85
Federal Aviation
Commer'l Invest Trust44% bonds
(Kansas) 25 .3314 3312
23
Standard Oil
20
s
4212 ifi
Fokker Aircraft
5% notes
Associates
May 1930 99%
Old Colony Tr
4
Standard Oil (Kentucky) 10 *353 36
112 2
Kinner Alrpl & Motor
19413 --__ - __
Cud Pkg deb 54a_Oct 1937 973 18
4
49
Overseas 5s
5
8
Standard Oil (Nebraska)_2 .48
n4
Lockheed Aircraft
Pacific Invest Corp com___-___ __
Edison El Ill Boston8
25 *687 69
Standard 01101 N. J
__ 12
_ Maddux Air Lines com
Nov 1930 99;8
44% notes_
Preferred
8
25 *3434 347
8
r 16% 187 Standard 011 of N Y
62
59
National Aviation
Power & Light Secs Trust
Fuel95
Empire Gas & 25 *93
10
Standard Oil (Ohio)
__ New Standard Aircraft_
3
Public Utility Holding
June 1930 98 4
100 •120 122
55
Preferred
8
8% 81
Amer Aviation
..
fs North
Common with warrants_ _ - - ,
Fisk Rubber 5iks__Jan 1931 513
13
Standard 011 Export prat- 1011, 101%
10
Sky Specialties
012
512 -Warrants
10
General Motors Accept25 .6
Swan & Finch
10
5
37
10012 Southern Air Transport_ _ _
Corp corn
Research Inv
5% ser notes-Mar 1931 100
34% 35
Union Tank Car Co
7
3
76
Mar 1932 997 10012 Swallow Airplane
5% ser notes
25 *94
Units
9414
Vacuum Oil
9
n6
712 1012
Warner Aircraft Engine
Mar 1932 9914 100
Royalties Management_ _
5% ser notes
6
---_ --_
Mfg
Seaboard Cent Corp units
5% ser notes-Mar 1934 98-2 99% Whittelser
Investment Trust Stocks
Common
Mar 1935 9814 9914
5% ger notes
Bonds
and
Water Bonds.
____ ......
99
Second Financial Invest
5% ser note/L.-Mar 1938 98
--12
2nd Found Sh Corp
Gulf 011 Corp of Pa10
Admstr P Research A
Ark Wat let 5s A '56A&O 93 95
Dec 1937 100% 101
Class A
Debenture 58
B
Amer Capital Corp
A&O 10014 103
Debenture 58_ _ _Feb 1947 102 1021 Bina WW 1st 5iisA'54
One hundredths
___ Amer Common Stocks CornB__J&D 95
let M 59 1954 ser
Koppers Gas az CokeIf 23 Second Internat Sec Corp.._ 39 43
-_ _ Amer & Continental
9812
20
18
Common B
Debenture 55_June 1947 9914 1001 City W (Chat) 51kaA'54J&D 93
Amer dr For Sh Corp units96
J&D
44
40
let M lis 1954
Meg Pet 4ika _Feb 15'30-'35 94 100
8% preferred
Common
__ City of New Castle Water
Mar 0115% notes J'n3 1530 99%
1938
Second Nat Investors
5Si% cony deba
J&D 90
6. Dec 2 1941
Serial 5% notes J'ne 15'31 9914 1110
2.514 26% Select Trust Shares
___ Amer Founders Corp corn__
.
4
2114 213
Serial 5% notes Joe 15'32 9814 9914 Clinton WW 1st 63 39.F&A 911
.. - Shawmut Association corn
89
Cony preferred
2612 2
812
Miss Gas Cos 54s Jan 1946 103 10412 Com'w'th Wat 1st 545A'47 99 101
4412 411% Shawmut Bank Inv Trust
6% Preferred
__ 87
Con'lley W 58 Oct2'39 A&O 90
1942 82
Pacific Mills 54s- _Feb 1931 993
4 ___
49
52
434s
7% preferred
90
E St L & Int Wat 58'42 Jaz.I 93_
1952 85
Peoples Gas L & Coke50
53c 57c
1-40th.
.
J&J 100 161=2
1st M 6. 1942
1962 178
Dec 30 99% -__
4545
35c 39c
Os
1-70th.
091 Huntington let (is '54.M&S 101 102
Pro° & (lamb 44a July '47 97
___ Southern Bond & Share
9
Warrants
1954 92
24
21
58
Swift & Co-.
Common A
46
Amer sk General Sec 6% prof 40
92
8
5% notee____Oet US 1932 10012 10112 Monm 000W lat5a'86 J&D 90
Common B
29
33
Class A
98
41
36
Mourn Val W 54a '50..J&J 96
Preferred
16
12
Clam B
_
143 1584
Muncie WW 5a0ct2'39 Aar0 93
Par
3 17
Tobacco Stocks
Trust
Standard Collateral
-- Amer Insurance Stock Corp. 14
22
23%
St Jos Wat 55 1941-A&O 91
Standard Corporation
-_ Amer & Overseas prof
Shenango Val W 5E56.A&O 87
American Cigar Pref.-- 100 90 100
---- --8
157 1784 Standard Investing Corp
.:_ Amer Ry Tr Shares
82
So Pitts Wat lst 5s 1960.I&J 93
British-Amer Tobac ord-al *26
28
54% prof with warr_ _ _ _
. Astor Financial
95
F&A
3
10 4 12
let M Ss 1955
Bearer
28
21 *26
Standard Oil Trust She_ _ _ _
Atlantic Securities corn
__
102
Terre H WW Ils '49 A_J&D 99
24
s
Imperial Tob of0B & Irel'd *22
214
Trustee Stand Oil She
Warrants
__-_
7
1st M 5a 1956 ser13.1 &D 92
Int Cigar Machinery_ _100 100 125
United Founders Corn oom
4412 47
Preferred
Wichita Wat let 6s'49MkS 99
53c 570
Johnson Tin Foil & lifet_100 55 65
1-70ths
Bankers Financial Truitt_
12
14
lat M Es 1956 ser B_F&A 94
Union Cigar
United Trust Shares A 2-.. ---- --Bankers Investmt Am mita_
_
6
*3
Union Tobacco Co Class A_
____
IT S Elec Pow Corp
Bankers Sec Tr of Am corn
Chain Store Stocks,
7
Young (J 8) Co com___100 100 110
--Warrants
Bankinstocks Holding Corn_
Berland Storm units new...... 095 100
1384
100 102
Preferred
-_ J5 Shares class A
Bankshares Corp of U S CIA
66
-3
5 14 4
Bohack(H C) Inc cOm......t 61
13
Class A 1
Bankstocks Corp of Md el A
100 101 104
1112 12%
7% hat preferred
Indus. & Miscellaneous
Class A 2
Class B
7
03
Butler (James) common..
29%
Clam C 1
Preferred
ioo n10
Preferred
30
Aeolian Co pref
3014 ,....
Chum C 2
918 9%
Basic Industry Shared--(t)
35
30
Diamond Shoe common__
20
23% 28
Aeolian Weber P & P-100 - _
4
16% 1712
Class C 3
British Type Investors
98
94
Preferred with warr
-25 *61 65
168
American Hardware
D
Class
40 50
Cent Nat Corp A
15
13
Edison Bros Stores com
171 1
100 138 141
984
Babcock & Wilcox
Claire F
23
18
90
Clam 8
95
1214 13%
Preferred
27
Bliss (E W) Co
t *20
2584 263
4
Class H
Colonial Investor Shares17
Pan Farmer Candy Ella pf_t 3112 34
13
50 60
Preferred
-- US & Brit Intermit elms B. 29
*312 412 Commonwealth Share Cern- ____
r
33
Fed Bak Shops corn
100 108
Childs Corp pref
-_
Clam A
Contluental Shares com
--- - Feltman & Curme Shoo
44
40
Dixon (Jos) Crucible.-100 165 I/0.
pref
Preferred
86
84
Cony
60
100
Stores A 7% prat
4
4
Safety Car lit & Ltg_ __ _100 123 130
58
US Elec Light & Power... 403 423
Continental Securities Corn- 56
20
16
Fishman (H M) Stores corn
Singer Manufacturing-100 469 500
---- --___ U S Overseas Corp corn
72
95 103
Preferred
Preferred
614
El •51
Singer Mfg Ltd
Corporate Cap Corp unite
Gt Atl & Pac Tea pref-100 115 119
Sugar Stocks
(1)_
Deferred stock
13
Howorth-Snyder Co A
62
130 58
Railroad Equipments
Credit Alliance A
111 2 if Fajardo Sugar
90
Knox Hat
18
1 •15
914 10
Godchaux Sugars Inc
3012 Corporate Trust Shares.._
t 31
Stores corn
80
5.10 4.90 Kobacker
100 76
Atlantic Cons Line 6s
Crum & Forster InsurPreferred
95
-100
Cum pref 7%
10
*5
4.80 4.65
Equipment 64a
Haytian Corp Amer
72
ance shares corn
75
10
9
5.10 4.90 Krem (S II) 6% pref
Baltimore az Ohio as
34
98
-__ Holly Sugar Corp com---t •30
7% Preferred
80
4.7. 4.60 Lane Bryant Inc 7% p w w. 90 100
100 74
Equipment 44s & 5s.,..
Bank Shares B-1.
Preferred
Deposited
- --33
Buff Roch &Pitts equip is.. 5.15 5.00 Lamer Stores 64% pf w w. 96 100
Diversified Trustee Shares
2512_ National Sugar Ref---100 32
100 r1.325 400
16
Canadian Pacific) 44s & 68.. 5.00 4.85 Lord az Taylor
12
Shares B
_
4 .-12, New Niquere Sugar.-100 *87
203 21
First preferred 6%__ _100 n95
SO
5.40 4.65
Central RR of NJ 6.
cornt
Series C
9
9%' Savannah Sugar
_
-Second preferred 8%..100 n100 101_
Chesapeake & Ohio 88
5.10 4.90
100 93 98
Domestic & Overseas
3
5
Preferred
Pr w w 97
14
5.10 4.8i Macklarr Stores 7%
9
Eouinment(11is
Eastern Bankers Corp corn
Sugar Estates Oriente Pf-100
4,80 4.60 Melville Shoe CorpEquipment 55
5
4
Units
91
_- - --- Vertientes Sugar pref-100 35
let pref 6% with warr_100 86
Chicago & North West 66._ 5.10 4.90
2312
Eqult Investing Corp unite. - 4.80 4.65 Metropolitan Chain StoresEquipment 64s
(Clew:lawn
Corp oom
33
ii- Rubber Stocks
Equity Invest
85
100 n80
New preferred
Chic R I & Pac 44s & fa.-- 4.80 4.60
t *612 8
Units
74
80
Aetna Rubber corn
31
5.50 5.10 Miller (I) dr Bons COM- -t *30
Equipment Os
4
t•
21
Federal Capital Corp
24
Falls Rubber oom
88
100 n80
Preferred 64%
Colomdo & Southern 6a._- 5.60 5.30
913
25 •
Preferred
New units--& Hudson ($a
5.10 4.90 Mock Judson & Voeringer pf 90 94
Delaware
t *3484 37
First Holding & Trod
--_ Faultless Rubber
65
5,50 5.20 Murphy (G C) Co com _t *50
Erie 4454* Be
file -oom__25•---- 156
Trust Shares cl A - -(t) - . Gen'l Tire & Rub
100 100Fixed
8% cum pre
--5.60 5.25
Equipment 6a
100_ _ 89
(1) 19% _-Class B
Preferred
5.10 4.90 Nat Family Stores Inc warr n1
Great Northern 6s
-12
r106 10712
t *19
23 - Founders Holding corn el A_ _ _ -- --- Goody'r T & R of Can pf.100 .17
4.70 4.60 Nat Shirt Shops corn
Equipment 58
18
t e
_ _ _ India Tire & Rubber
6% preferr d
100 93
Preferred 8%
4.70 4.60
Hocking Valley 56
i
100 363 39
____ ___ Miller Rubber prof
fl- New 140tha corn
corn
t *8
5.40 5.05 Nedick's Ine
Equipment Os
127
100 12
Foundation See
Mohawk Rubber
4.70 4.55 Nelaner Bros Inc Prof 7%100 118 135
Illinois Central 44s & M
100 - - 55
Preferred
Preferred___
5.10 4.90 Newberry (a) Co 7% p1100 95 101
Equipment Os
Founders See Tr pref
---- --- Selberling Tire & Rubber__t r133- 14
23
t *21
5.70 4.80 N Y Merchandise eom
Equipment 7s &(ISO
75
100 63
___
Founders Shares;
Preferred
First preferred 7%--100 Bo
5.50 5.20
Kanawha & Michigan 6a
Ici"
--- General Equities A
Drug Stores com-t
Kansas City Southern 54a_ 5.60 5.20 Peoples
,
91
iiiCan Pub Seri 6% prof
100 103 108
64% cum Prof
Louisville & Nashville fle
5.10 4.90
t n10
5.25 5.00 Piggly-Wiggly Corp
Equipment 64a
__
100 585
Preferred 8%
4.75 4.60
Michigan Central re
97 5.10 4.80 Reeves (Daniel)preferred100 92
Equipment Go
Rogers Peet Co com_100 120 135
y iilx-rigats. F Canadian Quotation. a Sale Orlon.
z
8Last gab. a
5 Per snare.
also pays :rear. air
I No Par YAM!) S Basis. d
Public Utilitim
2008
Anaestment anti
glaitroad g;ixttiliftenzt
Latest Gross Earnings by Weeks.
-We give below
latest weekly returns of earnings for all roads making the
such
reports:
Current
Year.
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile St Ohio
Southern
St Louis Southwestern
Western Maryland
Previous
Year.
4,249,770
3,218,000
38,700
254.413
282,854
3,318,583
469,800
357,742
Period
Covered.
1st wk of Mar
2d wk of Mar
1st wk of Mar
2d wk of Mar
2d wk of Mar
2d wk of Mar
26 wk of Mar
2d wk of Mar
5,050,543
3,856,000
34,300
318,343
317,888
3,719,368
459,188
352,700
Inc. (-I-) or
Dec.(-).
-800,773
-638,000
+4,400
-81,930
-35.014
-400,785
+10,612
+5,042
Kansas City Southern Ry.
(Texarkana & Fort Smith Ry.)
-Month of February- 2 Mos. Ended Feb. 28.
1930.
1929.
1929.
1930.
$
$
$
$
Railway oper. revenues
1.534.305 1,665,260 3,100,640 3,459,061
Railway oper. expenses
1,027.755 1,139,003 2.134.873 2,329,129
Net rov, from ry. oper___Railway tax accruals
Uncollectible ry. revenues_
506.549
129,166
330
526,256
134,250
328
965,787
258.333
595
1,129,932
268,501
586
Railway oper. Income_ - - _
377,052
391.679
706,838
860.844
We also give the following comparisons of the monthly
Electric Railway and Other Public Utility Earnings.
totals of railroad earnings, both gross and net (the net before -Below we
the deduction of taxes), both being very comprehensive. other public give the returns of ELECTRIC railway and
utility companies making monthly returns which
They include all thr: Class 1 roads in the country.
have reported this week:
Gross Earning..
Most.
1929.
January
Fobrk ary
March
April
May
June
July
August
September
October
November
December
January
488,201,495
474,780.518
518,134,027
513.076.028
536,723,030
531,033.198
556.706.135
585.638,740
585,816,654
807,584.997
498,316,925
468.182.822
1930.
450,526.039
457.347.810
+28.853.695
456.387.931
+18,292,585
505,249.550 +10,884,477
474,784.902 +38,291.124
510,543.213 +26.120.817
502,455.883 +28,577.315
512.821,937 +43,884.198
557.803.468 +27,835.272
558.003.668
+9.812.986
817.475.011
-9,890.014
531,122,999 -32,806,074
495,950,821 -27,787.999
1929.
486,628,286 -38,102,247
Net Earnings.
Month.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
January
Alabama Power Co.
Length w Road.
Inc 1+) or
Dec.(-).
1928
1928.
$
8
117,730,186
94,151,973
126,368,849
108,987,455
139.839,088 . 132,122,688
136,821,660
110,884,575
146,798,792
129.017,791
150,174,332
127,514,775
168,428,748
137,825,367
190,957,504
174,198,544
181,413,185
178,800,939
204,335,941
218,519,813
127,163,307
157,192,280
106.315,187
138,501,238
1930.
1929.
04_750_204
117.7R4 A70
1929.
Miles
240.833
242,884
241,185
240.958
241,280
241,808
241.450
241,026
241.704
241.822
241,895
241,864
1930.
242,350
Grass earnings from operations
Operating expenses, incl. taxes & maintenance
Miles.
240,417
242,668
240.427
240,816
240.798
241,243
241.183
241,253
241.447
241,451
241,326
240.773
1929.
242,175
Net earnings from operations
Other income
971.191 12,080,813
4.255,392
Balance
Other deductions
7.825.421
265,237
Balance
Dividends on preferred stock
7,560,184
1,885,922
Balance for reserves, retirements, &c
5,674,262
Boston Elevated Ry.
Per Cent.
$
+23,578,213
+17,381,398
+7,516,400
+25,937,085
+17,754,091
+22,859,557
+30,793,381
+18,758.860
+2,612,248
-12,183,372
-30,028,982
-32,188,071
+25.04
+15.95
+5.68
+23.39
+12.09
+17.77
+22.37
+9.62
+1.46
-5.63
-19.11
-23.12
--22 calm 178
--NM
• Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-St
ate
Commerce Commission:
916,630 11,288,278
54,561
792.535
Total income
Interest on funded debt
Inc.(+) or Dec.(-).
Amount,
Month of 12Mos.End
Jan. 1930. Jan.31'30.
S
$
1,955,728 18,211,082
539.098 6,922,804
1928.
-Month of January
1930.
1929.
Receipts
From fares
2,995,695 2.964,509
Fromop
of special cars, mail pouch service
service cars
1,173
682
From adv.in cars, on transfers, priv. at stations &c_
67,927
68,143
From other ry. cos. for their use of tracks & facilities..
4,075
4,147
From rant of buildings & other property
6.056
5,368
From sale of power and other revenue
26,134
29,734
Total receipts from direct operation of the road __ 3,101,063 3,072,585
Interest on deposits, income from securities, &c.. _ _ _
11,611
10,486
Total receipts
3,112.675 3,083,071
Cost of Service
Maintaining track, line equipment & buildings
266,364
280,612
Maintaining cars, shop equipment, &c
375,000
375,033
Power
251,472
247,118
Transportation exp. (incl. wages of car service men). 943,523
977,544
Salaries & expenses of general officers
7,658
7,526
Law expenses, injuries & damages & insurance
130,362
151,154
Other general operating expenses
113,451
116,812
Federal, State and municipal tax accruals
133,033
146,888
Rent for leased roads
261,285
261,903
Subway,tunnel & rapid transit line rentals to be paid
to the City of Boston
187,692
187,595
Cambridgesubway rental to be paid to Massachusetts
33,310
33,361
Interest on bonds & notes
204,449
213,272
Miscellaneous items
9.860
10,002
Total cost of service
2,917,464 3,008.827
Excess of receipts over cost of service
195.210
74.211
-Grossfrom Railway- -Net from Railway- -Na
after Taxes
1930.
1929.
1930.
1929.
1930.
1929.
Chesapeake & Ohio
February __ 9,634,179 10,381,684 3,085,244 3,592,585
From Jan 1_20,496,037 21,020,883 6,953.727 6,918,011 2,384,967 2,897,805
5,553,284 5,527,062
Rocking Valley
February __ 1,378,291 1,558,842
303,927
440,120
From Jan 1_ 2,833,732 3,135,081
622,904
904,474
Monongahela Conn.
February _
170,913
191.229
31,478
43,371
23,773
34,559
From Jan 1_
Brazilian Traction, Light & Power Co., Ltd.
342,766
388,803
65,701
88,417
50,117
70,456
Montour
-Month of February- 2 Mos. End. Feb. 28.
February __
169,252
162,802
46.712
1930.
1929.
54,564
44,937
1930.
53,069
1929.
From Jan 1_
362.335
328.038
102.038
$
114.359
$
98.488
$
111.359 Gross earnings
$
from oper _- 3.798,698 3.755,709 7,660,787 7.648,542
Other Monthly Steam Railroad Reports.
-In the fol- Operating expenses
1.631.562 1,601,365 3.294,526 3,274.143
lowing we show the monthly reports of STEAM railroad
* Net earnings
2.167,136 2,154,344 4,366,261 4.374.399
•companies received this week as issued by the companies
* Before depreciation and amortization.
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.
Central Vermont Ry.
-Month of February
- 2 Mos. End. Feb. 28.
1930.
1929.
1930.
1929.
$
Railway operating revenues585,173
622,511 1.184,276 1,241.390
Ry.oper. exp.(excl. depr.)- 448,904
462.659
942,446
945.185
Ry.oper.expenses (deprec.)31.380
20.113
52.243
41,902
Total ry. oper.expenses.._
480,285
482.772
994.691
937.087
Net revenue from ry. oper- - 104,887
139,738
189,584
257.301
Railway tax accruals
15.986
16,142
31,951
32.284
Uncollectible ry. revenues..- 11
104
41
121
Total tax & uncol. ry. rev
15,997
16.247
31,992SEW?
Railway operating Income88.890
123,491
157,591
223.894
Non-Operatiny Income:
Hire of freight cars-Cr. bal..
42,541
7,520
84,387
14,884
Rent from locomotives
1,110
8,282
Rent from pass. train cars
7.062
10,323
15,912
18,836
Rent from work equipment.._
345
238
687
287
Joint facility rent income_
4.721
1,079
10,746
2.393
Income from lease of road_
1.402
1,402
2,804
2,804
Miscellaneous rent income_ _ 617
88
4,107
714
Misc. non-oper. phys. prop._
Dr. 83
38 Dr. 145
95
Income from funded secure_ 250
250
500
500
Inc. fr. unfund. sec. St sects4.327
1,081
15,455
1,834
Miscellaneous income
33
28
44
34
Total non-oper. income..__
62.329
30.334
136,606
58,659
Gross income
151.219
153,826
294,197
282,555
Deductionsfrom Gross Inc.
Rent for locomotives
6.684
6.843
13.904
14.221
Rent for pass, train cars
10.731
10,403
21,598
20.918
Rent for work equipment_ --43
89
93
356
Joint facility rents
15.141
251
30.623
665
Rent for leased roads
18.046
18.046
36,092
36,092
Miscellaneous rents_ 14
1,148
84
3.508
Miscellaneous tax accruals- 132
324
Interest on funded debt
75,518
16,567
78,120
33,009
Interest on unfunded debt.. _ 8.507
2
39,285
4
Amort. of disct. on fund.debt
163
987
1,972
175
Miscell.Income charges
32
4
180
92
Total deduct. fr. gross Inc_
135.015
54,343
220.483
110.845
Net income
16.204
99,482
73,712
171,709
Ratio ofry. oper. exp. to rev.
93.99%
77.55%
79.39%
Ratio of ry. oper. expenses & 82.07%
taxes to revenues
84Sla
81.96%
86.61%
Mlles of road operated
469
412
80.11a
Brooklyn-Manhattan Transit System.
(Including Brooklyn & Queens Transit System).
-Month of February- 8 Mos. End. Feb. 28
1930.
1929.
1930.
1929.
$
$
$
$
Total operating revenues . 4,628,946 5,497,180
40,172,997 47,681.161
Total operating expenses
3,020.029 3,773,062 26,825,506 33,809,057
Net rev,from operation..- _ 1,608,917 1,724.118 13,347,491 13,872,104
Taxes on operating properties
340.311
382,987 2,593,973 3,072,833
Operating income
1,268.606 1,341,131 10,753,518 10.799,271
Net non-operating income__ 70.755
77,222
587,148
775.184
Gross income
1,339,361 1,418,353 11,340,666 11,574,455
Total income deductions..
769.532
845,838 6,204,178 6.613,234
Net income
*569.829
572,515 5,136,488 4,961.221
* Of which sum there accrues to minority interests of B. & Q. T. Corp.
$79,828.
a Of which sum there accrues to minority interests of the B. & Q. T.
Corp. $725,293.
Brooklyn-Queens Transit System.
-Month of February- 8 Mos. End. Feb. 28
1930.
1929.
1930.
1929.
$
$
$
$
Total operating revenues._
1,775,394 1,809,557 15,682,525 15,880,622
Total operating expenses_ __ _ 1,383,112 1.463.427 12.352.784
13,192,947
Net rev, from operation
Taxes on operating properties
392.282
114.014
346.130 3,329,741
104,835
914.117
2.687,675
853,565
Operating income
Net non- operating income_ -
278,268
19.727
241,295
21.050
1,834,110
171,913
2.415,624
170,059
Gross income
Total income deductions......
297,995
262,345 2,585,683 2.006,023
126,218
128,739 1,010,372 1,029,661
Net income
171.777
133.606 1,575,311
976,362
* After giving effect to provisions of Joint agreement of
merger and consolidation.
•
Chicago Surface Lines.
Gross earnings
Operating expenses, renewals and taxes
Residue receipts
Joint account expenses, Federal taxes. &c
City's 55%
Balance
-Month of February
1930.
1929.
$
$
4.751,766 5,014,245
3.900.460 4,017,519
851.306
41,500
98,184
996,726
23,525
188.005
711.622
785.195
2009
FINANCIAL CHRONICLE
MAR.22 1930.]
Cities Service Co.
-Month of February 12 Mos. End. Feb. 28.
1930.
1929.
1930.
Georgia Power Co.
Month of 12Mos.Enet
Jan. 1930. Jan.31'30.
1929.
Gross earnings
Expenses
5,180,001 3,184.965 48,790,728 35,667,495
100,345 1,440,263 1.174,199
158,644
Gross earnings from operations
Operating expenses, incl. taxes St maintenance
Net earnings
Int. & disc, on deoentures
5,021.357 3,084,620 47,350,465 34,493,295
467.807 7,240,823 4.470,680
598,861
Net earnings from operations
Other income
Net to stocks & reserves
Preferred stock dividend_
4,422,495 2,616,812 40,109,641 30,022,615
563.798 6.985,065 6.765,532
613,459
Total income
Interest on funded debt
$
$
1,887.825 22,962.495.
904,742 11,010,40/
1,061.030 13,205.695.
4,557,937
Community Power & Light Co.
(And Controlled Companies)
Month of February- 12 Mos. End. Feb. 28
1930.
1929.
1929.
1930.
$
$
$
Consolidated gross revenue__ 382.845
35%,983 5,085,382 4.697,848
Operating exp.,incl. taxes- -- 215,440
199,880 2,755,692 2.650,776
Balance
Other deductions
8,647,758.
185.836
Balance
Dividends on $5 and $6 cumul. pref. stock
Net to corn. stk. & reserves 3,809,036 2,053,014 33.124,576 23.257,083
Avail.for int., amort.,depr.,
Fed,taxes, divs. & surp- 1137,404
983,083 11,952,094
77.947 1.253.601
8,461,922
2,572,214
Balance for reserves, retirements & dividends
5,889.708.
Gulf Power Co.
Month of 12 Mos.End
Jan. 1930. Jan. 31 '30.
Dallas Power & Light Co.
78,497 1.001,136.
663,073
51,629
Net earnings from operations
Other income
158,103 2,329.689 2.047,071
Gross earnings from operations
Operating expenses, incl. taxes and maintenance _ -
26,868
1,933
338,062
20.522
358,585 28.801
Total income
(Electric Power & Light Corp. Subsidiary)
160,028.
Month of January- 12 Mos. End, Jan. 31. Interest on funded debt
1930.
1929.
1929.
1930.
198,557
Balance
3
$
$
39.538Other deductions
Gross earns, from operation_ 412,192
447,580 5,199.527 4,771,758
Oper. expenses and taxes---197,269 2,385,264 2.190.698
213,619
159,019.
Balance
60,032
Dividends on $6 cumulative preferred stock
Net earnings from oper250,311 2,814,263 2,581,060
248,573
Other income
7,046
110,164
3,599
41,242
98,987Balance for reserves, retirements and dividends
Total income
252,172
257.357 2.924,427 2,622,302
Interest on bonds
697,500
58.125
58.125
697.500
Hudson & Manhattan RR. Co.
Other interest and deduc ns3,411
23.019
4,001
21.600
-Month of February- 2 Mos. Ended Feb. 28
1930.
1929.
1929.
1930.
Balance
195,821 2,203,908 1,903,202
190,046
$
$
$
$
Dividends on preferred stock
253.638
245,000
992,769
992,536 2,080,454 2,053,427
Gross revenue
501.781 1.049,635 1,047,726
Balance
1.950.270 1,658,202 Operating expenses and taxes 497,424
490,754 1,030,818 1,005,700^
Bal. applicable to charges- 495,345
670.917
334,249
335,400
668,867
Charges
Detroit Street Rys.
-Month ofFebruary 12 Mos. End. Feb. 28
1930.
1929.
1930.
161,096
Balance
1.878,202 21,310.580 21,736.838
369.872 4.573,240 3.473.807
Total operating revenues_ 1.922,327 2,248,074 25,883.821 25.210,645
Operating Expenses
-
Railway operating expenses.. 1,222,747 1,473,797 16,079,287 16,379,862
Coach operating expenses__ _ 345.935
356,419 4,566,221 3,415,670
Total operating expenses_ 1,568,683 1.830,216 20,645.509 19,795,532
Net operating revenue
417,857 5,238,312 5,415,113
353,643
Taxes assignable to opera- _
62.516
756.068
65,090
774.107
Operating income
355.341 4,482,243 4.641.005
288,553
Non-operating income
7,044
106,549
8,559
233.809
Gross income
362.386 4.588,792 4.874.814
297,112
Deductions
-
Interest on funded debt:
Construction bonds
Purchase bonds
Add'ns and betterments bds
Purch. contract (D.U.R.)_
Loan (City of Detroit).-Total interest
Other deductions
60,286
10.005
14,878
20,636
1,875
107.681
31,404
60.286
10,439
15,430
22.583
785,875
131,857
198.450
252.457
15,000
785,875
137.509
199,382
626,049
108,739 1,383.639 1.748.815
11.179
307.737
105.381
Total deductions
139.086
119.919 1.691.376
Net income
158.026
242,466 2,897.415 3.020.617
39,868
10,202
12,273
137.124
41.666
39,868
503,095
503.122
10,202
133,000
133,000
12,273
160.000
155,479
137,124 1,787.518 1.787,518
333,333
241,136
--83,110
199,469 2.916.946 2.579.119
42,997 -19.531
441,497
242,466 2.897,415 3,020.617
Disposition of Net Income
-
Total sinking funds
Residue
Total
158,026
1929.
1928.
1929.
1,854,196
1928.
Gross revenue (all sources).Operating expenses, maintenance, &c., local taxes- - -
268,499
234,528 2,131,116 1,466.974
143,352
120.203 1,117,981
859.081
Net earnings
Interest on funded debt
Miscell, int. and deductions_
125,147
22,071
431
114,324 1,013,185
22,984
268.244
4,301
37,979
607,893
237,062
47,494
Total fixed charges
Balance avail, for reserve,
Federal taxes and diva__
Pref. stock dividends
*Corrected report.
22,502
102,643
11,036
27,285
87,037
9.654
306,224
706.961
120,906
334,782
284,557
323,336
111,586
Florida Power 8c Light Co.
(American Power & Light Co. Subsidiary).
Month of January- 12 Mos. End. Jan. 31
1929.
1930.
1930.
1929.
$
$
$
$
Gross earns. from operation_ 1,203,828 1,100,606 11.312,919 11,122,951
Oper. expenses, incl. taxes__ 547,240
517,633 5.951,459 6.114,221
Net earns, from oper____ 656,588
582.973 5,361,460 5.008,730
Other income
97.951 1,196,983 1.641.026
91,637
Total income
680.924 6,558,443 6,649,756
748.225
Int. on mtge. bonds
216.667 2.600,000 2,600,000
216.667
Int. on debs. (all owned by
Amer. Power & Lt. Co.)._
110.000 1,320,000 1,320,000
110,000
Other interest & deductions_
5,917
8.686
86.969
133.821
Balance
348,840 2,551,474 2,595935
412,872
Dividends on preferred stock
1,130,971 1,131,031
Balance
1,420.503 1.464,904
.
(Electric Power & Light Corp. Subsidiary)
-Month of January- 12 Mos. End. Jan. 31.1930.
1929.
1929.
1930.
$
$
$
$
296.720 3.898,389 3,528,336.
Gross earnings from oper____ 324,070
144,302 1,901,371 1.666 287
Oper. expenses and taxes_-- 164,786
Net earnings from oper__ _
Other income
159,284
4,736
152.418 1,997,018 1,862,042
4,834
71,747
76,334
Total income
Interest on bonds
Other int. and deductions-- _
164.020
54.167
6,707
157,252 2,068.765 1,938,383
54,167
650,000
650.0005,598
82,421
69,552
Balance
Dividends on preferred stock
103,146
97,487 1,336.344 1,218,831
349,719
324.026
986.625
Balance
894.805.
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
-Month of February- 12 Mos. End. Feb. 28.
1930.
1929.
1929.
1930.
$
E
$
S
406,196
372,766 4,314,597 4,020,400.
Gross earnings
216,475 2,525,594 2,432,105
211,399
Oper. expenses and taxes
194,797
Net earnings
Bond interest
Other deductions
156.291
1,789,003 1.588,298
706,289
673.666.
34,225
36,297
1,046,417
218,437
880,404
179,936.
827,980
Balance *
* Before provision for renewal and replacement reserve.
700.468
Balance
First preferred dividends
Kansas City Public Service CO.
Month of 2 mos. end.
Feb. 1930. Feb. 28 '313r
Dixie Gas and Utilities Co.
-*Month of December 12 Mos. End. Dec. 31. Railway passenger revenue
Other railway receipts
361,951
Idaho Power Co.
Operating Revenues
-
Railway operating revenues- 1,576,528
Coach operating revnuas_ -- 345.798
Sinking funds:
Construction bonds
Purchase bonds
Add'ns and betterments bds
Purch. contract (D. U. R.)
Loan (City of Detroit)._
155,354
1929.
Bus passenger revenue
Other bus revenue
Miscellaneous income
620,461 1.306,594
49.263
24,100
42,731
91.340
,
657
1,607
1,222
2.302
Gross revenue
Railway operating expenses
Bus operating expenses
Taxes
689,173 1,451,108
485,877 1,033,102'
48,531
105.218
41,675
83,350
578,084
1.221,870'
113,088
73,449
1.150
229.437
146,899
2.308
Total deductions
74,600
149,207
Net income
38.488
Total operating expenses and taxes
Gross income
Deductions-Interest on bonds
Other charges
80,230.
Kansas Gas & Electric Co.
(American Power & Light Co. Subsidiary).
-Month of January- 12 Mos. End. Jan. 31.
1929.
1930.
1930.
1929.
Gross earns, from operationOperating expenses & taxes-
531,365
269,912
490.380 5,927,420 5.428.812
243,712 3.115.995 2,956,874
Net earnings from oper _ _ _
Other income
261.453
10,100
246,668 2,811.425 2,471,938
34.565
222,843
419,315.
Total income
Interest on bonds
Other interest de deductions-
271,553
85.000
23.615
281,233 3,034.268 2,891.253
85,000 1.020,000 1,020,0000
5,545
84,514
122.563
Balance
Dividends on preferred stock
162,938
190,688
Balance
1,929.754 1,748.69
460,846
464.578
1,468,908
1,284,11
2010
[VOL. 130.
FINANCIAL CHRONICLE
Gross earnings
ftatIon
Maintenance
Taxes
(The) Key West Electric Co.
-Month of January- 12 Mos. End. Jan. 31
1929.
1930.
1929.
1930.
$
$
$
$
251,011
226,018
21,739
22,151
109,818
101.600
9,147
9,801
23,569
22.637
2.075
1,947
16,215
19,253
1,523
1.672
Net operating revenue_ __ Interest and amortization
8,993
82.526
28,557
8,730
Balance
53,969
Pennsylvania Power & Light Co.
(Lehigh Power Securities Corp. Subsidiary.)
-Month of January- 12 Mos. End. Jan. 31
1930.
1929.
1930.
1929.
$
$
$
$
Gross earnings from over_ ___ 2,860,731 2,755,819 30.300,180 27,389,883
Operating expenses & taxes-- 1.350.082 1,337,369 15,061.140 13,713,911
Net earnings from oper___ 1,510,649 1,418,450 15.239.040 13,675.972
101.408 Other income
52,827
583,223
936,011
47,590
29.017
Total income
1,563,476 1,466,040 15.822,263 14.611,983
72,391 Interest on bonds
425,010
425,762 5,104,061 4,655,775
Other interest & deductions283,129
313,689
18,856
27,894
Market Street Railway.
Balance
1.119,610 1,012.384 10.436,073 9,642.519
Month of 12Mos.End
3,431,881 3,065,468
Feb. 1930. Feb.28'30. Dividends on preferred stock
Gross earnings
728,404 9,585,604
Net earnings,incl, other income before prov.for retire. 100,136 1,557,502
Income charges
55.911
701,213
Balance
44,224
Balance
7,003,192 6,577.051
Philadelphia & Western Ry.
-Month of February
- 2 Mos. End. Feb. 28.
856,289
1930.
Net earns,from operation_
Other income
313.332
2.987
344,512 3,918,404 3,898.527
11.558
109.347
213,773
Gross operating revenue ____
Operating exps. and taxes__
Total income
Interest on bonds
Other int. and deductions
316,319
128.233
5.877
Balance
Dividends on preferred stock
182.209
356,070 4.027.751 4.112 300
Net revenue
129.362 1,539.854 1,577,599 Interest on
funded debt
5.388
59.379
65.825
Net income
221,320 2.428,518 2,468,876 Income
appropriated for inv.
974.605
817,544
in physical property
1,453,913 1,651.332
Deificit
Balance
Net income
308.080 3.608,973
193.942 2,245,403
Net earnings from operations
Other income
114.138 1,363,570
4,876
87.227
Total income
Interest on funded debt
119,014 1.450.797
470,109
Balance
Other deductions
971,688
295,458
Balance
Dividends on preferred stock
427,420
6,865
11,009
17,946
1929.
1928.
85,674
48,344
83,754
44,384
770,107
544,735
708.066
533,372
37,330
28,496
39,370
28,496
225,371
341,960
174,694
341,960
8,833
1928.
10,873 -116.588 -167.265
21,502
28,754
28,214
74,685
12,668
17.881
144,802
241,951
Public Service Corp. of New Jersey.
-Month of February- 12 Mos. End. Feb. 28.
1930.
3
Gross earnings
11,590,070
Oper. exp., maint., taxes &
depreciation
7,902,344
Net income from toper
3,687,726
Other net income
28,139
Total income
3,715.865
Income deductions
1.299,790
Bal. for diva. & surplus.... 2,416,075
676,230
248,810
Balance for reserves, retirements and dividends
123,842
105,896
1929.
Month of 12Mos.End
Gross earnings from operations
Operating expenses, including taxes and maintenance
1929.
115,242
104,233
Philippine Ry.
-Month of December 12 Mos. End. Dec. 31.
-
Mississippi Power Co.
Jan. 1930. Jan.31 '30
1930.
58,218
51,353
1,733
Minnesota Power ik Light Co.
(American Power & Light Co. Subsidiary)
-Month of January- 12 Mos. End. Jan. 31
1930.
1929.
1930.
1929.
$
$
$
$
thxms earns, from operation_ 553.326
542,214 6,240,826 6,057,574
Operating expenses& taxes__ 239,994
197,702 2,322,422 2.159,047
1929.
52,923
51,190
Gross revenue
Deductions for interest, &c
1929.
1929.
1930.
$
$
$
11,131,196 138516,945 126762,169
7,539.002 96,024.285
3,592.194 42,492,659
dr1,182 3,090,327
3,591,012 45,582,986
1,299,924 15,263,007
2,291,087 30,319,979
South Carolina Power Co.
Month of 12 Mos.End
Jan 1930. Jan.31'30.
$
$
229,845 2,641,007
103.631 1,355,384
Gross earnings from operations
Operating expenses, incl. taxes and maintenance_ _ ....
Net earnings from operations
Nebraska Power Co.
Other income
(American Power & Light Co. Subsidiary.)
-Month of January- 12 Mos. End. Jan. 31.
Totalincome
Interest on funded debt
1930.
1929.
1930.
1929.
$
$
$
$
Gross earns, from operation- 551.691
Balance
516,286 6.019,275 5,384,258
Oper. expenses and taxes_ ___ 259.946
244,889 3.035.226 2,775,634 Other deductions
Net earns,from operation- 291.745
Balance
271,397 2,984.049 2,608.624
Other income
14,728
9,539
210,187
188,741 Dividends on cumulative preferred stock
Total income
Interest on bonds
Other int. and deductions
306,473
67.250
22,315
280,936 3,194,236 2,797,365
67,250
807,000
807,000
16.987
233.346
191,005
89.326.102
37,436,067
2,845,221
40,281,288
16,396 990
23,884,298
126,214 1,285,673
81,731
4.287
130,501
1,367,404
438,674
928,730
248,797
679,933
145,263
Balance for reserves, retirements and dividends
534,680
Southwestern Power & Light Co.
(And Subsidiary Companies)
-Month of December- 12 Mos. End. Dec. 31
1929.
1928.
1929.
1928.
Balance
1,789,890 1.435,360
$
$
$
Gross earns. (all subsidiaries) 1,662,223 1,693,643 20,56%,394 18,727,352
Bal. of subs, earns, after all
()range & Rockland Electric Co.
exps. applic. to 8.P.& L.Co 857.502
866.140 7,239,119 6,628,693
159,318
209,409
20,608
-Month of February- 12 Mos. End. Feb. 28. Expenses of 8. P.& L. Co-- 35.809
Balance
821,693
845,532 7,029,710 6,469,375
1930.
1929.
1930.
1929.
Interest on secured bonds _
57,488
57,488
689,850
689,850
25,000
300,000
25,000
Operating revenues
300,000
61.438
57,019
728,377
683,148 Int. on 6% deb. bonds
All other interest
Cr1.954
31,369 Cr119,735
Cr4,088
Oper. expenses, incl. taxes
excluding depreciation_ _ _ _
35,775
32,329
407,132
393,165
Balance
741,159
767,132 6,008.491 5,599,260
Dividends on preferred stock
587,090
587,090
Balance
25,663
321,245
24,690
289,983
Depreciation
6,862
6,162
75,341
67.169
Balance
5,421,401 6,012,170
Balance
Dividends on preferred stock
216.908
196,699 2.153,890 1.799.360
364.000
364,000
Operating income
Other income
18,801
838
18.528
669
245,904
16.974
222.814
9,062
Gross income
Interest on funded debt
19.639
5,208
19.197
5.208
262.878
62,500
231,876
59,801
Balance
Other interest
14,431
250
13,989
200,378
3,868
172,075
968
(Including the Western Colorado Power Co.)
-Month of January- 12 Mos. End. Jan. 31
1929.
1930.
1929.
1930.
$
$
$
$
Greta earnings from oper_--- 1,081,649 1,043,556 11,781,225 11,126,557
Operating expenses & taxes.. _ 558.824
509,185 6,004,713 5,395,204
Balance
Amortization deductions_ _
14,181
1,052
13.989
1,033
196,610
12,664
171,107
14.209
Net earnings from oper__
Other income
522.825
41,733
534,371 5,776,512 5,731,353
23,632
386,724
416,118
Balance
Other deductions
13,129
333
12.956
333
183,846
4.276
156,898
5,367
Balance
Divs,accrued on pref. stock_
12,796
5,688
12,623
5,833
179,570
69.714
151,531
73,237
Total income
Interest on bonds
Other interest & deductions_
564,558
161.654
30,199
558,003 6,163,236 6,147,471
161,654 1,939,850 1,954,144
15.548
235,946
176.028
7.108
1,850
6,790
1.790
109.856
24,593
78.294
21,323
Balance
Dividends on preferred stock
372.705
Balance
Fed. taxes incl. in oper. exp-
380,801 3,987,440 4,017,299
1,647,982 1,619,724
Utah Power & Light Co.
Balance
2,339,458 2,397,575
Utica Gas & Electric Co.
-Month of February- 12 Mos, End. Feb. 28.
Pacific Power & Light Co.
(American Power & Light Co. Subsidiary).
-Month of January- 12 Mos. End. Jan. 31
1929.
1930.
1929.
1930.
Gross earnings from oper--Oper. expenses and taxes_ _ _
410.117
224.481
393,772 4,781,939 4,653,186
214,210 2,447,683 2,437,650
Net earnings from oper_ _ _
Other income
185.636
838
179,562 2,334,256 2,215.536
45,449
29.463
9,510
Total income
Interest on bonds
Other interest & deductions_
186.474
37.996
68,016
189,072 2,363,719 2,260,985
455.950
455,950
37,996
732,167
809.737
72.260
Balance
Dividends on preferred stock
80,462
78,816 1,098,032 1,072,868
406,439
405,911
Balance
692,121
666,429
1930.
$
Gross earnings
461.745
Operating expenses & taxes_ *257,250
1929.
1930.
1929.
$
$
$
446,551 5,353,524 4,947,318
*251,790 *3.143,594 *2,927,289
Net earnings
Interest & income deductions
204,495
76,641
194.760 2,209,929
76.970
914,829
Net income
*Incl. credit to res,for depr_
127,853
27,114
117.789 1.295,100 1,068,998
27.369
332,544
257,924
2,020,029
951,030
Western Union Telegraph Co.
-Month of January- 12 Mos. End. Dec. 31.
Gross earnings
Operating income
1929.
1930.
1928.
1929.
$
$
$
11.70t,000 11,208.000145,667,-196136,449513
253,000 1.285.000 15,577,038 15,569.804
MAR.22 1930.]
FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Mar. 1. The next will appear in that of Apr. 5.
United States Steel Corporation.
-Year Ended Dec. 31 1929.)
(28th Annual Report
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,&e.
Bethlehem Steel Corporation.
(25th Annual Report
-Year Ended Dec. 31 1929.)
The remarks of Chairman C. M. Schwab and President
E. G. Grace, together with a comparative income account,
surplus account and consolidated balance sheet as of Dec. 31
1929, will be found under "Reports and Documents" on
subsequent pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1929.
1928.
INCOME ACCOUNT,INCLUDING SUBSIDIARY COMPANIES. CAL. YEARS.
1927.
1926.
1928.
1929.
$
Gross sales and earnings_1,493,505,485 1,374,443,433 1.310,392,861 1,508,076,091
Mfg. cost and oper. exp_1425,015,701 1,079,379,618 1.067.997,537 1,211,802,835
Administration, selling &
general expenses, excl.
38,972.713
44,510,939
39,393,674
gen. exp. of trans. cos_ 47,168,488
52,399,581
46,291.358
50,975,751
Tax.. incl.res.for Fed. tax 54,971,946
8,830,055
9.595,447
8,696,418
7.797,599
Commercial disc'ts & int.
1926.
Gross sales
342,56,207 294,778,287 271,502,861 304,361.805
Mfg.cost, admin. selling
& gen. exp. & taxes
282,359,283 253,848.844 234,287.532 262.210,062
Net, before deprec.,&c 60,156.924
Other income
7.312,321
40,929.443
2,591.693
37,215,329 42,151,743
3,253.510
3.163,570
Total income
67,469,245 43,521,136 40.378,899 45,405,254
Deduct
Bonds. &c., interest, &c. 11,217,180 11,276,879 11.456,261 12,532.422
Depreciation & depletion 14,009,085 13.658.335 13.096,496 12.626,665
Net income
Pref. dividends (8
Pref. dividends (7%)
Common dividends
42.242,980
18,585,922
7,000,000
15,600.000
6,842,500
1.800,000
Balance, surplus
Previous surplus
19,642,980
9,922,652
9,943.422
9,319,230
9.036,142
10,283,088
13,467,312
9,100.166
Total
29,565,632
Approp. for and invested
In add'ns to property
and working capital
15,000,000
19,262,652
19,319.230
22.567,478
9,340,000
10.000,000
12,284.390
15,826,142 20,246,167
31,582
6,790.000
6,747,272
Total surplus
9,922.652
9,319,230 10,283,088
14,565,632
Shares corn, stock outstanding (no par)_ ..- _ 3.200,000 x1,800,000 x1,800,000 x1,800,000
Earned per share
$5.02
$6.52
$7.48
Y$11.01
x Par $100. y Based on average number of shares outstanding during
year the earnings per share was $15.50.
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1928.
1929.
1928.
AssetsLiabilities$
$
$
8
Property aee't__455,285,080 454,322.855 7% cum.pf.stk.x100,000,000 100,000.000
Funds in hands
Common stock_315.900,000 180,000,000
of trustees_ _ _
691,311 CambriaIronCo.
677,465
F'ds held for re8,465,625 8,465,625
stock
demp. of bds _ 78,472,582
Funded & seed
Sundry sec. &
184,339,595 199,421,172
debt
real estate inAccts. PaY•(lncl•
stall.contracts
adv, pay'ts on
& mtges
contracts,&c.) 33.022,705 25.227.323
4,534,791
3,837,820
Inventories
69,147,204 61,539,137 Bond int. accr'd 2,803.414 2,998,122
Res. fund assets. 6,380,172 6,917,227 Divs. payable__ 13,100,000 5,247.500
Inv.in & adv. to
Conting't reeve. 3.293,614 2,138,990
affiliated cos- 8,931,487 8,654,700 Insurance res've. 6.140,777 4.934,822
Acc'ts and notes
Appropr. sur- _1134,565.6321105,000,000
receivable__
f..
I 9.922,652
41,478,075 41,951,684 Unapprop.su'
Stock held for
employees
19,178,010 7,742,698
Marketable sees. 22,620,896
1,980,000
13.5. Govt.secs. 65,599,896 27,247,838
Cash in bks., &c. 29,325,704 28,470,936
Tot.(ea. sIde)801,631,362 643,356,206
x Represented by 3,200,000 no Par shares.
-V. 130, p. 1657.
Allied Chemical & Dye Corporation.
(10th Annual Report-Year Ended Dec. 31 1929.)
The remarks of President Orlando F. Weber, together
with the income account and balance sheet, will be found
in the advertising columns of this issue.
INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1928.
1926.
1929.
Gross income after prov.
for deproc., obsol., all
State & local taxes, re$
pairs and renewals..- _ 33,384,552 29,871,002 27,714,736 27,299,828
Federal taxes
3,127,863
2,908,560
3,186,029
3.227,008
Net income
Previous surplus
30,198,523 26.962,442 24,586,873 24,072,820
181,825,819 1713,681,974 161,913,698 150.392,312
Total surplus
212,024,342 197,644,416 186,500.571 174,465,132
Pref. dive. ($7 per share) 2.749,943
2,749,943
2,749,943
2,749,943
Common dividends
13,068,654 13,068.654 13,068,654
9.801.491
do
Rate
($6)
($6)
($6)
($4.50)
Profit & loss surplus_ _196,205,745 181.825.819 170,681,974 161,913,698
Shares corn, stock out2,178,109
2,178.109
standing (no par)
2.178.109
2,178,109
$11.12
$10.03
Earned per share
$12.60
$9.79
CONSOL. GENERAL BALANCE SHEET DEC. 31 (INCL. SUB. COS.).
1929.
1929.
1928.
1928.
LiabilitiesAssets$
$
$
Real est., plant,
Preferred stock_ 39,284,900 39,284,900
Common stock.x10,890,545 10,890,545
equip., mines
payable. 3,954,649
4rc
202,315,812 196,699,901 Divs.
3,954,649
Investments__ _ _ 5,469,076 7,377,332 Accts. payable__ 5,148,793 5,594,422
Cash
417,282
20,303,290 15,097,408 Accrued wages.
401,719
U. S., &o., secs_ 92,500,722 82,710,581 Res. for deprec.,
Notes & accts.
110,466,602 104,374,095
drc,
receivable..._ _ 16,225,955 16,864,353 Gen.contln. res. 12.877,612 12,340,439
Inventories. _ __ 28,746,077 25,771,226 Tax reserve_ ...- 3,753,478 3,341,681
Deferred charges
790,052 Insurance reeve 2,310,951
2,224.894
746,643
Patents, goodOther reserve_ _ _ 2,302,964
2,383,634
will, &o
196,205.745 181,825.819
21,305,943 21,305,943 Surplus
5
Total
Total
387,613.520 366,616,797
387,613,520 368,616,797
x 2,178,109 shares without par vaule, declared at $5 per share.
-V. 129.
p. 4142.
Autocar Company.
(Annual Report-Year Ended Dec. 31 1939)
The remarks-of,President R. P. Page, Jr., together with
an income account and balance sheet for the year ended
Dee.31 1929 will be found in the advertising pages of to-day's
ssue. Our usual tables were given in V. 130, p. 1832.
2011
FINANCIAL CHRONICLE
Total expenses
Balance
Miscell. net mfg. gains
Rentals received
1,234,953,734 1,183,562,726 1,162,512,624 1,312,770,578
258,551,751 190,880,706 147,880,237 195,305,513
2,265,467
5,064,748
2,204,065
1,917,483
1,605,120
1,623,002
883,306
1,094,856
261,564,091
Total net income
Net profits of prop, owned
303,082
whose over,are not incl.
Int., &c., on investments
16,032,174
and on deposits, &c
193,968,077
231,525
151,768,706
205,337
201,975.381
241,108
11,974,896
14,611,006
12,694,402
277,899,347 206.174,498
Balance
Res,for conting.liabils_.
3,000,000
1,500,000
of subsid. railroads.._ _
*Bal. prof. sub. cos. (net) def9,060,415 def3,688.199
Int, on bonds & mtges. of
7,681,372
7,116,479
subsidiary companies-
166,585,049
214,910,890
7,991,113
8,288,284
193,304,927
164,324,376
199,058,869
55,621,495
Cr6,170,788
16,106,573
47,390,338
Cr550,858
16.674,176
53,171,076
Cr301,101
17,228,669
13,167,978
12,593,669
12,037.760
405,894
320,215
258,722,453
Net earnings
Dedua Charges, &c.Deprisc., depletion and
63,274,163
obsolescence
Charges off for adjust_
7,828,391
Int. on U.S.St'l Corp.bds.
Sinking fund, &c., U. S.
Steel Corp
Prem,on bonds redeemed.
subsidiary cos
Approp. for add'I prop'ty
and construction
187,619,899
Net income
Special income received
for year incl. adjust9,972,160
ment of various accts
2,641,382
350,000
Cr6,080,440 def4.924,355
255,059
30,000,000
114,173,775
87,896.836
86.667.405
87,896.836
86,667,405
197,592,060 114,173.775
Total net income
25,219,677
25,219,677
25,219,677
Preferred dividend (7%)_ 25,219,677
Common dividend (8%). 63,849,040 (7)49,813,645 (7)49,813,645 (7)35,581,175
is.
,
39,140,453
12,863,514
25,866,553
108,523,343
Balance, surplus
Shares of common stock
7,116.235
7,116,235
5,083,025
8,132,840
outstanding (par 5100)
$8.81
$17.97
$12.50
$21.19
Earned per share
* These profits were earned by individual subsidiary companies on Inter-company
service rendered to for other subsidiaries, but being locked up in the
sales made and
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.
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31,
1926.
1927.
1928.
1929.
Assets-2
$
$
$
owned and over. by
Prop,
the several companies_1,541,492,587 1,661,123,969 1,709,779,732 1,667,391,498
Deferred charges, future
2.814.917
4,058,732
2,410,228
1,674,830
operations, &c
58.789.585
59,117,766
59.212,591
66,291,181
Mining royalties
trustees on
Cash held by
account of bond sinking
funds (in 1929, $10,180,000 par value of redeemed bonds held by
trustees not treated as
1,720,294
1,609,034
1,752,655
570.998
liabilities)
Cash held by trustees for
pay, of the $8,091,000
of matured and called
bonds unpres. and the
outstanding U. S. Steel
-year non-call. series
50
8.915,167
5% gold bonds
Securities held as invest.
of conting. res. and for
account empl, stock
27,704,947
subscription
Inv. outside real estate &
25,914,789
25,370,335
20,161,712
other property owned_ 19,419,499
95,897,160 104,708,626
Depr.& insur. fund assets 57,881,940 133,206,553
288,572,969 249,764,796 271,168.002 281,255,461
Inventories
86,428,935
72,134,805
81,967,498
70,329,084
Accounts receivable
7,341.120
7,473,582
7,308,084
6,401,586
Bills receivable
1,347,674
1,549,627
1,467,887
1,431,635
Agents' balances
Sundry marketable securties (Incl. U. S. Liberty
72,615,282
59.588.621
57,366,547
bonds & Treasury ctts.) 60,544,919
Time bank deposits and
8,072,745
8.477.999
10,172.745
4,278,750
secured demand loans_
130,673,563 152,107,633 112,867.470 132.536.950
Cash
3,857.023
3.834,587
4.007,335
Contingent fund & misc.
2,286,183,655 2,442,030,233 2,433,583.169 2,454,139.185
Total assets
Liabilities
813,284,000 711,623,500 711,623,500 508,302.500
Common stock
360,281,100 360,281.100 360,281,100 360.281.100
Preferred stock
by public.- 112,257,978 456,602,415 475,174,529 492,689,353
Bonds held
Stock sub. cos. not held
by U. S. Steel Corp.
476,754
446,919
418.176
618,257
(par value)
Sub, cos.' mining royalty
26,408,316
24,907,859
23,408,964
21,912,189
notes
Install. dep. under employ.
7,661,082
stock subscription plan
Current accounts payable
56,597,901
47,256.233
46,391,273
51,526,897
and pay-rolls
Accr. taxes not due (Incl.
42,439,212
36,247,000
40,856,482
reserves for Fed'I taxes) 45,990,185
Accrued interest and un6,884,600
6,661,069
2,554,507
6,509,914
presented coupons, &c_
6,304,919
6,304,919
6,304,919
6,304,919
Preferred stock dividend_
8,895,294
12,453.411
12,453.411
14,981,533
stock dividend_
Common
Appr.for add'ns & constr. 270,000,000 270,000,000 270,000,000 270,000,000
40.173,468
42,105,227
40,568,690
43.611.159
Insurance funds
Prem. on cap, stock sold_ 41,037,125
Contingent, misc.& other
81,183,369
59,451,606
54,797,501
78.613,026
reserve funds
Undiv,surp. of U. S. St'l
434,711,118 410,277,350 363,044,914 553,502.400
Corp.& sub. cos
2,286,183,655 2,442,030,233 2,433,583,169 2,454,139,185
Total liabilities
-That part of the surplus of subsidiary companies representing Profits
Note.
accrued on sales of materials and products to other subsidiary companies and on
hand in latter's inventories is in the above balance sheets deducted from the amount
-V. 130, p. 1846.
of inventories Included under current assets.
2012
FINANCIAL CHRONICLE
General Motors Corporation.
(21st Annual Report
-Year Ended Dec. 31 1929.)
[VoL. 130.
Anglo-Norwegian Holdings, Ltd.
(Financial Report
-Period Ended Dec. 311929.)
Anglo-Norwegian Holdings, Ltd. the largest British unit
in the whaling industry, reports net profits of $438,003 for
the first 9 months of trading ending Dec. 311929. This is
equivalent, after payment of dividends at the rate of 7%
on 19,000 shares of pref. stock outstanding, to 80 cents a
share on the common stock. These earnings are exclusive
of any income from the company's investment in the Falkland Whaling Co., Ltd., which was incorporated in July 1929
and is now in active operation.
CONDENSED CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1928.
1927.
1928.
$
$
Net sales
1504,404,472 1459782,908 1289519,873 1058153338,
Expe.incident to oper.& inv.,incl.
Not available
987,554,973 835,271,837
depr. of real est., pits & equip_
Profit from oper. & inv'ts, (incl.
non-oper. profit) after all exP.
incident thereto, but before
depr. of real est., plants & eq._337,074.797 383,001,802 328.893.359 243,141,475
Provision for depreciation of real
estate, plants and equipment__ 35,217,071 30,515,441 28,928,858 20,259.974
Net profit
301,857,728 332,488,181 301,984,701 222,881,501
Out of their net profit for these 9 months the company used $88,716
Less provision for:
Employees bonus
10,181,838 12.408,595 10,488,071 8,274,099 to redeem 1.000 preferred shares. A dividend of 25 cents a share has
been declared on the common stock, payable March 24 to holders of record
Amt. due bianagers Sec. Co_
10,181,838 12,408.595 10,488,071 8.274,099
Empl.savings & investment fd _ 5,983,283
701,544 7,214.881
3,481,992 March 21, out of last year's earnings. After this payment there will be a
balance of $144,537 to be carried to surplus.
Special payment to employees
Following the annual meeting of stockholders in Montreal (Tuesday).
under stock subscription_ _ _ _
72,120
58,978
40,412
32,984
,
Interest on notes payable
stated that the Falkland Whal304,844 Major-General Guy P. Dawn , Pr
ing Co., which Anglo-Norwegian 'Holdings, Ltd., owns outright, has had
an
Provision for U. S. and foreign
income taxes
28.120,908 33.349.380 34.468,759 25.834,939 a successful season, its results comparing favorably with those of the
Anglo-Norse Co., Ltd., which is controlled
Net income
247,317,743 273,559,091 239,284,725 178,898,743 ship of 67% of the stock. The position ofby Angio-Norwegian to ownerall constituent
G. M. Corp. proper. of net inc 245,970,393 272,344,270 238.319,009 178,085,144 reported as very strong. Anglo-Norwegian also owns 39%companies was
of
7% preferred stock dividends_ 9,286,047 9,188.578 8,850,590 7,352,291 stock of the Tonsbergs livalfangeri Co. The parent companythe capital
reports as
8% preferred dividends
88,142
of Dec. 31 1929, total assets of $3,248.712.
104,911
98,155
118,928
8% debenture stock dividends_
124,491
138,025
153,828
178,089
The report is given in full in the advertising pages of this
Amount earned on com.stock a238,491,712 6282939,513 6229209,879 6188439.857
Amount earned per sh. of common
issue.
-V. 130, p. 1831.
stock outstanding
a$5.43
$15.11
$13.19
$20.48
a Including the General Motors Corp.'s equity in the undivided profits of Yellow
Truck & Coach Manufacturing Co., Ethyl Gasoline Corp., Vauxhall Motors, Ltd.,
Edison Electric Illuminating Co. of Boston.
Adam Opel A.G., since April 1 1929, Bendlx Aviation Corp. since May 1 1929,
Fokker Aircraft Corp. of America since June 1 1999, General Motors Radio Corp.
(Annual Report
-Year Ended Dec. 31 1929.)
since inception In 1929, and General Motors Acceptance Corp. and General Exchange
Incurance Corp.(in 1928 only; income for 1929 is consolidated), the amount earned
The remarks of President Charles L. Edgar, together with
on the common capital stock is 6238.803,587 ($5.49 per share) in 1929 and $287,083.351 ($8.14 per share on same share basis) in 1928.
a comparative income account and balance sheet as of Dec.31
b Adding General Motors Corp. equity in undivided profits of General Motors
Accept. Corp.(100%), Yellow Truck & Coach Mfg. Co.(50.002%), Ethyl Gasoline 1929, will be found in the advertising pages of to
-day's issue.
Coill•(50%). General Exchange Ins. Corp. in 1928(100%), Vauxhall Motors, Ltd.,
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
In 1928 (100%), and Fisher Body Corp.(80%) prior to June 30 1928 (after which
time the earnings are consolidated), the amount earned per share of common stock
1928.
1929.
1927.
1926.
outstanding is 615.35 In 1928, $12.99 in 1927 and $21.80 in 1928 on the stock actually Operating revenues
$29.664,585 827,749,657 $25,886.945 $23,204,901
outstanding.
Operating expenses
12,428,475 11,248,267 10.849,952 9,791,488
Uncollectible oper. revs_
SURPLUS ACCOUNT
111,186
153,044
-YEAR ENDED DEC. 31.
122,184
69,975
Taxes
4.035.718 3,875,000 3.835.000 3,700,000
1929.
1928.
1927.
1928.
Surplus forward
285,458,595 187,819,083 89.341.318 119,020,473
Net operating income_$13,089,206 $12,473.347 $11,079.809 $9,643,439
Surplus for year as above
236,491,712 282,939,513 229.209,679 188,439,857
Non-operating income
83,662
142,292
Addition arising thru. adj. of hold115.849
43,289
ings in Fisher Body Corp. prior
Gross income
$13,172.867 $12,615,640 $11,195.656 89,686.728
to the acquisition of minority
Interest and rents
2,609.543 2,128,888
1,947,660 1.914.475
interest, to the net asset value
thereof as at June 30 1928_ 27,727,439
Net income
$10,563.323 $10.486,751 $9,247.997 $7,772,253
Capital surplus arising through
Dividends paid
6,840,400 6,406,500 6,006.096 5,605,692
sale above par of 250,000 shares
of 7% preferred stock
4,104,187
Balance avail,for depr.$3,722,923 $4,080,251 83.241,901 82.166,561
Addition arising thru. acquisition
Shares capital stock outof the bal. of the corn, cap.stk.
standing (par $100)..
533.875
533,875
of Fisher Body Corp. not al467,141
534 85
.
Earned per share
819,82
$19.e9
817.32
ready owned (minority int.),
$16.64
for which there was paid 838,CONDENSED BALANCE SHEET DEC. 31.
401 Shill. of original issue and
28,319 she. out of treasury of
1928.
1929.
1929.
1928.
Gen. Motors common stock_
Assets$
23.084,542
$
$
$
Equity in earned surp. at Dec. 31
Plant investm't_138,473,879 128.850,119 Common stock_ 53.487,500 63,387,500
1928 of Gen. Mot. Ace. Corp.
Unfin. construe- 11,913,371 11,328,388 Prem.on cap.stk. 38,918.433 38,805,433
and Gen. Exch. Ins. Corp.;
Cash
1,098,883 Coupon noteo.. 38,500,000 30,000,000
805,064
earns. for 1929 are consolidated 14,344.529
Malls & suppl's 2.179,471
1,488,289 Notes payable__ 14,895,000 14,800,000
Cap. surp. arising from issue at
Notes receivable
11.802 Acols payable__
11,000
830,059
311,784
market price of 40,000 abs. of
Ace'ts receivable 2.971,993 2,818.840 Interest accrued
310,000
224.998
7% pref. cap.stk. used in coon.
Sun. ledg. acc'ts
45,497 Divs. payable__ 1,818.575
1,801,826
with acquis. of assets & business
Deprec. reeve.. 8,411,948
7,460,239
of North East Electric Co
885,444
Sundry accts. 152,210
Cap. corp. arising thru, exchange
Total(each side) 158,354,779 145,413,580 Profit and loss.- 1,233,055
1,022,018
of 8% deb. and 8% pref. stock
-V. 130, p. 286.
for 7% preferred stock (Cr.)___
80,825
40,890
78,375
107,100
This amt.transf. to res. for sundry
contingencies by order of the
General Foods Corporation.
directors (Dr.)
80,825
40.890
75,375
107.100
Total surplus
537,180,280 450,758,598 322,855,184 338,272,312
(Annual Report-Year Ended Dec. 31 1929.)
Cash divs, paid on corn. stock_ _168,800,007 185,300,002 134,838,081 103,930,993
Stock diva, paid on corn.(50%)President Colby M. Chester Jr. says in substance:
145.000,000
Surplus at end of period
The balance sheet accurately reflects our financial condition at the close
380,580,273 285,458.595 187.819,083 89,341,318
of the year, while the profit and loss statement necessarily reflects only the
CONSOLIDATED BALANCE SHEET DEC. 31.
earnings subsequent to the date of acquisition of subsidiary companies
1929.
1928.
1927.
acquired during the year The stated net earnings of819,422,313 amounted
1928.
Assets$
to $3 68 per share on 5,274,527 shares outstanding on Dec 31 1929, and
$
$
$
Fixed assets:
are comparable to net earnings of $14,555,683, amounting to $3 10 per share
Invest. in WM. and misc, cos.
on 4,682,736 shares outstanding on Dec 31 1928 Combined net earnings,
not consolidated
207.270,443 117,819,124 98.282.014 79.715,823 including earnings ofsubsidiaries prior to acquisition,for the year amounted
General Motors Corp. stocks
to 820.519,046, equal to $3 89 per share This compares with $19,672,708.
held in treasury
89,929,478 50,053,193 31,338,034 19,491,739 or 33 73 per share net earnings in 1928 of the same companies.
Real estate, plants & equipm3.609,880,375 542,987,155 480,473,508 434,373,903
The latter part of 1929 was marked by a drastic break in stock values
Deferred expenses
18,188.100 19.552.835 12,438,188
7,404,422 which was followed by a decline in commodity prices
Although we pursue
Good-will, patents, &c
50,880,428 43,873,478 43,887,708 43,570,005 a conservative policy with regard to the purchase of raw materials, certain
Cash in banks and on hand
101,085,813 99,189,839 132,272,218 117,825,372 year-end inventory deductions were inevitable because of the rapid decline
U. S. Government securities
28,285,718 112,351,174 75,542,898 12,840,581 in market values of some of our principal raw materials.
Temp. loans & marketable secure
4,364,217
Our ratio of not quick assets to liabilities is 3 7 to 1 This is a decline
381,282 4,732,433
Sight drafts with bills of lading atfrom the ratio last year due to heavy cash disbursements as part purchase
tached, and Co.0.D.items_
13,579,813 9.273.824 14,649,097 12,073.434 Price for new companies, purchase of General Foods stock in the open
Notes receivable
1,977,383 8.788.453
1,580,878
1,895,577 market and advances to Frosted Foods
Inc
a Accts. rec. & trade acceptances_ 33,888,884 34,585,880 31,848,088
As was true of the three preceding years, 1929 was characterized by the
Co.
27,707,288
Inventories
188,472,999 198,892,888 172,847,718 158,203,883 acquisition of additional businesses as well as by further consolidation of
Prepaid expenses:
our organization Many Incidental problems and expenses have had to
Taxes (State and local)
2,058,709 2,001,097
1.795,352 be met. We anticipate that in 1930 there will be greater opportunity to
Insurance
998,052
988,868
895,774 integrate the various elements in our business structure and to curtail
Rent
3,712,575
303,882
428.531
127,895 purchasing, selling, administration and production expenses, and we beStamps and mileage
47.942
47.040
29,880 lieve that 1930 will show satisfactory increases In profits
Sundries
174,887
137,010
211,187
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS
Total
1334,889.784 1242894,889 1098477,575 920,894,108
Liabilities
[Not including profits prior to date of acquisition of subsidiary comAccounts payable
42.894,688 81.244,892 51,828,549 48,221,294 panies acquired during the year.)
Taxes. payrolls dr sundries accrued
1928
1927
1929
1926
not due
31,411,995 33,482.805 27,236,070 29.723.533 Sales
$128,036,7928101,037,092 357,287,853 $46,896,275
to
U.S.and foreign income taxes_
28,701,488 33,225,809 35,224,309 30,324,497 x Cost customers
ofsales & expenses106.326,868 84,563,126 44,250.717 33,837.190
Accrued diva, on pref. deb.stock_ 1,815,015
1.587,873
1,587,219
1,274.715 Prov for
income taxes-- 2,287,609 1,918,281
1,668,917
Extra dividend on common
1,741,642
13,050.000 43,500,000 43,500,000 34,788,558
Reserves-Depreciation of real
Net profit
$19,422,314 $14,555,683 $11,368,219 $11,317,443
estate, plants and equipment_ _194,094.983 182.880,113 141.872,940 123,892,340
9,293,342 7.781.583 8,246,662 6,093,030
Employees'investment funds
9,915,825 9,019,707 8,318,320 2,858.798 Previous surplus
Initial surplus (capitalEmployees'saving fund
14.933.834
32,412,618, .
ized in stk. div. below)
1,566.273
Sundry contingencies
3.333,577 2,532,542 3,943,566 4,613,921
Bonus to employees
12,539,544 14,078,580 11.715,710 8,520,447
Total surplus_ __ ----828,715.656 823.903,540 $19,614,881 $17,410.473
7% preferred stock
135,513,800 131,108,300 130,835,700 105,333.200 Good-will
of subsidiary
8% preferred stock
1,410,500
1,579,500
1,713,400
1,795,900
companies written off_ 1,975,803
37.831
4,321,211
8% debenture stock
2,642,024
1,991.700 2,228,200.2.786.900 Adj.of
Fed.tax
Dr.39,381 Cr.212,919
Common stock is
435,000,000 435,000,000 435,000,000 435,000,000 Res.for fluct. prior yrs. Cr.392,556
of value of
Interest of minority stockholders
marketable securities430,000
In subsidiary companies with
Common dividend (cash) 14,878,231 10,100.908 7,472,705 6.734,705
respect to Capital and surplus
443,800 3,087,730 2,603,975 2,420,885 Stock
4,471,459
dividend (100%)surplus
380,580,273 285,458,595 187,819,083 89,341,318
Total
1324,889.784 1242894,889 1098477,575 920,894.108
Surplus at Dec. 3L_.$11,824,178 $9.293,342 $7,781,583 $8,246,663
a Less reserve for doubtful accounts in 1929, $1,549,338; in 1928, $1,229,849; in Shares of common out1927, $2.293.437: and in 1928. $1.718,037. b In 1928 authorized. 30,000,000
standing (no par)___.. 5,274.527 4,682 736
1,725.992 1,467,365
'hares, par value $25. Effective Jan, 7 1929 the $25 par value stock was exchanged Earnings per sh. on com.
$.10
$3.68
$6.62
$7.71
for new 810 par stock In the ratio of 2)4 new shares for one old. 1927 corporation
x Including all manufacturing, selling, administrative and general exhad shares of no par value outstanding taken at 850 per share.
-V.130, p. 1660, 1469, penses (less miscellaneous income), but before providing for income taxes.
MAR. 22 1930.1
FINANCIAL CHRONICLE
COMBINED STATEMENT OF PROFIT es LOSS YEARS END. DEC. 31.
[Including Profits prior to date of acquisition of subsidiary companies
acquired during the year.
1927.
1926.
1928.
1929.
Combined profits & inc.
for yr. after deduct.
mfg. distrib., selling,
admin.& gen.exp.
(less
misc. inc., incl. profit
on sale of treas. stk. of
$339,826 in 1927), but
before prov.for inc.tax$22,943.239 $19,919,235 $15,593,938 813.685.310
2.002,555
1,832,061
2,332,758
Prov.for income taxes-- 2,424,192
Comb,net prof.for yr.$20,519,047 $17,586,477 $13,591,383 $11,853.249
Earnings per sh. on out$7.92
$8.07
$3.73
standing stock
$3.89
CONSOLIDATED BALANCE SHEET DEC. 31 (COMPANY ct SUBS.).
1929.
1928.
1929.
1928.
8
LiabilitiesAssets
Inventories
20,161,047 16,361,134 Accts. pay.. curr__ 2,097,040 4,580,412
1,472,616 1,131.176
Accts.receivable_ _1
18,208,270 Accts. pay., accr
Loans & notes rec_17.658,845 1 400,618 Acceptances Pay4,271,693
able
Marketable securs. 2,289,259 4.334,683
Call loans
2,000,000 3.300,000 Provision for In2,455,224 2,465,840
come taxes
Cash on hand and
In banks
4,899,675 3,351,365 Employees' payments on subset%
Invest. In co.'s
460,652
common stook
4,144,518
to com. stock.- 216,205
Reserve for flueInvest. in & adv.to
tuation of value
Pros. Foods.inc. 1,852,148
of market. sec__ 430,000
Inv. in coin. stock
ofPostumCo.Inc
292,945 Capital stock of
R.Heilmann,Inc.,
Other investments 2,160,921
252,320
Property accounts 23,842,434 18,726,342
not yet exch33'531
Capital stock__ _ _x47,703,294 38,615,278
Trade marks. pat1
ents & good-will
1 Surplus and unDeferred charges
divided profits_11,824,178 9.293.342
to operations__ 1,494,935 1,319,021
70,503,782 56,546,699
Total
Total
70,503,782 58,546,699
x Represented by 5,343,742 shares (no par value) taken at 856.967,801,
less excess of purchase price of investment over Proportionate share of
tangible assets of Frosted Foods, Inc., 89,264,507.-V. 130, p. 1660
Union Carbide 8c Carbon Corporation.
(Annual Report-Year Ended Dec. 311929.)
The income account and balance sheet as of Dec. 31 1929
will be found in the advertising pages of to-day's issue. President Jesse J. Ricks, March 10, wrote in part:
2013
ferro-silicon. The entire output is being sold under satisfactory market
conditions. The corporation largely increased its reserves of vanadium ore
through the acquisition of over 3,500 acres of vanadium ore properties
located in the Paradox Valley, Colo.
In the field of radio receiving sets there was general over-production in
1929. resulting in keen competition and loss of profits. National Carbon
Co., Inc. discontinued production of its "Eveready" receiving sets at the
end of 1929 and early in 1930 withdrew from this overcrowded field and
from a competitive position with all radio set makers. The production and
sale of"Eveready" radio batteries continues on a satisfactory basis although
this branch of the business is decreasing because of the strong trend toward
alternating current radio sets. It is believed that the withdrawal from the
radio set business will further strengthen the company's position in the
distribution and sale of Eveready Raytheon tubes, suitable for all types of
receiving sets, which are finding satisfactory acceptance.
Other carbon products had a surressful year. and there were marked
Increases in the sales of flashlights and flashlight batteries. Sales of
graphite electrodes and of carbon electrodes continued to expand.
The operations of Carbide & Carbon Chemicals Co. have continued to
expand throughout the year. Bulk commodities such as ethylene glyeol
(used in the manufacture of explosives) and solvents have moved regularly
and increasingly. "Eveready Prestone" (the anti-freeze for automobile
and aeroplane radiators) has continued to find an expanding market.
The distribution of "Pyrofax," a domestic fuel gas, delivered to the consumer in cylinders, has been widely increased. A large plant for the manufacture of this product at Carbide, W.Va., went into operation in May 1929.
and another at Diamond, W. Va., is under construction and will be completed in August 1930. Six bulk filling stations are now in operation for
"Pyrofax" distribution, with others under consideration.
A unit for the manufacture of synthetic acetone was put into operation
at the South Charleston, W. Va. plant, in Jan. 1929. There is a general
market demand for this product and it is used in large tonnages by other
units of the corporation in manufacturing operations.
A plant was put into operation during the year at Niagara Falls, N. Y.,
for the manufacture of synthetic methanol (commonly called "wood
alcohol) and of carbon dioxide; both of these products having many
industrial uses.
A trial plant having been operated successfully, construction was begun
in 1929 on a unit in the South Charleston plant for the manufacture for
industrial use of synthetic ethanol (commonly called "grain" alcohol) and
should be completed in June 1930.
There has been an encouraging commercial demand for new chemical
products such as tiethanolamine, diethylene glycol, various special solvents
and basic materials for the manufacture of plastics, all of which have
been developed in the laboratories.
During the year the New-Kanawha Power Co. acquired additional lands
and rights on the New River in W. Va., looking toward the immediate
development of a hydro-electric station which will be located near industrial
plants for which plans are well under way.
Construction by A-S Saudefaldene of a dam, a 4% mile tunnel, and a
power station located at the sea at Sauda Norway, progressed rapidly
during the year. It is 12 months in advance of schedule and will be completed about the end of 1930. The additional electrical energy to be
generated by this station will be used in the ferro-alloy smelting plant of
Electric Furnace Products Co., Ltd., whose capacity is being extended to
utilize this additional block of power.
The corporation maintains a central research laboratory and,in addition,
co-ordinated laboratories at various plants, all for the purpose of developing
new and improving existing processes and products. Results of this work
are under constant observation of the patent department.
Apart from this provision for growth from internal sources, the corporation places great emphasis upon the prompt and adequate consideration
and disposal of the many projects or proposals submitted to it from sources
external to itself. Such proposals are considered directly by a group holding
stated meetings and comprising a majority of the general officers of the
corporation and the heads of several of the principal subsidiaries. This
group also reviews at stated intervals the research and development
activities of the several laboratories.
There are in operation in the United States, Canada and Norway, 164
plants and factories for the manufacture of the products of the corporation,
149 sales offices,from which the sale of these Is directed, and 897 warehouse
stocks for distribution to consumers.
There was a gratifying increase of 14,826 in the number of stockholders
during the year.
The various plans of the corporation for enabling managing executives
and other employees to become financially interested, through stock ownership, in the success of its activities, for group insurance, and for safety and
recreation, have continued to operate successfully.
INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1927.
1928.
1929.
(after provision
Earns.
$44,126,066 $39,527,253 $34,195,682 $32,834,978
for income tax)
7,470.977
7,655.190
7.694.857
Deprec. & depletion_ _ - 7,461.239
722.042
706.831
692,014
674,802
Interest
499,353
493,000
563,000
563,000
Divs. on pf. stk. ofsubs-
The net income for 1929 was equivalent to $4.19 per share on 8.453,723 shares of capital stock, being the average number of shares, on the
basis of the new stock outstanding during the year, and to $3.94 per share
on 8,981.581 shares of capital stock outstanding at the end of the year.
Net income for the year included a realized profit of $1,870,885 in the
security account.
Current assets at the end of the year 1929, including $15.485.638 in
cash, and $52,826,260 in call loans and marketable securities at cost and
below market values, totalled $128,582,434. which, with current liabilities
of $15,547.719, made the ratio of current assets to current liabilities approximately 8 to 1 and gave a working capital of $113,034,715. The payment of
dividend and mortgage due Jan. 1 1930, reduced both cash and current
liabilities, leaving the ratio of current assets to current liabilities about
12 to 1.
During the year the funded debt of subsidiary companies was reduced
from $13,112,000 to $12.758,700. No change occurred in the outstanding
preferred stock of subsidiary companies of $7,350.000 par value.
Total current liabilities, funded debt and preferred stocks of subsidiary
companies at par, amounted to $35,656.419, as compared with total assets
of $353,627,097. There are no outstanding bank loans.
At the beginning of the year there were outstanding 2,742.072 shares of
the old stock. An additional 10,000 old shares were issued in the acquisition of new properties. The stockholders at the annual meeting held April
16 1929, approved the increase of the authorized number of shares of the
corporation from 3,000.000 to 12,000,000 shares, all without par value, and
approved the issuance of 3 shares of new stock for each share of old stock
previously outstanding, on the surrender of the old shares. Such exchange
was made and the outstanding stock was thereby increased to 8.256.216
shares.
Since such exchange, 61,902 shares of new stock have been Issued and
sold to trustees and other agents under and In furtherance of the plans of
the corporation, adopted in 1928, to afford opportunities for increased
financial interests in the corporation to its officers and other employees.
Following this increase, new stock to the amount of 663,963 shares was
635,427,024 $30,577,383 $25.340,661 $24,142,607
Net income
issued under subscription rights offered to stockholders. The total number Previous surplus
86.606,036 72,557,918 63.035.492 52,851,320
Cr5,162
ofshares of capital stock outstanding at the end of the year was thus brought Net adjustments
Dr4,515,122 Dr294,056 Cr140,163
to 8,981,581 shares.
Directors on Sept. 10 1929, authorized the offer to stockholders of record
$117,517,939 8102841,244 888.516.316 876.999.089
Total Burping.
at the close of business on Sept. 27 1929. of the right to purchase additional Diva. on Union Carb. &
shares at $80 per share to the amount of8% of their then holdings of stock.
Carb. Corp. stock__ _ 20,736,658 16,235.208 15.958,398 13.963,598
($5.25)
Stockholders were entitled under this offer to subscribe to 665,105 shares
($6)
x
($6)
Per share
and subscriptions were made to 66.3,463 shares or 99.75% of the total offer
There was no underwriting of these subscriptions and the corporation
Profit & loss surplus_ _$96.781,281 $86.606,036 $72.557.918 863.035,492
received in cash the full amount ($53,077,040) thereof.
Shares capital stock out2.659,733
2.659.733
Up to Dec.31 1929. none of such proceeds had been used for construction,
2.742.072
standing (no par)_ - 8,981.581
$9.08
$9.52
extensions or additions and the entire fund has been invested in short term Earned per share
$11.15
$3.94
securities, pending final complemunicipal and corporate bonds, and other
a $1..50 per share on old stock before split-up 3 for 1 and $1.95 per share
tion of plans for extraordinary construction and extensions.
on now stock.
The cost of construction, acquisition of new properties and other capital
CONSOLIDATED BALANCE SHEET DEC. 31.
expenditures during the year, amounted to $20,201,774, in cash and
1928.
1929.
1928.
1929.
30,000 shares, on the new basis, of stock of the corporation.
$
Liabilitiesresult of the recession in general
Sales of many products were retarded as a
$
AssetsCapital stock_ _x174,180,087 116,621.425
business which occurred in the latter part of the year and in consequence Land, machin'y
210,594,250 198,198,901 Notes and accts.
the profits, although greater than for 1928, failed to meet the estimates
&is
5.006,656 4.672,331
Payable
Market. sec. &
made earlier in the year.
205,431
204,246
Int. seer. & due
call loans.... __ 52,826.260
Sales of Calcium Carbide for 1929 were satisfactory. Of especial interest
Divs. payable... 5,838,028 4,113.108
Calcium Carbide for the production Cash
15,485,638 17,502,924
was the substantial increase in sales of
Accrued taxes__ 4,085,960 4303.598
Notes and accts.
of compressed acetylene and for the manufacture of chemicals.
74.667
74,667
21,771.187 20,234,884 Accr. divs.(subs.)
receivable_ _
Sales of Cubic, processed carbide for use in portable acetylene floodlights
288,748
338,161
38.499.350 32,321.961 Other scar. liab.
Inventories_
and generators, have materially increased.
Eleven compressed acetylene plants were built or acquired by the Prest-0- Investments_ _ _ 12,548,152 11,522,046 Fund. debt,subs 12,758,700 13,112,000
Res. for deprec_ 47,009,309 44,363,008
Lite Co., Inc. during the year, located at El Paso. Tex..; Houston, Tex.; Power Dicholds,
Prof. stock, subs 7,350,000 7,350,000
patents, tradeGrand Rapids, Mien.; Oklahoma City, Okla.; Portland Ore.; Phoenix,
96,781,281 86,606,036
1 Surplus
1
marks, &c.
Ariz.; Shreveport, La.: Spokane, Wash.; Tampa, Fla.; Wichita, Kan. and
1,729,638
Deferred charges 1,902,260
Youngstown, O., respectively.
Ten oxygen producing plants were completed or purchased by the Linde
353,627,097 281,510,353
Total
353.627.097 281.510,353
Air Products Co. during the year, in Butte, Mont.; Davenport, la.; Erie,
Total
Pa.; Jacksonville, Fla.; Louisville, Ky.; Oklahoma City, Okla.; Portland,
-V. 129. p. 3338.
x Represented by 8,981,581 shares of no par value.
Ore.; Pueblo, Col.; Vernon, Calif. and Spokane. Wash.. respectively.
This plant expansion program for acetylene and oxygen was in pursuance
Western Electric Company., Inc.
of the corporation's policy of expediting deliveries and reducing citribution
costs by locating producing plants at growing points of consumption.
(Annual Report
-Year Ended Dec. 31 1929.)
The use of the oxy-acetylene processes of welding and cutting, and the
consequent sale of material and equipment therefor, increased both in
President Edgar S. Bloom, March 17, wrote in part:
standard and new uses.
1929 was an outstanding year in the history of the Western Electric Co.
The increased output of Electro Metallurgical Co. was due to greater
consumption of plain steels, wherein its ferro-silicon and ferro-manganese Faced at the opening of tiae year with an unparalleled demand for equipalloys are largely used, and to the expansion of the market for rustless irons ment on the part of the Bell System, the company was able to expand the
and stainless steels in the production of which its ferro-chromium alloys volume of production so as to meet satisfactorily these requirements. The
are utilized. There is also an increasing use of special alloys recently year established new records in the volume of sales, manufacturing output,
number of employees, and the distribution of apparatus and supplies to
developed.
The corporation acquired. in April 1929, A-S Meraker Smelteverk, a our telephone customers. At the same time, as the result of constant
Norwegian corporation owning industrial works and hydro-electric power effort to improve methods and reduce costs, substantial price reductions
plants and an industrial village,situated near Meraker, Norway. Company were put into effect.
A new record was also established during the year in expansion of perowns or controls a large watershed area, with storage lakes, dams, tunnels
and other facilities and 4 power stations. Improvements to the power manent manufacturing facilities, involved in carrying forward a compre-year program for additional plant and equipment, to provide
stations were promptly started, which on completion will materially increase hensive 3
of supply for
the electrical output. Company also controls undeveloped water power adequate sourcesoutside of the the future needs of the Bell System.
System,the company made notable progress,
In its business
sites capable of producing additional electric horse-power to meet the
owns a deep-sea port on the Baltic maintaining its leadership as the principal manufacturer of talking motion
company's requirements. It also
equipped for the receipt of raw materials and the shipment of manufactured picture equipment, supplying theatres not only in the United States but
products. The principal products are calcium carbide, ferro-chrome and throughout the world, and pioneering in the aviation industry as a maker
2014
FINANCIAL CHRONICLE
of radio telephone equipment for communication between planes and the
ground.
RESULTS FOR CALENDAR YEARS.
1926.
1927.
1928.
1929.
3
3
3
3
Sales
410.949.817 287,931,396 253.724,013 263,105,194
Other income
2,088,014 4.628,690
2.790,233
8,575,217
Gross income
419.525,034 290,721,629 255,812,027 267,733.884
Cost ofsales
387,969,260 268,698.347 236,472.853 228.584.815
Expenses
13,863.548
Taxes
5,207,017
Employees' benefit fund
3,646,571
Interest
1.857,895
1,982,757
2.315,393
4,560,528
Net income
Common dividends
26.995,246
23,500,000
19.707,889
11.250.000
17,356.417
7.500,000
14,574.038
7.500,000
Balance. surplus
7.074.038
9,856.417
8,457.889
3.495,246
Shares common stock
outstanding (no par)- 5,250.000
750.000
3,750,000
4,000,000
Earned Per share
$19.43
$5.14
$4.62
$4.92
BALANCE SHEET DEC. 31.
1928.
1929.
1928.
1929.
LiabilitiesAssets$
$
$
$
Real est. & bides.60,102,640 42.606,473 Cap.stk.&surp.164.556,945 110,783,954
Mach'y & equip. 74,461,492 51,819,779 5% deb. bonds_ 35,000,000 35,000,000
Merchandise__ 95,940,378 60,177,391 Notes sold to
Cash
trustee of pen14,604,973 12,303.035
slop fund__ 26,128.933
Acets.receivable 65,431,915 48,796,568
Investments
62,178,802 35,866,802 Interest & taxes
accr. not due_ 5,344,170 8,181,785
Marketable secu
671,450
Prepaid charges
160,844 Accts payable_. 34,733.139 24,753.263
Bills payable__ 42,819,000 21,064,706
Res've for depr_ 64,670,737 56,821,896
Tot.(ea. side)373,391,650 251,730,892 Res. for conting. 138,726
125,288
a Capital stock and surplus represented by 5:250,000 shares.no par vaiiir
-V.130, p. 1132.
Allis-Chalmers Manufacturing Co., Milwaukee, Wis.
-Year Ended Dec.131 19257 1111
-4 (17th Annual Report
Otto H. Falk, together with
The remailis of
comparative income account and comparative balance sheet
as of Dec. 31 1929, will be found under "Reports and Documents" on subsequent pages.
•-NMI/
INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1929. •
1927.
1926.
$45.302,355 136.294.561 $33,352,252 $30,682,543
Sales billed
z Cost (incl. deprec. dovol.. selling, publicity
& adm.exp.)& all taxes 40,812.629 33.222.615 29,883,104 27,186,126
Operating income_ ___ $4,489,726 13.071.946 $3,469,148 $3,496,417
659,162
677,964
Other income
706,075
720,475
$5.148,888 $8,749,910 $4,175,223 14.216,892
Net profit
Res. for Federal taxes
*Oar
see y
& contingencies
511.250
620.000
816,000
818,000
Deb.int.& discount_ ___
481,600
Net income
Preferred dividends
Common dividends_ _
$4,330,888 $2.933.910 $3,182,472 $3,596,891
(334%) 577.452(7)1,154,811
2,496,467(631 %)1,755,000 (6)1,556560 (6)1,546242
Balance, surplus- ---- $1,834.421 $1,178,910 $1.048,459
$895,838
Corn.shs. out.(no par) _ b1,136,048
a260,000 0260,000
a260,000
Earns. per sh.on com--$3.81 NO $11.28
$10.02
$9.48
x Includes depreciation of $742.580 in 1929 as compared willMI
357n
in 1928 and $701,054 in 1927. y Included in cost and expenses above.
a Par $100. b Average number of shares outstanding. Earnings per
share on present stock basis for previous years were as follows: 1928.
$2.82; 1927, $2.50; and 1926, $2.37.
[VOL. 130.
reached 25.8 miles per day, an increase of 8%. and gross ton miles Per ton
of coal consumed increased 2.9%. These performance records were the
best in the history of the company and mean that the revenue ton miles.
which were higher than in any previous year with the exception of 1926,
were handled with fewer locomotives and cars than ever before.
Reductions in operating expenses during the past
did not
in deferred maintenance. The physical property of year company result
the
is In
better condition and its capacity greater than ever before.
Changes during the year in investment in road and equipment accounts,
Including leased lines, were as follows: Expenditures and charges. $11,790.946, less retirements, $9,500,031; net increase $2,290,915.
Subsidiary Companies.
The New England Steamship and The Hartford and New York Transportation Companies both show deficits in income for the year, although
there was an improvement compared with 1928.
In the endeavor to build up traffic between Hartford and New York,
the steamers "Hartford" and "Middletown" were sold by The Hartford
and New York Transportation Co. to The New England Steamship Co.
which has assumed operation of the Connecticut River line. These boats
have been reconditioned so that more satisfactory service can be given to
Passenger travel. Efforts to improve the service have aroused the interest
of the sections served by this line; passenger earnings have increased, and
the prospects are promising for better results during the coming year in
both passenger and freight traffic.
The New Bedford, Martha's Vineyard and Nantucket line has shown
continued improvement in freight and passenger traffic. A new steamer,
the "Naushon," was put into service during the past summer.
Motor trucks of the New England Transportation Co. are handling freight
to and from the eastern ports of The New England Steamship Co. and this
Improved service should result in increased freight traffic.
Passenger travel on the New York, Westchester & Boston continues to
increase. An extension of the road from Rye, N. Y., to Port Chester.
N. Y., a distance of 1.46 miles, was (veiled for business on Dec. 8 1929.
From 1912 to 1938. inclusive, the N. Y., N. H. & II. paid the interest on
the outstanding bonds of the New York, Westchester & Boston. In 1929
the Westchester paid from its own treasury some 60% of rhe outstanding
bond interest for that year, or $511,000, thereby relieving the New Haven
of this much of its guarantee.
The Connecticut Co. has been able to maintain its net income notwithstanding a decrease in gross revenues and continuing large expenditures due
to City and State paving programs. These results have been accomplished
by operating economies including the discontinuance of non-profitable
operation where possible, and substitution of coach for rail service where
the former is more satisfactory. At the same time the property of The
Connecticut Co.has been well maintained. During the past year a divid en
of$300,000 was paid to the New Haven ,and a substantial reduction
ing to 5889,419 was made in its indebtedness, principally in notesamountdue the
New Haven.
Mention has been made in previous statements of the program of rehabilitation of the Springfield Street Ry and the Worcester Consolidated
Street Ry companies. Starting in 1927, more than $1,850,000 has been
put into the Springfield Street Ry and over $2.480,000 into the Worcester
Consolidated Street Ry for additions and betterments.
Of the total cash required to cover these betterments and improvements,
$2,494,000 was supplied by the above mentioned street railway companies
and the New England Investment & Security Co.; $1,121,000 (as of Dec.
31 1929) from equipment trust certificates; and the balance of $715,000
was advanced by the New Haven.
Although not yet reflecting all the economies which will eventually be
Possible as a result of this rehabilitation program, both of these lines have
shown an improvement In economical operation and in net income in the
last two years notwithstanding the continued decline in their gross revenues.
The New England Transportation Co. shows a deficit in income for the
year. This was due largely to the falling off in passenger revenue during
the latter part of the year. However,the combined results to the Transportation Company and the New Haven from motor coach operations co-ordinated with rail service were most satisfactory.
Motor truck freight service was commenced during the summer of 1929
by the Transportation Company in co-ordination with the steamship lines
as previously mentioned, and also in connection with rail service. At the
present time 90 trucks are in service operating on more than 50 different
routes. It Is believed that this will not only increase the freight movement
but will provide speedier and more economical service.
On April 1 1930 after a lapse of 17 years, the Boston & Maine RR. will
resume dividends on its common stock. ThLs will result in an increase in
New Haven's income of approximately $876,000 per annum, through the
medium of the Boston Railroad Holding Co.
During the present calendar year. obligations of the New Haven totaling
approximately 125,000,000, excluding equipment trust installments, will
have become due and been paid from cash or current assets. Of the above
amount, $18,137,000 matured between Jan. 1 and Mar. 1 and has been
paid. After Oct. 31 1930 the company will have no maturities of substantial amount until April 1 1940 when $23,000.000 of secured gold Os
becomes due.
The Final Valuation of the Company and its leased lines by the I.-El. 0.
Commission was filed in Jan. 1930. Including carrier and non-carrier
property, it is slightly in excess of the tentative valuation served in Nov.
1922.
It does not include anything for the company-s valuable rights in the
Grand Central Terminal, N. Y., and the line from Woodlawn, N. Y., to
the Terminal or for the Boston Passenger Terminal.
The Commission's valuation is based on reproduction cost at the pre-war
1914 price level and on the Commission's theory of valuation as reflected
in the reports issued to the varioud carriers.
The valuation does not reflect present-day conditions, or values at current
price levels, which the Supreme Court in its decision in the O'Fallon Case
stated must be given consideration in finding values, and it does not allow
the company's claim that the valuation even on 1914 prices is understated
by over $130,000,000 for owned and leased property.
The company will seek to establish its claim of valuation of all properties
held and used in the service of transportation, in accordance with the law
of the land as interpreted by the Supreme Court. 1927.
COMPARATIVE BALANCE SHEET DEC. 31.
1928.
1929.
1929.
1928.
LiabilitiesAssets--$
$
$
8
Common stock_ _y29,709,940 26,000,000
Fact'y sites, bldgs.,
Funded debt
mach'y, equip.,
15,000,000 15,000,000
Notes payable_ __ _ 2,000,000
pat'ts, patterns.
Accts, pay, and
drawings & goodpayrolls
137,425,030 34,854,668
will
2,893,997 1,933,987
16,141.633 13,598,794 Adv.rec. on contr.. 574,326 1,044,978
Inventories
Accts. & notes rec-12,432,146 8,260,214 Res. for erec. and
compl. of contr.
Lib. bonds, treas.
billed
notes.,&c.,mark1,097.860
850,210
etable secure ___ 3,584.929 3,080,009 Accrued taxes
1,372.330 1,223,408
Dividends payable
Cash in banks &
923,467
455.000
1,615,409 2,541,596 Deb.int. accrued _ 125,000
on hand
125,000
General conting __ 1,247,625 1,207,772
Land sale contracts,
outside real est.
accident comp__ 511,992
474,256
& prop. not reSurplus
17,566,931 15,782,510
quired for mfg.
1,058,097 1,096.422
operations
Def'd charges incl.
615.420
Total(each side)73,023,471 64,047,124
Unexpired ins_ _ 766,226
9
OPERATING AND TRAFFIC STATISTICS, CALENDAR YEARS.
x Less depreciation of $12,042,970 in 1929 and $11,410.060 in 1928.
1926.
shares (no par) in 1929 and 260.000 shares To
y Represented by 1,146,999
Tons of rev.freight carried 301,922798,069
30,242.341
29,970,356
29,778,516
(par $100) in 1928.-V. 130, p. 1117,800,623.
do carried one mile-3,912,924,622 3,886,041,974 3,851,910,815 3,858,673,943
Tons of revireight carried
1 mile per mile of road_
1,824,274
1,797,431
1,767,273
1,637,591
Avge. no. of tons of rev.
New York New Haven & Hartford RR.
freight per tr. mile_ -634
591
547
649
Av. no of tons all freight
(58th Annual Report-Year Ended Dec. 31 1929.)
per train mile
691
641
593
588
:Total freight revenue...._ $76,499,094 175,773.876 $75,435,062 $69,551,163
Chairman Edward G. Buckland and President John J.
Av.amt. rec. for each ton
Polley, Mar. 14, wrote in substance:
of freight
12.506
32.517
Operating revenues for 1929 included $4,270,000 applicable to prior Av. rev. per ton per mile_
1.950 eta.
1. 2,5
3 5 a.
95
1.958 eta.
2.071 eta.
years. This amount was made up of $2,401,000 back mail pay received Av.rev, per mile of road.
$35,720
$36,375
$35,250
$36.733
the U.S. Government and $1.869,00t,freight revenue covering disputed No. of interline revenue
from
divisions, principally on Canadian loop traffic.
passenger carried
1,790,137
1,815,001
1,942,275
2,008.532
This additional revenue, which after taxes amounted to $3.686,000 No. of local revenue pass.
was used in a special improvement program, over and above the regular
carried
16.916,310
16,128,653
18,967.939
20,233,124
1929 budget, to provide better passenger and freight service and facilities No. of commutation pass.
4
to the public. Charges to operating expenses on account of these extracarried
37,731,938
36,462.320
41,053,963
43.444,782
ordinary improvements amounted to 12,340.000.
After excluding the abnormal revenue items referred to, operating
Total no. of revenue
revenues totaled $138,188,670, an increase of $555,617 over tlae previous
passengers carried
54,405,974
65,680,438
61,964,177
56,439,985
year. This increase consisted principally of freight revenue $703,626. Total no. of rev, pass.
mail revenue $196,011 and dining car revenue $61,597, with a decrease
carried one mile
1,662,345,572 1,669,727,437 1,758,676,932 1,796.293.193
in passenger revenue of $428,618.
No. of rev, pass. car, one
The decline in passenger revenue was all In the local or short distance
mile per mile of road.953,476
984,225
917.583
1,038,452
travel, while through travel showed an increase. It is interesting to note Total passenger revenue
$46,842,159 $47,270,778 $49,438,067 $50,401,785
that total passengers carred one mile in 1929 decreased less than 34 of 1% Average amount received
under the previous year. Freight traffic showed a substantial decrease in
from each passenger
83.76 eta.
86.10 eta.
79.78 eta.
76.73015.
the last two months of 1929,and the decline in freight business still continues, Av.rev. per pass. per mile
2.831 cts.
2.818 eta.
2.811 eta.
2.806 eta.
although indications point to an improvement.
Total passenger service
Notwithstanding the present decline in revnue,the company expects
train revenue
8.55,270,751 $55,464,232 $57,760,662 $59,053,355
to carry through Its improvement budget for 1930, which was prepared in Net operating revenue per
the early fall of 1929.
revenue train mile..... 235.18 eta.
232.85 eta.
201.90 eta.
187.39 etsThere was a continued improvement throughout the year in operating
x Includes in 1929, $454,020, in 1928 $432.428, in 1927 $432,666 and In
performance, and new records were established in such important averages
as freight train loading,speed offreight car movement and fuel performance. 1926 $317,132, revenue from milk handled on freight trains.
Compared with the previous year, average freight train load increased
Our usual comparative income statement for the year
8.5%; gross ton miles per train hour ,which takes into account both train
load and speed, increased 7.3%. The speed of freight car movement ended Dee. 31 1929 was published in V. 130, p. 1817 di
MAR. 22 1930.1
FINANCIAL CHRONICLE
2015
the holder) at. the annual rate per share of 3-20 of a share of common stock.
The first quarterly dividends on this basis were declared by the directors
Dec. 12 1929, payable Feb. 15 1930.
The payment of dividends in the form of common stock creates a constant source of new capital, and at the same time provides a return to stockholders based on the market value of the common stock, in addition to the
return from such subscription rights as may be offered in the future.
In the payment of dividends in the form of stock scrip representing
fractions of a share Is issued to stockholders whose dividend does not consist of an even number of shares. It has been arranged for the Middle
West Utilities Securities Co.. a subsidiary, to handle transactions in scrip
for stockholders.
Stated Value of Common Stock.—Since the completion of the company's
recapitalization the common stock carries a stated value of $10 per share
and it is anticipated that this basis will be maintained in the future. The
establishing of this value maintains the approximate paid in value of this
stock as it existed prior to the recapitalization. Ten dollars per share will
be the value assigned to the stock issued as a part of the company's regular
dividend policy of paying stock dividends on the common stock. At each
dividend date the aggregate amount involved will be transferred from
earned surplus to the common capital stock account. By establishing the
value of $10 per share to this stock, the basis of the charge against surplus
for common stock dividends is not affected by the change from cash dividends to dividends payable in stock. The payment of 8% in stock results
in the same amount being appropriated from surplus for the purpose that
would be occasioned by a dividend payament of 80 cents per share in cash.
or of $8 per share before the stock split-up.
Of the amount received from the offering of common stock under the
recapitalization plan, there was credited to the common stock account the
amount necessary to give the value of $10 per share to the total shares outstanding. The excess was credited to capital surplus.
New Properties Acquired.—During 1929 two groups of public utility companies were brought into the Middle West Utilities System.
This company and its subsidiary, the National Electric Power Co.,jointly
acquired a controlling interest in the Commonwealth Light & Power Co.
which, through its subsidiary, Inland Power & Light Corp.. controls
Arkansas-Missouri Power Co., East Missouri Power Co., the Kansas
Grand total _ _600,736,455 602,999,791 Power Co., Missouri Public Service Co., Michigan Public Service Co., and
Grand total_..600,736,455 602,999,791
Delbert Public Service Co. This group of operating companies serves a
—V.130. P. 1817.
total of 360 communities.
The company also acquired the entire outstanding common stock of
United Public Service Co.. whose subsidiaries serve 258 communities.
Middle West Utilities Co.
Among the larger companies of this group are the United Public Utilities
Co.: the Kentucky Power & Light Co.; the Buckeye Light & Power Co.,
(Annual Report—Year Ended Dec. 31 1929.)
in Ohio; Fort Smith Gas Co., in Fort Smith, Ark.; Greenville Electric Light
& Power Co., in Indiana and Ohio; North Dakato Power & Light Co.; and
President Martin J. Insull reports in substance:
Northern Power & Light Co., in North and South Dakota.
A controlling common stock interest was acquired in the Great Lakes
Business and Earnings of Subsidiary Cos.—The gross earnings of the subsidiary companies for 1929 (Including gross earnings of companies acquired Power Co., Ltd., in which the Middle West company had owned a partial
during 1929 only from the dates of their acquisition) aggregated $162,337, interest for several years. This company operates in Sault Ste. Marie.
274, which is $12,269,890 or 8.18% more than for the year 1928. This in- Ontario, Canada. The Middle West company also acquired the entire
crease was made notwithstanding the transfer, to an affiliated company, outstanding common stock of the Holland Gas Co.. and the Albion Gas
of a group of properties having gross earnings in excess of $11,000,000. Light Co., operating in Michigan. and a controlling common stock interest
The companies' net earnings for the year were $63.286,380, an increase of In the Pecos Valley Light & Power Co.. operating in the western part to
Texas.
$6,306,238 or 11.7% over the net earnings of the preceding year.
So broadly distributed are properties in the Middle West Utilities System
Sales of gas and electric labor-saving devices and lighting equipment
during the year totalled $14,645,434, a gain of 14% over sales in 1928. at this time that additions to the System almost necessarily are advandemand for electricity and gas, tageously located in relation to existing properties, with respect to possible
These appliances add to the continuing
especially in the domestic field, and the benefits of the year's merchandising interconnections as well as co-ordination of management and supervision.
This was true of the acquisitions during 1929, especially those located In
efforts will, as a consequence, be felt continuously in succeeding years.
North and South Dakota, Ohio and Kentucky.
Financial Operations—Recapitalization.—A substantial reduction in
The number of communities served by the Middle West Utilities System
Interest and dividend charges having priority over common stock °arable, at Dec. 31 1929, was 4,405. compared with 3,679 at Dec. 31 1928.
will result from the recapitalization carried out by the company during 1929.
capitalization and a decrease in
Corporate Rearrangements.—Simplifications of corporate structures were
Through an increase in common stock
securities senior to common stock, a material improvement in the company's made wherever feasible during the past year.
The Seaboard Public Service Co. was formed as an intermediate investthe basic equity underlying all the
financial structure was effected, and
securities issued by the entire Middle West Utilities System was increased ment company of the National Electric Power Co. group to control the
companies of that group in Virginia, Maryland Delaware, North Carolina,
and strengthened.
As the recapitalization was completed late In the year. comparatively Georgia and Florida. The Northwestern Public Service Co., heretofore a
little of the increased earnings to common stocl is reflected in the results direct subsidiary of your company, was transferred to the control of the
North West Utilities Co. A group of operating companies in Vermont
for the year 1929.
Public Service Corp. The KenFollowing are the details of the recapitalization: On Nov. 15 477,727 new were unified into the Central 'Vermont assets of its subsidiary, Kentucky
stockholders being given the right to tucky Utilities Co. acquired the physical
shares of common stock were issued,
Co., and the Wisconsin Power & Light Co. acquired the
subscribe to one share of common stock at $200 for each four shares of Hydro Electric
Wisconsin Electric Co. The
stock of all classes held of record Sept. 28 1929. Upon the issuance of this physical assets of its subsidiary, Southernproperty of the United Utilities
additional common stock on Nov. 15, each share of common stock then out- Illinois Northern Utilities Co. acquired the West Utilities Co.
of Middle
standing was changed into 10 shares. At the same time the company called Co., heretofore a direct subsidiary
The company's interests in the State of Indiana were transferred to Midfor redemption its prior lien and pref. stocks of $100 par value, on which
owns a substantial
dividends were being paid at the rate of 8% per annum. In addition, in land United Co., in which the Middle West company Interstate Public
view of the decreased value of their pre-emptive common stock subscription interest. The properties thus transferred included
number of shares of common stock Service Co. and Indiana Hydro-Electric Power Co., heretofore subsidiaries
rights resulting from the increase in the
Co.'sinterest
the company °ailed for redemption the $6 dividend series non par prior of Middle West Utilities Co.. and the Middle West Utilities
lien stock and $6 dividend series non par pref. stock. The company also In American Public Utilities Co.
issued 521,923 shares of e6 cony. pref.stock,series A. Holders of the called
Stock Sales of Subsidiaries.—The subsidiary companies sold during the
prior lien and pref. stocks were given the right to subscribe to one share of year 381,223 shares of their prior lien and pref. stocks. The total number
the new issue for each two shares of the called stocks held of record Sept. 28. of stockholders of all subsidiaries at the close of the year was 232.201. In
The $6 cony. pref. stock, series A,is convertible prior to redemption, at the addition,stock had been sold at Dec. 31 1929, to 8,868 subscribers on the
holder's option, into two shares of common stock on or before Dec. 31 1932; partial payment plan. Customer ownership continues to be an important
into 1% shares of common stock after Dec. 31 1932 but on or before Dec. consideration of the company's subsidiaries.
31 1935; and into 1
shares of common stock after Dec. 31 1935. In
Surplus and Reserve Accounts.—The various surplus and reserve accounts
addition, this issue was accompanied by two warrants, one of which entitles belonging to the company now aggregate $75,585,715, made up as follows:
the holder to purchase one share of common stock at $40 during the year
$11.722,334
1930, and the other to purchase one share of common stock at $45 during Earned surplus on the books of the company
22.114,802
the year 1931.
Capital surplus on the books of the company
1344,485
The company's entire funded debt, consisting of $20,000,000 in 534% Reserve accounts carried on the books of the company
serial gold notes, was called for redemption on Dec. 2 1929.
carried on the books of
Ins, funds held by ins, trustees—not
1.801.574
Such features of the recapitalization as were not already within the proMiddle West Utilities Co.or of the subsidiary companies
visions of the company's charter were authorized by an amendment to the The company's proportion of the aggregate surplus carried on
x38,802.520
charter of incorporation, adopted by the stockholders on Sept. 16 1929, prothe books of the subsidiary companies
viding among other things for an increase in the authorized shares of stock
$75,585.715
of the company and a change of certain authorized but unissued shares
Total
having a par value of $100, into shares without par value; for the issuance
x Of the aggregate surplus $18,988.869 after all adjustments due to conof cony, prior lien and pref. stocks; and for the modification of the provision
of the
that new common stock must invariably be offered to present stockholders, solidation of properties, &c., has accrued since date of acquisition
to permit the company to pay dividends in the form of common stock, to subsidiary companies.
issue common stock for the retirement of securities senior to the common
stock, to issue common stock to comply with the provisions of any stock COMBINED EARNINGS OF SUBSIDIARY OPERATING PROPERTIES.
purchase warrants issued by the company.to issue now shares in the process
1926.
1927.
1928.
1929.
Calendar Years—
of splitting the common stock, to sell common stock to savings or invest1162.337.2741150.067.384 896.659.078 886,340.418
ment funds established for the benefit of employees of the company and its Gross earnings
subsidiaries, and to issue common stock purchase warrants and securities Net (aft.op.exp.& taxes) 63.411,293 57.233,304 35,951.380 31.071.020
373.772
360.605
618,860
369,917
convertible into common stock, without first offering such securities to Rents on leased prop's-present stockholders.
$56,614.444 135.590.776 130.697.248
Total
863.041.376
Besides effecting a substantial reduction in senior capital charges through
the retirement of funded debt and of prior lien and pref. stocks bearing Add prop'n of net earns.
218.462
287.319
365.699
245.005
accruing to M.W.1.1.interest rates of 8%, this recapitalization establishes a financial structure
which is more than ever capable of maintaining a continuous flow of inTotal
$63.286.381 $56,980.143 $35.878.095 130.915.710
vested capital, a primary need in your company's function of financing
growing public utility services. The creation of senior securities convertible Deduct—Bond debentures
&c., interest charges
into common stock, expedites the company's financing by making its
22,919,925 22.442.576 12.347.406 11.188.803
(outside holders)
security offerings conform to the preferences now manifested by investors.
Furthermore, the split-up of the common stock, making it purchasable at a Yearly amount of Ws1.175.392
1,503,824
2.257,892
Count on securities_
2.164.052
lower price per share,encourages a wider distribution of the stock by placingc
it within the reach of more small investors. This is attested by the increase Divs, on stock & prop'n
of undistributed earnin the number of stockholders to 64,188 at Dec. 31 1929, compared with
ings to outside holders 20.673.056 19.889.867 12.465.289 10.186,643
35,816 on Sept. 30. and 39,931 on Dec. 31 1928. All partial payment
subscriptions were represented by one stockholder at Dec. 31. because all
Total earns, accruing
deferred payments were underwritten and paid to the company by the
to Al. W.Util. Co- —517,529.347 112.389.808 89.561,576 88.364.872
underwriters at the close of the subscription period, and the stock thus
subscribed was issued. When this stock Is transferred to the subscribers Of the above amt. M.W.
Util. rec. & accr, as
upon the completion of their payments the number of stockholders will be
166.538
142,004
728.145
266,097
int. on bonds & deb-further increased.
as
1929 aside from the recapitaliza- Rec. & accr.on int. &
Financial operations carried out during
money
brokerage
tion operations included the issuance of 266,102 shares of common stock in
194.234
249,443
1,098.914
613.663
advanced
accordance with rights offered to stockholders of record Jan. 2 1929, to Rec.& accr. as dividends
to subscribe to one share of common stock at $130 for each 6 shares of
5.977.189
5.129.336
9,196,570
7.865.813
on stock
stock of all classes then standing in the stockholder's name on the books of
the company; and the retirement, on Feb. 20 1929, of $10.000.000 of 53i%
$11.023.629 18.745,573 16.368,637 15.490.109
Total
serial gold notes.
M. W. Util. prop'n of
surplus carried to agDividend Basis.—A further provision of the company's recapitalization
gregate surplus acct.of
was the placing of the common stock, on a dividend basis of8% in common
the sub. cos. on their
0
stock annually, payable 2'7 quarterly; and the $6 cony. pref, stock, seriesf
$6,505,718 13.644.234 13,192.939 $2,874,763
own books
A,on a dividend basis of $13 per share annually in cash or (at the election o
CONSOLIDATED BALANCE SHEET DEC. 31.
1928.
1929.
1928.
1929.
$
$
Liabilities—
Assets—
$
$
& equIp-352,418.073 351,208,705 Preferred stock_ 49,036,700 48,812.610
Road
Common stock-157.117,900 157,117,900
Impts. on leased
railway prop_ 12,519,877 12,520,953 Prem. on cp.stk. 12,538,038 12,538,037
502,061 Grants in aid of
528,049
Sinking funds__
13,724
5.946
construction _
Depos. In lieu of
Mtge. bonds-- 99,393,000 100,040,000
mtged. prop486,251 Debentures_ _ _ -125,221,000 125,723,600
140,285
erty sold
Misc. phys. prop 1.395,939 1,004,105 Equip. oblIg'ns_ 15,180,000 16,888,000
5,131,133 Misc. obliga'ns_ 31,219,200 39,496,400
Stocks pledged_ 5,131,133
124,580.913 123,334.860 Non-negot. debt
Unpledged
122,352
. 121,777
.
4,8F)1.) 1 4,880,000 to attn.cos _
Bonds pledged
Unpledged _ _ 24,208,S-4 25,784,628 Traffic & car service bal. Pay - 4,337,866 4.765,347
Notes unpledged 24,398,552 24,675,041
Advs. unpledged 14,396,344 14,749,338 Audited Beets &
wages payable 3,505,289 3,832,540
8,382.408 7,407,542
Cash
Mat'd int., dive.
Time drafts and
& debt, incl.
7,925,188
deposits
5,916,446
mlscell. accts.
Misc.accts. rec_ 3,401,766 3,502,670
1,744.405 2,060,928
paysble
Math & supple 10,269,442 11,470,536
10,731 Unmatured dive.
3,489
Loans & bills rec.
3,214,911 2,413.677
45,737
66,612 declared
Oth curr. assets _
Deferred assets_ 2,333,674 2,404,071 Unmat'd interest
2,847,830 3,326,514
and rents
Rents & Insur.
80,716
71,943
0th. curr. Ilan.
prem. paid in
advance.&c__ 5,785,483 5,935,301 Deferred Ilabils_ 13,498,369 14,314,679
16,323,438 16,585,174
Unadj. credits
Accrued depree. 40,376,866 39,311,268
Corp. surplus:
Add'ns to pron.
through Inc. &
1,536,633 1,343,526
surplus
485.150
460,946
Bk. fd. reeves
P. & L.surplus_ 22,952,417 13,759,629
1
2016 .
FINANCIAL CHRONICLE
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
1929.
1927.
1928.
1926.
Int. rec. & accr. on Nis.
and debentures,&cMisc. int, on bank balances,&c
Divs. on stocks of sub.
companies
Int. rec'd on bonds and
notes of outside cos_
Dias on stocks of outside
companies
Profit sale secs. to sub.
cos., and others
Profit from sale of propperty,&c
Fees for eng.,&c.,sub.cos
Miscellaneous income-
12.257.795
1879,760
$391.447
83,124
80,235
60,033
174.577
9,468.137
7.865,813
5,977,189
5,129,336
822.658
683,757
74.772
2.235.863
227.210
517,824
511,050
4.219.969
4.202.164
3,248,488
3,043,229
317.893
22,530
356.690
92.393
343.541
94,543
1360.773
92,688
276,662
Total income
818,605.312 814.328.924 111.318,824 $9.663,087
Deduct-Adm.expenses- 1,416,419
1.102,758
1.252.319
944,843
Int. on coll. notes & bds _
73,203
48.021
Int. on 5)i% gold notes. 1,084.680
568.334
Int. on stk. subscr. pay_
214.255
245.671
Amort. & exp. on notes_
237,423
448.258
Other interest
121.431
277,439
Misc.charges
50,668
170.834
55.291
161.295
Prov.for taxes
118.794
148.410
351,723
Net income
115.150.807 111.819,475 19,618,506 $8,231,488
Divs.paid & accr.to date*
On prior lien stocks_
2,528,911
2,473.548
2,628,536
2,365,546
On cumul. pre.stocks_ 4,139,330
4,233,960 3,349,495 2,445,179
On common stock_ _
2.272.014
5,212,695 3.492.469
2.046,666
Balance,surplus
$3.269,871 $1,484,507 31.523,449 31,374,097
Shs.com stock outstanding. Dec. 31 (no par). 13,447.630
435,736
462,079
595,404
Earned per share
$8.32
$8.43
x10.63
$7.85
x On above said number of shares after 10
-for-1 split-up and rights to
stockholders.
Note.-IncludIng 17,360,502. proportion of sub. cos'. undistributed
rienr. .
3 for 1929
ngs es l
f ; .4
West
weo
o,
avUtilities ?3c 9erzliti
equal to $1..1.8to *il areli n an
3erag
1
a l dd O
common stock after split-up, and compares with 8,863,527. or 81.63 a
ar
share on an average of 5,436,470 shares (figures on the basis of a 19
-for-1
split-up) in 1928.
BALANCE SHEET DECEMBER 31.
1929.
1928.
1929.
1928.
AssetsLiabilities$
$
$
$
Investments _ -e206,817,296 172,730,260 Corn, stock...11134,479,900 50,319,552
Advances to sub$6 conv.pref.stke52,192,300
sidiary cos_ -- 7.268,621 5,282,807 Prior lien stock c
38,702,240
Advances on unPreferred stockd
55,083,256
closed contr'ta 2,966,880
1,338,845 53% serial gold
Unamort. disc.
notes
30,000,000
exp. on 544%
Def'd pay'ts on
gold notes_
purch.contr'ts 1,195,000
843,275
637,500
Int. & dim rec_ 2,371,240 1,452,390 Divs. payable_
1,037,058
Cash
4,309,615 2.809,215 Accts. payable_
. 127,137
21,314
Notes & accts.
Notes payable__ 1,000,000
receivable. _ _ _ 2.204,189
Interest accrued
700,277
Due from subscr.
282,312
Diva. accrued_
391,442
to corn.stock_
130,282 Pr. lien & pref.
Prepaid expenses
'5,822
23.816
stks. called for
redemption _ _ 1,394,549
Conting't res. __ 1,144,485 1,000,000
Taxes accrued_.
125,000
199,708
226,924
Res. for financ's
Surplus (earned) 11,722,3341 8,452,463
Tot.(ea. side)225,961,657 184,592.897 Capital surplus_ 22,114.802)
a Being stocks of subsidiary companies and other investments. b Represented by 13,447.990 shares of no par value. c Represented by 305,781
shares of 7% stock of 1100 par value and by 65,742 no par $6 dividend
shares or $6,124,140. d Represented by 400,000 shares of 7% cumul. pref.
stock of $100 par value and 170.000 $6 dividend shares, no par value, or
115,088,256. e 521,923 shares, series A, with a liquidation value of $100
per share.
-V. 130. p. 137.
American Rolling Mill Co.(& Subs.).
(29th Annual Report
-Year Ended Dec. 31 1929.)
[Vol,. 130.
CONSOLIDATED COMPARATIVE BALANCE SHEET DEC. 31.
1929.
1928.
1928.
1929.
Assets
Real est., bldgs_ 89,235,948 83,819.919 6% cum. pf.stk.
88,400
88,400
Invest. in other
6% pf.stk.(new)
5,000,000
companies
6,431,802 6,636,075 Common stock_ 35,715,575 30,024,975
Inventories.. _ _ 21.896,468 19,133,635 Corn. stk. scrip_
13,526
17.805
Accts. and notes
Minority stocks
receivable_ _ _
4,593,022 5,101,573
of subsidiaries
52,020
54,720
Marketable secs.
488.507
384,954 5% sinking fund
Duefrom employ 2,398,830 1,054,559
gold debt.... 23,971,000 24,534,000
Cash and U. S.
Serial 5% notes. 1,750,000 2,250,000
Liberty bonds,
Sundry subs.dts.
348,782
121,004
&a
1,746.135 3,043,986 15-yr.6% sk.fd.
&curs, in hands
gold notes_
5,000,000
of trustees._
66,400 Curr. notes pay.
66.400
500.000
250,000
net, debit items. 1,964,183 1,497,014 Accts. payable_ _ 7.170,178 3,961,290
Goodwill & pats.
1
Accrued payrolls
taxes, &c___ - 1,178,193 1,143,451
Divs. payable_
715,723
600,871
Depr. & depl. of
prop. reserve_ 24,568,847 22,073,210
Fed. taxes (est.)
618,338
813,728
Other reserves__
776,869
828,198
Total(each side)128,819.297 J20,738,096 Surplus
31,572,644 23,755,643
-V. 130. p. 1279.
Texas Corporation.
(Annual Report-Year Ended Dec. 311929.)
A comparative income account and balance sheet as of
Dec. 31 1929 were published in the advertising pages of last
week's "Chronicle."
President R. C. Holmes in the annual report for 1929
states in substance:
Earnings for the year available for dividends and surplus, after deductions
for Federal Income Taxes and all reserves, were $48,318,072 being 85.12
per share on the average of 9,433,164 shares outstanding during the year,
as against 645,073,879, or $5.56 per share on the average of 8,107,763
shares outstanding in 1928. As of April 2 1929, 1.403,671 new shares
were issued and became outstanding pursuant to the offer to stockholders,
on Oct. 16 1928, of additional stock at 840 per share in the ratio of one
share of new stock to each six shares then held.
The desirability of providing more fully for the financial needs of the
corporation became evident after the middle of the year, and at a special
meeting ofdirectors Oct.8 1929,plans were made for the sale of$100,000.000
convertible sinking fund 5% gold debentures, dated Oct. 11929. due Oct. 1
1944. On Nov. 6 1929, stockholders ratified and approved the ssuance
and sale of the debentures, and further authorized an increase in the capital
stock from $250,000,000 to 8350,000.000. The purpose of the stock increase was to make provision for the conversion feature of the debentures
and to have treasury stock available for possible future requirements.
Investment Expenditures during the year by departments or divisions of
activities were $82,562,621 as follows:
Producing
321,164.067 Tank farms and tankage $3:131:9 1
9 529 543
Refining
27.845.823 Pipe lines
Sales: Domestic & foreign 19.072,952 Other facilities
1,818,282
Producing Operations
-Gross production of crude oil
-(1) United States.
for year amounted to 50,410,685 barrels, an increase Over 1928 of 6,140,715
barrels, or 13.9%. Net interest in the production, plus oil produced by
others for company's account, amounted to 43,599,124 barrels, as compared
to 38.594,965 barrels in 1928. On the last day of the year gross daily
drziuctioin.
p
ehut n was 129,110 barrels, with approximately 43,009 barrels Per
In June company acquired the producing properties of the Josey Oil Co.
in Oklahoma, consisting of 2,563 acres of producing leases and 1,256 acres
of undeveloped leases, together with 66 oil wells having a net daily production of 1,760 barrels.
Acreage held at the end of the year amounted to 5,631.424 acres.
Drilling operations throughout the year were confined almost entirely
to necessary offset wells for the prevention of drainage and for the protection
of expiring leases.
As a result of excessive overproduction in California, principally in the
deeper sands at Santa Fe Springs, company's stocks of crude in California
during the year have increased 7,457.653 barrels.
Company's natural gasoline (casinghead) production Increased 1,231,720
barrels, or 64.2% over 1928, the increase being principally in California.
(2) Venezuela and Colombia -In Venezuela company's subsidiary, Texas
Petroleum Co. in 1929 acquired 53.906 acres of exploration and exploitation
concessions, making the total acreage held at the end of the year 160,273
acres. Through the California Petroleum Corp. of Venezuela company
had a one-half interest at the end of the year in 731,327 acres of exploration
and exploitation concessions in Venezuela.
The Texas Petroleum Co. held in Colombia at the end of the year a total
of 797,810 acres in fee and under option.
Pipe Lines.
-During the year pipe line runs aggregated 61.168,061 barrels, an increase of 9,068.596 barrels over the previous year, and in addition
2,796.072 barrels of distillate were moved to Pt. Arthur from our refineries
at Tulsa, Dallas, Shreveport and Houston. Oil transported for account o
others totaled 2,630213 barrels.
The three major pipe line projects, referred to in the annual report for
1928, were completed and started operating during the year. These three
main line projects with branch lines, &c., aggregate 2.100 miles.
Refining.
-Crude oil run to stills during the year amounted to 57,323,200
barrels, an increase over the previous year of 2,239,677 barrels, or 4.1%.
Gasoline manufactured aggrated 29,057.997 barrels, an increase of
3,853,977 barrels, or 15.3%. The Percentage of gasoline manufactured
from crude run at refineries, excluding operations of the California company,
reached a new high average for the year of 53.9%,as compared with 51.1%
in 1928. Including the California company, where company is not as yet
so well equipped with cracking facilities, the percentages were 48.3%
for 1929, as compared with 43.8% for 1928.
The year marked in this department a period of heavy construction which
will continue in 1930. Additional refineries were completed and put into
operation during the year at Cody. Wy_o„ in May; at San Antonio and
El P880, Tex.,in July, and at Houston, Tex., in August.
During the year 24 units of pressure stills, built in 1920. were retired.
Nevertheless, with new and improved units in operation the total charge
to pressure stills amounted to 39,438.440 barrels, an increase of 15.3%
oofverthe year.l928.
Fifteen additional units ware under construction at the and
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1928.
*1927.
1926.
Net sales
870,434,232 861,867,914 $39,087,519 834,958,843
Cost of sales
47,251,060 44,200,983 28,427,895 23,441,176
Maint.& repairs to plant 8,437395
5,611,595
3,728,331
3,362,562
Depreciation reserve2,997,658
1,457.378
2,491,870
1.405,008
Gross profit from oper.$11,748,320 $9.563,466 $7,473,915 86,749.897
Other operating income_
55.295
Total income
111.748,320 $9,563,466 87.473,915 86,805,192
Admin.& selling exp_
4.674,658
4.840,385
3.348.914
2.470,971
Net profit
17.073,662 84,923,081 14,125.000 34,334.221
Other income
1.233.577
4.047,934
523,780
699.915
Gross inc. (all sources) $8,307,239 88.971.016 $4,6400780 85.034.138
Interest paid
1,578,033
446,551
1,481.726
437,065
Federal taxes
618,636
814,256
459.664
533,020
Net Income
$6,110,570 86,1375.034 $3,748.565 $4,064,051
Cash divs.-6% pref.1,320
1,320
1.320
1.320
6% cum. pf.stk. ser. A
50,000
7% cum. pref. stock
813,771
199.568
824.842
Corn. stock (8%).--- 2,787,623
2.342,444
1,911,682
1,807,545
Stock divs. on common_ 1,689.228
1,425,030
1,165,067
1.102,035
Balance, surplus
81,582,398 $2,706.672 def$143.276
8328,309
Final surplus
31,572,844 23,755,643 12,789,060 12.432,391.
Shares cora, stock outstanding (par $25)-_- 1,428.623
980 914
1.200 999
925 527
Earned per share
84.24
.39
.49
.99
*Exclusive of Columbia Steel Co. and Norton Iron Works. Inc., acquired during 1927.
CONSOLIDATED SURPLUS ACCOUNT YEARS ENDED DEC. 31.
1929.
1928.
Balance forward
$23,755.643 $15,074,339
Sales.
-Gasoline sales for the year amounted to 30,459,598 barrels, an
Less stock dividend on common stock
1,689,228
1,425.030 increase of 12.9% over 1928. Lubricating oil sales increased 11.5%.
Sales of other products also generally showed satisfactory increases.
Balance
322,086,414 813,649,309
Texaco products were introduced in California on June 1 1928. and are
Net income for the year per income account above- 6,110.570 6,675,034 now
well established on the Pacific Coast.
Premium on sales of common capital stock
8,158,250
8,257,024
the National Code of PracDuring
Revaluation of plant property
384,307 tices for the year the company subscribed to
Marketing Refined Petroleum Products which was sponsored by
Royalties applicable to prior years
20.645 the
nPetrole929.
in j
Institute and promulgated by the Federal Trade
u 1u mns
Adjustment of reserve for doubtful accounts
54,090
25.000 Commission
July
Profit from sale of Ashland Coal & Iron By Co---45,719
Company's domestic distribution of aviation gasoline and airplane motor
oils has progressed in a very satisfactory manner.
Total surplus
836.533,818 128,910.545
The trend
Cash dividends: 8% cum. pref. stock
1,320
1,320 continued. toward iacreased taxes on sales or consumption of gasoline
6% cumulative preferred stock series A
50,000
Construction
7% cumulative preferred stock
199.568 distribution to program in foreign fields,converting case and other package
bulk distribution, started in 1928, was continued during
Common stocks
2,787,823
2,342,445 1929. Bulk
distributing facilities were completed in the West Indies,
Call premiums on bda., notes. & pref. stirs. retired.
Brazil, South Africa,
the
& write-off of related unamort. disct. & expense1,709.797 Can manufacturing Australia, Now Zealand and the Philippine Islands.
508,900
facilities were also installed in
Phillippine Islands.
Loss on investment in the Ashland Steel Co
532,981 In England
company completed and put into operation bulk facilities for
Loss on disposals of plant property
290,817 the distribution
894,941
of lubricating oil.
Prior years Federal taxes
12,932
108,413
L088 on investment In the Norton Iron Works,Inc..
Marine.
-The fleet during 1929 was operated to capacity and with in25.286
creased efficiency. The S. S. Virginia. which was laid up in 1928 for lack
Adj. book value Fort Creek tract leasehold
238.478
of cargo, was put into commission, and additional tankers under satisfacRevaluation of investments
173.056
tory charter rates and conditions were employed in carrying the excess of
Adj. of inventory
130,579
our requirements over the capacity of our own fleet.
Excess of cost ofsubs. sties. over net worth at dates
of acquisition
Railway 7'raffic.-The results obtained from the operation of our tank
40.306
Miscellaneous deductions
39.756 car fleet show a further improvement over the year 1928. The average
31,560
number of tank cars in service increased 6.0% over the previous year, while
i'
Balance. Dec. 31 1928
831,572,644 $23.755,643 car loadings increased 12.0% and total car mileage increased 10.7%.
Man. 221980.]
FINANCIAL CHRONICLE
2017
he average miles traveled per car increased in excess of 4%. Tank cars
In service at the end of the year totaled 6.841, of which 4.465 were owned
Tide Water Associated Oil Co.
and 2,376 leased.
(Annual Report
-Year Ended Dec. 31 1929.)
Sulphur Operations.
-Results from sulphur operations at Hoskins Mound,
Tex., under company's contract with the Freeport Sulphur Co. and
President Axtell J. Byles, March 8, wrote in part:
company's interest in sulphur production at Boling Dome, Texas. from
were
During the year the outstanding shares of common stock
favorable. Net revenue from all sulphur operations amounted during the
through the acquisition of additional shares of the commonwere increased
year to $3,664,331.
Water 011 Co. and Associated Oil Co. and the sale of 100,000stock of Tide
shares at $20
Distribution of Stock.
-On Dec.31 1929. there were 65.898 stockholders, per share. The company's percentage of
ownership of the
an increase of 15,378 during the year.
of Tide Water Oil Co. has been increased from 78.76% oncommon stock
Dec. 31 1928
to 97.50% on Feb. 28 1930, and of the Associated Oil Co. during the same
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS,
period from 95.13% to 97.24%.
It has been the company s practice to report income on a comparative
1929.
1927.
1928.
1926.
basis, but inasmuch as this occasionally requires adjustments in figures
Gross earnings
213.262.170 196.234.235 141.12$.857 166.17,513 previously submitted it has been determined to follow the common practice
Oper. admin.,&c.,exp.-111,011.369 97.488,544 80.539,913 98,227.684 In the industry by eliminating comparative income accounts
from the
Depreciation,&c
24,259.015 25,528,614 21,189.642 17,760,056 published statements.
Depletion
The volume of business transacted by the company in the past year was
7.699,202 8.115,057
7,553.475
Federal taxes
the largest in its history, an increase of approximately 820,000,000 over
x11,194,797 10,771,192
7,168.247
Intangible devel. costs.... 12,275.388 10,543.028 8,470.421 4,750,000 1928. In view of this increase, 1929 earnings were unsatisfactory.
This
Interest charges
is primarily due to the fact that Tide Water Oil Co., a large buyer of crude
2.827.583
1.907.566
576,577
Inventory adjustment
9.392.441 for its Eastern refinery, paid about 12.500,000 more for crude in 1929
Net operating income- 43.994.815 41.880,232 15.627.581 36.043,330 than for a comparable volume in 1928 because of higher posted crude prices,
and received about $3,600,000 less in 1929 for a comparable volume of
Other income
4.297.231
3,087.302 4.401.824
manufactured products due to lower prices in its Eastern marketing area.
Total income
48,292.046 44.967.534 20.029.405 36.043.330 It is expected that developments now under way by the producing
division
Cash dividend
28.494,459 24.306.712 21,180.916 19,734.000 of Tide Water Oil Co. will go far toward correcting its unbalanced
crude
Balance to surplus.- _ 19.797,587 20.660,822 df1,151,511 16.309.331 position.
Previous surplus
During 1929 a volume of retail sales business was established in the
131.247,826 111,059.396 128,528.708 113.466,023
Adjustments
Dr.360.464 Dr.578,737
Cr.87.022 Dr1.412,812 Eastern area which materially reduced the per gallon cost of distribution.
Stock dividend (10%).
By the installation of the most modern equipment in its refining plants
Loss appllc. to min. Int_ Cr.26,026 Cr.106,346 16,404,825
the company has increased Its yield of high realization products and reProfit & loss. surplus-150,710,975 131,247,826 111.059.395 128.362,542 duced its costs.
Shares of cap. stk. outIn conjunction with H. A. Brassert & Co., Tide Water Oil Co. has develequipment for the coking and cracking of non-commercial
standing (Par $25)- - oped a
7,219,243
6,578.000 residuenew type of
Earn. per sh.on cap.stk. 9,850.050 8,443.354
and the production of metallurgical cokes, which eliminates hand
$5.43
$2.77
$5.48
x In addition to the amount$4.90
of taxes shown there was paid (or accrued) still cleaning and coke handling. The equipment is protected by patent
for State gasoline taxes the sum of $30,002.644.
and the first license to outside companies for a battery of these units has
been granted. It is believed that the process will prove a source of subCONSOLIDATED BALANCE SHEET DEC. 31.
stantial profit to the company.
1929.
Associated Oil Co. has joined with the Mitsubishi interests. industrial
1928.
1929.
1928.
Assets$
leaders In Japan, in the organization of a corporation, to be known as
Liabilities5
$
$
Tot.fIxedassotsa311.820,099 266,381.138 Capital stock--246,251,250 211,083,850 Mitsubishi Oil Co., for the purpose of refining and marketing petroleum
Cash
27,926,202 25,387,133 Surplus
198,838,861 158,263,763 and its products throughout the Empire of Japan and adjacent countries.
Marketable secs. 49,727,695
It is expected the refinery will be in operation within a year. affording an
Accrued nab...
Accts. receivable 46,029,801 32,465.950 Divs. payable- 11,018,531 9,727,536 additional outlet for Associated Oil Co.'s crude and adding materially
7.387.940
Notes receivable 2,290,517 1,933,334 Funded debt...123.416,763 6,332,533 to its revenue.
26,112,745
Bond sk. fund_
702.000
During the year Tide Water Oil Co. exchanged its 51% interest in Tidal
218,000 Cap,and surplus
Other curr.assets
714,571
of min. Int...
65,472
407,138
582,528 Osage Oil Co. for a 31.06% interest in Darby Petroleum Corp. thus
Investments __ _ 13,439.556 6.200,897 Rec. on stk. substrengthening its crude position and avoiding the complications heretofore
Merchandise__ -135.8.50.408 116,073,739
scrip.warrants
1,215,165 occasioned by operating a 100% owned subsidiary (Tidal Oil Co.) and
Storehouse sup's 7,165,934 6,669.261 Accts. payable__ 21,164,716 17,114,852 a 51% owned subsidiary (Tidal Osage Oil Co.) in the same general MidDeferred charges
Notes payable__
29,091,775 Continent area.
to operations_ 12,186,300 6,323,439 Deferred credits. 1,367,886 2,293,613
In September the Bradford Transit Co. was organized and took over all
of the gathering lines in the Bradford and Allegany Pennsylvania crude
Total
609.853,084 461,818,364
Total
609,853,084 461,818,364 fields belonging to the South Penn Oil Co., The Tide-Water Pipe Co.,
a After depreciation, depletion and amortization reserves of $215.342.035. Ltd and Emery Mfg. Co. The Bradford Transit Co. Is owned equally
-V.130. P. 1479.
by the South Penn Oil Co. and Tide Water Oil Co.
Tide Water Oil Co. (8c Sub. Cos.).
(Annual Report
-Year Ended Dec. 311929.)
Operations of Tidal Osage 011 Co. have been included in the consolidated statements commencing Jan. 1 1927. For proper comparison, the
published consolidated figures for the year ended Dec. 31 1926 have been
revised in the statements to include operations of Tidal Osage Oil.
COMPARATIVE CONSOLIDATED STATEMENT OF INCOME FOR
CALENDAR YEARS.
Total volume business by
Tide Water 011 Co. &
subs,as represented by
their combined gross
1929.
1928.
1927.
1926.
sales & earnings excl.of
Interco. sales & trans.$120.131.729 $95,590.614 $86,092,718
$90,312,621
Total exps. lucid. to oper.
Includ. repairs. maint.,
pons'ns,admin..Justin,
retire, of phys, prop.,
cancel, of leases. devel.
exp.on both productive
& unproduct e acreage,
abandoned wells & all
other charges, except
deprec. & depletion &
Federal income taxes-107.616.604 78.550.616 75,161,252
75,051,191
Operating income- -.412,515.126 817,039,998 $10,931,466
$15.261,430
Other income
2.503.441
3,450,064
1.008,825
1.161,693
Total income
115.965.190 $19.543,439 $11,940,291 $16.423,124
Depreciation & depletion
charged off
6,870,834
7.812,331
7,490.558
7,690.867
Cancelled leases.
- 2.434,631
Estim. Fed Income tax1,295,234
472.000
145.500
1,052,188
Net income
$6.187,724 $10.435.874 $4.304,233 $7.680,069
Outside atk.,prop.of prof.
1.010.144
1,272.846
1.168.139
Tide Water Oil Co.stockholders propor, of prff. $6,187,724 $9,425,730 $3,031,387
Surplus at begin, of year 26,691.724 22.040,017 25.888.289 $6.511.930
23,600.515
Total surplus
Adjust applic.tosurplus $32.879.448 $31.465.747 $28.919.676 $30.112,445
of prior years
Dr.718,4117 Dr2,002,660 Dr3.734.002
Cr.65.336
Balance, surplus
$32.161,041 $29,463.087 $25.185.674 $30.177,782
Preferred dividends.-- 1.006.018
1,035.260
1,035,260
1.075.003
Common dividends
1,751 523
1.736.103
2.110.397
3.214.490
Earned surp. end of yr.829,403.499 $26,691.724 $22,040,016 $25.888,289
Paid-in surplus
1.555.872
1.432.839
1.321.786
1.321,736
Total net comet.surp-$30.959,371 $28,124,563 $23,361,803
$27,210.025
Shs. corn. stk. outatand.
(no par)
2.178.776
2,191.820
2,168.413
2,158,047
Earnings Per share
$2.36
$3.85
$0.92
$2.52
COMPARATIVE CONSOLIDATED BALANCE SHEET
-DECEMBER 31.
1929.
1928.
1929.
1928.
AssetsMat:Wes$
$
$
$
011 producing__ 37.272.072 54,125,704 5% way. pt. stk 19.944,600
20,325.500
Refining
38446,328 34.544,639 Common stook- x54,795,500 54,469,400
Transportation,. 26,591,848 26,447.035 Surplus
30,959,371 28,124,563
Marketing
19.191.715 .12,109,271 Minority int. in
Miscellaneous
2,264.211 2,196,910 subsidiaries4,562.478
Purchase money
120.886,174 129,423,560 obligations._
500,650
228,105
Tots, reeves for
deprec. at depl. 50,797,647 56,538.141 Awls payable. 4,733.722
trade
3,741,594
Wages, int. and
Net properties
miscellaneous_
840,296
863,510
& equipin't 70.068,526 72,885,419 Accrued tams448,946
312.303
Cash
1.596.996 3,413,908 Due to attn. co's 2,734,790
1,152,326
Market scour- _ 223,483 8,563.338 Defer. purchase
Notes and trade
money oblig _ _ 1,664,476 1.066,712
acceinanctki_ - 1.547,503 1,301,523
Acote reedy _ .... 8,801,788 7,955.393 Employees Dayment on cap.
Crude oil & prod 24,049,817 18,128,285 stock subserip
83,008
Materials & supconting. 6,666,916 6,554,224
piles, at cost_ 2,032,809 2,155,029 Res, for
Estimated Fedi
Due fr. &MI.cu's
419,255
4311.854
taxes
472,000 1,295,234
Inv.reeve funds 4,657,935 4,502.137 Deterred credit
Inv. In attn. co's 6,213.908 1,282,197
to operations.
87.805
189,094
Other Invest _ __ 1,206,820
284,083
Deferred and un&Wowed Items 3.030,230 2,065,883 Total(each side)123,849.074
122,968,051
:Represented by 2,191,820 no par shares.
-V. 129, p. 3980.
CONSOLIDATED INCOME ACCOUNT.
12 Months
9 Months
1929.
1928.
Period End. Dec. 311927.
1926.
Total volume of business
done by T.W.Assoc.011
Co. 5c subs. as represented by their combined gross sales and
earnings,excl. of Interco. sales & transact'ns.175,922.744 162,235,198 153.098.374 126.776.089
Total expo. incident to
oper., includ. repairs,
maint., pensions,adm.,
ins. costs & all other
charges, excl. of depr.
& depl. & Fed.inc.tax-142.908.707 130,735,231 132.379,627 106.254.276
Operating income-- 33,014,036 31.499.967 20.718,747 20,521.812
4.358.875 3,270.567
1.666,001
1.324,557
Other income
37.372,911 34,770.534 22.384.748 21.846.370
Total income
Depr.& depl.charged off 12.522.082 13,278.441 12,423,613 8.687,520
7.022,463
leases, &c
Cancelled
1,807,933
204,842
Est. Fed'l income tax... 1.009.097
1.150.086
Int., discount & prem.
1.177.885
1,354.477
1.468.282
on funded debt
2,122.855
Min.int.propor.of earns. 1,640,696 4,197.140 2,942.140
174.730
SLIM. acquis. by min.int.
14.000.689 14,132,543
Net income
4,367.355
Divs, paid in cash, pref. 4.392.141
3.453.898
Dividends, common
Balance, surplus
Previous surplus
Surplus adjustments__
5.345.872
4.364.935
3,592.856
9.711,178
3.261.213
2.854,937
6.154.650
9.765.188 def2.611.920
11.615,444 3.164.310
3,595,027
Dr.882.013Dr.1.314.054
2.181,202
3.595.028
Profit & loss surplus.- 16,888.080 11.615,444
Shares corn. stock outstanding (no par).... 5.560,424 4.852,519
$1.73$2.01
Earnings per share
3,164.310
3.595.027
4,776.323
$0.20
4.786,478
$1.39
CONSOLIDATED BALANCE SHEET DEC. 31.
92
1929.
1929.
Ltatrtlities$
$
$
OIAining
Rcfotodueing-114,326,528 129.755,524 8% pref. stock.. 73,284,500
l sseta53.300,981 48.918,815 Common stocx_b87,963,530
TransportatIon_ 56,813,834 55.410.347 6% gold notes,
keting
28,089,489 23,292,287
due Sept. 1
Marketing
1925 (Assoc'4.730,995 5.252,871
Miscellaneous
ated Oil Co.). 14,241,000
257.261,827 262,629,844 Tide Water AsTotal
soo'd TransRes, for deprec.
port Corp.
and depletion 105,269,106 106,255,052
funded debt-- 2.300.000
&- : y
Purch ase mp c
Aecounta o y
Total proper's
obligations. __
equipm1.151.992.721 156.374,792
500.650
Invest's in oo.'s
able-trade.. 8,001,651
a:nested. not
consolidated._ 12,805,041 7,377,040 Wages. Interest
Other Invaitmls 4,890,350 4,251,846
& unseen _ _ _ _ 3.784.151
Cash on hand &
Due to cos. affillin banks
9.297,892 11,465,650
sled, not con1,940,171
Marketable sec's
mandated
223,483 9,862.606
Notes and trade
Estimated Fed1.009,096
acceot's rec.- 1.875,217 1,731,091
eral tax
Accts. receivable
Divs. pay. Tide
-less reserve_ 13,549,239 13,835,173
Water Assoc.
Due from co.'s
Oil Co.'s 6%
1,099.312
affiliated, not
Preferred
consolidated__
630,992
609,410 Common diviCrude oil and
dends payable 3,453.898
40,949,368 29,213,302 Deferred perch,
products
Materials & supmoney obllg __ 1,664,476
3.498.910 3,905,138 Deferred and unplies
Inv. res. funds_ 6.037.090 5.483,147
302.153
adjusted Items
Advances to
Reserve for con100,806
785,403
oth ers-secur.
tio us
r nlgencles__- - 6,887.395
Deferred & un.
Surplus
16,888.080
adjusted items 5,576,040 4,485.072 MInor.interestin
subsidiaries. _a28.107,087
1928.
$
72,884.300
72.841.027
16,620.000
2,610400
728.105
8,025,021
4,064,376
1,930,611
1,810.098
1,108,851
1,066,712
535,902
6.659.295
11,615444
46,879,928
251,427,152 249.379.672
Total
Total
251,427,252 249,379.672
a Includes $19,944,600 Tide Water Oil Co. 5% Pref. stock. b Reprofleeted by 5,560,424 shares, no par value.
-V. 130, p. 480.
2018
FINANCIAL CHRONICLE
Associated Oil Co. and Subsidiary Cos.
(28th Annual Report-Year Ended Dec. 31 1929.)
COMPARATIVE CONSOLIDATED STATEMENT OF INCOME YEARS
ENDED DECEMBER 31.
1928.
1927.
1929.
Operating revenues
$65,269,908 $72,815,785 $74,468,799
Oper. expenses & taxes (exclusive of
deprec., depl.& Federal inc. taxes)_ 45.596,372 59,041,481 65,380,035
Operating income
Other income
$19,673,536 $13,774,304 $9,088,764
605,250
686,516
683.391
Totalincome
$20.356,926 $14,460,820 $9,694,014
LA.,disc. & premium on funded debt- 1.040.857
1,361,358
1,201,274
Deprec. & depletion charged off
4,804,696
5,203,187
5,313,819
Estimated Federal income tax
465.612
473,719
Cancelled leases, &c
4,587,832
Net income
Surplus at beginning of year
Transfer from reserve for conting_
$8,940,700 $7,590,748 $3,527,960
28,903,307 27,599,829 28,317,382
600,133
Gross surplus
$37,844,007 $35,790,710 $31,845,341
Net adjustm. applic. to prior periods_ Dr183,367 Dr675,569 Cr2,167,641
Approp.for fire losses & 0th. conting_
338,144
1,631,010
Dividends paid
4,580,824
4,580,824
6,413,154
Unappropriated surplus
$32,681,671 $28,903,307 $27,599,828
Earns, per sh. on 2,290,412 shs. cap.
$1.54
stock (par $25)
$3.90
$3.31
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1929.
1928.
1928.
LiabilitiesAssets$
$
$
Fixed assets____x76,823,696 78,984,765 Capital stock_ _ _ 57,260,300 57,260,300
Inv.in cos. affil_ 6,591,133
6,828,891 Funded debt_ _ _ 14,241,000 16,620,000
4,425,449
3,233,565 Accts. payable_ 3,258,202
Other investm'ts 3,783,970
Due attn. cos.__ 1,966,656
1,950,694
Invested res. id_ 1,379,154
Due tr, atilt. cos. 866,320
816,299 Wages, int.&mlsc
1,451,607
1,941,946
5,844,376
accts. paym_
Cash
4,126,035
1,540,950
Fed. tax (est.) _ _ 1,582,229
Notes & seals
378,192
6,257,426 Deferred liab'ty
343,751
receivable
4.757,462
Res. for conting. 2,029,154
1,631,010
Note rec. (part.
785,403 Prem.on cap.stk 3,578,917
3,578,917
secured)
Surplus
32,681,671 28,903,308
Materials & sup1,469,583
1,750.108
plies
Merchandise_ _ _ 16,898,246 11,085,016
981,010
0th. curr. assets
1,663,904
Tot. (ea. side)118,393,489 118,230,766
Def.& unadjus_ 1,697,889
x After reserves for depreciation and depletion of $53,717,574.-V. 129,
P. 3968.
1929.
$
Federal Water Service Corp.
(Annual Report
-Year Ended Dec. 311929.)
RESULTS FOR CALENDAR YEARS.
(Earnings of Cos. Acquired During Year Included Only Since Date of Acquis.)
1929.
1928.
1927.
$16,360,704 $14,558,134 $7,978,686
Gross revenues
Operating expenses
4,699,392
4,184.761
2.579,959
868,785
Maintenance
790,878
417,
Taxes (including Federal income tax) 1,221,743
997,894
625,078
Net earnings
$9,570,784 $8,584,601 $4,356,630
Int. paid or accrued on funded debt of
sub cos
3,999,794
3,636,373
1,723,812
Funded debt of Federal Water Service Corp
{ 2 3,1221
7
667,785
441,180
Unfunded debt
f
252,592
252,481
Reserve for deprec., amortization of
bond disc. & exp. & zniscel. deduct_
743.319
1,100.570
427,539
Div. paid or accrued on subs. pf. stk_ 1,173,843
1,086,722
500,132
Net Income
$3,380,706 $1,840,558 $1,011,486
Divs, paid or accrued on
Federal Water Service Corp. pf. stk
975,199
536,286
301,842
Federal Water Serv. Corp. cl. A stk 1,179,734
445,663
233.513
Federal Water Serv. Corp. Cl B stk
92,101
Balance, surplus
$1,133,671
$858.609
$476.131
Shs. cl. A stk. outstanding (no par)
534,315
x495.585
214,040
Earnings per share
$3.29
$2.63
$3.31
x Based on the average number of shares outstanding during the year
(235,146), the earnings amounted to $5.54 per share.
Due to conversion
of bonds in Dec. 1928 the number of shares were increased to 495,585.
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1928.
1929.
1928.
Assets-Liabilities$
$
$
$
Plant, prop., &c 147,811,801 140,966,734 Subs.pf.stk.out- 19,873,296 19,786,062
2,096,371 Cum. pref.stk b14,928,764 10,234.603
Misc. invest'ts _ 4,046.538
4,896,442 Com.stk.& surpc24,396,508 27.236,731
Cash & recelv__ 5,182,764
1,023,142 Fund. dt. ofsubs 81,038,500 80,202,200
Mat'ls & suppl _ 1,196,625
_
62,730
141,057 Fed. Water Serv.
Misc,spec.
Corp.gold debs 7,000,000
Dep. with tru.s.to
5,770,755 See. In proc. of
ret.sec.(contr)
retire.
536,715
(contra)
5,770,755
Due fr. affil.cos_
Notes pay., spec.
a5,000,000
Def. charges &
Prepaid sects_ 5,786,464 10,409,509 Current liabils__ 2,794,702 2,614,425
Accrued liabils
2.293,231
1,907,679
Def. Habits. &
unadj. credits 1.115,339
1,336,598
Contrib.for ext.
243,868
Res.for retire.,&010,939,430 11,214,957
Total
164,623,637 165,304.011
Total
164,623,637 165,304,011
a These notes were incurred to connection with retirement of Federal
Corp.funded debt and have been paid through the issuance of$6 pref.stock.
b Represented by 65,099 no par shares of $6 dividend series; 74,037 no
par shares of $6.50 dividend series and 16.364 no par shares of $7 dividend
series.
c Represented by 534,315 no par class A shares class A scrip amounting
-V. 130, p. 286.
to 4,417 shares and 495,000 no par class B shares.
Fisk Rubber Company.
-Year Ended Dec. 311929.)
(17th Annual Report
President H. T. Dunn, March 11, writes in brief:
Taken without detailed explanation the showing is extremely disappointing. Only a thorough rehabilitation of the company and conclusive evidence that such rehabilitation was necessary, could warrant the losses shown.
Sales for the year were $52.790.475 compared to $60,933,841 in 1928.
Selling prices were lower in 1929 than in 1928 which accounts for a considerable portion of the loss in sales. However, there was a shrinkage in unit
sales for the year of 9% which is entirely traceable to dealer business upon
which latter the company is dependent for its major profits. Unit sales
to manufacturers compared favorably with the previous year and export
sales showed a substantial increase.
The shrinkage in dealer unit sales contributed largely to the operating
loss for the year of $2,515.219 which loss was after absorbing depreciation
of $2,250,000. but before interest and amortization charges of $1,520,903,
making a total loss of 54,036,122 before writedowns.
Although the above $2,250.000 depreciation absorbed in operations is
above normal, mold equipment was further depreciated in the amount of
$262.000 by the application thereto of Federal tax refunds for the years
1920-1923. Total depreciation therefore was $2,512,000 and amply covers
obsolescence due to change of equipment incorporating the new Air-Flight
Principle of tire construction.
In addition to the foregoing. Provision has been made for the following:
[VOL. 130.
Reserve for writedown of raw material inventories to market as of
Dec. 31 1929
$384247
Reserve for writedown of commitments of future deliveries of
rubber and cotton to market as of Dec.31 1929
599,370
Reserve for writedown of rubber and cotton content of finished
inventories to market as of Dec. 31 1929, also for writedown of
labor and overhead therein to the basis of 1930 estimated production costs-labor and overhead costs were higher during the
latter part of 1929 due to a low production schedule preparatory
to bringing out a new line of tires hereinafter referred to and to
drastic falling off of sales during the fourth quarter
1,876,718
Reserve for additional writedown on inventory of discontinued
lines, replaced by Air Flight brands, on hand Dec. 311929, to
a basis reflecting normal average gross profit
600,000
Total
$3,460,335
These together with the operating loss of $2,515,219 and interest and
amortization charges heretofore referred to, make a total loss for the yea,:
of $7,496,457.
CONSOLIDATED INCOME ACCOUNT.
-Year Ended Dec. 31- 14Mos.End. Year Ended
1929.
1928.
Dec. 31 '27. Oct. al '26.
Gross sales. less returns
and allowances
$52,790,476 $60,933,841 872,404,002 $68,051,739
Cost of sales,incl.deprec.
selling & admin. exps_ 58,802,525 68,239,091 67,587,745 62,054,823
Gross operating loss_ - $6,012,050 $7,305,250 x$4,816,257 x$5,996,916
Miscellaneous income_ - _
36,496
81,497
21,921
23,598
Operating loss
Deduct-Int. paid, net..
Amort. of discounts, &c_
Prem. & com, on bonds
purch. for retirement_
Prey.for Federal taxes
Reserve for contingen_
Balance, deficit
Previous surplus
$5,975,554 87,223.752 44,839,855 s$6,018,837
1,446,685
1,487,125
1,588,788 f
74.219
80,374
221,354
1,664,406
409,000
1,000.000
$7.496,458
1,430.665
38,791.252 x$2,620.721 x$3,354,431
11.298,107 10,147,497 13,431,980
Total deficit
$6,065,792 x$2,506,855 412768.218 416786,411
Divs. accumul.on pref.&
management stk. prior
to Oct. 31 1925 & paid
in 1926
y5,127,765
1st preferred diva
788.597
1,086.638
1,200,738
1st pref. cony. divs
234,543
312,725
233,847
2d pref.stock divs_
52,262
69,699
75,515
Management stock div788
1,050
1.050
Profit & loss, deficit__ $6,065,792 x$1,430,665 411298.107 x$10,147497
Shs. com, stk. outstanding (no par)
825,116
1,705.037
850,792
840,684
Earnings per share
Nil
Nil
$2.23
$1.36
x Surplus. y 7% cumul. 1st pref. stock (26%) paid in 7% cumulative
1st pref. cony. stock $4,467.500; paid in cash, $348,934; management
stock (29%%)cash $4 463'7% cumulative 2d pref. cony. stock (30 11-12%
cash) $307
..368. ' ''
COMPARATIVE BALANCE SHEET DEC. 31.
1929.
Assets$
Land,b1dgs.,mach.
& equIpm't less
depreciation _ _ 824,824,321
Fisk tire fabric....
Good-will
1
Investments
1,497,201
Sinking funds_
Inventories
14,457,457
Accounts & notes
receivable
b7,753,809
Cash
2,994,249
Deferred charges... 1,221,045
Deficit
6,065,793
1928,
$
21,703,364
2,133,433
1
2,268.337
230,750
17,420,010
8,779,545
2,918.430
1,119,019
1929.
Liabilities$
7% cum.lst pf.stk.15,020,000
7% conv.lst p1. stk 4,440,400
15,000
Management stock
7% cum.20 p1. stk 944,800
Common stock_ _x16,960,475
1st M. 20-yr. 8%
sink, fund bonds 8,120,000
5-yr.53S% notes 8,199,500
Fisk tire fabric lids. 1,095,000
Accounts payable- 1,837,940
Notes payable_
Bankers accept- -557.014
Reserve for coming 1,622,838
Surplus
1928.
$
15,020,900
4,467.500
15,000
981,000
8,380,045
8,370.000
8,359,500
1,266,000
1,549,736
4,900,000
504,049
1,328,506
1,430,665
Tot.(each side).58,813,876 56,572,901
a After deducting 37,603,749 depreciation. b After reserves of 51,036,973. x Represented by 1.705,037 shares of no par value in 1929 and
850,792 shares in 1928.-V. 129, p. 804.
Consolidation Coal Company.
(66th Annual Report-Year Ended Dec. 311929.)
CONSOLIDATED INCOME ACCOUNT YEARS ENDED DEC. 31.
1929.
1928.
1927.
Sales of coal to public, incl. coal produced & porch., tramp. to distrib.
Points, &c. (less allowances, &c.)_.$35.198.047 $33,273,112 $41,102,928
Oper. exp., taxes, insur. & royalties-- 31,299,944 32,203,044 39,432,805
Earnings from operationjbefore providing for deprec. and depletion- $3,898,102 51.070,068 $1,670,123
Profit from sale of capital assets
465,764
58,576
10,517
2,345.244
Income from other sources
415.085
2,530,850
Total income
$4.323,704 $3,881.075 $4,259,549
1,433,450
1,549.029
Interest on funded debt and loans-1,439.354
90,542
91,384
88,245
Amortization of bond discount
Divs, on pref,stock of Carter Coal Co.
228,182
219,165
223,826
1,894,098
1,691.860
1.701.101
Depreciation
336,962
348,631
316,908
Depletion (on cost)
62,442
Federal income tax accruals
5287,046
6,852,515
Profit for the year
Previous deficit
5372,945
589.158
6,480,517 sur1,443.220
$6,565,469 $6,391,359sur1,816.165
Total deficit
Charges applic, to prior period, representing reduc. of invest. to apprais.
461,158
val., prop,abandonment,deed., &c.
8,296,682
Loss in closing receivership a allied
co. & reduc, of sec. to market value
856,758
at Dec. 31 1929
Bal. at debit of profit & loss account
$7,422,228 $6,852,515 $6,480,517
Dec. 31
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
Liabilities$
Preferred stock--10,000.000
Common stock_ _40,015,748
Pref. stock of Carter Coal
3,607,100
Funded debt
27,965,000
Acets payable. _ 2,157,089
Notes payable__ -- 2,500,000
Milwaukee Dock
Pur. mon. oblig_
6,852,515
225,000
Res. for contIng. &
insurance
275,000
Accr. bond int._ _ _
201,487
lies. for Fed. tax
2,193,017
Res. for gen. tax
156,477
Div. pref. stock of
Carter Coal...
36,071
Deferred credits.- 747,465
Total(each side) 94,090,221 91,864,416 Capital surplus .... 4,009,866
1929,
Assets$
Capital assets_ __x66,025,342
Investments
1,709,761
Deferred charges... 1,585,083
Inventories
6,812,694
Notes & accts. rec. 6,278,370
Cash, &o
4.140.050
Cash In hands of
fiscal agent, &c_ _ _
116,693
Profit and loss_ ___ 7,422,227
1928.
$
64,581,334
3,571,091
1.635,363
6,278,617
6,089,340
2,856,155
1928.
$
10,000,000
40,015,748
3,686,300
28,443,000
2,134,597
275,000
206,925
2,131,088
183,696
36,863
689,687
4,060,610
a After deducting reserves amounting to $31,581.933.--V. 128, p. 1897.
MAR. 221930.]
FINANCIAL CHRONICLE
2019
United States Pipe & Foundry Co.
(318t Annual Report
-Year Ended Dec. 31 1929.)
President N. F. S. Russell, March 4 wrote in part:
Sales and profits of Hood Rubber Co., Inc., are included only since'
Aug. 30 1929, the date of acquisition by us.
Directors have deemed it wise to continue the long established. policy
of diversification in the manufacture and sale of rubber articles, believing
It good business not to have too large a percentage of the total volume
While bookings for the first six months of 1929 were considerably in in any one class of commodities. Therefore, in pursuing this policy, we
excess of the corresponding period in 1928 with higher average prices. found it to our advantage in August, 1929, to acquire the assets of the Hood
shipment of considerable portion of the tonnage was delayed by the buyers' Rubber Co. of Watertown, Mass. In the four months from Sept. 1 to
specifications until the summer months of the year. As profits are not Dec. 31, incl., during which time the Hood Rubber Co., Inc., operated as
realized until shipments are made, the tonnage improvement in the first a subsidiary of The B. F. Goodrich Co., the results from operations amply
justified the acquisition. As a result of the purchase of the assets of the
half of the year was largely reflected in the earnings for the last half.
Continued tightening of the money market, with a consequent lessening Hood Rubber Co., very material savings have accrued in the manufacture
• of building operations, has adversely affected the tonnages offering in the and sale of waterproof and canvas footwear at Watertown and Akron
market since the latter part of 1927. This condition was finally accentuated due not only to the elimination of duplicate effort but primarily to the exby the decline of prices in the security markets in October, which had the cellence of the personnel of the Hood Rubber Co. management.
On Jan. 1 1929, we purchased the Martha Mills, located at Silvertown,
effect of postponing public utility buying and caused a decline in the
tonnages booked below what is ordinarily expected for the last three months Ga. This mill was constructed in 1926 to produce cord fabric for our comof the year. Buying since the first of the year has gradually increased and pany. Our agreement provided an option to purchase all the capital stock
the offerings are running somewhat in excess of corresponding months of of the Martha Mills as of Jan. 1 1929 which option was exercised on that
date. Since that time we have enlarged the Mills from an original capacity
the last year.
Large importations of pipe, mainly from France, continued to affect the of 30,000 spindles to approximately 80,000, giving us very favorable costs
tonnages booked. It is estimated that in the portions of the country where on the cord fabric going into tires. The returns on our investment in the'
the greatest volume of imports are sold, such imports represent better than Martha Mills are proving satisfactory.
The operations of our foreign plants generally, as well as the export
20% of the business offered.
In the latter part of 1928 the capital stock of the National Cast Iron division, showed marked Improvements in volume of sales as well as profits
Pipe Co. of Birmingham. Ala., was acquired by James 13. Clow & Sons of compared with the preceding year, and we are looking forward to increased
Chicago. having foundries in Ohio, and shortly thereafter they requested business in these fields.
Since the close of 1929, company has purchased the assets of The Miller
a license to manufacture a larger tonnage of deLavaud pipe than had
formerly been granted to the National company. This licnese was granted Rubber Co. of Akron, 0., in consideration of 113,504 shares of common
stock. In following our policy of diversification we feel justified in this
on mutually satisfactory terms.
acquisition, as The Miller Rubber Co. is one of the largest manufacturers
of druggists' sundries, rubber toys, novelties, &c., in the United States.
INCOME ACCOUNT FOR CALENDAR YEARS.
We have every reason to believe that the return on our investment in this
1927.
1926.
1929.
1928.
latest acquisition will be very satisfactory. This plant will operate as
Gross earnings
$4,289,525 $3,112,477 $5,590,364 $7,754,887 The Miller Rubber Co. Inc., a subsidiary of The B. F. Goodrich Co.,
Total expenses
1,826,696
1,399,687
1,530,598
2,326,280 maintaining the Miller name, good-will, &c.
Net earnings
$2.758,926 $1,712.790 $3,763,667 $5,428,607
Our usual comparative income account for the year
Other income
917,882
480,157
743,751
383,655 ended Dec. 31 1929 was published in V. 130, p. 1470.
Total income
$3,502,678 $2,630,672 $4,243,824 $5,812,262
Depreciation reserve..-845,818
808,119
921.448
736,383
Interest
10,325
24,030
26,512
Net profit
Previous surplus
$2,581,230 $1,812,227 $3.373,976 $5,049,367
14,277,249 14,505,021 13.171,045 15,161,678
Total surplus
$16,858,479 $16,317,248 $16,545,021 $20,211,045
Appropriat.d for impets.
additions, &c
5.000,000
Preferred dividends_ _($1.20)935,761(7%) .000 %) ,000 %)840,000
(7
840
(7 840
Common dividends _ _ (10% 1200,000(10)1200,000(113)1200,000(10)1200,000
)
Profit & loss surplus_ _$14,722,717 $14,277,248 $14,505,021 $13,171,045
Shs.com.outst'g(par $20)
x120.000
600,000
600.000
x120.000
Earn. per sh. on cam_ __
$1.62
$21.12
$2.74
$35.08
x Par $100.
BALANCE SHEET DEC. 31.
COMPARATIVE
1929.
1928.
1929.
1928.
AssetsLiabilities5
$
3
S
Property ,Sr plant_123,076.368 23,984,264 Preferred stock_ -a12,000,000 12,000.000
Cash
8,118,830 5,270,592 Com.stk.(par $20)12,000,000 12,000,000
Marketable secur_ 6,265,274 8,359,863 Dividends payable 533,892
Aects.¬es rec.y 4,201,428 3,437,536 Accounts payable_ 695,982
732.991
Inventories
335,887
2,720,355 2,541,625 Accr. tax, int.. &c. 375.800
Fire insur. fond..... 322,782
$4,392,570 4,586,126
303,495 Reserves
14,722,717 14,277,249
Deferred charges...
15,926
34,875 Surplus
CONSOLIDATED BALANCE SHEET DEC. 31.
190.
20
Omitting in both years good-will, &c., previously carried at $57,798, 8 0.
1929.
1928.
1929.
$
$
AssetsCorn. stk. equity
Real estate and
60,170,711 37,296,444
plants
...a67,600.083 41,626,692 (see note)
Pref. stock
b32,720.000 33,908,000
& advances L
2,277,656 3,997,362 Bills pay. to bank 21,500,000 . 2,000,009
other co.'s
809,200 5% serial notes_ __
5,000,000
Tress.pref. stock_ 1.192,700
46.284,915 36,667,968 25-yr' let M.630-21,572.000 22.307,000
Accts. payable
5,572.047 6,199,033
Due from employ.
.
37,579 Mtgs.& land cont.
161,335
account stock
(
pb y
a
48,063
Trade notes anda le Issued
l3'
31,980,658 26,143,492 Bills
SCOW ree
by for sub. cos.) 2,181,932 1,548,858
Other notes and
1,757,985 1,124,265 Bond indebt. of
accounts ree
12,152,640 1,898,583
10,500,565 5,670,875 subs
Cash
993,571 Min.int. In subs_ _ 2,504,721 2,000,814
1,752,017
Prepaid sects
Sundry accr. Bab- 1,271,352 1,062,088
Sec. of sub. co.'s
Prov.for Fed.tax
714,522
441,689
perch,sink.fund
Reserv.-ContIng.1
188,000
requir
Conting. in con-11,854,899 .
1t1,000,000
neeco newgith afn i. tiou
1,492,817
Pension res've____ 600,000
600.000
Miscellaneous.._ 364.652
221,527
96.147
Emu] net cred___ 468,426
-See note
Tot.(ea. side) 163,695,965 117071,003 Surplus
Total
44,720,961 43,932,252
44,720,961 43,932,252 Total
a Real estate, buildings, machinery and sundry equipment, after dex After deducting depreciation of $6,148,365. 3 After deducting $147,955 ducting reserve of $24,343,950 for depreciation and obsolescence. b 500,,
for doubtful accounts. z Incl. reserve of $4.069,787 for improvements, 000 shares at $100 each, $50,000,000; deduct 172,800 shares redeemed and
additions and new construction. a Represented in 1929 by 600,000 no cancelled, $17,280,000. Authorized and unissued, 50,000 shares of 7%
par shares of 1st prof. stock, and 180,000 no par shares of 2c1 pref. stock cumulative pref. stock of $160 par value, $5,000,000.
(both with an annual div. rate of $1.20 cum. and red. at $21 per share.
Note.
-Common stock Dec. 31 1929 authorized 1.500,000 shares of no
Represented in 1928 by shares of $100 par value.
par value, outstanding 1,053,638 shares, or $92,221,188 less exclusion of
-V.130. p. 638.
intangible, capital assets, namzly, patents, trade-marks and good-will,
$57,798,001. leaving 834,423.187: earned surplus, $25,747,524: total.
Virginia Iron, Coal & Coke Co.
360.170,711.
On Dec. 31 1920 the Inlince .heet was altered by the emission of the
(27th Annuca Report
Dec. 31 1929.)
-Year Ended
item of S57,798,001 heretofore shown for good-will, patents and tradePresident John B. Newton says in part:
marks.
-V. 130, p. 1470.
The year 1929 was another chapter of receding prices in the bituminous
coal industry. Fortunately, company was able to meet the declining prices
by reduction in costs without a general wage reduction, but the low prices
necessary to meet competition in the market prohibited operating at a
Profit, although results of operation have shown improvement year by
STEAM RAILROADS.
year for the past three years.
It being impossible, under conditions prevailing in the pig iron market,
-House committee inquiry should start by
Rail Holding Company Probe.
to operate your blast furnaces at a profit, they remained idle during the April 1; questionnaire planned. "Wall St. Journal" Mar. 18, p. 13.
year.
New Low Records in Fuel Conservation Established in 1929.-A new low
Coke ovens produced and sold 52,602 tons of furnace coke. Coal mines record in fuel conservation by locomotives was established by the railroads
produced 1,284,678 tons of coal.
of this country in 1929, according to complete reports for the year just
Directors authorized the purchase during the year of $117,000 bonds, compiled by the carriers. An average of 125 lbs. of fuel was required in
bringing the total amount of bonds in treasury to $1,332,000 and the 1929 to haul one thousand tons of freight and equipment, including locoamount in hands of public to $1,596,000. Directors likewise authorized motive and tender, a distance of one mile. The average for 1929 was the
the purchase of $82,100 preferred stock, making the total amount of the lowest ever attained by the railroads since the compilation of these reports
preferred stock in treasury $2,636,900,leaving $2,363,100 in hands of public began in 1918, being a reduction of 2 lbs. under the best previous record
established in 1928.
INCOME ACCOUNT FOR CALENDAR YEARS.
A new low record in the conservation of fuel used in passenger service
1927.
1929.
1928.
1926.
was also established by the railroads of this country in1929, an average
Gross earnings
$2,289,402 $2,479,364 $2,605,138 $3,710,957 of 14.8 lbs. having been required to haul each passenger train car one mile,
Net earnings
def27,103
54,417
113,016
258.985 compared with 15 lbs. in 1928.
Other income
146,225
93,905
183,315
165.152
The railroads during the past year spent $325,688,010 for fuel for both
road and yard switching service compared with $342,617,561 in 1928.
Total income
$119.121
$206,920
$424,137 The railroads in 1929 used 112,899,924 tons of coal for both road and yard
$237,732
Bond interest
94,639
88,225
82,290
99,728 switching service. In 1928 the amount was 111,672,325 tons. The railFederal taxes
,
8456 roads also consumed in road and yard switching service in 1929 a total of
Rentals,expenses, &c--206.919
182,918
169,647
240,
388 2,568,197,863 gallons offuel oil compared with 2,441,530,432 gallons in 1928.
The railroads have reported a steady improvement
Net loss
$182,436 Prof$75.565 fuel each year since 1920, due partly to construction ofin conservation of
$64,221
$14,205
improved locomoPreferred dividends(2If)62,337(6%)124,675(5%)124.663 tives designed to furnish increased tractive power with reduced fuel consumption, and also to improved methods of operation and the elimination of
Deficit
$307,111
$126,558
$14.205
$49,097 many delays due to the better physical condition of equipment.
GENERAL INVESTMENT NEWS.
GENERAL BALANCE SHEET DEC. 31.
1929.
1929.
1928.
AssetsLiabilities$
$
$
Real estate, plant
Preferred stock... 5,000.000
and equipment_10,589,845 10,682,608 Common stock___10,000,000
Securities owned-- 6,871,254 6,648,645 1st mtge. bonds__ 2,928,000
Sales ledger, &c.,
Unpaid vouchers__ 192.195
balances
41,300
315,917
315.021 Unpaid Pavrota-Bills receivable.._ 531,307
7,898
631,731 Accts. payableAecls receivable..
73,096
25,399 Res.for workmen's
Adv, to cashiers &
52,702
compens'n nab_
superintendents_
3,800
26,583
3,185 Bond int. accrued_
Cash
98,274
90,891 Profit and loss-- 511,058
Inventories
476,242
480,774
Total
Total
18,759,735
18.759,735 18,778,259
-V. 130, p. 649.
-Class 1 railroads on Feb. 28 had 440,275 surplus
Surplus Freight Cars.
freight cars in good repair and immediately available for service the car
service division of the American Railway Association announced. This
was an increase of 25,062 cars compared with Feb. 22, at which time there
were 415,213. Surplus coal cars on Feb.28 totaled 180,089 cars,an increase
of 23,951 cars within approximately a week, while surplus box cars totaled
206,531, an increase of 1,159 for the same period. Reports also showed
25,776 surplus stock cars, a decrease of 179 under the number reported on
Feb. 22, while surplus refrigerator cars totaled 13,600. an increase of
89 for the same period.
63,573
Volume of Freight Traffic Handled by Class I Carriers Falls Off
.-The
28,533 volume of freight traffic handled by the Class I railroads of this country
523,263 In January this year amounted to 36,664,266,000 not ton miles, according
to reports just received from the railroads by the Bureau of Railway Economics. Compared with January 1929. this was a reduction of 2,545.18,778,259 370,000 net ton miles, or 6.5%,but an increase of 375,472.000 net ton miles.
or 1%,compared with January 1928. In the Eastern District the volume
of freight traffic handled in January this year was a reduction of 4.7%
The B. F. Goodrich Co.
compared with the same month in 1929, while the Southern District reported a reduction of 6.9%. In the Western District there was a reduction
(17th Annual Report
-Year Ended Dec. 31 1929.)
of
Daily Average Movement per Freight Car in January Below That of a Year
President J. D. Tew, Feb. 17, wrote in part:
Ago.
-The daily average movement per freight car in January
The total sales for the year amounted to $164,494,957 compared with was 28.2 miles. according to reports for that month just filed bythis year
the rail$148.805,178 in 1928.
roads of this country with the Bureau of Railway Economics. The daily
Net profits transferred to surplus account for 1929 were $7,446,310 average movement per freight car for that month last year was 29.5 miles
after full provision for interest, depreciation and Federal income taxes. and in January 1928 it was 27.6 miles. In computing the average moveAfter deducting dividends on preferred stock, net profits applicable to ment per day account is taken of all freight cars in service, Including cars
the common stock outstanding at the end of the year (including shares In transit, cars in process of being loaded and unloaded, cars undergoing
subscribed for by employees) were $4.53 per share, and to the average or awaiting repairs, and also cars on side tracks for which no load Is Immenumber of shares outstanding during the year, $5.10 per share.
diately available. The average speed of freight trains in January was 13.3.
1928.
$
5,000,000
10,000,000
2,928,000
148,808
43.705
44,378
2020
[Vol.. 130.
FINANCIAL CHRONICLE
miles per hour, an increase of 4-10ths of 1 mile above that for the same
7-10ths of 1
above that
January
f9 last year and an increase ofin as well asmileyear freight.forThis ine
r The average load per car
January this
was 27.6 tons,
eluding less than carload lot freight
carload
was
an increase of 1-10th of 1 ton above the average for January 1929 and an
increase of 4-10tha of 1 ton above January 1928.
ou Matters Covered in the "Chronicle" of March 15.
-Reduced return in
January on railroad property investments, p. 1759.
Delaware & Hudson RR. Corp.
-Decreases Capital.
The corporation on Feb. 15 filed a certificate at Albany, N.Y.,decreasing
Its authorized number of shares of capital stock from 773,610 to 515.740,
by eliminating the proposed issue of 257,870 shs. of $6 non-cum. pref. stk.
of no par value. The total authorized capitalization will hereafter consist
of 515,740 shares of common stock of no par value (all outstanding).
V. 128. p. 397.
-Control.
Federal Valley RR.
tf, Allegheny Corp.
-Plans to Increase Capitalization.The I.
-S. C. Commission March 10 approved the acquisition by the New
•A special meeting of the common stockholders has been called for March
alit° act upon amendments to the charter as follows: (1) Ta increase the York Central RR. of control of the Federal Valley RR. by purchase of its
authorized pref. stock from 1.000,000 shares to 1,500,000 shares, par $1001 capital stock.
The report of the Commission says in part:
(2) to increase the authorized common stock from 7,500.000 shares to
8.500.000 shares, all without par value; (3) to empower the ooard of di- toIn New York Central Unification, we authorized the New York Central
acquire control, by lease, of the systems of the Cleveland Cincinnati
rectors to authorize the issuance of any and all of the pref, stock from
Chicago & St. Louis, the Michigan Central, and the Chicago Kalamazoo &
time to time for such consideration as it shall from time to time determine
Saginaw upon the condition that before the leases should become effective
but in no event at less than $90 a share.
Secretary J. P. Murphy, in his letter to stockholders, said in Part: the New York Central should offer to acquire certain short line railroads
"The above amendments are necessary to enable the corporation to fund therein named, including that of the Federal, for considerations equal to
indebtedness incurred in the purchase of certain railroad securities by the commercial values of the respective properties, as determined by agreeissuance and sale of additional convertiole collateral trust bonds and ment or by arbitration. In our supplemental report in the same proceeding
we
additional pref. stock with warrants for the purchase of common stock.' by held that the acquisition of control of one of the short line companies,
purchase of capital stock, was, in principle, an acceptable substitute,
-V. 130. p. 1822.
conforming to the purpose sought to be accomplished by the condition
prescribed.
Baltimore & Ohio RR.
-Listing.
Pursuant to the direction in the report in the proceeding, the Central
The New York Stock Exchange has authorized the listing of $63.031,000, entered
the purchase of
into
30
-year 4
cony, gold bonds, due Feb. 1 1960.-V. 130. P. 1823, 1648. which were negotiations for Thereupon the the properties of the Federal,
parties submitted the conunsuccessful.
1451, 141,
troversy to arbitrators, a majority of whom found the commercial value
the
to be $150,000.
Central RR. Co. of New Jersey.
-Equipment Trusts.
- ofBy apropertiesmade Dec. 26 1929, the stockholders of the Federal agree
contract
With reference to the item published in the "Chronicle" of March 8 to
Central agrees to buy the entire capital
to the effect that the Mellon National Bank and Kountze Brothers had forsell, and the At the time of transfer of the stock the stock of the Federal
property
assets
$150.000.
each been awarded separately 3240.000 equipment trust 43s, maturing of the Federal are to be free from all liens and encumbrances, andand claims
all
serially Aug. 1 1930-1941. we have been informed that the $240.000 and accounts against the Federal are to be fully paid and discharged, and
bonds purchased by Kountze Brothers were immediately placed with in- the Federal released from all liability and obligation therefor. The stockvesting institutions at 100 and interest -V. 130, p. 1109, 1648.
holders of the Federal are, to a large extent, also stockholders of the Black
Diamond Coal Co. As a further consideration they agree to rehabilitate
Colorado RR.
-Acquisition By Colorado & Southern.
their mine, which is located on the Federal's railroad.
-V. 129, P. 2678.
See Colorado & Southern Ry. below.
-V. 129, p. 275.
-Acquisition of Federal Valley.
New York Central RR.
-Acquisition.
Colorado & Southern Ry. Co.
See Federal Valley RR. above.
-V. 130, p. 1824.
The
C. Commission March 12 issued a certificate authorizing the
lines of railroad and other properties
company to acquire and operate the
New York Connecting RR.
-Earnings.
of the Colorado RR.
Calendar Years1928.
1927.
1929.
1926.
All the capital stock of the Colorado RR. except directors' qualifying Operating revenues
$3,041.033 32.857.741 33.068.455 32,995,118
shares is owned by the Colorado & Southern, and 68.21% of the latter's Operating expenses
1.001.722
1,058,169
1,166.925
1,245,230
outstanding stock is owned by the Chicago Burlington & Quincy.
-V. 129. Tax accruals
478,896
438,788
456.923
458,459
p. 4136.
Operating income_ _ _ _ 31,544.075 $1,377.122 $1,444,606 $1.291,429
- Equipment rents
-New Equipment Ordered.
Chicago Great Western RR.
122,199
73.120
69,224
95,084
Progress is being made in improving the physical condition of the com- Joint racily rents
Dr.188,133 Dr.186.003 Dr.128.100
Cr.17,866
pany, it was stated by President V. V. Boatner.
so"We are attaining greater operating efficiency and improving our rolling
Net oper. income_ ___ $1,260,858 $1,068,920 $1.243.386 $1,240,071
stock." Mr. Boatner said. "Our transportation department has been Non'oper. income
69,346
64.079
48,645
78.483
reorganized by consolidating divisions and moving certain headquarters
expeditious as well as more economical
and this should result in a more
Gross income
$1,339,340 $1.138,265 $1,307.465 $1,288,716
control of train movements.
1,310.507
1,307,161
1.287,950
"New equipment is being purchased and old equipment scrapped. In Deduc'ns from gross inc.. 1,308,820
the last few months 32 locomotives and 1,700 box cars have been retired
Net Income
$765
$303
$30.520 def$172.242
by the road. All of this was either worn out or obsolete. The company -V. 129. p. 2532.
Is thereby relieved of maintenance and depreciation charges on this equipment. additional units of equipment will be retired during the year.
-Earnings.
New York Ontario & Western Ry. Co.
"New locomotives have been ordered and delivery will begin late in
1926.
1928.
1927.
Calendar Years1929.
March. Further purchase of equipment will be made, if required, later Operating revenue
$12,212.596 $12,650,718 313.157.620 $13,974,119
In the year. Our aim is to place this company in the best possible physical Oper. expenses, taxes, &c 10,690,879 11.027.930 11,430,674 11,547.080
-V. 130. p. 1823.
condition."
660.807
618.908
709.209
670,352
Equip., rents. &c.(net)-Bonds
Chicago Milwaukee & St. Paul & Pacific RR.
Net oper. income....-- $851,365
$913,577 $1.066.137 $1.808,130
-Kuhn, Loeb & Co. and The National City Co. are Other income
Offered.
353.595
379,045
369.430
372.729
offering $15,000,000 Chicago Milwaukee & St. Paul Ry.
gen. mtge. 4%% gold bonds, series F, at 1003 and int.
Bonds are due May 1 1989.
Denom. $1.000 c* and r*. Int. payable J. & J. United States Trust
Co. of New York. trustee. Not redeemable before July 1 1940. The
bonds of this series will be stamped to provide that they may be repurchased
at the option of the company as a whole but not in part upon 60 days'
previous notice on any interest date on or after July 1 1940 at 105% & int.
-Subject to the approval of the 1.-S. C. Commission.
Issuance.
Data from Letter of Pres. H. A. Scandrett, New York, March 20-Proceeds are to be used to'reimburse treasury for additions
Purpose.
and betterments made to the property during last two years and to provide
foefuture additions and betterments and for other corporate purposes.
Mortgage.
-Bonds will be issued under gen. mtge. of Chicago Milwaukee
& St. Paul Ry., dated May 11889, and will be assumed by Chicago Milwaukee St. Paul & Pacific RR. as successor. The gen. mtge. bonds were
undisturbed in the reorganization of Chicago Milwaukee & St. Paul Ry,
and the interest thereon was regularly paid during the receivership.
-The gen. mtge. bonds outstanding, incl. the present issue, are
Security.
secured by an absolute 1st tntge. at approximately $22,206 per mile on
about 6.250 mites of road, including practically all the principal lines of
the company between Chicago and the Missouri River (of which 1,049
miles aro double-tracked), on valuable terminal properties in Chicago.
Milwaukee and other cities and on equipment owned by the company apundo
on ho co onistion e; the
o
purtenant to those lineal The totsll authorized issw: ef bm
,
of which upon
tt.$
en.
bearingeinterest at
principal
be ouatanding in the hands
the rates ol 334%. 4%. 43i% and 4Si %,
of the public. The balance of bonds are in the company's treasury.
-The income of the company, after payment of rentals for
Earnings.
leased lines, &q., available for interest on funded debt for the year ended
Dec. 311929. amounted to 329.076.068. For the same period interest on
funded debt amounted to 322,002,054. including 39,143,685 interest on
times
5% cony. adios. mtge. bonds. Such income was more than threeissue),
the annual interest on the gen. mtge. bonds outstanding (incl. this
equipment obligations and the three small divisional mortgage issues of
the company.
Junior Securities.-Theee are outstanding, junior to the gen. mtge.
bonds. $106,395,096 50-year 5% mtge. gold bonds. 3182,873,693 5% cony.
adjust. mtge. bonds, 3119.238.800 of pref. stock and 1,174,060 shares of
common stock without par value. A let 3z ref. mtge. has been authorized
for future financing which will rank junior to the gen. mtge. and under
which no bonds have been Issued.
-Application will be made to list bonds on the New York Stock
Listing.
Exchange.
-V. 130. P. 1823•
Chicago & North Western Ry.-Definitive Bonds.
The United States Trust Co. of New York announce that they are pre1
,
pared to Make delivery ef 41 % definitive bonds due 1949 in exchange for
temporary certificates now outstanding.
Construction.
-
The I.- S. 0. Common,March 5. Issued a certificate authorizing the
company to construct an extension of its so-called Gogebic line from the
present terminus of the line on the north line of section 17, township 46
north, range 41 west, in a general northeasterly direction to a point in the
southeast quarter of section 35. township 47 north, range 41 west. 5.62
-V. 130, P. 1270.
miles, all In Gogebic County, Mich.
19
.Cleveland Union Terminals Co.-Bal. Sheet Dec. 31 28.
1929
1928.
1929.
$
Assets10,000
10.000
Capital stock
Invest, in road Ie
equipment______59,023.023 43,898,124 Long-term debt_41,492,400 41,831,500
Gen.axpendlturee_14,037,320 10,830.330 Non-nego. debt to
32,610,000 14,860,000
&MI. cos
144,142
Sinking funds35.950
accts. &
4
,
Currednw" ---- 030.08 1.287,949 Audited payable_ - 622,607
24.118
wages
300
Deferred assets_ _ _
75
Unadjusted debits 1.652.573 1,625,699 lnt. matured &
12,045
13,189
unpaid
533.750
533,750
Urunat. Int. aocr
500
Other our. nab614,408
Tot.(each slate -70,299.249 57,786.320 Other deferred flab 1.017,303
-V.180. P.
Total income
Deductions
Net deficit
-V. 130, p. 283.
$1.224.094 51.283,007 $1.419.732 $2,187,178
1,442,677
1,412,047
1.474.139
1,414.101
$250.045
$159,669
surS5,631 sur$775,128
-Operates 28,052 Miles of Track.
Pennsylvania RR.
Total trackage operated by the Pennsylvania RR. System as of Dec. 31
1929, was 28.052 miles, according to the annual compilation of mileage,
which has just been completed. The total was made up of 11,550 miles
of first track,4.348 miles ofsecond track,908 miles of third track,690 miles
of fourth track and 10,555 miles of sidings. The total trackage is approximately 2Si times as great as the first track, or road mlleage, reflecting the
density of the traffic carried by the Pennsylvania RR. and the large proportion of multiple track which is necessary to handle the business of the
company efficiently and economically, it is announced.
The employees' voluntary relief department paid in 1929 total benefits
of $5,026,500. Of this amount $1,981,498 was disbursed for death benefits. $2,665,621 for sickness and disability benefits, and $379.379 in the
form of superannuation allowances to increase the pensions of retired employees who are members of the association. These facts are revealed in
the annual report of the department's work, submitted by the Superintendent. E. B. Hunt. The voluntary relief department was organized
on Feb. 15 1886, as a permanent agency for welfare work on the Pennsylvania RR. Its primary purpose Is the maintenance and management of a
relief fund from which employees can obtain for themselves and their
families, through the payment of small monthly sums, cash benefits in the
event of death, sickness or accident as well as superannuation allowances.
The company bears the entire cost of operating the department, thus leaving all dues available for the payment of benefits. Since its organization
44 years ago, the department has paid a total of $106,959,202 in benefits
and allowances.
Pensions paid by the Pennsylvania RR.in 1929 amounted to $6,665,718,
an increase over the previous year of $582,178. according to the annual
report of the pension department. During the year 1,349 employees were
retired under the pension regulations and 845 retired employees died. The
total number on the pension rolls at the close of the year was 9.583, a net
Increase of 504. The average age of all pensioners as of Dec. 31 1929
was 72 years and 9 months.
-V.130. D• 1824.
Pennroad Corporation. New Directors.
James S. Alexander. A. H.S. Post and Phillip Stockton have been elected
directors.
-V. 130. P. 968
.
-J.P. Morgan & Co.,
Pere Marquette Ry.-Bonds Sold.
First National Bank, Guaranty Co. of New York, National
City Co., J. & W. Seligman & Co., and Chase Securities
Corp. have sold at 97 and int, to yield 4.65% to maturity
$14,000,000 1st mtge., 43.% gold bonds, series "C."
Dated Mar. 11930: due Mar. 11980. Int. payable (M. & S.) In N. Y.
City. Red, all or part, at company's option. on any date. upon 80 days'
notice, until and incl. Mar.1 1975 at 105 and int. and thereafter at 100
'
and int. Denom. c* $1,000 and r* 51.000. 35,000, $10,000 and authorized
multiples of 510,000. Bankers Trust Co., New York , corporate trustee.
Legal investment for savings banks in New York. Connecticut and New
Jersey.
-S. O. Commission.
Issuance.
-Authorized by the I.
Data from Letter of J. J. Bernet, Pres. of the Company.
Property.
-Company operates 2.241 miles of road of which 1.782 miles
are located in Michigan and connect the Important industrial centers of that
,
State, including Detroit, Grand Rapids and Saginaw. with Chicago. Ill.,
and Toledo, 0. Company's car ferries. operating from Ludington, Mich.,
connect with northwestern carriers at Milwaukee and Manitowoc, Wis.
Its Canadian Division (337 miles) extends from Detroit and Port Huron,
Mich.. to St. Thomas, Ont., to connect with the Michigan Central line,
over which the company has trackage rights to Buffalo. N. Y.
Alliliations.-A substantial interest In the capital stock of the company
is owned by The Chesapeake & Ohio Ry., and the acquisition of control of
the company by purchase of additional shares of its common stock at the
price of $133.33 per share was authorised by the Commission's order
dated April 2 1929. Company's lines now connect with lines of the Chess
MAR.22 1930.]
FINANCIAL CHRONICLE
peake & Ohio system at Toledo, O., and La Crosse, Ind. The Chesapeake
& Ohio system and the Pere Marquette are supplementary, and the creation
of a common management should make possible increased interchange of
traffic and economies in operation.
Proceeds.
-These oonds are being issued upon surrender to the corporate
trustee of a like principal amount of series A 5% bonds previously issued
and held in the company's treasury. The proceeds will be used in making
additions, betterments and improvements to the company's property,
already authorized, and for other corporate purposes.
Earnings Years Ended Dec. 31.
Gross
Total
Income
Operating
Fixed
Applic. to
Net
Revenues.
Charges.
Fixed C^arges,
Income.
1925
$42,710,690
$9.164,365
$2,723,983
86.440.382
1926
45.799.700
2,670.216
10,372,220
7,702.004
1927
44,744,593
9.850.3042.673.380„
1928
45,761,568
2.705.173
8.466,971
11.172,144
1929
2.677.428
48,468,439
10,135,888
7,458,460
In each of the years covered by the above table income applicable to fixed
charges amounted to more than 3 1-3 times fixed charges, while in 1929 it
amounted to over 3X times such charges.
Security.
-The $56,955,000 first mortgage bonds (including this issue)
now outstanding are secured by a direct first lien on the entire 1,764 miles
of railroad owned in fee; by Pledge under the mortgage, subject only to the
prior lien of *3,090,000 collateral trust bonds maturing Aug. 1 1932. of
99% of all outstanding securities of suosidiary companies owning in the
aggregate 208 miles of road operated by the Pere Marquette; by a direct
lien on all the company's equipment, having a depredated book value on
Dec. 31 1929 of $36.799.386 subject only to *5.570,000 of equipment trust
obligations now outstanding.
The mortgage limits the total principal amount of bonds that may be
outstanding at any time to *75,000.000.
Equity.
-Company has outstanding 511.200,000 5% cum, prior pref.
stock, $12,429,000 5% cum. pref. stock, and $45,046,000 com. stock on
which dividends are now being paid at the rate of 8% per annum. The
total par value of capital stock of $68,675,000, which has an indicated
aggregate market value, based on current quotations, in excess of $90,000.000, compares with a total principal amount of $65.525,000 of funded
debt, collateral trust bonds and equipment trust oJligations to be outstanding upon the issuance of these series C bonds.
-V. 130. p. 1651.
Toledo Terminal RR.
-Earnings.
--
Calendar YearsOperating revenue
Operating expenses
Ry. tax accruals
Uncollectible ry. rev_
1927.
1928.
1926.
1929.
$1.606.937 $1.517.681 $1,514,021 $1,508,701
930,547
1.106.945
1.102.514
1.096,967
211.015
196.490
195,343
231,203
137
Ry. operating Inc_ --Non-operating inc.
$314,489
344.949
$376,119
385,846
4210,586
408.160
.174,984
439,479
Gross income
Interest
Rentals
Hire of equip. (dr. bal.)_
Misc,tax accruals
Misc,income charges_ _ Inc. applied to sinking &
Other reserve funds_
6659.438
247,500
2,670
45,234
177
2,770
$761,966
237,788
2.526
43,612
74
2.239
$618,745
235.846
8.485
32.438
$614.463
235.851
8,182
43,977
2.084
Cr.62,892
Net income
-V.128,p. 1901.
$361.086
$475.728
$339,893
Cr.36,307
5425.654
-The National City Co.;
Virginian Ry.-Bonds Sold.
Lee, Higginson & Co., and Kissel, Kenneeutt & Co. have
sold at 97 and interest, to yield about 4.68%, $5,060,000
1st mortgage 50
-year 4% gold bonds, series B. Dated
May 11912; due May 1 1962.
Legal Investment for savings banks and trust funds in New York, Conn.
New Jersey, and many other states.
Data from Letter of Charles H. His, President of Company.
Security.
-Bonds are secured by direct first mtge. on 504.58 miles of
road, extending from Deepwater on the Kanawha River, W. Va., through
the Pocahontas and New River coal fields, thence east to Sewall& Point on
Hampton Roads (at Norfolk, Va.) and on all equipment owned, and on
the equity in all equipment leased under trust agreements, by the company.
The depreciated book value at the end of 1929 of equipment owned was
$11177,683 and of equipment leased was $18,571,766, the latter being
subject to only $6,972,200 of outstanding equipment trust certificates.
The bonds are additionally secured by first collateral lien, through pledge
of all the bonds and capital stock (except directors' shares) of The Virginian
Terminal Ry., upon 525.25 acres of valuable waterfront and that company's
2 steel coal-loading piers and terminal property at Sewalls Point, the book
value of which at the end of 1929 was in excess of $8,000.000.
There will be outstanding in the hands of the public a total of $60,344.000 bonds of a total authorized amount of $75,000.000 issued under
the terms of the first mortgage, consisting of $55,344,000 series A 5%
bonds and this issue of $5,000,000 series B 4 % bonds.
Purpose.
-Proceeds will be used to reimburse the treasury for capital
expenditures already made.
General.
-Company operates 545.16 miles of railroad of which 504.58
miles are owned in fee, of which 134 miles are electrified. By reason of
Its heavy type of construction and its favorable location, it Is able to
operate at probably the lowest unit cost of any railroad in the world.
Opened for operation in 1909, the Virginian is now a strong, seasoned,
well maintained and efficiently operated property. Since 1912, the year
in which the company's first mortgage was created, its surplus after all
charges, to and including Dec. 31 1929, has aggregated approximately
$57,865,000, of which $31,128,000 has been paid out in dividends (including the dividend of 8% on common stock for 1929) leaving a surplus at
Dec. 31 1929 of approximately *26,737,000, which has to a large extent
been reinvested in the property.
The importance and value of the property is shown by the fact that
within the past few years the Norfolk & Western proposed to lease the
property, which lease, however, was not sanctioned by the Commission,
under whose tentative plan of consolidation The Virginian Ry. has been
assigned to the Chesapeake & Ohio. Under the plan for consolidation of
the railway properties of the United States into a limited number of systems, promulgated by such Commission under date of Dec. 9 1929, the
Virginian is assigned to System No. 3
-New York Central.
Earnings.
-The following table presents a condensed income account of
the company for years ended Dec. 311929:
Total
Total
Times
Operat'g Gross Inc.
Operating
Interest
Ratio
Avail. Total Interest
Net
Revenues. Per Cent. Int. Charges. Charges. Earned, Income.
1925 $18,862,179
2.26 $3,859,777
56.929,627 $3,069,850
62.4
1926
10,012,575 3.295.528
3.04
23,878.539
55.5
6,717,047
1927
22,114,785
9,183,178 3,274,616
2.80
52.5
5,908.562
1928
18.480.118
7,472,695 3.235.224
2.31
54.7
4.237,471
1929
3.148,559
2.83
19.871.636
8,901,343
50.2
5,752.784
In 1929 the company's net earnings available for dividends on the corn.
stock were in excess of 13%.
Listing.
-Outstanding series A bonds listed on the New York Stock
Exchange and application will be made in due course to list these series
11 bonds.
-V. 129, p. 3798.
2021
Legal Investments for savings banks and trust funds under the laws of the
State of New York.
Data from Letter of Chairman Wm. H. Williams, March 14.
Security.
-Bonds will be secured by a direct mortgage upon alla.the lines
of railroad and other property owned by the company at the Vale of the
mortgage, including valuable terminal properties in the cities of Micas°.
St. Louis and Kansas City, on equipment (or the equity of the company
therein) having a net value as of Dec. 31 1929, after depreciation, over
outstanding equipment trust certificates, of not less than $35,000,000 and
on all interest of the company in Ann Arbor RR. 96.93% of the stock of
which is pledged under the refunding and general mortgage.
The lines of railroad covered by the mortgage (including lines owned by
Ann Arbor RR.)comprise about 2,326 miles of first main track, 362 miles of
second main track and 1,199 miles of other track, on various parts of which
the refunding and general mortgage, upon the completion of this financing,
will be subject to prior obligations outstanding in the aggregate principal
amount of $68,627,325, for the retirement of which at or before maturity
refunding and general mortgage bonds are reserved. None of the prior
obligations may be renewed or extended and no further issues made under
the indentures securing them, except that *5.936,311 principal amount of
additional bonds may be issued under Wabash RR. first lien terminal gold
4% trust indenture dated Jan. 1 1904, for the acquisition of additional
terminal properties. Refunding and gen. mtge. bonds are seserved for the
retirement of any such additional terminal bonds which may be so issued.
The lines of railroad covered by the refunding and general mortgage
traverse the States of Indiana, Ohio, Illinois, Missouri, Iowa,and Michigan
and in conjunction with leased lines and trackage rights form a direct
connection between the important cities of Buffalo, N. Y. Detroit, Mich.,
Chicago,I11., and Toledo,0., St. Louis and Kansas City, Mo. and Omaha,
Neb.
Purpose.
-The present issue of bonds is being issued to reimburse the
treasury for capital expenditures heretofore made and for the payment or
purchase of $1,227,000 of secured obligations of Ann Arbor RR. and to
provide in part for the improvement programs, including the purchase of
equipment.
-For the year ended Dec. 31 1929, the gross income of the
Earnings.
company applicable to the payment of fixed charges and rentals, amounted
to $15,174,478, while such fixed charges and rentals amounted to only
$7,275,492.
The company has outstanding $69,369,350 preferred "A." $2.389,541
cony. pref. "B" and *66,734,075 coin, stock, having a present market
value of over $96,000,000.
Bonds.
-The total authorized amount of refunding and general mortgage
gold bonds which may at any time be outstanding is limited to an amount
which, together with all prior obligations of the raliway company as defined
in the mortgage, shall not exceed 1X times the aggregate par value of the
then outstanding capital stock of the company.
There will be outstanding in the hands of the public after the present issue
812,500,000 series "A" 514% bonds, due March 1 1975, $15,500,000 series
"B" 5% bonds, due Aug. 1 1976, $17.867,000 series "C" 4 X% bonds, due
April 1 1978, and $15,000,000 series "D' 5% bonds, due April 1 1980. In
addition to the bonds reserved for refunding prior lien bonds, bonds may be
Issued under the refunding and general mortgage for the acquisition of new
properties or to the extent limited by the mortgage, securities representative thereof, or for extensions, betterments and improvements or for
90% of the cost of equipment and to reimburse the treasury of the company for expenditures heretofore made for such purposes.
-A sinking fund of 5% Per annum for 20 years is provided
Sinking Fund.
in respect of bonds issued for equipment expenditures.
Listing.
-Application will be made in due course to list these bonds on the
-V.130,p. 1651.
New York Stock Exchange.
-Larger Dividend.
-The
West Jersey & Seashore RR.
directors have declared a semi-annual dividend of 3%,
payable April 1 to holders of record March 15. From Oct.
15 1927 to and incl. Oct. 15 1929, semi-annual dividends of
were paid.
2
This will be the last regular dividend declared by the company out of
operating revenues in the event that the proposed lease of the company's
property and franchises to the Pennsylvania RR. is consummated. The
proposed lease has already been approved by the stockholders and will be
acted upon by stockholders of the Pennsylvania RR.at the annual meeting
to be held on April 8. The proposed lease Is also subject to the approval or
I.-S. C. Commission. See also V. 130, p. 1652.
PUBLIC UTILITIES.
-On recommendation of Mayor
Detroit Carfare Increase Suspended.
Bowles, Detroit Street Railway Commissioners this afternoon voted to
postpone indefinitely the fare raise which was to have gone into effect
Friday midnight. "Wall St. Journal" Mar. 14, p. 6.
-Charges to Portugal and colonies and Cyprus
New Rates for Messages.
revised. New York "Times" Mar. 20, p. 38.
-Production of electric
Matters Covered in the "Chronicle" of March 15.
power in United States in 1929 exceeded that of previous year by 11%.
13. 1731.
-Earnings.
American Cities Power & Light Corp.
Income Account fa' the Year 1929.
Stock dividends, valued at market prices, following respective
53.733,483
dividend record dates
1,034.347
Cash dividends and interest
7,147,237
Profits realized on sale of securities (net)
$11,915,068
Total income
1,210,637
Operating expenses, taxes and interest
acquired in 1929 as stock
Reduction in valuation of stocks
805,259
alvidends, to Dec. 31 1929 market prices
Net income for the Period
Balance, Jan, 1 1929
$9,899,172
879.823
$10,778,995
Total
Dividends: On cony. class A stock optional div. series, paid in
461.813
cash and class B stock (capitalized at $10 per share)
41
On class B stock, paia in class B stock (capitalized at $10 per
1,547.917
share)
150.000
Transferred to reserve for contingencies
Balance, Dec. 31 1929
Bee also V. 130, p. 1644.
$8,619.266
-Debentures
American Commonwealths Power Corp.
-E. H. Rollins & Sons, Halsey, Stuart & Co., Inc.,
Sold.
G. E. Barrett & Co., Inc., Hemphill, Noyes & Co. and Albert E. Peirce & Co., Inc. announce the sale at 98.16 and
int., to yield 6%%, $10,600,000 6% convertible gold debentures, series due 1940.
Dated Merch 11930; due March 11940. Dell0M. $1,000 and MO c*.
Principal and int.(M. & S.) payable at principal office of trustee without
deduction for any normal Federal income tax not in excess of 2% per annum.
Red., all or part, at any time upon 60 rays' notice at 105 to and incl.
March 1 1931. with the premium reduced % on each successive March 2
thereafter to and incl. March 2 1938 for the year then beginning, and
thereafter at the principal amount until maturity, plus int. in each case.
Wabash Ry.-Bonds Sold.
-Kuhn,Loeb & Co. have sold Corporation will agree to make reimbursement upon timely application for
personal property taxes imposed by the States of
at 1003 and int., $15,000,000 ref. & gen. mtge. 5% gold not exceeding 4 mills; Md., not exceeding 434 mills; Conn., Pa. and Calif..
D.of C., not exceeding
bonds, series "D."
5 mills, and Mich., not exceeding 5 mills, and for Mass, income tax on the
Dated April 11930:due April 1 1980. Denom.$1,000 c* and r*. Interest interest, not exceeding 6% of such interest.
payable April 1 and Oct. 1. The Equitable Trust Co. of New York, trustee. Data from Letter of Pres. Frank T. Hulswit, New York, March 10.
Not redeemable before April 11940. The entire series, but not part thereof,
Company.-Organized in Delaware. Owns (a) all of the preference
will be redeemable on April 1 1940, or on any int, date thereafter up to and and common stocks of American Gas & Power Co.;(b) all of the preference
incl. April 1 1975 at 105% and Int, and thereafter at principal amount and common stocks of American Oommunity Power Co.: (Oran of the lit
thereof and accrued int, plus a premium equal to X% for each six months pref. and over 99.9% of the common stock of Union Gas Utilities,sInc.;
between the redemption date and the date of maturity, upon not less than (d) all of the common stock of National Gas & Power Corp.; (e) all'of
go days' previous notice.
the common stock of Interstate Fuel & Light Co.,and (f) certain diversified
Issuance and sale of these bonds are subject to the approval of the I.
-S. investments,including a beneficial interest in certain gas companies located
C. Commission.
within the metropolitan district of New York.City.
2022
FINANCIAL CHRONICLE
The subsidiary companies include Community Power 8z Light Co.,
General Public Utilities Co., Minneapolis Gas Light Co., Minneapolis
Suburban Gas Co., Jacksonville Gas Co. Bangor Gas
-Light Co., Savannah
Gas Co.. St. Augustine Gas & Electric Light Co., Birmingham Gas Co.,
'
Industrial Gas Corp. of Birmingham. Wisconsin Fuel & Light Co., Northern
Indiana Fuel & Light Co.
Fuel & Light Co.,Michgan
National Gas &
Electric Corp., and Union Gas Corp. The subsidiaries furnish, directly
'
. or indirectly, electric light and power, gas, water and (or) ice service to
399 communities with a present estimated population of 2,500,000 located
in the States of Maine, Florida. Ohio, Wisconsin, Texas, Georgiaa, Minnesota, Kansas, Arizona, Virginia. Colorado, Michigan, Louisiana, Oklahoma,
New Mexico, South Dakota, South Carolina, North Carolina, Arkansas,
Alabama, Nebraska. Missouri, and Indiana.
Special Investment Fund.
-A revolving fund, known as the "special
investment fund, was established at the inception of the corporation and
has resulted in great benefit in the building up of the corporation and has
proven profitable. As of Feb. 28 1930 the securities carried at cost in
this fund amounted to 84,929,741 and have a market value based on
current -quotations in excess of $11,450,000. Investments in this fund
0088i8t mainly of voting stocks of large public utility holding companies,
such as the United Light & Power Co., the American Superpower Corp..
and Eastern Gas & Fuel Associates, as sell as common stock of Long
Island Lighting Co.
The supplemental agreement under which these debentures are to be
Issued will provide among other things that, so long as any debentures of
this series are outstanding, no sale will be made of any of the investments
In this fund which would reduce the then aggregate market value of the
investments to less than $10,000,000. unless the proceeds of the sale of
such investments are used or escrowed for any of the following purposes:
(1) Re-investment in similar public utility securities, (2) retirement of
indebtedness of the corporation including debentures of this and other
series, (3) retirement or acquisition of indebtedness and (or) pref. stock of
subsidiary companies, (4) acquisition, in whole or in part, of control of
additional public utility properties, (5) advances to subsidiary companies
for property additions.
-Proceeds will be used to retire $3,436,500 cony, gold debenPurpose.
tures, 6% series, due May 1 1949, to retire bank indebtedness and for
other corporate purposes of the American Commonwealths Power Corp.
'
Capitalization Outstanding (Giving Effect to Present Financing).
-6% cony, series due 1940 (this issue)
lc Debentures
$10,000,000
5,000,000
534% series. due 1953
4,000,000
6% series, due 1952
1st pref. stock (no par value)
23,806 shs.
-$7 dividend series A
$6.50 dividend series
54,205 abs.
$6.00 dividend series
16,020 abs.
-$7 div. series A
2d.preferred stock (no par value)
13,711 shs.
Class A common stock no par), auth. 3,000,000 shs.)
y1,280.643 shs.
Class B common stock no par) auth. 2.000.000 abs.)
441,591 shs.
As of Jan. 31 1930 there were outstanding in the hands of the public
$79,354,333 of funded debt, $27,087.661 of pref. stocks. and $4,420 of
common stocks of subsidiaries.
x Additional debentures of these and other series may be issued under
restrictions as provided in the agreements hereinafter mentioned.
y There were also outstanding 270,00234 definitive option warrants
entitling the holders to purchase class A common stock on the basis of one
share thereof for each warrant at $24 per share to and incl. June 30 1930.
Conversion.
-These debentures will be convertible at their principal
amount after Aug. 15 1930 and before Feb. 20 1940 at the holders' option
into class A common stock at the following prices, with adjustments for
interest, dividends and fractions of shares: $27.50 a share to and hicl.
Aug. 15 1931: thereafter at $28.50 a share to and incl. Aug. 15 1932; thereafter at $29.50 a share to and incl. Aug 15 1933; thereafter at 830.50 a
share to and incl. Aug. 15 1934; thereafter at $31.50 a share to and incl.
March 15 1936: thereafter at $35.00 a share to and Ind. Feb. 19 1940.
In the case of redemption, the conversion privilege will terminate on the
tenth day prior to the redemption date. Delivery of stock certificates
upon conversion of debentures will be made within 30 days after receipt
by the trustee of debentures and proper notice of conversion from the holders
thereof. The supplemental agreement under which these debentures are
. to be .issued will contain provisions designed to give certain protection
to the conversion privilege.
The corporation is now paying dividends on its class A and B common
stock at the rate of 10% per annum payable quarterly in class A common
stock. Quarterly dividends are payable Jan. 25, April 25, July 25 and
Oct. 25 when and as declared. .
Consolidated earnings of corporation and subsidiaries, irrespective of the dates
of their acquisition, 12 months ended Jan. 311930.
Consolidated gross revenues.all sources
n325,857.407
Operating expenses, maintenance & general taxes
14.334,665
Net earnings
$11,522,742
Earnings applicable to American Commonwealths Power Corp.
-after deducting all local taxes (other than Federal income
taxes) of the corporation and its subsidiaries, depreciation,
annual bond interest and preferred stock dividend requirements of subsidiary companies and earnings accruing to minority common stocks
3,846.045
Annual Interest requirement on $19,000,000 gold debentures to
be im•esexitly outstanding
1,115,000
a Includes $2,195,846 cash profits realized from the operation of the
special investment fund. In addition to this amount the corporation has
realized a further profit of $1,184,917 from the same source, which will be
included in the earnings for the year.
Organizes New Securities Co.
-Rights.
-See American Corp.
below.
-V. 130, p. 1824.
(The) American Corp.
-Organized-Financing
.-
This corporation has been organized in Virginia with an authorized
capital of 2,500.000 shares
-all of one class
-and all shares to be full voting
for all purposes. The charter contains a provision that the company shall
not issue, at any time,funded debt exceeding in face amount the then total
of it capital and its surplus. However, the directors may, from time to
time, authorize temporary loans or the making of contracts, the proceeds
or purposes of which are to acquire securities or properties of public utility
companies.
Options have been secured on a substantial block of class B common
stock of American CommonwealthsPower Corp. and other dividend paying
securities which together with other sources of revenue will give the American
Corp. an income sufficient to pay a dividend of 50 cents per share on the
amount of stock to be presently outstanding, if deemed wise by the board
to do so.
The directors shall be at liberty to acquire additional amounts of the
American Commonwealths Power Corp.'s Capital stock in such quantities,
at such prices and on such conditions as they, in their discretion, may
determine. Furthermore, the company may participate in and distribute
securities of American Commonwealths Power Corp. or its subsidiary or
affiliated companies at a profit to itself.
It 18 the present intention to provide not less than $4,000,000 of cash
working capital through the sale of 400,000 shares of common stock at $10
per share
-55 of which will be allocated to capital and $5 of which will be
allocated to surplus.
In order that the common stockholders of both classes. 'and preferred
stockholders and warrantholders of American Commonwealths Power Corp.
may have the first opportunity to acquire common stock of the American
Corp. at $10 a share, American Commonwealths Power Corp. has obtained
for such stockholders and warrantholders the privilege of subscribing for
the above mentioned 400,000 shares of the common stock on the terms set
forth below.
If any shares remain unsold, these may be sold in whole or in part at
private sale to others than stockholders and warrantholders of American
Commonwealths Power Corp., but at not less than $12 per share. As of
the date of this communication, applications are on file for all unsold common stock at that price.
Terms of Subscription.
-Only holders of either class A common stock.
Class B common stock, $6.50 or $7 div. series 1st pref. stock. 2nd pref.
stock or definitive option warrants of American Commonwealths Power
Corp.. registered in their names on the books of the corporation at the close
of business March 21 1930, will be entitled:
To enter a subscription for 88 many shares of common stock of The
American Corp. as the subscriber may desire, for which payment is to be
made at the rate of $10 per share on or before April 19 1930. However.
no single subscription can be made for more than 5.000 shares,as it is desired
[VOL. 130.
that the stock of The American Corp. be distributed as generally as possible
among the stockholders of American Commonwealths Power Corp.
Upon payment in full for the shares so subscribed for, the subscriber will
be given with each share paid for: The right to subscribe for one additional
share of common stock at $10 on or before Oct. 1 1931-such rights to be
represented by transferable warrants.
All subscriptions should be filed with H. M. Pleune, Treasurer, Grand
Rapids National Bank Building, Grand Rapids, Mich., on or before noon
of March 31 1930. However, for the convenience of subscribers resident
in or near New York City and Chicago, subscriptions may be filed with the
Guaranty Trust Co. of New York and the Continental Illinois Bank &
Trust Co. of Chicago which will accept such subscriptions and forward
them without expense to the subscriber.
Subscribers will be notified by the company on or before April 10 1930,
of the amount of stock allotted to them and the balance, due after crediting
the 10% deposit made at time of subscriltiom, which balance must be paid
to H. M. Pleune, Treasurer.
Management.
-The management of The American Corp. will be under the
direction of the executive officers of American Commonwealths Power Corp.
Including Frank T. Hulswit, David A. Belden, Fred W. Seymour, John K.
Swanson, H. M.Pleune and Albert Vermeer.
The board of directors will be made up of several of the men above mentioned and of others chosen from the board of directors of American Commonwealths Power Corp. and such others as will be representative of the
stockholders of the company, but in no event, will the board of the
American Corp. include more than five of the present 12 directors of
American Commonwealths Power Corp.
American Light & Traction Co.(& Subs.).
-Earnings.
Comparative Consolidated Income Account for Calendar Years.
Subsidiary Operating Companies1929.
1928.
1927.
Gross revenues
$46,684,808 $41,214,012 $35,596,684
General operating expenses
22,098,081 19,409,363 16.599,222
Provision for retirem't on gen'l plant_ 2,928,909
1,921,855
2,483,471
Maintenance
3.534.144
2.802,322 2,516,675
General and Federal income taxes_ _ _ 4,760.872
4,555,787
4,302,965
Int. & dive. on bonds, pref. stock and
notes owned by public
4,046,339 4,107,038
3,332,104
Amort.of bond discount and expense154.268
133,855
150,452
Profit applic. to minority interest
40.271
40.258
40,110
Bal, appllc. to Am. Lt. & Tr. Co.- $9,121.922 $7,665,320
Subsidiary Investment Companies
Gross revenues
$2,612,708 81.885,461
General expenses (including taxes)
98,365
22.027
Interest
171,645
40.670
Bal, appllc. to Am. Lt. & Tr. Co__ $2,342.607 81,822,764
Total acccruing to Am. Lt. & Tr. Co.
from subsidiaries
$11.464.619 89,488,084
American Light c% Traction Co.:
Interest and dividends
454,235
259,799
Miscellaneous income
166.929
136,246
$6,749,898
81.040,864
11,604
81,029.259
87.779,158
145,761
7,953
Total income accruing to American
Light & Traction Co
312,085,783 89.884,128 87,932,873
General expenses (including taxes)
476,034
403,147
586,794
Reserve for contingencies
80,000
80.000
Interest
64,252
175,822
103,897
Balance, transferred to surp. acet..$11,465,496 89,225,159 87.242,182
The balance for common stock after deducting preferred dividends was
equivalent to 815.41 per share on 691,743 shares of 8100 par value common
stock outstanding during the whole of 1929. This compares with earnings
per share of $13.87 in 1928 on the average common stock outstanding during that year (607398 shares).
Surplus Account bee. 311929.
-Balance surplus Dec. 31 1928, $26,074.390: balance surplus 1929, as above. 811.465,497: profit from sale of properties, less estimated Federal taxes. $3,564,868: total, $41,104.755. Deduct: Pref. diva., $804,486: common diva- $6.917,295: misc. adjustments,
$36,262. Final surplus Dec. 311929. $33,346,712.
.
Consolidated Balance Sheet Dec. 31.
Assets1928.
1929.
1929.
1928.
Properties, franLiabilities$
$
8
i
Am.L.& T.Co.:
chtses, organization, &c_ _ _163,181.699 155,312,879
Pref. stock_ _ .. 13,408,100 13.408.100
Unamort. bond
Common stk. 69,174,300 69,169,000
discount and
Corn.stk. warstock expense_ 3,512,971 3,672.053
rants
32,446
27,051
Pald-in Burn.
Investments__ _ _x82,171,908 50,897,491
Other seourities
64,316(excess paid
392,828
Cash
5,318,373 8,925,545
in over par
Acc'ts receivable 5,015,728 4,746,732
val. of cornNotes receivable 2,337,757
mon stock_ 18,238,071 18,238,071
735,869
Subsidiary cos.:
Interest and dividends recelvPref. stock__ 9,000,000 9,824,345
Corn. stook150,983
able
257,497
201,071
236,670
Paid-in surp.
Inventories (materials,supers
(prem. on.
dc appliances)- 5,478,588 5,484,269
pref. stock)
98,320
98,320
224.230 Surplus &PPM:.
Prepaid expenses
211,149
Special funds on
to min. int_
11,972
14,436
deposit
64,455 Funded debt of
38.725
Items In suspense
sub. cos
33,119
64,622,000 65,887,000
Notes pay.
(our.)
233,997
264,000
Acc'ts payable
1,675,842 2,248,718
Interest
1,384,799
1,507,661
Dividends
1.890,522 1,893,274
Fed. taxes (est.) 1,648,961
1,722.067
General taxes- 1,178.397 2,027,984
Misc.our. Habil_
71,642
72,383
Note My. (sec
by called debs.
-see x)
10,500,000
Derd liabilities_ 1,606,596
1,578,458
Items in susp_
2,788
Retirement
General plant 13,956.748 12,808,538
607,706
717,569
Utility equipContrIbut'ns for
498.141
extensions
423,670
Maint. & other
780,989
over, reserves 1,059,765
General contin's 3,236.079 1.921,497
230,278,824 Surplus
33,346,712 26,074,390
Total(each side) 247,948,339
x Securities and notes receivable of other public utilities and sundry
securities (813.500,000 of this amount represents callable debentures
pledged under notes payable of $10,500.000
-see contra).
-V. 129, p. 1280.
Androscoggin & Kennebec Ry.-Earnings.-Calendar YearsGross earning.'
*Operating expenses_ __ _
Taxes
Deductions from income
1929.
$784.548
684.343
20,487
68.275
1928.
$822,922
680.943
29.356
68.561
Net income_ _ _._ _
1st preferred dividends
2nd preferred dividends
811.443
14,685
$44.062
88.110
$70.845
88,110
Balance,deficit
*Depreciation incl. in
operating expenses_ _ _
-V. 130. p. 465.
83.242
844.048
$17.265 sur$101,943
75.157
77.333
1927.
1926.
$921,941 81,004,546
744.580
682.120
37,684
45,380
68,832
69,911
78,000
$207,135
88,110
17,082
87,500
American States Public Service Co. (& Subs.).Earnings.
Calendar YearsGross revenues
Operation
Maintenance
General taxes
Earns, available for int, charges. res & diva
1929.
1928.
81.637.652 $1,560,834
632,957
91,659} 826,802
82,952)
8830.082
8734.032
MAR. 22 1930.1
FINANCIAL CHRONICLE
2023
Union Management & Engineering
-The statement above for the years ended Dec. 31 1929 and 1928 in the Appalachian Gas Corp. group. Memphis Natural Gas Co.
Note.
-V.130,
reflects the operations for each full year irrespective of acquisition dates Corp. also supervises the operations of
of subsidiaries. No adjustments have been made to eliminate those ex- p. 1824.
within the year but prior to
penses of subsidiaries which have occurred
-Class A Dividend.
Associated Gas & Electric Co.
acquisition and which will not recur under present management.
The directors have declared the regular quarterly dividend on the class
Balance Sheet Dec. 31 1929.
A stock, payable May 1 1930, in class A stock at the rate of 1-40th of one
Liabilities
Assets
share of class A stock for each share held of record at the close of business
$1,603,485 March 31 1930. On the basis of the current market price for the class A
$14,509,431 Preferred capital stock
Fixed capital
3,308,799 stock of about $45 per share, this dividend yields a return of about $4.50
280,612 Common capital stock
Cash
4,681 per share per annum. Scrip for fractional shares will not be delivered,
283,599 Common stock scrip
Notes & accts. receivable_ _
4,341,700 but will be credited to the stockholder's account until a full share has
75,396 First lien bonds
Materials & supplies
3,999,000 accumulated. Stockholders can purchase sufficient additional scrip to
Convertible debentures
47,655
Prepayments
624,800 complete full shares. Payment in stock will be made to all stockholders
202,115 Other funded debt
Miscellaneous investments_
Notes & accounts pay. incl.
Unamortized disc. & exp. on
entitled thereto who do not, on or before April 15 1930, request payment
470,392 in cash. This does not apply to those who have heretofore filed permaaccruals
743,958
funded debt
98,247 Reserves, incl. construction
Other deferred debits
nent dividend orders.
1,706,919
advances
An extra cash dividend of 40 cents per share was paid on the class A
181,237 stock Feb. 1 to holders of record Dec. 31. The stockholders were given
$16,241,012 Surplus
Total(each side)
the option of receiving in lieu of cash 2-125ths of a share of class A stock.
-V.130. p. 1824.
ncreas
Since Dates of Acquisition
-P. W. Consolidated Statement of Earnings of Properties
-Debentures Offered.
Increase
eAppalachian Gas Corp.
Amount
1929
1930
12 Mos Ended Jan 31Waters & Co., and Reilly,
Chapman & Co., Inc.; Hale,
_$94.765.751 $42,316,657 852,449,094 1a
and interest, to yield about Gross earns & other income__ 47,294,047 23,126,999 24.167.048 104
Brock & Co., are offering at 99
Oper.exps.,maint, all taxes,&e
6.10%, $2,500,000 convertible 6% debentures.
$47.471,704 $19,189,658 $28,282,046 147
Net earnings
Dated March 1 1930: due March 1 1945. Principal and int.(M. & S.)
7.398,742 238
pref diva & int_ _ 10,509,460 3,110,718
payable at Pennsylvania Co.for Ins. on Lives & Granting Annuities, Phila- Underlying
7.992,588 112
7,144.433
15.137,021
All other interest
delphia. trustee. Denom. $1,000 and $500 (O.) Red. all or part upon Prov for replace ,renewals &
and int.. the redemption
30 days' notice, to and incl. Sept. 1 1935 at 105
of fixed capital
retire
premium decreasing Ji% during each year thereafter. Interest payable
86
2,098.244
2,446,809
4,545,053
(depreciation)
without deduction for that portion of any Federal income tax not in excess
of 2%. Refund of certain Calif., Conn.. Dist. of Co., Iowa, Kansas,
Balance for divs & surplus_$17,280.170 $6,487,698 $10,792,472 166
Kentucky, Maryland, Mass.. Mich., Minn., New Hampshire, Oregon,
-V 130. p 1272
Pa., Virginia and Wash. taxes.
-Debentures Offered.
Associated Telephone Utilities Co.
Consertible.-Subject to the terms of the trust agreement, each $1,000
debenture is convertible at any time prior to maturity or earlier redemption
& Co.; Bonbright & Co., Inc., and Mitinto 100 shares of common stock. Each $500 debenture is similarly con- -Paine, Webber
chum, Tully & Co. are offering an additional issue of
vertible into 50 shares of common stock.
Listed -Debentures listed on Chicago Stock Exchange.
$8,000,000 15-year 53'% convertible gold debentures,
Business.
-Corporation, through subsidiaries. supplies natural gas under series C at 100 and int. Dated May 1 1929; due May 1 1944.
and industrial companies, including
tong-term contracts to public utility
United Fuel Gas Co. (subsidiary of Columbia Gas & Electric Corp.), Data from Letter of Marshall E. Sampsell, President of the Company.
Hope Natural Gas Co. (subsidiary of Standard Oil Co. of New Jersey),
-Incorporated in Delaware in 1926. Will upon completion
Company.
Owens-Illinois Glass Co. and the Libbey-Owens Glass Co. Corporation, of this financing, control through stock ownership or otherwise, groups
incorp. in Delaware, owns more than 99% of the common stock of Ohio of telephone properties serving a total population in excess of 3,431,400.
Southern Gas Co., more than 91% of the outstanding common stock of These properties operate in 1.434 communities in the States of California,
Wayne United Gas Co.. more than 83% of the outstanding common stock Idaho, Illinois, Indiana, Iowa. Kansas. Kentucky. Michigan, Missouri,
of Ohio Valley Gas Corp.. more than 59% of the outstanding common Montana. Nebraska, New Mexico, New York, Ohio. Oklahoma. Pennsylstock of Ohio Kentucky Gas Co., and a substantial interest in the common vania, Texas, Washington, Wisconsin, and Wyoming. They include
stock of Allegheny Gas Corp. This group includes some of the most rap- 440,234 stations and constitute one of the largest groups of independent
idly developing natural gas companies in the Appalachian field, in which telephone properties in the United States. Through interconnections with
field are located the extensive gas pipe line systems controlled by Columbia the lines of the Bell Telephone companies, the long distance toll lines of
Gas & Electric Corp., Standard Gas & Electric Co. and Standard Oil Co. the Bell System are available to all subscribers. Of the total gross operof New Jersey.
ating revenues approximately 20.7% is derived from toll business.
Properties -The properties owned or controlled by the companies in the
-Consolidated earnings (including the earnings of all properties*
Earnings.
Appalachian Gas Corp. group are located in the States of West Virginia, controlled and to be presently controlled) for the years ended Dec. 31
Kentucky and Ohio, in a territory having numerous industrial cities. (giving effect to present financing), were as follows:
1928.
1929.
1927.
These properties include 372 gas wells, 313 miles of pipe lines, including
$13,059,873 $13,960,307 $15,089.267
gathering lines, and the gas rights in more than 200,000 acres of land in Gross earnings
7.950.218
7,272,100
7.388,774
the above mentioned States On over 160,000 acres of which the oil rights Operating expenses and taxes
are also owned or controlled. The gas reserves of less than 50% of the
acreage have been reported to be approximately 125,000,000,000 cubic feet.
Net earnings before depreciation-- $5,787,772 $6,571,532 *$7,139,049
Upon completion of this financing, Appalachian Gas Corp. will have in Operating companies annual bond interest and preferred
$2,127,837
stock dividend requirements
excess of $1.500,000 in cash to provide for extensions and developments
70,943
to be made before the commencement of full operations, for the acquisi- Earnings accruing to minority common stock interest
tion of additional properties and (or) securities and for other corporate
$4.940.268
Balance
purposes.
-The more important of the gas sales contracts of Annual interest on entire funded debt of Associated Telephone
Gas Sales Contracts.
1.293.870
Utilities Co. (including this issue)
the above companies and their subsidiaries in the Appalachian Gas Corp.
group, which contracts have durations varying from eight years to the life
Balance available for reserves, Federal taxes and dividends $3,646,398
of the field, are summarized briefly as follows:
* Does not include any earnings on $3,241.000 of the amount to be
(1) A contract with United Fuel Gas Co., subsidiary of Columbia Gas
& Electric Corp., covering all gas which can be delivered from approxi- provided through common stock of Associated Telephone Utilities Co.
mately 15,000 acres of land in Boyd and Greenup counties, Ky.,and Wayne to be presently sold.
Consolidated net earnings, as above set forth, for the year ended Dec. 31
County, W. Va.. the required purchases being without limitation as to
amount during the winter periods and for each summer period being 50% 1929 were more than 3.8 times the interest requirements on all the outstanding debentures of the company (including this issue).
preceding winter period.
of the amount delivered during the
Concersion.-Each $1,000 debenture, with all unmatured coupons
(2) A contract with Hope Natural Gas Co., subsidiary of Standard Oil
Co. of New Jersey. covering 8,000,000 cubic feet of gas per day, either attached, is convertible at the holder's option into common stock on the
produced or purchased, to be delivered in Roane County, W. Va.
following terms: To and incl. May 1 1932 into 33 shares of common stock;
(3) A contract with American Encaustic Tiling Co., Ltd., covering and thereafter to and incl. May 1 1935 into 30 shares of common stock.
80% of the requirements of its main plant located at Zanesville, Ohio.
Each $500 debenture Is likewise convertible into common stock on the
(Si) A contract with Owens-Illinois Glass Co. and the Libbey-Owens same proportionate basis. After May 1 1935 all conversion rights cease.
Glass Co.. covering gas produced in Kanawha County, W. Va., up to
Capitalization-Consolidated Statementl
1,000,000 cubic feet per day.
(Upon completion of present financing).
(5) A contract with Owens-Illinois Glass Co. and the Libbey-Owens
128,283.700
to the terms of the contract, Operating companies'funded debt
Glass Co., providing for delivery, subject
of 5.000.000 cubic feet of gas per day in Wayne County, W. Va.
Operating companies' stocks in hands of public:
8,860,626
In addition to the gas furnished under the foregoing contracts, Ohio Valstocks_a
Preferred
357.857
ley Glass Corp. through subsidiaries supplies a large percentage of the gas
Common stocks
consumed by other industrial plants at Zanesville. Ohio, among which- Gold debentures-Series A 6% cony., due Sept. 1 1941-b- - 1,221,000
1.750,000
are Standard Tile Co. and Hazel-Atlas Glass Co., while Allegheny Gas
Series B 5%,due Oct. 1 1942
20,602,000
Corp. through a subsidiary supplies substantially all of the gas consumed
Series C
%,convertible, due May 1 1944_c
17,888 shs.
by the industrial plants at Mt. Vernon, Ohio, including Pittsburgh Plate Prior preferred stock-$7 cum. dividend.(no par)
27.147 shs.
Glass Co., Lamb Glass Co. and Cooper-Bessemer Corp.
$6 cum.dividend (no par)
50,000 shs.
Authorized.
Issued,
$6 convertible preferred stock series A (no par)-d
Capitalization737,739 she.
Convertible 6% debentures
(a)
$2.500,000 Common stock (no par)-e
a No par stocks Included at voluntary liquidation value. b Convertible
b10.000,000 shs. 1,967,001 shs.
Common stock (no par value)
into $7 cumulative prior preferred stock on basis of one share such stock
a Additional debentures may be issued with the approval of directors.
b 250.000 shares reserved for conversion of debentures. There are also for each $100 principal amount of debentures. c Each $1,000 debenture
convertible to and including May 1 1932 into 33 shares of common stock:
1,500,000 shares at $15 per share.
outstanding options for the purchase of
and thereafter to and including May 1 1935 into 30 shares. d Convertible
-During 1929 the gross revenues of Ohio Valley Gas Corp. into two shares of common stock through 1931 and into 1 2-3 shares so
Earnings.
and Allegheny Gas Corp., which were the only companies in this group common stock thereafter. e Includes 147.548 shares to be presently sold.
in operation for the full year, amounted to $1.140,448 and net earnings Warrants are outstanding to buy 50,000 shares of common stock at $42 per
accruing to securities owned by Appalachian Gas Corp., depreciation, de- shares through 1930 and 50,000 shares of common stock at $50 per share
pletion, amortization and Federal 'income taxes, amounted to $159.873. through 1931.
Ohio Kentucky Gas Co. commenced full operation in November 1929. while
-The proceeds from the sale of these debentures will be used to
Purpose.
Wayne United Gas Co. and Ohio Southern Gas Co. will commence deliv-V. 130, p. 1824.
properties the company is acquiring.
eries of gas during the present year. Combined revenues of the com- pay for
panies in the Appalachian Gas Corp. group for the first year of full operaBerkshire Street Ry.-Earnings.tion are estimated to be $2,519,530. More than 85% of the estimated
1926.
1927.
1928.
1929,
Calendar Yearsrevenues is based upon deliveries of gas to customers now being served Operating revenues
$850,660
$798,696
$739.215
$718,069
or customers under contract.
750,974
749,780
610,286
612,420
above companies in the Appalachian Gas Operating expenses
Combined earnings of the
31,022
34,631
30,534
21,911
accruals
Corp. group for the first year of full operation, as estimated by independent Tax
engineers, are as follows:
$65,055
$17,894
$98,495
$83.739
Operating income_ - - Gross revenues
$2,519,530 Non-operating income
1.654
2.240
1.857
3.010
Net earnings accruing to securities owned by Appalachian Gas
Corp., depreciation and depletion, amortization charges and
$20,134
$66,709
$100,352
$86.749
Gross income
Federal income taxes of the respective companies
835.846 Deduct.fr. gross inc _ x_ _
313.569
302.581
296.324
292.527
Annual interest requirements of this issue
150.000
The outstanding funded indebtedness of the companies in the Appa$235,872
$293,435
$195.972
$205.778
Net deficit
lachian Gas Corp. group amounts to $8,469,500 as of Jan. 11930. exclusive
x Deductions from gross income include $209,980 in 1929. 1209.980 in
of this issue, and there are certain purchase warrants and conversion privileges providing for the issuance of additional stock of the respective com- 1928, 8210,725 in 1927 and $20,066 in 1926, interest accruing to the N. Y.
panies. Stock reserved for this purpose is not considered as outstanding N. H.& H. RR.. but not included in the income account of that company.
-V.129, p. 3010.
in calculating the percentages set forth herein.
The above estimates do not include any earnings which may be derived
-Plan $50,000,000
British Columbia Power Corp., Ltd.
the future development of more than 100,000 acres in Kentucky
from
and Ohio. nor do they take into account the acquisition of additional prop- Development Program.
erties now under consideration. Other development plans, if consummated,
corporation is planning the expenditure of approximately $50.000,This
should result in substantial earnings not included in the above estimates.
000 for the development of Its system during the next six years, according
Purpose.
-Debentures are issued in connection with the refunding of to reports from Montreal to Paak & Walbridge. The report stated that
obligations, the acquisition of obligations of subsidiaries and to provide the expenditures would be made at the rate of nearly 810,000.000 per year.
New financing ny the company to provide for immediate requirements
cash for extensions and developments, for the acquisition of additional
-V. 129, p. 3634.
probably will be made soon.
properties and (or) securities and for other corporate purposes.
-Union Management & Engineering Corp. supervises
Management.
-February Output.
Canadian Hydro-Electric Corp., Ltd.
(under the direction of the respective boards of directors) the operations
The corporation produced 181,388,000 k.w.h. of electric energy in
of Ohio Valley Gas Corp. and Ohio Kentucky Gas Co.,and has contracted
Wayne United Gaa Co., Allegheny February, 17% over the output of the corporation in February 1929„ and
thus to supervise the operations of
Gas Corp. and Ohio Southern Gas Co., all of which companies are Included over double its output in February 1928.
2024
FINANCIAL CHRONICLE
[VoL. 130.
In the first 2 months of this year the
plants of the corporation generated
373.595,000 k.w.h., 14% over
Cities Service Co.
-Regular Dividen and over twice its output in the the output in the first 2 months of 1929,
The directors have declared regular monthly ds.
first 2 months of 1928. The output in the
12 months ended Feb. 28 was 2.135.21
dividends
9.000 k.w.h., an increase of 47% share in cash and
of 1% in stock on the common stock, of 216 cents perover the 12 months ended Feb. 28
regular monthly
1929 and over 3 times its output in the dividends of 50 cents per share on the preferred and
12 months ended Feb. 29 1928.-V.
preferenoe BB stocks,
and 5 cents per share on the preference B
130, p. 1455.
stock,
ers of record April 15. Like amounts are alsoall payable May 1 to holdCapital Traction Co.
payable on April 1 next.
-Earnings.
-V. 130, p. 1825.
Calendar Years10.1.
1928.
1927.
1926.
Operating revenue
Duke Power Co.-Earnings.84.296.906 $1.344.148 $4,479,099 $4,616.986
Operating expenses
3,tio7,371
CcIrmdar Years3,054,981
3,099,574
3,100,148
Taxes
1929.
1928.
1927.
327,592
346.965
370.289
399.652 Gross r^venue
528,102,688 525,287,562 820,788.211
Oper.caps.,taxes,renewals & replace.
Operating income_ _ _ _
$901.943
reserves
$942,202 $1,009,236 21,117,186
Non-operating income.. _
16,397.472 14,426.436 14,019,684
26.869
31.924
43.033
31.086 Interest on bonds
3.183.687
2,997.223
901,852
Gross income
2928,812
Net income
2974,126 21.052,269 $1,148,272
$8,521,529 57.863.903 55,866.676
Interest
349.673
340,000
332,483
327,399 Previous surplus
Rent for leased rds,&c
9,307.308 6,971.058
4,559,803
17.164
13,720
12,331
18,010 Misc,credits to surplus
168.085
Net income
$561,974
Total surplus
$620,406
$707,454
$802,863
817.828,837 $14.834,961 810.594.564
Dividends (7%)
810.000
Preferred dividends
840.000
840.000
840.000
20.636
20.636
5,159
Common dividends (cash)
4,613.738
Balance, deficit
4.501,245 3,588,198
$219,594
$132.546
$37,137 Common dividends (stock)(2%) - - - 1,980,486
Profit and loss, surplus_ - $248,026
Divs. on stock ofsubs, not owned_
759.593
1.008,128
1.227,303
1,410,642
Earns, per shs. on 120.37,817
30.149
Surplus adjustments
146,567
000 shs. cap. stk. (par.
967.954
$100)
$4.68
Surplus Dec.31 1928
35.17
$5.89
$6.68
-V. 129. p. 3960.
311.067.409 59.307.308 56,971,058
Consolidated Balance Sheet Dec. 31.
Chesapeake & Potomac Telephone Co. of Baltimore
1929.
1928.
City.
1929.
-Earnings.
1928.
AssetsReal est., plants,
Calendar Years1929.
Notes, accts. AC
1928.
1927.
1926.
&c
Telephone oper. rev.... _513.458,449 $12.624.151
180.087.696 171,331,336
int. payable.... 2,313,864 6,863,510
$11,903,402 811,277,233 Investments _ _ .. 5,430,522
Telephone oper. exps ___ 8,981.855
5,430,522 Ara. Int. on bds
8,327,441
310,047
7,989,048
316,402
7,413.594 Sinking funds
65,122
134,638 Tax reserve_ _ _ 2,030,976 2,157,112
Deferred charges 2.980,239 2.930.773 Divs. declared_
Net tel. oper.rev _ _ $4,476,594 $4,296.710
_ 1.242.963 1,805.057
53,914,353 53.863.639 Cash
Uncoil. oper. revenues__
a7,154,997 1,504,918 Res. renewals &
39.729
42.721
62.307
40,664 Notes, accts. de
Taxes assignable to oper
1.324,544
replace., &c...
1,327,774
1,308.496
1,191.224
int. recelv_ _ _ _ 5,498,870 8.960,408 Funded debt...... 22,724.126 18,385,965
40,000.000
Operating income
Bonds of subs.... 31,152,700 40,000,000
$3,112.321 82,926.215 $2,543,550 $2,631,753 Short term secure '7.488,922
23,763,200
Mat.& supplies_ 2.535,313 2,605,269 37 cum. pfd. stk
Net non-oper. income._ _
19,887
11.244
294,800
23,405
294,800
58.413
Common stockb101,004,796 90,024.910
Total gross income ___ $3,132,208 32,937.4
Profit de loss
58 52,566.955 52,690,166
Deduct-Rent & miscell_
surplus
229.646
182,329
11.067,409 9,307,308
180.337
160.627
Tot.(ea. 8ide)212,141.682 192,917,864
Interest
221.260
132.900
28,558
496.671
Preferred dividends__
a Includes
210.000
210.000
210,000
210,000 common stock call loan.. b Including 51.980.486 dividends payable on
Common dividends
2,145,944
on Jan. 2 1930.-V. 130, p. 1653.
2,145,944
2.145,944 1.373,944
Other appropria'ns from
net income
Electric Power & Light Corp.
100.000
-New Holding Co. to Be
Formed to Acquire Natural Gas Properties.
Bal.for corporate surp $325,358
8266.285
52,117
$348,924
-Ir. 128, p. 2269.
Subject to approval of the respective boards of
directors, an agreement
has been reached and a plan will be announced within
a few days under
Chesapeake & Potomac Telephone Co. (Distri
which new holding
ct of Corp.,awill acquire•ccompany,to be a subsidiary of Electric Power & Light
Columbia).
ontrol of United Gas Co. and its subsidiaries and of
-Earnings
Louisiana Gas & Fuel Co.. an existing subsidiary of Electric
Calendar YearsPower & Light
1929.
Corp. The United Gas Co. expects to complete the
1928.
1927.
1926.
Telephone oper. rev__ $.8,334,166 87.914.2
06 87,247.802 87,052.894 erties in Texas and Louisiana owned by the Magnolia purchase of the propTelephone oper. exps_ _ _ 6,145,666
Gas Co., a subsidiary
of the Magnolia Petroleum Co. The Moody-Seagraves
5.573,494
5,268,823
4,771,200
oper. revenues....
and associated
32.993
39,368
15.492
32,562 Interests in the United Gas Co. will be substantially interested in the
Taxes assign. to oper ___
513,015
546.126
536,583
572.841 new company.
The plan is conditioned upon the exchange of the outstand
Operating income_ _ _ $1.642,492 $1,755,2
ing common
19 51.426.903 $1,676,291 and preferred stocks of United Gas Co. and of the bonds, debentures
Net non-oper.income__
and
75.149
40.786
44,670
43,269 preferred stocks of its subsidiaries for securities of the new company.
The holders of common stock of United Gas Co. will receive
Total gross income _ 51,717,641 21,796.0
05 51.471.574 $1,719,560 share of common stock a share and one-half of common stock and for each
Deduct
-Rent & misc..
one-half
49.181
39.381
35,965
27.393 of an option warrant of the new company. A holder of a full option warrant
Bond ,!z other interest.....,
350.733
279.901
225.623
100,801 of the new company will be entitled, without limit as to time. to Purchase a
Dividends
1.040.000
share of common stock of the new company for 333
1.040.000
1.040.000
1.040,000
Other approp. from net
1-3.
The plan contemplates that debentures and 20 pref. stock of
Income
Louisiana
100.000 Gas & Fuel Co. owned by Electric Power & Light Corp. and 530,000.000
cash will be turned in for 57 20 pref. stock, common
Bal.for corp.surplus - $277,728
stock and option
$436,723
3169.986
$451,365 warrants of the new company: and that an additional issue of $20,000,000
-1r, 128, p. 2269.
of these junior securities will be underwritten to be
paid as and when
Chesapeake & Potomac Telephone Co. (of Va.).- called by the new company.
It is estimated that the new company will
190 billion
Earnin78.natural gas during the first year. This gas willsellsold directlycubic feet of
be
or Indirectly
largely for industrial consumption in a territory extendin
Calendar Years1929.
g from St. Louis
1928.
1927.
to Mexico, including, among other
1926.
Telep. oper.revenues_ -- $7,650,554 57.111,362
$6,550,757 $6,063,074 Memphis New Orleans, Monroe.cities, St. Louis, Atlanta, Birmingham,
Telep. oper. expenses- - - 5,049,547
Dallas, Fort
4,700,177
4.393,326
4,139.530 Arthur,orange, Houston. San Antonio. Austin,Worth, Beaumont, Port
17ncollectible oper. rev__
29.039
22,533
25.315
19,194 In some of these cities the company will supply all Laredo and Monterey.
Taxes assign, to oper'ns_
and
678,608
675,727
658.736
573.636 stantial portion of the natural gas requirements. The in the others a subcompany will also
own interests in natural gas operations outside of
Operating income_ _
$1,893.360 51,712,925 51,473,380 51,330,715
The operating gross revenue of these companie this territory.
Net non-oper. income___
s arising entirely from
68,627
32,293
28.607
25.800 the sale of natural gas for the year 1929 was approxim
It is estimate that the operatin gross revenue of theately $22.000.000.
Total gross income........ $1,961,987 81,745,2
subsidiaries of the
18 81,501,987 51.356.515 new companydfor the first year gwill
Rent & misc. deduction _
be in excess of $26.000.
211,968
182.778
172,167
147.500 figures are exclusive of substantial gross revenue arising from 000. These
Interest & discount
379,170
oil, sulphur
294.365
252,911
457,403 and gasoline operations.
Dividends
1,056,000
924.000
792.000
The amount and character of the public financing to
540,000
be done by the new
company have not been determined.
Balance,surplus
-V. 130. p. 1826.
$314,849
5344.075
5284.908
5211.611
-V. 130, D. 1825.
Chesapeake & Potomac Telephone Co. (W.
Va.).Earnings.Calendar Years1929.
1928.
1927.
1926.
Telep. oper. revenues__ _ 25.973.627 $5,637,683
55.327.817 35.071,196
Telep. oper. expenses
4,248.926
3,887,014
3,672,778
3,458,078
Uncollectible open rev
21.486
28.477
21.190
21,122
Taxes assign, to oper
476,018
484,522
472,299
419,467
Operating income
21.227.197 51.237,670 51,161.551 21.172.529
Net non-oper. Income..
5,178
5,350
9,227
12,857
Total gross income_
$1,232,375 51,243,020 51.170.778 51,185,386
Rent & /MISC. deduction_
168.607
172,278
154,079
144.545
Interest
202,386
97.876
28,226
243,898
Dividends
972.000
972,000
972,000
715.500
Balance for corp.surp.def3110,618
5866
516,472
$81.443
-V. 129. p. 2680.
Connecticut Company.
-Earnings.
-
Calendar YearsOperating revenues
Operating expense
Tax accruals
1929.
1928.
1927.
813.399.101 $13.734.222 $14.185,034
10,546,907 10.759,127 11,563.166
678,173
725.357
698,934
Operating income...._.. $2,174,021 $2,249,738 $1,922,0
34
Non-operating income
146,046
154,641
56,984
Gross income
$2.320.068
Deduct,from gross inc.... 1.289.72 $2,404.380 81.979.918
1,373.431
7
1,451,901
Net income
81,030.341 81,030,948
$528,017
Dividends
300.000
Balance.surplus
3730.341 81.030,948
$528,017
-V.I28, p. 2087.
1926.
$14,649,682
11,917.518
790,832
$1,941,332
71,654
82,012.986
1.477.521
8535.464
$535.464
Detroit Edison Co.(& Subs.).-Earning8.-
12 Mos. Ended Feb. 28Total operating revenue
Non-operating revenue
1930.
1929.
556,409,699 1153,226,239
60.402
76.234
Total revenue
Operating & non-operating expenses
Interest on funded & unfunded debt
Amortization of debt discount & expense
Miscellaneous deductions
$46,470,102 $53.302,474
37,562,883 34,667,253
5,582,229
5,282,155
316,592
313.649
35,183
33.549
Netincome
-V.130, P. 1273.
$12,973,213 813,005,866
Engineers Public Service Co.,
-Plan Operative.-
The committee representing the common stockholders
has issued the
following notice:
Approximately 80% of the outstanding common stock has been
under the plan for affiliation or is owned by Stone & Webster, deposited
Inc. The
latter company and the committee have approved
the amount deposited
as sufficient to declare the plan operative.
In order to permit the deposit under the plan of stock received
in connection with the April 1 1930 stock dividend on the common
stock
Public Service Co., the period for deposits has been extended of Engineers
ing April 7 1930. This should enable the dividend stock to and includby stockholders who have not already arranged for such to be deposited
deposit by filing
with Stone & Webster, Inc., transfer agent, the form previousl mailed
to
y
them.
Incidentally, this extension affords all other stockholders who have not
h
e deposited the stock a further opportunity to do so on or before
cl
ited their
the above date.
The New York Stock Exchange has authorized the listing of certificates
of deposit issued by Chase National Bank, New York, for 2,343,191 share
h Ocorntriotnansdtocinkg.on official notice of issuance on deposit of common
stock now outstanding.
The certificates of deposit are to be issued by Chase National Bank
pursuant to the terms of the deposit agreement dated Feb. 11 1930 between
depositing holders of common stock of the company and Murray W. Dodge,
Philip A.S. Franklin, Charles W. Kellogg, George N. Lindsay. Ray Morris,
Eliot Wadsworth and Albert H. Wiggin as a committee.
The certificates of deposit are to be issued in furtherance of a plan
for
affiliation of Engineers Public Service Co. with Stone dc Webster, Inc.
(as outlined in V. 130. p. 1129.)-V. 130, p. 1826.
Gulf States Utilities Co.-Pref. Stock Offered.
-Stone &
Webster & Blodget, Inc., Chase Securities Corp., Bancamerica-Blair Corp. and Brown Brothers & Co. are offering
at $98.50 and div. per share to yield 6.09%, an additional
issue of 25,000 shares $6 dividend pref. stock.
Transfer Agent:Stone & Webster Service Corp., Boston, Mass, Registrar:
State Street Trust Co., Boston, Mass.
Data from Letter of Viee-Prea. W. E. Wood, New York,
Mar. 14.
Company.-Incorp. in Texas in Aug. 1925 to acquire electric and power
properties serving 20 communities in Texas and Lousilana. It now
vides electric service to 120 communities having a total population of promore
than 273,000. Electric power furnished over a large area for
and other industrial plants, and for pipe line and irrigationoil refining
provides the company with revenues from diversified sources. pumping,
Company
also supplies some of the communities with gas, water and ice. The
transmission system of the company distributes power within an area of more
than
25.000 square miles of territory extending along the Gulf Costal plains
total distance of over 300 miles. Most of the land is adapted to agricultu a
re
and the raising of live stock.
FINANCIAL CHRONICLE
MAR.22 1930.]
The electric generating plants, having a combined installed capacity of
84,187 k.w., are strategically located to distribute energy over its high
tension system of 1,301 miles and its distributing system of 998 miles.
Interconnection with systems of Houston Lighting & Power Co., Texas
Power & Light Co. and Baton Rouge Electric Co. adds to the reliability of
service and economy of operation. Company's gas plant at Lake Charles
has a daily capacity of 840,008 cu. ft.; the combined water plants have a
daily pumping capacity of more than 28.000,000 gallons and the ice plants.
have a combined daily capacity of 694 tons.
Capitalization.
$18,000,000
First mtge. & ref. 5s due 1956
*61.740 abs
Pref. stock (no par) $6 dividend series (inci this issue)
30.000 shs
$5.50 dividend series
280,000 shs
Common stock (no par)
* Total number of shares of this series to be authorized is 75.000. leaving
13,260 shares authorized but unissued, part of which the company plans
to sell during the year in the territory served.
Purpose.
-Proceeds will be used to finance the cost ofadditions to property
represented by floating debt and (or) for other corporate purposes.
Earnings (Adjusted to Give Effect to This Financing) Years ended Jan. 31.
1930.
1929.
$6.723,348 $4,556,098
Gross earnings
3,311,101
2,245.781
Operating exp. & taxes (incl. Federal tax)
332,690
195.368
Maintenance
Balance
Income from other sources
$3.079,557 $2.114,949
29.660
87,789
Balance
Interest & amortization charges
$3,109,217 $2,202,738
*856.290
484.888
Balance for reserves, retirements and dividends- $2,252,927 $1.717.850
Annual dividend requirements on preferred stock
$535,440
(incl. this issue)
* Intercompany interest charges in the amount of $141,376 on notes
which are to be retired from the proceeds of this financing have been
eliminated.
Balance Sheet Jan. 31 1930.
(Adjusted to reflect this financing.)
Liabilities
Assets
Plant
918,000,000
933.009,455 Bonds
Cash
213,140
663.768 Accounts payable
Notes receivable
697.333
28,355 Amounts not yet due
Accounts receivable
1,112,900
931,323 Retirement reserve
Materials & supplies
496.341 Contributions for extensions_
60,787
Prepayments
40,002
105,142 Unadjusted credits
Unamd.debt disc.& exp.__ __ 1,588,106 Pref.stock (Mel this issue)_ _ _ 8,683,615
57,324 Common stook
7,000,000
Inadjusted debits
Earned surplus
1,072,037
Total
Total
936,879,814
936,879,814
Supervision.
-Subject to the direction and control of its directors, corn%V under the supervision of Stone & Webster Service Corp.
ing.
V
operated
-Annual Report.
Gary Railways Co.
Calendar YearsOperating revenue
Operating expenses
1928.'
1927.
1926.
1929.
$1,293.442 $1,240,522 $1,275,769 $1,349,331
970,534
1.010,563
1,051,769
1,074.120
Operating income_ Other income
8241.673
6,886
$269,988
2,416
$265,206
$275,211
Total income
Other charges,incl. taxes
Interest on funded debt.
$248,559
100,211
77,333
$272,404
100.233
81,489
8265.206
84.206
84,282
$275,211
66,139
72,183
$71,015
67,720
$90,682
82,047
$96.718
93.721
$136,890
116,799
Net income
Dividends
$8,635
$2,996
Balance
$3,295
$20,090
Shs. corn. stk. outstand264,232
284.232
ing (no Par)
264,232
238,122
$0.34
Earns, per share
$0.37
$0.27
$0.57
Condensed Balance Sheet Dec. 31.
LiabilitiesAssets
1929.
1928.
Investment
93.763,820 93,763,820
-.
86,078,383 $6,098,296 Capital stock
Deferred Charges... 105,350
125,066 Funded debt
1,347,475 1,413,475
Current assets__ __
194,383 Adv. from affilmos 378,000
183,990
408,000
Current liabilities_
179,475
168.102
Retire., &C., res- - 480,313
448,852
Tot.(each side)-$6,367,723 $6,417,745 Surplus
218,640
215,495
-V. 129, D. 1591.
-Acquisition, &C.
Hamilton Gas Co.
The company has purchased the properties in West Virginia of the
'Mica Gas Co. and has entered into a gas purchase contract covering
the properties and wells of the Starr Producing Co.
-V. 130. p. 1273.
Indiana
Service Corp.
-Stock Increased-Annual Report.
The stockholders on March 5 Increased the authorized pref. stock from
70,000 shares to 80.000 shares, par $100, and the common stock from
850,000 shares to 950,000 shares, no par value.
Earnings for Calendar Years.
1927.
1928.
1929.
1926.
Operating revenue
$5.114.671 $4,508,446 $4,459.215 $4,345,946
Operating expenses
2,961.873
2,949,998
y3,280,825
2,893,623
Other chagres,incl. taxes
325,983
279.485
384,788
301.056
Net operating income_ $1.449,058 $1,220,589 81,229.732 $1,151,267
25,231
Other income
8,562
25,881
9,367
Totalincome
81,474,939 $1,245,820 $1,238,294 $1,160,634
77.805
Deductions from income
118,720
34,917
649,180
685,744
Int. on funded debt
712,176
739,671
Net income
Preferred dividends- - Common dividends
$727,845
z235,952
446.019
$518,835
247,283
239.238
$433,830
197,078
118,667
$420,963
119,076
242,069
Balance to surplus---$32.315
8118.084
$45,874
859,818
y Including charge for retirement of $288836. z Includes $125,384 paid
on the 6% preferred stock and 8110.569 paid on the 7% preferred stock.
Sales of electricity during the year were 137,634,273 kilowatt hours compared with the previous year's total of 106,731,329 kilowatt hours, an
increase of 28.95%.
Condensed Balance Sheet Dec. 31.
1929.
1929.
1928.
1928.
AssetsLiabilities
$
$
$
Investment
-3
26,883,009 25,501,709 Capital stock
10,387,253 10,433,354
Sinking & replaceFunded debt
12.958,486 13,025,986
meat funds
improve.
5,285
16,097 Public
Deterred charges
ment assesstn'ts_ 564,137
755,047
725.570
656,274
Current assets _
. 1,017,958 1,093,133 Adv. tr. MM.cos
1,060,000
25,000
Current liabilities- 778,805
711,774
.
Deferred credits_ _ 16 671
Reserves
,997 1,444,422
Contrib.for exten - 154,349
132,930
Tot.(each side).28,831.822 27.365.985 Surplus
1,031,122
936,246
-V. 128, D. 3825.
Interborough Rapid Transit Co.
-Stockholders Protective Committee-Organized to Represent Stockholders in
Any Negotiations for Readjustment and Unification of New
York City's Rapid Transit Lines.
Announcement was made March 18 of the formation of a stockholders
protective committee to represent holders of the capital stock and the
voting trust certificates of the company "in any negotiations for the read-
2025
justment and unification of thejtapid Transit railroads and related properties in the City of New York pursuant to the terms of the deposit agreement
dated March 15 1930, under which the Chase National Bank of the City of
New York will act as depositary."
The committee, which will represent stockholders, is headed by Gerhard M. Dahl, Chairman, other members being: Michael Friedsam,
Charles Hayden, L. F. Loree, Morgan J. O'Brine. Albert H. Wiggin,
Willis D. Wood. Ralph L. Cerero. 18 Pine St., is Secretary to the committee and Root, Clark, Buckner & Ballantine, counsel.
The committee's letter to stockholders, after reviewing the conditions
affecting New York City transportation lines during the past 17 years and
calling attention to the comprehensive plans for the extension of new subway systems planned by the City of New York at an estimated cost of more
than 31,000,000,000, points out that the Interborough company, due to
conditions existing in recent years, "while able to avoid receivership, has
suffered impairment of credit with which it Is still struggling."
Following its review of the conditions affecting New York City's transit
lines which have been the subject of thorough discussion and critical analysis
in the public press in recent years. the committee's letter states in part:
"The State of New York in 1921. declared an emergency to exist and directed
the Transit Commission to prepare and submit to the City and the companies interested a plan for the readjustment of the transit situation.
Acting under this mandate, the Transit Commission has formulated and
submitted to the Board of Estimate and Apportionment of the City a
tentative plan for the unification of all rapid transit facilities and related
properties in Greater New York, including the systems operated ny the
Interborough Company and the Brooklyn-Manhattan Transit Corp.,
respectively, and the new system under construction by the City, under
the ownership or control of a public body corporate designated as the Board
of Transit Control, to be organized for the purpose. This plan, as its
name implies, is suoject to change or amendment or even rejection by the
Transit Commission, the City or the companies, or a new plan May be
substituted. In order to facilitate the final adoption and consummation
of a plan, the Transit Commission has proposed, the Board of Estimate
and Apportionment has approved and there is now pending before the
State lisiature a bill to amend the existing law under whim the present
tentative plan has been formulated.
"Representatives of the Brooklyn-Manhattan Transit Corp. have participated in negotiations with the Transit Commission and representatives
of the city in an endeavor to formulate an acceptable plan of unification,
and this committee is advised that substantial progress has been made
toward reaching a basis for submission to their respective principals. The
management or the Interborough Company, however, whose good faith
and the sincerity of whose convictions are not questioned, is seeking to
remedy its difficulties by appeal to the Courts for an increase in the rate
of fare above that prescribed in its contracts with the city and has declared
as their policy, notwithstanding invitations from the city, that they will not
participate in the negotiations or discuss the inclusion of the Interborough
company in any unification plan until its remedies in courts have been
exhausted.
"The committee is advised that the suit Instituted by the company In
the Federal Courts was decided adversely to it by the United States Supreme
Court on jurisdictional grounds, and that Justice Ingraham of the State
Supreme Court recently sustained the rate fixed by the contracts. Undoubtedly this litigation will be carried to the court of last resort before
termination, but while such litigation is pending It is our opinion that the
interests of the security holders of the Interborough company require that
they be represented in any negotations with the city looking to an adjustment of all differences by agreement,for the reason that final arrangements
must shortly be made for the operation of the new city subways nearing
completion, and by the time such litigation has been finally determined,
opportunity for negotiation with the city may have passed.
"There is practical unanimity among all interests that unification of all
the rapid transit facilities in Greater New York is the proper solution of
the problem. The members of the committee, three of whom are officers
or directors of Brooklyn-Manhattan Transit Corp., feel that there is no
conflict of interest in the present situation as between the companies and
that the time is opportune for the adjustment of all differences and difficulties on a basis that is fair alike to the city and the public and to the
companies and their security holders. The proper solution of the problem requires that it be approached by each interested party in a spirit of
tolerance and belief in the good faith of all other interested parties, and
with full realization of the difficult economic, legal and political questions
It
Involved. The committee has been organized with this in mind. in
has no specific program, except that its members firmly believe it is
the interest of the stockholders of the Interborough company that they
be represented in the pending negotiations.
"With these convictions and in this spirit, If voting trust certificates or
stock certificates for sufficient stock are deposited to make its voice effective,
the committee proposes to participate on behalf of stockholders in any
negotiations having to do with the unification of rapid transit facilities in
New York City.
committee, without submission
-It Is net suggested or requested that the
city
of a plan, be given authority to change the existing contracts with the The
or commit the Interborough company to any new arrangements.
committee, however, does request that it be given the right to represent
fair
the stockholders in an endeavor to work out an arrangement that iswith
to them and the public alike and which, if arrived at by negotiation
to the depositing voting trust
the public authorities, will be submitted
certificate holders and stockholders for their approval or rejection."
Directors Oppose New Group-Unification Desirable Only
Under Certais Conditions.
the support of the
The directors of the I. R. T. company have asked
stockholders in their policy of avoiding transit unification conferences,
cerdeclaring in a letter to the holders of the stock and the voting trustalter
tificates that they are "convinced that no amount of negotiation will and
the city to meet operating deficits by taxation
the avowed Policy of
that the city authorities will not agree to an increase in the rate of fare
under any circumstances.'
The appeal to the stockholders follows the formation of a protective committee headed by Gerhard M. Dahl, who is also Chairman of the Board of
the BrooklynManhattan Transit Corp.
Herman A. Metz, an Interborough director, said that in his opinion the
holders of securities of the company would be in a worse position than at
present if they entered a unification plan based upon the bonds of the
-cent fare for
proposed Board of Transit Control or under a continued 5
a unified system.
with the city and
The announcement said the directors will negotiate
with the Transit Commission with the following provisions:
"There be definite assurance that the bond and stock holders of the
company shall receive in exchange for their securities a bond which will
be sound and legal.
"There is a judicial determination as to the right of a compensatory rate
of fare.
"There be just valuations of the railroads, as required by the 1921
law.
"There be definite knowledge whether or not under any circumstances
the local authority will establish an adequate and self-sustaining rate of
fare sufficient to cover charges upon Board of Control and city bonds."
-V.130, p. 1827.
-Dividend.
International Hydro-Electric System.
The directors have declared the regular quarterly dividend of 500. pa
share in cash or 1-50th of a share in stock on the class A stock, payable
Apr. 15 to holders of record Mar. 29. A quarterly dividend of like amount
-V. 130.
was paid on this issue in each of the three preceding quarters.
P. 1654.
-Listing,
International Telephone & Telegraph Corp.
The New York Stock Exchange has authorized the listing of 850.000.W9
-year 5% gold debenture bonds, due Feb. 1 1955.-V. 130, p. 1827.
25
Middle West Utilities Co.
-To Increase Stock, etc.
At the annual meeting of the stockholders to be held on Mar. 25 there
will be submitted for consideration and vote the question of the adoption
ofan amendment to the certificate ofincorporation, whicn has been proposed
and declared advisable by the directors. The proposed amendment
(1) increases the authorized common stock from 18,200,000 shares to
25,000,000 shares, all without par value; (2) changes the authorized and
unissued shares of prior lien stock and preferred stock having a par value
of 9100 per share into an equal number of shares without par value of said
classes, respectively; (3) changes to prior preferred stock the designation
of the class of stock heretofore designated as prior lien stock; and (4) consolidates and restates the present effective charter provisions with respect
to the capital stock of the corporation.
2026
FINANCIAL CHRONICLE
[VOL. 130.
The total number of shares of stock which the corporation shall have
Earnings for Year Ended Dec. 31 1929 (Company Only)
authority to issue will be thereby increased from 20,500,000 shares to
27.300,000 shares. The 6,800,000 additional shares shall be without par Interst received & accrued
On bonds, deb., notes rec., etc., of subsidiary cos
value and shall belong to the class of common stock as heretofore established.
$216.477
On bank balances, & other sundry interest
The 307,000 authorized shares, par $100 each, belonging to the class of
172,778
prior lien stock as heretofore established will be changed into an equal Dividends on stocks of subsidiary companies
1,887,125
number of shares without par value of said class; and the 400,000 authorized Dividends on stocks of other companies
26.360
shares, par $100 each, belonging to the class of preferred stock as heretofore Profit arising from sale of securities to subsidiary companies ..._
24.148
established will be changed into an equal number of shares without par Fees for engineering & other services to subsidiary companies
225,306
value of said class. As thereby increased and changed, the total number Miscellaneous income
83,499
of shares of stock which the corporation shall have authority to issue is
Total income
27,300,000 shares without par value consisting of (a) 950,000 shares without
$2,635,692
par value of prior preferred stock. (b) 1,350,000 shares without par value Administrative expense
423.299
Miscellaneous charges
of preferred stock and (c) 25,000,000 shares without par value of common
28,270
Interest on unfunded debt
stock.
190,326
The stockholders will also vote on amending the certificate of incorporaNet income
tion by striking out section 10 and inserting in lieu thereof a new section
$1,993,798
Divs. on $6 preferred series 1
which says in part:
533,358
The shares of preferred stock now issued and outstanding and designated Divs. on $3.50 to $6 preferred series 2
200,201
$6 cony. pref. stock, series A, together with all other shares at any time Common dividends (cash)
692,152
authorized to be issued by the board of directors under said designation. Common dividends (stock)
a336,344
shall constitute one series of preferred stock. The authorized and unissued
Balance, Dec. 31 1929
shares belonging to the class designated prior preferred stock and the
$231,743
remaining authorized and unissued shares belonging to the class designated
a 33.634 shares capitalized at 510 per share.
preferred stock may be issued in such series, with such designations, preferences, participating, optional or other special rights, and qualifications, Consolidated Income Account For Year Ended Dec. 1929 (Co. & Subs.)
limitations or restrictions thereof, may be made subject to redemption at Operating revenue
544.336,201
such time or times and at such price or prices and may be made convertible Operating expenses (incl. charge for retirement 31.976,558)
26,287,976
into or exchangeable for shares of any other series of the same class or Uncollectible bills
160,885
shares of any other class or series thereof at such price or prices, at such Taxes
4,131,681
rates of exchange and with such adjustments, all as shall be stated and
Net operating revenue
expressed in the resolution or resolutions providing for the issue of such
Profit arising from sale of securities & properties to or between$13,755,659
stock hereafter adopted by the directors from time to time.
sub. cos
"Without first being offered to the stockholders for subscription, any
38.208
shares of common stock now or hereafter authorized may be issued (a) Profit arising from sale of securities to others
as dividends or in payment of dividends, or (b) in exchange for prior pre- Other income (incl. $187.978 stock div. taken in at pay. cos.$ 1,062,737
ferred stock or preferred stock or funded debt of the corporation outstanding
distributive value)
2.057,671
In the hands of the public, or which shall have been distributed to the public,
Total income
or (c) to fulfill or comply with any outstanding right or option created by
$16,914,276
the corporation to acquire from the corporation shares of its corn. stock Interest on funded debt
6,254.090
or to convert other securities of the corporation into shares of its common Other int.,amortization charges,etc
1,140,956
stock or (d) pursuant to any amendment now or hereafter made whereby Appropriated as reserve for contingencies
150,000
shares of common stock are changed into a greater number of shares of Div.and earn, accruing to minority shareholders ofsubsidiaries:
the same class, or (e) for sale to savings or investment funds established for
Preferred stock
5,792,676
the benefit of employees of the corporation or employees of the corporation
Common stock
532,957
and of any of its subsidiary corporations. Any shares of common stock
Net Income available for Midland United Co
not issued for one or more of such purposes shall, before being otherwise
$3.043,596
issued and disposed of, be offered for subscription at a price fixed by the Dividends on Midland United Co.stock: $6 preferred series 1_.
533,358
board of directors to the holders of the outstanding stock of the corporation
$3.50 to $6 preferred series 2
200,201
of all class, pro rata, in accordance with the number of shares held by them, Common dividends(cash)
692,152
respectively. Without first being offered to any stockholders (a) securities Common dividends(stock)
5336,344
of the corporation convertible into shares of its common stock and (b)
rights or options (given by the corporation in connection with the issue
Balance, Dec.31 1929
$1,281,541
and sale of its securities) to acquire shares of its common stock, may be
a 33.634 shares capitalized at $10 per share.
issued and disposed of by the corporation for distribution. Any or all
shares of prior preferred stock or preferred stock at any time authorized
Balance Sheet Dec. 31 1929 (Company Only)
may,in the discretion of the board, either be offered and sold to the holders
Assets
Liabilities
of any one or more classes of stock of the corporation, to the exclusion of
Cash
$756,532 Notes payable-ainl.cosany other class or classes, or be issued and disposed of from time to time
$4,650.000
Accounts payable
in such manner, to such persons and for such consideration as may be Advances to sub. cos. for con188,111
struction, etc
3,105,251 Accr. charges for taxes & int.
determined by said board and without first being offered to any class
38,881
Sundry notes & sects reo
1,981,258 Accrued dive. on pref.stock
or classes of stockholders."
81,131
-V. 130, p. 137.
Interest & dividends rec
532,989 Def. pay. on purchase con._
36,000
Accts rec.-sale of reacauired
Cumul. pref.stock
a12,621,384
Michigan Bell Telephone Co.
stock
689,950 Corn. (2,275,106 shs.)
-Earnings.
22,751,060
Deferred charges
5.824 Com.stock div. scrip otts..._.
Calendar Years
8,234
1929.
1928.
1926.
1927.
936.605 Corn, for which wts. are issued
Telephone oper.,rev_ _ _ -$41,802,593 $37,041.824 $33,178,013 $30,060,438 Reacquired securities
cony. in 1934, 1035 & 1936,
Telephone oper.exp_ _ _ _ 28,930,849 25,221,512 22,513,580 21,120,469 Securities, contracts, goodwill, etc. (At book value)._ 45,324,744
483,045 shs
4,830,450
Capital surplus
7,898,269
Net tel. oper. rev
$12,871,744 311,820,312 $10,664,433 $8,939,969
Earned surplus
Uncolleetible oper. rev_ _
231,743
222,083
221,212
184,079
229.409
Taxes
3,840,598
2,764,306
3,725314
3,181,415
Total
$53,313,243
Total
$53,313,243
Operating income_ _
$8,809,063 $7,873,986 $7,253,608 $5,991,584
a Consisting of 88.893 shares ($6) series 1 and 57,200 shares ($3•50 to $6)
Net non-oper. revenues_
252,224
337.006
168,520 series 2.
391,436
Total gross income....- $9,061,287 $8,210,991 37.645,045 $6,160,104
Consolidated Balance Sheet-Dec. 311929.
Rent & misc. deductions
586,331
318,824
261,583
312,802
Assets
Liabilities
Interest deductions
2,462,246
1,610.203 Cash 1,503.461
2,459.381
$4,424,561 Notes payable
$190,940
Notes receivable
2,075,563 Accounts payable
Net income
3,811,644
$6,012,710 $6,388,706 $4,872,862 $4,288.317 Accounts
receivable
5,287,116 Dividends declared
Dividends
1,061,862
6,800,000 6.800,000
4,000,000 4,000,000 Interest dividends rec
540,769 Customers & other deposits
Other appropriations__ _
1,152,933
100.000 Material & supplies
4,327,778 Taxes accrued
4,186,419
77,943 Interest accrued
Balance,deficit
1,346,475
$787,290
$411,294 sur$872,862 sur$188,317 Sundry advances & deposits
Subscriptions to capital stock
42,017 Accrued divs.-pref. stocks
Shares of capital stock
61,130
Accts. rec.-sale reacq.stock.
889,950 Def. pay. on porch. °Wig. &
outstanding (par $100)
850.000
850,000
500,000 Prepayments
500,000
public improve. assess_ _ _ _ 1,011,814
436,919
Earns, per sh. on cap.stk
$7.07
$7.51
$9.75
$8.58 Deferred charges
15,695,315 Suspense Credits
-V.130, p. 1828
261,943
Sinking & retire. funds
433,000 Contributions for ext
640,820
Invest,in outside cos
13,250,548 Retire. & Cooling. reserves
7,079 815
Midland United Co.
Fixed assets, goodwill, etc_241,347,770 Other reserves
-Annual Report.
1,910,880
President Samuel Insull, Jr., reports in part: The Midland United Co. Stks of Midland United Co
1,773,543 Funded debt
128,794,811
was incorp. as the Midland Utilities Investment Co. Dec. 26 1928. Name
Minority stockholders' equity 91,100,776
changed to Midland United Co. Aug. 29 1929.
Capital stock ee surplus, Midland United Co.:
On Jan. 2 1929 the company acquired a controlling interest in the Midland
Utilities Co. and in the American Public Utilities Co. On the same date
Cumul. prefer. stock
12,621,384
the company also acquired control of all of the common stock, except
Common stock
22,751,080
directors qualifying shares of the Interstate Public Service Co. and the
Corn. stk. div. scrip al's.8,234
Indiana Hydro-Electric Power Co.
Common (with warrants).- 4,830,450
In Jan. 1930, the company purchased minority interests in the Midland
Capital surplus
7,898,289
Total (each side)
$289,982,803 Earned surplus
Utilities Co. and in the American Public Utilities Co. with the result that
1,281,541
it now owns all of the common stock of the Midland Utilities Co. and -V. 130, p. 1274.
over 90% of the common stock of the American Public Utilities Co. Public
utility companies in the group controlled by the Midland United Co. are
Monongahela West Penn Public Service Co.
located chiefly in Indiana, although some subsidiaries serve communities
-Earns.
in Ohio, Michigan and Illinois.
Calendar Years1929.
1928.
1027.
1926.
At the end of 1929 subsidiaries were furnishing electric light and power, Gross earn, all sources.. _ $9,427,600 59,412,609 $8,743,611 $7,471,931
gas or transportation service in 697 communities in Indiana, Ohio, Michigan Oper. exp. incl. maint..
and Illinois. having an aggregate estimated population of 1,602.140. In
tax & rentals
6,266,394
6,180,271
5.844,261
4,698,289
addition, interurban electric lines of subsidiary companies have terminals Interest, amort., &c... 1,411,044
1.316,607
1,383,971
1,326.017
in Chicago, Ill., Indianapolis, Ind., and Louisville, Ky., providing regular Res.for renewals,repine.
service to an estimated population of 3.936,000. Electric service was
and depletion
636,435
641,983
434,048
418,296
being supplied in 619 communities, gas service in 89 communities and
transportation service to 117 communities. Twenty-eight communities
Net avail. for dive_ - $1,113,726 51,273.748 31,081.331 $1.029,329
received water service, 5 Communities heating service and 9 communities -V. 128. p. 1554.
ice service.
In 1929.51.58% of the gross revenue of subsidiary companies was derived
from the sale of electricity,22.06% from the sale of gas,20% from furnishing
Midland Utilities Co.
-Annual Report.
electric interurban and city railway service. and 6.36% from motor coach
Earnings for Calendar Years (Midland Utilities Co.)
transportation, the sale of water, heat and other services.
1927.
The number of customers served with electricity on Dec. 31 1929 was
1920.
1926.
$5,867,311 $5,405,685 55,058,349 54,096,499
259,657. Customers receiving gas service numbered 196,866 and 26,697 Total income
Total exp., incl. admin.,
were receiving water service.
&c..charges
817,538
489,479
918,719
Sales of electrical energy for the year 1929 totaled 910,888,203 kilowatt
508,000
hours, compared with 785,637,220 kilowatt hours sold in 1928, an increase Int. on loans and serial
gold notes
450.042
667,063
of 15.94%. In addition, 82,571.815 kilowatt hours were supplied to
444,413
310,369
Aprop as res. for cont'g_
150,000
electric railways operated by subsidiary companies.
150.000
150,000
150.000
Sales of gas in 1929 totaled 11.095.801.848 cubic feet, compared with
Net inc. for the year
$4,560,769 83.987,505 83,545,218 83,128,130
10,340,368,643 cubic feet in 1928. an increase of 7.31%.
The company acquired by purchase during the year the General Utilities Divs.on prior lien stock_ 1,357,952
1,364,683
1,076,217
964,716
Co. which supplies 16 communities in southern Indiana,with electric service Divs, on class A Sc B
pref. stock
and 2 with water service. the Columbus Gas Light Co. which supplies
1,275,619
1,235.754
1,128,055
932,596
Columbus, Ind., with gas service and the Union City Electric Co. which Common dividends
725,092
1,016,400
720,014
494,594
supplied Union City, Ind., and Union City, Ohio with electric light and Proper. of sub. cos.' aggreg. undistrib. surp.
power service.
accruing to company_ Cr.175,702 Cr.118.839 Cr. 74,819 Cr.155,090
The company participated in a syndicate of business men of Hammond.
Whiting and East Chicago. Ind., which purchased the Hammond, Whiting
Balance
& East Chicago Ry. at a foreclosure sale in Dec. Calumet Railways. Inc..
8740,949
31.126,365
$695,746
8891,315
has been formed to take over the local transportation system in these cities
The net income for 1929
dividend
and 6%
and the Midland United Co. will retain a minority interest in this company. prior lien class A and class B after stocks, is requirements on 7
pref.
equivalent to $7.07'a share on
The Rockford Light & Power Co. serving Rockford, Ohio, and surround- 278,300 no-par shares of
common stock, and compares with $5.56 a share.
ing territory, was sold during the year to the Ohio Electric Power Co.
on 242,000 common shares in 1928. Including company's equity of
In Jan. 1930 when the company acquired minority interests in its sub- 8175.701 in subsidiary companies' undistributed
sidiaries the Midland Utilities Co. and the American Public Utilities Co., for 1929 was $7.70 a share, on common stock, surplus, total net income
against 56.05 a share, in
448,170 additional shares of its common stock were issued.
preceding year.
Consolidated Income Account Years Ended Dec. 31 (and Subs. Co.)
1926.
1927.
1928.
1929.
Oper.rev.& other inc_--$28,773,515$ 25,573,001 $23,994,780 $20,191,060
Oper. exp. & taxes ancl.
charge for retirement) 18,996.369 16,949,423 17,344.170 13,537.045
299,963
873,858
Rentals ofleased props__
877,552
Net oper.income
$8.899,594
Profits on sale of secs. to
sub.cos.& others_ _ _ - 1,074,723
$7,749,720
$6.650.610
$6,354,052
1,138.004
1,351.298
627,169
Total income
$9.974,317 $8,887,725 $8,001,908 $6.981,221
2,780,979
2,533,491
2,778,407
Int.on funded debt
3.113.292
169.863
317.730
Amort. of disc, on secs,,
583,718
567.666
150,000
150,000
150,000
Conting. res. approps_
150,000
Divs. & earns, accruing
1,138,916
845,669
to outside sub.sh'hldrs 1.406,888
1,276,860
Net income avail. for
Midland Util.(Jo. diva $4,736,471
Divs, decl. pay. to outside hldrs. of Midland
Util.stock
3.610,106
2027
FINANCIAL CHRONICLE
MAR. 22 1930.]
$4,098,739
$3,614,283
$3,282,198
3,357,790
2,918,538
2,390,884
$891,315
$695.745
Balance
$740,949
$1,126,365
Sales ofelectrical enemy in 1929,according to the report,totaled 385,943.286 k.w.h. compared wIth 317,599,561 k.w.h. sold in 1928, an increase of
21.52%. In addition, 66,394.304 k.w.h. were supplied to electric railways
operated by subsidiary companies. Sales of gas in 1929 totaled 10,475,514.648 Cu. ft. compared with 9,749,603,336 Cu. ft. in 1928, an increase
of 7.45%.
At the end of 1929 subsidiaries of the company were furnishing electric
light and power, gas or transportation service to 249 communities in Indiana, Ohio, Michigan and Illinois, having an aggregate estimated population of 1,110.983. In addition interurban railways of subsidiary companies have terminals in Chicago and Indianapolis, providing regular
service to an additional estimated ropulation of 3,631,000. Motor coach
terminal facilities are also maintained in Chicago. Electric service was
being supplied in 181 communities and gas service in 64. Seventy-five
communtities were being served with interurban electric railway or motor
coach service and seven communities were being served with local electric
railway or motor coach service. Three communities received water service
and one heating service.
Subsidiary companies expended approximately $11,426,000 for improvements and betterments of plant an equipment during 1929.
Condensed Balance Sheet Dec. 31 (Midland Utilities Co.)
1929.
1928.
1929.
1928.
Liabilities
AssetsCurrent assets_ _ _11,978,755 8,460,495 Pr.lien 7%cum.stk12,450,000 12,450,000
Deferred charges__
425,261
546,276 6% prior lien stock 9.750,000 9,750,000
Reacquired scours_ 3,637,817
813,531 Pref.7% cum.stk_14,518,000 14,518,000
Securs., contracts
Pref.6% cum.stk_ 4,600,000 4,600,000
good-will, &c_ _A7,644,473 49,671,392 Common stock.. _ _x4,398,000 2,220,000
9,500,000 11,000.000
Funded debt
950,964
Current liabilities_ 3,653,681
Def. payments on
12,134
285,634
Purch. contracts
926,993
750,000
Res, for conting _ _ _
3,877,497 2,967,095
Tot.(each side)_63,686,305 59,491,694 Surplus
x Represented by 278.300 shares of no par value.
share, this privilege expiring on the last mentioned date. Upon redemption
thereof prior to expiration or exercise of warrant, such holder is entitled
to a detached warrant.
-The pref. stock $3.50 series included in this offering
Convertibility.
Is convertible at the option of the holder thereof at any time on or before
March 1 1940 into shares of class B common stock on the basis of two shares
of pref. stock for one share of class B common stock; thereafter such right
of conversion will cease and terminate. In case of the call for redemption
of any share of pref. stock of this Issue, on or prior to March 1 1940, such
right of conversion will cease and terminate as to the shares designated for
redemption at the close of business on the second day prior to the date
fixed for redemption.
Data from Letter of Harry Reid, President of the Company.
-Incorporated in Virginia. Controls through common stock
Company.
ownership companies furnishing electric light and power, gas, steam, ice
and (or) water service to 951 communities in 10 States, including New
Jersey, Pennsylvania, Delaware, Maryland, Virginia, North Carolina,
Georgia, Florida, West Virginia, and Ohio. Through these companies it
serves a total of 286,958 customers, of which 235,691 are served with
electricity, 48,588 with gas, 2.136 with water and 543 with steam heat.
The system also furnishes electric railway and (or) bus service to 104
communities.
-12 Months Ended Jan. 31 1930.
Consolidated Earnings
$32,901.176
Gross earnings (including other income)
19.030,944
Operating exp., maint. & taxes, other than Federal taxes
$13.870,232
Net earnings
Bal. of net earns., appl, to securities of subs, owned by Nat.
P. 8. Corp. after deduction of int, charges and diva, paid or
accrued during period on funded and unfunded debt and pref.
stocks of subs, held by public, deprec., amortiz.. Fed. taxes
4.592,197
and net earns. appl. to corn. stocks of subs. held by public
Ann.int,and amortiz,charges on secured gold debs.outstanding 1,082,375
$3,509,822
Balance
Ann. Mir. requirements on 'pref. stock of the corporation to be
1,260,444
presently outstanding with the public (incl. this issue)
The above balance of $3,509,822 was thus more than 2.78 times such
annual dividend requirements.
Outstanding.
Authorized.
Capitalization(130.000 abs.
Preferred stock-Series A-7% ($100 par)...
4100.000 abs.
300.000 abs.
$3.50 series (no par)
c148 shs.
f
$3 series (no par)
662,500 shs.
000,000 she.
Class A common stock (no par)
6459,596 she.
1,000,000 abs.
Class B common stock (no par)
$20,000,000
Secured gold debentures. 5% series due 1978_a
a Additional debentures may be issued under the restrictive provisions
addition, there will be 14,388 shares in treasury
of the indenture. b In
and 183,744 shares will be reserved for issuance in respect of the conversion of the pref. stock, $3 series and $3.50 series, and the warrants
attached thereto. c In addition, there will be 28.775 shares in treasury.
As of Jan. 31 1930 the pref. and common stocks of the subsidiary companies outstanding with the public, based on par value or on the issue price
of no par value stock, together with the proportion of surplus applicable
to such minority common stocks, amounted to $35,364.324. Funded debt
of subsidiaries outstanding as of the same date was 598,563.000.
.-Thla corporation is a part of the Middle West Utilities
Management
-V. 129, p. 2857.
system.
-Capital Increased.New England Power Association.
The stockholders on March 18 approved the directors proposal to issue
-V. 130. p. 1274.
750,000 shares of no par preferred stock.
Consolidated Condensed Balance Sheet Dec. 31 (Co. and Subs.)
-Appropriations.New England Telep. & Teleg. Co.
1929.
1928.
1928.
1929.
Liabilities$
$
Assets$
5
The executive committee has authorized the expenditure of $2,738.294
9,706,025 Prior lien stock _ 22,170,000 22.170,000 for new construction and improvements to plant necessary to meet the
Current assets_ 13,180,464
Deferred charges 6,338.741
4.624,714 Preferred stock_ 19,014,500 19,014,500 demand for service. Including this authorization the specific commitment
5,422,111 of the company for plant expenditures thus far this year is $25,121,571.
9,711
32,885 Common stock _ x8,735,776
ShILekret. ids_
813,531 Minor. stockhol.
Reacquired secs_ 3,637,817
-V. 130. p. 1645. 1457.
equity in can't
Invest. In outside companies 7,713,004
& surp.ofsubs. 21,611,372 21,105,617
New York 8c Stamford Ry.-Earnings.8,336,661
1920.
1927.
1928.
Funded debt_ _ - 67,348,761 56,379,361
1929.
FIxedassets,good
Calendar Years$206,914
8.137,427
81,945
$427.107
Current habits_
will, &c
6,481,634 Operating revenues
125,010,129 114,645,886
51.362
247.428278,445
Def.pay.on pur456,906
9.831
Operating expenses
15.244
989.584
22.739
chase obligiec
11.903
1,283,694 Tax accruals
3.931
Retirement and
6,262,801
other reserves 7,757,042
Operating income_ _ _ _ def12,400 def$257.386 def$86.774 def$52.538
145.424
Tot. (ea. side)155,889,867 138,159,703 Unadi.cred, &c..
2,279
35.018
92.324
137.140
39,985 Non-operating income__
x Represented by 278,300 shares of no par value, of which $4.398,000
def$124,740 def$165.062 def$51,756 def$50.258
income
Gross
stated capital and $4,337,776 surplus.
-V. 130. P. 798.
114.994
107,168
126,319
132.144
Deduct.fr. gross Inc_ x_ -
Milwaukee Electric Railway 8c Light Co.
-Income.
1928.
Calendar Years1929.
1927.
Gross earnings
$32,048,527 $29,510.946 $ ,507.550
27
Operating expenses, maint. & taxes
21,624,713 19,489,164 18.596.822
Int. charges,Incl. amort.of bond disc. 2,277,503
2.328.565
2.353,829
2.859,466
2,801.239
Appropriations for deprec. reserves
2,589,993
Balance for dividends and surplus- $5,345,070 64.833,750 63,966,905
Balance Sheet Dec. 31.
1929.
192).
1928.
1928.
Assets
Liabilities
Prop. & plant_ _114,091,090 107,608,773 6% pref.stock__ 4,500,000
4,500,000
Cash with trusProf. stock
tees
_ 15.872,700 14,371,500
949,014
6% series_
802,943
Sundry investls
77,021
77,561
7% series- - 10,842,200 10,842,200
Due from atfit.
Common stock _ 21.000,000 21,000,000
companies _
13,495,068
3,002,630 Paym'ts on subscrIptions to
Cash
1,581,929
1,019,428
148,804
Notes & bills rec.
3,415
pref. stock1,303
148,443
Accts. receivable 2,237.389
1,988,080 Mtge. bonds_ _ _ 59,418.500 44,418,500
1,100,000
Malls & suppi_ 2,494,052
2,406,013 Notes
1,100,000
187,002
Prepaid accts _
1,378,126
1,036,668 Due to attn. cos_
927,137
116,452
Open accounts_ _
59.448 Notes and bills
2,619,500
payable
Reacquired secs. 9,377,700 8.675,600
1,526,000
856,729
Accts. payable.
Discount and ex817,298
3,465.774 Sundry current
pense on FCCS. 3,974.614
1,098,079
liabilities
1,120,276
Accr. liabilities_ 2,107,912
1.470,092
Open accounts._ 1,012,308
650,892
Deprec.reserve_ 19,423,465 18,294,070
Other reserves_ _ 2,594,122
2,453,748
543.561
7,
Tot.(ea. side)150,224,887 130,144,227 Surplus
8.053.078
-V. 130. p. 1274.
-Preferred Stock Offered.
National Public Service Corp.
E. H. Rollins & Sons, Utility Securities Corp., Insull, Son &
Co., Inc. (Europe and Canada), Hill, Joiner & Co., Inc.,
A. B. Leach & Co., Inc., Emery, Peek & Rockwood Co.,
and Kelley, Converse & Co., Inc., are offering at $48.50 per
share, to yield 7.21%, the unsold portion of 100,000 shares
$3.50 series cony. pref. stock, a part of the issue having
been subscribed for by the class A and class B com, stockholders pursuant to a general offering to such stockholders.
$165.252
5158.924
$291,381
$7,403
Net deficit
x Deductions from gross income include $62,123 in 1929, 686.029 in
in 1927 and 640,763 in 1926, interest accruing to the N. Y.
1928, $53,033
-V.
N. H. & H. RR., but not incl. in the income account of that Co.
128. p. 2090.
N. Y. Westchester & Boston Ry.-Earnings.1929.
52,530.489
1,570.219
275,818
1928.
52,390.399
1.622,858
235.672
1927.
$2,151,428
1,498,972
229,150
1926.
51.911,705
1,247,298
237.442
Operating income-- - Non-operating Income--
$684.452
12,460
$527,868
12,653
$423.305
15.187
$426,964
9.478
Gross income
x Deduce. fr. gross Inc
$696,912
2,667,848
$540,522
2.448.950
$438,492
.2303,493
$436.442
2,194,690
Calendar YearsOperating revenues
Operating expenses
Tax accruals
51.970.936 $1,908,428 51,864.999 $1.758.247
Net deficit
x Deductions from gross income include $1,323,117 in 1929, $1.273;347
1927 and $1,157,841 In 1926, interest accruing to the
In 1928, $1,_215,594 in
N. Y. N. H. & H. RR, but not included in the income account of that
-V. 129. p. 2071
company.
Niagara Share Corp. (Md.).-Initial Dividends.
The directors have declared an initial quarterly dividend of 10c. per
share, payable April 15 to holders of record April 10. The directors also
declared an initial regular quarterly dividend of $1.50 per share on the
preferred stock, payable April 1 to holders of record March 27.-V. 130.
p. 4138.
-Earnings.
Northern Indiana Public Service Co.
1926.
1927.
1928.
1929.
Years End. Dec. 31Operating revenue
$14.256,419 $12,726,032 $11,845,850 $10.986,678
5,839.492
6,179.108
7,109.100
Operating expenses
583.23
619.539
858,859
885,295
Charges for retirement-54,296
48,828
69,486
61,999
Uncollectible bills
1,016.008
1,363,028
1,401.806
1,474,352
Taxes
Net operating income_ $4,718,136
502,269
Other income
$4,224,260 $3,974,961
335.683
417,689
$3,825,928
205.859
Total income
$5,220,405
316.188
Other deductions_ - - - - Interest on funded debt - 1,567,083
,
51,641.949
108.861
1,456,286
$4,310,644
122,491
1.403,252
$4,031,787
95,102
1,252.715
$3.337,134 $3,076,802 82.784.001 82,683.970
Net income
591,550
556,824
488,971
523,931
Preferred over the common stock both as to assets and dividends. 7% preferred dividends_
76,817
378,441
398.493
310.411
Dividends payable Q.
Red., all or part, on any cliv. date on 30 days' 6% preferred dividends_
-M.
24,852
109,747
% preferred divs_notice at $57.50 per share and dim. Entitled on liquidation to receive
2.054,587
1826.938
2.315,462
1,948.237
in preference over the common stock $50 per share and dive. Divs. exempt Common dividends
from present normal Federal income tax. Transfer agents: Equitable
$°0,727
$74,939
$44,513
867.366
Balance to surplus_ - Trust Co., New York; Middle West Stock Transfer Co., Chicago, Regis1.002.649
1,081.365
1.008,142
1,037,143
trars: New York Trust Co.. Now York; Central Trust Co. of Illinois, Surplus Dec.31
Shares corn. stock outChicago.
1,356.900
1,596.870
1.416.870
standing (no par)- _ _ _ 1.596.870
Listed -Listed on Chicago Stock Exchange.
$1.49
$1.33
$1.47
$1.35
Stock Purchase Warrant.
-Each share of $3.50 series pref, stock included Earnings per share
Company serves 149 communities with electric or gas service or both.
in this offering will carry a warrant, non-detachable except by the corpora,
'
tion or its duly appointed agents in case of exercise, entitling the holder Sales of electrical energy in 1929 totaled 287,435.689 k.w.h, compare with
thereof to purchase one share of the class B common stock (as such stock 254,306,058 k.w.h. sold in 1928, a gain of 13.03% over 1928. As in the
may be constituted at the time of such exercise) at the following prices: preceding year, sales of industrial power made up 40% of the total electri
To and incl. March 1 1932 at $50 per share; thereafter to and incl. March 1 revenue of the company. A total of 182,899,743 k.w.h. was sold durth
1934 at $60 per share, and thereafter to and incl. March 1 1935 at $75 per the year to industrial customers, again of 15.06% •
FINANCIAL CHRONICLE
2028
Sales of gas in 1929 amounted to 6,892,191,748 cubic feet compared with
5,324,264,536 cubits feet sold in 1928,an Increase of 1.567,927.212 cubic feet
%
or 29.45. Industrial users of gas during the year purchased 2,243,577.761
cubic feet, which was approximately 32% of all the gas sold by the company. This was an increase of 1,093,708.661 cubic feet over industrial gas
sales in 1928, or a gain of 95.12%. The report states that this large increase is due in part to the fact that at the beginning of 1929. the company
leased a gas distribution system in East Chicago which supplies service to
several large industrial plants there.
A sum of $7,726,807.20 was spent by the company in 1929 to improve its
plants and other equipment.
There were 16.429 stockholders of record on the company's books at the
Close of 1929, the report shows.
Consolidated Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
AssettLiabilities$
$
$
$
Investments
31,848,500 31,898,700
67,569,069 59,985.787 Capital stock
38,828,000 28,896,000
Sinking fund
2.518
14,625 Funded debt
284,345
Deferred charges._ 4.059,974 2,233,316 Assessments
294,548
425,000
Current :wets.. _
7,311,049 4,112,397 Adv.from Mill. cos
Current liabilities_ 4,215,740 3.531,680
157,437
Contrib. for extert. 175,820
Retirement & res. 2,498,837 2.115,820
1.081.365 1,037,143
Surplus
Total
78,942,611 66,346,125
-V. 130, p. 621.
Total
78,942,611 88,346,125
North American Edison Co.
-Listing.
-
(Vol,. 130.
500.000. The new stock was offered to stockholders of record March 7 on the
basis of one new common share for each two shares of pref. or corn, stock
outstanding. At present $82,000,000 of pref. stock is authorized and
issued.
Income Accountfor Calendar Years.
Includes Southern California Telephone Co., Home Telephone & Telegraph
Co. of Spokane and Bell Telephone Co. of Nevada.)
1929.
1928.
1927.
1926.
Operating revenues___$101,502,886 391.535.938 $82,689,337 $75,187,364
Operating expenses
68,781.269 61.766.807 57,190,112 50,779.841
Net revenue
$32,721.616 $29,769,131 325.499,225 324,407,523
Deduct-Uncoll. op. rev.
947,175
778.625
694,225
615,200
Taxes assign, to oper_ 8,567,970 7,845.610 7,263,137 6.621.159
Operating income
$23,206.471 $21,144.896 $17.541,862 $17,171,164
Non-operating income._ 1,212,081
987,886
818.583
760,178
Gross income
$24,418,552 $22,132,782 $18,360,445 $17,931,340
L ss-Rent & misc.chgs.
860.071
736.876
746,789
674,646
Bond interest
3,400,494 3,448.375 3.511,230 3,531,741
Other interest
4,352,886 2,831.631
2,430.665 3,433.836
Debt, disc, and exp...
181,486
186.430
185.366
186,888
Net income
$15,623,615 $14,932.561 $11,576,395 $10,104.230
Pref. dividends (6%)__ _ 4,920,000 4.920.000 4,920,000 4,920,000
Common diva.(6%..._. 6,510,000 6,510.000 5.610,952 3,010,000
Other appropriations
60,000
500.000
The New York Stock Exchange has authorized the listing of 325,000,000
Balance, surplus
$4,193,615 $3.442,561 $1.045,443 $1,674,230
Shares of common out5% debentures, series C, due Nov. 15 1969.
standing (par $100)
930.000
930.000
430 000
930,000
Consolidated Income Accountfor Calendar Years (Company and Subsidiaries). Earn, per share on corn.
$10.76
$11.51
$1.06
$7.15
Calendar Years1929.
1928.
1926.
1927.
Gross earnings
Consolidated Balance Sheet Dec. 31.
$100,336,561 $89,805,787 $83,941,982 $81,365,672
Oper.expenses & taxes.... 52,274,345 48,958,647 46,422,187 46,318,534
1928.
1929.
1929.
1928.
Interest charges
11,601,553 10.767.184 10,576.276 9,459,171
AssttsPreferred diva, of subs... 4,812,041
4,428,443 4,181,182 3,966,070 Fixed capital...8383,448,644 338.577.289 Common stock.. 93,000,000 93,000,000
Minority interests
1,327,159
1,805,019
1,292,762 1,247,242 Other invesrts _ 13,500,307 15,005,511 Preferred stock. 82,000,000 82,000,000
Depreciation reserve--- 11,030,692 9.393,955 8,770,941
8,372,945 Cash & deposits_ 1,643,315 1,166,905 Funded debt... 67,803,100 88,725,900
Bills receivable.. 1,110,050 1,178,254 Adv. fr. system
Net income
$18,812,911 $14,930,396 $12,698.633 $12,001,709 Acc'ta receivable 8,701,532 8,007,175 corporations__ 87,451.880 51,551,880
Preferred dividends_ __ _ 1,836,661
1,483.453
1,200,000 1,200,000 Mat'l & supplies 5,280,157 2,895.968 Real est. mtgs.
708.000
837,000
Common dividends
10,672,000 6,997.750 5,043,590 4.331,250 Accrued income,
Notes payable._ 4,550,796 3,190,189
no due
194,931 Acc'ts payable__ 9,273,719 7,695,954
50.968
Balance, surplus
96,304,250 $6,449,193 $6,455,133 $6,470,459 Deferred debits.. 9.609,196 11,683,823 Accr. liabilities_ 6,476,291 6,101,441
Shs. corn. outs.(no par)460,000
385,000
450,000
385,000
nerd credits....
274,757 1,133,048
Earns. per share on com_
$37.34
$28.06
$29.86
$29.88
Rm. for deprec 62,400,843 57,767.518
Rm. for amort.
Consolidated Balance Sheet Dec. 31 (Company and Subsidiaries).
of intang. cap.
269,140
224.038
1929.
1929
1928.
1928.
Tot.(each side)423,344,169 379,609,655 Surplus
9,135,442 7,382,691
Assets-Liabilities$
$
$
-V.130, p. 1458.
a Incl. construction work in progress.
Property & plant476.296,554 442,241,157 Preferred stock.831,897,000 28,093,000
Cash Sc securities
Common stock _ b32,389,870 31,689,870
on dep. with tr 1,434,505 1,245,078 Preferred stocks
Peoples Light & Power Corp.(& Subs.).
-Earnings.
Stocks & bds. of
of subsidiaries 77,999,772 77,742,906
other cos. and
Minority lots. in
Consolidated Income Statement Year Ended December 311929.
sundry invest.
932.193 cap. & surp.of
952.692
(Earnings of companies acquired during year included only since date of
Due from &frillsubsidiaries. 10,868,007 9,186.230
_
acquisition.)
ated cos
14,270,356
Fund. debt(comGross earnings
$7,632,005
Cash
3,517,256 3,176,335 pany)
32,903,000 38,855,000 Operating expenses
3,138.991
U. S. Govt. sec. 4,276,734 7,098,217 Funded debt of
Maintenance
372,462
Notes & bills rec.
258,776 subsidiaries _ .218,805,057 185,759,504 Taxes
272,062
454,090
Accts. receivable 10,861,133 9.654,487 Due to affil. ens.
768,234
935,798 Fixed charges and other deductions-subsidiary companies:
Material &suppl 9,112,701 8,027,883 Notes and bills
Interest on funded and unfunded debt
922,031
Prepaid accts.._
653,275
611,803 payable
2,745,500 3,391,000
Retirement expense (as required under the terms of the comDiscount & exp.
Accts. payable.. 3,005,703 2,198,655
panies' first mortgages)
337.371
on securities.. 10.995,109 10.401,963 Sund.curr't liab. 3.045,914 2,384,277 Preferred stock dividends
451,298
Taxes accrued _ _ 8,878,563 7,652.356 Miscellaneous deductions
36,255
Interest accrued 2,762,882 2,464,976
Divs. accrued. _
452,724
618,186
Balance
31,919,507
Sund.seer. liab_
138,117
100,709 Peoples Light & Power Corp.: Int. on funded and unfunded debt 828.995
Deprec. reserves 63,877,344 59,704,549
Other reserves
7,896,943 7,071,248
Balance
$1,090,512
19,333 Preferred stock dividends
Capital surplus_
117,708
369.321
Tot.(ea. side)532,642,377 443,847,691 Undivided prof. 33,926,577 27,965,557
a Represented by 318,970 shares in 1929 and 280,930 shares in 1928.
Balance
$721,189
b Represented by 460,000 shares in 1929 and 450,000 shares in 1928. Class A stock-dividends
393,305
-V. 130. P. 468.
Average number of shares of class A stock outstanding during the year,
163,875.-V. 130, p. 1458.
Northwestern Bell Telephone Co.-Earnings.-
-Extra Cash Dividend of 75c.
Philadelphia Co.
1929.
1928.
1926.
1927.
The directors have declared an extra dividend of 75 cents per share in
$33.503,068 $30,916,049 $28,888,962 327,388,247
8.400,006 7,698,691
6,787.518 6,517.736 addition to the regular quarterly dividend of $1 per share on the common
191.708
286,317
632,992
827.538 stock, both payable April 30 to holders of record April 1. Like ameAnts
were paid in each of the six preceding quarters. An extra distribution of
Total income
38.591.714 $7.985.008 $7,420,510 $7,345,274 $1.50 per share was made on July 31 1928.-V. 130, p. 622.
Rent, &c
469.563
426.239
455.477
423.532
Bond interest
20,275
118,750
-New Directors.
Philadelphia Rapid Transit Co.
Other interest
368.449
67.304
Alexander Knox and Boyd Garbutt have been elected directors to succeed J. McCartney and M. H. Pettit.
Net income
$7.753.702 37.562,227 36.973.996 $6,802,991
The two new members of the board, together with J. J. Haungs conPreferred dividends- - -311,747
308,896
297,873
169,761 stitute the employes representation.
-V. 130, p. 1822.
Common dividends
5.200,000 5,200.000 5,200,000 5,200.000
Empl. benefit res.. &c_
300.000
Power Corp. of New York.
-Bonds Called.
Certain 1st mortg. 6% gold bonds, series "A". due
aggreBalance, surplus
32.241.955 81.953,331 31,476,122 31.133.230 gating $80,000. have been called for payment May 1Nov. 1 1942,int, at
at 105 and
Shares of cons. outstandthe Equitable Trust Co. of New York, 15 Broad St., N.Y. City, trustee.
ing (par $100)..
650.000
650.000
650.000
650.000 V. 128. p.4004.
Earns, per share on corn.
$11.45
$10.28
$11.00
$10,21
-F. 130, p. 468.
-Annual Report.
Providence Gas Co.
•
Pacific Gas & Electric Co.
Calendar Years-Reduced Rates in Effect.
1920.
1928.
1927.
1926.
Reduced rates for electric light and power went into effect on March 1. Gross oper. earnings_ _ -- $3,446,628 $3.271,297 $3.153.801 $3,169,496
Operating expenses
1.730,520
The new rates will gave consumers of the company $2,400,000 a year.
1,677,492
1,779.143
1,714.797
Interest
Wallis Is the fourth major reduction in electric rates made by the company
186.736
166.332
156,575
158,532
200.000
In the last nine years. There was a reduction of 82,000.000 in 1921; another Depreciation
200,000
300.000
200,000
of $2,500,000 in 1923; a third of $1,935,000 in 1928. and the fourth of
Net income
$1.329,361 11.227,473 31.016,125
32,400.000. which now becomes effective.
$998,124
Dividends
1,196,773 1.104,714 (10)920.595 (10)920,595
Pa The principal beneficiaries under the present reduction will be the
lighting consumers of the company, who will save 31.570.000 a year or
Balance, surplus
$132,588
3122.759
85% of the total. The greatest reduction fails in the top lighting rate, which
395.529
$77.529
now becomes 4% cents a kilowatt hour. All users of light will benefit by Shares of stock outstand.
(no par)
920.595
x184.118
x184.118
this reduction. Large users, such as stores and commercial buildings, will
x184.118
$1.44
$5.53
$6.66
save as much as 10% on the average. In cases where the use of energy will Earns. per sh
35.15
be great enough to come within the "low blocks" the saving will be even
x Par $50.
larger.
The temi sales of gas for 1929 were 3,251,535,400 cu. ft., as comp sr
Reductions in the power rates will save general power consumers 5325,000 with 3,046,481,600 cu, ft. in 1928.-V. 130, P. 137.
a year and industrial power consumers $127,000. Lighting service, strictly
incidental to the use of industrial power, will hereafter be charged on the
Rhine-Westphalia Electric Power Corp. (Rheinischpower rate, when such service does not exceed 20% of the power load, and
the power load Is 50 h.p. or more. All energy in such cases must be taken, Westfalisches Elektrizitatswerk Aktien-Gesellschaft).
however, at the power voltage. High power factor will be rewarded by a -Bonds Offered.
-The National City Co. offered March 20
discount from the regular rate.
-V. 130, p. 1828.
at 93 and mt., yielding 6.57%, $20,000,000 consol. mtge.
Pacific Public Service Co.
-Acquisitions.
gold bonds, 6% series of 1930 (carrying certain stock purThis company a subsidiary of the Standard Oil Co. of California, announces the acquisition of the Natural Gas Corp. of California. the Natural chase rights for "American shares").
Dated April 1 1930: due April 1 1955. Interest payable A. & 0. PrinGas corp. of Oregon and tho Natural Gas Corp. of Washington, all three
of which are to be operated as subsidiaries of the Pacific Public Service cipal and interest payable In N. Y. City in U. S. gold coin of the present
Co. Through the newly acquired companies, the Pacific Public Service standard of weight and fineness at the head office of the National City
Co., will distribute natural gas to every community of the Pacific Coast Bank of New York, without deduction for any past, present or future taxes
or duties levied by or within the German Reich. Principal and int. will
not otherwise served by manufactured or natural gas.
-V. 129. p.3167.
also be collectible at the option of the holder, at the city office of the NaPenn Central Light & Power Co.
-Rights.
tional City Bank of New York in London, ling., in
The stockholders of record March 22 of $5 and $2.80 cum. pref. stock Mendelssohn & Co.. Amsterdam, the Netherlands, pounds sterling, or at
in guilders, or at the
will be offered rights to subscribe on or before April 30 at 12% and 8%, Credit Suisse. Zurich, Switzerland, In Swiss francs, in each case at tho then
respectively, of their holdings, to $2.80 cum, pref. stock at $46 a share
current buying rate of the said banks for sight exchange on N. Y. City.
Payments may be made In four instalments if so desired: $12 at subscription, Denom. $1.000 cs. Red. all or part, at any time, upon 30
days' notice.
$12 on or before July 31. $12 Oct. 31. and $9.10 .lan. 31 1930. The 90c. at 102 and Int. if red, on or before April 1 1935: at 101 and int, thereafter
allowed on the last payment covers Interest -V. 128. p. 3826.
to and incl. April 1 1945: and at 100 and int. thereafter. Also redeemable
In part through
interest date, upon
Pacific Telephone & Telegraph Co.
- 30 days' notice. operation of the sinking fund on anyBank of New York,
-Stock Increased.
at 100 and int. The National City
The stockholders on Mar. 20 voted to increase the authorized commo
trustee. Darmstadter
Nationalbank Kommanditgesellschaft auf
stock, par $100. fromj$103,000,000 ($93,000,000 outstanding) to $180,- Aktien, co-trustee.seSSO und
Catendar YearsGross
Gro
Operating income
Other income
' MAR. 22 1930.]
FINANCIAL CHRONICLE
2020
Data from Letter of Messrs. Henke and Schmitz, Managing Directors. American share representing 100 Reichsmarks, par value, of the common
Lfsting.—Application has been nuide to list these bonds on the New stock of the corporation deposited under the deposit agreement, at the
price of $45 per American share, in the ratio of four American shares for
York Stock Exchange.
Company—The corporation has experienced a remarkable growth since each $1.000 of bonds. The current market price of the shares of common
Its organization in 1898. and at the present time.'with its subsidiary com- stock of the corporation on the Berlin Stock Exchange indicates a market
panies, comprises one of the largest electric light and power systems in value for the American shares of approximately &13 a share.
Capital Stock.—The capital stock of the corporation amounts to 243,000.Europe with respect to property value, earnings, capacity of power stations and number of customers served. The business of the corporation 000 Reichsmarks, par value, of which 235,600.000 Reichsmarks, par value.
is represented by bearer shares and 7 400,000 Reichsmark's, par value,
Is especially well integrated. Electric energy is generated in the corporation's power stations tram fuel obtained from the adjoining coal mines by registered shares. There are also outstanding Rm. 10.280,550 conofsubsidiary companies, and is supplied to approximately 646,000 industrial tingent certificates of indebtedness (Gennesscheine) created on or about
and residential customers through the corporation's high tension trans- Nov. 30 1927. Dividends have been paid on the bearer shares of the
corporation, as outstanding from time to time, at the rate of 8% for the
mission lines and distribution systems.
-1927
The territory served hes an area of about 17.500 square miles, and in- fiscal year 1925-1926 and at the rate of 9% for the fiscal year 1926
cludes a large part of Ere Rhineland, extending from the Netherlands and 1927-1928, and 10% for the fiscal year 1928-1929. After deduction
frontier on the north and west, into the Province of Westphalia on the of the German income tax of 10% on dividends, the dividend of 10% be
east, and smith to the River Nahe. This area includes the Ruhr District, equivalent to 9%. The American income tax law permits a credit to
the most important industrial section of Germany, and also the so-called citizens on their Federal income tax on account of income taxes paid to forSiegerland, known for its iron ore deposits. As there are numerous indus- eign countries.
In accordance with the terms of the deposit agreement above referred to,
tries of a widely diversified character, the prosperity of the territory is not
'dependent on the success of any one type of business. Among the more American shares are entitled to all dividends and rights accruing from'
time to time upon the deposited shares of common stock of the corporation.
important industries are included Iron and steel works, iron ore mines,
,
hardware factories, coal mines, lignite (brown coal) mines, textile plants. American shares (in multiples of four American shares) are exchangeable
leather factories, electro-chemical works, dye works and oleomargarine at any time, upon surrender to the depositary and payment of the necessary'
plants. In addition, the territory contains large areas of fertile farm land charges, for the corresponding par value of deposited shares, deliverable
which produces excellent crops of many kinds. The communities entirely at the office of the agent of the depositary in Berlin.
The common stock (bearer shares) of the corporation sold on the Berlin
supplied by the system have a population of over 10.700.000 and include
the cities of Essen, Muhliteim-Ruhr, Gelsenkirchen. Crefeld, Trier, Mun- Stock Exchange on March 18 1930, at 1804% of par (equivalent to approxehen-Gladbach, Wesel, Osnabruck. Itemscheld, Solingen. Siegen, Bingen, imately $43 per American share). During the last nine months the price
Kresznach and Neuss. In addition, the corporation furnishes electric range of the bearer shares has been 172%% of par low, and 265%% of par
energy to large portions of the cities of Cologne, Dusseldorf, Duisburg. high. The approximate equivalent price range in dollars of the American
Cotilenz and Overhausen, and to the extensive plants of the largest inland shares would be, low. 611.07 a share, and, high. $63.23 of a share.
Sinking Fund.—A 1% cumulative sinking fund, operating semi-annually,
harbor of Europe at Ruhrort.
The corporation's sale of electric energy for the fiscal year ended June 30 for the retirement of the bonds of this series by purchase or redemption.
at not exceeding 100 and int. will be provided.
1929 amounted to 2,067,000,000 kilowatt hours and was the greatest in
Security.—Bonds are secured by direct mortgages on the operating propits history. Sales have continued to increase during the present fiscal
period to the extent that, if maintained, they 'will reach 3.000.000,000 erties including real estate, power stations and transmission and distribukilowatt hours. Last year the corporation concluded contracts with tion systems owned directly by the corporation, subject to charges securing
I. G. Farbenindustrie A. G. and Vereinigte Stahiwerke A. G., whereby $5.189,524. present amount, of industrial debentures and to mortgages
these concerns will not expand their electric power plants, but will purchase securing $23.497,000 (closed issue) direct mortgage gold bonds: and by like
electric energy which they require from the corporation. These compre- direct mortgages on the operating properties of =ten subsidiary comhensive agreements are made possible by the extensive territory covered panies. referred to in the mortgage trust indenture dated Aug. 1 1928 as
and the intensive distribution service rendered within this territory. It proprietary companies, subject to charges securing $342.262, present
is expected that similar contracts will be concluded with other manufac- amount, of industrial debentures. In addition, the corporation has
turing concerns in the Ruhr district, forming the basis for a still more rapid covenated that if it shall at any time mortgage or pledge any of the prop.
growth in the corporation's sale of power. Sale of electric energy by the erties of certain other subsidiary companies, referred to in the mortgage
'corporation's system increased from 2.100,000.000 kwh. for the year trust indenture as constituent companies, it will make provision for the
prior security of the consolidated mortgage gold bonds.
ended June 30 1928 to 2,700,000,000
h.for the year ended June 30 1929.
In connection with the payment of reparations, the corporation audits
Properties.—The system includes 17 electric generating stations with an
constituent and proprietary companies have issued and deposited with the
aggregate capacity of 1,240.000 h.p., which will be increased to 1.556,000
h.p. this year when the plant under construction is completed. The Industrial Debentures Bank (Bank fur Deutsche Industrie-Obligationen),
'corporation's full construction program calls for an eventual aggregate In accordance with the so-called "Dawes Plan." industrial debentures in
•capacity of 1,610,000 h.p., to be attained within a preiod of four years. the face amount of $7,037,619 with respect to which the annual charges on
The principal station of the corporation, the Goldenberg plant, is one of account of interest and amortization will not exceed $422,257, in the aggrethe largest and most modern in the world, and has a capacity of 680.000 gate. In the opinion of counsel, the liability of the corporation and its
h.p. Its equipment includes six 67.000 11.p. steam-turbo units. The constituent and proprietary companies for the payment of these sums is
transmission and distribution systems comprise over 2,550 miles of 110.000 secured by a first charge, in many respects analogous to a tax lien, upon
and 220,000 volt steel tower lines and 17.000 miles of medium and low their fixed property. In accordance with a law which effects a further
voltage lines which supply approximately 646.000 electric meters. which internal distribution in Germany of the burden of reparations, the annual
payments on account of the industrial debentures will probably be considerfigure does not, however, take into consideration that wholesale consumers ably
reduced
distribute power to ultimate users through their own meters. The above of present so that the maximum annual payments, estimated on the basis
figures for output and property cover only the inter-connected electric corporation assessments, on account of the industrial debentures of the
and its constituent and proprietary companies, is not expected
system of the corporation and its subsidiaries, which does not include the to
exceed $300,000. or less than
many affiliated electric companies of whose stocks substantial amounts properties. The "Young Plan," % of 1% of the value of their physical
which has already been ratified by Gerare owned by the corporation.
The fuel for the corporation's power stations is obtained almost entirely many, reconamends that the industrial debenture charge be discontinued.
from coal and lignite mince owned by subsidiary companies and located —V. 129. p. 1441.
under or immediately adjoining the stations. The coal mines, estimated
St. Louis Gas & Coke Corp.—New Officers.—
to contain 75,000,000 tons (of 2,000 pounds), are being mined at the rate
D. M. Curran has resigned as President. 0. L. Pringle has been
of 1,400,000 tons a year. The lignite mines are estimated to contain Vice-President and General Manager and John Duncan has been made
made
450,000,000 tons and the power stations of the corporation, which are Honorary President.—V. 127. p.3706.
designed to burn this fuel efficiently, consume approximately 7.000,000
Southern California Edison Co.—$5,000,000 5%
tons a year. Although lignite (brown coal) has a relatively low heating
value as compared with coal, it is mined through surface workings at very Bonds Offered.—The company is offering through its own
low cost because the average depth of the cover of sand is only about 30
investment department to the medium and small investor
feet, below which the lignite deposit extends for about 120 feet.
The corporation has further consolidated the operating services of its located in Southern California $5,000,000 additional ref.
system by closer working agreements with its majority owned subsidiary,
Braunkohlenindustrie A. G. "Zuidnft," a distributing company which mtge. gold bonds, series of 5s, due 1954. These bonds
owns Important coal reserves near Aachen. Germany, and which dis- will not be syndicated through any bond house. (For partributes power to the territory located between the Dutch frontier and the
boundary of the corporation's own territory. Sales of prower by this enter- ticulars regarding this issue see "Chronicle" of Aug. 24 1929,
for the past year amounted to 183,000,000 kilowatt hours. The page 1283). The company's circular says in part:
coal and power enterprises of Gewerkschaft Gustav in Dettingen
Issuance.—Authorized by Railroad Commission of State of California.
were added to the corporation's system, by which the system will secure
Company.—Owns and operates one of the most comprehensive systems
the benefit of important outstanding contracts for delivery of electric in the world for the generation, transmission, and distribution of electricity
power to the Hessian RR., Darmstadt, the Prussian Electric Corp. and for power and lighting purposes. The territory served, either directly or
certain Bavarian concerns. The new acquisitions have been tied in with at wholesale, embraces ten large counties in Southern and Central Calif.
the corporation's high tension system.
(including Los Angeles), with a population of over 3,100,000 and an area
In joint co-operation with Badenwerk A. G.. the corporation has taken of 55,000 square miles—equal to the combined area of
a 50% interest in the foundation of Schluchseewerk A. G.. Freiburg. The Vegnont,ey ew Hampshire, Rhode Island, Connecticut, Massachusetts,
N , ers N
j
Delaware and
construction of this new plant is so far advanced that this year it can be
placed in operation with a rated capacity of 120,000 kw. 77% of the capThe electric generating plants of the company have a present installed
ital of Wasseriaaftwerk Albbruck-Dogern on the Rhine and 30% of the capacity of 1,123,560 h.p., of which 639.160
484,400
capital of Aarewerke A. G. in Brugg, Switzerland, have been acquired by is steam. The total output of these plants is hydro-electric and Dec. 31
for the year ended
the corporation. These plants will eventually have a rated capacity of 1929. was 3,162,988,030 k.w.h.
135.000 kw. Through those further expansions in productive capacity,
The largest hydro-electric development
is located
the corporation hopes to meet the growing demand for power which is Big Creek and the San Joaquin River andof the company houses withon
includes power
a
foreseen as a result of the policy of German manufacturers to purchase generating capacity of 515,800 h.p. This project, upon completion, will
their current under favorable wholesale terms. In December 1929 there include a drainage area of 1,200 square miles and will yield considerably
was placed in operation a hydro-electric power plant in the vicinity of more than 1,400,000 h.p. of hydro-electric energy.
Essen, in the very centre of the corporation's territory, which utilizes the
The Long Beach steam plant of the company is the largest steam plant
off-peak surplus of steam generating capacity of the corporation's own west of Chicago and has a present installed generating capacity of 422,000
plants and of the steel works and coal mines in the Ruhr district, in filling horsepower.
a reservoir to a level of 160 meters, the water thus stored serving to genCapitalization (Outstanding Dec. 311929).
erate current to supply peak requirements. This pliant has a capacity of Common stock (paying 8%)
$62,227.947
190.000 h.p. with an annual output of 200.000.000 kilowatt hours.
Preferred stock, series A %
26,07 .450
In order to supply the steadily increasing demand for current in the vast Preferred stock, series II 6%
48,505,400
and populous territory extending from the Dutch and Belgian frontiers to Preferred stock, series C 534%
29.191.075
southern Germany and further to the boundaries of Switzerland and Aus- Original preferred stock 8%
4.600,000
operation in 1929 and will be Refunding mortgage bonds—
tria, a 220,000 volt circuit has been placed in
further extended in line with the company's construction program. This
Series of 5s due 1954 (includes $5,000,000 this issue)
20.000,000
cable line connects the hydro-electric power plants in southern Germany
Series of 5s due 1952
31.246.000
and Switzerland with the thermal plants in central German lignite coal
Series of 56 due 1951
55,000,000
districta and with the original units of the corporation in the Ruhr basin. Underlying (secured by closed mortgages)
38.566.700
The corporation now has in operation 49 high tension transforming staNote.—In addition to the stocks shown above as outstanding, the comtions of which 11 function with 220,000 volt tension. The unit at Brau- pany has
subscriptions for $3,515,350 preferred and $4,866,725 common
Weiler, near Cologne, is the largest transforming station in Europe.
stock, which is being paid for on the partial payment plan.
Purpose.—Proceeds from the sale of the present issue of bonds will be
The
used to reimburse the corporation in part for expenditures rnade in con- stocks,refunding mortgage bonds are followed by preferred and common
which, including those shares subscribed for on a deferred paynection with important property additions, to provide funds for further ment plan,
have a present market value of approximately S294,000,000,
acquisitions and for other corporate PurPosesor an
k:arnings.—The consolidated earnings of the corporation and certain fundedamount largely in excess of the pax value of the company's total
of its wholly owned subsidiary companies, including only a portion of the more debt. This stock is held by over 119,000 stockholders, of whom
than 90% reside in the territory served. Ninety per cent of the Perearnings of the many other companies in which the corporation has a sub- manent
stantial and profitable interest for the three fiscal years ended June 30 holders. employees and 25% of the customers of the compnay are stockDim, have been paid on common stock since 1910: the present
1927, 1928 and 1929. respectively, were as follows'
'
rate is 8%.
1928.
1927.
Bond Issue.—The refunding mortgage bonds are secured by a
1929.
direct
Gross earns.. Incl, non-oper.income-1126.965,563 $30,508,045 $35.609.037 mortgage on the entire California property
Oper. asps.. maintenance ge taxes__ 16.992.084 18.545.060 20,829,972 to the lien of closed mortgages securing the of the company, subject only
$38,566,700 underlying bonds,
for the retirement of which refunding mortgage bonds are reserved.
Net before reserves for renewals
Purpose.—To finance in part capital expenditures for additions and
and replacements
g9,973,479 $11,962,985-$14.779,065 betterment, to properties.
The net earnings of $14.779 065 for the fiscal year ended June 30 1929,
Reclassification of Preferred Stock Approved—Rights.—
as shown above, compare with annual charges of $4,302,547, constituting
The stockholders on March 21 approved amendments to the articles of
interest requirements on the mortgage debt, including this issue, and estimated maximum fixed charges on industrial debentures issued under the incorporation, providing for a change of name from the present designaDawes Plan Indications are that the current year will set a new earnings tion to the Southern California Edison Co., Ltd., a reclassification of the
record, sales of current during the past few months having increased ap- preferred stock by increasing the preferred stock. series B 6%,from $50.000,000 to $53,000,000, and the 534% preferred, series 0, from
proximately 50% over those of the corresponding period for last year.
$45,000.Stock Purchase Rights.—The bonds of this series will have attached thereto 000 to $66,000,000, at the same time reducing the 7% preferred stock,
non-detachable stock purchase warrants, entitling the holder to purchase series A, from $30,000,000 to $27,000.000 and eliminating all of the $21.any time on or before April 1 1931, American shares, so-called, to be 000,000 preferred stock, series 13 5%, none of which has been issued.
at
balled under the provisions of the deposit agreement dated as of Aug. I The two latter changes apply only to unissued stock. The life of the
1928. by Oity Bank Farmers Trust Co., as successor depositary, each such corporation has been extended from July 6 1959 to Dee. 31 1879 (See
V. 130, p. 1276.).—V. 130, p. 1817.
WO%
2030
Southern Cities Public Service Co.
-Notes Sold.
Harris, Forbes & Co., H. M. Byllesby & Co., Inc., Halsey,
Stuart & Co., Inc., West & Co., and Albert E. Peirce & Co.,
Inc., announce that they have placed privately at 99 and
int. 810,500,000 one-year 5% gold notes.
Dated April 1 1930; due April 1 1931. Interest payable A. & 0. at
Harris, Forbes & Co., New York, or in Boston or Chicago. Red. all or
part on first day of any month on 30 days' notice at 100 and interest.
Denom. $1,000c. Harris, Forbes Trust Co.. Boston, trustee.
Company.-Incorp. in April 1929. Is a directly owned subsidiary of
Central Public Service Corp. and furnishes through subsidiaries, gas service to over 136,000 customers in 47 communities located in the southeastern section of the United States. The population of the territory
served is estimated to be in excess of 1,200,000. The operating subsidiaries
of the company own gas manufacturing plants of 33.388.500 cubic feet
daily capacity; 2,694 miles of gas distribution mains and gas holders having
a combined capacity of 13,000,000 cubic feet.
Consolidated Capitalization of Company and Subsidiaries, After Giving Effect
to this Financing.
Common stock (no par value)
a200,000 shs.
6% cony, gold debentures, due 1949_13
$17,500,000
1-year 5% gold notes
10,500,000
Subsidiary companies
-Bonds and Mortgages
11,316.810
Minority common stock (no par value)
145 abs.
a All owned by Central Public Service Corp.
b Convertible prior to Nov. 1 1934 into class A stock of Central Public
Service Corp.
c Includes $7,178.000 bonds and mortgages owned by Central Public
Service Corp. and pledged; but does not include indebtedness of $1,676,000
secured by a mortgage on property of a subsidiary against liability under
which mortgage South Carolina Power Co., a company controlled by
Southeastern Pow.& Light Co., has contracted to indemnify such subsidiary
Earnings.
-The consolidated earnings of Southern Cities Public Service
Co. and its subsidiaries, irrespective of dates of acquisition, for the 12
months ended Nov. 30 1929, together with income at the rate of 6% per
annum to be derived from interest bearing obligations to be purchased
with the proceeds of this issue of notes, and annual charges on securities
outstanding at that date, after giving effect to this financing, follow:
Gross revenues and other income
$8,188,193
Operating expenses, maintenance & taxes (except Federal) and
amounts applicable to minority common stock
4.325,999
Net earns, before int., provision for replacements, diva., &c_$3,862,194
Annual int. requir. on subsid. co.'s bonds & mtges., as above_-- 658.192
Annual int. requir. on total funded debt of co. (incl. this issue)-- 1.575,000
Net earnings, as above, were over 1.7 times the combined annual int.
requirements on subsidiary companies' bonds and mortgages and the total
funded debt of the company, including this issue of notes, and, after providing for both maintenance and replacements at the initial rates required
In the indenture under which the 6% cony, gold debentures, due 1949,
were issued. were nearly 1.6 times such int. requirements. Net earnings,
as above, after deducting annual int. requirements on subsidiary companies' bonds and mortgages. were $3,204,002. or over twice the annual
Int. requirements on the total funded debt of the company to be outstanding including these notes.
The company is now engaged in changing from the distribution of artificial gas to the distribution of natural gas in some of the communities
served. This may result in temporarily decreased earnings during the
transition period, but due to the increased consumption of gas for both
domestic and industrial purposes which is expected to result from the
Introduction of natural gas. it is anticipated that within a relatively short
period the company's earnings will substantially exceed those shown above.
-V. 129, p. 2683.
Southern Counties Gas Co. of Calif.
-Earnings.
Calendar YearsGross earnings
Operating expenses & maintenance
Taxes
1929.
1928.
1927.
$7,997,407 $7,167,087 $6,975,018
4,831.963 3.961.564 3.740.170
650,284
547,199
626,784
Net earnings
Interest
Depreciation
Amortization
$2,515,160 $2,658,324 $2,608,064
462.817
542,721
550,020
808.798
779.617
751,306
107,273
72.649
94,939
Netincome
-V.128. p. 1905.
$1.136,272 $1,241,047 $1.234,088
Southern Natural Gas Corp.
-Large Order.
The corporation has placed an order with the U. S. Steel Corp. for 60
miles of 6 ft. welded steel pipe for the branch line which will serve natural
gas to the city of Meridian. Miss. It is expected this line will be completed
and in operation on or before June 1.-V. 130. p. 1829.
Southwestern Light & Power Co.
-Earnings.
Calendar Years1923.
1928.
1927.
1926.
Operating revenues
$3.277,521 $2,887.136 $2,419,387 $1,322,585
Operathig exp. & taxes
1.974.674
1.691,088 1,433,391
867,566
Retire. appropriation_ - _
139,990
129.249
108,265
50,323
Net oper. income_ - - _ $1,162.858 $1.066,800
Non-oper. income
34,067
29.196
$877,731
25,854
Gross income
$1,196,925 $1,095,996
Int. on funded
_
410,000
365,158
Amort.& other debt__chgs
44,927
33,065
$903,585
314,538
45.200
Net income
Preferred dividends- --Corn."A" dividends- Common dividends
$741,997
304,444
18,864
314,624
8697.773
301,151
20,157
294,960
8543.847
188,329
60,000
Surplus
-V. 128. p. 4156.
4104.065
$81.505
$295,518
$404.696
34.838
$86,896
Springfield Street Ry.-Earnings.-
Balance, surplus
-V. 129, p. 3012.
$209,047
186,188
$282,102
186,188
$191,350
186,188
8235.918
232,735
$22,859
895.914
$5,162
83,184
Standard Gas & Electric Co.
-Rumor Denied.
Referring to a press report that the Byllesby interests are affiliated with
the Standard Oil Co. of New Jersey and the Columbus Gas & Electric Co.
in the formation of a new company to be known as the Duquesne Gas Corp..
John J. O'Brien, President of H. M. Byllesby & Co. and the Standard
Gas & Electric Co. March 20 stated that the Byllesby organization is in
do,,
no way connected
-V.
and has no interest in the reported venture.
130, p. 1655.
-Bondholders
Suburban Light & Power Co. (of Ohio).
Committee.
Default occurred in the payment of the interest due Dec. 1 1929, on the
20
-year 6% gold debenture bonds,series "A.
A plan of reorganization was submitted by the company and the Utilities
Service Co. under date of Nov. 27 1929, but the plan failed of accomplishment.
The interests of the holders of the bonds require that they should take
prompt concerted action. The following who own or represent a large
amount of the bonds, will act as a committee for the protection of such
bondholders as shall deposit their bonds with this committee: E. C. Deal
(Pres. Peoples Light & Power Corp). Chairman; Wellington E. Bull (irellington Bull & Co., Inc.), Steele Dubesque. Herbert G. Dilg (V.-Pres.
Vought & Co.. Inc.), George C. Haigh (V.-Pres. Irving Trust Co.) Holders
of bonds are advised to immediately deposit their bonds, with the Dec. 1
1929 and all subsequent coupons, with the Irving Trust Co., 60 Broadway.
New York City, the depositary. No deposit of bonds will be received after
April 15, except in the discretion of the committee.
Wellman & Wollman and Robert G. Starr are Counsel, and J. Bradford
Wardwell,20 Broad St., N. Y.City is Secretary ofthe Committee.
-V.128,
p.3512.
Telephone Investment Corp.
-Earnings.
Calendar Years1929.
Oper. & miscel. rev_ __ _ $956,676
Operating expense
463,557
Depreciation
175,363
Taxes (including Federal)
43,024
Interest
11,550
Uncollectible revenues_ 1,715
1928.
$853,430
412,103
148.903
41,601
11,632
586
1927.
3771.264
369.964
138,184
40,903
12,804
1,399
1926.
$715,323
321,591.
127,190
40,161
18,692
1,562
Net income
Dividends paid
$261,466
211,075
$238,604
181,135
$208,009
152,030
$206,120
140,130
$50.391
92.550
$2.82
$57.489
92.550
$2.58
$55.979
88,000
$2.36
$65,990
80,000
$2.58
Net earnings
She. cap.stk. out.
(par$20)
Earns. per sh. on cap.stk
-V. 128, P. 1926.
Tennessee Electric Power Co.(& Subs.).
-Earnings.
Calendar YearsGross earnings
Oper.exps. & taxes
1929.
1928.
1927.
1926.
$14.752,228 $13,453,842 812,515.760 $11,909,560
7,489,400 6,965,353 6,772.366 6.424.264
Gross income
87.262.828 $6,488.489 85,743.393 $5.485,296
Interest & bond discount x2,158,747 x2,181,615 2,223.003 2.228,228
Retirement reserve__ -- 1,155,727
975,535
950.429
920.886
Divs,on pf.stk. of subs_
See (x)
See (x)
4,423
7,010
Net income
$3,948,352 $3.331,340 $2,585,537 $2,329.169
Divs. paid & declared on
1st preferred
1,333,101
1,337,970 1.237,457
822,401
Divs. paid & declared on
2nd preferred
196,024
Common dividends
1,875.000
1,345,000
1.035.000
960,000
Surplus charges
119,852
108,331
$528,518
Surplus
$631,921
$293,078
$350,744
Shs. corn. outst.(no par)
425,000
275,000
265.000
240,000
Earns. per share on corn_
$7.28
$6.17
$5.01
$5.46
x Includes dividends on preferred stock of subsidiary.
Comparative Figures showing Service Rendered for Calendar Years.
K.w.h.
.w
K .h.Elec. K .h.Elec.
.w
Revenue
Total
Electric
Sales to Reg. Sales on Pow.
Passengers
Sales.
Customers. Interchange.
Customers.
Carried.
1923- __-301,872,981
48,589,390 350.462,371
58,684 '45,929.865
31,794.250 361,615,322
1924----329,821,072
66,608 45,057.283
1925_ -- _405,423,163 112,602.000 518,025.163
76,518 45,489,991
1926_ ---465.962,449
46,374,300 512,336.749
87.382 45,615,025
20.312.926 508,983.146
1927- _ --488,670,220
91,259 45,628,217
19.331.950 577.789,891
94,707 45,457,788
1928----558.457.941
5.434,200 653,459,982 115,239 44,414,933
1929----648.026,782
Consolidated Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
Lfabi/IffesAssets$
let pf. 7.20% stk. 2,469,000 2,669,400
Plant, prop. and
franchises
88,503.366 75,955,644 let pf. 7% stock__ 8,254,400 8,298,100
326.510 1st pref.6% stock.. 8.976,600 9,455,400
Investments
327,710
36.138 5% pref. atock____ 1,055.000
413,300
Special deposits
45,250
748,624 Common stock x17,794,000 10,384.000
Cash
255,550
510,378 Nash. Ry. dr Lt.
U.S.ctfs. of indebt.
Co. pref. stock_
40,000
59.400
Aec'ts, loans and
39,653,700 40,199,700
notes receivable 1,843,763 1,567,271 Funded debt
827,099 Accts. dr notes pay. 433,769
Mavis & supplies., 889,644
331,945
511,991 Contrac. obliga'ns 125,000
Def. & pref. accts. 457.800
124,962
Due to CommonUnamortized bond
disc. & expense_ 986,005 1,049,653 wealth Pr. Corp. 3,040,185
1st6% pref.stock
59,400 Accrued accounts_ 1,762,645 1.430,593
40,000
Deferred items.__ 326.794
Subscr. to 7.20%
282,284
23,246 Retirement res._ _ 4,085.586 3,388,101
1st pref. stock...
14,128
98,616 Contingency res. _ 285,091
46,207
235,582
6% Pref.stock__ _
5% pref.stock _ _ _ _ 118,120
114,308 Operating reserve_ 176,734
162,534
Contrib.for exten's
42,162
66,306
Capital surplus...
10,900
10,900
Surplus
4,972,435 4,340,514
Total
93,527,546 81.828.878 Total
93,527,546 81,828,878
x Common stock 425,000 shares, no par value.
-V. 129, p. 2538.
-Earnings.
Toledo Edison Co.
1929.
1928.
Calendar Years1927.
1926.
811.316.044 810,625.575 $10,407,686 $9,638,747
Gross earnings
Oper. expenses & maint _ 5,222,415 5,356,997 6,073,026 5,512,610
498,796
Federal taxes
472.391
255,902
258,906
Net operating income_ $5.594,833 $4,796,187 $4,078.758 83.867,231
85,247
Other income
68,689
130,888
125,890
$439.534
183,784
$5,680,080 $44,864,876 $4,209,646 $3,993,121
Totalincome
42.170 Interest
1,172,408 1.263,269
1,379,081
1,331,080
$213.580
$4,507.672 $3,601,607 $2,830.565 $2,662,041
Net income
78,683 Preferred dividends.. _ _ _
746,710
695,703
745,497
677,241
48.000 Common dividends
1,110,000
971,250
832,500
832.500
Calendar Years1929.
1928.
1927.
1926.
Operating revenues
$2,719,696 $2,789,846 $2,891,431 $3.141,079
Operating expenses
2,191,364 2,197,844 2,414,846 2,619,267
Taxes
37.837
31,330
57,611
72,270
Non-oper. income
Cr.8,892
Cr6.348
Cr15,116
Cr7,285
Rental of leased lines,
290.341
interest charges, &c
284.916
242,739
220,908
Net income
Dividends
[Vol.. 130.
FINANCIAL CHRONICLE
Balance,surplus
Previous surplus
$2,650,962 $1,934,654 $1,252,568 $1,152,300
8,745.176 6.994,579 6,835.514 x6,763,916
$11,396,138 $8,929.233 88,088,082 87,916.216
Total surplus
134,742
2,083
415,943
144,405
Adjustments,Cr
Res,for replacements_ _ _
600,000
600.000 1,237,908 1,082,785
Profit & loss surplus_ -$10,930.880 $8,745,176 $6.994,579 $6,835,514
x After crediting adjustment of $650.000 to surplus (being excess replacement reserve set aside in the previous year.)
Comparative Balance Sheet Dec. 31.
1929.
1928.
1928.
1929.
Liabilities$
Assets
$
Plant & invest _ _ _57,129,043 52,180,105 7% cum. series A. 4,622,200 5,206,200
Cum.6% series__ 4,745,900 5,215,700
Disc,on pref.stock 373,016
54,253 5% cum. series_ _ 2,234,600
Sinking funds_
533,000
114,161
5,555 Common stock_ ...l3,875,000 13,875,000
Securities owned..
861,930 Total funded debt_ 4,744,600 4,745,200
Stores &supplies__ 959,440
12,097 Bills payable
Bills receivable..
237,000
367,000
Accts. receivable__ 2,918,433 3,498,467 Acets.pay.affil. cos 123,561
1,079
Accts. payable...... 487,653
Due from subscr,
709,804
Accts. pay, not cur14.766,162 14,554,034
to pref.stock...
43,157
669.420 Interest accrued..1
Cash & deposits_
369,344
81,679
2,058,359 Taxes accr. (Fed.) l,353.864
Bond & stk. disc.
487,838
1 Other tax. accrued
Comm.,ind. guar.
1
670,814
200.000 Other reserves _ _ .._
76,251
Secure. borrowed..
65,657
128,089 Secure. borrowed
Def. charges
200,000
692,999
Replace. reserve_ _ 4.064,128 3,870,846
Other liabilities __ _ 337.798
331,047
Tot.(each side)_62,599,595 59.668,276 Surplus
10,930,880 8,745,176
-V.129, p.475.
Union Electric Light & Power Co., St. Louis, Mo.-
1928
1927
Earns Cal Years1929
1926
T26
1,434,788, 589,439 $19,707,295 $18,585,641
Gross earnings
er
Opating expenses, &c_114,095,196 13,450,812 11,420,9501 9,434,889
Taxes
1 1,942,711
1,599,612
Approp for depreciation 3,339,940 2,196,329 1,604,796
5,188,502 3,972,388
Interest charges
1,467.069 1,321,092
Balance
$8,811,150 16,969,910 $5,214.479 14,287,334
MAR.22 1930.]
2031
FINANCIAL CHRONICLE
Comparative Balance Sheet December 31.
1929.
1929.
1928.
A88(88-Prop.,slant, &c.176,925,293 167,938,308 Preferred stock_ 13,000,000
Stocks & bonds
Common stock- 30,000,000
of other cos__
40,830 Funded debt_ _ - 47,201,000
36,900
Sundry invest'ts
237,925 Real est. mtge.
342,354
416,957
Cash
notes
2,008,314 1,168,856
Notes receivable
237,202
228.426 Fund. cur. liabil. 1,876,433
769,727
Accts.receivable 2,981,886 2,859,894 Due to affil. cos.
Malls & supple 2,237.470 1,620,378 Acced liabilities 4,120,281
Prepaid accts.__
214,061 Pref.stk.of subs. 16,983,375
186,836
Bond & note dis. 2,450,969 2,158.991 Min. Int. in cal).
145,444
Due fr. tall. cos. 5,500,466
& sur. of subs.
Fund.dt.of subs. 38.962,000
Retirem't res'ves 20,022,291
Other reserves__ 2,667,082
Total(each side)192.907,690 176,467,673 Surplus
16,743,100
-V. 129, p. 3966.
-Bonds Called.
Washington Water Power Co.
1928.
13,000,000
30,000,000
32,201,000
All of the outstanding 5% gen. mtge. bonds, series "A," dated May 1
1926. have been called for redemption on June 1 at 105 and int, at the
office of Central Hanover Bank & Trust Co., 70 Broadway, N. Y. City.
trustee.
-V. 130, p. 800.
481,101
1,278,750
3,028,778
3,806,501
17,233,475
-Earns.
Western United Gas & Electric Co.(& Subs.).
Calendar YearsOperating revenues
Oper. expenses (incl. retirement expense)
1929.
$8,413,544
4,648.201
Net operating revenues
Uncollectible bills
Taxes
$3,965,343 $3,400,445
38,631
37.024
330.334
294,831
Net operating income
Other income
$3,396,378 $3.068.590
140,553
120,880
Gross income
Deductions from gross income
Interest on funded debt
$3,536,931 $3,189,470
348,526
179,500
1.411,500
1,411.500
Net income
Surplus as at Dec. 31 1927
$1.776,905 $1,598,470
6.095.989
5,879,680
Total surplus
Preferred dividends
Common dividends
Miscellaneous debit adjustments
87,872.894 $7,478,150
636.350
582,161
1,000,000
800,000
43,254
243,355
40,479,500
19,568,727
2,203,148
12.943,334
United Gas Co.
-Control Sought.
See Electric Power & Light Corp. above.
-V. 130, p. 1830.
Utility Equities Corp.
-Earnings.
Income Account for Year Ended Dec. 31 1929.
Income from Interest and cash dividends
Profit on sale of securities
$1,100.985
2,748,404
Total
Expenses and taxes (incl. Federal taxes payable in 1930)
$3,849,389
458,217
Balance
Dividends paid June 1 1929 and Dec. 2 1929 on priority stock
$3,391,172
842.019
1928.
$7,652.157
4.251,711
$6,193,289 $6,095,988
Profit and loss surplus
-The common stock of this company is owned by Western United
Note.
Corp.
-V. 128, p. 2807.
-Stock Increase-Annual Report.
West Ohio Gas Co.
The stockholders on March 11 increased the authorized common stock
from 75,000 shares to 100.000 shares, no par value.
1927.
1926.
1928.
1929.
Calendar Years8725,802
8742,053
$708,180
$749,718
x Operating revenue _ _
509,228
510.528
476.645
504,489
Total
$3,546,216 y Operating expenses_ __
4,223
4,180
4,181
4.050
Organization expenses, &c., written off
35,034 '1Tncollectible bills
56.647
59,199
49,020
58,556
Taxes
' 22,219
19,276
25,487
14,399
Surplus as at Dec. 31 1929
$3,511,182 Deductions from income
InvestmentsDec. 31 '29. Feb. 28 '30. Int. & amortiz.on funded
60,000
60.000
60,000
60,000
Value of investments owned, at quoted market
debt
prices, incl. syndicate participations at cost_a$15,760,639 b$18,360,401
872,185
$122,753
$60,264
$108,223
Cash and call loans
5,393.180
Net income
5,421,329
20,902
20,335
20,550
19,738
Class A pref. diva
31,500
31,500
31,500
31,500
Total
$21,153.819
$23,781,730 Class B pref. diva
52,500
52,500
a Cost $18.636,999. b Cost $18,768,292.
Common dividends
The corporation's investments as at the close of business Feb. 28 1930
$17,851
$20.349
88,214
$4,485
and the percentage of each group to the total, at cost, were as follows:
Balance to surplus_ _ _
75.000
75,000
75,000
75.000
(1) Bonde-1.55%(4) Corn. Stks. ofPub. Utilities-80.57% Shs,ofcorn,out.(no par)
$0.27
$0.94
$0.11
$0.75
Earns, per sh. on com__
Int. Tel. & Tel. Corp. 4;4% cony. deb., American Gas & Electric Co.
American Tel. & Tel. Co.
1939.
x Includes other income of $1,921. y Includes $65,347 charged for
Texas Corp..5% oonv. dabs., 1944.
retirement in 1929. 1928, 1927 and 1926.
Consolidated Gas Co. of N. Y.
(2) Bank Stocks-14.20%
Electric Bond & Share Co.
Sales of gas by the company during 1929 aggregated 569,076,200 cubic
Electric Power & Light Corp.
Bank of Manhattan Co.
feet, compared with 561,072,600 cubic feet in 1928.
Engineers Public Service Co.
Central Hanover Bank & Trust Co.
Condensed Balance Sheet Dec. 31.
Pacific Lighting Corp.
Chase National Bank.
Liabilities1929.
1928.
1928.
1929.
AssetsUnited Gas Improvement Co.
First National Bank of Boston.
12,376,381 $2,376,381
$3,720,221 $3,624,721 Capital stock
Investment
Utilities Power & Light Corp., class A.
First National Bank of Chicago.
129,075 Fund.debt&purch. 1,017,497 1,028,002
charges__ 138,645
Deferred
Western Public Service Corp.
First National Dank of New York.
100,000
169,296 Adv. from affil.cos. 160,000
Current assets-- 165,461
(5) Other Common Stocks-12.48%.
Guaranty Trust Co.
Current liabilities_ 138,847
163.565
American Smelting & Refining Co.
New York Trust Co.
Contrib. for est_ _
200
200
Aneaconda Copper Mining Co.
(3) Preferred Stocks-10.12%
Retirement & res. 278,514
207,289
Engineers Public Service Co., 85.50 div. Foreign Power Securities Corp.
52,887
47,655
(each side)_$4,024.327 $3,923,093 Surplus
Total
Hydro-Electric Securities Corp.
(with warrants).
-V. 128. P. 382
6.
Enginerrs Public Service Co., $5 cum. New York Central RR.
St. Regis Co.
convertible.
-Earnings.
West Penn Power Co.
General Realty & Utilities Corp.. $6 div. Stone .4 Webster, Inc.
1928.
1927.
1926.
1929.
United States Steel Corp.
(with warrants).
Calendar Years822,288,972 $20,555,343 819,345.337 $16.531,097
Indiana Consumers Gas & By-Products
Gross earnings
9,451,789
8,160.216
Co., $6 convertible (with warrants).
Oper.exps., maint.& tax 9,613,012 9,523,990
In addition to the above the corporation has syndicate participations
$12,675,960 $11,031,353 89.893.548 88,370,881
Gross income
in public utility enterprises in the amount of 8205,802.-1.1%.
2,549,290
2,756.034
2.447,648
Int. & amort. of discount 2,600,825
54,307
Pref. dive,of subsidiaries
Balance Sheet as at Dec. 31 1929.
Asset
Liabilities
810,075,135 $8,482,063 87,083,206 $5,923,233
Balance
Investments at cost
1418,636,999 Accounts payable
$1,153
2,024,228
1,715,546
1,507,880
Cash
357,201 Res. for renew. & retire- 1,885,047
5,393.180 Provision for taxes
Accr'd bond Int. & accts. reo.
23,081 Capital dr surplus
23,696,182
$8,190,088 $6,457,835 $5,367,660 $4,415,353
Net income
Office equipment
1,275
-V. 129 p. 3013.
Total
Total
-Earnings.
$24.054,536
$24,054,536
Wisconsin Michigan Power Co.
a Quoted market value, including syndicate participations at cost,
1929.
1928.
Calendar Years$3.559.199 $3,377.683
$15,760,639.-V. 129, p. 1740.
Operating revenues
28.137
14,422
Non-operating revenues
Balance
Paid-in surplus
Earned surplus to Jan. 1 1929
$2,549,153
990,000
7,063
Western Power Corp.(& Subs.).
-Earnings.
-
Calendar YearsGross earnings
Oper. expenses & taxes
1928.
1927.
1929.
1926.
$22,446,875 $20,618.280 $18,993,646 $18,765,094
7.865.274
7.284.061
8,123,312
8,258,991
Netfrom operation__$14,187,884 $12,753,006 $11,709,584 $10,641,783
Other income
1,500,288
1,162,875
357,916
265,088
Total revenue
Operating expenses and maintenance
Depreciation (reserve credit)
Taxes
Interest on funded and unfunded debt
$3,587,336 $3.392.105
1,489,296
1,499.373
369,364
349,833
447,097
407,925
553.405
484.723
$728,174
$650,251
Net income
3168.
$15,350.759 $14,253,295 $12,067,500 $10,906,871 -V. 129, p.
8,303,153
8,461.978
7,852,274
7.399,959
-Annual Report.Wisconsin Power & Light Co.
1926.
1928.
Calendar YearsBal. avail. for deprec.
034 87,057,073
1;548 x$8,560,220 $81,918207,.
2
19
$9,959
& dividends
$6,888,781 $5,950,142 $4,215,226 $3,506,912 Gross earnings
4,617,850
4,543.939
4,303,589
Depreciation reserves
2,214,456
1,913,746
2,438,238
1,802,652 yOperating expenses---- 5,642,076
16,221
16,616
15,879
17,075
Uncollectible bills
468,208
754,500
842.500
835,600
Net income
$4,450.543 $3,735,686 $2,301,480 $1,704,260 Taxes
Rent for lease of lines &
Preferred dividends.-- _
675.780
675,773
675,791
675,773
59,459
89.339
24,310
24,310
plants
Common dividends
2,037,560
536.000
2.897,802
Gross income
Deductions
Balance, surplus
Shs, of com, stock outstanding
Earned per share
-V. 129, p. 3802.
$876,950 $1,022,346 $1,089,707 $1.028,487
321,978
$11.72
291,080
$10.51
268.000
$6.07
268,000
$3.85
Western United Corp.(& Subs.).
-Earnings.
[Including Western United Gas St Elec. Co. & Subsidiaries.]
Calendar Years1929.
1928.
Operating revenues
88.421,529 $7,658,796
Oper. expenses (incl. retirement expense)
4.542.684
4,152.492
Net operating revenues
Uncollectible bills
Taxes
$3,878,845 $3,506,304
38.631
37,024
343,012
311,537
Net operating income
Other income
$3.497,202 $3,157,744
323,644
237.939
Gross income
Deductions from gross income
Interest on funded debt
$3,820.846 $3,395.684
283,090
179,390
1,588,581
1,601,333
Net income
Previous surplus
81.949,174 $1,614,961
2,408.805
1,906,415
Total surplus
$4,357,979 $3,521,376
Less dividends paid and accrued:
Western United Corp. preferred stock
423.674
422.366
Western United Gas & Elec. Co. pref. stock
636.350
582,161
Western United Corp. class Acorn.stock (cash)_
161,826
108,044
Western United Corp.stock dividend
x262.500
Miscellaneous adjustments
-Debits
147,471
Profit and loss surplus
$2,726,158 $2,408,805
x 13.125 shares of class B stock.
-V.128, p. 2807.
Gross income
Deduct,from gross Inc
Int. on funded debt-
83,432,487 $3,059.682 $2,805,915 $2,179,321
57,642
121,468
68,513
74,863
1,135,878
854,228
1396,066
1,350,002
82,007,622 81.795,102 81,612,395 $1,203,625
Net income
675.060
506,407
809,513
946,844
Divs. on pref. stock.. _
822.930
868,927
585.362
951,636
Divs. on common stock.
$114.405
$111,856
$116,662
Bal. carried to surplus $109,142
Shares of common out106,050
116,374
97.038
122,785
standing (par $100)_ $8.84
$7.19
$8.47
$8.64
Earns. per sh. on com___
x Includes $3,464 net earnings of Southern Wisconsin Electric Co. from
Including retirement reserve.
date ofacquisition (Oct. 1 1928) to Dec.31. y
Consolidated Balance Sheet as of Dec. 31.
19329.
1928.
1929.
1928.
LiabilitiesAssets$
$
55,070,481 50,396,404 7% cum. pref. stk.11,587,700 11,596,900
Fixed capital
703,209 6% cum. pref. stk. 3,383,100 1,206,400
Cash
544,052
Common stock_ _ _12.278,500 11,637,400
Notes, accts., 4rc.,
103,700
receivable
1,285,701 1,145,499 Pref. stock subscr. 102,300
92,473
95,727
Int. & dive. reo_ -10,526
9,686 Prem. on pref. stk.
29,135,900 26,763,800
Materials & suppl- 731,864
599,739 Funded debt
17,600
Prepayments
48,991
47.645 Mortgages payable
84,329
107,465
36,437
Subao. to cap. stk.
50.963 Perch. mon. oblig.
4,600
29,893
Investments
1,249,419
847,331 Notes payable..-904,831
Sinking funds_ _ -- 359.741
330,552 Accounts payable_ 639,631
104,633
21,850
Special deposits_ _ _
557 Consumers' depos. 117,835
254,753
Unamortized debt
Dividends declared 245,570
10,187
10,160
discount & exp_ 1,506,521 1,345,743 Misc, current liab.
350,529
Misc. def. debits
57,055 Adv. from affil.cos 750,000
427,860
Reacquired sec27,900
91.536 Taxes, int.& misc. 550,176
Reg. for retir., &c. 975,263 1,070,771
Mise. unadj. cred.
plus
54,757
64.552
Total (ea. side).61.244,013 55,625,920 Surplus
1.231,691 1,229,474
-V. 129. P. 3967.
2032
FINANCIAL CHRONICLE
Worcester Consolidated Street Ry.-Earnings.Calendar YearsOperating revenues
Operating expenses
Taxes
Non-operating income
1929.
1927.
1928.
1926.
$3,068.691 $3,116,623 $3,189.041 $3,342,151
2,379,423
2,738,337
2.443,856
2,903,725
74,937
74,284
88,945
85,980
Cr.24.685
Cr21,831
Cr20,060
Cr25,066
Gross income
chgs., rent of leased
roads, amortiz.. &c__ _
Balance. surplus
-V. 129, p. 1442.
$639,015
$620,314
$389,789
$369,541
454,965
470,277
387,881
364,270
$184.050
$150,036
$1,908
$5,271
INDUSTRIAL & MISCELLANEOUS.
Attorn
eneral Ward Backs Curb on Security Frauds.
-Attorney-General
Ward at Albany hearing urges enactment of bill licensing salesmen. New
York "Times" Mar. 19, p. 2.
Reject Amoskeag Wage Cut.
-Employees refuse wage reduction on which
contract depended. New York "Times" Mar. 20, p. 38.
Matters Covered in the "Chronicle" of March 15.-(a) The new capital
flotations during the month of February and for the two months since the
first of January, p. 1723. (b) Depression is passing, according to President
Hoover;36 States are normal. p. 1730. (c)February building contracts 12%
below last year, according to F. W. Dodge Corp.. p. 1733. (d) Employment in New York State factories continued downward in February, contrary to usual seasonal gain, p. 1734. (e) Reduced building in Illinois
during February and for the first to months of 1930, as compared with
preceding year. p. 1735. (f) Cotton figures of International Federation
of Master Cotton spinners shows decreased consumption of American and
Increased consumption of others. p. 1737. (g) Atwell & Co., Montreal,
suspend business, p. 1753. (h) Analysis of investment trusts, p. 1753.
Administrative & Research Corp.
-Acquires Two Investment Trusts.
-
[Vol,. 130.
Calendar Years1929.
1928.
1927.
1926.
Gross earnings
$28,863.516 $20,358,090 $16,770,598 $16,261,365
Oper. exp. (incl. sell. &
adminls. expenses_
25,023,659 17,799.650 14,636,463 14,180,288
Oper. profit
$3,839.858 32,558.440 $2,134,136 $2,081,077
Other Inc. (net)
351,605
266,645
166,037
175,710
Total
$4,191,463 82,825,085 $2,300,172 $2,256,787
Depreciation
493,573
354,093
335.498
375,179
Federal inc. taxes
386,398
277,758
253,475
236,456
Net profit
$33,311,492 $2,193,235 81,711,199 $1,645,152
Surp.as at beg, of period
6,736,616
5,667,948
4,981,160 4,509.048
Adj. of Fed. tax pr.yrs_
Cr.39,006
Sur.fr. W.Penn Steel Co 2.876.610
Total surplus
Div.(pref. & com.)
Sundry deductions
$12,924,718 87,900389 $6,692,359 $6,154,199
1,997,677
1.163,573
1,018,587
1,170,033
1,549
5,824
3,007
Sur.as at end of period $10,925,494 86,736.616 85,667,948 34.981,160
The net profit of $3,311,492 is equivalent, after 7% preferred dividend
requirements, to $5.04 a share on 610,026 no-par shares of common stock
and compares with $2,193.235, or $7.34 a share on 267,495 shares of common in 1928.
Comparative Balance Sheet as at Dec. 31.
1928.
1929.
1929.
1928.
Assets$
Liabilities$
$
$
Real estate. plant
Preferred stock ___ 3,442,600 3,323,400
& equipment_ _18,279.530 14,574,156 Common stock _ _ _x3,812,663 3,355,437
.
Cash
707.897 1,162,475 Trade accts. pay,.
767,171
Funds for red. pref.
Misc. accts. pay__ 2,008,101
193,032
stock
Federal tax
'451
408,273
292,268
U.S. Govt.secur _ 3.347,036 1,737,000 Res. for bad accts.
0th. market secur_ 1,209.677
730,322 &c
9,109
Notes receivable__ 274,549
264,808 Reserve Mr deprec. 5,584,255 3,848,774
Accts. receivable- 3.201,099 1.931,079 Workmen's cornInventories
pensation insur. 214,581
2,676,898 2,148,322
238,020
Investments
426,859 Employees. contr _ 157.949
595,096
43,524
Patents, pat. &
Capital surplus ___ 4,098,545 4,388,345
good-will
1 Earned surplus __ _10,925,494 8,736,616
1
Deferred charges
267,285
211,585
American Depositor Corp. (sponsor of Corporate Trusts Shares) and
American Basic
-Business Shares Corp. (sponsor of Fixed Trust Shares and
Basic Industry Shares) are owned by Administrative & Research Corp.,
it haa been revealed. The two investment trust corporations were purchased Jan. 1.
Ross Beason. President of Administrative & Research Corp.. stated
that the acquisition of the trusts involves no change in management or
Total
Total
30,559,518 23,186.589
30,559,518 23,188,589
personnel but that additional directors, representing a number of Wiperx Represented by 610,026 shares (no-par) value.
-V 129, p. 3328.
tnat investment banking groups, shortly will be placed on the board.
"This move is not a recent idea," said Mr. Beason. "but is part of an
American Basic-Business Shares Corp.
-Control.
extensive plan, laid out more than four years ago, when work on our first
See Administrative & Research Corp.
-V. 129. p 2229.
investment trust. Fixed Trust Shares, was begun. Our program of development is just beginning. Within a few weeks we will move to new and
American Commercial Alcohol Corp.
-New Director.
larger quarters in the 120 Wall Street Building, where we will occupy the
Warren W. Foster, formerly Judge of General Sessions, New York City,
entire thirty-second floor."
has been elected a director. Mr. Foster also is a director and a member of
the executive committee of the Cities Service Co., and a director of the
Aero Corp. of Calif., Inc.
-Time Extended.
American Light & Traction Co. and several other companies.
-V. 129.
The corporation has extended the time limit to March 22 for deposit P. 3638.
of stock in exchange for Western Air Express stock. The company reports that 87%. or 273.755 shares, of the 314,661 shares outstanding
-Control.
American Depositor Corp.
have been deposited for exchange on the basis of 12 shares of Aero for
Bee Administrative & Research Corp. above.
-V. 130. P. 800, 290.
one of Western Air Express.
-V. 130. p. 623.
American Sumatra Tobacco Corp.
-No Action on Div.
-
Alaska Juneau Gold Mining Co.
-Earnings.
Calendar Years1928.
1929.
Gross recovered gold,silver and lead values
Bullion
$2,617,383 $2.420.598
Concentrates
895.420
1,009,864
1927.
1926.
31,784.924 81,504.823
563.013
678,339
Total
Total oper. costs & exp
$3,627.247 $33.316,018 82,463.262 32.067.836
2.098,305
2.335,920 2.425.498
2.362.315
Net profit
-V. 130. p. 1117.
$1.264.932
$980.099
$37.764 defS30
.468
The directors on March 18 took no action on the quarterly divide= of
75c. a share, due at this time on the capital stock, no par value. This
rate had been paid regularly since and incl. Oct. 15 1928.-V. 130, p. 138.
American Surety Co.
-New Trustees.
The company announces the election of three new trustees as follows
Harry A. Kehler. President of the New York Title & Mortgage Co.*, Goodwin R. Beach of Goodwin Beach & Oct., Hartford; and .1. Carroll French,
President of the New York Casualty Co.
-V.130. P.
-Balance Sheet Dec. 31.American Tobacco Co.
1929.
1928.
1928.
1929.
AtdadAlbemarle-Chesapeake Co., Inc., West Point, Va.- Realest., mach.,
Preferred stock_ 52,699,700 52,899,700
Bonds Offered.
fixtures, &e._ 13,815,324 11,443,118 Common stock- 40,242.400 40,242,400
-State Planters Bank & Trust Co., Scott &
Corn, stock
Stringfellow, Frederick E. Nolting & Co.,Inc.and Davenport Brands, tr.-inks. 54,009.430 54,099,430 6% bonds "B" 76,933,000 57,403,450
&c.
210.100
234.100
& Co. Richmond, Va. are offering at 100 and int. $500,000 Leaf tob., over.
4% bonds
a 877,250
877,250
supplies,
91.385,293 Scrip
4,791
4.791
1st mtge. 15-year 63' sinking fund gold bonds, seriesA. Stocks & &c_ _102,541,554 32,256,374 Pref. div. pay'le
6%
ge.
,
bonds_ 47,493,965
790,498
790,495
Dated AprIl 1 1930; due April 1 1945. Denom. 81.000 and $500 C. Cash
20,490,152 17,033,608 Dividend certifs.
5,833
6,233
Int. payable A. & 0. without deduction for normal Federal income tax Coll. call loans
tax.ola 7,428,121 7,442,003
9,879,232
up to 2%. Callable for the sinking fund after three years from date of Bills & accts.rec. 13,855,932 11,457.141 Prov.forinterest
Accrued
17.772
18,132
Wile at 10334 and int. Callable as a whole upon 60 days' notice on any
from
Accts.& bill pay. 2,650,550 9.685,772
Interest date at 105 and interest. State-Planters Bank & Trust Co., Amts. duewhich
cos. in
Arons.due to cos.
tensile.
stock is owned 2,772,309 3,188,534
In which stock
Business.
-The plant of the company is located at West Point. Va.,
is owned
342,196
2,676,562 6,170,846
and its business embraces the manufacture and sale of kraft paper and Prepaid ins.,&c_ 457,918
Surplus
80,869,332 45,650,521
board. Under the terms of a favorable contract, the company's pulp
requirements will be furnished by the Chesapeake Corp. of 'West Point.
Total
Total
265,405,907 221,205,699
285,405.907 221,205,894
Va., and its finished products disposed of through the sales organization
a 4% gold bonds maturing Aug. 1 1951 and remaining 4% gold bonds of
of the Albemarle Paper Manufacturing Co. of Richmond. Va.
Consolidated Tobacco Co. not yet exchanged.
-V. 130, p. 1831.
CapitalizationOutstanding.
Authorized.
Our usual comparative income account for the year ended Dec. 31 1929
First mortgage bonds (this issue)
$500,000 was published in V. 130, p. 1831.
31.500.000
7% cumulative preferred stock
a500,000
1,500,000
Common stock
b500,000
1.500.000
American Trustee Share Corp.
-Class B Div.
a 3250.000 owned by Albemarle Paper Mfg. Co.: balance of $250,000
The diversified trustee shares, series B", has declared a serel-annual
sold to the public. b Common stock has been purchased and paid for in dividend of 36.65c. and an extra div. of 37.991c., both payable April 1 to
hotdepaof o Oct. 1arch
cash at $100 per share jointly by Albemarle Paper Mfg. Co. and Chesa- ex lro ra ld rrrd M 192 5.
This compares with 35.4c. regular and 9.698c.
91
peake Corp., each company takirrz half of the outstanding stock.
Purpose.
The Trust announces that due to split-ups and stock dividends the port-Proceeds from the sale of these bonds will be applied to cost
of construction of the company's new plant at West Point, Va. This folio has grown to 200 shares of 30 stocks per unit, compared with 128
plant will represent, completely equipped with Its full complement of ma- shares such f s md
presnt
time of the original offering in Dec. 192/. The
at
e
present
chinery,. a total investment of over $1,500.000.
ofvalue
p.un3916t77mpares with $18,375 at the titre of the
per
Securtty.-Bonds will be secured by first mortgage on fixed assets of original offering.
-V. 129.
company, having a value of more than $3,000 per $1,000 bond of this
Amrad Corp., Cincinnati.
Issue. Indenture provides that additional bonds up to the authorized
-Omits Dividend.
The directors have voted to omit the quarterly dividend of 25c. a share
amount of 31.500.000 may be issued to the extent of 66 2-3% of cost after
acquired property, provided interest and sinking fund charges on the bonds on the capital stock which ordinarily is payable April 1.
then to be Lssued for two years preceding the date of the proposed issue.
have been earned at least twice.
-234% Stock Dividend.
Anchor Post Fence Co.
The contract above referred to provides that the Chesapeake Corp. on
The directors have declared
quarterly dividend of 214% in stock on
the one hand and the Albemarle Paper Mfg. Co. on the other hand, in the new no par common stock, a
payable April 1 to holders of record March
return for the special privileges accorded them, will pay to the Albemarle- 15. The company
on Jan. 1 last paid a quarterly dividend of 214% in stock
Chesapeake Co., Inc., for each of the three 3 ears beginning Mar. 1 1930. or 50 cents in
,
cash on this issue. See V. 129, p. 3639.
a total of 832,300. For each year from Mar. 1 1933 to and including
amount will be increased to $558,375. The AlbemarleMar. 1 1945 the
Anglo-American Corp. of So. Africa, Ltd.
Chesapeake Co., Inc.. has assigned .hese funds to the trustee, to provide
The following are the results of operations for the month of Feb.
for maximum interest and sinking fund requirements on this issue of bonds.
Costs.3789
22 9
R7
Chesapeake Corp. West Point, Va., has been in successful operation since Brakpan mines, Ltd
Profit.
Tons
£122,977
./.82,969
1921. Albemarle Paper Mfg. Co.. organized in 1887. Is one of Richmond's
'
74,000
C40,008
Springs Mines, Ltd-_-_
leading and most successful manufacturing concerns.
133,055
64,000
, td
L
59,266
72.543
-Under the indenture provisions a sinking fund is estab- West
56,521
Sinking Fund.
63.000
16,022
lished to retire each year. beginning April 1 1933, 5% of the principal -V. 130, p. 1831.
at not
amount of this issue by purchase by the trustee in the open market
above 10334 and int., or by lot at this price. Bonds so retired are to be
Art Metal Construction Co.
-Larger Quarterly Dividend.
canceled.
The directors have declared a quarterly dividend of 50 cents per share
Management.
-H. W. Ellerson, Pres.; Ellis Olsson, Vice-Pres.; J. Scott payable
quarterlyableMarc
p
f nm record March 21, Previously, the company
rs of
Parrish. Trees.;
.W. Clyde Gouidman, Sec. Directors include above officers
per share, and, in
dividends of
and John M. Miller, Jr.. Jas. P. Massie, Coleman Wortham, Julien H. extra distribution of 50 cents percents on Jan. 2 last. addition, made an
share
-V.129, p. 3639.
Hill. T. Croxton Gordon. 0. H. Funsten. B. W. Coale. Jno. R. Diggs.
Allen Mfg. Co., Inc.
-Defers Class A Pref. Dividend.
Atlas Stores Corp.
-Initial Preferred Dividend.
-
The directors have declared an initial quarterly dividend of 75c. a share
The directors have voted to defer the quarterly dividend of 56 Sic. per
share due April 1 on the $2.25 cony. class A pref. stock, no par value. on the $3 cum. no par pref. stock, payable April 1 to holders of record
Three months ago, a quarterly distribution at this rate was made.
- March 24.
Th, New York Stock Exchange has authorized the listing of 311.343
V. 128. p. 4323.
shares common stock (no par) which are issued as follows: 604 shares on
official notice of Issue in exchange for capital stock of City Radio Stores.
Allegheny Steel Co.
-New Vice-Presidents.
Four new Vice-Presidents have been elected from among the executive Inc.. and (or) Davega. Inc., and 50,000 shares on official notice of issue
officers of the company They are V. B. Brown, who has been Assistant on conversion of the $3 cum. cony. pref. stock; making the total listing
to the President; W. F. Detwiler, General Manager; F. H. Stephens, who applied for 361.847 shares of common stock (authorized 1,500.000 shares).
Corporation was incorp. In Delaware June 12 1928. Through its subIs also Secretary and Assistant Treasurer. and 1'. F. Voight Jr., General
sidiaries the corporation has been engaged in the business of merchandising
Sales Manager, who becomes Vice-President in charge of sales.
MAR. 221930.]
FINANCIAL CHRONICLE
radio sets and accessories, sporting goods, electrical supplies, cameras,
photographic equipment and supplies, &c.
Pursuant to a plan of consolidation of businesses of Atlas Stores Corp.,
City Radio Stores, Inc. and Davega, Inc., dated Aug. 31 1929, and since
declared operative, the corporation acquired over 99% of the capital
stock of City Radio Stores, Inc., and of Davega, Inc. Both City Radio
Stores, Inc. and Davega, Inc., operate chains of radio and sporting goods
stores in New York and vicinity, City Radio Stores, Inc. being the development of a camera business started in 1910 and Davega. Inc. being the
reincorporation of a business dating back to a private enterprise founded
over 50 years ago. Atlas Stores Corp. and its subsidiary and constituent
companies today form the largest organization of its character in the country.
The corporation and its subsidiaries at present operate 60 retail stores
In 7 cities, including New York, Chicago, Cincinnati, Cleveland and
Detroit. a wholesale department with more than 2,000 active accounts,
and mall order departments in New York and Chicago having more than
15,000 dealer accounts on their books.
Consolidated Income Statement 7 Months Ended Dec. 311929.
Net sales
$11,534,132
Cost of sales
7.234,423
Seilin r, general and administrative expenses
2.872,496
Provision for bad debts
154.201
Depreciation
87,565
Interest on loans, &c. (net)
16,304
State franchise and Federal income tax
176,546
Net income before refinancing adjustments
$992,598
Refinancing adjustments
32,673
Net income a.s adjusted
$1,025:501
87 270
Dividend requirementson preferred stock
Balance applicable to common stock
Per share earnings based on 295,301 shares outstand. Feb. 1 '30 $937 771
33.17
-V. 130. p. 1463.
1929.
AMU-Real estate, mach.,
equipment, &c__ 5,709,720
Dies, patt.& draw. 228,000
Cash
4,067,219
Notes & accts. rec.,
&c.(lees reserve) 5,810,890
Deferred assets_ _ _ 330,515
Other market see 1,215,895
Inventories
4,184,229
U.S. Gov't secure. 3,484,358
Accrued interest on
bonds & notes__
45,686
Inv. in other cos__ 8,583.031
Cash advanced to
affiliated cos.._ 1,713,854
Deferred charges__
55,055
-V. 129. p. 3639.
2033
Balance Sheet Dec. 31.
1928.
1929.
192S.
Liabilities-$
$
Capital stock (par
5,587,357
22,700,000 22,700,000
228,000 Accounts payable_ 656,996
465,630
3,279,063
do affird cos__
18,535
25,936
Dividends payable 1,248,500
794,500
6,059,088 Advances on contr. 272,753
220,223
450,986 Comm. wages. &c_ 458,894
253,337
1,742,788 Res.for Fedi taxes 328,007
187,000
3,530,372 Res, for coating's_ 2,500,000 2,500.000
3,304,358 Surplus
7.224,770 6.721.239
63,181
8,671.410
892,784
58,528
Total(each side)35,408,454 33,867,917
Aviation Corp. of Del.
-To Reduce Capitalization.
-
The corporation has notified the New York Stock Exchange of a proposed
reduction in its authorized common stock from 10.000,000 shares to 5,000.
000 shares, no par value. The reduction would result in a saving in franchise taxes on the 5,000,000 unissued shares. There are slightly more
than 3.000,000 shares outstanding.
-V. 130. p. 1119.
Baxter Laundries Inc.
-Omits Class A Dividend.-
The directors have vote to omit the quarterly dividend of 50c. a share
on the class A common stock, no par value, due April 1, in order to conserve cash. This rate had been paid since and including .April 1 1928.V. 128, p. 3516.
Beatrice Creamery Co.
-Ice Cream Business Gains.-
Tne company's ice cream department has increased its volume 11 times
since 1925. President C. H. Haskell announced. Over 4,500.000 'gallons
Total shipments for the first quarter of the fiscal year of 1930 ended of ice cream were produced by its plants in the year ended Feb 28 1930.
Feb. 28 were 4.051, an increase of 18% over shipments for the last quarter an increase of 32% over the preceding year's figure of 3.409.161 gallons.
of 1929. Vice-President It. H. Faulkner reported on March 17. Although "This department was comparatively small until a few years ago, Mr.
shipments in the first quarter of 1930 were slightly beyond shipments of Haskell said. "and In 1925 we operated only six small ice cream plants,
4,643 in the first quarter of 1929, the figures indicate a remarkable recovery producing 400,000 gallons annually. Production in tae 3 ear ended Feb.
from unfavorable trade conditions in the latter part of the calendar year 28 1928 was still under a million gallons, the total for the year being 984.234.
1929, Mr. Faulkner pointed out. Auburn's loss in shipments was
This increase has been brought about largely by the acquisition and conto December 1929 and January and February showed increases. confined solidation of plants, although our plants as a whole are showing a steady
•
"The last month of 1929 showed lower than it really was," Mr. Faulkner increase in volume from year to year. Expansion of this department will
said. "At that time we were permitting dealers to clean up their stocks continue. We plan for a substantial increase in production for 1930:
of cars in preparation for the new line, were preparing for the New York All of the ice cream manufactured by the company is sold in the locality
and other automobile shows and were actually in better shape even than the in which it is manufactured.
figures indicate. Because of our favorable inventory position, as well as
The company paid out over $45,000,000 in 1929 to farmers and dairythe good position of dealers, we have been able to breast
men in tete United States, C. H. Haskell, President, reported on March 9.
to a point whore we are now in much better position than the depression This compares with less than $35.000,000 paid out in 1928. This amount
last year with
schedules laid for an increase during 1930, of about 100%•
represents cash paid out for milk, cream and eggs.
Processing and
Production schedules were increased effective last week to 2,500 com- transporting to market of agricultural products is the principal business
plete cars a month compared with production last month of 1869. Divisions of this company, Mr. Haskell said.
Efficient quantity handling makes
of the company both at Auburn. Ind. and at Connersville, including the charges per unit handled small, and a great proportion of the total realized
Central Manufacturing Co., coach building unit at Connersville, will in- is returned to the farmer and dairyman."
crease production to the new schedule this week and further increases may
The company operates a total of 114 plants in nearly 100 cities in the
be made shortly, Mr. Faulkner indicated.
United States, including creameries and ice cream, milk distributing and
"We entered March with unfilled orders totaling twice the number we cold storage plants.
-V. 130, p. 1463.
had at the beginning of February," Mr. Faulkner said. "Orders are
Bethlehem Steel Corp.
in at present at the rate of more than 100 cars a day. Reports from coming
-Proposed Acquisition of Youngsdealers
indicate that the remaining spring months will witness an even greater town Sheet & Tube Co. Meets Opposition.
-See latter company
inquiry and we are preparing to take care of it with no delay in shipments.
-V. 130, p. 1657.
In fact, dealers stocks are so low that it looks very much as though we below.
would be in an oversold condition during the spring.
(Sidney)Blumenthal & Co., Inc.
-calls 1st Mtge. Bds.Subsidiary Co. Operations Increase.
The directors have authorized the callIng_of the 1st mtge. 15
-year
February sales of Duesenberg, Inc.. a subsidiary, moderately exceeded sinking fund gold bonds, due Dec. 11936. The bonds will be called at 7%
103
those of January, Vice-President H.T. Ames stated.
and int on June 1930. There are about $1,200,000 of bonds outstanding
Production schedules of the Limousine Body Co.. of Kalamazoo, Mich., In the hands of the public of the original issue of $2,260,000, the balance
another subsidiary, are being increased 400 to 511111% to keep pace with having been retired by the sinking fund and by additional purchases in the
large renewal orders from Auburn, President J. D. Bobb stated on March open market by the company from time to time.
-V. 130, p. 1280.
14. With receipt of numerous orders, indications are that spring business
will be far in excess of any period last year,' Mr. Bobb said.
Bolsa Chica Oil Corp.
-Rights.
An increase of 100% in automobile truck motors released for shipment as
The stockholders of both class A and
of
of March 1, compared with Dec. 1, beginning of the first quarter of the be given the right to subscribe for 9,000 B stockof record March 31 will
shares
fiscal year 1930, was reported on March 15 by W. H. Beal, Vice-President at par ($10 per share), such offer to remain open class A common stock
of the Lycoming Manufacturing Co., another division of the Auburn time all subscriptions, accompanied by paymentuntil April 20, at which
in full for the shares
Automobile Co.
subscribed for at the rate
Deliveries have been started in carload lots on the order for 4,200 engines the corporation. Sale of of $10 a share must be received at the office of
this
for the Horace E. Dodge Boat & Plane Corp. of Newport News and Detroit, development and improvement stock at this time is to provide funds for
of properties.
-V. 130. 1:.• 1280.
W. H. Beal, Vice-President of Lycoming Manufacturing Co.. a
of Auburn Automobile Co., announced. "We expect to have the division
(The) Borden Co.
-Listing-majoity
of the engines delivered by June 15, wnich is 15 days ahead of the
The New York Stock Exchange
date, Mr. Beal said. Four models of boat and a cruiser are being final additional shares capital stock (par has authorized the listing of 5,600
made
$25), on official notice of istruance,
by the Dodge Boat Co., using five different motors ranging from 40 to
300 In payment for the entire assets and business of Dallas Milk Co., Inc..
horsepower.
making the total listing applied for 3,937.070 shares.
Within the past 30 days, the Lycoming Manufacturing Co. has started
The San Francisco Stock Exchange has authorized the listing of 148,049
shipments on two new model truck engines which have been adopted
by additional shares of capital stock, making the total listed on that Exchange
the Stewart Motor Car Corp. of Buffalo, Mr. Beal announced.
3.879,143 shares.
-V. 130, p. 1642.
Other
manufacturers shortly will announce models equipped with the new motors,
Borg-Warner Corp.
Mr. Beal said.
-Unfilled Orders.
-V. 130, p. 1832.
Unfilled orders on the books of the Detroit Gear & Machine Co., a
Automatic Voting Machine Corp.
-Defers Dividend.
- subsidiary, on March 1 totaled In excess of $2_,000.000, an increase of 52%
President W. H. Staring has issued the following statement to the stock- over unfillen orders on March 1 1929, 0. S. Davis. President of the Borgholders:
Warner Corp., said. Orders received from three large automobile manuAt a meeting of the directors held on March 17, it was voted to defer facturers in the last 30 days totaled over $750,000.-V. 130. p. 1833.
action on the 50 cents quarterly dividend, normally payable
the $2 prior cony. partic. stock. This action was taken in viewApril 1, on
Boston Herald Traveler Corp.
-Extra Dividend.
of
that the dividend has not been earned during the current quarter. the fact
The directors have declared an extra dividend of 10c. a share and the
Last fall the voters in Pennsylvania voted by large majorities to
adopt regular dividend of 40c. a share on the com,stock payable April 1 to holders
voting machines and since then Texas. Ohio and Virginia have taken favor- of record March 26. Like amounts were paid on Jan.2 last.
-V.130, p.802.
able action on the use of voting machines.
The sales organization of the company has been concentrating on
Brillo Manufacturing Co.
-Earnings.
this
newly opened up territory, requirements of which are sufficient to ensure a
Company in its report for the year ended Dec. 31 1929 shows total
substantial volume of business for the next few years, if the automatic of $2,047,007, compared with $1.902,470 for 1928. Net earnings sake
attar
voting machine is adopted by the principal cities in these states. To date depreciation but before Federal taxes amounted to $304.104, equivalent
we have received all orders placed by any municipality this year. The after class A dividend requirements to approximately $1.56 per share On
larger municipalities we had hoped would place orders for delivery of a the 160,000 shares of no par common stock outstanding. This
substantial volume of machines in time for their primaries. This action with $342.003 for 1928. or 61.78 per share on the common stock. compares
has unfortunately been delayed to date. We anticipate several large
Total assets as of Dec. 31 1929 are shown as $2,227,285 compared with
orders for delivery in the second half year.
$2,054,660. Surplus was increased from $810,180 to $964,034 on Dec. 31
In order to conserve the company's working capital position and be in 1929. Current assets amounted to $585,429 on Dec. 31 1929 as compared
a position when the orders are received to supply machines promptly in with current liabilities of $72.253. a ratio of more than 8
to 1.-V. 130,
time for the fall election, it Is felt that it is in the best interests of the com- P. 1833.
pany that the present current position should be maintained and action
deferred on the dividend until earnings commence to reflect the shipments
Broad Street Investment Co., Inc.
-Initial Dividend.
that we anticipate in the second half year.
The directors have declared an initial quarterly dividend of 30 cents per
The company's machine has satisfactorylly made all the tests of
the share on the common stock, no par value. payable April 1 to holders of
board of election commissioners and it is our hope that the second half
record March 17.-V. 130, p. 802.
will be such as to permit the present dividend, which Is cumulative toyear
the
Butler Brothers Chicago.-Addl Subsidiary Stores.- extent earned, being made up to the stockholdas later -V.129. p. 1742.
The second and third L. C. Burr & Co. stores of Butler Brothers' new
'
Junior departmen; chain are to be opened on April 1 at Hobart. Okla.
Babcock & Wilcox Co.
-Annual Report.and Electra. Tex., according to an announcement on March 17. Plans
Calendar Years1929.1928.
1927.
1926.
Gross profits
$2.054,134 $1,695,427 $1,666,890 $1,706,497 are being made to open still another store in the first group of ten, at
Frederick. Okla., between April 15
Other income
1,112,753
833,067
980,714
939,520 chain was opened at Breckenridge. and May 1. The original store of the
Tex., on Feb. 22, this year.
-V. 130.
p. 1834.
Total income
$3,166.887 $2,528,494 $2,647.604 $2,646.017
Depreciation, &c
411,1381
387,357
393.058
Canadian Bank Stocks Inc.
434,104
-Earnings.Federal taxes
57.904
233,000
185,000
175,397
The company reports earnings received from dividends for the
Loss on sale of invest'ts_
3,829
ending March 11 930 of 56 cents a share, and earnings applicable 6 months
to capital
distribution of6 cents
Net income
$2.546,530 $2,055,080 $2,069,546 $2,036,516 dividend of 50 cents aa share. Trustees have declared regular semi-annual
share payable April 1 to holders of record March 1.
xDividends
1.589,000
2,043,000
1,589.000
1,636,250 -V. 127, p. 1952.
Auburn Automobile Co.
-Shipments Increase.
-
Surplus
$466,080
$480.546
$503,530
$400,266
Profit and loss surplus
6,721,239
7,224,770
6,255.160
6,205.999
Shares capital stock outstanding (Par $100)
227,000
227,000
227,000
227,000
Earned per share
$9.05
$11.21
$9.11
$8.98
x Including dividends payable April 1 of each year succeeding.
Unfilled orders at Dec. 31 1929 amounted to $13,698,756 as compared
with $9,647,411 in 1928. $10,985,507 in 1927, and $8,683,858 in 1926.
Canadian Cottons, Ltd.
-Omits Dividend.
-
The directors have voted to omit the quarterly dividend of $2 per share
ordinarily paid on the common stock in April.
-V. 128. P. 3889.
Canadian General Electric Co., Ltd.
-Initial Dividend.
The directors have declared an initial dividend of 75 cents per share on
the common stock, payable April 1 to holders of record March 26.V. 128, p. 2813.
2034
FINANCIAL CHRONICLE
-Initial Dividend.
Canadian Investors Corp., Ltd.
The directors have declared an Initial quarterly dividend of 25 cents a
share on the no par common stock, payable May 1 to holders of April 15.
See offering in V. 128. p. 732.
Capital Administration
Ltd.-New Director.-
John Foster Dulles has been elected a director.
Co.,
-V.130. p. 803.
-A new issue
-Stock Offered.
Capital City Products Co.
of 24,()00 (no par) shares common stock, is being offered
at $21.50 a share by American Industries Corp., Detroit,
to yield 6.2%.
Announcement by the bankers states. "Capital City Products Co. Is
successor to Capital City Dairy Co., organized in 1883, located at Columbus, 0. Ranked as one of the largest independent food products companies, the company has rapidly expanded since 1922, at which time a
refinery for edible oils such as cocoanut, cottonseed, corn, peanut and
other vegetable oils was installed.
"Sixth largest producer of margarine in this country, the company has
strengthened its position in the trade through the acquisition of other
companies' brands. Also manufactures a complete line of mayonnaise
products under the trade name of"Kingtaste," hard and plastic butters for
confectionery and bakery trades, vegetable compounds, salad and cooking oils.
"With the exception of refined edible oils, which are manufactured for
wholesale distribution, company's products are sold direct to retail dealers.
The main plant Is located at Columbus, 0., with factory branches at Syracuse. Philadelphia, Pittsburgh, Toledo and Chicago. Fleets of trucks,
carrying fresh supplies of company's products, cover the territory from these
points.
"Earnings for 1929 were equal to $2.84 a share on the common stock
and have shown an increase every year for the last four years."
All money from the new financing, according to the bankers, is to be
put back into the company, providing additional working capital for increased plant facilities, greater expansion and to retire $81,500 of preferred
stock now outstanding.
-V,126, p. 3761.
[VOL. 130.
Consolidated Income Account Years Ended Dec. 31 (Co. & Predecessors).
1929.
1928.
1928.
1927.
Net sales
$100,560,689$104.534,371$100,089,017$101,473,841
Cost of sales, adv'g, sell.
exps.,freight,shipping
&c
89,922,473 96,840.720 90,154,675 93.560,479
Depreciation
846,524
878,918
928,875
844.616
Net profit from toper
$9,759,297 $6,764,776 $9.089.726 $7,087,838
Add: Colgate & Co. Can.
and Brazil subsid prof.
30,725
74,012
Total operating profit. $9,759,297 $6,764,776 $9.163,739 $7,098,502
Other income
556,985
638,927
615,594
442,323
Total income
$10,316,292 $7,403,703 $9.779.333 $7,540,885
Interest paid
211.826
233,886
154,263
115.300
Prov. for State, Fed. &
foreign taxes
1,193,835
957,662
1,384,648
995,840
Net profit
$8,910,631 $6,212,156 $8,279,485 $6,390,793
Bal. at begin'g of period_ 9.889.599 14,656.901 10.886.006 10,798.182
Profit on sale of Troco
Co. and Edible Food
205.000
Department
Total
$19,005,230 $20,869,057 $19.165.491 $17.188,975
Common dividends
5.244.507
3.112.710 3,100,654
2,951,304
Preferred dividcmds- - - 849.496
868,517
903,950
833.755
Disc. on Peet Bros. Co.
stock transaction_
38.735
Special charges
200.712
75.223
Cancellation of Mexican
contracts
80.612
Reorganization expenses.
46,076
48.00.
92,497
Transfer from paid - in
surp,in connect'n with
sale of Troco Co
226,299
Miscellaneous items_ -_ 23,041
485,302
cr.io.aos
-Patent Suit Filed.
Caterpillar Tractor Co.
company against the W. H. Surpl. of Peet Bros. Co..
In regard to the patent suit filed by this
Pompeian Co.and ColWooden Co. in the Federal Courts of San Francisco, R. C. Force, President
gate Co. at dates of acof the Catperillar company made the following statement on March 15:
quisition elimin'd from
"W. H. Wooden Co. is the local dealer for Foote Bros. Gear & Machine
earned surplus
6.512.930
331.375
2.386,319
0o. This latter concern recently acquired by merger the business formerly
Bates Manufacturing Co., which for some years had manuowned by the
Profit & loss surplus -$12,334.489 69,889,599 $14,656.901 $10,886,007
factured track type tractors in a small way at Joliet, Ill. At the time of Earns, per sh. corn. stk.
this merger, the Caterpillar Tractor Co. was discussing a license with the
$4.03
$2.67
appl. to 1,999.970 shs_
23.68
$2.77
Bates Mfg. Co. The attitude adopted by the Foote Bros. Gear and
Notes.
-(1.) The results of the company's branch in Chili and the subMachine Co. management toward the Caterpillar patents precluded a
the above profit and loss account
further discussion of license and compelled this litigation. In order to sidiary in Brazil are included in30 1929, no reports having as yet for 1929
been reobtain jurisdiction in San Francisco over the infringing products of the for the 11 months ended Nov.
Foote Bors. Gear & Machine Co. this suit has been brought against the ceived for December 1929.
(2.) Colgate-Palmolive-Peet Co. owns through 100% stock ownership
handling the products of the Foote Bros.
W. H. Wooden Co., local dealer
all its subsidiaries, excepting only two Cuban companies, namely, OolgateGear & Machine Co.
-V. 130, p. 1121.
Palmolive-Peet, S. A. and Crusellas y Compania, S. A., manufacturing and
Celotex Co.
-Listing.
selling companies, of which said latter two companies the majority stock
The New York Stock Exchange has authorized the listing of 16.000 ownership was acquired during 1929. The foregoing consolidated income
additional shares of common stock (no par value), on °Weal notice of issu- account gives effect to the earnings of the entire system excepting only
ance pursuant to agreement with Dahlberg Porto Rican Co., dated Oct. 30 that of the aforesaid two Cuban companies, the aggregate net income of
which for the period of ownership by Colgate-Palmolive-Peet Co. in 1929
1926, making the total amount applied for 225,194 shares.
Under an agreement with Dahlberg Porto Rican Co., dated Oct. 30 amounted to $323,348, of which Colgate-Palmolive-Peet Co. through its
1926, the corporation, in consideration of the acquisition and control of stock ownership is entitled to $164,907 and of which amount Colgatecertain patents and patent rights, agreed to issue shares of its common Palmolive-Peet Co. received as dividends $91,064 which latter amount is
Incorporated in said foregoing consolidated income account.
stock as follows:
10,000 abs. without further consideration, when and if The Celotex
Consolidated Paid-in Surplus Account Years Ended Dee.311929.
Co. Is operating a plant at Porto Rico for the manufacture
1928.
1927.
1926.
1929.
of Celotex which has attained a daily production of 200,000 Bal. at
$1,847,127 $1,850,688 $3,562,489
begin'g of periodsquare feet, and additional 10,000 shares without further P'd-in surpl. arising from $3,810,135
consideration when such plant has attained a daily production
acquisition of Colgate
of 400.000 square feet;
9,448,312
properties
10.000 sha. without further consideration when The Celotex Co. has Transfer to earned surpl. Dr.389.177
sold, since the date of said agreement, 20,000 shares of
In connection with sale
Louisiana,
common stock for funds for further production in
226,299
of Troco Co
Porto Rico and elsewhere and (or) for additional working
capital in the operation of its business, or a proportionate
$3.647.256 $11.295,439 $1,850,688 83,562,489
Total
part of this 10,000 shares may be issued in proportion to
1,748.568
1.474,127
the number of 20,000 shares which have been issued as above Deductions: Stock diva_
Good-will accts. writstated.
5,181.825
80.000
ten off
An option was also extended effective for five years to purchase not
228,666
Dryer pats written off
more than 16,000 shares of common stock at a price of $50 per share.
Discounts & premiums
Since the date of the agreement, the corporation has sold 20,000 shares
on transact, in cap.
of common stock for funds for further production in Louisiana, Porto Rico
7.696
18,732
3.560 Cr.116.787
stock (net)
and elsewhere and (or) for additional working capital in the operation of its
Premiums paid on 7%
business, and 10,000 shares of common stock were accordingly issued to
810,621
pref. stock or red__ Dahlberg Porto Rican Co.
The 16,000 shares of common stock (now applied for), is for issuance
$3,410,895 $3,810,135 $1.847.128 $1,850.688
Total
upon the exercise of the above option. The 16,000 shares when issued,
-V. 129, P. 3478.
-V. 130, p. 1834.
will be capitalized at the amount received therefor.
Childs Co.
-New Directors.
Leslie E. Buswell and Newcombe C. Baker have been elected directors.
Mr. Buswell is Secretary and Treasurer of the company and Mr. Baker is
associated with Laird, Bissell & Meeds.-V. 130. p. 1266, 1834.
-Acquires the Group InvestCombined Holdings Corp.
ment Shares, Inc.
-
Combined Holdings Corp., which has been issuing combined trust shares
(of Standard Oil group), a limited fixed investment trust, has taken over
the assets of The Group Investment Shares, Inc., of Philadelphia, and
The directors have declared a quarterly dividend of 1214 cents per elected to its board A. R. Knight, Arthur L. Church and Walter Bowers,
share on the common stock, no par value, payable April 15 to holders of formerly directors of The Group Investment Shares.
Combined Holdings Corp., it Is reported, will issue. in the near future,
record March 31. Previously quarterly dividends of 25 cents per share
shares in a limited fixed investment trust to be called Combined Trust
were paid.
-V. 129. p. 4143.
Shares (of American Railroad Group), based upon the portfolio of Railroad
-Probable Merger.
Investment Shares formerly issued by Grout) Investment Shares, Inc.
- Claude Neon Lights, Inc.
In addition to these trusts, Combined Holdings Corp., It is further
Twenty-one different companies operating east of the Mississippi River
under Claude Neon licenses for particular territories may be consolidated stated, will issue shares in a new fixed trust to be called Combined Trust
Shares (of Rails. Industrials, Utilities), the portfolio of which will, It Is
through an exchange of shares into a new holding company, according to
advices from Los Angeles, where five directors of Claude Neon Lights, said, be composed of high-grade common stocks of railroads, industrial
Inc., of New York, including W. P. Ilollingsworth, President, and execu- manufacturing companies and public utilities. same as that of the ComManagement of these trusts will remain the
tives of two Eastern Claude Neon operating companies are conferring
-V. 128. p. 3518.
with officials of Claude Neon Electrical Products Corp., Ltd., of Delaware. bined Holdings Corp.
the domiIt is stated that Claude Neon Lights, Inc., will probably become
-Contracts.
Commercial Investment Trust Inc.
nant figure in the proposed holding company. Western companies are
A contract has been signed by the Consolidated Aircraft Corp. of Buffalo,
now being consolidated. Plans include fusion of these Western companies
N. Y., with the above corporation, whereby C. I. T. will act as the official
-V. 130. p. 1465.
with the Eastern companies.
financing organization for this manufacturers' dealers and distributors.
-33 Dividend.
Coca-Cola International Corp.
The arrangement covers the financing of both wholesale and retail deferred
The directors have declared a dividend of $3 per share on the common payment sales throughout the United States and Canada. This plan also
payable April 1 to holders of record Mar. 12. A applies to time sales made direct by the manufacturer to large users, such
stock, no par value,
-V. 129, ro• 3640.
distribution of $2 per share was made on this issue on Jan. 1 as compared as air line transport operators and schools.
with a dividend of $3 per share on Oct. 1 1929 and a regular quarterly diviInc.
-Subscriptions.
dend of $2 per share paid on April 1 and July 1 1929. This also compares
Consolidated Film Industries, shares of pref. stock, recently
with quarterly dividends of $3 per share paid prior to the distribution early
Subscriptions for the 100.000 additional
the Guaranty
this year of a stock dividend of one share of new class A stock on each share Offered to stockholders, are payable on or before April
-V. 129, p. 3330.
of common stock held.
TrustSaCalendarle Co.
Broadway. N. .City. See also V. 130. P• 1834.
.
1927.
1926.
1928.
ly4e0arYears-Extends Operations.
Colon Oil Corp.
3
,979
406192 ,148 383,782,748 361,944.795 318,110,439
Extension of producing operations by this corporation in the Tarra field Footage processed
$9.644.800 $7,051,715 $7,830,622 $7.641,879
by an increase in royalty oil deliveries to
In Venezuela will be reflected
5,426.898
6,657,042
6,390.116
6,841.900
% royalty interest in Cost of sales
General Asphalt Co., which has approximately
Colon's operations in this area, it is announced. The company produced
$984,838
Net operating income_ $2,802,900 $1,624,817 $1.440,506
increase of 15,860
134.755 barrels during the week ended March 7, an
206,862
49,137
105,690
161,803
barrels over the previous week's output. The now pipeline from the Terra Other income
placed in operation several weeks ago, and is
field to Lake Maracaibo was
$2,964,703 $1,831.679 $1,489.643 $1.090,527
Total
now running close to 20,000 barrels daily from the field. The oil is moved
86.993
98.360
98.813
153.836
from the pipeline terminal at Boca Escalante, on the lake, by shallow-draft Depreciation
124,276
68,924
*124.989 Cr.743,547
Other deductions
tankers to tidewater.
-V. 128, p. 4010.
91.306
200,900
180,417
296.505
Federal income taxes
-Resignation.
Colorado Fuel & Iron Co.
$787.962
Balance for stock- ___ $2,389,373 $1,575,966 $1,141,488
William V. Hodges, candidate for United States Senator in the coming Available for
com, stock
election, has resigned as a director.
--V. 130. P• 979.
$0.47
$2.25
$1.35
$3.41
after partic. of pfd.stk.
•Includes $30,778 fire loss expenses at Hollywood plant. y Arrived at
-Listing.
Colgate-Palmolive-Peet Co.
1 1928 to
The Now York Stock Exchange has authorized the listing of 144,459 as follows: Profit of predecessor company from period Jan.deductions,
shares of 6% preferred stock ($100 par). 1,997,785 shares of common stock Jan. 19 1928, included in initial surplus, $88,996; less other
(no Dar) with authority to add: 6,990 shares of perferred stock, and 2,185 $45,449.
The net profits for the first two months of 1930 amounted to $459,082
shares of said common stock, on official notice of issuance and payment
-V. 130, p. 1834.
against $403,888 for the same period of last year.
is full pursuant to outstanding employees' stock contracts.
-Smaller Common Dividend.
City Stores Co.
•M.A.R. 22 1930.]
FINANCIAL CHRONICLE
2035
Broad St. and 86 Broad St., and the second being executed by Merkra
-Listing.
Consolidated Chemical Industries, Inc.
Holding Co., Inc., Oct. 24 1929. covering 82-84 Broad St. Both leases
The San Francisco Stock Exchange has authorized the listing of 40.000 commence Feb. 1 1930, and are for the term of 21 years with 3 renewal
additional shares of class "A" partic. pref. stock, no par value, making the terms of 21 years each. The rentals under Maritime Association of the
total amount listed 200,000 shares.
Port of New York lease are $30,000 for the first 12 months, and $60.000 per
year during the remainder of the term. Under the Merkra Holding 000,,
Income Account for Year Ended Dec. 31 1929.
$878.400 Inc., lease the rentals are $42,500 for the first 15 months: $50,000 Per year
Net profit
180.714 for the next 8 years and 9 months; and $60,960 per year for the balance of
Depreciations charged of
80.974 the term. Rentals for the renewal terms under both leases are on the basis
Income taxes
of 6% of the appraised value of the land taken as unimproved property.
$616,712
Under an agreement executed by Maritime Association of the Port of
Final net profit
-V. 129. p. 3970.
New York, Merkra Holding Co., Inc., and Marex Realty Corp., the tenant
is given the right to erect a single structure covering the whole property
-Omits Dividend.
Consolidated Lead & Zinc Co.
demised by the two leases. As part of the transaction, Marex Realty Corp.
The directors have voted to omit the quarterly dividend ordinarily has leased to Maritime Association of the Port of New York the 6th floor
payable about April 2. The company on Jan. 2 last made a distribution and part of the 7th floor of the new building for the term of 19 years and
or 12H cents a share as against quarterly dividends of 25 cents a share 9 months commencing May 1 1931. to be occupied as an exchange trading
floor at the annual rental of $30,000 with renewal privileges. Toe latter
previously.
-V. 130. p. 1282.
lease, however, is maae at all times subject and subordinate to any mort-Changes In Personnel.
Continental Can Co., Inc.
gages on the leaseholds. The tenant at the closing on or about April 1
Carle C. Conway has been elected Chairman of the board, succeeding 1930, will pay three years' advance rental under the terms of the Merkra
Thomas G. Granwell, 0. C. Huffman has been elected President to Holding Co., Inc., lease, and there will be no mortgages on the fee. The
succeed Mr. Conway and also has been elected a member of the Executive tenant will then pay and take by assignment certain mortgages covering
the fee of Maritime Association of the Port of New York lease, which
Committee.
-V. 130. p. 1265.
.me assigned to the Trustee and duly subordinated to the
mortgages
-Back Div.
- lien of this will 1/381113.
Crystallite Products Co., Los Angeles.
bond
The directors have declared a dividend of $1.75 a share on account of
-Soviet Contract.
Electric Auto Lite Co.
accruals and the regular quarterly dividend of $1.75 a share on the pref.
The Amtorg Trading Corp. on March 19, announced the signing of a
stock, both payable April 1 to holders of record March 20.-V. 129, 1:.•
United Electrical Industries of the Soviet Union and
contract between the
3970.
the Electric Auto-Lite Co. of Toledo. Ohio. providing for technical assist-Omits Dividend. ance by the American firm in the production of electrical equipment in the
Curtiss Aeroplane & Motor Co., Inc.
The directors have voted to omit the quarterly dividend of 50 cents per U.S.S.R. The agreement provides for the preparation by the Auto-Lite
share which ordinarily would be payable about this time. A quarterly company of a detailed layout and working project for a plant to manufacture
complete electrical units for automobiles and tractors. It also calls for the
distribution at this rate was made on Dec. 26 last -V.129. p. 3479.
furnishing of manufacturing information and the assignment of a group of
-Co-Registrar.
Detroit Gasket & Mfg. Co.
American engineers to the Soviet Union.
The Bank of America N. A. has been appointed co-registrar of 200,000
The present agreement, the latest of a series of almost two-score similar
contracts with .American firms made by Soviet industrial organizations,
shares of common stock.
-V. 129. P. 3331.
was concluded in connection with the construction of several automobile
-Earnings.
Diamond Match Co.
and tractor plants now under way in the Soviet Union, according to P. A.
Bogdanov, Chairman of the Board of the Amtorg Trading Corp. Mr.
1927.
1926.
Calendar Years1928.
1929.
Earnings all sources- - - - $2,562,158 42,543,073 $2,755,214 $3,065,768 Bogdanov stated: "American technical experience is being employed in the
311,337
296.667 three automobile plants now being built in the U.S.S.R.. the largest of
State and city taxes- - - 281,952
266,726
589.524
666.632 which, at Nizhni Novgorod, will have an annual production of 140,000
Deprec.& amortization533.479
487,856
250,000 Nord A and AA-model cars. A tractor plant at Stalingrad, with a capacity
Insur. & timber reserve
250.000
250,000 of 50,000 tractors per year, has been practically completed-also with
140,000
Reservefor Fed. taxes..175.000
American engineering assistance-and others are under way at Cheliabissk
Netincome
$1,587,641 11,604,353 $1,602.469 and Kharkov, in addition to the Putllov plant in Leningrad which is being
$1.632.576
1,328,748
1,342,100 expanded. The United Electrical Industries of the Soviet Union will conDividends paid
1.354,000 x1,494,000
struct a factory to produce ultimately about 450,000 complete electrical
$275,605
Balance,surplus
$93.641
$260,369 units per annum for automobiles and 270,000 units for tractors. V. 129,
$278,576
P. 3174.
Shs. capital stock out166,000
166,000
166,500
standing (par $100)- 170.000
-Net Sales.
Fashion Park Associates, Inc.
19.66
Earns. per sh. on cap.stk
$9.56
$9.60
Net sales for the month of February 1930 were $2.258,042. This total
x Excluding 49.800 no par shares of the capital stock of North American
62
Is after the elimination of sales between companies reporting and does not
Match Corp. received as a dividend and concurrently distributed as a divi- include the sales of those companies controlled but not entirely owned.
dend to the stockholders of the Diamond Match Co.
-V.130, P. 1835
.
Comparative Balance Sheet Sec. 31.
-25e. Extra Dividend.
Federated Metals Corp.
1929.
1928.
1929.
1928.
Liabflftres5
The directors have declared an extra dividend of 25 cents per share in
Assets$
regular quarterly dividend of 25 cents per share. payable
payable_ 149,164
132,393 addition to the
Inventory
6,258,355 5,997,051 accounts
360,274 April 7 to holders of record March 27. Like amounts were paid on Dec.30
Standing timber_ 2,568,888 2,679,969 Accr. taxes (est.). 371,710
431,162
-V.130. p. 1284.
480,864 last.
Accts.receivable_ 4,757,235 4,437,193 Advances
3.508,312 3,373,969
Notes receivable__
72.371 Reserves
44,388
-Initial Common Dividends, &c.
Florsheitn Shoe Co.
Capitalstock
17,000,000 16,600,000
Funds invested in
5,994,617 5,276,569
The directors have placed the A stock on a $3 annual basis with the
Surplus
short term secur.
declaration of an initial quarterly dividend of 75 cents a share. The B
for tax paym'ts,
stock was placed on a 11.50 yearly basis with the declaration of a 3754 cent
dm., reserves.- 2,150,000 2,100,000
quarterly dividend. Both dividends are payable June 2 to holders of record
Cash
3,015,909 1,998,786
May 17.
Foreign & domestic
The directors reduced the pref. stock to slightly in excess of $4,000.000
lavestments
4,651,885 4,560,877
-V.130, p. 141.
by cancelling 15,100 shares.
Deferred charges_ 269,785
342,390
Fats.,trade-marks,
-Circuit Court to Hold Special Session
Fox Film Corp.
good-will, Am_ _
1
1
Plants As mach'y_x 3,738,519 4,035,430
Total(each side)27,454,964 26,224,070 in Voting Trust Fight.
x After deducting $5.777.555 reserve for depreciation.
-V.129, P. 2863.
The United States Circuit Court of Appeals will sit in special session
to hear argument on the motion of John E. Otterson and Harry L.
March 24
-February Sales.Dominion Stores, Ltd.
Stuart. co-trustees with William Fox in a voting trust which controls the
1930
-Feb.
-1929.
Increased 1930-2 Mos.-1929.
Increase. Fox Film and Fox Theatres corporations, for an injunction to restrain
11,862,700 $1,843,252
$19,448 I $3.681,533 13,536,040
$145.493 Judge Frank J. Coleman of the Federal District Court from proceeding
with an action to prevent the trustees from voting the stock.
-V. 130, p. 1122.
William Fox unsuccessfuly sought an injunction in State courts and
Drug Incorporated.
then presented a similar action in Federal court before Judge Coleman.
-Listing.
The New York Stock Exchange has authorized the listing of 301,786 The trustees obtained an order compelling Judge Coleman to show cause
additional shares of capital stock (no par value) upon official notice of why a writ of prohibition should not be issued to prevent him from proissuance in connection with the acquisition of assets, property, business ceeding with Fox's Injunction action.
This order was originally set for argument on April 7. but on request
and good-will of Household Products, Inc.
The company further applied for restricted registration upon 108, of the attorneys was advanced to March 24.
There were eight motions in various phases of the Fox company liti928 4-7ths shares of capital stock upon receipt thereof by the treasury
of one of its subsidiaries, the capital stock of which is wholly owned by gations, including the three receivership petitions which were due to be
Drug, Inc., being stock to be issued in exchange for stock of Household heard March 20 by Judge Coleman. but these by consent of the attorneys
Products, Inc., heretofore held by the company (through one of its wholly- were postponed until March 25.-V. 130, p. 1836.
owned subsidiaries), such stock not to be reissued without a previous ap-Income Account.
Fox Theatres Corp.
plication to the New York Stock Exchange for the listing thereof, making
the total amount of stock applied for: (a) 3,045,499 shares unrestricted
(Including Wholly Owned and (or) Controlled Companies.)
as to registration; (b) 108,929 shares restricted as to registration.
-V. 130.
Oct. 27 '29. Oct. 28 '28. Oct. 31 '27.
52 Weeks Endedp. 1835, 1658.
Profits of entirely owned enterprises
and wholly owned and(or controlled
Eaton Axle & Spring Co.
-Stock Increased.
cos., before Federal income taxes:
The stockholders on March 19 voted to increase the authorized common
Operating income, net, before fixed
stock from 300,000 no par shares to 1,000,000 no par shares.
-V. 130, p.
charges and Federal income taxes:
1468.
$25,680,279 $10,846,201 $6,303.727
Gross income
19,998.369 8,702.841. .400
Operating expenses
80 Broad Street Building, N. Y. City.
-Bonds Offered.
1,131,368
Taxes,insurance,&c
387,615
289,149
2,249,565
S. W.Straus & Co., Inc., are offering at par and int. $2,800,Interest on mortgages, &c
487.741
203,097
Amortization of bond discount and
000 1st leasehold mtge. 63.% sinking fund gold bonds.
196,161
mortgage expense
48,804
14.522
Dated March 1 1930; due March 1 1950. Interest payable M. & S.
36,925
340
Tax on bond interest paid at source_
2,653
Denom. $1.000, $500 and $100 c*. Principal and interest payable at office
Depreciation and amortization_ _ _ - 1,120,048
374,124
286,150
of S. W. Straus & Co., Inc., in N. Y. City. Red. except for sinking fund
Pre-opening expenses
89,596
22,910
, 6,717
purposes at 102, and callable for sinking fund retirement at 101. Federal
income tax paid by the borrowing corporation up to 2% of interest per
Net income
$860,247
$819,514
$362,352
annum as to bondholders resident in the United States, and up to 5% of Income from guarantee of subsidiary's
interest per annum as to bondholders not resident in the United States.
former owner payable in purchase
Mimi., 3 mills tax; Montana 3;i mills tax; Penn., Conn., Vermont, Calif.
money bonds
1,317,353
272.123
and Okla. 4 mills taxes; Maryland 4A mills tax; District of Columbia,
Mich., Colo., Kansas, Kentucky, Wyoming. Nebraska, Tenn. and Virginia
Total
$2,177,599 11.091,637
$362,352
5 ndils taxes; Iowa 6 mills tax; New 'Hampshire State income tax up to 3% Proportion of profits applicable to outof interest per annum, and Mass. State income tax up to 6% of interest
side interests before Federal taxes....
60.154
79,159
89,962
per annum refunded. Straus National Bank & Trust Co. of New York, loss on theatres not controlled
6.502
15,080
41,028
trustee.
a direct closed first mortgage on
Security.
-The bonds will be secured by
Net profitfrom theatre operations $2,110,943
$997,398
$231,362
the leasehold estates in the land on the west side of Broad St. between Stone Interest earned
114,737
497,873
95,370
and Markettleld Streets (financial district), N. Y. City, and the 33
-story Profit on sale ofland
14.906
office building to be erected thereon. The land fronts approximately 130 ft. Miscellaneous income
434,083
423,266
on Broad St. with a depth of 105 ft.on the north line and 96 ft.on the south Profit on sale and adjustments
line. The plot is irregular in shape and contains approximately 12,867 sq.ft.
Philadelphia properties
455.642
Building.
-The elevation of the building calls for marble treatment to Profit on sale of stock of William Fox
Playhouse Co
approximately the seventh floor with brick above and ornamental marble
48,151
treatment on the two bays to approximately the fifteenth floor level.
Total income
$3.042,899 $1.550,307
Above will be terra cotta treatment. The building will be served by 12
$830.536
281,676
elevators.
Deductions
62,551
13,216
Federal income taxes
13,327
14,316
Valuation.
-Kenneth, Slawson Hobbs, Inc. appraised the property' at
$4,235.000. Based on this appraisal, the bond issue is a 66.12% loan.
12,748.006 $1.536,981
Net income
$753.658
Earnings.
-After deducting taxes,operating costs, ground rent,and ample
-The earnings for the yearsended Oct. 28 1928 and Oct. 27 1929
Note.
allowance for vacancies, the bankers have estimated that the net annual ininclude dividends and(or) earnings receivable from a partially owned
come of this property will be $488.129. This amount is more than 234 times do not
company amounting respectively to $238,015 and $1.500,000. the latter
annual Interest charges and over $200.000 in excess of the maximum interest figure being estimated.
and principal requirements in any one year.
-Earned surplus, Oct. 29 1928, $3,252,756,• profits
Surplus Account.
Leasehold Estates.
-The property is held by Mares Realty Corp. as tenant year (52 weeks) ended Oct. 27 1929, $2,748,006; total, $6.000,763. Deunder the terms of two long-term leases, the first being executed by Maritime ductions: Transfer to appropriated surplus in the amount of the difference
Association of the Port of New York, dated Feb. 17 1930, covering 78-80 between issue value of Treasury stock and cost thereof, $1.066.972; transfer
2036
FINANCIAL CHRONICLE
to reserve for contingencies, $2.930,881. Earned surplus, Oct. 27 1929
$2,002,909.
Consolidated Balance Sheet, Oct. 27 1929.
(Corporation and Wholly Owned Subsidiary Companies.)
[Giving effect to (1) advances from Fox Film Corp. on notes receivable
between Oct. 27 1929 and Dec. 27 1929 in the net amount of $6,301,901
(2) the issuance of secured notes payable in the amount of $9,550,000
(3) the payment of secured loans payable in the amount of $13,541,904
(4) the payment of notes payable in the amount of$1,500,000, and (5) transactions incidental to the organization of Fox Hearst Corp.]
Assets
Cash
$1,859,048
Notes and accts. receivable of which $1,000,000 are pledged to
secure notes payable, per contra
2,244,673
Prepaid expenses
798,792
Accts. receivable-long term, of which $23,725 is due within
one year
235,300
Investments-Controlled companies, incl. proportionate share
of profits
6.664,147
Sundry investments at cost, incl. carrying charges (net), of
which $72,901,749 Is hypothecated to secure notes and
loans payable, per contra
76,911,956
Fixed Assets-Land, leaseholds, buildings, furniture, fixtures
and equipment, net after depreciation and amortization
87,338,412
Cash in hands of trustee for construction and acquisition of
theatres $577,303; less amts. payable therefrom $51,312
525.991
Deposits to secure leases
920,018
Deferred charges
1,791,944
Bond discount and mortgage expenses, &c
2,952,913
Organization expenses
418,625
Theatre leases, valued by corp. on the basis of the earnings of
enterprises acquired upon its organization, incl. minority
interests subsequently acquired
3,412.625
[Vol,. 130.
General Capital Corp.
-Earnings.
Earnings for Period From Aug. 710 Dec. 311929.
Interest and dividends received
Expenses,including organization expenses
Net loss on sale of Investments
Net operating loss for period
5220.524
Surp. arisim,,from purch. for treasury of 20,562 abs. on open market
at less than price of issue
591,981
Surplus, Dec. 31 1929
$371,457
Balance Sheet, Dec. 313929.
Assets
Liabilities
Cash and call loans
$3,659,131 Accts. payable & Seer. liab _ _
$33,375
Investments at cost
10,144.721 Capital stock and surplus.__ 13,829,307
Int. & dividends receivable_ _
58,830
Total
$13,862,682
Total
$13,862,682
Note,
-The market value at Dec. 31 1929, of investments owned PM
$6.995,775. On that basis, the liquidating value of 179,438 shares of
General Capital Corp. outstanding in the hands of the public was
$59.52
per share.
Investments Dec. 31 1929.
(1) Railroads
Shares,
Shares
5,500 United Gas Improvement Co.
11,000 Allegheny Corp.
4,000 United Light & Power "A"
1,500 Atoll., Top.& Santa Fe Ry. Co.
(3) Industrials & Miscellaneous
1,500 Chesapeake er Ohio Ry. Co.
1,000 Air Reduction Co., Inc.
1,000 New York Central RR. Co.
315 Allied Chemical & Dye Corp.
1,1100 Rights New York Cent. RR. Co.
600 American Machine & Fdy. Co.
2,000 N. Y., Chic. & St. L. RR. Co.
500 American Rolling Mill Co.
2.000 Union Pacific RR. Co.
500 Rights Amer. Roll. Mill Co.
(2) Utilities
500 American Steel Foundries
612 American Gas & Electric Co.
1,000 Boston Herald Traveler Corp.
2,240 American Power & Light Co.
500 Canada Dry Ginger Ale, Inc.
4.000 American Superpower Corp.
1,000 First National Stores, Inc.
2,000 Amer. Telep.& Teleg. Co.
2,528 First National Bank of Boston
1,100 Consol. Gas Co. of New York
1,000 Gold Dust Corp., vol. trust etts.
5,506 Electric Bond & Share Co.
500 International Nickel Co.
1,000 Electric Power & Light Corp.
2,667 Kreuger & Toll Co.
1,000 Engineers Public Service Co.
510 Kroger Grocery & Baking Co.
500 Loulsville Gas & Electric Co."A" 1,000 Lambert Co.
1,000 National Power & Light Co.
2,000 Montgomery Ward dr Co.
1,000 Niagara & Hudson Power Corp.
7,130 Nat. Dairy Products Corp.
1,200 Pacific Gas & Electric Co.
200 Purity Bakeries Corp.
2,000 Pacific Lighting Corp.
1,010 Sears Roebuck & Co.
4,000 Pub. Serv. Corp. of New Jersey
500 Standard Oil Co. of N.J.
500 Warr. Pub. Util. Holding Corp.
2,160 Union Carbide & Carbon Corp.
1,000 Southern Calif. Edison Co.
5,000 U. S. Industrial Alcohol Co.
1,000 United Corp
1,500 U. S. Steel Corp., corn.
Liquidating Value as oj F,,b. 19 1930.
The liquidating value of General Capital Corp. as of Feb. 19 1930 Is as
follows:
Securities held, including General Capital Corp. stock held in
the treasury
Cash and int. & diva, receivable, less $3,406 accrued liabilities 58,746,742
for fees of transfer agent and registrar
3,979,353
Total
$186,074,443
Liabilities
Notes payable
$385,297
Accounts payable and accrued expenses
3,116,980
Sundry creditors
1.000 000
Liabilities in connection withacquisition ofsundry investments:
Notes payable secured by $72,901,749 of sundry securities,
$1,000,000 of notes receivable, per contra and by 210.300
shares of treasury stock
26.050,000
Notes payable, unsecured,due Feb.26 1930
15,000.000
Notes payable to associated corporation, unsecured
17,751,905
Loans payable to officiers
128,423
Accrued int., carrying charges,&c (inch commis. payable)
1,995,425
Accounts payable, long term, of which $1,011,043 are payable
during 1930
2.666,865
Deferred credits to income.&c
85.531
Bonds & mortgages payable: $53,182,284; less sinking fund
assets $34.167
53,148,117
Liability in respect of 12,500 shares class A common stock
borrowed from Fox Film Corp
312,500
Contingent liability in respect of purchase of stock of Fox Case
Corp.: $875,000; leas proportion thereof assumed by Fox
Film Corp.:$437,500
437,500
Reserve for contingencies
3,000,000
Capital stock
49,612,673
Surplus appropriated for purchase of treasury stock
5.527,227
Capital surplus
13,853,093
Net liquidating value
Earned surplus
2,002.909 Net liquidating value per share
-V. 129. P. 3642.
Total
$186,074,44
•Represented by 1,570,000 class A shares and 100,000 class B shares.
V. 130. P. 1836.
$207,080
30,861
396.742
$12,726,095
$63.63
General Motors Corp.
-No. of Stockholders Increase.
-
The total number of General Motors common and preferred stockholders for the first quarter of 1930 was 240,483 compared with 198,600
Franklin Fire Insurance Co.
--20% Stock Dividend
- for the fourth quarter of 1929. common stock and
There were 218.392 holders of
the balance of 22.091
Split-up of Shares Authorized.
represents holders of preferred and debenture stocks. These figures comThe stockholders on March 14 authorized a 20% stock dividend and a pare with 176,693 common stockholders and 21,907 preferred, for the
split up of the present $25 par value shares into $5 par value shares, through fourth quarter of 1929.
The total number of stockholders of both classes by quarters since 1927
the issuance of six shares of the new stock for each old share. The capital
of the company is thereby increased from $2,500,000 to $3,000,000. Total follows:
assets of the company as of Dec. 31 1929 were $22.629,245. as compared
Year2nd Quar. 3rd Quar.
1st Quar.
9th Quar.
with 512.946,434, as of Dec. 31 1928.
1917
1,927
2,525
2.669
2,920
The Franklin company, one of The Home Group, has a surplus as re- 1918
3,918
3.737
3,615
4,739
gards policyholders of $13,515.245. The Franklin company, having a 1919
8.012
12,523
12,358
18,214
perpetual charter, the above change has to be approved by the Governor 1920
ual
24,148
26,136
31.029
36.894
Commonwealth of Pennsylvania.
-V. 130. p. 473.
1921
49,035
59,059
6.5,324
66,837
1922
70.504
72,665
71.331
65,665
Gardner-Denver Co.
-Sales at Higher Rate.
1923
67.115
67,417
68.281
68,063
Within the past two weeks the Denver division has received orders 1924
70,009
71.382
69,428
66,097
totaling $140.000 which gives indication that March sales will be sub- 1925
60,458
60,414
58,118
50,917
stantially above those of January or February, according to an announce- 1926
54,851
53,097
47,805
50.369
ment on March 13 by Vice-President A. J. Philpott.
1927
56,520
57,595
57.109
66.209
This increase in unfilled orders represents mostly rock drills and portable 1928
72,986
70,399
71,682
71,185
compressors manufactured in the Denver plant.
1929
10,5,363
125,165
140,113
198,600
February export sales of the Denver division were the largest in the his- 1930
x240,383
tory of the organization, it was announced by President W. II. Leonard.
•Preferred stockholders of record Jan. 6 1930, and common stockholders
A big improvement was seen in volume sent to New Zealand, South Africa, of record Feb. 15 1930.-V. 130. p. 1660, 1469.
Spain and South America. In addition to the export sales, several domestic orders have been received from railroad and highway construction
General Printing Ink Corp.
-Listing.
units.
-Y. 130, p. 1836.
The New York Stock Exchange has authorized the listing of 44,527
shares of $6 cumul. pref. stock (no par), with attached common stock
General Cable Corp.
-Annual Report.
subscription warrants, and 185,009 shares of Common stock (no par
Calendar Years
value) with authority to add to the list: 44,991 shares of common stock
1929.
1928.
Gross profit on sales
511,990,797 59.333,907 upon official notice of issuance on exercise of common stock subscripSelling, general & administrative expenses
y5.712,401
4.417.048 tion warrants and 35,000 shares of common stock upon official notice of
issuance pursuant to the Employees' Common Stock Subscription Plan
Net operating profit
56.278,395 $4,916,860 making the total amounts applied for: $6 cumulative preferred stock
Miscellaneous income (net)
378,523 44,527 shares and common stock, 265,000 shares.
87,323
Consolidated Statement of Income and Expense for the Period from May 15
Total
$6,365,718 $5,295,383
1929 to Sept. 30 1929.
Interest on 1st mtge. bonds
890,558
907.574 Net sales to customers
$3,912.084
Provision for Federal income tax
516,000
500,000 Cost of goods sold
2,259.584
Approp. for inventory reserve
250,000
Selling and general expenses
1.123,775
54.709,160 $3,887,809
Net income
Operating profit
Previous surplus
2,276,892
948,093 Other income (Includes cash disc. on purch., hit, earned, &c)_ _ $528,725
45,300
1,082,461
•Profit on sales of securities, &c
Total
Dividends declared-preferred stock
Class A stock
$8,068,513 $4,835.902
1,050.000
875.000
1,619,959
1,509,010
$5,573,554 $2,276,891
Balance
Shs. corn. stock (no par)
484,860
457,500
Earnings per sh. on common
$4.72
$2.90
x Profits on sales of securities of Revere Copper & Brass Inc. (less Federal
income tax thereon.) 51,077.438; miscellaneous income. $5,003. y Includes depreciation of $1,249,578.
Consolidated Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
Liabilities
Assets-8
i
i
i
Cash & marketable
Accts. payable &
securities
7,909.395 6,913,649 accrued expense 2,951,297 5,278,801
Cash depos. with
612,398
Res. for Fed. taxes 815,420
200,000
mortgage
2,589,133 Mtges. payable_
Notes & accts. rec_ 8,697,843 8.517,288 Other reserves_ ___ 189,515
75,180
Inventories
18,091,908 16,219,963 Notes payable__ 3,950,000 1.300,000
Prepaid expenses
311,066 Accrued dive. on
416,286
Inves. in & advs.
175.000
pref. stocks_
to attn. cos
1,245,674 1st mtge. 53.%
Sundry investrn'ts
164,046
gold bds.,ser. A 15,345,000 15.550.000
Other assets
800,000
220,405 1,123,938 Series B bonds____ 779,000
Fixed assets
27,589,605 22,702,171 7% cumul. pt.stk _15,000,000 15,000,000
Good-will & Pat'ta
8
8 Class A dr com.stk.
017,280,882 17,110.782
(no par)
Paid-in surplus ___ 1,004,828 1,443,839
Total(ea.side) _63,089.497 59,622,892 Earned surplus - -- 5.573,554 2,276,891
a Represented by 400,188 etas. cl. A and 484,860 common.
-V. 129. 1.
3
2865.
Gross income
Other deductions (includes cash discounts on sales, interest
paid. provision for bad debts, &c.)
Provision for Federal income taxes
5574.024
64,855
62,600
Net profit for period
$446,569
Earnings per share of common stock for the above stated period after
full provision for $6 cumuli. pref. stock diva, amounted to $1.87 per share
on 185,000 shares.
-V. 129, p. 2236.
General Realty & Utilities Corp.
-Acquisition.
-
The corporation has bought the fee of the easterly portion of the Stern
Bros. department store site from Schulte Real Estate Co. for $6.000,000
cash, subject to Stern Bros.' lease which expires May 1 1933. Lease contains an option to Stern Bros. for a 20-year renewal, the rental for which
will be fixed by arbitration prior to the expiration of the present term.
The property runs from 42nd to 43rd Sts. between Fifth and Sixth AVM,
N Y. City, with a frontage of 130 feet on 42nd St. and a like frontage on
.
43rd St., a total area of 26.000 sq. ft.
Regular Quarterly Preferred Dividend.
The directors have declared the regular quarterly dividend on the $6.
optional dividend pref. stock, payable April 15 to holders of record March
25. The dividend is payable either in common stock at the rate of 75-1000
of a share for each share of pref. held, or, at the option of the holder, In
cash at the rate of $1.50 a share.
Carl Schurz Park Development.
-An official announcement
says:
The General Realty & Utilities Corp. has accunaupted and owns approximately 175.000 square feet of land in the Carl Schurz section of New York
City, principally on East End Avenue, where it has just been announced'
a syndicate consisting of U. S. Realty & Improvement Co., Alliance Realty.
MAR. 22 1930.]
FINANCIAL CHRONICLE
2037
Co., W. A. Harriman & Co., and Hambleton Corp. has made very large
No surplus will be set up on the books of The B. F. Goodrich Co. on
land purchases for residential development. The General Realty & Utilities account of this acquisition, unless, after appraisal of the property, the net
Corp.'s purchases were all made prior to the entry of the syndicate into the worth thereof shall be found to exceed 35.448,192 (113.504 shares at $48
section, in anticipation of large developments which are to be centered in per share), in which event only the excess will be treated as capital surplus.
the area.
-V. 138. p. 1470.
General Realty & Improvement is also active in the downtown district
and will finance during the period of construction two large office buildings,
Gotham Silk Hosiery Co., Imc.(& Subs.).
-Earnings.
one a 31-story office building now under construction at the corner of West
Calendar Years1928.
1929.
1927.
1926.
and Morris fits., the other the 35
-story office building under construction Net inc. after all oper.
at the corner of Rector, Washington and Greenwich Sts. Cost of land and
charges
$2,810,247 $3,838,952 $4.764,551 $3.625,263
building in the case of the former will approximate $4,500.000 with building Interest on funded debt_
298.656
321,688
345,948
21.606
loan of $2,250,000, while latter will approximate $6,000,000 for land and Provision for depreciation
506,049
468,096
501,282
269,103
building, and building loan $3,500,000.
Federal inc. tax (est.)--200.923
239,561
219,869
455.146
Project of the syndicate composed of U. S. Realty & Improvement Co..
Alliance Realty Co., W. A. Harriman & Co., and Hambieton Corp. in- Net profit for year.
31.804.619 $2.809,607 $3,697,452 $2,879.409
volves $40,000,000 and the conversion of the major portion of three blocks Preferred dividends _- -314,392
333,380
348,775
153.621
into a residential community. The property extends from the south side of Common dividends (cash) 1,121,597
1,093,974
1,036,989
886.814
81st St. to the north side of 83d St. and lies between York and East End Corn. div. (in stock) _
(4)185,786
Ayes. Sutton, Blagden & Lynch, Inc., and associates, will direct the operation.
Balance, surplus
$368,630 $1.196,467 $2,311,688 $1,838,973
According to Louis W. Abroru3. President of General Realty & Utilities Barns. per sh.on com.stk.
$3.31
$5.53
$8.06
$6.90
Corp., plans of all operators interested in the development of that neighThe stockholders at the annual meeting March 3 approved a reduction
borhood call for an expenditure of $250,000,000 within five years. "About of the company's capital by $573.100,
the par value of pre$100.000,000," he says,"will be spent for property and $150.000,000 for the ferred stock retired in accordance with representing sinking fund requirethe charter
construction of modern apartment houses. One of the largest developments ments or shares
In New York real estate history, it will require that about 25,000 people quirements. As of such stock repurchased in excess of sinking fund rethe shares when retired or otherwise purchased were
living in the area move elsewhere."
charged against surplus, the reduction of capital for these shares restores
Others interested in the development are Vincent Astor, R. Gordon to surplus an amount
equal to the par value of the shares, or $573,100.
Hammersley, Robert W. Goolet, A. M. Ding and the Gerry estate.
Consolidated Balance Sheet Dec. 31.
Earnings for Period from Jan. 31 to Dec. 311929.
1929.
1928.
1929.
1928.
Mortgage loan fees
$393,089
AssetsLiabilities$
$
$
$
Mortgage loan interest
521.279 Fact'y land,b1dge.,
Capital stock..-._a10,789,290 10,703,721
Net income from real estate operations, incl. adjust. for share
mach.,eq.,&a-10,249,443 9,647,880 6% debentures. 4,775,000 5,188,000
__
of profits or losses of companies not fully owned
372.644 Trade
marks, pat.
Accts. payable__ _ _ 419,339
197,082
Profit on sale of real estate equities
749,650
1
1 Accrrued payroll,
dc
Income from marketable securities a
436.680 Callgood will
loans
2,300.000 2,200,000
int., incl. est.
Interest on call and other loans and on bank balances
1,668.714 Cash
1,096,870 1,134,932
Federal tax_ __ _ 286,324
382,526
Div. payable
357,396
80,670
Total income
$4,142,056 Accts. & notes rec.
doubtful
•
(less
Reserve for conOperating expenses
236.445
nects., atc.) _ .-- 1,772,240 2,431,700
tingencies
153,010
Provision for Federal income tax
50.147
425,000 Stock
of sub. co. at
Unapprop.surplus 4,337,189 4,358,561
nominal value- 1
1
Net income
$3.480,611
4,102.841 4.149,485
Divs, on pref. stock. incl. quarterly div. pay. Jan. 15 1930
Inventories
Other assets
1,113.101
981,604
in cash, $6857,729; less refund of accr. divs. at date of sale
of stock, $148.000
$709,729 Prepaid taxes, insurance, &c_ _ _ _ 483,050
415,104
Total(each tide)21,117.547 20.960,708
In stock-46,678 shs. capitalized at a stated value of$5 per sh233.393
Organization expenses written off
a 7% preferred stock (par $100), 44,269 shares; common stock, 449,882
110,332
Transfer to appropriated surp. of cost of pref. stock repurchased-V. 130. p. 1837.
433.585 shares, no par value.
Balance
$1,993,573
Appropriated Surplus
Transfer from earned surplus, as above
S433.585
Excess of stated value of preferred stock purchased for
redemption over the purchase price thereof
146,415
580.000
Capital Surplus
Value of consideration received for the issuance of capital stock
in excess of the amount capitalized with respect thereto
7.000.000
Total surplus
$9,573,573
a Stock dividends received and originally taken into income at the
approximate market value immediately following the record dates of such
dividends have, to the extent of 3189.640. been applied in reduction of the
book value of the investments.
Consolidated Balance Sheet Dec. 311929.
AMUCash
$2,578,651 Accounts payable. accr. exp.
Call loans receivable
and sundry creditors
2,000,000
$418,391
U. S. Liberty bonds
2,020,000 Dividend on preferred stock,
Acct.. Int. & diva. rec.& amts.
payable Jan. 15 1930
408,859
due from renting eats.curr.
430,489 Reserve for Federal income
Adv. on real est, mtge, loans
tax and contingencies
525,000
(incl. $2,223,500 to a fully
Deposits on contracts for sale
owned subsid. on property
of real estate
1,000,000
under construction)
Deferred income
Due in 1930
16,012,334
Fees on mortgage loans_
1,188,911
Due in 1931 & 1932- - 4,713,750
Rents received in advance_
33,225
Loans receivable, secured.- 3,000,000 6% preferred stock
y29,420,000
Marketable secs., at coat....._ x4,995,616 Common stock
:7,722.579
Inv. in stocks of allied cos-- 3,100.000 Surplus
9,573,573
Real estate investments
11,270,888
Other assets
Total (each side)
160,809
850,288,539
x The market value of these secur ties at Dec. 31 1929 was $3,681,347,
representing an unrealized loss of $1,314,259. On the other hand the company has an unrealized profit of about $2,400,000 arising from contracts
for the sale of real estate to be consummated in 1930. y Represented
by 294,200 no par shares. z Represented by 1,544,516 no par shares.
-V. 130, p. 1660.
Gillette Safety Razor Co.
-Patent Situation.
Frank J. Fahey. Chairman pro tern. In a letter to the stockholders
refutes recent rumors circulated regarding the company's position in reference to patents.
DIMr. Fahey's letter to stockholders follows "Many rumors have been
.
spread recently about our company. Although it is not our custom to
notice rumors, the directors feel that a statement of the company's patent
situation is due the public and our shareholders at this time.
"The company has been engaged In active business about 28 years.
During that time it has had, and still has, many patents. Always it has
had a profound respect for patent and other rights of the public. Our
new razor is made under Patent No. 1,328,024 of Jan. 13 1920, and other
patents aro pending.
uo."Our new blade was conceived and developed by the staff of the company's management. Applications have been filed and patents are now
pending in the Patent office. Before manufacturing and distributing this
new razor and blade, we made sure of our patent situation.
T. "The combined opinion of our general and associate coun3e1 and the
company's management is that we are in an absolutely sound patent
position. If anyone feels that our company has infringed his patent
rights, we suggest that he come into court. We are not only prepared for
any legal controversy, but we invite it. Our general counsel are Storey.
Thorndike, Palmer & Dodge, Boston. Our special counsel are Chadbourne, Stanchfield & Levy, New York. Our patent counsel are Fish,
Richardson & Neave, Boston and New York. Our regular counsel are
Root, Clark, Buckner & Ballantine. New York. Any of them will accept
service."
-V. 130. P. 1837.
Cladding, McBean Co.
-Stock Dividend.
The company has been authorized by the California Corporation Commission to issue 4,450 :31-50 shares of common stock to stockholders in
payment of a stock dividend.
-V. 129. P. 9 .
73
Glidden Co., Cleveland.
-Sales Increase.
-
Period End. Feb. 28- 1930
1930-4 Mos.-1929.
-Month-1929
,
Sales
$2.906.697 $2,415.793 $11,961,939 $8,688.472
-V. 130, p. 1288.
(B. F.) Goodrich Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 113,504
additional shares of common stock (no par value). upon official notice of
Issuance and payment in full, pursuant to agreement to purchase the
assets of The Miller Rubber Co., making a total amount applied for
1,309.642 shares.
The B. F. Goodrich Co. has caused the organixation, in Delaware, of
Miller Rubber Co., Inc., to acquire, directly or through wholly owned
subsidiary companies, all of the property and assets as a going concern,
including the good will, of The Miller Rubber Co.(Ohio).
t The B. F. Goodrich Co. is issuing for such property and assets 113.504
shares of common stock, and in addition is assuming, with certain exceptions, liabilities of The Miller Rubber Co. For causing the conveyance of
such property and assets, subject to the liabilities, to Miller Rubber Co
Inc., that company will issue to The B. F. Goodrich Co. 10.000 shares of
the capital stock of Miller Rubber Co. Inc., being the entire amount of
capital stock to be outstanding. (See Miller Rubber Co. below.)
'
-V. 138, p. 1470.
(F. & W.) Grand Properties Corp.
-Bonds Admitted
to Curb Trading.
The outstanding 6% bonds, due in 1948, have been admitted to unlisted trading on the New York Curb Exchange.
-V. 128. p. 3693.
-Annual Report.
(F. & W.) Grand-Silver Stores, Inc.
Harold F. Stone, President,says in part:
Although the consolidation was effected Oct. 28 1929, the actual coordination of the two companies-F. & W. Grand 5-10-25 Cent Stores.
Inc., and Isaac Silver & Bros. Co. Inc., did not become operative until the
commencement of the new year. The two constituent companies have had
their most successful year from the viewpoint of sales as well as earnings.
Combined sales for 1929 total $30,416,953 as compared with $23.816,804 for
1928. Net Income after all charges and Federal taxes was $1,812693
against $1,599.763 for 1928. After deducting preferred dividends, this is
equivalent to $4.04 per share as compared with $3.64 per share for the
-both figures being based upon 381.959 shares of common
preceding year
stock.
Company was operating 139 stores as of Dec. 31 1929, located in 31
States, embracing practically every section of the United States.
Pro Forma Balance Sheet Dec. 31 1929 (Giving Effect to 100% Ownership
of Common Stock of Both Companies.)
Liabilities
Assets
$570.750
.
Cash in banks and on hand_ $1,396,309 Notes payable
398,354
115,436 Accounts payable, trade
Life insurance
166,116
Investments
123,547 Managers comm. &c., expo_ _
170,000
Prepayments, deposits, &e..
328.371 Reserve for Federal tax
203,407
190,438 Deferred liabilities
Accounts receivable
250,000
4,685,458 Reserve for contingencies _ _ _
Inventories
Accts. rec.(due after 1930)108.500 Preferred stock:
F.&W.Grand 5-10-25 Cent
Fixed assets (at Cost)
4,206,880
2,500,000
Stores, Inc
Leaseholds
1,574,986
226,311
Isaac Silver & Bros.Co..Inc. 1,500,000
Real estate
2,797,070
669,724 * Common stock
Net inv. In sub. companies..
5,523,398
453,137 Capital surplus
Deferred assets
$14,079,097
Total
814,079,097
Total
* As of Feb. 27 1930. 372,963 shares of F. & W. Grand-Silver Stores,Inc..
were issued in exchange for 273,736 shares of common stock of F. & W.
Grand 5-10-25 Cent Stores. Inc. and 99,227 shares of common stock of
Isaac Silver & Bros. Co.. Inc.
-V.130, p. 1837.
-Control.
Group Investment Shares, Inc.
-V. 129. P. 3178.
See Combined Holdings Corp. above.
Gulf States Steel Co.
-New Directors.
Ferdinand Eberstadt, of Otis & Co., Frank Altschul of Lazard Freres.
and G. Munro Hubbard, of J. G. White & Co., have been elected directors.
Their election gives representation to a group of stockholders which recently settled a contest with the management of the company and discontinued its efforts to obtain proxies for the annual meeting of stockholders to be held on March 24. The new directors succeed Lewis L.
Clarke, Henry V. Poor and R. A. Mitchell. Mr. Poor and Edward M.
Mcilvain also resigned from the executive committee and were succeeded
by Messrs. Eberstadt and Altschul. See also V. 130. p. 1837.
Calendar Years1926.
1927.
1929.
1928.
Gross income
311.164,950 $9,494,022 $9,636.535 $9.478.033
8,233.272
Operating expenses
8,176,177
7.766,457
8.842,448
25,000
Doubtful accounts
Federal taxes
119.969
128,753
122.643
183,723
Interest
116,043
207,990
212,160
Amortization
9,159
20,487
18.017
300.000
Depreciation
600.000
450,000
450.000
Net income
31.310,301
Preferred dividends_ _ _ _
140,000
Common dividends
705,196
$024,745
140,000
125,000
$756,403
140,000
312,500
Surplus
3465.105
$303,903
$659.745
Shs. corn. stk. outstanding (no par)
197,500
x125.000
x125.000
Earns, per share
$6.28
$5.93
$4.93
x Par $100.
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1929.
Assets
Liabilities
Works& properties 20,240,106 19,503,080 7% 1st pref.stock_ 2,000,000
555,491
396,917 Common stock_ _y16,850.000
Call loans
3,500,000
609.000 514% debentures- 3,750,000
Gulf States Steel
Accounts payable.. 952,801
Wages, taxes & Int 132,103
96,476
Co.debs,_
_
309.458 Rester replacemls
U.S. Govt.scours_ 307.400
1,045,772 1,136.152
<lc sundries
Accts. receivable
484,363
107,329
102,104 Contingencies_ _ _ _ 211.370
Notes receivable_ _
4,199,124 3,011,344 Federal taxes
Inventories
183,723
112,659
Investments
62,097 Sur. & undiv.prof- 5,892,391
62,500
Sinking fund
261,719
Tot.(each side)_30,457.027
Prepd. ins. & taxes 230,169
x Represented by 197,500 no par shares.
-V.130.P. 1837.
$799.792
140,000
625,000
$34.792
x125.000
$5.28
1928.
2,000,000
12.500.000
3,812,500
572,382
158,265
301,273
216,504
122,642
5,699,306
38.332.87
2
Hamilton Watch Co.
-Split-up Approved.
The stockholders have approved a plan to change the authorized cornmon stock to 500.000 shares no par from 400,000 shares of $25 Par. The
[VOL. 130.
FINANCIAL CHRONICLE
2038
common stockholders will receive two no par shares for each share of $25
par common stock held. Following this exchange there will be 400,000
common shares outstanding.
-V. 126. D. 2799.
Hawaiian Pineapple Co., Ltd.
-Listing.
The San Francisco Stock Exchange has authorized the listing of 125,000
additional shares of common stock, par $20, on official notice of issuance.
-V. 130, p. 1288.
maidng the total amount applied for 750,000 shares.
Hazeltine Corp.
-New Officers, Etc.
R. C. Klugescheld, a Director, has been appointed Assistant Secretary
and Assistant Treasurer, and has also been elected a director of the Latour
Corp., a subsidiary.
-V. 130, P. 631.
-Defers
Hinde & Dauch Paper Co. of Canada, Ltd.
Dividend.
The directors have voted to defer the quarterly dividend of 25c. a share
ordinarily payable about April 1 on the common stock. This rate had been
paid to and incl. Jan. 2 1930.-V. 126. D. 3937.
-Deben(Edward) Hines Associated Lumber Interests.
tures Offered.
-An issue of $1,000,000 6% Gold debentures
series B, is being offered by First Detroit Co. at par and
interest. These debentures are the specific obligations of
the Edward Hines Western Pine Co., Jointly and severally
guaranteed by the Edward Hines Lumber Co.,Edward Hines
Hardwood & Hemlock Co., Edward Hines Yellow Pine
Trustees, Edward Hines Yellow Pine Co., and Trustees of
Lumber Investment Association,comprising the group known
as the Edward Hines Associated Lumber Interests, all of
which are parties to the securing indenture.
Dated July 1 1929: due serially semi-annually July 1 1931-July 1 1939.
Int. payable (J. & J.) at Detroit & Security Trust Co.. trustee, Detroit, or
First Union Trust & Savings Bank, Chicago. Denoms. $1,000. $500.
Red. on any int. date upon two weeks' notice, at 101. Int. payable without
deduction for normal Federal income tax not in excess of 2%.
Data from Letter of Edward Hines,Pres. of all the AHD.Companies.
-The Edward Hines Western Pine Co., located
Business and Ownership.
at Burns, Ore., IS one of the units of the Edward Hines Associated Lumber
Interests, which interests are engaged in the manufacture and sale oflumber,
and are the largest wholesalers of this commodity in the United States.
They are the owners of several very valuable tracts of timber on which
there is standing approximately 1,000,000,000 feet of merchantable timber
and in addition control 1,000,000,000 feet of government timber.
The directors of the Edward Hines Western Pine Co. are: Edward Hines,
Edward H. Thomas, Ralph J. Hines, Mortimer L. Hudson and William
Roy Carney.
Authorized.
-Two series of debentures have been authorized, series A of
33.000,000, now outstanding, and series B of $1,000,000, this issue.
Security.
-These debentures are the direct obligation of the maker, and
constitute the only funded debt of the Associated Interests, who have
covenanted in the agreement under which these debentures will be issued
that they will not (1) create any mortgage or other lien upon their properties: or (2) create any indebtedness having a priority over these debentures: or (3) create any indebtedness having rank equal to these debentures.
This shall not prevent the Associated Interests from discounting their
customers' paper or contracts in the ordinary and usual course of ousiness,
or of acquiring additional properties subject to existing mortgages, or of
issuing their own purchase money mortgagee in part payment for same.
Further provision is made that the affiliated companies shall maintain
net quick assets at least equal to the amount of principal of the debentures
outstanding, and that at all times the net tangible assets of the Associated
Interests shall be at least three times the amount of the debentures outstandin3. The combined net worth of the Edward Hines Associated Lumber
Interests, as shown by the consolidated balance sheet as of Dec. 311929, is
over $26,500,000. Net current assets were over $6,900,000.
Earnings.
-Due to the completion of the southern operation and because
of the widespread nature of the company's activities, the annual audit
cannot be obtained until a later date. As reported by the auditor of the
company, the combined net earnings for the year 1929 from all sources,
Including proceeds from operation, sale of stumpage, cut over land, and
other property after depletion, depreciation charges, and interest, but
before Federal income tax amounted to over $2,000,000. For the six-year
period 1924-1929,inclusive, such net earnings averaged over $1,400,000 per
annum, or nearly six times the maximum annual interest charges on the
total amount of outstanding debentures. Since organization 38 years ago
the Associated Interests have distributed to their stockholders $8,683.460
in dividends.
Purpose.
-Proceeds will fund expenditures already made for plant and
other equipment of the most recent operation (namely Edward Hines
Western Pine Co., Burns, Ore., pay in full for a large body of western
timber adjacent to this operation, and provide funds for other corporate
-Adds Four St. Louis Offices..
Household Finance Corp.
The corporation announces that during recent months it has acquired
by purchase, the business of four small loan companies in St. Louis: Peerless Loan Co., Capital Loan Co., Family Loan Co. and City Finance Co.
The acquired concerns had an.aggregate business volume of $400,000.
which has been taken over by the four existing branches of the corporation in St. Louis, bringing the aggregate loans outstanding of the Household Finance Corp. in St. Lou.. to $1,112,000. The corporation now
operates in 64 cities in the United States.
-V. 130. p. 1661.
-23/2% Stock Dividend.
Incorporated Investors.
The directors have declared a
% stock dividend and the regular
quarterly dividend of 25c. per share, all payable April 15 to holders of
record March 22. A 2M % stock dividend was also paid on Oct. 15 last.
while on Dec. 20, an extra in cash was distributed.
-V. 130, D. 631.
-25o. Extra Dividend.
Indiana Pipe Line Co.
The directors have declared a quarterly dividend of 50 cents a share and an
extra dividend of 25 cents a share on the capital stock, par $10, both payable
May 15 to holders of record April 25. Like amounts were paid on Nov. 15
1929 and on Feb. 15 1930 on this issue.
-V. 130, p. 1289.
Industrial Finance Corp., N. Y.-10% Stock Dividend.
The directors have declared a 10% stock dividend on the common stock,
payable 234% quarterly in common stock, on the first of May, August,
November 1930, and February 1931, to stockholders of record at the close
of business April 18 1930. Scrip will be issued for fractional shares. A
10% stock dividend was also declared at this time last year.
-V.129, p. 1453
-Earnings.
Inland Steel Co.(& Subs.)
Calendar YearsNet earnings
Other income
1928.
1929.
1927.
1926.
$16,716,502 $14,159,581 310,966,861 510,782,508
993,244
592.346
375,193
398,274
Total income
517,709,747 114,751,927 $11,342,054 $11,180,782
2,682,880
2,508,251
Deprec. & depletion--- 2,748,622
2,080,911
1,234.750
Bond interest
1,329,750
674,908
703,167
1,060,000
1,319,000
994,000
Federal tax
892,000
440,000
Employees' pension fund
358.000
600,000
357.000
Net profit
$11,712,374
Preferred dividends..- -Common dividends
4,200.000
59,334.297
175,000
8.250.000
56,806,894
700.000
2.956,998
37,147,704
700,000
2,956,998
$7,512,374
23,701,333
$909,297
25,269,632
33,149.896
22.119.735
33.490,706
19,830,233
Surplus for year
Previous surplus
Total surplus
$31,213,707 326,178,929 125.269.631 523.320.939
1.500,000
Prem. on pf. stk. retired.
Prem, on bonds retired_
420.000
Unamort. disc. & exp. on
557.596
bonds retired
1.201.204
Debit adjustment
Loss on property sold... _
307,577
Profit & loss surplus-$30,906,130 $23,701,333 $25,269,631 $22,119,735
1.200.000
1,182,799
1.182,799
Shares cap. stk. (no par) 1,200.000
$7.63
$5.16
$5.45
Earned per share
59.76
x After deducting all expenses incident to operations, including charges
for repairs and maintenance of $51,868,928.
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1928.
1929.
LiabilitiesS
Assetss
$
Capital stock__ __635,000,000 35,000,000
Land, plants &
29,400,000 30,000,000
mines
57,832,459 52,904,433 Funded debt
Oper.& conting.res 3,418,757 2,951,191
Inv. & ad. to affil.
COS
5,078,725 4,087,064 Accounts payable_ 1,657,873 1,839,630
596,237
676,714
Cash
5,874,406 5,390,148 Current payrolls__
903,649 1,076,681
Accruals
Time dep. & call
loans
2,050,000 1,850,000 Res. for Fed. taxes 1,319,000 1,080,000
30,906,130 23,701,333
61.939 Surplus
Bills receivable_ _ _
58,974
Inland bonds pur.
for sink.fund_ _ _ 1,156,171 1,129,500
Other market. sec. 332,412
Accts. receivable__ 8.947,534 6,997,242
Inventories
12,117,333 11,821,612
Govt.securities_ _ _ a9,166.486 a9,193,936
Deferred charges
2,589,144 2,869,673
Total
103,201,646 96,305,550
Total
103,201,646 98,305.550
a Includes other investments. b Represented by 1.200,000 shares of
no par value stock,
-V. 130. P. 983.
-Report.
Insuranshares Certificates, Inc.
Chairman Edward B. Twombly writes in part:
Company was organized in Maryland Oct. 14 1929 to permit the consolidation of five Insuranshares Trust Funds, Series A-27, C-27, F-27,
H-27 and B-28. Accordingly, as of Oct. 16 1929, an offer to holders of
-A sinking fund for payment of principal of debentures at Insuranshares Trust Certificates was made to exchange such certificates
Pui ;)kino Fund.
R 3 .
,
maturity and for redemption of debentures will be computed at the rate of for the stock of the new corporation. Of the 622,500 certificates out$5.50 per 1,000 on the fee timber, and $2.50 per 1.000 on the government standing, over 99% of the certificates were deposited for exchange. As of
- Dec. 16 the Insuranshares Trust Funds were ordered redeemed and as of
timber, with provision for adjustment in case new timber is acquired.
Jan. 1 1930, the securities and other assets of these Funds became the
V. 129, p. 291.
property of Insuranshares Certificates Inc., with the exception of sufficient cash to cover the redemption of such few certificates as were not
Hupp Motor Car Corp.
-Omits Stock Dividend.
The directors have declared the regular quarterly cash dividend of 50c. a deposited for exchange.
share on the common stock, par 510, payable May 1 to holders of recorct
Condensed Balance Sheet Feb. 28 1930.
April 15. The directors took no action on the customary stock dividend
Liabilities
Assets
of 23i% which has been paid each quarter since and incl. Aug. 11928.
3140,719
Cash and call loans
$306,039 Accounts payable
1926.
Canso/
:Barns Cal
.
.Years- 1929.
1928.
1927.
133,469
13,316 Dividends payable
Trust Ws. in proc. of redemp
Hupmobiles sold during
66,697
387 Federal income taxes
Interest receivable
45,426 Dividends receivable
41,161
65,862
year
3,231 Common stock (890,642 shs.) 8,906,421
552.505,643 575,128.908 544,734,430 $50,342,607 Investments (at
Sales
3.271,918
12,813,599 Paid-in surplus
cost)
49,548,781 65,943,055 41,874,709 46,500,076 Other assets
Cost of sales
484,045
68,897 Earned surplus
59,185,854
1.522,326
52,859.721
726,453
$3,842,531
675,009
Profits and income.... $4,495,232 $10,708,180
1.026.296
473.958
Reserve for deprec'n
1,444,000
Prov.for Federal taxes-
$3,586,174
457,009
410,000
$4,517,541
459,912
550,000
Gross profit
Other income
$2,956,861
1,538,370
Net income
$3,468,936 $8,790,221 $2,719,164 $3.507,628
1,037 173
1.746,831
1,407 266
Com. diva. pd. in cash
2.759,549
Rate
(17%)
(20%
(14%)
115i)
913 809
772,897
Com. div. paid in stock_ 1,378,942
( 10%)
Rate
tin%)
(”5%)
Balance. surplus_ ___ def.3669,556
Previous surplus
17,086,990
Capital surplus
2,524,648
36,270,492
10.816.497
11,311,898
9.504.599
31,556,647
7947953
Profit & loss surplus- -$18,942,082 $17,086,989 510,816.497 59,504,599
1,005,189
1,082,480
1.005,189
Shs.com.stk.out.(par$10) 1.475,374
$3.48
Earn, per sh. on com
$8.12
$2.70
$2.35
Consolidated Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
AssetsLiabilities
$
$
Land, bides., ma14.753,739 10,824,796
Capital stock
1,347,808 1,549,104
chinery, &c__ _x16,406,947 7,322,601 Acc'ts payable
381,089
Investments
1,382,815 3,378,357 Accr. Int.. tax.,&c.1,016,0941
1 1,466,966
Good - will, trade
Res. for Fed. taxes,
160,055
154,268
names, &c
1
I Dealers' dep., &c_
80,266
CSS12, U.S.etts.,&c 10,668.464 15,958,462 Accrued wages_ _ _
22,334
Acet's receivable
732,707
266,583 Res. for conting'ies 1,515.836 1,150,000
Notes receivable_
18,942,082 17,086,990
500,667 Surplus
Inventories
8,481,231 5,181.565
Deferred charges
79.797
91,030
37,751,96432.699,267
Total
37,751,965 32,699,267
Total
x Land,51.295,213: buildings,$10.960,815: machinery.$5,187,652; Mulemon, 86,325,291; furniture and fixtures, $318,793: total, $24,087,765:
lass reserve for depreciation, 57,680,818.-V. 130, p. 1662.
813,003,268
$13,003,269
Total
List of Securities in Portfolio.
Shares. Company.
Shares. Company.
118 U. S. Guaranty Co.
1896 First Nat'l Bank of Boston
300 Aetna Fire Insurance Co.
185 First Nat'l Bank of N. Y.
380 Agricultural Insurance Co.
608 Continental Ill. Dank & Tr. Co.
1485 American Alliance CO.
432 Guaranty Trust Co.
375 Mercantile Commerce Bk. Sr Tr. 1500 American Insurance Co.
131 Boston Insurance Co.
225 Mercantile Liquidating Co.
10 Buffalo Insurance Co.
480 New York Trust Co.
70 City of N. Y. Insurance Co.
2 Rhode Island Hospital Tr. Co.
5529 Continental Insurance Co.
29 Royal Bank of Canada
278 Fidellty & Guaranty Fire Corp.
970 Aetna Life Insurance Co.
3310 Fidelity-Phenix Insurance Co.
125 Canada Life Assurance Co.
1944 Firemen's Insurance Co.
9900 Conn. General Life Insur. Co.
428 Franklin Fire Insurance Co.
78 Sun Life Assurance Co. of Can.
23 Glens Falls Insurance Co.
800 Travelers Insurance Co.
290 Great American Insurance Co.
4200 Aetna Casualty & Surety Co.
156 Halifax Fire Insurance Co.
4255 Bond & Mtge. Guaranty Co.
348 Hanover Fire Insurance Co.
728 Detroit Fidelity & surety Co.
14160 Hartford Fire Insurance Co.
1658 Fidelity & Deposit Co. of Md.
940 Hartford Steam Boiler Inspection 3248 Home Insurance Co.
10379 Insurance Co. of North America
& Insurance Co.
6020 National Fire Insurance Co.
6860 Lawyers mortgage Co.
286 New Hampshire Fire Insur. Co.
1310 Maryland Casualty Co.
100 North River Insurance Co.
100 Mass. Bonding & Insurance Co.
4002 National Surety Co.
780 Northwestern Nat'l Fire Ins. Co.
771 New Amsterdam Casualty Co.
8010 Phoenix Fire Insurance Co.
355 N. J. Fidel. & Plate Glass Ins. Co. 1530 Providence-Wash. Insurance Co.
10700 Preferred Accident Insurance Co.
817 St. Paul Fire & Marine Ins. Co.
4235 Security Insurance Co.
1000 Protective Indemnity Co.
100 United States Casualty Co.
212 Springfield Fire & Marine Ins. Co.
9310 U. S. Fidelity & Guaranty Co.
-V. 129, p. 3483.
Total
-New Director.
Insuranshares Corp. of N. Y.
Louis H. Bleier of Graham, Parsons & Co., Phila., Pa., has been elected
a director.
-V. 129. p. 4166.
MAR.22 1930.]
FINANCIAL CHRONICLE
2039
Note.
-The foregoing figures are predicated upon the acquisition by Interstate Bakeries Corp. of the entire capital stocks or assets of the company
above named (except 14,178 shs. of 7% preferred stock of Schulze Baking
Co., allowance for the dividends upon which has been made) and are
subject to adjustment if any shares of the common and convertible preference stocks of Schulze Baking Co. and of the common and preferred stocks
..S144
of Pacific Southwest Bakeries Corp. are not acquired.
-A reserve equivalent to 10% of the consolidatedfnet
Retirement Fund.
earnings and profits of the corporation and its subsidiaries will, beginning
June 15 1935 and annually (calendar years) thereafter, provide for the retirement of $6.50 cumulative preferred stock either by purchase at not
exceeding the redemption price or by redemption at 105 and dividends,
Net profit
$1,013.870 $1,388,278 $5,395.963 $5,809.309 all stock so acquired for retirement to be cancelled and not reissued. The
annual amount so to be set aside shall not, however, be required to exceed
Reserve for Federal taxes
680,024 a sum equivalent to $3.30 a share upon the largest number of shares of
486,731
and contingencies
Cr.367,597 Cr.126,631
this series of preferred stock that shall have been at any time issued and
Net to surplus
$1,381.467 $1,514,909 $4.909.232 $5.129,285 outstanding. Payments for account of this fund shall not be cumulative.
618.826
Sha.com.stk.out.
(no par)
627.865
618,826
627,865
-Omits Dividend.$7.82
$7.87
Earns. per share on com_
Interstate Hosiery Mills Inc.
$2.45
$2.20
The directors have voted to omit the quarterly dividend usually paid
-V. 129, p. 3644.
about this time on the capital stock, no par value. A quarterly dividend
-Listing of 35c. per share was paid on Jan. 2 last, as compared with quarterly
International Combustion Engineering Corp.
-V. 129.
The New York Stock Exchange has authorized the listing of certificates distributions of 45c. per share made on July 1 and Oct. 1 last.
deposit issued by Guaranty Trust Co. of New York for not to exceed p. 3974.
of
100,000 shares of the preferred stock (no par value), on official notice of
.
-Redemption of Pref. Stock.
the issue thereof, upon the deposit under the deposit agreement of a like
Investors Equity Co., Inc.
number of shares of preferred stock.
At a meeting of the board of directors held March 13 all the outstanding
The certificates of deposit are issued under deposit agreement dated as shares of preferred stock were called for redemption on May 26 1930. The
of Jan. 2 1930, which is an agreement between a committee consisting of $6 preferred series A stock is redeemable at 110 and dividends, and the
E. W.Stetson, Chairman; Martin G. Missir, John A. Kienle, Grant Thorn, $5.50 preferred series B stock at 105 and dividends. The stock should
H.J. Halle and J. N. Darrow,and those of the holders of the preferred stock be forwarded to the company's office, 65 Broadway, N. Y. City.
who shall become parties thereto by depositing their certificates of preThe notices of redemption provides that preferred stockholders may
ferred stock.
send in their certificates prior to May 26 1930 and receive the redemption
Eugene W. Stetson, Chairman of the reorganization has authorized the price, to include accrued dividends up to the time the stock is received by
following statement:
the company, if the holder so elects. After May 26 1930 dividends will
After the formation of the committees acting for creditors, preferred cease to accrue on the stock
-V. 130. p. 632.
stock and common stock, it was determined the most expeditious reorganization that would be satisfactory to all classes should be worked out under
-400% Stock Dividend, &c.
Joint Investors, Inc.
the supervision of an independent committee composed of nominees of the
The directors have declared an extra dividend of 25 cents a share on the
several committees. Each of the three committees representing creditors class A common stock, in addition to the regular quarterly dividend of
preferred and common stock, nominated two members to serve on the
cents a share, both payable April 1 to holders of record March 21.
reorganization committee. Since their appointment the committee has 50An extra cash dividend of 25 cents a share was paid on the class A combeen making an investigation and study of the properties and the oppor- mon
stock on April 1, July land Oct. 1 1929 and on Jan. 2 1930. A 400%
tunities for reorganization. The committee has retained the services of
last.
-V. 130, p. 811.
Ford, Bacon & Davis engineers, to make a report upon the properties and stock distribution was made on Dec. 20
the committee is advised that there will be available for its use the report
-Smaller Dividend.
Keystone Steel & Wire Co.
of the engineers within a very short time.
The directors have declared a quarterly dividend of 25c. a share on the
The committee's investigation confirms its original belief that these properties ought to be reorganized, and the committee is of the opinion that common stock, no par value, and the regular quarterly dividend of 131%
the time required for the engineering report and obtaining other information on the preferred stock, both payable April 15 to holders of record March 21.
and data will ultimately prove to be of benefit to all those interested in the A quarterly distribution of 50c. a share was made on the common stock on
company, and all of this will contribute to a prompt reorganization of the Jan. 15 last, as compared with quarterly dividends of 75c. a share paid
company, so financed that it will be able to meet competitive conditions from July 1928 to October 1929, incl.-V. 129, p. 4148.
and to be able to assure its customers the complete carrying out of all of
-Committee.
Kolster Radio Corp.
Its obligations.
-V. 130, P. 1124.
J. C. Duncan of W.E. Hutton & Co., J. T. Munds of Muncls & Winslow,
W. K. Johnson of W. K. Johnson & Co., and Herman F. Neuschafer are
-Opens New DalInternational Paper & Power Co.
acting as a common stockholders' committee for deposit of common stock.
housie Newsprint Mill.
The committee suggests that stockholders refrain from making deposits of
Impressive ceremonies on March 14 marked the formal opening of New their stock with any committee until they receive the letter from the
-ton newsprint mill at Dal- committee and have an opportunity to compare both deposit agreements.
Brunswick International Paper Co.'s new 550
housie, New Brunswick.
-V.130, p. 1290.
-V. 130, p. 475.
-Preliminary Earnings.
International Cement Corp.
Period Ended Dec.31- 1929-3 Mos.-1928. 1929-12 Mos.-1928.
Gross sales
$8,490,541 $8,541,359 $35.420,469 $34,214,647
7,271,566
6.729,759
Packages, discts. & allow 1,722,487
1,707,266
Manufacturing costs_ _ _ 3.473,704
3,334,909 14,133,230 13,990.863
2,674.836
2,256.784
Depreciation
647.866
742,182
Int. charges & financial
681,348
425,813
expenses
148,168
170.270
Shipping, selling & ad5,002,118
5,263,526
ministrative expenses_ 1.368.027
1.314.870
-Reduces Capital Stock.
International Salt Co.
-Sales.
Kroger Grocery & Baking Co.
The stockholders have voted to reduce the authorized capital stock from
Sales for Four and Eight Weeks and Four Days Ended March 1
-1929. Deer.
-1929 Decrease. 11930-8 Wks. & 4 Days
1930-4 Weeks
$6,077,130 to $6,000.000, Par 8100.
3616.582
% on $20.484,135 $21,639,484 $1,155,349 1844,966,706 845,583,288
The directors have declared the regular quarterly dividend of
the capital stock, payable April 1 to holders of record March 15.-V. 130,
company had in operation 5,483 stores on Mar. 1 1930, compared
The
P. 1662.
with 5,420 stores on Mar. 1 1929.-V. 130, p. 1839.
-Preferred Stock Offered.
Interstate Bakeries Corp.
Lawyers Mortgage Investment Corp. of Boston.
Spencer Trask & Co. and H. M. Byllesby & Co., Inc., are Mortgage Certificates Offered.-The First National Old Colony
offering at $96 per share 23,141 shares $6.50 cumulative Corp.; F. S. Moseley & Co., and Stone & Webster and
(convertible) preferred stock (no par value).
Blodget, Inc., are offering $2,500,000 10-year 5% insured
Entitled to preferential dividends (cumulative from April 1 1930) at
interest.
rate of $6.50 per share per annum, payable Q.
-J. In event of liquidation 1st mortgage certificates, series B-1, at 100 and
or dissolution, either voluntary or involuntary, entitled to $100 per share
and diva. before any payment on common stock. Red. all or part at
any time at corporation's option, upon 30 days' notice, at $110 per share
and diva, on or before June 15 1935. and at $105 per share and diva. thereafter. Holders shall be entitled to vote at all shareholders' meetings. The
certificate of incorporation contains provisions for protection of the conversion privilege and restrictions against the issuance of securities senior
to the preferred stock. Transfer agents' Bankers Trust Co., New York
and Continental Blinois Bank & Trust Co., Chicago. Registrars* Bank
of America National Association, New York and Central Trust Co. of
Illinois, Chicago.
Convertible at option of holder at any time up to and including June 15
1935 (or up to and including third day prior to any date sepcified for redemption) into common stock in ratio of 4 shares of common for each share
of preferred. Directors have inaugurated dividends on common stock at
rate of $1 per share per annum by declaration of a quarterly dividend of
25 cents per share, payable July 1 1930.
Capitalization
Authorized. Outstanding.
Preferred stock (no par)
250,000 ohs. a40,000 shs.
Common stock (no par)
b1,000.000 shs. 230,000 shs.
There will also be outstanding 14.178 shares of preferred stock,$2,500,000
first mortgage 6% bonds, due 1945, and $109,705 mortgage notes payable,
&c.. Of subsidiary companies.
a This series of $6.50 cumulative preferred stock. Includes 15,763 shs.
reserved for exchange for Schulze Baking Co. convertible preference stock
on basis of 1 share of former for 2 1-5 shares of latter. b 160,000 shs.
loanable only for conversion of this series of preferred stock.
-The outstanding amounts of preferred and common stock shown
Note.
above are predicated upon acquisition of entire capital stocks or assets
of companies named below (except 14,178 shs. of 7% preferred stock of
Schulze Baking Co.) and are subject to adjustment to extent that any
shares of common and convertible preference stocks of Schulze Baking Co.
and of the common and preferred stocks of Pacific Southwest Bakeries
Corp. are not acquired. The number of outstanding shares of Interstate
Bakeries Corp. both preferred and common, will be decreased if any
shares of common and convertible preference stocks of Schulze Baking Co.
are not acquired.
Data from Letter of R.• L. Nafziger, Pres. of the Bakeries Corp.
Company.
-Incorporated March 1 1930, in Delaware, to acquire, either
directly or through subsidiary companies, the entire capital stocks or
assets of Suydam Baking Co. Kilpatrick Baking Co., Ltd., Four S Baking
Co.. Log Cabin Bread Co., Cramer Baking Co.and Weber Cake Co.and not
less than 90% of the common and preferred stocks of Pacific Southwest
Bakeries Corp. (owner of the entire capital stock of Weber Baking Co.),
together with a controlling interest in Schulze Baking Co., consisting a
not less than 75% of the common stock of that company. It is expected
that substantially all of the capital stock of the Pacific Southwest Bakeries
Corp. and of Schulze Baking Co.(except 14,178 shares of the 7% preferred
stock of Schulze Baking Co.) will ultimately be acquired. These companies. which serve an extensive territory with a population of several
millions, operate 22 baking plants located in 16 cities in 7 States.
Earnings.
-The following figures are as certified by Arthur Young & Co.
who have accepted, for certain subsidiaries, reports of other auditors satisfactory to them. Depreciation has been computed at composite rates
based on findings of American Appraisal Co. and Federal income taxes
at the 1929 rate of 11%. Non-recurring charges in respect of officers'
salaries, interest and bond discount, that will be no longer chargeable, of
an average annual amount of $84,618, have been excluded.
Calendar Years1929.
1928.
1927.
Combined sales
$13,916.797 $13,038,562 $11.385.890
Combined net earns, before bond int.,
depreciation and Federal taxes_ _ _ 1,606,639
1.304,818
1.120.370
NetNet profits applicable to pref. and
corn. stks. of Interstate Bakeries.
after bond int.,deprec.& Fed.taxes
836,251
590,305
465.293
3.22
Times annual pref. stock div. earned_
2.27
1.79
Earns.per sh.com.stk. after pref. dive.
$2.50
$1.44
Non-callable for 5 years. Exempt to individuals from all present Massachusetts income taxes. Certificates are issuable in series: 53i% series
B-1 certificates are to be dated March 15 1930 and are to be payable March
15 1940. Callable all or part, on any int. date, on 60 days' notice at 101
on and after March 15 1935 and up to and incl. March 15 1937; thereafter
at 1003.i up to and incl. March 15 1939: thereafter at 1003i up to and incl.
Sept. la 1939; plus int. in each case. Fully registered as to principal and
interest in denom. of $100 and multiples thereof. Interest payable M.& S.
First National Bank of Boston, depositary.
Data from Letter of Wilmot R. Evans, Pres. of the Company.
Company.-Incorp. in Mass. in Feb. 1928, primarily for the purpose of
buying, selling and dealing in mortgages. All mortgages covered by
series B certificates will be carefully selected first mortgages on residential
and (or)income producing business real estate located within Massachusetts
the assessed value of which shall be not less than the amount of the Mortgage, except as specifically defined in the certificates.
-All mortgages covered by series B certificates are
Insurance Company.
Insured by a wholly owned subsidiary, Lawyers Title Insurance Co., not
only as to the title of the real estate but insuring the owner of the mortgage
note against any loss by reason of the insufficiency of such mortgage as
security for the amount of each such note.
-These insured first mortgage certificates represent an,
Certificates.
undivided interest in mortgage notes, secured by first mortgages on Massachusetts real estate, insured as to title and sufficiency by Lawyers Title
Insurance Co., which notes and mortgages (together with such insurance
policies) are deposited with the depositary in principal amount equal to
100% of the face amount of outstanding certificates. In the event of the
death of the registered holder of these certificates, upon written notice by
the legal representatives of such holder, the company will purchase these
certificates at their face amount and accrued interest.
Consolidated Balance Sheet Dec. 31 1929 (Ind. Insurance Company).
LiabillUei$1,490,000
$203,593 Notes payable
Cash
3,016,632 Accounts payable
Mortgages (net)
31,
6 9°6
205
216,688 Int. accr mtge. eta
Guaranty fund
14,294
53,593 Taxes accrued
Interest &accts. receivable
160,581 Other liabilities
Real estate
1,000,000
65
4,163 Capital stock
Orrice equipment
1,020.000
6,676 Paid-1n surplus
Prepaid interest, &c
170,502
62475 Earned surplus
74
Unamort. exp.. mtge. etts*
Other
Oth unadjusted debits
$3,732,975
Total (each side)
Organization
7,500
-V.
* To be amortized proportionately over the life of the certificates.
128. p. 2103.
Liquid Carbonic Corp.
-Listing-Acquisition.
The New York Stock Exchange has authorized the listing of 26,667
additional shares of common stock (no par value) in exchange for shares
of the capital stock of Canadian Carbonate, Ltd., and 4,667 additional
shares in full payment for the business and assets, subject to liabilities, of
Keystone Carbonic Gas Co., making the total amount applied for 342,465
shares of common stock. No capital surplus will be created through the
-V. 130. p. 476.
issuance of these additional shares.
The corporation has acquired a controlling interest in Canadian Carbonate, Ltd., which will enable the latter company to enter the field of
distribution of bottling machinery and soda fountains. The Canadian
s4
company will, in addition, conduct its carbonic gas business.
In making this announcement W. A. Brown, President of the Liquid
Carbonic Corp., stated that the organization and executive personnel of
Canadian Carbonate will remain unchanged .1. R. Colby, one of the
founders of the Canadian corporation, has been re-elected President. R.L.
Crysler and W. A. Tackaberry, both of whom have been members of the
Canadian organization for over 16 years, have been re-elected general
Manager and Secretary-Treasurer, respectively: Mr. Colby and Mr.
Crysler and Colonel J. J. Creelman, as well as representatives of the Liquid
Carbonic Corp., have been elected directors of the Canadian company.
2040
FINANCIAL CHRONICLE
All branch managers of the oompany will retain their present positions.
-V. 130, p. 476.
Ludlum Steel Co.
-Rights---Annual Report
The directors have voted to offer common stockholders rights to purchase 34,000 additional common shares at $33 each in the ratio
sharejor each five held. Common stockholders also will beof one new
given the
right to purchase 5.000 shares of cony. pref. stock at $98 per share.
Income Account for Calendar Years.
a1929.
1928.
1927.
1926
Netsales
$7,769,577 33.817,528 82,829.798 $3.521,229
Material. labor & oper.
expense
6,642,907
3,029,200
2,458,097 3.104.55.3
Income from oper, _ _ $1,126,670
$788,328
$371.701
$416,670
Depredation
188.734
82,801
81,241
101,365
Net Inc.from oper__ $937.937
$705,527
$290,460
$3315,305
Other income
107.088
54.575
89.579
120,596
Total income
$1.045,026
$760.102
3380.039
$435,901
Int.on funded debt
6,142
73,914
76,344
78.601
Amort. bond discount923
11,076
11.076
11.076
Res. for
State &
general taxes
Fed.,
118,429
88.502
67,183
60,544
Bal.for diva. & surplus $919,531
$586,610
$225,436
8285.679
Prof.diva.(est.) _ - _ _ _
292,506
-Common dividends (eat.)
-340,000
270,000
270.000
270.000
Balance,surplus
$287,025
$3316.610 df.$55.436
$15,679
She. cap. stk. outsVg
(no par)
170.000
135.000
135,000
135.000
Earns, per share
$3.68
$4.34
$1.37
$2.12
a Includes Atlas Steel Corp.
Note.
-The annual report does not show the amount of dividends charged
against the 1929 earnings. We have estimated the figures for comparative
purposes -Ed.
Comparative Consolidated Balance Sheet Dec. 31.
81929.
1928.
a1929.
1928.
Assets$
S
Liabilities$
$
Permanent assets a 4,977,140 2,363,151 Preferred stock_ _ _ 4,600,000
Cash
318,474
537,068 Common stock_ _y 3,399,766
Notes receivable_
16,596
10,160 Capital stock
1,738,164
Accts. receivable__ 490,953
511.003 Bonds outstanding
1,953,000
Inventories
3,927,637 1.337,171 Accts. payable_ _ _ _ 339,009
186,391
Other cur. assets_ _ 169,385
14,500 Notes payable__.. 250,000
1,00
Other Resets
198,925
70,027 Accrued accts.__ _
22,970
17,376
Pats.,form.& proc_ 155,824
140,173 Fed. inc. & other
Good-will
1
1
taxes
112,037
72,403
Contracts
38,171
Int.001st M.bds_
30,712
Deferred charges__ 538,552
291.401 Divs. payable__- 158,124
67.500
Res.for pos.contin.
29,630
27,456
Tot.(each M(1(0_10,831,658 5,274,655 Surplus
2,020,119 2,080,848
a Includes Atlas Steel Corp.
x Land. $322.737: plant and buildings, $1.831,883; machinery and equipment,$4,682,904; total, $6,837,524:lees depreciation,$1,860,383. y'Represented by 170,000 shares of no par value.
-V. 129, p. 3484.
Mack Trucks, Inc. & Subs.
-Balance Sheet Dec. 31.1929.
1928.
1929.
1928.
Assets$
Real estate, bldgs.
eq., mach.,&e.:20.506.335
Cash
1,899,368
Accts.& notes ree.22,087,391
Inventories
20,306,232
Due from employ.
under stk. allot_ 544,323
Sundry Investm-ts 567,480
Deferred charges
377,821
Licenses, patents,
patent rights &
good-will
2,438,365
130.
The NuGrape company proposes to expend $300,000 In expanding facilities of the Mavis plants and plans advertising expenditures of
at least
$100.000 this season. According to James M. Elliott, President of the
Mavis company, the proposed amalgamation of the company with NuGrape
will effectually solve the present difficulties of the Mavis Bottling Co. and
assure continuance of the Mavis enterprise under competent management
and with adequate financial resources -V. 130. p. 1840.
MidlandLSteel Products Co.
-Earnings.
Calendar YearsOperating profit
Other Income
1929.
1928.
1927.
1926.
$4,084,473 $3,599,962 $2,603,836 $2,764,292
239,299
230.495
244,507
182,522
Total
$4,323,771 $3,830,457 32.848.343 $2,946,814
Interest, disc., &c
399,738
167.503
87,353
243.329
Employees' prof.sharing
392,403
366.295
276.099
270.349
Depredation
576.206
466,884
428,015
419,525
Federal taxes (est.)
400,000
400.000
280,000
265,000
Net income
$2.555,424 32.429,773 31,776,875 81,748,612
Preferred dividends_ _ _ - 1,308.555
1.163,160
1,162.686
1,160.702
Rate
(1335 Ty)
(12%)
(12'%)
(12%)
Common dividends
328,875
297.000
296.000
297.500
Rate
$6.63
$5.94
$5.52
$5.95
Balance,surplus
$917,994
8969.613
8318,189
$290,410
*Earns. per sh. on 96,930shs. pref.stock _ _ _
$21.04
$20.00
814.61
514.38
*Earns. per sh. on 50.000shs.common
$10.32
$9.82
$7.20
$7.09
* Under the participating provisions of the shares.
Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
AssetsLiabilities$
$
$
$
Land, mach.,ea__ 6,013,761 5,810,022 Preferred stook_ __ 9,693,000 9,693,000
Good-will & pats._ 1,675.000 1,675.000 Common stock_ _x
5,000
5,000
Cash
65.287 Accts. payable... 946,707 1,410,588
86.925
Govt.securities_
7,193,418 5,421,686 Accrued accts_ __ _ 484,152
474,992
Joint stock land
Reserves
900,000
500,000
bank bonds_ .... _
82,500
Capital surplus..-- 135,307
135,308
Accrued interest._
27,357
Profit & loss surp- 5,404,673 4.486,679
Notes de accts. reo.y 982,237 1,809,744
Inventories
1,132,456 1,629,251
Other assets
126,026
207,388
Deferred charges
168.529
Tot.(each side)-17.568,839 16,705,547
167,794
x Represented by 50,000 no par shares, declared value. y After deducting $25,000 allowance for doubtful notes, discounts, accounts and allowances.
-V. 130. p. 1840.
-Earnings.
Midvale Co.(& Subs.).
1929.
1928.
1927.
1926.
37.721.862 87,727.692 $6,878.303
6.385.081
6,564.506
5.894,757
Manufacturing profit_ $1.695,869 51.336.781 31,163,186
$983,546
Other income
159.511
222,664
130,343
118,917
Calendar YearsSales
Cost
Total income
$1.918,533 31.496.292 31.293.529 31,102.463
460,000
460.000
Deduct-Prov.for deprec
460,000
460.000
Prov. for income taxes
90,500
55.000
30,500
5
Lin/Wines-5
$
Capital stock
y3,900,265 3,002,270
8981,292
Net profit
31.368.033
*803.029
$642.463
20.534,457 8% notes, ser. A...z2,200,000 2,400,000 Dividends paid
650,000
450,000
300.000
100.000
2,311.703 Equity of minority
22,966,200 stockholders in
$718,033
Balance surplus
$531.292
$503,029
$542,463
18,533,204 subsidiaries _ _. 6,891
.
4,736 Plant facility scrapped326,184
370,680
570.910
280.508
Notes pay. (Mack
Previous surplus
1.275,909
1.115,297
1.183,177
921.222
835.815
Accept Corp.)._ 2.000,000 4,000,000
509,802 Accounts payable_ 2,805,512 2.291,035
Profit and loss surplus 31.667.757 31.275,909 $1,115.297 31.183.177
367,916 Accrued accounts_ 1,498,058 1,499,100 Earns, per sh. on 200.000
Customers' deps _
84,976
109,111
shit. cap.stk.(no par)$6.84
$4.90
$4.01
$3.21
Res. Fed. inc. tax. 820,000
810,000
2,438,355 Res. for oontIng
650,973 1.000,259 -V. 129. p. 3485.
Capital surplus_ _29,451,197 29,478,831
Total(each side)-68,727,314 68,497,464 Earned surplus_ _25,309,440 23,002,121
-Defers Class A Dividend.
Mills Alloys, Inc.
.
The directors have voted to defer the quarterly dividend of 50c. Per share
z After depreciation of $13,135,978. y Represented by 780.053 shares
due April I on the class A cum,coy, no par stock. A quarterly distribution
of no par value. z Mack Trucks Real Estate. Inc.
-V.129. p. 3975.
Our usual comparative income account for the year ended Dec. 31 1929 at this rate was paid on Jan. 1 last.
was published in V. 130, p. 1840.
MacMarr Stores Inc.
-No. of Stores Increase.-
-Distribution in Liquidation.
Miller Rubber Co.
-
In liquidation of this company and in extinguishment of the rights of
the holders as such of the preferred and common stock, the 113.504 shares
of common stock without par value of the B. F. Goodrich Co. Issued in
payment for the assets of the Miller Rubber Co. will be distributed on and
Magnolia Petroleum Co.
-Subsidiary Sells Properties.
- after March 26 1930 on the following basis:
See Electric Power & Light Corp. under "Public Utilities" above.
(1) Subject to such adjustments as may be required under the laws of
V. 126, p. 882.
Ohio on account of the rights of dissenting shareholders of the Miller company and subject to the deduction from the amount distributable to holders
Marine Bancorporation (& Subs.).
-Report.
of assenting
provided below,the Goodrich shares will be
As of the close of 1929 the corporation owns 10 banks whose combined able pro ratashares as preferred shares of the Miller company. distributamong the
capital, surplus, undivided profits and reserver amounted to 85,978.785
us,
The holders of more than 90,000 shares of preferred stock of the Miller
with deposits of $41,809,933 and combined resources of 350.815.983. company have agreed to the deduction from the Goodrich shares distributaThe bankshave approximately 60.000 depositors aside from thousands of ble on all of the assenting preferred shares of the Miller company, pro rata.
customers of other departments. In addition corporation owns the entire ofsufficient of the Goodrich shares to permit the distribution to the common
-common stock of its investment subsidiary, the Marine National Co., shareholders of the Miller Rubber Co. of one share of common stock of
whose total resources are over $2,000,000, and its welly owned real estate the B. F. Goodrich Co. for each 11 shares of common stock of the Miller
snbeddiary,the Bind County Buildint. Co. whose resources are over $140,000. company, the owner or registered holder of which shall not have dissented
In addition to its investments in its subsidiaries, Inc Marine Bancorpora- and demanded payment for his stock under the laws of Ohio and who shall
tion had $2.190.066 in its own treasury in the form of cash, call loans. accept such distribution in extinguishment of his rights. The number of
stocks and bonds and accounts receivable. Irs stocks and bonds were shares so waived will be deducted pro rata from the Goodrich shares dis'
carried at cost or market, wuichever was lower.
tributable on all the assenting preferred shares.
It is estimated that this will provide between 74-100 and 75-100 of a
Combined Summary of Income Year Ended Dec. 31 1929.
share of Goodrich common for each share of assenting Miller preferred.
[Marine Bancorporation & Subsidiaries].
Income & recoveries
$3,246,821 The exact fraction will be determined as of the close of business on arch 22
'Expense & taxes
1.295.055 1930, on the basis of conditions existing at that time, and no waivers,
'Interest
657.573 consents and agreements received thereafter will be given effect.
(2) For each share of common stock of the Miller company, the owner
Reserves
200.000
or registered holder of which shall not have dissented and demanded payNet income
81.094.193 ment for his stock under the laws of Ohio and who shall accept such distribution in extinguishment of his rights, 1-11 of a Goodrich share.
Balance Sheet Dec. 31 1929 (Co. Alone).
Fractional Goodrich shares will not be issued, but scrip certificates for
AssetsLiabilities
fractional interests in multiples of 1-100 of a share will be issued and cash
Cash & call loans
5983,646 Div. payable Jan.2 1930_ _ _
$162,726 settlement will be made for any lesser fraction of a share. The amount of
Stocks dr bonds, at lower of
Cap. stk. & surplus: (reprocash settlement is to be determined by the sale from time to time of the
cost or market
488,095 sented by 8,842 abs. of
shares represented by the aggregate of such fractions of a share.
Div., notes & accts. receivable
initial non-par value stook
718.326
Each shareholder of the Miller company in order to receive this distribuInvestment in stocks of banks
& 352,772 abs. of fully partion is required to surrender for cancellation the certificate for said shares
& subsidiary cos., at cost._ 12,094,151
ticipating non-par value
of stock, or it the said certificate has been deposited, the certificate of
14.121,492 deposit for said shares of stock, and to accept such distribution in extinstock)
guishment of his rights as a shareholder of the -Miller Rubber Co. ArrangeTotal
$14,284,218
Total
514,281.217 ments have been made for the surrender of the stock certificates and or
--V. 129, P. 3975
certificates of deposit at the office of either of the following depositaries:
.
The First-City Trust & Savings Bank, Akron, Ohio; the Central Depositors
Mengel Co.
-Earnings.
Bank & Trust Co., Akron, Ohio; Bankers Trust Co., 16 Wall St., N. Y.
Period Ended Dec. 311929City.
3 Mos.
12 Mos.
Net sales
Scrip certificates issued for fractional Goodrich shame may be surrendered
$2,655,925 $18,373,494
Cost of sales
2,250.315 16,062,214 In amounts aggregating one full share of said stock at either of the deposiDepreciation
648.432 taries on or prior to April 30 1931 upon which the bearer will be entitled to
169,939
Interest charges
267,023 receive a certificate for one share of said stock together with the amount In
60.776
dividends previously received by the First-City Trust dc Savings Bank
Net profit
3174,895 $1.395.825 as depositary for said stock upon such share.
Miscellaneous profit and loss Items (net)
Cr4.368
After April 30 1931, such scrip certificates may be surrendered at the
Cr.11.116
office of the First-City Trust & Savings Bank at Akron, Ohio, and the
Profit before Federal income tax
$186,012 *1.400.193 bearer thereof will be entitled to receive a pro rata part of the proceeds of
After deducting 11%
1,246.172 sale on May 1 1931, or on
165,550
The unfilled orders were. Jan. 11930. 82.268.000; Jan. 11929. $2.611.- York Stock Exchange shallthe first day thereafter during which the New
be open, of one share
000. February 14, 1930, $2,343,000: Feb. 14 1929. 33,340.000.-V. 129, with a pro rata part of the amount of any dividends of said stock together
previously received by
P. 3485.
the depositary upon such one share of said stock.
In order to assist holders of scrip certificates for fractional shares, arMavis Bottling Co. of America.
-Merger Approved.
rangements have been made with each of the depositaries to provide a
The stockholders on March 17 approved a proposal to merge this com- market to buy or sell scrip certificates on the basis of
pany with the NuGrape Co. of America. The stockholders of the latter -earket value of the fractional interest in a share of saidapproximately the
stock represented
concern on March 13 ratified the consolidation.
by such scrip certificates.
The company reported 1,400 stores in operation at the end of
ea compared with 1,293 in Feb. 1929. See also V. 130, p.1840. Feb. 1930,
1
MAL 22 19301
FINANCIAL CHRONICLE
Consolidated Earnings for Calendar Years" 1928.
1929.
Net sales
$22.764,472 $19,801,525
Oast of sales, selling & administrative expense. &c. 22.152.148 20.217.741
Operating profit
$612,325 lossS410,216
Depreciation
976,918
765,718
Int., doubtful accounts St other deductions, net
347,148
704,13
through decline of crude rubber prices incl.
loss In Crude Rubber Agency, adjustment on
books ofinventories at June 30 1928,& reduction
to market at Dec. 311928, of crude rubber than
on hand and in transit
2,723,159
Minority interest in subsidiary eliminated by application of portion of loss applicable theretoCr.22,236
2041
Occidental Petroleum Corp.
-Smaller Dividend.
-
The directors have declared a dividend of 3 cents per share. payable
Mar. 31 to holders of record Mar. 20. On Dec. 31 1929, a dividend of
20 cents per share was paid, as compared with 50 cents per share on Sept.
30 1929.-V. 129, p. 3811.
Oppenheim, Collins & Co.
-Earnings.
-6 Mos,End. Jan.31- 1930.
1929.
1928.
1927.
Sales
$9,262,478 $10,753.142 510.644.689 311.276.292
Net after interest and
depreciation, &c
831,403
1.075,508
1.055,406
1,155.304
Federal taxes
83,000
130,000
130,000
155,000
Net profit
$748.403
$945,508
$925,406 31.000.304
Net deficit
$3,434,901 $1,864.610 Earns, per sh. on 220,000
shs. cap. stk. (no par)
Balance Jan. 1
$3.40
4.30
sur.1,319.175 df.2,092,330
$4.21
$455.
Additional Fed. taxes & int. Todd for prior years__
-V. 130. p. 1841.
63,041
107,594
Oast of capital stock of subsidiary Co. acquired-in excess of net value of assets
Otis Elevator Co.
-New Common Stock Placed on a $2.50
93.905
Net credit in connection with discount on preferred
Annual Dividend Basis-Listing.
stock purchased for retirement, &c
Cr.86,436
The
have declared a quarterly
Surplus paid in for common stock sold
Cr.1,440 on thedirectors par value common stock,dividend of 6214 cents per share
new no
payable April 15 to holders of
record March
This
Total deficit
$2.092,330 $4,156.999 stock of $100 31. value is equivalent to $10 per share on the old common
par
which was recently split upon a 4 for 1 basis.
Consolidated Balance Sheet as of Dec. 31.
The last quarterly distribution on the old stock was one of
share made on Jan. 15 1930. During 1929 the company paid four regular
1928.
1929.
1928.
1929.
Assets
quarterly dividends of 3% ($1.50 per share), an extra cash dividend e
Cash
-V. 130, p. 1664.
1,401,934 1,569,343 Notes payable- ___ 2,650,000 5,150,000 ($2 per share) and a 15% stock distribution.
Customers' notes &
The New York Stock Exchange has authorized the listing of 2,000.000
Accounts payable:
acceptances..... 416.667
shares of common stock (no par value) on official notice of issuance in
428,548
For purchases,
Accts. receiv., less
expenses, &c. 1,399,884
699,951 exchange for outstanding certificates for common stock of the par value
allowance
of $50 per share, in the ratio of 4 new shares of common stock (no par)
3,033,509 2,638.149
Accrued taxes
Inventory
5,453.425 5,214,365
.-V. 130. p. 1664.
& interest_ __ 147,588
68.206 for each share of common stock (par $50)
Real estate mtgee.,
Mortgages Payable
47,650
land contr., &c.. 518,663
Pacific
awrence, Mass.
181,601 Reserve for general
-New Director.Real estate not used
contingencies _
John P. Maguire New York has been elected a director.
Mills,Of
300,000
-V.130.p.1476.
In operations.
433,759
415.659 8% pref. stock_ _11,277,300 11,277,300
Land, buildings,
Pacific Western Oil Co.
-New Well.
Common stock-- 5,201,100 x5,201,100
machinery, &c._ 7,436,036 7.670,670
The company's new well, No. 92-2 at Elwood. which made 6.415 barrels
,
Patents
1
of 37.3 gravity oil in the final 24 hours before curtailment, established
1
Prep'd ins. & Int
189,548
168,871
a new record low cost per barrel for such high gravity oil, in the opinion
Deficit
2,092,330 4,156,999
of California oil authorities. The low cost per barrel Is due to the large
production and the comparatively shallow depth of 3.500 feet. Under
Total
20,975,871 22,444,207
Total
20,975,871 22,444,207 the curtailment agreement covering the field, the well has now been pinched
x Represented by 260,312 no par shares.
back to 2,710 barrels daily.
-V. 130, p. 1292.
Pacific Western's well No. 92-4 at Elwood. which is being drilled under
water 1.100 feet from the shore line, has picked up oil sand at 3.335 feet,
National Aviation Corp.
-New President,
affording additional proof that the company's entire Elwood holdingtwill
Edward 0. McDonnell of G. M.
-P. Murphy & Co., has been elected
President, succeeding James 0. Willson. George E. Devendorf, Vice- prove to be exceptionally prolific. The company's Goleta No. 2 well on
-V. 130, p. 147.
President of the American Founders Corp. has been elected Chairman of Its uplands lease is drilling at 3,151 feet.
the Executive Committee, succeeding Richard F. Hoyt. Alvin P.
Adams,
Pan American Petroleum & Transport Co.
-Sub.
Vice-President of Aeronautical Industries, Inc., has been elected
Vice- Co. Acquisition.President.
-V.130, p. 1841.
s.
The American Oil Co., a subsidiary, has acquired the business and
properties of the Penn Oil Co. of Washington,it was announced on Mar.19
National Bellas Hess Co., Inc.
-Omits Dividend.
The Penn Oil Co. is one of the oldest companies in the business. It has 65
The company has notified the New York Stock Exchange that
directors have decided to omit the quarterly dividend of 25c. a sharethe stations in the District of Columbia and nearby points in Maryland and
on Virginia, as well as storage and terminal facilities. The properties affected
the common stock, due at this time. In each of the four preceding quarters, the company paid a cash dividend of 25c. a share and a 1% stock are valued at $3,750,000. according to American Oil Co. officials.
-V. 129.
p. 3023.
dividend.
In its letter to the Exchange the company stated:
Paraffine Companies, Inc.
-New Directors.
"We call your attention to the language in the annual report under
The directorate has been increased from 9 to 11 members by the elecdate of Feb. 18 as follows: It seems appropriate at this time to advise
stockholders that action on common dividends shall not, and will not tion of Henry Rosenfeld. D. J. Murphy and Richard Shainwaid.-V. 130.
be taken by our board of directors until such time as in their judgment, P. 987
profit trend of the company justifies. We believe this to be the propes
Paramount Cab Manufacturing Corp.
-2% Stock Div.
course to follow in the general interest of all stockholders."
-V.130, p.1841r
The directors have declared a quarterly dividend of 2% on the capital
stock, being at the rate of 8% per annum, payable in stock April 1 to
National Biscuit Co.
-Listing.
-holders of record March 24. Reports to the effect that the corporation
The New York Stock Exchange has authorized the listing
shares of 7% preferred stock ($100 par), In substitution for a likeof 248,045 has also declared three additional stock dividends of 2% each for the last
number of three quarters of this year have been officially denied. From Jan. 2 1929
,
shares previously listed (the new certificates to recite preference in
of dissolution of company): 5,996.180 shares of common stock ($10 event to Jan.2 1930 incl.. quarterly cash dividends of 60c. per share were paid.
par),
Commenting on action of the directors Frank M. Wahl Treas.in a letter
on official notice of issuance in exchange for 2.398.472 shares of
stock, $25 par value. now outstanding and listed: 3.820 shares common to the stockholders says* "We hope that you will join the management and
mon stock on official notice of issuance in exchange for 3,056 of com- the larger stockholders in the feeling that this is a decidedly constructive
shares of program. The taxicab industry has before it an expected program that
Christie. Brown & Co., Ltd.. and Shredded Wheat Co., on bases
shares of National Biscuit Co. for each share of Christie, Brown of 11‘ will probably lead to its proper recognition as a public utility. During this
&
Interim the directors feel that the present comfortable cash and liquid
Ltd., and Shredded Wheat Co.: making the total amounts
248,045 shares of 7'7e preferred stock, and 6.000,000 shares applied for: position of the company should be maintained, to the end that Paramount's
of common high standing in the industry should be preserved.
-V. 130, p. 1664.
stock.
-V. 130, p. 1841.
$1.52Asa•
National Dairy Products Corp.
-Listing.
-The New York Stock Exchange has authorized the listing of
common shares (no par as follows: 20.200 shares upon officialadditional
notice of
hisuance, in connection with the acquisition of the entire
property and
assets of England Dairy-Farms Co., with authority to add 17.330
shares upon official notice of issuance, in connection with the additional
acquisition
of the entire property and assets of D. H. Ewing's Sons. Inc.;
additional shares on and after July 1 1930, and 379 additional and 376
shares on
on and after Oct. 1 1930, upon official notice of issuance from time
as stock dividends, making the total amount applied for 5,406.804 to time
shares.
V. 130. P. 1663.
paws 44
National Fireproofing Co-.7Se.
The directors have declared a dividend of 75c. a share on the
common
stock par $50, payable May 1 to holders of record March 31. On
a dividend of $2 a share was paid on the common stock which Jan. 6
was the
first distribution since 1903.
The directors also declared the regular quarterly dividend of l%
on
the preferred stock, payable April 15 to holders of record
March 31.V. 129„ P. 3646.
New England Steamship Co.-Earnings.-
Ontendar YearsOperating revenues - Operating expenses
1929.
$7,033,031
6,623,431
Net operating income_
Tax accruals
$409,600
55,574
Operating income..- Other Mei:line
$354,026
243,839
Gross income
Deduc.from gross inc- Net deficit
-V. 128. 1/. 2104.
$597,865
663,549
$65,684
1927.
1928.
1926.
$6,587,835 $6,811,033 $6,615,847
6,448,646
6,314.342
6,163,400
$139,188
$496,692
$452.447
56,241
50,543
74,115
$82.946
$446,148
$378,332
314,967
252,341
248,716
$397.914
$698.489
$627.048
662,396
648.573
656,736
$264.482 sur$49.916
$29.688
Newmont Mining Co.
-New Director.
Mrs. Boyce Thompson Schulze, daughter of Col. William Boyce
Thompson, has been elected a director, increasing the membership of the
board
from 11 to 12 members.
-V. 130, p. 1293.
Newton Steel Co.
-To Increase Capitalization.
-
The stockholders will vote April 23 on increasing the authorized
common
stock from 300.000 shares to 500.000 shares.
-V. 130. P. 1841.
New York Dock Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of
$450.000
1st mtge. 4% geld bonds making the total amount applied for $13,000.000.
The $4150.000 of bonds, are the remaining amount of the
$1,420,000 of
bond reserved under the terms of the
,
mortgage for future extensions and
improvements to the property of the company, which have been
and are now held in the treasury, and the proceeds of their sale issued
used for reimbursing the company for additions and Improvementswill be
to the
property and for other corporate purposes.
-V. 130.. P. 1293.
Nichols Copper Co.
-New Director.
-
Julian B. Beaty has been elected a director to fill the vacancy caused
by the death of William II. Nichols.
-V. 127, P. 2970.
Parmelee Transportation Co.
-To Expand.
The company is expected to announce shortly the acquisitionlof a controlling interest in the taxicab business in a large Eastern city. Negotia-
tions for the acquisition are now under way, but pending the settlement
of definite terms, official announcement is being withheld. Control of
the company in question, it was reported on March 18. will add materially
to the volume and net earnings of the Parmelee company.
The Parmelee company is the first in its field to apply the "chain store'
idea to taxicab transportation, and has undertaken this year an important
expansion pro;ram, involving the extension of its taxicab and bus operations to many sections of the country.
The Parmelee Transportation Co. controls the Yellow Taxi Corp. of
New York, the Pittsburgh Yellow Cab Co., the Pittsburgh TransportationCo.. and the Chicago Yellow Cab Co.
-V. 129, p. 3486.
Passwall Corp.
-Initial Preferred Dividend.
-
The directors have declared an initial quarterly dividend of 75c. per share
on the $3 cumul. cony. pref. stock, payable April 1 to holders of record
March 20.-V. 130, P. 1224.
Pathe Exchange, Inc.
-Releases First News Reel Films in
Natural Color.
The corporation announces the first release of news reel films in natural
color for l'athe Sound News. The pictures are made with a new type of
color-sound camera evolved in the last year by the Pathe research staff.
The details of the process, which is named "Pathe Coloratura, are not
made public. An extensive investment in equipment and processing
facilities has been absorbed in the operations of Pathe Sound News. ea
The first subject to reach the screen by the new news process depicts
a Mardi Gras parade in New Orelans, The Pathe Coloratura cameras
operate in synchronism with the standard RCA sound recording apparatus
and involve no changes of sound technique. The pictures are made on
special negative and positive films produced for Paths by the Dupont
Pathe Film Manufacturing Corp.
-V. 130, P. 147.
Peerless Motor Car Corp.
-Rights, Etc.
-
The corporation announces that the stockholders will be offered the right
to subscribe to additional stock at $8 a share to the extent of 100% of theft'
holdings.
President James A. Bohannon states that the offering will be undervrritten
up to 125.000 shares, but sufficient stock will be Issued to cover the rights
of all holders. Ile stated this would assure the company of a substantial
addition to Its working capital. The offering is subject to the approval of
the stockholders at a meeting to be held April 1, when the stock of record
date will be determined. At present there are 258,589 shares of capital
stock (Par $50) outstanding.
The proposed plan will supersede the stock option given the present
management last August, the management having agreed to waive Its
rights to give effect to the present plan.
-V.130. IL 987.
(J. C.) Penney Co. Inc.-New Directors.Walter A. Reynolds and Earl A. Ross have been elected directors to
'
fill vacancies in the board caused by resignations of J. M.McDonald,former
director and 2d Vice-President, and D. G. McDonald, former director,
who was associated with the merchandising department.
-V. 130, p. 1842.
Pepperell Mfg. Co.
-Condition Favorable.
-
The company has made the following announcement:
The company is in a very favorable position, having taken a prominent
part in the introduction of colored bed linens and building up a large
volume of business upon this item. The work fabrics division of the
A
2042
FINANCIAL CHRONICLE
[VOL. 130.
Purpose.
-Proceeds of this issue are to be used few the construction of a
business has developed substantially, until now Pepperell enjoys an impipe ihie from the company's new field in Van Zandt County to its own reportant place in the denim, chambray, and other work fabrics market.
purchased, renovated, and now has finery at Smiths Bluff, Texas, to fund the company's floating debt incurred
During the past year Pepperell has
in production the former Granite Mills of Fall River. This division LS for the commencement of this operation, and for other corporate purposes.
-Notes are to be direct obligations of company and
Provisions of Issue.
concentrating upon the production of broadcloths,lawns, and marquisettes.
-year 535% sinking fund gold notes,
,
This is another example of Pepperell's policy of diversification which has will rank equally with $18,000,000 10
due 1937, now outstanding. The notes are to be issued under a trust Inbeen largely responsible for the company's success.
The extensive advertising that has been in force for the past five years denture which will provide, among other things, that except in the case
is being continued with increased vigor, the company having just completed of purchase money mortgages and liens, and except in the case of pledges
in the usual course of business as security for temporary loans or indemnities
an extensive newspaper campaign.
-V. 129. P. 3977.
for terms not exceeding one year, the company will not mortgage or subject
- to a lien or pledge any of its property without thereby securing these notes
Philadelphia Co. for Guaranteeing Mortgages.
ratably and equally with any and all obligations secured by such mortgage
Larger Dividend.
or lien or pledge.
The directors have declared a dividend of 60 cents per share on the
Earnings.-Consolldated net earnings of the company and subsidiaries
15. In
$20 par value stock, payable Mar. 31 to holders of record Mar.
each of the three preceding quarters, regular dividends of 50 cents per have been as follows:
-Net Earnings Before Int. and Federal Taxes
share were paid.V. 130. p. 637.
After Deprec. on
After all Depreelation and
Properties Other Than
-Listing.
Phillips Petroleum Co.
Depletion.
Producing Properties.
Years Ended March 31The San Francisco Stock Exchange has authorized the listing of 150,993
$12,422,962
$15A22.92
additional shares of capital stock, no par value, making the total amount 1925
11.998,184
14,998,184
1926
-V. 130, p. 1842.
applied for 2,671,331 shares.
12,353,612
15.353,612
1927
4.704,164
7,732.462
1928
-February Sales.
Pig'n Whistle Corp.
12,282.005
16.517,788
1929
Sales for Month and 12 Months Ended Feb. 28.
6,720,797
9,716.080
1929*
Increase. I 1930-12 Mos.-1929. Increase.
1930
-Month-1929.
* Nine months ended Dec. 31 1929.
$355,995
334.4341E3,873.399 $3,517,404
8301.661
$336.095
Net earnings after depreciation on properties other than producing
-V. 130. p. 1295.
properties for the five years and nine months shown above averaged $13,868,015 or more than 6.60 times annual interest requirements on total funded
-Annual Report.
Public Utility Investing Corp.
debt to be outstanding upon completion of this financing. After all depreAs at Dec. 31 1929 company owned securities in 127 companies. Despite ciation and depletion such net earnings averaged 810.518,561 or more than
the recessions in the market values of all securities, company reports that five times such interest requirements.
the Dec. 31 1929 market value of all securities owned at that date shows
It is expected that the present depressed condition of the industry and
an appreciation in value in excess of 6% over the cost thereof. As of Feb. the decline in crude oil values will be reflected in the earnings of the com1 1930 such appreciation was in excess of 18%.
pany for the first quarter of 1930, during which period no benefit will have
During 1929 company issued 20.000 shares of $5.50 interest bearing been derived from the application of the proceeds of this issue. The operaallotment certificates exchangeable on and after March 31 1930 for one tion which the company is undertaking should materially augment the comshare of $5 dividend preferred stock of Public Utility Investing Corp. and pany's earning capacity and further entrench its strong Position.
one debenture right of Associated Gas & Electric Co. for each $100 of allotListing -It is expected tnat application will be made to list these notes
• ment certificates. These allotment certificates also carry a non-detachable on the New York stock Exchange.
warrant entitling the holder to purchase on or before March 31 1930 (which
Consolidated Balance Sheet Dec. 31 1929 (Give Effect to This Financing).
debenture right of Associated
is to be extended to Dec. 11930) one additional
Liabilities
AssetsGas & Electric Co. for $20.
$9,796,251 Accounts payable
$6,217,138
Cash ttz cash resources
Additional common stock was also issued and sold during 1929.
1,408,688
1,624,080 Accrued liabilities
The proceeds of the above financing were used to retire the outstanding Notes & acceptances rec.
6,088,506 5%% a. f. gold notes 1937_ _ 18,000,000
$6 preferred stock of 15.000 shares, to liquidate indebtedness and for the Accounts receivable
s.
18,909,506 5% % f. gold notes 1940_ 20,000,000
producing investments.
Inventories
• acquisition of additional income
28,000,000
. 6,351,543 Preferred stock
Investments & advances__
Comparative Income Statements 12 Months Ended Dec. 31.
75,959,250
Property, plant, equip., &c_ 170,504,833 Common stock
1929.
39,540,621
3,497,639 Capital surplus
6
$130,0 1 Prepaid & deferred charges
1
$140;7 4
$158,841
Cash dividends
Paid-in surplus
8.748,009
74.910
117,172
329,530
Stk.diva.(at market price on date rec)
Earned surplus
18,898,651
10,695
24.718
44,505
Interest on investment bonds
5,813
3,918
9,710
Other interest
Total
5216,770,358
3216,770,358
Total
$221.479 -V. 130, p. 302.
$286,523
$542.587
Gross operating income
9,057
36,521
33,568
Expenses and taxes
-Omits Dividend.
66,111
100.000
Interest on coll. trust 5% bonds
Q-R-S Devry Corp.
The directors have decided to conserve working capital by omitting the
$212,422 usual quarterly dividend of 20c. a share, usually payable about April 1.
$183,890
$409,019
Balance
Int. on $5.50 int. bearing allotment
Accessories Business Grows.
certificates exchangeable for $5 div.
Accessories business of the company's neon tubing division has grown
64,167
preferred stock
15,183 to such an extent that it is now practically on a parity with tube manu31,469
16,914
Interest on notes & accounts payable.
facturing itself, according to a statement by company officiate. Monthly
$197,239 shipments of 30,000 electrodes, used in neon sign lighting operations, have
$152.421
$327,939
Balance
22,500 become normal, it was said.
90,000
60,000
Divs. on $6 pref.stk.(red. June 1 '29)
Demand for other accessories, in addition to electrodes, which are made
under Q. R. 8. patents in the company's own plant, has increased to the
Balance of current income for corn.
$174.739 point where full operations are aisured for some time to come, President
$62,421
stock dividends and surplus
$267,939
T. M. Pletcher said. These accessories Include electrode housing, saddles
Non-recurring income: Commissions
48,231 for mounting tubing and cleansing gas. Because of increased orders the
286,781
330.175
and realized prof. from sales of sec_
-V. 130. P.
company has created a separate division for neon accessories.
3222,970 1842.
$349,202
$598,114
Balance
Comparative Balance Sheets Dec. 31.
-Stock Increased-New Director.
Quaker Oats Co.
1928.
1929.
1928.
1929.
The stockholders on March 14 increased the authorized common stock,
$
$
Liabilities$
Assetsno par value, from 600.000 shares to 800,000 shares, in order to provide
Invest. (at coat) x i i,425.035 5.584.499 Com. stk. (76,000
.
distributed to holders of record April 1.
20%
232,448 sin.) & surplus_ 8,197,376 1,798.798 for the C. stock dividend to be a director to succeed the late Robert
938.335
Cash
Murray has been elected
1,500,000 James
504,939 Pref. $6 div. series
:Accts. receivable
Gordon.
-V. 130, p. 1478.
,
_ _42,000,000
13.748 Preferred stock
21,954
.Int. & diva. me_ _ _
Collateral trust 58 2,000.000 2.000,000
-Earnings.
705,000
Railroad Shares Corp.
Notes payable_
274.950
Net earned surplus after reserves for all expenses and taxes has grown
2,400
Accts. payable_
from $51,833 on Dec. 23 1929 to $247,419 as of Feb. 24 1930.-V. 130,
8,000
Misc, current liab_
27,444 P. 1296.
52,500
Accrued Interest_
31,440
125,048
Total(each sld012,385,324 6,335,632 Reserves
-New Director.
(Robert) Reis & Co.
excess ot
a The above investments had a market value at Dec. 31 1929 in
Frederick M. Warburg of Lehman Bros.. has been elected a director,
S12.140,000. of which $9.397.000 were free and unpledged. The market
-V. 129, p. 4150.
trust indenture exceeded succeeding Herbert Lehman.
value of securities pledged under the collateral
$1,370 for each $1,900 5% bond outstanding and the market value of the
-Resignation.
Republic Iron & Steel Co.
net tangible assets exceeded $545 per share of allotment certificates outHarry L. Rownd, Vice-President and a director, retired on Mar. 15
standing. y $5 dividend series (20,000 shares), represented by $5.50 allot-V. 130, p. 1128.
after 30 years' continuous service with the company.
ment certificates.
-V. 129, p. 981.
-Stocks Deposited-Consummation
Republic Steel Corp.
-Guaranty Co.of New York,
-Notes Offered.
Pure Oil Co.
Dillon, Read & Co., Central-Illinois Co., Inc., Chase of Plan Assured.
the
Securities Corp., Continental Illinois Co., Inc., Halsey, in With large percentages of stocks of the constituent companies deposited
directors of the Republic Iron &
favor of the Republic Steel merger.
Stuart & Co., Inc., and First Union Trust & Savings Bank Steel Co., Central Alloy Steel Corp. Donner Steel Co., Inc. and the
Bourne-Fuller Co. have taken the necessary corporate action to permit
are offering at 9734 and int., to yield over 5.80%, $20,- consummation of the plan, subject to the approval of stockholders, it was
000,000 10-year 53% sinking fund gold notes.
announced to-night. Meetings of the stockholders have been called for
April 7 and 8.
Dated March 1 1930: due March 1 1940. Denom. $1,000c*. Interes
Chairman of the committee appointed to carry out the
F. J.
payable M.& S. 1. Principal and interest payable at the principal office
of Guaranty Trust Co. of New York. trustee. Red. all or part, on any int.
date on 30 days' notice at 102% and int. to and including March 1 1931,
the premium decreasing j of 1% for each year or fraction thereof elapsed
thereafter to and including Marcia 1 1939. and thereafter at par. provided
that except for the sinking fund they shall not be redeemed in lots of less
than 81.000.000 principal amount.
Sinking Fund, payable semi-annually, to be sufficient to retire $1,000.000
principal amount of notes in each year. beginning March 1 1931, sinking
fund moneys to be applied to purchase of notes at not exceeding current
redemption price or to their call by lot at such price.
Data from Letter of Henry M. Dawes, President of the Company.
-Incorporated in Ohio in 1914 as The Ohio Cities Gas Co.
Company.
Its oil operations commenced with the discovery of the famous Cabin Creek
Oil Field in West Virginia. of which the company controls practically the
entire production. Operations of the company and its subsidiaries cover
all phases of the petroleum industry and are well balanced as to production,
transportation, refining and marketing. Its fixed properties are among the
largest oil properties in the United States.
The company's well-known "Tiolene" motor oil is manufactured from
Cabin Creek crude, which is recognized as the highest grade crude found in
substantial volume in the United States. Among the other important brands
of the company are its "Purol" gasoline and its non-detonating fuels "Detonox" and "ntrol Pep."
New Properties.
-During the past year the company has discovered a
new field in Van Zandt County, Texas, within 200 miles of the company's
refinery at Smiths Bluff. A pipe line is now in process of construction from
the field to this refinery which will give the oil economical access to the
markets of the world by tanker.
Within the confines of this field as at present indicated, the company
• holds under lease about 82% of ths acreage, the remainder being owned by
four other major oil companies. All of this area has been consolidated under
a unit agreement under the management of The Pure Oil Co. The effect
of this will be to produce material savings in development expenses, to
bring about the ultimate recovery of the greatest possible amount of oil and
to provide for the oil reaching the markets in an orderly manner.
While at this time it is impossible to forecast accurately the possibilities
of total production in the field or the maximum potential production of
Individual wells,the company and the industry generally are very definitely
of the opinion that this area is a very important oil field.
Griffiths,
consolidation on March 18 made public the amount of stocks deposited
under the merger plan. The percentages are as follows:
Outstanding
Maas.
82
-Preferred stock
Republic Iron 8z Steel Co.
86
Common stock
71
-Preferred stock.
Central Alloy Steel Corp.
87
Common stock
96
Inc.-lst preferred stock
Donner Steel Co..
96
Convertible preferred stock
99
99
-Common stock
The Bourne-Fuller Co.
"The time fixed for deposits of stock has expired and the amount of
the committee, ample to insure the
deposited stock is, in the judgment of
successful consummation of the plan," Mr. Griffiths said. "In order,
however, to give every stockholder the fullest opportunity to deposit his
stock under the plan, the committee has made arrangements for the acceptance of deposits up to and Including April 3 1930, on which date the books
-V.130, p.1842.
of the committee will be closed."
-Enters New Territory.
Richfield Oil Co. of Calif.
O. B. Garretaon, Vice-President in charge of refined oil sales, on March
20, announced the entry of the company into Arizona for the sale of commercial gasoline and allied petroleum products. Distribution has already
been started with Phoenix and Prescott as centers. Guy Miner Richfield
agent at Phoenix, is in charge of the territory temporarily. Entry into
Arizona is the result of the demands for Richfield white gasoline by users of
the company's aviation gasoline and oils, which have been available in the
State for the past year.
The signing of a contract for the supplying of all gasoline needs of the
West Coast Air Transport Corp. for 5 years. beginning May 13, was
announced by Mr. C. B. Garretaon on March 17. The Richfield company
recently entered into arrangements for supplying West Coast's entire
lubricating oil needs. Upon this gasoline contract becoming effective, the
Richfield company will be supplying every major commercial aviation line
on the West Coast catering primarily to passenger transporation, with its
contracts including Transcontinental Air Transport-Maddux Lines
-Western Air Express, Mid-Continental Air Express.
(Western Division)
-V. 130, p. 1842.
Standard Air Lines and Aero Corp. of California.
MAR. 22 1930.]
FINANCIAL CHRONICLE
-Defers Dividend.
Rigney & Co., Brooklyn, N. Y.
The directors have voted to defer the quarterly dividend of 25c. per share
due April 1 on the $1 cumul. partic. pref. stock, no par value. This rate
bad been paid regularly since and incl. April 2 1928.-V. 127, p. 2697.
2043
Schulze Baking Co.
-New Control.
-V. 125. p. 1852.
See Interstate Bakeries Co. above.
-Earnings.
Seaboard Utilities Shares Corp.
31 1929
Net earned surplus has increased from
-Dillon, Read & to $804,439 as of Feb. 13 1930 after deducting$598.179 as of Dec.Delaware
-Debentures Offered.
Royal Dutch Co.
organization costs in
-V. 130, p. 1297.
Co., Chase Securities Corp., the Equitable Corp. of New to that date.
York, Guaranty Co.of New York,Bankers Co.of New York,
-8700,000 of 634%
Segal Lock & Hardware Co., Inc.
Bancamerica,Blair Corp. Harris, Forbes & Co. and First Cony. Debentures Offered.
-President Louis Segal,
-Rights.
Union Trust & Savings Bank, are offering at 89 and int., Mar. 18, says:
to yield 5% $40,000,000 4% debentures, series A (with
The plans of this company call for the offer, on or about April 1 1930,for
share purchase warrants). A substantial amount of these subscription by the public, of an issue of $700,000 of 634% cony, debenture
April 1 1940, at 100 and int.
April 1 1930,
debentures has been withdrawn for offering in Europe, bonds, to be datedmade to list theto maturethe New York Curb Exchange.
bonds on
Application will be
including an amount to be offered in Holland by Mendelssohn
These debentures are convertible into common stock. The effect of this
Is to give the holders
& Co., Amsterdam and Nederlandsehe Handel-Maatschappij. low price, for the nextof these bonds a "call" on the common stock, at a
10 years.
Dated April 1 1930: due April 1 1945. Each debenture now offered Is to
carry a non-detachable warrant entitling the holder thereof to poirchase,
on or before April 1 1936 (or in event of redemption of such debenture
prior thereto, on or before the redemption date), 15 New York shares
representing com, stock of the Royal Dutch Co. at $66 2-3 per New York
share on or-before April 11933, and thereafter, on or before April 1 1936,
at $70 per New York share.
Interest payable A.& 0. Principal and interest payable in New York City
In United States gold coin at the principal office of Dillon, Read & Co.,
without deduction for any Netherlands taxes, present or future. Holders
may, at their option, collect principal and interest in Amsterdam at the
• offices of Mendelssohn & Co. Amsterdam and Nederlandsche HandelMaatschapplj, in guilders: in London at the office of N. M. Rothschild
& 8012S. in pounds sterling: in Basle and Zurich at the offices of Credit
Suisse. in Swiss francs: or in Stockholm at the office of Stockholms Enskilda
Bank,in Swedish kronor: in each case at the buying rate for sight exchange
on New York on the date of presentation for collection. Denom. $1,000.
Red. all or part by lot, at any time on 60 days' published notice, at 100%
plus int. Irving Trust Co.. New York, debenture trustee: the Equitable
Trust Co. of New York, warrant trustee.
In the circumstances, it is felt that you should receive a prior right to
participate in such privilege to secure the common stock, at a set figure,
when, as and if it is much more valuable marketwise in the normal expectancy of profitable years to come.
The directors on Mar. 17 voted to extend to each stockholder the right
to subscribe for these 634% cony, debentures, on or before April 1 1930.
at 97 to yield approximately 7% to maturity. Payment may be made in
cash with subscription or on the special payment subscription plan which
calls for an initial payment of 20%, balance to be paid within six months.
All payaments must be made to the company, at its office. 12 Warren St.,
N. Y. City. It is expected that interim certificates will be ready for delivery on or about April 10 1930.
This bond is amply secured, net tangible assets, excluding valuable
patents, being equivalent to $2,429 for each $1,000 of debentures, as shown
by pro forma consolidated balance sheet of the company. Consolidated
net earnings last year, after Federal taxes and depreciation, were 5.42
times annual interest requirements. The bond is a direct obligation of the
company, chargeable against its entire assets and constitutes its only
funded debt. There are no other securities with preference over these
debentures.
The following information is contained in a letter, dated
In a circular describing the $700,000 634% convertible
The Hague, March 13 1930,from Sir Henri W.A. Deterding,
K.B.E., General Managing Director of Royal Dutch Co. debenture bonds, President Segal says:semi-ann. int. Oct. 1 and
Denom. $100. $500 and $1,000c. Prin.
for the working of petroleum wells in the Netherlands- April 1, payable at Chase National Bank ofand York. trustee. Callable
New
Indies:
on any interest date on 60 days' notice by the issuing corporation, at 105
Business.
-Company through its controlled companies, constitutes the
world's leading enterprise engaged in the production and distribution
of petroleum and its products. The Royal Dutt‘h company, incorporated
In the Netherlands in 1890, owns 60% of the outstanding cora, stocks of
the Batavian Petroleum Co.. the Anglo-Saxon Petroleum Co.. Ltd.. and
the Asiatic Petroleum Co. Ltd., the remaining 40% in each case being
owned by the "Shell" Transport and Trading Co., Ltd. The Batavian
Petroleum Co. owns approximately 64% of the outstanding common stock
of Shell Union Oil Corp.
The gross production of the group of companies controlled, directly or
ndirectlyby the Royal Dutch company amounted in 192 to an aggre rate
9
of approximately 163,000.000 barrels of crude oil, constituting more than
one-tenth of the estimated world production for that year. Production of the
oil lands in Venezuela, United States
grOUP in 1929 was principally from
and Netherlands-Indies. Physical properties of the group include 30 oil
refineries with an aggregate daily capacity of approximately 635,000 barrels,
storage facilities with a capacity totaling approximately 70,000,000 barrels,
and a fleet of tankers, including chartered vessels, with an aggregate deadweight tonnage of approximately 1,600,000 tons. The marketing organizations of the group distribute its products in nearly every country in the
world.
Capitalization.
-The capitalization of the Royal Dutch company, adjusted to give effect to the issuance of these series A debentures, and to the
Issuance of 5% guilder debentures in exchange for 4%% priority stocks as
set forth below, Is as follows.
Authorized. Outstanding.
000
Dollar debentures,4% series A (this issue)
311,457.000 b11:457,
guilderdebentures
000
11.457,000
Pref.stocks.cum.,434% priority stock
,
603.000
4% preference stock
603,000
Common stock
c389,940,000 202,456,848
a The indenture under which the series "A" debenture; are to be issued
Is to provide for the issuance of $50,000,000 of additional dollar debentures
of other series with such terms and provisions as the company may determine. The indenture further is to provide that the company shall not
create any secured indebtedness maturing more than one year from the
date thereof (except purchase money mortgages on and assumed indebtedness secured by property hereafter acquired, and renewals thereof) without
securing the series A debentures equally and ratably therewith.
b $11,457,000 principal amount of 50-year 5% guilder debentures are
presently to be offered in exchange for $11,457.000 par value of priority
stock now outstanding.
C $8,040,000 par value of common stock is to be reserved for issuance
upon exerclie of share purchase warrants carried by these series "A"
debentures. The agreement under which such warrants are to be issued is
to contain provisions designed to protect the purchase privilege against
the effects a dilution.
Income.
-Income of the Royal Dutch company Is derived largely from
dividends from investments in controlled companies. buch dividends are
taken up In the company's accounts In the year with respect to which the
same were paid, that is, for the most part, in the year prior n the year in
which received. Net inco_ne of the compam after all charges including
taxes and payments to managers and directors, for the period of five years
ended Dec. 311928. was as follows.
1924
539,837.24611928
f
534,531,29611926
$40,537,200
1925
39,995.5181
37,066,359 1927
Although final figures or the year 1929 will not be available for several
months, the management believes that net earnings of controlled companies
for 1929 were at least as satisfactory as for 1928.
The annual interest requirement on the $51,457.000 principal amount of
debentures shown above ai outstanding is $2,172.850.
-The New York shares 'amiable upon the exercise of
New York Shares.
the share purchase warrants described above are to represent common
stock of the Royal Dutch company in the ratio of three such New York
shares for each 100 tudIders ($40.20) par value of such common stock, and
are to be issued by the Equitable Trust Co. of New York under an agreement dated Sept. 10 1918. The outstanding New York shares (approximately 955,000 outstanding as at March 13 1930) are listed on the New
York Stock Exchange and are currently quoted at approximately $50
per share.
Dividends.
-Dividends have been paid on the common stock of the
Royal Dutch company with respect to each year since 1902, such dividends
In recent years having been paid in the form of an interim div. in January,
and a final div. in July. The amount ofsuch diva, paid in 1929 (with respect
to the year 1928) totaled 24% of par value, equivalent to approximately
$3.20 per Now York share. An interim div. of 10% was paid in Jan. 1930,
and the management expects that a final div. of 14% will be paid in July
1930.
Market Equity.
-The indicated aggregate market value of the outstanding
cora, stock of the Royal Dutch company, based on current market quotations, is approximately $750,000,000. The company's com, stock or
certificates representing such com, stock are listed on the New York.
London. Paris, Amsterdam, Brussels, Zurich and Batavia (Netherlands-Indies) stock exchanges.
Listing -It is expected that the company will make application in due
course to list the series "A" debs. on the New York Stock Exchange.
lAll conversions of Netherlands into United States currency have been
made at par of exchange (one guilder equals 50.402).1-V. 130. p. 1478.
and int., during first year and at 34 of 1% less during each succeeding year,
Authorized.
Outstanding.
Capitalization (after financing)Funded Debt: 634% cony, debenture
$1,000,000
5700.000
bonds,due April 1 1940
20,000 abs.
10,261 shs.
7% cumul. pref.stock ($50 par)
400.000 shs.
160,918 shs.
Common stock (no par)
-The debentures, or the indenture under which they are to be
Security.
Issued are to contain a provision that no mortgage shall be placed on any
of the property of the company, other than purchase money mortgages,
unless debentures outstanding under this issue are equally and ratably
secured with any obligations issued under any such mortgage.
-These cony. debentures will be convertible into
Conversion Privilege.
common stock at $8 1-3 per share or 12 shares of common stock for each
bonds, with adjustments of interest and dividends. In case here$100 of
after stock dividends in excess of 8% per annum shall be declared on such
common stock, or such stock split-up, appropriate adjustments of the conversion are to be made to preserve the conversion privilege on the basis of
the stock now outstanding. Conversion privilege is to remain In force
until the maturity of the debentures or until prior redemption.
The holders of such debenture bonds as may be called and redeemed
prior to maturity will receive from the issuing corporation a warrant entitling said holders to subscribe to common stock at the rate of 10 shares
of such common stock for each $100 of debenture at $8.33 a share, plus
accrued dividends, at any time after such red, and prior to April 1 1940.
-The proceeds of this financing will be used to discharge maturPurpose.
ing obligations incurred in the acquisition of new properties, to provide
additional working capital and for other corporate purposes.
Consolidated Balance Sheet Dec. 31 1929.
(Adjusted to give effect to this financing.)
Liabilities
Assets
$170,701 Accounts payable
$93,733
Cash
28,341
295,354 Federal taxes for 1929
Accts. d, bills receivable
864,765 Mortgages due In one year.-4,000
Inventory, merchandise
6,440 Mortgages due after one year _
53,500
Officers Insur., cash suer, value
73,312 634% cony. deb. bonds,due'40 700,000
Investments:securities
1,221,405 7% Pref. stock issued
513,050
Permanent assets
1,439,965
Prepaid exps. & def. charges_ _ 200,611 Common stock issued
Total
$2,832,589
32,832,589
Total
-V. 130. p. 1843.
x Represented by 160,918 shares of no par value.
-No Action on Pref. Div.
Seiberling Rubber Co.
The directors have taken no action on the regular quarterly dividend of
2% on the preferred stock due at this time.-V.129. p.4158.
-Initial Common Dividend.
Shaffer Stores Co.
The directors have declared an initial dividend of 25 cents per share on
the common stock, no par value, payable April 1 to holders of record
March 22. (For offering see V. 128, p. 2481.)-V. 129, p. 1757.
-Extra Dividend.Sieloff Packing Co. St. Louis.
The directors have declared an extra dividend of 60c. per share in addition to the regular quarterly dividend of 30c. per share on the common
stock, both payable April 1 to holders of record March 20. An extra of
60c. per share was also paid on April 1 1929.-V. 128, p. 2106.
-Listing, &c.
Signal Oil & Gas Co.
The San Francisco Stock Exchange has authorized the listing of 19,450
additional shares of class A capital stock, Par $25. making the total listed
to date 175.039 shares.
-The directors on Nov. 18 1929 authorized the sale and issuance
Purpose.
of 15,000 additional shares of the class A stock at $36 per share, for cash.
so as to net the company the full amount of the selling price. These
shares are to be sold to provide funds for a general expansion of the company's activities. The California Corporation Department granted a
permit to the company on Nov. 19 1929 to sell and issue 15.000 shares of
its class A capital stock at the price and for the purpose fixed by the board.
The directors on Nov. 19 1929 authorized the issuance of 4,450 shares
of class A capital stock as a special stock dividend on the capital stock,
being in the proportion of two shares of class A capital stock for each 100
shares of capital stock outstanding as of record on Nov. 30 1929.
Production.
-On Dec. 31 1929 the company had a total of 13 producing
wells, producing approximately 3,500 barrels per day, and owned and
operated eight gasoline plants having a capacity of about 160,000 gallons.
The net production per day from these plants is approximately 130.000
gallons. Total casinghead gasoline produced during 1929 amounted to
39,808.149 gallons. Total crude oil produced during 1929 amounted to
477,936 barrels.
-The company's total sales of crude oil, natural gasoline, and
Sales.
natural gas have been as follows'
1928.
1927.
1929.
None
21,906
Barrels of oil (net)
462.524
16,449.079
34,108.261
Gallons of gasoline (net)
39,676.635
Sales of gas (gross cubic feet)-1,539,985.000 3.117.306.000 3,848,479.000
Income Account for Ten Months Ended Oct. 311929,
Gross operating income
Russeks Fifth Avenue, Inc.
-New Director.
$3,250,674
Walter C. Brown, of George H. Burr & Co., has been elected a director. Deduct cost of Operating and general expenses
1.753,381
-V. 130, p. 1843.
Gross operating profit
51.497.293
(B. F.) Schlesinger & Sons, Inc.
-Defers Dividend.
Add non-operating income
72.250
The directors have decided to defer the quarterly dividend of 3734c. a
share due April 1 on the clam A stock, no par value. This rate had been Profits before deprec., depletion and Federal income taxes..--.51.569.543
paid to and incl. Jan. 2 1930.-V. 127, p. 2550.
Deduct prov. for deprec., depletion and Federal income taxes_
308,324
Schulte Real Estate Co., Inc.
-Sale of Pee.
See General Realty & Utilities Corp. above.
-V. 127. P. 3718.
Net profit for period
-V. 129. P. 3338.
$1,261.219
2044
FINANCIAL CHRONICLE
Signode Steel Strapping Co.
-Common Dividends.
-
The directors have declared the regular quarterly dividend of 20c. a
share in cash and 1% in stock on the common stock, and the regular quarterly dividend of 6234c. a share on the $2.50 cum. pref. stock, all payable
Apr. 15 to holders of record Mar. 30. Like amounts were paid on the
common stock on Oct. 15 1929 and on Jan. 15 last.
-V. 129, p. 4151.
Sloan & Zook Producing Co.
-Extra Dividend, &c.
-
The directors have declared an extra dividend of $1 per share and an
initial quarterly dividend of 60 cents per share on the no par common stock,
payable March 31 to holders of record March 20.-V. 128, p. 2649; V.
127, p. 1690.
(F. H.) Smith Co. (Del.).
-Defers Preferred Dividends.
The company has voted to defer the semi-annual dividends of 334% on
the 7% pref. stock and 331% on the 734% pref. stock, due March 15.V. 130, p. 990.
(A. 0.) Smith Corp.
-Balance Sheet Jan. 31.1929.
1929.
1930.
$
Liabilities$
1,024,677 Preferred stock__ 1,344,000 1,344,000
2,22,1751 Common stock __ z4,000,000 4,000,000
bds._ 3,872.000 4,122,000
5,139,597 1st M.6
Notes payable
6,060,000
3,119,858 Accounts payable_ 1,145,664 2,577,819
295.098
5.538,232 Payroll
502,467
339,078 Dividends payable 273,520
173,520
15,238,970 Accrued items _ _ _ _ 1,568,695
785,310
93.964 Reserve for coating 961,263
731,987
Surplus
20,889,134 12,479,025
Total (each slde)34,349,374 32,716,128
x After deducting $9.158.418 reserve for depreciation and amortization.
y After reserve for doubtful accounts. z Represented by 500,000 shares of
no par value.
Our usual comparative income account for the 6 months ended Jan. 31
1930 was published in V. 130, p. 1843.
1930
Assets$
Cash
3,241,973
Goodwill
2,221,751
Marketable secure. 3,668,323
Accounts and notes
receivable
y2,418,861
Inventories
4,843,390
Other assets
315,893
Land, bldgs., dic.z17,572,962
Deferred charges _
66,221
(The) Starrett Corp.
-Div. Disbursing Agent.
The Equitable Trust Co. of New York has been appointed dividend
disbursing agent for the cumul. pref. stock.
-V. 129, p. 3979. __
Stock Exchange Securities, Inc.
-Initial Dividend.
An initial quarterly dividend of 3734c. per share has been declared on
the class A stock, no par value, payable April 1 to holders of record March
15. See V. 130. p. 1844.
Stone 8c Webster, Inc.
-Plan Operative.
See Engineers Public Service Co., Inc., under "Public Utilities" above,
Sales of Appliances.
Heading the list of electrical appliances sold during the first 9 months
of last year, according to a survey of a large number of electrical companies
Just completed by this corporation, were electric irons, with 44.2 per 1,000
home customers compared with 41.2 in the same period of 1928. Other
Increases were percolators, 12.5 against 9.7; washing machines, 7.0 against
4.0; electric ranges, 13.5 against 9.9; waffle irons. 12.0 against 11.8; electric
refrigerators, 10.3 against 8.31: electric cookers, 8.6 against 5.6 and vaccum
cleaners and floor polishers, 7.1 against 6.0. Miscellaneous appliances
Increased from 6.2 to 18.8. Old houses connected to gas mains increased
from 8.7 to 11.2 per 1,000 home customers and gas house heating installations increased from 166 to 249 or 50%.
The analysis was made by the Stone & Webster Service Corp., a subsidiary of Stone & Webster, Inc., and applies to the operation of public
utility properties which it supervises in 15 States as well as in Canada,
Mexico and the West Indies. All together, merchandise sales by electrical
departments of the companies covered by the report amounted to 13.6%
of gross revenue from sales of electric energy during the first 9 months of
last year against 12.7% in the same period of 1928.-V. 130, p. 1844.
-Swift & Co.
-$5,000,000 of Notes Called.
-
The company has called for redemption April 15 next, at 1003 and int.,
$5,000,000 of 5% 10
-year gold notes due Oct. 15 1932. Payment will
be made at the Continental Illinois Bank & Trust Co., Chicago, Ill., or
at the Irving Trust Co., N. Y. City.
-V. 130. p. 1669.
• t.
Tennessee Coal, Iron & RR. Co.
-Converting Its Furnaces to Natural Gas as Fuel.
Early this month, this company, a subsidiary of the United'States Steel
Corp.. commenced utilizing natural gas, supplied by the Southern Natural
Gas Corp., as fuel in one of its open hearth furnaces at Ensley. Ala., consuming approsdmately 1,400,000 cubic feet per day. A second furnace was
converted to natural gas on March 15, a third was being converted and
fourth on March 24. This is the initial installation of natural gas by the
Tennessee company and it is expected that early in April certain of its
operations at Bessemer, Ala., and shortly thereafter at Fairfield. Ala., will
also convert to natural gas as fuel, using very large quantities. Last week,
the Birmingham Gas Co. began taking gas under its contract with the
Southern Natural Co. in the plant of the Birmingham Clay Products Co.,
and service to the Mississippi Power & Light Co. at Yazoo, Miss., was
also started.
-V. 129, p. 3490.
(John R.) Thompson Co.-NewDirector.Otto W. Lehmann has been elected a director, succeeding Henry Russel
Platt. H M. Hendrickson has been elected general manager.
-V. 130, p.
1845.
-•
Thompson Products, Inc.
-Increases Operations.
-
The corporation has materially increased production of the roads and
drag links at its Detroit plant. The company is now producing 66 2-3%.
of all tie roads and more than 50% of all drag links purchased by automobile
manufacturers in the United States. it is stated.
-V. 130, p. 11345.
Thompson-Starrett
Co.
Inc.-Unfinished Business.
The total volume of unfinished business as of Jan. 30 amounted to
'
$38.600,000, or more than twice the volume of unfinished business on hand
a year ago, according to a report by Chairman L. J. Horowitz -V. 130,
8.
Title GuaranteeCo.-Extra Dividend.
The trustees have declared the regular quarterly dividend of $1.20 per
share and an extra dividend of 60c. per share, both payable March 31 to
holders of record March 21. Like amounts were paid in each of the three
preceding quarters.
-V. 129, p. 3980.
Tubize-Chatillon Corp.
-Personnel.
The board of directors on March 14 elected Roland L. Taylor, formerly
Chairman of the board of the Tubize Artificial Silk Co. of America, as
chairman. Rufus W. Scott, who was Chairman of the board of the American Chatillon Corp., was elected Chairman of the Executive Committee.
The president is Benjamin G. Slaughter, who occupied a similar office in
the Tubize company. Dr. D. M. Balsam, President of the American
Chatillon Corp. at the time of the merger, and Marco Biroll, a director of
that company, were elected Vice-Chairmen of the board.
Other officers elected were. J. E. Bassin, Vice-President; E. It. Van
Vliet, Secretary and Treasurer and C. V. Riefenberg, Assistant Treasurer,
all of whom occupied similar positions in the Tubize Co. and F. P. Huff,
Jr., Assistant Secretary. Mr. Scott announced that in the future sales
and research will be conducted under the direction of J. E. Bassill
The full board of directors of the new Tublze-Chatillon Corp. Is composed of the following: Charles E. Baldwin, A. R. Balsam. and D. M.
Balsam, Marco Biroll, H. S. Davis, S. Fusi, William Lloyd Kitchel,Ugo
Mancini, John Wyckoff Mettler, Gerrish H. Milliken, Alexander Poss,
Rufus W. Scott, Benjamin G. Slaughter, Roland L. Taylor, William P.
Barba, J. E. Bassill and E. R. Van Vilet.-V. 130, p. 1845.
was
Ulen & Co.
-New Vice Presidents.
-
George E. Baumeister and Fred T. Holt have been elected Vice-Presidents.
-V. 130. p. 1845.
Union Carbide & Carbon Corp.
-New Plant, &c.
Waste eases from the large carbide furnaces at Niagara Falls in the main
plant of the Carbide & Chemicals Corp., a subsidiary, are now being utilized
in the manufacture of synthetic methyl alcohol, according to a survey by
[VOL. 130.
Pask & Walbridge. Manufacture and shipments have been begun on a
moderate scale.
A new plant for the making of ethyl or grain alcohol synthetically Is
under construction and will be placed in operation some time in August,
with an initial production at an annual rate of 10,000,000 gallons. The
new product has a quality said to be suitable for pharmaceutical as well as
general industrial purposes.
-V. 129. p. 3338.
Union Oil Co. of Calif.
-Debentures Sold.
-Dillon,
Read & Co., Bancamerica-Blair Corp. and Chase Securities
Corp. have sold at 99% and int., to yield 5.05%,$15,000,0005% debentures(with capital stock subscription warrants).
Dated April 1 1930; due April 1 1945. Int. payable J. & D. (first
coupon payable Dec. 1 1930), without deduction for Federal income tax
not exceeding 2% per annum. Principal and int payable at office of
Dillon, Read & Co., New York, or at office of the trustee in Los Angeles.
Denom. $1,000 c*. Red. all or part by lot, on any int. date on 30 days
notice, at following prices and mt.' to and incl. Juno 1 1933, 1023%;
thereafter to and incl. June 1 1936, 102%; thereafter to and incl. June l
1939. 10134%; thereafter to and incl. June 1 1942, 101%; thereafter to
and incl. June 1 1944, 10034%. .nd thereafter prior to .naturity, 100%•
Security-First National Bank of Los Angeles, trustee.
Warrants.
-Each debenture is to carry a subscription warrant, detachable on or after Oct. 1 1930, entitling the holder thereof to subscribe, on
or before April 1 1938, for 10 shares of capital stock of the company, at
fo lowing rates per share' to and incl. April 1 1932. $60 a share; thereafter to and incl. April 1 1934. $65 a share: thereafter to and incl. April 1
1936, $70 a share, and thereafter to and incl. April 1 1938, $75 a share.
Sinking Fund.
-Indenture is to provide for a sinking fund, payable
June 1 1934 and annually thereafter to maturity, of $375,000 on June 1
1931 and June 1 1935. and $750.000 per annum thereafter, to be applied
to the purchase of debentures as or below the then prevailing redemption
price, and, to the extent not so obtainable, to the redemption of debentures by lot, on the next succeeding interest date, at that price; but the
company shall have the right to deliver debentures taken at principal
amount, in lieu of cash payments to the sinking fund.
Data from Letter of L. P. St. Clair, Executive Vice-President.
Company.-Ineorp. In California in 1890. Is engaged, directly and
through subsidiaries, in the production, refining and distribution of petroleum and Les products. Company and its subsidiaries own in fee (or mineral
rights in fee) 194,600 acres and hold under lease 60.849 acres-all in the
United States. Additional acreage includes approximately 400.000 acres
owned in fee in Colombia. South America, and a half interest in concessions to approximately 880,000 acres in Venezuela.
Company's production of crude nil and natural gasoline, subject to
royalties, amounted in 1929 to approximately 22,600,000 barrels, and
total receipts (including crude oil and oil products purchased) to approximately 50,700,000 barrels. Present production of crude oil and natural
gasoline, from 605 wells in California, is at the daily rate of approximately
55,000 barrels, and in addition the company is purchasing about 53,000
barrels per day. Company also has 273 wells shut in capable of a daily
production of about 55.000 barrels.
Physical properties of the company and its subsidiaries include 7 refinerlea
with a normal daily capacity of approximately 135,000 barrels of crude oil.
trunk pipe lines totaling 495 miles and gathering lines totaling 403 miles,
storage facilities with a capacity totaling approximately 39,000.000 barrels.
„n7 tank fgllis. and barges with a combined carrying capacity of about
a6d0 0 ba .eps
0
F taiitgeti.on5R,Outstanding Adjusted to Include These Debentures and After
Capitalization
m za
dDed 3lng Obligations held in Treasury.
,
1ucti
due
$1.103.000
6% gold bonds, series A (secured), due 1942
8.934.500
5% bonds, series C, due 1935
8.300.000
5% debentures, due 1945 (this issue)
a15,000.000
Union Atlantic Co. 434% gold bonds, due 1937
62.000,000
Purchase obligations
1,207,000
c Capital stock (authorized 5,000.000 sha.-outstanding 4,215,953 shs. (par $25 a share)
105,398,825
a Indenture is to provide that company shall not create nor permit any
subsidiary to create any new mortgage Indebtedness maturing more than
one year from the date thereof (except purchase-money mortgages and
mortgages existing on after-acquired property at time of acquisition, and
renewals of either thereof) without providing that these debentures shall
share equally and ratably in the lien of such mortgage.
Is Represents one-half of a total issue of $4000,000 guaranteed jointly
and severally by the company and The Atlantic Refining Co.
c Of the authorized but unissued capital stock, 150,000 shares are to be
reserved for issuance upon the exercise of stock subscription warrants
accompanying these debentures. The indenture under which the debentures are to be Issued 1.3 to contain provisions designed to protect the subscription privilege against the effects of dilution, such provisions not to be
applicable, however, to stock dividends at a rate of 4% or less per annum.
Purpose.
-Proceeds are to be used in the expansion of the company's
business, and for other corporate purposes.
Results of Operations.
-Operations have resulted In a not profit in each
year since 1896. Results of operations of the company and its subsidiary
and controlled companies (including 50% interest in Union Atlantic Co.,
since formation of that company in 1927), during the 6
-year period ended
Dec. 31 1929, were as follows'
Calendar YearsSales.
a Net Earns.
1924
$65,950,218
$12,823,774
19 6
,5
2
74,378,772
12,456310
79,943.751
14,856,576
80,273,327
12,200.870
1199227
8
85,367,771
612,724,918
1929
88
a After all charges including depreciation and depletion, but
be'fore
interest and Federal income taxes.
b Includes profit arising from the sale of certain oil properties, which
profit, however, was almost completely offset by reducing the inventory
value of' fuel oil stocks.
The maximum annual interest requirement on all funded indebtedness
of the company outstanding as at Dec. 31 1929 as shown above, plus
annual interest on these debentures, is 81.908.640.
Net earnings for the year 1929, after deduction of all expenses including
interest and Federal income taxes as actually paid and (or) charged,
amounted to 815,019,635, equivalent to $3.56 a share on the 4,215,953
shares of capital stock outstanding at the end of such year.
Assets.
-The consolidated balance sheet of the company and Its subsidiaries, as at Dec. 31 1929, without adjustment for this financing, shows
total assets (including $40,878,559 of recorded appreciation in value of
certain proven oil properties), after deducing reserves and all liabilities
except funded debt, of approximately $200.000,000. Current assets are
shown as $68,798.084 as against current liabilities of $9,947,053.
Listing.
-Company has agreed to make application to list debentures
on New York Stock Exchange.
-V. 130. p. 1268.
Unit Corp. of America.
-Two New Models.
-
Production in the company's excavator division has been greatly inincreased by the manufacture and marketing of two new models, W H.
Schmidt. President and General Manager, announced. Both new designs
xcav
es
design.iyori-nal structure features and depart entirely from conventional
excavator
The company is the first, according to Mr. Schmidt. to introduce an all
encased gear case as well as to fully equip with a roller bearing which provides smoother operation of the excavators. The new models are known
respectively as unit 5-12 and unit 3-10.-V. 130. p. 1846.
Union Bag & Paper Corp.
-Recapitalization Planned.A special meeting of the stockholders will beheld on April 15 for the following purposes: (1) '1‘o consider and act upon the following proposal;
To change the par value of the 200,000 shares of capital stock from $100
a share to $30 a share thereby decreasing the amount of the authorized
capital stock from $20,000,000 to $6,000,000 and the amount of the issued
capital stock and the capital of the corporation from 814.980,936.36 to
$4,494,280.91 and (2) to change the directorate to one class from two
class to be elected annually, the number being reduced from 15 to 9 members.
A special meeting of the stockholders will be held on April 16 for the following purposes: To consider and act upon the following proposals: (a) To
change the 200,000 shares of capital stock of the par value of $30 a share
(upon such par value becoming effective) Into 200,000 shares without par
value; (b) To amend Article III of the Agreement of Consolidation under
which this corporation is formed to read as follows: "The number of shares
of the capital authorized capital stock of the Consolidated corporation
FINANCIAL CHRONICLE
4IA.R. 22 1930.]
shall be 200,000 shares without par value, all of one class. All stock of the
-Consolidated Corporation without par value whether now authorized or
authorized by subeequent increase of capital or pursuant to any amendment
of this Agreement of Consolidation ma's+ be issued from time to time for such
consideration as may be fixed from time to time by the Board of Directors
and authority so to fix such consideration is hereby granted to the board of
directors by the stockholders."
-V. 128, p. 2825.
United States Lines, Inc.
-Receives New Mail Contra,
;t
A contract for the eastbound ocean mall service between New York,
Cherbourg and Southampton. Involving the construction of two $30,000,000 super-ilners of the Bremen class, was awared to the corporation
on March 13 by Postmaster General Brown.
Plans for the now liners, to be built in 4 years, are before the Skipping
Board in connection with applications for large construction loans by the
United States Lines under the terms of the merchant marine act, which
authorizes advances up to 75% of the total cost of the vessels. It is understood that the board has informally approved the loans. The plans for the
vessels must be approved by the Navy and Commerce Departments.
The two new vessels must be completed by the Spring of 1934. A
performance bond of $200.000 will be required. The new vessels as
planned will exceed 50,000 tons and have speeds in excess of 29 miles an
hour.
-V. 130, p. 1870.
United Electric Coal Companies.
-Earnings.
--Period Ended Jan. 31- 1930-3 114'os.-1929.
1930-6 Mos.-1929.
Grass profit
$454,422
$350.184
$723.421
$272,550
Royalties depreciation &
depletion
191.649
91.110
115,632
194.662
Int., Fed. tax, &c
47.152
59.149
162.625
47,153
Net profit
Earnings per share on
271.000 sits. common
stock (no par)
-V. 129. p. 3981.
$109,765
$0.39
$199.925
$215,621
$3366.134
$0.77
$1.32
$0.72
U. S. Industrial Alcohol Co.
-To Increase Stock.
The company has notified the New York Stock Exchange of a proposed
increase in common stock from 400.000 shares to 500.000 shares, no par
value. The stockholders will meet on April 17.-V. 130. D. 1670.
United States Shares Corp.--Trustee.-The Empire Trust Co. has been appointed trustee under agreement and
declaration of trust dated March 1 1930 securing United FixedTrustShareel
series Y.
-V. 130, p. 1299.
United States Steel Corp.
-$33,555,356 Tax Refund
Approved.- A tax refund of $33,555,356 to the corporation
has been approved by the joint Congressional committee
on internal revenue taxation. The refund is on overassessed taxes for the years 1918, 1919 and 1920.-V. 130, p.
1846.
United Verde Extension Mining Co.
-Earnings.
Calendar YearsGross revenue
Other income
1927.
1928.
1929.
1926.
$11,780.473 $7,147,438 $5,802,206 $6,330,753
351,007
599,279
328,224
301,527
Total income
$12.131,481 $7.746,717 $6,130,430 $6.635,280
Mining,&c.,expends.__ 5.429,209 3,295,988 3,056,948
2,784,132
Other exp., incl. taxes- 794,840
625,308
787,969
620,665
Res,for deplet. & deprec 2,925,405
2,805.395
2,812,412
2,980.169
Net income
Dividends
Rate
$2,988,898 $1,020,026 def$533,771
x3.937.500 x2,100.000 3,150.000
($2.00)
($3.00)
($3.75)
$250,314
3,150.000
($3.00)
Balance, deficit
$948,602 $1,079.974 $3,683,771 $2,899.686
Shares of capital stock
outatand'g (par $0.50) 1.050,000
1.050,000
1,050,000
1,050,000
Earns.per sh.on cap.stk.
Nil
$0.97
$2.85
$0.24
*38.60% paid out of depletion reserve account and 61.40% paid out of
earned surplus.
Comparative Balance Sheet Dec. 31.
1929.
1929.
1928.
1928.
Assets
Mining prop
x4,180,066 7,031,018 CapItalstock
525.000
525,000
Mach.,equip., &o
y46,411
69,549 Accts. payable.&o 447.487
421,662
Investments
6,160,560 1,2713324 Surplus
14,769,82.5 15.957,951
Land,ranches,&c
87,440
106,480
Accts. & notes roc_ 134,299
154,118
Inventory
241,816
247,850
Cash
1.253.892
993.414
U.S.securities _
4,280,156
Due on ore sold,&c 3,637,826 2,750,402
Total(each side)l5,742.312 16.904,614
x After depreciation and depletion of $30,845,620. y After depreciation
reserve of $7,634,429.
Arthur Notman has been elected a director to succeed Lester R. Budrow.
-V.129. p. 2876.
2045
services or other thing of value as shall be fixed by the board, any and all
shares so issued the full consideration for which as fixed by the directors
has been paid or delivered to the corporation to be deemed fully paid and
non-assessable.
3.
-After the reorganization shall have been effected to increase the
number of shares of capital stock so that the number of shares that may
henceforth be issued by the corporation shall be 600.000 shares of common
stock without par value, 120.000 shares of 1st prof. stock without par value.
30.000 shares of 2nd preferred stock without par value. and 50.000 shares
of cony, pref. stock without par value.
4.
-To authorize the directors to offer to holders of 1st pref, stock and
2nd pref. stock the right to exchange their shares of 1st pref. stock and
2nd pref. stock for shares of cony. pref. stock upon the following terms:
for each three shares of new 1st prof. stock without par value, one share
of cony. pref. stock without par value, and for each three shares of new
2nd pref stock without par value, one share of cony. pref. stock without
par value and $8 in cash, such exchanges to be effected by the surrender
and cancellation of the certificates representing said shares of 1st and
2nd pref. stock and the issue in place thereof of certificates representing
cony. pref. stock.
At present, the company has an authorized capitalization consisting of
40.000 shares of $50 par 1st pref. stock. 10,000 shares of $50 par 2nd pref.
stock and 200.000 shares of no par common stock. There are outstanding
39.754 shares of 1st pref. stock. 9.923 shares of 2nd pref. stock and 156.742
shares of common stock.
A letter to the stockholders, dated March 18. says in substance:
The steady and substantial expansion of the business of the company
and the ever widening scope of its activities have emphasized the lack of
flexibility In its capital structure. However well adapted it may have been
to conditions in the earlier years of development the directors have become
convinced that a re-arrangement of the different classes of stock will be to
the advantage of the company and its stockholders
The board therefore wishes to recommend the reclassification of the
capital stock under a plan of voluntary reorganization pursuant to the
laws of West Virginia. This plan was approved at a meeting of the board.
The reorganization provides for the division of each class of stock Into
three times as many shares, the new shares of 1st and 2nd pref. stock to be
without par value, and each class of stock to have the same interest in the
property and assets of the company after the reorganization as before.
If the reorganization is authorized by the stockholders and aftet the
same shall have been effected, it is proposed to increase the capital stock
of the corporation by the authorization of 50.000 shares of new $3 cony.
pref. stock without par value and to offer the same to the 1st and 2nd
pref. stockholders in exchange for their shares of 1st pref. and 2nd pref.
stock on the basis set forth above provided the number of preferred stockholders electing to make the exchange is sufficient to render the authorization and issue of the new cony. pref. stock desirable.
The new cony. pref. stock without par value will be entitled to cumulative
preferential dividends at the rateof$3 per share per annum: will be entitled
in involuntary liquidation to $50 per share before any payments are made
upon the common stock; will be callable upon not less than 60 days' prior
notice on or before Dec. 31 1933, at $40 per share and accrued dividends
and thereafter at $55 per share and accrued dividends: will have full voting
rights: and will be convertible up to and including Dec. 31 1933 into the
new common stock in the following ratios: Up to and including Dec. 31
1931 one share of new common stock for each share of cony. pref. stock:
after Dec 31 1931 and up to and incl. Dec. 31 1932 one share of new
common stock for each 1 1-3 shares of cony. pref. stock: after Dec. 31 1932
and up to and including Dec. 31 1933 one share of new common stock for
each 1 2-3 shares of cony. pref. stock.
Consolidated Income Account for Calendar Years.
1928.
1929.
1927.
1926.
Gross income. itc
$335.364,069 $28,118,457 $16.684.214 $9.950.287
Cost. &c.(including local
32.788.083 28.286,014 15.056.524
taxes)
9,027,571
.
Net income
$2,575.986 $1,832.442 51.627.690
$922.716
945.993
1.386.391
Other income
444.632
282.866
Total income
Interest charges
Taxes
$3,962,377 $2,778,436 $2.07/322 $1,205,582
290.848
328,4/3
302.395
53,701
316.937
689.290
260.000
x90.294
Net income
1st pref. diva
2d pref. dies
Common dive
53.002.238 52.159.103 51.483.899 $1,061.587
119.016
119,025
117.656
118.729
34.726
34.786
34.961
34,286
940.380
783.710
577.425
577.461
Balance. surplus
$1,908,107 $1.221.590
Com shs.outst (no par).
156.742
156.742
Earnings per share_
$12.79
$18.17
x 1925 taxes.
-V. 130. P• 1670.
$753.857
115.485
$11.52
$331,111
115,485
$8.65
Weinberger Drug Stores Inc.
-Common Stock Placed on
an Annual Dividend Basis of $1 in Cash and 4% in Stock
!
Split-up Approved-Financing--New Directors
-Earnings.
-
The directors have declared an initial quarterly dividend of 25c. a share
and 1% in stock on the new common stock, no par value, payable April 1
to holders of record March 21. This is equivalent to 50c. a share and 1%
in stock on the old common stock recently split-up on a basis of 2 new
shares for each old share held. The old common stock received 50c.
quarterly.
Early In February last, the stockholders increased the capital stock from
Upson Co., Lockport, N. Y.
-Extra Dividend.
300.000 to 100.000 shares of no par common stock and approved an issue
The directors have declared an extra dividend of 10c.a share and the of 10,000 shares of no par preferred stock. The preferred shares will not
regular quarterly dividend of 40c, on the class A and class B stocks payable be issued at the present time.
April 15 to holders of record April 1. Like amounts were paid on
L. J. Wolf of Mandelbaum. Wolf & Lang, and E. G. Tillotson of E. G.
July 15 and Oct. 1.5 1929 and on Jan. 15 1930.-V. 130, p. 306. April 15. Tillotson & Co.. Inc. have been elected directors.
E. G. Tillotson & Co. Inc. Cleveland and Cincinnati. are offering at
'
Utilities Hydro & Rails Shares Corp.
-Explains Indi- $20 per share 10,000 additional
of common stock. This will increase
the total outstanding issue to 70,000 shares. Cash realized from the sale
vidual Features of Trust Group of Financial Editors.
of this stock will be used in accordance with a conservative expansion Policy.
A group of financial editors met March 13 at the headquarters of
It is planned to open 12 new stores during the current year.
corporation, 151 Congress St., Boston, to inspect the first system that the
Sales and earnings of the company and predecessor companies for the
been devised and placod in operation in Boston. for the benefit of has past three years, as certified by Price, Waterhouse & Co., have been as
the
newspapers, banking houses, and for investors to enable them at all times follows:
to determine the relative standing of utilities, railroads, and hydro-electric
Calendar Years1929.
1928.
1927.
properties of the country, from the point of view of past accomplishments Number ofstores
17
7
4
and- demonstrated ability to hold their lead among the corporations of Sales
51,531.636
$572.893
$331.882
their respective industries
Per cent of increase
167.3
72.6
The equipment, resources, and personnel of the organization are or- ieeet profit
$120.107
$74.212
818.691
ganized to eliminate theories in judging relative values of securities of Net per
share_y.
.
these classes of organizations so that facts alone obtained from the 1.-S.
x After all charges, depreciation & Federal taxes. y The above "Net per
0. Commission publications in the case of the railroads and only statistics share" is calculated in the average number ofshares of old stock outstanding
from standard sources are used as the base of these tests, as applied to during 1928 and 1929. and on 20,000 shares as applied to 1927. As of
utilities.
Feb. 20 1930, this old stock was split two for one.
350 Items are used in making 33 tests of the railroads; 75 items are used
Sales for the month of January 1930, totaled $145.237. an increase of
In making 15 tests of utilities.
94% over the same month of last year.
-V. 130. p. 1846.
-V. 129. p. 299.
Warner Bros. Pictures, Inc.--Listing.-
The New York Stock Exchange has authorized the listing of $19.205.000
optional 6% convertible debentures, due Sept. 1 19:19, which are issued and
outstanding, with authority to add to the list upon official notice of issuance
and distribution; $688.000 optional 6% convertible debentures, series due
1939, making the total amount applied for $19,893.000.-V. 130. p. 1496.
Warren Bros. Co.
-To Rearrange Capital Structure.
-
The stockholders will vote Apr.Son approving resolutions of substantially
the following effect:
1.
-TO reorganize this corporation pursuant to an act of the legislature
of West Virginia approved Mar. 13 1920 so as to permit the issuance of
600,000 shares of common stock without par value. 120,000 shares of 1st
pref. stock without par value and 30.000 shares of 2nd pref. stock without
par value, and so as to provide that the outstanding shares of stock of the
corporation shall be exchanged for new shares without par value upon the
following terms and conditions: for each outstanding share of let pref.
stock. Par $50. there shall be issued in exchange therefor certificates for
three shares of 1st pref. stock without par value, for each outstanding share
of 2nd pref. stock, par $50, there shall be issued in exchange therefor certificated for three shares 2nd pref. stock without par value, and for each outstanding share of common stock without par value there shall be issued in
exchange therefor certificates for three shares of common stock without
par value.
-To authorise the directors to issue and sell the authorized shares of
2.
capital stock from time to time for such consideration in cash, property.
Wheeling Steel Corp.
-Earnings.
-
calendar YearsValue of sales
Net earnings
Other income
1929.
1928.
1927.
1926.
$84.687.303 $78.073.001 872,000.000 $83.437.942
al3.321.683 11.871.316
8,640.568
9.870.340
1.038,260
1.033.679
830.530
741.782
Total income
514.359,944 512.901.995 59,521.098 810.612.122
Deduct-Pray for deer.
exhaust, of min . &c_ 4,007.976
4,065.251
3.432.195
3.291.885
Bond, &c.. Interest
1.610.303
1.826.004
1.524.986
1.596.699
Federal taxes
736.000
570.000
535.000
717.078
Net income ______
$8.005.664 86.443,739 $4.028.916 $5.006,460
Dlys.on Wheel.St'l Corp.
Preferred A stock__ (8%)397,600 (81397,600(8.61427.420 (9.2)457.120
Preferred B stock-- 2.255,680
2.255.680
2.425,179
2.594,369
Rate
10%
10%
10.75%
1154%
Common stock
(2%)789.638
Balance. surplus
54.562.744 83.790.459 81.176,318 51.954.971
Profit and loss surplus
16.980.466 13.033.086 11.040.063
9,883.746
Shares common stock
outstanding (par 5100)
402.301
394.819
394,837
394.837
Earned per share
$13.58
$9.60
$3.43
$5.95
a After deducting charges for maintenance and repairs of plaids of approximately $5,200.000.
2046
FINANCIAL CHRONICLE
[You,136.
following proxy committee to secure stockholders' support for the sale:
Consolidated Balance Sheet Dec. 31.
James A. Campbell, John Tod, Richard Garlick and Samuel Mather.
1928.
1929.
1929.
1928.
For the first time in years the Sheet & Tube company board of directors
Assets
4.970,000 4,970,000 Is divided on the recommendation of Mr. Campbell. A poll of the board
Land, bidgs, Mach
Pref. A stock__
that six favored the sale to Bethlehem and three opposed it.
equip., &o____a74,566,202 69,351,397 Pref. B stock_ _ _22,556,800 22,556,800 showedCampbell and Mr. Purnell have both issued statements explaining
Mr.
Inv. in & adv. to
Common stock_ -40,230,100 39,481,900 their viewpoints, and declare the plan as proposed, in view of
increasing
assoc., &c., cos_ 4,566,076 3,804,635 Funded debt out32,042,000 32,994,500 competition in the steel industry, will be for the best interests of the
Cash with s.f. agts
870,578 standing
company and of Youngstown. They state that the decision to sell came
1,000,000
Inventories
26,012,037 27,166,881 Purch. money oblig
only after five years of serious consideration of the
In
Invest.in Wheeling
Accts. payable__ 4,528,432 5,355,716 of the opposition they have obtained the consent of problem.G. view
Eugene
Grace.
_ 1,649,293 1,505,129 President of the Bethlehem Steel Corp.,to come
Steel Corp. corn
Accr.
to Youngstown and address
663,320
stock
Divide. payable__ 663,320
371,582
various groups on the benefits of the proposed arrangement. Under the
Accts. and notes
Res. for relining.
959.963 plan, Youngstown would become the Western headquarters of Bethlehem,
489,731
&c
rec., less res___ 6,526,959 8,968,976
with an executive and administrative group stationed there. Mr.Campbell,
U. S. Liberty bds_ 6,901,733 6,103,108 Res. for accidents
Marketable secur_ 1,460,852 1,489,875
and conting_ _ _ _ 3,254,030 3,577.997 it is stated, would remain with the corporation in an executive capacity.
16,980.466 13,033,086
Cash in banks & on
Surplus
Two Companies Would Be Complementary.
hand
4,347,925 3,544,851
In statements given to the press March 12, both Mr. Grace and Mr.
Deterred charges_ 3,610,805 3,798,108
Campbell emphasized the fact that the two companies would admirably
128,364,172125098,411 supplement each other. On this point Mr. Grace said:
Total
Total
128,364,172125098,411
"Bethlehem's principal steel products are structural shapes, rails and
a After deducting reserve for depreciation and exhaustion of minerals rail accessories (which Youngstown does not
produce) and plates and bars
amounting to 529,896.291.-V. 129. P. 3026.
for the production of which Youngstown has only a small percentage of
the capacity of the country. On the other hand, Youngstown manu-Time Extended.
Western Air Express Corp.
factures principally the more highly finished steel products, especially
Bee Aero Corp. of Calif., Inc., anove.-V. 130. p. 1847.
tubular products and sheets, while Bethlehem's capacity for such products
is only a small percentage of that of the country and its plants for the
-Omits Dividend.
Stores, Inc.
Wextark Radio
production thereof (except boiler tubes, which Youngstown does not proThe directors have voted to omit the quarterly dividend of 50 cents a duce) are located at Sparrows Point, Md. The consolidation should.
share due at this time.
therefore, result in a better diversification of products and consequently
more stabilized earnings."
A statement issued after the meeting stated:
"In view of the large outlay of working capital required for additional
Addressing himself to the same subject, Mr. Campbell said:
inventories due to the opening of 32 stores during the year and the building
"Bethlehem produces all of the important commercial steel products
of a factory for the manufacture of radio tubes, equipped with the latest which this company either does not produce at all or for the production
automatic machinery, it was deemed advisable to conserve the company's of which it has only a small capacity
In informal remarks to the press Mr. Grace stated that only 31% of
working capital even though current earnings are sufficient to justify a
dividend payment under normal cicrumstances. The tube plant has con- Youngstown's production is in heavy rolled products, compared with
tracts for 42,500,000 of radio tubes for delivery during the next 12 months." 69% in light products. The ratio for Bethlehem, on the other hand, is
-V. 129. D. 3184.
78% for heavy products against 22% for light products. The combined
and 34%
products.
-50c. Extra Dividend company would produce 66% heavy productsCampbell light that it would
White Rock Mineral Springs Co.
In recommending the consolidation, Mr.
said
result in the substantial competitive advantage of being able to supply
-Quarterly Rate Increased-Listing, &c.
requirements in all steel products. By the
customers with their entire
The directors have declared an extra dividend of 50c. a share and a regu- same token it would tend to eliminate fluctuations in earnings due to a
lar quarterly dividend of $1 a share on the common stock, and the regular lack of diversification of products. He likewise pointed out Bethlehem's
quarterly dividend of $1.75 a share on the 1st pref. stock, all payable strong position in export markets, with the Sparrows Point plant located
April 1 to holders of record March 28. In the previous quarter a regular at tidewater and with a fleet of ocean-going vessels operating between
quarterly dividend of 75c. a share and an extra of $1 a share were paid on Atlantic, Gulf and Pacific ports.
the common stock.
The acquisition of the Youngstown Sheet & Tube Co., if approved, will
The New York Stock Exchange has authorized the listing of stock trust give the Bethlehem Steel Corp. steel capacity in or near every important
certificates, representing 50,000 additional shares of common stock (no par Producing centre in the country outside of the South. Its recent purvalue), on official notice of issuance, in exchange for the outstanding 10,000 chase of the Pacific Coast Steel Co. provides it with plants at three points
shares of second preferred stock and (or) second preferred stock trust on the Western coast. The map shows the distribution of blast furnaces,
certificates, on the basis of five shares of common stock for each one share steel works and mills with the exception of the Pacific Coast plants.
ofsecond preferred stock, making the total number ofstock trust certificates
The combined steel ingot capacity of the Youngstown and Bethlehem
for common stock applied for 250.000 shares.
companies, according to a statement by Mr. Grace to the press, would be
1929.
1928.
1927.
13,000,000 gross tons a year, counting open-hearth capacity now under
Calendar Years43,504,272 43,392,862 $3,219,885 construction by Bethlehem. This, he said, would be about 20% of total
Sales
91,852
81.924
72,411 capacity of the country, whith he placed at 65.000,000 to 66.000.000
Other income
tons. Bethlehem's capacity, after the completion of work now under
$3,596,124 $3,474,786 $3,292,296 way,will be 10,000,000 tons a year, while Youngstown's capacity is 3,000,000
Total income
2,072,571
1,976,817 tons.
Selling, admin. and general expenses_ 2,114,352
Bethlehem's capacity alone will exceed the best production of Great
Net profit
$1.481.772 $1,402,215 41,315,479 Britain or France and will surpass the output of the United States Steel
251,800 Corp. in each of the first four years of its existence.
Federal and other taxes
251.900
252,000
The Bethlehem-Youngstown combination would have a little more than
Net income
41,229,872 $1,150,215 41,063,679 one-half of the present rated capacity of the Steel corporation, which,
First preferred dividends (7%)
123.590
129,843
130,403 at 24,500,000 tons,represents 38% of the total capacity of the country.
(207)200.000 (15)150,000 (15)150,000
Second preferred dividends
Asks 14 Questions on Sale of Youngstown Company.
(44)800,000 (43)600,000 ($3)600,000
Common dividends ($3)
A challenge to the sponsors of the proposed sale of the Youngstown Co.
Balance, surplus
4106,282
$270,372
$183,276 to Bethlehem Steel Corp. is laid down in the form of 14 questions in a
2,126,448
1,710,873 statement made public late March 18 by Myron C. Wick, Jr., Secretary
Previous surplus
1,865,703
3.228
2,074 of the committee of stockholders opposed to the sale of the Youngstown
Miscellaneous additions
5,171
."
company. "As a stockholder in the Youngstown Sheet & Tube Co
42,235,958 42,141,246 $1,896,223 says Mr. Wick, "I have, of course, read with interest the published stateTotal surplus
Miscellaneous deductions
30.203
14.798
30,520 ments of Messrs. Campbell and Purnell as to the reasons they believe the
sale of Sheet & Tube Co. to Bethlehem Steel Corp. is for the best interest
Profit and loss surplus
$2.205,755 $2,126.448 $1,865,703 of Sheet & Tube stockholders. I have been very disturbed at the way in
Shares of common stock (no par)
200.000
200,000
200.000 which our board of directors, by a divided vote, are trying to push Sheet &
Earned per share
$4.35
44.54
$3.96 Tube into the arms of Bethlehem. I feel that stockholders are entitled to
plain answers to certain specific questions as follows." Five of the
-V. 130, p. 1132.
questions are:
-Business Gains.
White Star Refining Co.
1. Why was a special stockholders' meeting called precipitously for April
Volume of business for January and February was substantially in excess 8 with the annual meeting only 2 weeks away?
2. Why should I, as a stockholder, be rushed into becoming a stockholder
of the corresponding months of 1929 according to President, H. B. Earhart.
The Commonwealth Oil Corp. of Indiana, a subsidiary, distributing White in a corporation that offers me neither the earnings nor the stable dividends
Star products in that State, is making satisfactory progress, he said, with that I looked for and found in Sheet & Tube?
3. Why should I be asked, in addition. to take a loss at the market prices
retail stations in operation strategically located in South Bend, Mishawaka
on exchanging my shares? If the Sheet & Tube stock is to be pulled down.
and Elkhart and bulk stations in Elkhart and South Bend.
The White Star Refining Co. will distribute through its service stations I feel I am entitled to have tangible reasons why.
4. Why am I expected to take at its face value the statement that a
tires and batteries, &c., in addition to its petroleum products. It has
arranged to have tires, batteries, &c., manufactured under its own brand. sale to Bethlehem will stabilize Sheet & Tube's dividends, when I know that
It is the intention of the company to test the possible economic advantages Sheet & Tube has an unbroken and rising dividend record of a quarter of a
of distributing all of these products through its extensive service stations, century, while Bethlehem has paid but One dividend in the past 5 years and
is only 10 out of the past 25 years?
-V. 130, p. 1108.
hug to obtain the benefits of chain-store system.
5. What has suddenly happened since Chairman Campbell's optimistic
-Increases Directorate.
Wiebolt Stores, Inc.
statement to stockholders in his annual report of a few weeks ago to make
Ira Rosenberg has been elected a director, increasing the membership of him and President Purnell point to the company's dubious future and its
Inability to stand on its own feet?
the board to 10.-V. 128, p. 3371.
Committee Favoring Deal Says Opponent's Earnings Report
-Consolidation Depends
Youngstown Sheet & Tube Co.
Misleading.
on Proxy Battle-Proposed Purchase of Youngstown by Bethle- IsCharges that the figures contained in a circular sent to stockholders o
hem Steel Corp. Requires Approval of Stockholders.
the Youngstown Sheet & Tube Co. by the committee of stockholders
A battle for proxies is the sequel of concurrent action March 12 by the
boards of directors of the Bethlehem Steel Corp. and the Youngstown
Sheet & Tube Co., authorizing the purchase of the latter by the Bethlehem
company or one or more of its subsidiaries.
Opposition to the sale is being led by Cyrus S. Eaton, Cleveland, who
has temporarily established headquarters at Youngstown. Allied with
him is the Wick group of Youngstown. The proxy committee opposing
the plan includes Philip Schaff,President of Morris Plan Bank,Youngstown;
W. H. Foster, Chairman General Fireproofing Co., Youngstown; Hugh B.
Wick, Cleveland.
The proposed sale will be submitted to common stockholders of the
Youngstown company at a special meeting on April 8. There are 1,200,000
shares of common stock outstanding, and under Ohio law it is necessary
to obtain the consent of holders of two-thirds of these shares, or 800,000,
to carry out the recommendation of directors. There are 4,500 shareholders.
Mr. Eaton states that he has assurances from holders of more than the
required number of shares to block the plan.
The agreement of the directors contemplates the assumption by the
Bethlehem company of the outstanding bonds and all other liabillties and
obligations of the Youngstown organization, payment in cash of an amount
equal to the par value ($15.000,000) of the preferred shares of the Youngstown company and accrued dividends thereon to the date of liquidation.
and the exchange of 1,200,000 shares of Youngstown common stock for
1,600,000 common shares of the Bethlehem corporation. In other words,
1 1-3 shares of Bethlehem stock will be exchanged for one share of common
stock in the Youngstown company. The selling company will retire its
outstanding shares of preferred stock as part of the transaction.
Objections to the Sale.
A letter sent out by the committee opposed to the consolidation declares
that the "announced basis of 1 1-3 shares of common stock of Bethlehem
for one share of Youngstown common stock involves a substantial sacrifice
to Youngstown Sheet & Tube stockholders on the basis of the current
market." It is also declared that the sale would be "hurtful to the local
community and demoralizing to the steel industry." The committee adds
that "it would deeply regret to see a company whose destiny has been so
closely bound up with that of Ohio and the Youngstown district absorbed
by Eastern interests and disappear from history.
The Youngstown Sheet & Tube Co. management, headed by James A.
Campbell, Chairman, and Frank Purnell, President, has appointed the
opposed to the proposed merger are "manifestly misleading," were made
March 20 by a committee of stockholders favoring the consolidation. The
latter committee is made up of James A. Campbell Chairman of the
Youngstown company; Samuel Mather, Richard Garlick and John Tod.
The committee opposing the merger announced that it had served
formal notice on the Youngstown company for permission to examine the
books of the Bethlehem company. The secretary of the committee also
Issued a reply to the answers made by Frank Purnell, President of the
Youngstown company, to the 14 questions regarding the merger which
had been formulated by Myron C. Wick Jr. This statement said the
statement by Mr. Purnell sought to shift the discussion from facts and
figures to prophecies and opinions.
Statement Favoring Consolidation.
The statement of the committee of stockholders favoring the consolidation read as follows (in part):
"Under date of March 17, a committee composed of Messrs. W. H.
Foster, Philip H. Schaff and Hugh B. Wick, opposing the proposed consolidation of your company with Bethlehem Steel Corp. sent to each shareholder of your company a circular letter purporting to give. among other
things, the earnings per share on the common stock of your company and
of Bethlehem Steel Corp. since 1921.
"The figures contained In that circular are manifestly misleading unless
their relation to the basis of the proposed consolidation is made entirely
clear.
"The following comparison with the comments we shall make will, we
believe, enable the shareholders to judge whether the relative earnings of
the two companies justify the terms of the proposed consolidation:
Youngstown
-Bethlehem Steel Corp.- Sheet & Tube
Equivalent
Co. Earns. per
Earnings
Earnings on
Shares now
Outstanding.
Year.
per Share. 1 1-3 Shares.
$93...904771
7
52.56
1924
18:3I
5.30
1925
151..098
4
7.48
1926
6.69
6.02
1927
7.95
6.52
1928
20
8.'6679
17.28
15.60
1929
FINANCIAL CHRONICLE
MAR.22.1930.1
"It will be noted that the years 1922 and 1923 have been omitted from
the above figures, although given in the circular of March 17, because 1924
is the first full year in which Bethlehem owned and operated the properties
acquired from the Midvale and Cambria companies and in which Sheet &
Tube owned and operated the properties acquired from the Steel & Tube
Co. of America and Brier Hill Steel Co. Therefore, the earnings of prior
years have little bearing upon the relative values of Bethlehem and Sheet
& Tube as now constituted.
"The figures given by the opposition committee as Sheet & Tube's
earnings in 1924 to 1928 inclusive make no allowance for the fact that
in 1929 the Sheet & Tube stock was diluted by a 20% stock dividend, which
added nothing to the assets of Sheet & Tube or to its earning power. The
proposed consolidation is based upon the number of shares of Sheet & Tube
now outstanding and not upon the number outstanding during prior years.
"The figures of $11.01 given in the circular of March 17 as Bethlehem's
earnings per share in 1929 is based upon the number of shares outstanding
at the end of the year. It makes no allowance for the fact that for the
additional stock which Bethlehem issued during 1929 it received nearly
$136,000,000 in cash, which, because received late in the year, contributed
little to the year's earnings.
"No one can honestly question the fact that sum when invested in
its business will add materially to Bethlehem's earning power. There
may be a question how best to make allowance for this addition, but to
make no allowance and no mention of the omission is Indefensible.
"We have in the above tabulation made allowance for this factor by
stating Bethlehem's earnings in 1929 on the basis of the average number
of Its shares outstanding during the year. This is the basis customarily
employed in such cases, and it is the basis which the opposition committee
itself has used in stating Bethlehem's earnings for 1923. On that basis
Bethlehem's earnings for 1929 were $15.50 per share, as given in the above
tabulation.
"It is apparent from the above tabulation that the total earnings upon
1 1-3 shares of Bethlehem during the last 6 years were practically the
same as the earnings upon one share of Sheet and Tube as now constituted
during the same period. It should also be noted that during each of the
last three years Bethlehem's earnings (upon 1 1-3 shares) have exceeded
Sheet and Tube's earnings per share.
"In considering the relative earnings of the two companies since 1923,
please also bear in mind that during the last 7 years Bethlehem has expended, upon the modernization and development of its properties, approximately $180,000.000 in cash, and that although these expenditures in
large part explain Bethlehem's relatively better showing during the last
three years, the full benefits of the expenditures have not even yet been
realized.
"The statements in the circular letter of March 17 as to the relationship
of dividends paid on, and the market prices of, Bethlehem's stock to its
1929 earnings may be ignored since they were based upon the erroneous
figures of Bethlehem's 1929 earnings. If the correct figures are taken
the comparison is not unfavorable to Bethlehem.
"The statement in the circular letter of March 17 as to Sheet and Tube's
dividends per share prior to 1929 is misleading in that it makes no allowance for the dilution of the Sheet and Tube stock by the stock dividend
in 1929.
"Quite apart from that, however, it would seem that the Sheet and
Tube shareholders should be more interested in the dividends which are
now being paid by Bethlehem (and which are likely to be paid in the future)
than in the amounts paid in the past and also in the fact that the present
dividend rate upon Bethlehem stock, $6 per share, will amount to $8
upon the 1 1-3 shares of Bethlehem stock which are to be issued for each
share of Sheet and Tube, as compared with $5 per share now being paid
on the Sheet and Tube shares. This means $9,600,000 per year in dividends to the Sheet and Tube shareholders as compared with $6,000,000
which they are now receiving.
"In this connection it should be remembered that the omission of dividends by Bethlehem for four years and the reinvestment of its earnings in
its business have materially strengthened Bethlehem and rendered more
certain its ability to continue dividends in the future. In considering its
ability to continue dividends at the present rates attention is invited to
the fact that at the end of 1929 Bethlehem had in cash and marketable
securities $196,019,078,including $78,472,582 held for redemption of bonds.
At the same.
time Sheet and Tube had in cash and marketable securities
$12,945.476.' —V.130, p. 1847.
CURRENT NOTICES.
—Financial reports for the year 1929filed by 103 of the principal fire and
marine insurance, casualty and surety companies show substantial profits
earned from underwriting by 67 of these companies, while 38 show small
losses. It is only in the past three years that profits have been made bythe ma
jority of companies from this branch of the insurance business. The policy
followed by insurance companies of inventorying securities held in investment accounts to the market when compiling their annual financial reports
has its good and bad features, it is pointed out. The 1929 statements show
its bad feature. Out of the 103 companies listed in the analysis prepared
by Clokey & Miller, 52 Broadway, New York, only 14 showed a profit in
their investment accounts, among these being Aetna Insurance, American
Surety Co., Boston Insurance, Continental, Fidelity Phenix and Hartford
Fire Insurance. However, as the majority of the companies kept intact
their investment portfolios, no actual losses were sustained and since the
first of the year a large portion of this inventory shrinkage has been replaced through market appreciation. A graph covering insurance stock
movements during 1929 and the first three months of 1930 shows a precipitous drop from the high point in early October to the low of early
December with but slight recovery since. This recovery is nowise in
proportion to the general appreciation of their investment accounts. Other
features of the analysis include a comparison of essential figures for 1929
with those of 1928, such as capital, total assets, premium reserve, surplus,
liquidating value, premiums earned, losses incurred, expenses, gain or loss
from underwriting, net interest earnings on investments after expenses,
profits or loss on investments, total earnings, dividends declared, net earnings per share, market range high and low for the year, &c.; classifying
327 companies into 84 groups showing respective affiliations; together with
a commentary on analysis and a detailed tabulation of capital increases.
Foot notes make this analysis complete and comprehensive.
—Formation of the new firm of Cuttle, Gifford & Richey, Incorp., to
specialize in wholesale distribution on the Pacific Coast of both domestic
and foreign securities, has been announced. The firm has offices in San
Francisco and Los Angeles and later will open an office in Seattle. All
of the principals have been prominently identified with leading Pacific
Coast investment houses for a number of years. Mr. Cuttle formerly
was Vice-President and Manager of Mysell, Moller & Co.; Mr. Gifford
has been associated with Blyth & Co.for 10 years as distributor of securities
in San Francisco and New York; Mr. Richey formerly of Blyth & Co.
and more recently a general partner in Holt & Richey, San Francisco Stock
Exchange firm; and Mr. Jensen formerly was Pacific Coast Manager of
L. L. Davis & Co.
—Announcement has been made of the organization of the firm of
Schaumburg, Rebhann & Osborne, to deal in investment securities, specializing in municipal bonds. The new firm will act as correspondents of
Heller, Bruce & Co. of San Francisco and will maintain offices at 27 William St., Now York. The partners are F. W. Schaumburg, J. H. B.
Rebhann, and C. Milton Osborne. Special partners are Henry M. Duys
and Harry A. Bruce. Mr. Schaumburg was until recently a partner in
the firm of Hatinalis, Bailin & Lee and prior to that was associated with
Harris. Forbes & Co. for many years. Messrs. Rebhann and Osborne
have been associated together for six years as municipal bond brokers under
the firm name of Rebhann & Osborne. This firm has been dissolved.
—Prince & Whitely, N. Y., are distributing an analysis of Standard
Brands, Inc.
2047
—Sheridan B. Fry, formerly Chicago sales manager of P. W. Chapman
& Co., Inc., has been appointed vice-president in charge of sales of L. L.
Davis-Cleary Co. of Los Angeles. Previous to his connection with P. W.
Chapman M. Fry was San Francisco manager of Pearsons-Taft Co. L. L.
Davis-Cleary Co., are correspondents of L. L. Davis Co., Chicago and New
York investment firm and are fiscal agents for American States Public
Service Co. which holds numerous utility properties in California and
elsewhere. The firm also handles a diversified list of high-grade investment securities.
—Sheeline Frost Co. announces its formation to conduct a general
investment business with headquarters at 10 Post Office Square, Boston.
The members of the firm are Paul D. Sheeline, who was previously with
Hemphill, Noyes & Co., and Herbert S. Frost, purchasing agent for the
city of Boston under Mayor Nichols and for 20 years was a director of the
Exchange Trust Co.of which he is also a Vice-President. The firm will have
private wire connection with Paine, Webber & Co. The trading deparmeat will be in charge of Jerome M.Ingalls.
—Financial statements of industrial operations in 1929 show that, despite
the severe recession in the closing months, the year as a whole was one of
the most profitable ever enjoyed by American corporations, according to
-P. Murphy &
the "Fortnightly Review" for March 15, issued by G. M.
Co., N. Y. The "Review" contains individual discussions of such annual
reports as those issued by Continental Can Co., Inc., the Goodyear Tire
& Rubber Co., Bethlehem Steel Corp., Columbia Gas •& Electric Corp.
and United Carbon Co.
—Brian J. Ducey, formerly advertising manager and statistician with
Emery, Peck & Rockwood, has been appointed head of the statistical
department of Jackson Bros., Bee:se' & Co.. members of the New York
Stock Exchange, Chicago. Mr. Ducey is a member of the Financial
Advertisers' Association's investment research committee and Chairman
of the publicity committee of the Analysts' Club.
—Announcement is made that G. Street & Co., Ltd., representative
financial advertising agency in Great Britain. established for more than one
years, have made arrangements with the financial advertising company of
Rudolph Guenther-Russel Law. Inc., so that the clients of both companies
will be able to receive prompt and effective advertising service on both
sides of the Atlantic.
—New York & Hanseatic Corp. announces that Bayerische HVpotheken
und Wechsel-Bank have established a branch office in Oberammergau,
Germany, in order to place modern banking facilities at the disposal of
foreign tourists visiting the famous Passion-Plays this summer.
—McEldowney & Co., Inc., Bridgeport, Conn., are now located at 167
State St., Bridgeport, Conn. In conjunction with the opening of their new
offices they announce they are equipped to give additional service in safe
deposit vaults, stock exchange service, and letters of credit.
—Pask & Walbridge, New York, is distributing a survey of the Carbide
& Carbon Corp. and its subsidiaries, showing how synthetic commercial
alcohol is being manufactured from waste fumes created in the manufacture of calcium carbide.
—T.G. B. Cortelyou, for 21 years with United States Mortgage & Trust
Co., and since the merger last July, with The Chemical Bank & Trust Co.,
has joined the statistical and investment staff of British Type Investors, Inc,
—Pask & Walbridge is distributing an analysis of the common stacks of
Southwestern railroad systems, including the St Louis & Southwestern.
the Missouri, Kansas & Texas System and the Kansas City Southern.
—Watson & White have prepared market analyses of the following
companies: Columbia Gas & Electric Corp., Canada Dry Ginger Ale,
Inc., Foster Wheeler Corp. and Roads Insurance Co. of America.
—The March number of the "Income Builder" discussing various financial and economic problems of interest to the investor, has been issued for
distribution by Pirnie, Simons & Co. of Springfield, Mass.
—E. A. Pierce & Co., members of the New York Stock Exchange, have
consolidated their two Detroit offices in a new office at No. 1 Ford Building, in charge of Wood Williams. resident partner.
—Newburger, Henderson & Loeb, members of the New York Stock
Exchange for many years, are issuing the first daily market letter to be
prepared by the New York office of the firm.
—Thomas G. Stockhausen has been admitted as general partner of
West & Co. and will be one of the two representatives of the firm on the
floor of the New York Stock Exchange.
—G. L. Ohrstrom & Co., Inc. announce the opening of a Newark office
in the Military Park Building. 60 Park Place, with Harry P. Schaub and
Leslie W.Delm as representatives.
—Baker, Winans & Harden, members of the New York Stock Exchange,
of New York and Philadelphia, have prepared an analysis of United Aircraft
& Transport Corporation.
—First Illinois Company of Delaware, who operate offices In New York.
Chicago, Washington and Wilmington, has opened an office in the Russ
Building, San Francisco.
—The Bankers Trust Co. has been appointed registrar of the preferred,
common stock and option warrants of the Commonwealth Southeastern
Corporation.
—Laurence Cohn & Co. have opened a permanent branch office in The
Garfield-Grant Hotel, Long Branch, N. J., under the management of
Lee E. Holl.
—Thomas W. Fitzgerald, formerly with Merrill, Lynch & Co., has
become associated with Throckmorton & Co. in their wholesale department.
—P. F. Cusick & Co.. 44 Wall Street, N. Y., have issued an analysis
on Texas Corporation, copies of which are available on request.
—The Equitable Trust Co. of New York has been appointed transfer
agent for the capital stock of J. D.Sweet Engineering Co., Inc.
—F. L. Ditties & Co., members of the New York Stock Exchange,
have prepared an analysis of the Chrysler Motor Car Co.
—J. Roy Prosser & Co., 52 William Street, New York, have issued for
distribution to investors a circular on King Royalty Co.
—W. Vaughan Lewis has become associated with C. H. Huston & Co..
Inc., in charge of their bank stock department.
Leonard M. Totten, member New York Curb Exchange, has become a
member of E. A. Baker & Son, New York.
—An analysis of National Biscuit Co. has been prepared by Smith.
Graham & Rockwell, 50 Broadway, N. Y.
—The corporate route of Phillips, Angell & Co., Inc.. N. Y. has been
changed to Paton, Holland & Co.
—Farr & Co., New York, have prepared a circular on the capital stock of
the National Sugar Refining Co.
—Frederick T. Fisher has been elected a Vice-President of Childs, Jeffries & Co., New York.
—Hornblower & Weeks have issued a special analysis of Consolidated
Film Industries, Inc.
—Chatham Phenix Corp. has issued an analysis of Phillips Petroleum Co..
2048
FINANCIAL CHRONICLE
ikeports anti
[VoL. 130.
310C11111C1IT5.
PUOLISMS0 AS ADVARTMSMENTS
UNITED STATES STEEL CORPORATION.
TWENTY-EIGHTH ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31 1929.
Office of United States Steel Corporation,
51 Newark Street, Hoboken, New Jersey.
March 14 1930.
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 1929, together with a statement of
the condition of the finances and property at the close of that year.
CONSOLIDATED INCOME ACCOUNT FOR YEAR 1929.
The total earnings were, after deducting all expenses incident to operations, including ordinary repairs and maintenance (approximately
$107.000.000). allowance for employes' profit sharing fund, and taxes (including reserve for Federal income taxes). per Consolidated
Income Account. page 18 (pamphlet report)
$265,838,932.27
Leas, Interest on outstanding bonds and mortgages of the subsidiary companies
7.116,478.98
Balance of Earnings in the year 1929
Less, Charges and allowances for Depletion, Depreciation and Obsolescence
$258.722,453.29
63,274.162.66
Net Income in the year 1929
Deduct, Interest on U. S. Steel Corporation Bonds outstanding:
Fifty-Year 5 per cent. Gold Bonds
Ten-Sixty Year 5 per cent. Gold Bonds
$195,448.290.63
52.271,429.78
5.556.961.58
7,828,391.36
Balance
Add: Special income receipts for the year, including net adjustments of various accounts
Total Net Income
Dividends for the year 1929 on U. S. Steel Corporation stocks:
Preferred. 7 Per cent
Common /Regular 7%
lExtra 1%
$187.619.899.27
9.972.160.97
$197,592.060.24
*555,717,940.25
8,131,100.00
$25.219.677.00
63,849,040.25
89,068,717.25
Surplus Net Income in the year 1929
5108,523,342.99
Includes $749.063 for March 29 1930, dividend on Common Stock issued in January 1930, in acquirement of properties of Atlas Portland Cement
Company and Columbia Steel Corporation.
SURPLUS OF UNITED STATES STEEL CORPORATION AND SUBSIDIARY COMPANIES
(Since April 1 1901)
Balance of Undivided Surplus. December 311028. exclusive of Profits earned by subsidiary companies on inter-company sales of products
on hand in inventories, per Annual Report for 1928
5410.277.349.27
Add: Surplus Net Income earned in year 1929, per Income Account. page 1 (pamphlet report)
108.523.342.99
Refunds received in 1929 of Federal income and Excess Profits Taxes of earlier years
15.756.595.72
Balance of Inventory Reserve originally provided to absorb deflation in values because of post-war economic adjustment, now transferred to Surplus
47.076,404.12
Reserve set aside to provide against possible failure to realize Mining Royalties on unmined iron ore from specific properties, now
transferred to Surplus, being no longer required for that purpose
7,000.000.00
5588.633,602.10
Less, Charge; to and Appropriations of Surplus:
Premium and unamortized discount on Bondsof United States Steel Corporation and subsidiary companies retired
and called for redemption during the year
340.626.554.2
Surplus appropriated for amortization of appreciated cost to U. S. Steel Corporation of its investment in capital
stocks of Subsidiary Companies in excess of their investment in tangible property
88.296.020.0
Capital provided in organization (in 1901) and heretofore carried in "Surplus" account written off in reduction of
Property Investment Account
25.000,000.00
153,922,574.34
Balance of Earned Undivided Surplus, December 31 1929, exclusive of Profits earned by subsidiary companies on inter-company
sales of products on hand in inventories (see note below)_________________________________________ $434.711,117.76
Note.—Surplus of Subsidiary Companies amountin;to 544,898,748.21, and representing Profits on sales of materials and products to other subsidiary
companiee which are on hand in latters' Inventories December 31 1929, is deducted from the amount of Inventories included under Current Assets in
Consolidated General Balance Sheet.
APPROPRIATED SURPLUS INVESTED IN CAPITAL EXPENDITURES
Amount at December 31 1929
$270.000,000.00
OPERATIONS FOR THE YEAR.
The active demand for steel products which marked the closing months of 1928, continued in steadily broadening proportions into and through the summer of 1929; not until October was there any appreciable recession in deliveries. During
the first nine months of the year operations equalled 94 per cent, of full capacity of finished products for sale, peak
production of 100 per cent, having been reached in the month of May, while the average for the entire second quarter was
98.5 per cont. During the closing quarter of the year, however, the output dropped to 74.5 per cent. For the entire year
the average was 89. 2 per cent. of capacity compared with 83.4 per cent. in 1928.
These uniform and favorable conditions permitted the mills and plants to operate efficiently which, together with
fairly stable prices received (virtually the same as the 1928 average in respect of domestic and a slight advance in case of
export), produced satisfactory earnings results for the year.
Following the financial disturbances in the securities market in October and November there was up to January 1st a
marked reduction in the tonnage of now business placed. But following that date there was an improvement which has
continued to the date of writing this report. At December 31 1929 the unfilled orders on the books of the subsidiary companies totalled 4,417,193 tons, compared with 3,976,712 tons at close of 1928. At March 1 1930 the total was 4,479,748
tons. During the first two months of 1930, production of finished products for sale averaged 80 per cent. of capacity,
while shipments were at a somewhat higher percentage account of considerable tonnage having been shipped from stook.
PRODUCTION.
The production of the several principal departments for the year 1929 in comparison with results for the preceding
year, was as follows:
Iron and Manganese Ore
Limestone, Dolomite and Fluorspar
Coal
Coke
Pig Iron. Ferro and Spiegel
Steel Ingots (Betatenter anu Open Hearth)
Rolled and Finished Steel Products for Sale
Universal Portland Cement
1929.
Tons.
30.540.565
14.763.412
31.826.634
17.355.036
16.484.985
21,868.816
15.302.669
Beds.
11.549,000
1928.
Tons.
26.633,554
14.600.181
28,691.024
15.993,373
16.237.717
20.105.749
13.972,388
Bbls.
14.957.000
Increase.
Tons.
Per Cent.
3,907.011
14.7
163.231
1.1
3.135.610
10.9
1,361.663
8.5
1.247.268
8.2
1.763.067
8.8
1,330.281
9.5
Decrease,
3.408.000
22.8
As will be observed from the foregoing the increases in output were general in all departments except Cement, the
decrease in which latter reflects the diminution in demand for this product which evidenced itself in latter part of 1928.
However, the demand this year to date is very largely in excess of same in similar period of last year, and it is confidently
expected the lull in demand during 1929 was but a temporary recession. The relatively small increase in output of Limestone
is wholly accounted for by the lesser quantity required for manufacture of Cement. On page 23 of pamphlet report will
be found a table detailing by classes the production of finished steel products during 1929 in comparison with the results
for preceding year.
MAR.221930.]
FINANCIAL CHRONICLE
2049
SHIPMENTS AND BUSINESS.
The shipments of all classes of products in comparison with shipments during the preceding year were as follows:
1929.
Tons.
14,027,128
339.867
6,217,942
169.557
20.754,494
12,234.733
1929.
Tons.
1,207,227
20,962
188,309
1,416.498
Domestic ShipmentsRolled 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
Universal Portland Cement (Shia.)
Export ShipmentsRolled and Finished Steel Products
Pig Iron, Ferro and Scrap
Sundry Materials and By-Products
Total tons all kinds of materials
Aggregate tonnage of Rolled and Finished Steel Products shipped to both Domestic and
Export Trade
15.234,355
Total Value of Business (Covering all of above shipments. including cement, marine equipment delivered and other business not measured by the ton unit)
Domestic (not including inter-company sales)
$890.485,381
Export
89,656.315
Total
8980.141.696
1928.
Tons.
12.700.556
299.603
4,282.412
161,224
17,443,795
14.555.064
1928.
Tons.
1,272,573
45,493
153.488
1,471,554
Increase or Decrease.
Tons.
Per Cent.
1,326,572
10.44 Inc.
40,264
13.44 Inc.
45.20 Inc.
1,935.530
8.333
5.17 Inc.
3,310.699 "I.t
Inc.
2,320,331
15.94 Dec.
Increase or Iiecr..ase.
Tons.
Per Cent.
5.13 Dec.
65.346
24.531
53.92 Dec.
34.821
22.69 Inc.
55.056
3.74 Dec
13.973,129
1,261.226
9.03 Inc.
$821,558,132
91,017,636
$912,575.768
568.927.249
1,361.321
$67.565,928
8.39 Inc.
1.50 Dec.
7.40 Inc.
The average price received for the total tonnage of rolled and other finished products shipped netted on the domestic
shipments 23 cents per ton more than the average received per ton for an equal tonnage of similar products respectively
shipped in 1928; and as to the export shipments the price received per ton was $2.22 more than the average secured in the
preceding year. The average price received for domestic and export tonnage combined was 38 cents per ton ware than in 1928.
VOLUME OF BUSINESS.
The total value of business transacted by all companies during the year 1929, as represented by their combined gross
sales and earnings, equalled the sum of $1,493,505,485 compared with a total of $1,374,443,33 in the preceding year.
This amount represents the gross value of the commercial transactions conducted by the several subsidiary companies, which includes sales made between the subsidiary coinpanies 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 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)
1929.
5980.141,696
375,201,580
S1.355,343.27E1
1928.
$912,575,768
337,332,803
81,249.908.571
Increase.
$67,565.928
37.868.777
4105.434.705
Gross Earnings and Receipts of Transportation and Miscellaneous Companies:*
Transportation Companies
111.112,728
99.424,708
11,688,020
Miscellaneous Companies
27,049,481
25,110.154
1,939.327
Total
$1.493.505,485
$1,374.443.433
$111,.062.052
•Includes earnings and receipts both for inter-subsidiary company business and of business with interests outside of the U. S. Steel organization.
..
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:
Expended for1929.
Ordinary repairs and maintenance,exclusive of blast furnace and coke oven relinings, acc......-$100,745,915
Blast furnace and coke oven relining.. etc
4,689.333
Extraordinary replacements
929,521
Total expended
8106,364.769
In addition there was appropriated from Earnings by the subsidiary comp mies for exhaustion
of natural resources and for deverioration and obsolescence of plants and properties, the
net amount of
63.143,861
Total expended and appropriated from Earnings for maintenance, depletion, depreciation
and obsolescence of investment in tangible property
$169,508.630
1928.
$100,763,714
2,383,833
2,979.943
8106,127.490
Increase or Decrease
Amount.
Per Cent.
Dec.
210 7 20
15
3
96. 2 Inc.
.71
0
.
2.050.422
68.81 Dec.
8237.279
.22 Inc.
56,077.758
7.066.103
8162.205.248
$7.303,382
12.60 Inc.
4.50 Inc
TAXES.
The total charges and allowances from income for accrued Taxes for the year compared with similar charges for 1928
were as follows:
1929.
$37.739.322
17,232,624
State and all other Taxes,except Federal Income
Federal Income Tax
Total
,
1928.
536.015,942
14.959,809
Increase.
$1.723,380
2.272.815
854.971,946
850.975,751
$3.996,195
BONDED AND MORTGAGE DEBT.
In the early part of 1929 after extended study and consideration, the Directors decided to retire or provide for the
retirement of the entire issues of the United States Steel Corporation Fifty Year 5% Gold Bonds of 1951, and its Ten-Sixty
Year 5% Bonds of 1963. Of these issues there were outstanding at January 1, 1929, exclusive of bonds theretofore purchased and then in the treasury, $134,830,000 and $136,632,000, respectively. The plan decided upon together with a
presentation of the advantages which would accrue therefrom to the corporation and stockholders, was fully outlined in
circular addressed to stockholders dated March 5, 1929.
The plan contemplated supplying the cash funds required for the foregoing in part from cash resources in hand representing surplus and other reserves, and in part from proceeds of sale of additional shares of Common stock to be offered
Common stockholders. Of the total amount of the Fifty-Year 5% Gold Bonds outstanding as above, $58,368,000 were of
non-callable series. The greater part of these were held by a few interests with whom arrangements were made to turn in their
bonds for redemption at the call price for the callable series.
The plan as above outlined was carried out in its entirety, the stockholders of the Corporation at the annual meeting on
April 15, 1929, taking the necessary action permitting the issuance and sale of the required number of shares of additional
Common stock needed for the purpose.
At December 31, 1929, the status of the retirement of issues of U.S. Steel Corporation bonds was as follows:
50 Year
Bonds.
Outstanding January 1, 1929------------------------------------------------------------------8134.830.000
Redeemed and retired during year
133.158.000
Unpresented for redemption at December 31, 1929. but for payment of which at redemption prices cash is
specifically held by Trustees. viz.'
Bonds actually called for payment and on which Interest has ceased
$372.000
Bonds of non-callable series
1,300,000
Ten-Sixty
Year Bonds.
8136.632.000
132,297.000
Total
Both Issues.
$271.462.000
265,455.000
84.335.000
84.707.000
1.300,000
Upon the consummation of the above plan current annual earnings will be relieved of the necessity of providing interest
and sinking fund requirements of $29,247,:350.
The retirement, or providing for the retirement, of the above $271,462,000 of bonds (ex. accrued interest) called for the use for that
purpose
of cash funds in the amount of
$305,323,731
Under the offer to stockholders to subscribe for an additional 1.016,605 shares of Common stock at $140 per share (see page
7. pamphlet
reporti there was realized cash In amount of
142.697,624
Leaving a balance provided by cash representing surplus and reserves
$162,626.107
Subsidiary Companies' Bonds. There was also called for redemption on November 1, 1929, the entire then outstanding
issues of the Indiana Steel Co. First Mortgage Bonds, $20,858,000, and The National Tube Co. First Mortgage Bonds,
$10,791,000. To December 31, 1929, there had been retired $19,561,000 of former and $10,012,000 of latter issue, leaving
unpresented for payment, but to redeem which at call price cash is specifically deposited with trustees, $1,297,000
Steel Co. and $779,000 of The National Tube Co.issues. Interest on these bonds ceased to accrue from November of Indiana
1, 1929.
FINANCIAL CHRONICLE
2050
[VOL. 130.
SUMMARY OF CHANGES IN BONDED AND MORTGAGE DEBT DURING YEAR.
Specially retired during year as above:
U.S. Steel Corporation Bonds
Indiana Steel Co.and The National Tube Co. Bonds
Additional retirements at maturities and by sinking funds:
Subsidiary companies' bonds and mortgages
Bonds of U.S.Steel Corporation issues in treasury at December 31, 1928,which were cancelled
Total reduction during year
$265,455,000,
29,573,000
45:918.
3 398 000
437
$344.344,437
Also cash is specially deposited with Trustees for redemption on presentation of bonds included in balance sheet in
Bonded Debt at December 31, 1929, as follows:
Matured and Called Bonds—
U.S. Steel issues
Subsidiary Companies'issues
U.S.Steel 50 Year Bonds, non-callable series
34.707.000
2.084.000
1.300,000
$8.091,000
CAPITAL STOCK.
The stockholders at the annual meeting of the Corporation on April 15, 1929, approved an amendment of the Certificate of Incorporation fixing the authorized capital stock at 12,500,000 shares of Common and 4,000,000 shares of Preferred
stock. The status for the year of the "Authorized" and the "Issued" capital stock is as follows:
Common
Stock
12.500,000
Total Authorized Capital Stock, Shares
Par Value
Shares
Capital Stock Issued:
7,116.235 $711,623,500
At December 31 1928
Cash in accordance with terms of offer of April 16, 1929. to stockholders of
Issued in 1929 for
101.660,500
1.016,605
record May 1 1929
8,132,840 $813,284,000
Total issued and outstanding December 31 1929
Under agreements entered into in 1929, for purchase of properties, assets and business of The
Atlas Portland Cement Co.and the Columbia Steel Corporation(see below)and the transfers
of which properties were effected in January 1930, there were issued for the acquirement
42.803,6
428.036
thereof shares of Common Stock totalling
8,560,876 $856.087.600
Making total Capital Stock outstanding at date of issuance of this report
Preferred
Stock
4.000.000
Shares
Par Value
3,602,811 $360.281.100'
3,602.811 3360,281,100
3,602,811 3360,281,100'
The issuance of above shares for Atlas and Columbia properties having been made in January 1930, tho stock does not
appear in the balance sheet at December 31 1929, submitted in this report. However, as the shares so issued receive the
/
dividend of 13 i% on Common payable to holders of record February 27 1930, the amount of this dividend on such shares
($749,063) is included in the dividend deductions from 1929 income.
Of the 1,016,605 shares offered in 1929 to stockholders for cash subscription at $140 per share, subscriptions were received
for 1,009,867 shares (99.3); the balance, 6,738 shares, not taken under the subscription rights, were sold by the Corporation
in the market as authorized by the Directors in the subscription offer. The total cash realized from the 1,016.605 shares
was $142,697,624.50.
PURCHASE OF THE ATLAS PORTLAND CEMENT COMPANY AND COLUMBIA STEEL CORPORATION
PROPERTIES.
During the year the corporation after extended negotiation and investigation entered into contracts for the purchase of the
properties, assets and business of The Atlas Portland Cement Company and of the Columbia Steel Corporation. The
properties were transferred to the Corporation in January,1930,and payment was made for same wholly in shares of Common
stock of United States Steel Corporation, 176,265 shares having been delivered for the Atlas and 251,771 shares for the
Columbus Steel properties. The total cash value of the properties, assets and business of these companies acquired as
stated was appraised by the Corporation at not less than $31,137,000 in the case of the Atlas and not less than $41,375,000
in case of Columbia. Further particulars respecting these properties, including the division of the respective total values
between fixed property and net liquid assets, will be submitted in 1930 annual report.
The Atlas Portland Cement Co. owned and operated six cement plants located at Northampton, Pa., Hudson, N. Y.,
Hannibal, Mo., Leeds, Ala., Independence, Kan., and Waco, Tex., with many years supply of raw material for manufacture of cement located contiguous to these plants. The plants have an annual capacity of 18,000,000 barrels. The
plants, it will be observed, are all located in and serve territories almost wholly far removed from the territories (Pittsburgh,
Chicago and Duluth) in which are located the cement plants previously controlled by the Corporation. The acquisition
of the Atlas plants, accordingly, broadens widely the territory served by the Corporation in the marketing of Cement and
without in any appreciable degree enlarging its product available for distribution in territory heretofore supplied. The
Atlas Portland Cement Company was one of the oldest producers of Cement in the United States, its brands and service
are highly esteemed by consumers and it is believed that the acquirement of its properties and their operation by the Corporation's subsidiary, Universal Atlas Cement Company, will prove satisfactory in every way to consumers and the
Corporation.
,
The Columbia Steel Corporation owned and operated steel producing plants and rolling mills at Pittsburgh, Cal.,
(30 miles from San Francisco), at Torrance, Cal.,(on the outskirts of Los Angeles), a steel foundry at Portland, Ore.; and a
blast furnace and by-product coke plant at Provo, Utah,(40 miles from Salt Lake City). It also owned extensive iron ore,
coal and limestone deposits in Utah. The annual capacities of these plants are: Coke, 297,000 tons; Pig Iron, 175,000
tons; Steel Ingots, 340,000 tons; Finished Rolled Steel Products, 286,000 tons; Steel Castings, 25,000 tons. The principal
rolled steel products manufactured are: Merchant and Reinforcing Bars, Light Structural Shapes, Wire Mill products,
Sheets (black and galvanized) and Tin Plate.
For several years the United States Steel Corporation has had under consideration the establishemnt of steel producing
and manufacturing operations in Pacific Coast territory, the better to serve its existing trade as well as to prepare for the
future growth of both domestic and foreign trade by service from coast plants. The manufacturing operations of substantial
character which it had nearest to the Pacific Coast in respect of cost of delivery were at Birmingham, Ala.; and in the Pittsburgh, Pa. District. The steel consumption in the Pacific Coast territory is important and it was economically logical,
that
therefore,' the Corporation establish producing plants in that territory.
The properties of Columbia Steel Corporation having been offered to the Corporation on terms considered reasonable
and on which it was felt a satisfactory return would immediately be earned by the properties, their purchase was decided
upon after an extended and exhaustive examination, inspection and study of the properties and their possibilities. This
purchase of the Columbia properties affords a nucleus from which it is confidently believed the productive capacity on the
Pacific Coast can be expanded from time to time to the interests of consumers, of the territory and of the Corporation.
CAPITAL EXPENDITURES.
The expenditures made by the Corporation and the subsidiary companies during 1929 for additional property, new plants, extensions and
Improvements lees credits for sales of property and salvage, also credit for net reduction in lock-up in advanced charges for stripping and
development work at mines, equalled the sum of----------------------------------------------------------------------------359,329,674
of this
This amount of net capital expenditures was added to the Property Investment Account, but during the year there was written out credits
account against depreciation reserves provided from income, the sum of 323,616.211 for the balance of investment cost (in excess of
for sales and salvage) of plants and improvements disposed of by sale, abandonment and/or dismantlement; also $3.010,373 was similarly
written off for exhaustion of investment cost in minerials, making a total reduction in Property Investment Account from this source of__ 26,626.584
Leaving net increase for the year in Property Investment from additional expenditures,less creditsfrom sales and write-offofinvestment cost of_$312,703,090
The above amount of expenditures of $59,329,674 in the year for additions, extensions, etc., is classified by property
groups as follows:
For Manufacturing properties, exclusive of the by-product coke plants--------------------------------------------------------------340,403.813
1,902,365
For By-product coke plants
909.426
For Coal properties
3.417,577
For Iron ore and zinc ore properties
1.729,844
For Limestone and flux properties
8,814,819
For Railroads
For Water transportation properties:
------------------------------------------------------------------------------------------- $3.542.575
Great Lakes fleet
238,090
Owen fleet---------------------------------------------------------------------------------------------Cr.
631,749
River transportation service--------------------------------------------------------------------------------3,836,234
For Water, gas and other public service properties---------------------------------------------------------------------------Cr.IRO!
For Land and supply companies
For Net lock-up in stripping and development expenses at mines, viz.*
34.505.107
Expended during the year
6.218,468
Lees, absorbed in year's expenses
Cr. 1,713.361
359,329,674
During the year the following smaller and obsolete plants or departments of plants of the subsidiary companies were
dipcontinued and their investment cost written off to reserves for depreciation and obsolescence provided from earnings
MAR. 22 1930.]
FINANCIAL CHRONICLE
2051
and income, viz.: Bellaire, Ohio, plant; New Castle, Ohio, blast furnace No. 1, and the old Pittsburgh Warehouse, all of
Carnegie Steel Co.; the Salem, Ohio, plant of American Steel & Wire Co.; the Lassig (Chicago plant of American Bridge Co.;
the Bessemer, Alabama, blast furnaces Nos. r and 2, of Tennessee Coal, Iron & Railroad Co. The Fairfield Steel car plant
of this last named company was sold. At the National plant of National Tube Co. six lap weld pipe mills and at that company's Lorain, Ohio, plant, two of such mills were discontinued. This was occasioned largely by the program decided upon
late in 1928, to substitute seamless pipe capacity for a substantial part of lap weld type of pipe, the use of which is being
displaced by the former.
Reference was made in last year's annual report to the survey which had been concluded of the properties of the manufacturing subsidiaries with the view of forecasting the probable amount which it seemed it would be necessary to expend
in the next few years for rehabilitating and modernizing a number of the departments and extending the facilities in order
to conduct operations on an economic basis, to take care of the growing demands of the trade and retain the Corporation's
relative position in the industry. As a result of this, large appropriations for the foregoing purposes were authorized during 1929, the more important of which are mentioned in the preceding outline of expenditures made in the year. The balance
unexpended on these authorized appropriations at close of 1929, including the 1930 budget, for mine stripping and development work, totaled $147,870,000. This amount will be increased somewhat by authorizations granted and to be granted
in 1930. It is estimated that about $125,000,000 of this total will be expended in 1930.
BALANCE SHEET, STATEMENTS OF ACCOUNTS AND STATISTICS.
The statements of accounts and statistics presented in this report comprehended 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.
In this balance sheet at December 31 1929 the valuations at which the stocks of the subsidiary companies were originally
acquired by the United States Steel Corporation on basis of par value of its stocks and bonds issued therefor, have been
reduced by write-offs to credit of Property Investment Account of amounts of Earned Surplus appropriated for amortization
of such investment cost as follows:
Earnings appropriated and applied in retirement through sinking funds of 17. S. Steel Corporation bonds
Earnings and Surplus appropriated to cover cost of capital expenditures for additions and betterments and which appropriateins have been1182.092.834.00
formally applied in the accounts in reduction of Property Investment Account, thus substituting tangible property values in lieu of
this amount of investment cost based on par of U. S. Steel securities originally issued as stated
207.708,569.68
Surplus specifically applied:
Appropriated to close of 1928
$30,205.076.23
And in year 1929, as see table on page 2 pamphlet report
88.296.020.09
118.501.098.32
Total
2508.302.500.00
This total equals the par value of the Common Stock originally issued upon organization of the Corporation and shortly
thereafter.
There has also been written off in 1929, in reduction of Property Investment Account, the $25,000,000 of working capital
provided at formation of the Corporation and heretofore carried to credit of "Surplus provided in organization."
The accounts of the United States Steel Corporation and of the Subsidiary Companies for the year 1929 have been
audited by Price, Waterhouse & Co., the independent auditors selected for this purpose by the stockholders at the annual
meeting April 15 1929. The certificate of the auditors is printed below.
EMPLOYEES AND PAY ROLL.
The average number of employees in the service of the Corporation and the subsidiary companies during the year 1929,
the total pay roll and average wages paid, compared with similar results in the previous year, were as follows:
Employees ofManufacturing Properties
Coal and Coke Properties
Iron Ore Properties
Transportation Properties
Miscellaneous Properties
Total
Total wages and salaries
Average Earnings per employee per day:
All employees exclusive of General Administrative and Selling force
Total employees. Including General Administrative and Selling force
1929.
Number.
162,500
21,834
10,876
24,199
5.571
224,980
$420,072,851
1928.
Number.
160,524
20.270
11,847
23,541
5,520
221,702
$413.699,720
$5.84
5.99
$5.85
6.00
-Increase Of
No. and Amt.
1.976
1.564
971
658
51
3.278
16.373.131
1.01
.01
DWI'
eaSe•Per Cent.
1.23 Inc.
7.72 /nc.
8.20 Dec.
2.80 /nc.
.92 Inc.
1 T8 Iirc.
.
1.54 Inc.
.17 Dec.
.17 Dec.
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
Total
1929.
$406,886,492
13.186,359
$420,072,851
1928.
$400,000,492
13,899.228
-Increase or Decrease
Amount.
Per Cent.
16.886.000
1.72 Inc.
512.369
3.74 Dec.
1.6411W,
''F'.7M
111:3,6tM.72
Pensions. The Trustees of the United States Steel and Carnegie Pension Fund paid during the year to retired employes
$3,940,678 in pensions, compared with $3,488,488 in the preceding year. Pensions were granted during 1929 to 1,007
retiring employes and at the the close of the year there were 7,420 names on the Pension Rolls, a net increase of
420 during
the year. The average age of the 1,007 employes retired in 1929 was 63.44 years, their average
and the average monthly pension $55.15. Since the inauguration of the Pension Plan in 1911 length of service 34.05 years
an aggregate of $26,266,101
have been paid in Pensions.
Employes' Stock Subscription. In May 1929 the usual offer was made for the year 1929 to employes to subscribe for
Common stock of United States Steel Corporation on basis of the price of $165 per
other
substantially the same as in previous years. Under this offer subscriptions were share, allfrom conditions and terms being
received
48,488
of 83,141 shares. The 1930 offer to employes to subscribe for Common stock under this plan was made employes for a total
on
at the price of $169, and to the date of writing this report subscriptions have been received from 60,441January 14 1930,
employes
aggregate of 98,888 shares. At Decembeer 31 1929, there were 50,618 employes who were registered stockholders, for an
holding
an aggregate of 129,621 shares of Preferred stock and 715,177 shares of Common stock. There were
also 23,710
employes who had in force open subscription accounts covering purchase of stock but were not registered holdersadditional
of shares.
At the annual meeting of the stockholders on April 15 1929, the Employes' Stock Subscription Plan
was
provided and authorized by the New Jersey statutes, so as to permit the Corporation, in the discretion of its amended, as
Finance Committee and Board of Directors, to either purchase or to issue new stock for the purpose of carrying
all subscriptions of employes which have been paid in full have been provided from purchased shares. out the Plan. To date
At December
there had been paid in by employes installments aggregating $7,661,082.34 on account of subscriptions to 135,432 31 1929,
shares.
Profit Sharing Plan. In accordance with the Profit Sharing Plan adopted by the stockholders in 1921, there was
appropriated from the earnings of 1929 the sum of $5,360,594 as the fund for distribution under the plan for that
year. The
allotment and distribution were made in February 1930, by the Profit Sharing Committee
of Stockholders elected at
stockholders' annual meeting in April 1929. Of the awards made by the Committee, sixty per cent. was paid in cash the
and
the remainder covered by Certificates of Conditional Interest in 10,986
the Committee invested such part of the appropriation. The stock shares of Common stock of the Corporation in which
covered by
deliverable in January 1935, to employes holding such certificates, provided they the Certificates of Conditional Interest is
are then in
or its subsidiaries, or is deliverable prior to that date if they die while in the service or are the service of the Corporation
retired under the Corporation's
Pension Plan.
Accident Prevention. The organized safety activities inaugurated in 1906
to prevent work accidents to employes were
continued with the usual intensity by the Corporation and the subsidiary
companies during the year 1929. Expenditures
in the amount of $1,005,742 were made in 1929 to further provide
safety devices and appliances and to educate employes
in the safe performance of their work, compared with $1,077,346 expended
tivities in which both officials and employes play an important part, may best in 1928. The far-reaching scope of these ac1929 over 226,846 employes have served on the general and plant safety be illustrated by the fact that up to the end of
committees and more than 13,700 men are now
serving regularly. Since 1906 and to the close of 1929 serious and fatal accidents
per one hundred employes have been reduced 61.71%;and since 1912 disabling accidents of all kinds per one hundred
employes have been reduced 86.24%. These
percentages indicate a total reduction within the preceding period of 62,228 serious
and fatal injuries in comparison with the
accident ratio which prevailed in 1906.
Accident Relief. During 1929 the subsidiary companies
for
under State Compensation Laws, the actual payment of which disbursed over work accidents, including liabilities accrued
is spread
a
pared with an expenditure for this purpose of $4,276,970 in 1928. Of the total period of years, a total of $4,840,832, comdisbursed during the year 85.87% was payable directly to the injured employes or their families.
[Vor,130.
FINANCIAL CHRONICLE
2052
Housing and Welfare. During the year 443 new contracts were entered into with employes for the purchase by them of
homes under the Corporation's Home-Owning Plan and involving the advance or loans to employes of the principal amount
of $1,771,639. Of the contracts entered, 130 were for constructed houses purchased by employes from outside interests,
131 were new houses constructed by employes, and 182 were existing houses owned by subsidiary companies. At the close
Of 1929 the several subsidiary companies had an investment of $13,899,081 in advances under the Plan secured by contracts
and mortgages on the properties, and bearing interest, payable in monthly installments over a period of years. This was a
decrease of $750,064 from the balance so invested at the close of 1928. Since the inauguration of this Plan in 1920 the subsidiary companies have been obliged to construct but very few houses to provide living quarters for employes.
As recited in previous annual reports, the subsidiary companies have continued to extend their assistance to employes in
connection with Group Life Insurance carried under and through their Employe Welfare organizations. Under the plan
the insurance contracts are negotiated and written by the insurance companies with the respective groups of employes, the
latter paying the entire premium and the subsidiary companies functioning only in collecting premiums as authorized by
employes through deductions from their salaries and wages. At the close of 1929 employes to the number of 180,169 were
carrying life insurance under this plan for a total amount of $239,453,711. During the 1929 total of $2,268,150 was paid
employes by the insurance companies for death and liability claims covered under this plan of insurance.
The Corporation and the subsidiary companies have continued under improved organization and methods their established
policy respecting the general welfare interests of the employes and their families, including educational work,all of which has
been fully described in previous reports.
Sanitation. The Corporation and subsidiary companies have continued careful study and attention to all sanitary
and other measures relating to the health, physical comfort and well-being of the employes of the various properties. Additional sanitary facilities were provided at the plants and properties during the year in accordance with the needs and under
the same careful procedure with respect to economy in space and construction, maintenance and operating cost as set forth
in previous reports. The amount expended for all sanitary work in 1929, including new facilities and the maintenance of
those installed in previous years, was $3,057,500, as compared with an outlay of $3,052,925 in 1928.
1
'
0 Number of Stockholders. At December 31 1929, there were 167,951 registered stockholders, of whom 14,634 held both
Preferred and Common stock. The number of registered Preferred holders was 61,667, and of Common 120,918.
The Board takes pleasure in expressing its grateful appreciation to the officers and employes for their loyal and faithful
services during the year in the efficient management and operation of the properties and for the satisfactory results secured.
By ORDER OF THE BOARD OF DIRECTORS
J. P. MORGAN, Chairman
JAMES A. FARRELL, President.
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31 1929.
ASSETS
PROPERTY INVESTMENT ACCOUNTS—Properties Owned and Operated by the Several Companies:
Balance of this account as of December 31 1929, less Depletion, Depreciation and Amortization Reserves per table on page 17$1,541,492,587.42
(pamphlet report)
MINING ROYALTIES:
Mining Royalties on unmlned ore, in respect of part of which notes of subsidiary companies are outstanding in amount of $21.66,291,180.79
912.188.66. as see contra
DEFERRED CHARGES (Applying to future operations of the properties):
$1,306.160.37
Advanced Mining and other operating expenses and charges
368.669.17
Discount on subsidiary companies' bonds sold (net)
1,674,829.54
INVESTMENTS:
Outside Real Estate and Investments in sundry securities, including Real Estate Mortgages
Land Sales Installment Contracts and Mortgages under Employes' Home-owning Plan
65.520.417.84
13,809,080.93
19,419,498.77
GENERAL AND RESERVE FUND ASSETS:
$570,998.10
Cash Resources held by Trustees account Bond SinkIna Funds
(Trustees also hold $10,180,000 of redeemed bonds, not Included as liabilities in this Balance Sheet.)
payment of the $8,091.000 (par) of matured and called bonds unprosented and
Cash deposits held by Trustees for
8,915.166.73
-Year Non-callable Series. 5% Gold Bonds (see contra)
the outstanding U. S. Steel 50
27.704,946.54
Securities held as investment of Contingent Reserves and for account Employes' Stock Subscriptions
Insurance and Depreciation Fund Assets:
$57,807,301.79
Securities
74.638.09
Cash
57.881,939.88
95,073,051.25
CURRENT ASSETS:
Inventories, less credit for amount of inventory values representing Profits earned by subsidiary companies on 288,572.969.54
Inter-Company sales of products on hand in Inventories December 31 1929. (See note opposite)
70.329,084.30
Accounts Receivable
6,401.586.47
Bills Receivable
1.431.634.87
Agents' Balances
60.544.918.56
Sundry Marketable Securities (including part of U.S. Government Securities owned)
4.278,750.19
Bank Deposits
Time and other special
130.673.563.21
Cash an hand and on deposit with Banks, Bankers and Trust Companies, subject to cheque)
862,2q2.507.14
$t,,183,654.91
—
,
LIABILITIES
CAPITAL STOOKS OF UNITED STATES STEEL CORPORATION:
*S813.284,000 00
Common
360.281,100.00
Preferred
$1,173,565,100.00
618,266.66
(Book Value of Same)...
SUBSIDIARY COMPANIES STOOKS NOT HELD BY UNITED STATES STEEL CORPORATION
BONDED, MORTGAGE AND DEBENTURE DEBT OUTSTANDING:
(See page 25 of pamphlet report for detailed statement)
BONDS FOR PAYMENT OF WHICH CASH IS SPECIALLY HELD BY TRUSTEES:
*6.791,000.00
Matured and Called Bonds unpresented for payment
1.300,000.00
-Year 5% Gold Bonds, non-callable series
U. S. Steel Corporation 50
$8,091,000.00
ALL OTHER OUTSTANDING ISSUES OF SUBSIDIARY COMPANIES:
56,143.000.00
Guaranteed by U. S. Steel Corporation
.00
47,575,900
Not Guaranteed by U. S. Steel Corporation
448,077.99
112,257,977.99
Real Estate Mortgages and Purchase Money Obligations
substituted for previously existSUBSIDIARY COMPANIES' MINING ROYALTY NOTES—Maturing over a period of 29 years, not guaranteed. $1,035.000.00;
States Steel
21.912,188.66
ing mining royalty obligations: Guaranteed by United$397,635.98 Corporation, $20.877.188.66:
non-interest bearing, $21.514,552.68: interest-bearing.
7,661,082.34
UNDER EMPLOYES STOCK SUBSCRIPTION PLAN
INSTALLMENT DEPOSITS
CURRENT LIABILITIES:
Current Accounts Payable and Pay Rolls
Accrued Taxes, not yet due,including reserve for Federal Income Tax
Accrued Interest, Unpresented Coupons and Unclaimed Dividends
Preferred Stock Dividend No. 115, payable February 27 1930
Common Stock Dividend No. 102, payable March 29 1930
Total Capital and Current Liabilities
RESERVES AND SURPLUS:
RESERVES
CONTINGENT, MISCELLANEOUS OPERATING AND OTHER
INSURANCE RESERVES
PREMIUM ON COMMON STOOK SOLD
EARNED SURPLUS:
Appropriated for and invested In Capital Expenditures
Subsidiary Companies (Bee note below)
Undivided Surplus of United States Steel Corporation and
$51.526,897.20
45.990.185.43
2.554,507.28
6.304.919.25
14,981.533.00
121,358,042.16
$1,437,372,647.81
59,451,606.22
43,611,158.62
41,037,124.50
270,000,000.00
434,711,117.76
$2,286,183,654.91
Profits on sales of materials and products to other subsidiary companies and
Note.—That part of the Surplus of Subsidiary Companies representing amount of Inventories Included under Current Assets.
from the
n hand In 'attars Inventories is, in this Balance Sheet, deducted
additional Common Stock issued in 1930.
* See statement on page 7 respecting
is properly drawn up so as Lc) show the
We have audited the above Balance Sheet, and certify that in our opinion it on December 311929.
position of the United States Steel Corporation and Subsidiary Companies
inancial
PRICE, WATERHOUSE & CO., Auditors.
MAR. 22 1930.1
FINANCIAL CHRONICLE
2053
PROPERTY INVESTMENT ACCOUNTS DECEMBER 31 1929.
Gross Fixed Property Investment Account. December 31 1928, exclusive of Stripping and Mine Development and Structural Erection
Equipment
82.435.263.759.94
Add: Net Property Balances of Minority Companies not heretofore Included and sundry property adjustments
265,426.05
$2.435,529.185.99
Less: Specifically written off to cover amortization of cost to U. S. Steel of capital stocks of subsidiary companies
in excess of latter's investment in tangible property, viz:
From Bond Sinking Fund Reserves applicable for this purpose
$182,092,834.00
From Profit and Loss Surplus
Working Capital provided in organization of U. S. Steel Corporation heretofore carried in "Surplus" formally 88.296.020.09
applied in reduction of Property Investment Account
25.000.000.00
295.388.854.09
$2.140.140.331.00
apital Expenditures on Property Account in 1929 (ex. Stripping and Development)
$61.043.036.06
Less: Amounts written off in year 1929 to Depletion and Depreciation Reserves for investment cost of natural
resources exhausted and of improvements, equipment and facilities abandoned and retired
26.626.583.68
34.416.452.43
Gross Fixed Property Investment December 31 1929
$2,174.556,784.33
Deduct: Balances In Depletion, Depreciation. Amortization and Current Maintenance Reserves. December 31 1929:
Depletion and Depreciation Reserves, exclusive of those specifically applied as per succeeding item
3538.785.901.80
Specifically applied for redemption of bonds through Bond Sinking Funds of Subsidiary Companies
44,184,374.42
Amortization Reserves account excess construction cost arising from war-time conitions
60,199,900.73
Current Maintenance Reserves
26,836,239.82
670.006.416.77
Net Fixed Property Investment Account. December 31 1929
81.504.550.367.55
Investment in Stripping and Development at Mines and Structural Erection Equipment:
Balance at December 31 1928
$38.655.581.28
Expended during the year 1929
4,505,106.81
Less: Charged off in 1929 to operating expenses
Balance, December 31 1929
Total of Property Investment Account, December 31 1929, per Consolidated General Balance Sheet
843360.688.09
6.218.468.23
36.942.219 86
81,541,492.587.42
INCOME AND SURPLUS RESERVED AND APPROPRIATED TO COVER AMORTIZATION OF INVESTMENT
COST IN STOCKS OF SUBSIDIARY COMPANIES IN EXCESS OF THEIR OWN INVESTMENT IN
TANGIBLE PROPERTY.
Earnings heretofore reserved and applied in retirement of U. S. Steel Corporation Bonds through Sinking Funds specifically written
off to Property Investment Account (see above)
$182,092,834.00
Earnings and Surplus appropriated to cover capital expenditures for additions, betterments and Improvements, and which appropriations have been formally applied in reduction of the Property Investment Account, thus substituting tangible property values
In lieu of this amount of above excess cost
207.708.569.68
Surplus specifically applied:
Appropriated to close of 1928
$30,205.076.23
And in year 1929. as see table on page 2 (pamphlet report)
88.296,020.09
118,501.096.32
Total of Income and Surplus applied as above to December 31 1929
8508.302.500.00
UNITED STATES STEEL CORPORATION AND SUBSIDIARY COMPANIES CONDENSED GENERAL
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING DECEMBER 311929.
GROSS RECEIPTS—Gross Sales and Earnings (see page 4, pamphlet report)
31.493,505.485.64
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, depredation and
obsolescence
81,188.289.864.25
Administrative, Selling and General Expenses, including appropriations under pension and employes' profit
sharing plans, but exclusive of general expenses of transportation companies
47,168,488.50
Taxes (including reserve for Federal income taxes)
54,971.945.72
Commercial Discounts and Interest
7.797.598.56
81,208,227,897.03
Less: Amount included In above charges for allowances for depletion, depredation and obsolescence here deducted for purpose of showing same in separate Item of charge, as see below
63.274.162.66
1.234.953.734.37
Balance
$258,551,751.27
Sundry Net Manufacturing and Operating gains and losses, including royalties received, Idle plant expenses, &c---$1,917.483.11
Rentals received
1.094.856.57
3.012.339.68
Total Net Manufacturing, Producing and Operating Income before deducting provisional charges for depletion, depredation and
obsolescence
$261,564.090.95
OTHER INCOME AND CHARGES.
Net Profits of properties owned, but whose operations (gross revenue, cost of product, expenses, &c.) are not classified
in this statement
Income from sundry investments and interest on deposits, &c
Balance
Less, Reserve for estimated and contingent liability of subsidiary railroads to United States under Transportation Act
Net Balance of Subsidiaries' Inter-Company Profits not yet realized as cash assets*
$303,082.15
16,032.173.72
16.335.255.87
5277.899.346.82
53.000.000.00
9,060,414.55
12.060.414.55
Total Earnings in the year 1929 per Income Account page 18 (pamphlet report)
2285.838.932.27
Less, Interest Charges on Subsidiary Companies Bonds and Mortgages
7316,478.98
Balance of Earnings for the year before deducting provisional charges for depletion, depreciation and obsolescence
3258.722.453.29
Less, Charge and allowances for depletion, depredation and obsolescence
63.274.162.66
Net Income in the year 1929
8195.448.290.6
*Those profits have been earned by individual subsidiary companies on inter-company sales made and service rendered to /for other subsidiarte
but being locked up in tho inventory value of materials held by the
companies
not to that date included
reported earnings of the combined organization. Such profits are so purchasingonly in the at close of 1929, are are converted into a cash OS Part of the
year in which they
embraced
asset.
COMPARATIVE INCOME ACCOUNT FOR THE FISCAL YEARS ENDING DECEMBER 31 1929 AND 1928.
The Income Account for year 1929 does not include deduction for allowance for amortization of investment applied
previous years was currently made from earnings. This was not required in 1929 since the cumulative allowances for to bond sinking funds which in
that purpose theretofore made
In part from Earnings and in part by appropriations of Surplus together with further allowances made from Surplus In 1929 aggregate a total which
has amortized investment in intangible values to the full amount deemed necessary. The premiums paid in 1929 in redemption of bonds of the
Corporation and subsidiaries, as explained on page 6. (Pamphlet report) have been charged to Undivided Surplus.
(+) Increase
(—)Decrease.
1929.
1928.
EARNINGS—Before charging interest on Bonds and Mortgages of Subsidiary Companies:
First Quarter
$61.978,984.92 342,884.055.86 +219.094.929116
Second Quarter
48,874.819.24 +24.986.605.92
73.861,425.16
Third Quarter
54,049,214.56 +17.960.451.64
72.009.666.20
Fourth Quarter
55.178,209.45
57.988.855.99
+2.810.646.54
Total for year
88265.838.932.27 *$200,986,299.11 +864.852.633.16
Less, Interest on outstanding Bonds and Mortgages of the Subsidiary Companies
7.681,371.88
—564.892.90
7,116.478.98
Balance of Earnings
$258.722,453.29 $193.384.927.23 +365.417,526.08
Less, Charges and Allowances for Depletion, Depreciation, Amortization and Obsolescence
applied
as follows:
To Depletion and Depredation Reserves of Subsidiary
63.274.162.66
55,621.494.96
+7.652.667.70
To Sinking Funds on U. S. Steel Corporation Bonds Companies
11.615.808.44 —11.615.808.44
Net Income in the year
8195.448.290.63 8126,067,623.83 +569.380.666.80
Deduct*
Interest on U. S. Steel Corporation Bonds outstanding
7.828,391.36
16,106,572.90
—8.278,181.54
Premium Paid on Bonds redeemed:
On Subsidiary Companies Bonds
405.893.83
—405,893.83
On U. S. Steel Corporation Bonds
1.552.170.36 —1.552,170.36
Balance
8187.619.899.27 $108.002.986.74 +279.616.912.53
Add: Special income receipts for the year. including adjustments of various accounts
9,972:160.97
+3.801,372.97
6.170.788.00
$197.592.060.24 $114,173,774.74 +883,418.285.50
Dividends on U. S. Steel Corporation stocks:
Preferred, 7%
25.219,667.00
25.219.677.00
Commo 11929 Regular 7%, Extra 1%)
63.849.040.25
49,813,645.00 +14.035.395.25
11928 Regular 7%
Surplus Net income
*Balance of Earnings after making allowances for estimated amount of Federal income taxes. $108,523,342.99 $39,140,452.74 +869,382.890.25
2054
For... 130.
FINANCIAL CHRONICLE
BETHLEHEM STEEL CORPORATION
TWENTY-FIFTH ANNUAL REPORT—FISCAL YEAR ENDED DECEMBER 31 1929.
Newark, New Jersey, March 17 1930.
To the Stockholders:
The Board of Directors submits herewith the following
report of the business and operations of your Corporation
and its subsidiary companies for the fiscal year ended
December 31 1929 and of the condition of its properties
and finances at the close of that year.
INCOME ACCOUNT FOR THE YEAR 1929.
Total Income of the Corporation and its subsidiary companies_ 467,469.245
Less—
interest charges,including premium on securities redeemed---- 11.217,180
APPROPRIATED SURPLUS ACCOUNT.
(Invested in Additions to Property and Working Capital)
Appropriated surplus, December 31 1928
5105,000,000
Add—
Transferred from unappropriated surplus
account
15,000,000 5153,439.935
Total
$120,000,000 $153,439,935
Deduct—
Stock dividend
Premium on stock sold, converted or redeemed, less par value of stock represented by cancelled scrip
Total deductions
Appropriated surplus, December 31 1929
$30,000.000
3.439,935
$33.439,935
$120,000,000 $120000,000
$56,252,065
Deduct—
Provision for depletion, depreciation and obsolescence
14,009.085
$42,242,980
Net income for the year
The value of shipments and deliveries by subsidiary companies of your Corporation during the year, as represented
by gross sales and earnings, was $342,516,207 as compared
with $294,778,287 for the preceding year. The net income
of $42,242,980 for the year compares with $18,585,922 for
the preceding year.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1929.
ASSETS.
Current Assets:
Cash
U. S. Government securities
Sundry marketable securities
Accounts and notes receivable
Inventories
$29.325,704
65,599.896
22,620.896
41,478,075
69,147.204
$228,171,775
78,472,582
Funds held for redemption of bonds
Stock held for employees, less payments on account
19.178,010
Reserve fund assets
6.380,172
Sundry securities, and real estate installment contracts and
mortgages
4,534,791
Funds in hands of trustees
677.465
Investments in and advances to affiliated companies
8,931,487
Property account
455.285.080
$801,631,362
LIABILITIES.
Current Liabilities:
Accounts payable and accrued liabilities
$33,022,705
Bond interest accrued
2,803,414
Preferred stock dividend payable January 2
and April 1 1930
3,500,000
Common stock dividend payable February 15
and May 15 1930
9,600.000
$48,926,119
Funded debt
184.339,595
Cambria Iron Company stock (annual rental 0(4% payable)- 8,465.625
Capital Stock, Surplus and Reserves:
7% Cumulative Preferred stock
$100,000,000
Common stock
Surplus
134,565,632
Contingent reserve
3,293.614
Insurance reserve
6.140,777
59,900,023
559,900.023
$801,631,362
INCOME ACCOUNT.
Increase( or
+)
Decrease (—).
1928.
1929.
Gross sales and earnings
$342,516,207 $294,778,287 +$47.737,920
Deduct—Manufacturing cost, administrative, selling and general expenses and taxes
282,359,283 253,848,844 +28,510,439
Net operating income
560356,924 540.929.443 +519.227,481
Add—Interest, dividends and
7,312.321
+4,720,628
other miscellaneous income__ _
2.591.693
Total Income
567,469.245 543,521,136 +$23,948,109
Deduct—Interest charges, including premium on securities re--59,699
deemed
11,217.180
11.276,879
Balance
$56,252,065 532.244,257 +$24,007,808
Deduct—Provision for depletion,
+350.750
depreciation and obsolescence_ 14.009,085
13.658,335
Net income
$42,242,980 518,585,922 +523,657,058
UNAPPROPRIATED SURPLUS ACCOUNT.
Summary Since
Organization.
1929.
Unappropriated surplus, December 31 1928--- $9,922,652
Add—
42,242,980 $293,624,796
Net income
Total
Deduct Dividends—
Preferred stock
Common stock
Total dividends
$52.165,632 5293.624.796
47,000.000
515.600,000
a65.586,249
560,032.980
$22,600,000 $125,619,229
Balance
$29,565,632 $168,005,567
Deduct—
Appropriated for, and invested In, additions
153,439,935
to property and working capital
15,000,000
Unanpropriated surplus, December 31 1929--- $14,565,632
$14.565,632
a Tneludes dividend declared January 23 1930 and payable April 1 1930.
b ln,ludes dividend declared January 23 1930 and payable May Id 19;s0.
The value of orders booked during the year aggregated
$369,536,888 as compared with $295,209,483 for the year
1928. The unfilled orders on December 31 1929 amounted
to 6,060,883 as compared with $59,040,202 on December 311928.
Full dividends were paid on the Preferred stock during
the year, and dividends on the Common stook of $1.00 per
share were paid on May 13 and August 15 1929, and of
$1.50 per share on November 15 1929.
On May 29 1929 the certificate of incorporation of your
Corporation was amended so as to change the Common
stook into shares without par value and also to increase the
authorized Common stock to 5,000,000 shares without par
value. 600,000 shares of the new Common stock were sold
on an offering for subscription by the common stockholders
on or before June 18 1929 at the price of $85 per share to
provide funds for the further development of the properties
and business of your corporation, and an additional 800,000
shares were sold on an offering for subscription by the common stockholders on or before October 21 1929 at the price
of $110 per share to provide funds for the reduction of the
funded debt of your Corporation and its subsidiary companies.
2% Gold
The Cornwall Purchase Money Mortgage 5Y
Bonds issued by Bethlehem Steel Company, the Purchase
Money Mortgage Fifteen-Year Sinking Fund 6% Gold
Bonds and the Purchase Money Mortgage Fifteen-Year
Sinking Fund 5Y
2% Gold Bonds issued by Bethlehem Shipbuilding Corporation, Ltd., and the First Mortgage Sinking
Fund 6% Gold Bonds issued by The Atlantic Works and
assumed by Bethlehem Shipbuilding Corporation, Ltd.,
were redeemed on January 2 1930. The Consolidated
Mortgage Thirty-Year Sinking Fund 6% Gold Bonds,
Series A, and the Consolidated Mortgage Thirty-Year Sinking Fund 53% Gold Bonds, Series B, issued by your Corporation were redeemed on February 1 1930. The total
face amount of the bonds paid or retired by purchase or
redemption between December 31 1928 and February 1 1930
Is $83,869,977. The funded debt of your Corporation will
be further reduced during the current year by the application of the remainder of the moneys provided for that purpose by the sale of common stock in October 1929.
In November 1929 agreements were entered into covering
the acquisition of all of the properties and assets of Pacific
Coast Steel Company and of Southern California Iron &
Steel Company, including three steel manufacturing plants
located at or near South San Francisco and Los Angeles,
California, and Seattle, Washington, having a total steel
ingot capacity of 380,000 gross tons per annum. Such
acquisition was consummated on January 9 1930 by the
transfer and conveyance of such properties and assets to
Pacific Coast Steel Corporation, a subsidiary of your Corporation, for $20,016,500, principal amount, of 5% Serial
Gold Bonds of such subsidiary, guaranteed as to principal
and interest by your Corporation, and the assumption by
such subsidiary of all the liabilities and obligations of the
two grantor companies. As part of the transaction your
Corporation also agreed to purchase all or any of such
bonds at any time upon tender thereof to it prior to July 15
1930 at their face amount plus accrued interest.
The cash expenditures for Additions and Improvements
to Properties during the year amounted to $22,193,308.
The estimated cost of completing the construction authorized
and in progress as of December 31 1929 is $52,600,000.
The most important units of the construction work now
In program; are: an additional open hearth department, a
MAR. 22 1930.1
FINANCIAL CHRONICLE
-inch universal slabbing mill,
166-inch shared plate mill, a 40
and four additional sheet mills at the Maryland Plant; an
additional open hearth department and a continuous sheet
bar and billet mill, replacing an obsolete mill, at the Lackawanna Plant; an additional battery of coke ovens at the
Cambria Plant, the replacing of an obsolete battery of ovens
at the Maryland Plant and improvements to the by-product
equipment at the Maryland and Lackawanna Plants; the
complete rebuilding of a blast furnace at the Maryland Flant
and the enlarging of other blast furnaces, with increased
power and blowing facilities, at the Cambria and Lackawanna Plants; a flue dirt sintering plant at the Bethlehem
Plant and additional facilities providing for the wider distribution and use of blast furnace and coke oven gas at
various plants. It is expected that most of this construction
work will be completed during the current year.
The steel industry of this country operated at an unprecedented rate during the first ten months of 1929. Notwithstanding a sharp decrease in the rate of operations during
the last two months a new record for the production of steel
ingots in this country was established for the year, exceeding the previous record made in 1928 by over 4,30J,000
tons, an increase of approximately 8.6%. Operations of
your Corporation averaged 91.8% of capacity during the
year 1929 as compared with 82.0% in 1928 and 73.6%
in 1927.
The rated steel capacity of your Corporation was increased
to 8,230,000 tons per annum and its pig iron capacity to
7,200,000 tons per annum, effective in both cases on January 1 1930. Both increases resulted from improvements
and more modern designs incorporated in furnaces which
have been rebuilt. The purchase of the Pacific Coast plants
above referred to has since increased the steel capacity to
8,610,000 tons, and the two new open hearth departments,
now under construction, will result in a further increase of
1,200,000 tons.
The operation of the Moore Plant was discontinued during
the year and its business transferred to other plants of your
• Corporation. The operation of the coal mines at Wehrum,
Pennsylvania, was also discontinued due to the relatively
high costs of producing coal of the required metallurgical
grade.
At the end of the year 13,254 employees were the holders
of record of 96,436 shares of the Preferred Stock of your
Corporation purchased and paid for under the "Employees'
Saving and Stook Ownership Plan" described in our report
for 1923, and 26,587 employees were paying in installments
for an additional 63,892 shares. In the seventh offering
under the Plan, made on February 1 1930, shares of the
Preferred Stock were again offered at the price of $125
per share.
Your Board of Directors has approved a plan known as
the "Management Stock Ownership Plan," designed to
encourage and facilitate the purchase of Common stock of
your Corporation by the officers and employees occupying
important positions in the management of the business of
your Corporation and of its Subsidiary Companies. In
furtherance of this plan your Corporation has purchased in
the open market a substantial amount of its Common stock
which has been offered to such officers and employees at a
price per share equal to the net cost thereof to your Corporation. The shares may be paid for by monthly deductions from earnings over a term of years. Meanwhile
dividends on the stock purchased will be credited on the
purchased price and interest will be charged upon the deferred payments.
During the year your Corporation assisted 419 employees
to buy homes having a total value of $1,582,977. Under
the plan referred to in our annual report for 1927 a total of
5,132 employees have, with assistance from your Corporation, bought their homes for prices aggregating $21,143,040.
Of the amounts advanced by your Corporation $3,078,236
remains due your Corporation and is being paid with inter• est in monthly installments.
Your Corporation during 1929 paid $548,971 in pensions
to retired employees as compared with $517,446 for the
previous year. During the year 137 pensions were granted
• and 109 were terminated by death or other causes. At
the end of the year there were 1,105 retired employees
on the pension list.
At the end of 1929 more than 96% of the employees of
your Corporation and its Subsidiary Companies in the
United States were participating in the Relief Plan, which
provides uniform benefit payments to employees in case of
.their sickness or to their dependents in case of their death
2055
out of contributions by the participating employees made
in the form of payroll deductions. During the first three
years and seven months of operation $3,215,069 was paid
under the Plan to sick or disabled employees or to the
dependents of deceased employees.
The number of stockholders at the end of the year was
74,233, of whom 2,643 held both Preferred and Common
stock. The number of holders of the Preferred stock was
35,470 and of the Common stock was 41,406.
On April 25 1929 Mr. Quincy Bent was elected a Director
of your Corporation to fill a vacancy.
The accounts of your Corporation and its Subsidiary
Companies for the year have been audited by Price, Waterhouse & Co., and their certificate appears on page 11 [pamplet report].
Your Board of Directors takes pleasure in acknowledging
the loyal and efficient services of the officers and employees
of your Corporation and its Subsidiary Companies.
By order of the Board of Directors.
CHARLES M. SCHWAB,
Chairman of the Board of Directors.
EUGENE G. GRACE,
President.
PROPERTY ACCOUNTS.
Summary Since
Organization,
1929.
Gross value of properties owned or leased (depletion and amortization deducted). Decem5654.731.533
ber 31 1928
Cash expenditures for additions and improvements, including unabsorbed charges for
22,193,308 $440,326,973
development at mines and quarries
Original cost of properties otherwise acquired,
less depletion and amortization accrued to
date of acquisition
357.887.023
Total
5676.924,841
Less the following—
Depletion
81,142,238
Amortization of expenditures for facilities
Installed for the production of articles and
vessels contributing to the prosecution of
the World War
Original cost of property and equipment dismantled, retired or sold less depletion and
20,709,621
amortization provided
Total deductions
521.851.859
5798,213,996
$8.609.857
30.281.301
104.249,856
5143,141.014
Gross value of properties owned or leased (depletion and amortization deducted). Decem5655,072,982 $655.072.982
ber 31 1929
Less—
199.787.902
199,787.902
Reserve for depreciation, etc
Net property value. December 31 1929
$455.285.089 5455.285,080
DEPRECIATION, OBSOLESCENCE. RENEWAL AND
MAINTENANCE ACCOUNTS.
Summary Since
Organization.
1929.
$200.408,678
Balance, December 31 1928
Add—
Provided from income
12.866.847 5166,221.090
Provided through charges to current expenses 50,616.516
513,274.155
Salvage value of property and equipment
21.880.158
2.069,231
dismantled, retired or sold
Reserve accrued to date of acquisition on
84.378.249
account of properties acquired as adjusted
19,165
Total
$265,980,437 $785.753,652
Deduct—
Expenditures for repairs, maintenance and
development, including rebuilding and relining blast furnace stacks and stoves.
coke ovens, melting and heating furnaces
and upkeep and replacement of rolls,
moulds, stools, charging boxes, foundry
flasks, annealing boxes, dies, etc
$45.482.914
Original cost of property and equipment
dismantled, retired or sold, less depletion
20,709.821
and amortization provided
Total
Balance, December 31 1929
5481.715,894
104,249.856
566,192.535 5585.965,750
$199,787,902 $199.787,902
CERTIFICATE OF AUDITORS.
New York, March 1 1930.
To the Board of Directors of
Bethlehem Steel Corporation:
We have examined the books and accounts of the Bethlehem Steel
Corporation and its subsidiary companies for the year ended December 31
1929, and find that the balance sheet at that date and the relative income
account are correctly prepared therefrom.
During the year only actual additions have been charged to property
account, and the provision for depletion, depreciation and obsolescence
Is, in our opinion, fair and reasonable.
The inventories of stocks on hand, as certified by the responsible officials.
were valued at cost or market, whichever was lower, and the accounts and
bills receivable are, in our opinion, good and collectible. Full provision
has been made for all ascertainable liabilities, and we have verified the
securities and cash on hand, in banks and on call, by actual Inspection or
by certificates from the depositaries.
We certify that, in our opinion, the balance sheet is properly drawn up
so as to show the financial position of the combined companies on December 31 1929. and the relative income account fairly states the results of the
operations for the fiscal year ended at that date.
PRICE. WATERHOUSE & CO.
FINANCIAL CHRONICLE
2056
[VOL. 130.
ALLIS-CHALMERS MANUFACTURING COMPANY.
SEVENTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1929.
Milwaukee, Wis., March 14 1930.
To the Stockholders of
Allis-Chalmers Manufacturing Company:
The seventeenth annual report for the fiscal year ended
December 31 1929, together with certified Balance Sheet,
Income Account and Surplus Account, is herewith respectfully submitted.
The net income of $4,330,888.48, after Federal taxes, was
equivalent to $3.81 per share on the average amount of new
no par stock outstanding, compared with $2,933,909.99 the
previous year, or $2.82 per share on present stock basis, an
increase of 473/%.
COMPARATIVE BOOKINGS, BILLINGS AND NET
INCOME.
The following table gives a comparison of the bookings,
billings and net income for the past five years:
Year.
Bookings.
Billings.
Earnings per Share
on Present Stock Basis.
$
$3.417,368.43
Z
3.596.891.57
Net
Income.
1925---$28,944.401.99 $28,921,357.18
1926--- 32,170.181.73 30.682,542.76
1927--- 30,651,807.98 33,352,252.42 3,182,472.69
1928-- 35.957,197.93 36,294.561.59 2,933,909.99
1929— 48,493.817.18 45,302.355.50 4,330,888.48
2.50
2.82
3.81*
*On 1,136,048 average no par shares outstanding during the year.
In the years 1925, 1926 and the first half of 1927 the net
income, shown in table above, was available for Preferred
and Common shares. The Preferred Stock was retired as
of July 1 1927 and $15,000,000.00 Ten-Year 5% Gold
Debentures were issued on May 1 1927. Commencing
July 1 1927 and thereafter the net income was entirely
available for Common shares.
UNFILLED ORDERS.
Unfilled orders at the close of the year amounted to
$12,872,676.07 compared with $9,681,214.39 on December 31 1928; on February 28 1930 they were:313,592,000.00.
DIVIDENDS,
During the year dividends in the amount of $2,496,467.50
4
were declared at the rate of 13 % for the first and second
quarters on old stock of the par value of $100.00 per share,
fifty cents per share for the third quarter and seventy-five
cents per share for the fourth quarter on the new no par stock.
CHANGE IN CAPITAL STRUCTURE,
On January 11 1929 the Board of Directors authorized
the issuance of 26,000 additional shares of common stock,
pro rata, at a price of $140.00 per share, to the holders of
record on January 25 1929 at the rate of one share for each
ten outstanding; subscriptions thereto were paid in full on
February 20 1929.
The Stockholders, at a special meeting held September 20
1929, authorized an amendment to the Certificate of Incorporation to provide for the exchange of 500,000 shares of
common stock of the par value of $100.00 each for 2,000,000
shares without nominal or par value, and the issuance to
Stockholders of 1,144,000 shares of the new stock in lieu of
286,000 shares of common stock then outstanding, each
Stockholder thereby receiving four shares of new stock
without par value for each share of common stock of the
par value of $100.00.
On September 27 1929 the Board of Directors authorized
the issuance of 114,400 additional shares of common stock
without par value, already authorized but not issued, pro
rata, to the holders of record of the outstanding 1,144,000
shares of such stock on October 10 1929 at the rate of one
share for each ten outstanding,for subscription and purchase
by them at the price of $60.00 per share, payable $30.00
per share at the time of subscription, October 31 1929, and
the balance on or before April 30 1930. At a meeting of
the Board of Directors held October 29 1929 the Board, at
the request of a number of Stockholders, adopted resolutions extending the time, from October 31 to December 31
1929, within which the subscription rights for the purchase
of the stock might be exercised. The provisions for payments were modified so that the first installment of $12.00
per share was payable December 31 1929, the second installment of $18.00 January 31 1930 and the final installment of
$30.00 April 30 1930.
ENGINEERING AND SALES DEVELOPMENT.
As in previous years, development of new designs, to keep
the Company's lines in the front rank, has been carried on
through 1929. Some of the more important items are
thus given:
The small low-priced tractor, referred to in last year's
report, was put into production in a new plant at the West
Allis Works specially designed to procure low manufacturing
costs under conditions of quantity production. This tractor
has found an increasing market, both in this country and
abroad, in agricultural, highway and industrial fields; it
appears to well fill the place for which it was intended. The
larger size wheel tractors have been more firmly standardized
in design, production methods and market, and are continuing to enjoy increased sales volume.
The manufacturing facilities at the Springfield Works
acquired from the Monarch Tractors Corporation, and referred to in last year's report, have been considerably expanded and in part equipped with new tools to permit low
cost production of improved designs. During the year
the Monarch Model "35" Crawler Type Tractor was developed to incorporate the Company's engineering standards
and is now in production. Other models of Crawler Type
Tractors are being redesigned to better meet the requirements of the growing market and economical manufacture.
New territory was added to the areas in which the Cornpany's agricultural power machinery is aggressively offered
for sale by representatives. Sales resistance in all tern tories, it is expected, will be appreciably reduced by the
ability on the part of the Company to simultaneously offer
for sale a complete line of farm implements and tillage tools;
this comes about by reason of the purchase in October 1929
of the assets of the LaCrosse Plow Company, an institution
of excellent reputation in the agricultural districts. Marketing facilities and advertising aids have been largely augmented during the year; advertising includes space in the
popular weeklies and radio-broadcasting.
There are now more than 70,000 Texrope Drives in operation having an aggregate rating of more than 1,000,000 H.P.
During the year the range of capacities manufactured for
and carried in stock was increased from the former limit of
50 H.P. up to 100 H.P.; now about 75% of all drives sold
are shipped directly from stock, with the resulting advantage
of lower cost of production and lower selling prices. Aside
from the manufacturing development just mentioned, the
only other important features were the use of pressed steel
sheaves in the drives of small power and the rapidly increasing diversity of application of the Texrope Drive as a meansof
connecting motors to the machinery to be driven in industry.
The Company procured an order late in the year for six
33,500 H.P. hydraulic turbines for the Osage River development of the Union Electric Light and Power Company ($t.
Louis); an order for a large hydraulic turbine for installation
in Mexico was entered. Development work on centrifugal
pumps for boiler feed, water works service and oil field
service was continued. Among these were a boiler feed
pump designed for operation against 700 pounds pressure; a
water works service pump for 645 feed head; a hot oil pump ,
for 1,200 pounds pressure, and a new condensate pump
having exclusive features was developed for use in connection
with condensers associated with steam turbine installation.
The Company leads in the modernization of design of
umbrella type water wheel generators; and it now has under
construction for a utility company two 31,100 KVA. genorators of this type notable for large physical dimensions and
the slow speed of 94.7 R.P.M. at which they operate.
Of importance in the improvement of distribution transformers was the development for one of the prominent
utility companies of dtachable type bushings; satisfactory
experience justifies the extension of the design to the cornplete line of distribution transformers.
The line of standard Allis-Chalmers Reyrolle switchgear
units has continued to be extended to more and more cornpletely cover the field; the sales appear to be correspondingly
increasing. Three notable successful installations were made
during the year—two of the outdoor type each of an aggrogate rupturing capacity of 1,000,000 KVA., and one of the
indoor type of 1,500,000 KVA. rupturing capacity.
MAR. 22 1930.1
FINANCIAL CHRONICLE
Improvements in design and satisfactory operating experience continue to confirm the Company's position as a
prominent manufacturer of large steam-turbo-generators.
There are now under construction one 65,000 K.W. tandemtype and one 115,000 K.W. tandem-type steam-turbogenerators for the Waukegan station of the Public Service
Company of Northern Illinois; the latter unit is the largest
60 cycle single generator unit built or under contract by
any manufacturer up to the close of 1929. There is also
under construction one 60,000 K.W. single-cylinder unit
for the Lakeside station (Milwaukee) of The Milwaukee
Electric Railway and Light Company.
The successful performance records of high vacuum steam
condensers for operation in connection with steam turbines,
and the development of certain patented features of particular use in connection with the turbines operating on high
pressure steam, have encouraged the expansion of business
in this division. The two 6,600 K.W.(10,000-11,000 H.P.)
gas engine driven units for one of the subsidiaries of the
U. S. Steel Corporation, referred to in last year's report,
were placed in operation and have since operated very
satisfactorily.
In the cement laboratory of the Crushing and Cement
Division of the Company research work has continued leading to greater knowledge of the characteristics of cement;
this is of use in the design and sale of cement-making machinery. Some of this information was obtained by the
installation of an elutriator specially made for the grading
of very fine particles of cement. A 48-inch Re-Crusher
involving wholly new features was designed and placed in
satisfactory operation. Improvements dictated by experience have been incorporated in the Superior McCully
Crushers. The year now beginning will witness the marketing of two sizes of new vibrating screens. Preliminary designs for a 24-inch Newhouse and a 24-inch Fine Reduction
Crusher were prepared, and the line of crushing plant machinery was increased by a heavy design of 30-inch Pan
Conveyor.
To meet a growing requirement for self-contined units
of small capacity, semi-portable flotation plants have been
designed and manufactured in three sizes-25, 50 and 100
tons daily capacity. Additions to the line of rod mills have
continued and two new larger sizes 7feet by 15 feet and 9feet
by 12 feet have been manufactured; the latter is the largest
yet built. The mining, crushing, drying and milling of
Fuller's Earth to commercial grades provide new outlets
for kilns and milling machinery.
The Company has acquired the right to manufacture the
McMillan Defiberizing Machine. By this machine wood
fibre is made from pulp wood logs and slabs ordinarily regarded as waste. Considerable demand for this machine
is expected from wall-board mills, gypsum companies and
others using wood fibre for similar purposes.
Two large electric hoists for mining companies were designed and manufactured; in these the Company used
welded steel plate construction for the drums and frames
for the first time.
CAPITAL AND DEVELOPMENT EXPENDITURES.
Extensive additions to buildings and equipment costing
$3,345,555.80 were made during the year. The major expenditures consisted of additions to the Tractor, Texrope
and Welding Departments at the West Allis Works, and to
the Crawler Type Tractor division at the Springfield Works;
they also included the purchase of assets of the LaCrosse
Plow Company.
Additional manufacturing facilities are being planned for
the current year to provide for the evident increasing volume
of business. The principal expenditures will be for additions
to buildings and equipment at the West Allis Works, to
enlarge the production facilities of the Electrical and Texrope divisions, and Tractor Motor manufacture. Further
expansion of facilities at the Springfield Works is also
planned.
Expenditures for e?cperimental and development work on
new products and the expansion of existing products amounting to $1,317,957.57 were charged to Cost of Operations;
this compares with $1,056,102.58 in 1928, an increase of
$261,854.99.
MAINTENANCE AND DEPRECIATION.
Expenditures for maintenance and repairs of buildings
machinery, patterns and equipment amounted to $1,743,759.34. The reserve for depreciation of buildings, machinery and equipment was $742,580.92. The total of the
2057
two items amounting to $2,486,340.26 was charged to Cost
of Operations during the year.
GENERAL.
The Notes and Accounts Receivable have been appraised
by a standing committee and all doubtful accounts have
been charged off.
Current Inventories aggregating $16,141,633.98 have been
carefully reviewed by the Inventory Committee and are
stated at cost or market, whichever is the lower.
The ratio of Current Assets to Current Liabilities at December 31 1929 was about four to one.
At the close of the year the issued capital stock was owned
by 4,284 record holders compared with 4,056 record holders
at the end of 1928.
The books and accounts have been examined by Price,
Waterhouse & Co., Certified Public Accountants, and their
Certificate is appended hereto.
The annual meeting of the Company will be held at its
principal office in the DuPont Building, Wilmington, Delaware, at 12 o'clock noon, on May 8 1930.
By order of the Board of Directors.
OTTO H. FALK, President.
COMPARATIVE BALANCE SHEET.
ASSETS.
Current and Working Assets—
Cash
Marketable securities
Notes receivable
Accounts receivable
Inventories
1929.
81.615.408.64
3.584.929.13
3.039.774.57
9,392.372.39
16.141.633.98
1928.
32.541.596.54
3.080.009.00
1.916.215.76
6.343.999.07
13.598.794.19
833.774.118.71 827.480.614.56
Properties—
Factory sites, buildings, machinery, equipment, patents, patterns, drawings and
349.468.000.25 846,264.737.02
good-will
12.042.970.44
Deduct—Reserve for depreciation
11.410.069.39
837.425.029.81 834.854.667.63
Other Assets and Deferred Charges—
Land sales contracts and property not ac31.058.097.01
quired for operating purposes
81,096.421.79
766.226.00
Debenture discount and prepaid expenses
615,420.24
31.824.323.01
31.711.842.03
$73,023,471.53 864,047.124.22
LIABILITIES.
Current Liabilities—
$2.000.000.00*
Notes payable
2.893.997.47 31,933.987.36
Accounts payable and pay-rolls
574.326.32
1.044.978.15
Advances received on contracts
1.097.860.13
Reserve for completion of contracts
850,210.54
1,223.408.81
1,372,330.54
Accrued taxes
125.000.00
125.000.00
Debenture interest accrued
923.467.50
455,000.00
Dividends payable
88.986.981.96
Reserves—
General contingencies
Employers liability insurance
85.632.584.86
81.247.625.30
511.992.96
31.207.772.55
474.256.48
31.759.618.26 81.682.029.03
Ten-Year 5% Gold Debentures, due
315.000.000.00 $15,000,000.00
May 1 1937
Capital Stock (Common)—
Authorized-2.000.000 shares no par value
$29,709,940.00 826.000.000.00
Issued-1.146.999 shares no par value
(111,401 shares reserved for delivery on
rights at $60.00 per share)
817,566.931.31 315.732,510.33
Earned Surplus
373.023.471.53 364,047.124.22
*Incurred during period of extension of time for exercise of stock subscription rights, see page 5 pamphlet report'', notes paid in January and February 1930 upon receipt of proceeds from new stock issue.
COMPARATIVE INCOME ACCOUNT.
1929.
1928.
$45.302,355.50 $36,294,561.59
Sales billed
Cost of sales, including depreciation*,
development, selling, publicity, admin40.812,629.41 33,222.615.41
istrative expenses and all taxes
Operating Income
$4,489,726.09
Add—Interest, discounts, royalties, com659.162.39
missions. etc. (net)
$3,071,946.18
35.148.888.48
Total Income
Deduct—Debenture interest and amortiza818,000.00
tion of discount
$3.749.909.99
Net Income
677.963.81
816.000.00
82.933.909.99
$742.580.92
*Depreciation
84.330,888.48
$765,224.60
EARNED SURPLUS ACCOUNT.
Balance January 1st
Net income for the year
Deduct—Common dividends
•
1928.
1929.
$15.732,510.33 $14,553.600.34
2.933,909.99
4.330.888.48
820,063.398.81 $17,487.510.33
1,755.000.00
2.496.467.50
817.566.931.31 815,732.510.33
We have examined the books and accounts of the 'AllisChalmers Manufacturing Company for the year ended
December 31 1929. The marketable securities include investments in bonds and stock of the Company costing
$2,163,041.87, which is less than the market value at December 31 1929, and we certify that the foregoing Balance
Sheet and relative Profit & Loss and Surplus Accounts have
been correctly prepared from the books, and, in our opinion,
fairly set forth the financial position of the Company as at
December 31 1929 and the results of the operations for the
year ended on that date.
PRICE, WATERFIOUSE & CO.
Milwaukee, March 5 1930.
2058
FINANCIAL CHRONICLE
[VOL. 130.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
-ETC.
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 OP
BUSINESS ACTIVITY."
closing Santos cable had little effect as the spot price in
Santos remained unchanged. The trading in futures continued light.
To-day prices were braced by a sharp rise in Brazil especially in Santos where it was $1000. Covering and Brazilian
'Diving were the features of the trading. Rio futures ended
unchanged to 10 points higher with sales of 17,000 bags and
Santos 10 to 22 points higher with sales of 12,000 bags.
Final prices for the week show an advance on Rio of 12 to 18
points, but on Santos are 1 to 5 points lower, except July
which is 7 points higher.
Rio coffee prices closed as follows:
Friday Night, March 21 1930.
COFFEE on the spot was in fair demand; Rio 7s, 10 c.;
Santos 4s, 145/2 to 1430.; Victoria, 95j to 93/243. Fair to
/
good Cucuta, 15 to 153/20.; prime to choice, 1534 to 163/20.;
washed, 1734 to 183'20.; Colombian, Ocana, 153 to 15%,c.;
Bucaramanga, natural, 15 to 16o.; washed, 18 to 183/20.;
Honda, Tolima and Giradot, 18 to 185/2c.; Medellin, 19 to
1934c.; Manizales, 18 to 183/20.; Mexican washed, 18 to Spot (unofficial)._...10% IMay
_ 1September_.7.9845inont.
8.58@
8.22®nom.
9.05 July
'December _ 7.76 nom.
193/2c.; Surinam, 13 to 14o.; Ankola, 24 to 320.; Mandelling, March
Santos coffee prices closed as follows:
29 to 35e.; genuine Java, 28 to 29c.; Robusta washed, 123
12.801September_11.83enom.
2
to 123/0.; natural, 1034 to 11c.; Mocha,21 to 243/2c.; Harrar, Spot (unofficial)'Mai
March
12.27@nom.
13.381July
'December-11.38a ...%
2134 to 223c.; Abyssinian, 173/2 to 180.; Guatemala, prime,
COCOA to-day ended 9 to 15
173 to 183/2c.; good, 17 to 1754c.; Bourbon, 1534 to 160. lots; March, 8.180.; May, 8.46c.;points off with sales of 42
%
July, 8.75c. Final prices
Arrivals of mild coffee in the United States since March 1 show an advance
for the week of 8 to 12 points.
to date were 178,349 bags against 208,061 bags for the same
SUGAR.
-On the 15th inst. futures ended unchanged to
time last year. Deliveries for the same time were 171,825
bags against 203,677 last year. Deliveries for the same time 1 point lower; Mar. 1.74c.; July 1.790.; Dec. 1.940.; Jan.
were 171,825 against 203,677 last year. Stocks of mild 1.95c. Private cables from Havana state that public senticoffee in the Muted States on March 17 were 264,645 bags ment, commercial and industrial is supporting the mills in
against 276,461 a week ago and 377,751 last year. Rio de the demand for the abolition of the Single Seller. Latest
Janeiro cabled: "Santos coffee receipts (coffee available information is there will be general meeting of planters and
for export) have been reduced to% 38,000 bags daily from colonos in near future which possibly will be attended by
previous figures of 44,000 bags until further orders, effective President Machado in order to discuss question whether
March 17. This follows the decrease in receipts to 12,560 Single Seller be continued or not except by majority plan.
bags from 12,585 bags made in Rio. These receipts, usually Here the new plan is said to be a recommendation to tax
changed at the discretion of the Brazilian Defense Com- all shipments from Cuba to the United States 35c. per 100
mittee at 15 day intervals are now below the 40,000 figure pounds, the proceeds of this tax to be set aside and used to
guaranteed the banking syndicate by the former government offset discounts which Cuba will take in selling sugars to
of Brazil in negotiating the $10,000,000 credit last Nov. countries other than the United States. Private cable adWith the returns from eight of the 20 Brazilian states, incom- vices from Cuba expressed the belief that the necessary
plete, Julio Prestes, former President of the Sao Paulo majority for the dissolution of the Single Selling Agency has
State Congress, seems assured of the Presidency of Brazil been obtained. If a majority is lacking the opinion in some
quarters is that the Agency will be dissolved and the plan
and is assuming office to-day."
On the 18th inst. cost and freight offers from Brazil were proposing a tax of 350. per 100 pounds on sales to the United
unchanged to 15 points lower. They included for prompt States substituted. More of the American producing intershipment Santos Bourbon 2-3s at 1534 to 15.65o.; 3s at ests are reported to be joining the Santa Clara movement.
13.35 to 15c.; 3-4s at 13.10 to 143/2c.; 3-58 at 12.80 to 140.; Havana cabled that the proposed tax on sales to the United
4-5s at 12.55 to 13.35c.; 5s at 12 to 13c.; 5-6s at 11.55 to States is unpopular. It is reported also that 100 mills have
123c.; 6s at 11.20 to 12c.; 6-7s at 103/2 to 10.70c.; 7s at signed the petition to dissolve the Single Seller.
%
10.15c.; 7-8s at 8.45 to 10.80c.; Peaberry 5s at 1234c.;
Futures on the 17th inst. declined 2 to 4 points on Cuban
Santos rain-damaged 3s at 12.900.; 3-4s at 12.350.; 6s at selling of the distant months. Europe and shorts bought.
8
10%c.; 7-8s at 8.45 to 9%c.; Rio 7s at 8.90c.; 7-8s at 8.70c. Renewed attacks on the Cuban Single Selling Agency had no
On the 19th inst. cost and freight offers from Brazil were effect. Neither did reports of large sales of sugar to Russia.
unchanged to a little easier. For prompt shipment, Santos Near months were the steadiest. The sales were 31,350
Bourbon 2-3s were here at 14.40 to 15.65e.; 3s at 13.35 to tons of which over 33 1-3% was hedges. On the 19th inst.
15c.; 3-4s at 13.10 to 14.400.; 3-5s at 12.80 to 140.; 4-5s futures fell 1 to 4 points on renewed reports of the impending
at 12.5.5 to 13.35c.; 5s at 12.30 to 13c.; 5-6s at 1134 to 12o.; dissolution of the Cuban Selling Agency. On the 17th inst.
6s at 1034 to 113 c.; 6-7s at 1034 to 103c.; 7s at 10.150.; of duty free raw sugars, 2,000 tons Philippines sold for April
%
%
7-8s at 8.35 to 9%c.; Peaberry 4s at 12.95c.; Rio 7s were arrival at 3.640., 4,100 tons Porto ,Ricos, loading April 10
here at 8.800. and 7-8s at 8.600. Cost and freight offers at 3.67c. delivered or 13/sc. and 1 29-32c. c.&f. respectively;
from Brazil on the 20th inst. were unchanged or lower. also 3,000 tons of Philippine raw sugars due April 10 at
Santos Bourbon 2-3s for prompt shipment were quoted at 3.61c. and on the 18th inst. 25,000 bags of Porto Ricos for
15.10 to 163c.; 3s at 13.05 to 16c.; 3-4s at 12.80 to 153o.; late March loading at the same price. Montreal wired
%
3-5s at 1234 to 14.950.; 4-5s at 123 to 13.90c.; 5s at 12 to March 18: "Refined sugar has been reduced 10 cents per 100
123c.; 5-6s at 11.45 to 12.450.; 6s at 10.50 to 123/20.; 6-7s pounds by Montreal refiners, first change since Jan. 22,
%
3
at 10.15 to 10.65c.; 7s at 9.85 to 10340.; 7-8s at 8.40 to 9%c.; when a similar reduction was made, and bringing prices
Part Bourbon 2s at 16c.; 2-3s at 15.90c.; 3-4s at 14.90c.; down to lowest level in years. New local prices are: Per
6s at 12c.;Peaberry 3s at 15 to 153c.;3-4s at 14.15 to 15.450; 100 pounds, $5.35; 20-pound gunnies, $5.65; 10-pound
%
5-6s at 11.30c.; 6s at 113/20.; Santos rain-damaged 5-6s at gunnies, $5.80; 5
-pound cartons, $6; 2
-pound cartons, $6.15;
10320.; 6s at 10.300.; 7s at 9.60e.; 7-8s at 8.35c.; Rio 7s were No. 1 yellow, per 100 pounds, $5.05; No. 2 yellow, per 100,
here at 8.70c.; 7-8s at 8.50c.; Victoria 7-8s at 8.30 to 8.350. pounds, $4.95, and 2,000 tons of Philippine due the end
On Wednesday, Victoria 7-8s sold at 834c. To-day cost and of next week sold at 3.65c." On the 19th inst. 5,150 tons
freight offers from Brazil were rather scarce and unchanged of Philippine raw sugars due the end of the month sold at
to a little higher. For prompt shipment they included Santos 3.58c. On the 19th inst. London was reported quiet but
Bourbon 2-3s at 15.20 to 1634c.; 3s at 13.05 to 160.; 3-4s at steady. A parcel of ccntrifugals sold for April shipment to
12.80 to 153c.; 3-5s at 1234 to 14.95c.; 4-5s at 1234 to an output refintr at 7s. 43/2d. equal to 1.43c. f.o.b. April
13.350.; 5s at 12 to 129c.; 5-6s at 11 to 12.450.; 6s at 10.90 and possible May shipment were offered at 7s. 53/2d. equivato 1234c.; 6-7s at 10 to 10.40c.; 7s at 9.85 to 103jc.; 7-8s at lent to 1.44c. f.o.b.
83/2 to 9.300.; Peaberry 3s at 153 c.; 3-4s at 15.45c. Rio 7s
Refined here Sc. with a good withdrawal business at one
4
time. According to Washington advices the 1929-30 world
at 9c. and 7-8s at 8.80c.
On the 17th inst. futures were very dull and irregular beet sugar production in all countries for which statistics
within narrow limits. Santos ended 3 points off to 6 up; have been received is estimated at 10,131,000 short tons,
Rio ended 2 off to 5 higher. On the 18th inst. Santos futures which is 3.5% below that of 1928-29, when 10,179,000 short
closed 9 points lower to 7 points higher and Rio unchanged tons were produced, according to the Department of Agrito 7 points higher. The closing Rio and Santos cables were culture. In the United States and Canada the crop is 19%
higher. Sales were 19,250 bags of Santos and 9,500 Rio. below last season. Europe, including Russia, shows a slight
Europe and Brazilian interests were regarded as buyers. decrease from 1928-29, while the production excluding On the 19th inst. prices fell 5 to 23 points on unsatisfactory Russia is 2.5% above that of last season. Havana cabled
Brazilian cables. The sales of Santos were 32,000 bags and the New York "Times," March 19: "The government
)Rio 15,000. Brazilian interests were believed to be mobilized its police forces throughout the Island to-day to
selling. The only buyers were the shorts. On the 20th inst. meet the threat of a general strike at midnight. The first
futures ended 13 to 15 points higher on Rio and 7 off to 5 move toward a nationwide strike was made in Havana at
points up on Santos with sales of 12,500 Rio and 49,000 9 o'clock last night when the linotype operators, printers and
,ftatos. The closing cables from Brazil were better. On the pressmen on the "Diaro de La Marina," one of Cuba's
'
20th inst. the advance of 425 to 1,000 reis as reported by the largest Spanish newspapers, walked out after working two
Kan.22 1930.]
FINANCIAL CHRONICLE
2059
hours. Leaders of the various unions, however, appear to Brazil, 123/c. Futures on the 15th inst. fell 30 to 32 points
8
have disagreed among themselves as to whether to join the after which came a rally of 15 to 20 points from the low
walkout. The strike was called in protest against unem- closing at a net decline of 12 to 15 points. Futures on the
ployment and the government's order last week that all 17th inst. advanced 15 to 17 points on a sharp demand in the
labor unions be dissolved because of alleged affiliations with teeth of a decline of 25 to 40c. in hogs. Corn was up 1 to
Moscow." The Cuban Sugar Club makes the production to 158c. and this had more weight than dropping hog prices.
/
March 15, 2,447,000 tons which indicates an output of The technical position too was better. It looked oversold.
717,000 tons the first half of the month. Out of the new crop Cash lard, moreover, was very firm. Total receipts of hogs
there has so far been shipped from Cuba, 111,000 tons. at all points were 110,000. Chicago received 45,000, and
The Cuban National Commission for Defense of Cuban there were 2,000 left over. Liverpool lard was 3d. to 6d.
Sugar Industry reports that sugar exported from the lower. New York cleared last week 7,887,000 lbs., against
1928-29 crop to the United States to March 1st totalled 8,379,000 in the previous week. On the 18th inst. futures
3,845,203 long tons and to other countries 1,130,254 tons. advanced 3 to 13 points with hogs steadier. Liverpool lard
Local consumption from 1928-29 crop to March 1st totalled up 3d. to 16d. and corn rising on a big shipping demand.
135,200 tons. Stocks of sugar in Cuba from 1928-29 crop Prime Western cash was quoted at 10.65 to 10.75e. Clearon March 1st, 1930 was 45,621 tons. The Santa Clara ances from New York were 4,240,000 lbs. mostly to English
Sugar Planters called a meeting to approve a motion made by and Dutch ports. On the 19th inst. futures advanced 5 to
30% of sugar planters recommending the abrogation of the 10 points. Hogs were strong. Corn was higher. Liverpool
law of Oct. 4 1927, providing for the National Sugar Defense advanced 3d. to 9d. Packers were moderate sellers. Prime
Commission and Sugar Export Co. to permit the sugar Western here 10.65 to 10.75c. On the 20th inst.futures ended
industry to develop freely within economic laws without 2 to 7 points lower, May showing the most weakness. Lower
attempt at artificial measures. Repeal of the decree of prices for hogs offset a rise in grain. Export clearances
July 26 1929 creating the Cuban Co-operative Sugar Export from New York were 570,000 lbs. largely to Hamburg.
Agency also will be recommended. Dr. Dutierrez is quoted Iowa State reports were against the price. It is said that the
as saying: "I have reason to believe the sale to Russia will mild weather had resulted in an unusually good farrowing
be made." A rumor is that 125,000 tons of refined sugar season. Spring pigs were numerous and well preserved.
have been sold to Russia by 3 United States refiners on a toll To-day futures closed 5 to 10 points higher with grain up and
arrangement between them and the Single Seller. On the shorts covering. Final prices show a rise for the week of
19th inst. prices ended unchanged to 4 points lower with big 15 to 23 points.
Cuban interests selling. Sales were 42,250 tons.
. It was rumored that a large block of sugar has been sold DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs.
Mon. Tues.
Sat.
Fri.
in Cuba to operators at a low price if not controlled by the March dellvery
9.95
10.15
10.10
10.15
10.17
10.25
May delivery
10.22
10.05
10.35 10.32-37 10.30-32 10.37
Single Seller at the stipulated time of delivery. The Single July delivery
10.30
10.57
10.55
10.47
10.60
10.52
Selling Agency reports for the period Sept. 1 1929 to March 15 September del1very
10.50
10.70
10.67
10.75
10.80
10.72
1930 total sales of old crop 396,671 tons at an average price of
PORK firm; mess, $30.50; family, $33.50; fat back, $22
1.89e. f.o.b. and 447,390 tons new crop at an average pace to $28. Ribs, 13.25e. Beef steady but
Mess,
of 1.618c. f.o.b. Sales made during the week ending March 15 packet, $25 to $26; family, $28 to $29;quiet. India $25;
extra
mess,
amounted to 3.483 tons of old crop at an average price of $42 to $44; No. 1 canned corned beef, $3.10; No. 2, $5.50;
1.851e. f.o.b. and 58,811 tons new crop at an average price six pounds, South America, $16.75; pickled tongues, $70 to
of 1.555e. f.o.b. Futures on the 20th inst. were unchanged $75. Cut meats quiet and steady; pickled
10
to 4 points lower with big Cuban interests still reported to lbs., 18 to 203c.• pickled bellies 6 to 12 lbs., hamsto to 20
/
18% 192 0.be selling owing, it is understood, to the likelihood of a bellies, clear,4dry salted, boxed, 18 to 20 lbs. 14%c.; 14 ;
;
to
dissolution of the Selling Agency. The sales were 41,000 16 lbs:, 15%c. Butter, lower grades to high scoring 30 to
'
tons. London on the 20th inst. reported prices easier with 4034c. Cheese, flats,
183/ to 260.; daisies, 21% to 25e.
sellers of April shipment, Centrifugals at 7s. 43.d. equal to Eggs, medium, 25 to 273 2c.; closely selected heavy, 28 to
/
1.43e. f.o.b. Cuba. The trade demand was light and re- 29c.; extra fancy whites, 1 to 2c. premium.
finers were indifferent.
-Linseed of late advanced 2c. owing to firmer
OILS.
According to cables from Havana on the 20th inst. the
committee announced it will maintain their price at a mini- flaxseed markets. Carlots were quoted at 14c. cooperage
mum of 2e. c. & f. for the United States, but from now on basis and tank cars, 13.2c. Consumption is expected to
would consider any bids that may be made for shipment increase materially with improved weather. The Argentine
later than Mar. without price guarantee. Later, this was flaxseed market was very strong. A further rise in prices
amplified by them to the effect that it is generally under- may take place if the labor troubles in Argentine continue as
stood the Single Seller will consider any bids for shipment considerable quantities are being held up. Cocoanut,
to the United States after Mar. 28. It is reported that a Manila coast tanks, 6% to 634c.; spot N. Y. tanks, 6% to
general meeting of the Co-operative Sugar Agency, Inc. has 7c. China wood, N. Y. drums, carlots, spot, 11%e.;
been called for April 1 to vote on the dissolution of the Pacific Coast, tanks futures, 10c.; Soya bean tanks coast,
Single Seller. Havana cabled on the 20th: "Nothing of 9 to 954c. Edible, olive 2 to 2.25c. Lard, prime, 13%c.;
importance took place at ;yesterday's meeting except ratifica- extra strained winter, N. Y. 12c. Cod, Newfoundland,
Rosin, $7.15 to $9.45.
tion of the meeting of the 18th and authorization of Dr. 60c. Turpentine, 553. to
Gutierrez to fix date for the general meeting which he has
COTTONSEED OIL sales to-day, including switches,
not yet done. Everything quite down here. No general 4,000 barrels. Crude S. E. Thic. nominal. Prices closed
labor trouble in Cuba. In Havanalthere is a 24
-hour stop- as follows:
page of work by a small number of labor unions, like the Spot
8.50
1May
8.828.84 I August
9.179.21
Electric Cars, Omnibus Co., &c. Majority of labor unions, March
8.55 8.85 June
S.88@8.90 September-9.25
8.65@8.85 July
9.07@9.06 October
9.25@9.27
like Industrialways, Stevedors, &c. are working. The 24 April
hour stoppage is an international decision taken by Latin
PETROLEUM.
-There is a better feeling in the gasoline
countries principally as a pacific protest in the name of trade. Some refiners are skeptical as to the outlook, nut
"Idle Laborers cf the World." Receipts at United States generally it is believed that any price changes in the imAtlantic ports for the week were 38,378 tons against 41,401 mediate future will be upward. Resales gasoline was rein the previous week and 138,982 last year; meltings 61,866 ported to be still available at 73 c. Generally 84e. in tank
4
tons against 52,989 in the previous week and 70,536 last cars refinery was quoted. Chicago of late has been adyear; importers' stocks 307,845 tons against 333,279 in vancing. The price of 60-62 gravity gasoline was 6% to
previous week and 165,607 last year; refiners' stocks 161,212 63c. against 6% to 65 e. earlier in the week. Foreign
%
against 139,256 in previous week and 193,047 last year; buyers are not taking much however. Fuel oils were quiet
total stocks 469,057 tons against 492,545 in previous week and rather easier. Domestic heating oils were fairly active.
and 358,654 last year. Later advices said the Cuba Sugar Marine oils were steady at $1.05 for grade C bunker oil at
Club of Havana had corrected its figure of Cuban produc- refineries. Diesel oil was $2 same basis. Kerosene has
tion to Mar. 15, to 2,449,510 tons which compares with been rather easier of late. Consumption is falling off.
production to the same date last year of 3,277,503 tons. Water white 41-43 gravity was offered freely at 73. to 7%e.
Average yield to Mar. 15, according to the Sugar Club, in tank cars refineries. The Gulf market was quiet. Lubriamounted to 11.92% compared with 12.03 to the same date cating oils were in fair demand and steady. The Senate by
last year.
a vote of 38 to 29 rejected the oil duty.
To-day prices ended 4 to 9 points higher with sales of
Tables of prices usually appearing here will be found on an earlier
oc .,
24,700 tons. Final prices show a decline for the week, pt,getroliteour and smrt uft;:Rusiness Indications." in an article entitled
um
however, of 2 to 8 points. London to-day was reported
RUBBER.
-On the 15th inst. trading was small, closing
quiet with a sale of an unspecified quantity of San Domingos
for March shipment at 7s. 4%cl. c.i.f., equivalent to 1.43c. at arise however of 10 points. Mar.ended at 14.80 to 14.90c.
f.o.b. Cuba. There were further sellers at this price, but May at 15.20 to 15.300.; July 15.70 to 15.80c.; Sept. 16.10o.
refiners were indifferent. Havana to-day cabled: "Our im- Crude rubber invoiced to the United States during the week
pression derived from very good sources is that free sales ending Mar. 15 1930, in long tons was 8,710 gainst 9,597 in
will be established at the meeting of stockholders on April 1. the previous week. On the 17th inst. prices advanced 20 to
It is thought tentatively that 75% will be sold freely and 40 points with London buying both here and in its own
25% held to be applied to orders made by the Single Seller market. Actual rubber advanced 5g to jsc. London advanced 3-16d. and Singapore, % to %d. The sales here
to April 1."
were only 300 tons. The steamer Biddendijd was burned
Prices were as follows:
' near Port Said with a cargo of 11,000 eases of rubber. That
Spot (unofficial)----2 1July
1.75@nom.
'December _ _1.920
Mardi
1.72@nom. 8eptember__1.84@
January----1.92@nom. may have helped to start London upward though it seems
Mas
1.71@1.73
more probable that that market had become oversold.
LARD on the spot was quiet; prime Western, 10.50 to Everybody had been bearish. Liquidation
for the time
10.60e.; Refined Continent, 103 c.; South America, 113c.; being at least had run its course. Stocks in the United
4
2060
FINANCIAL CHRONICLE
States and the United Kigndom are 282,500 tons. That is
notforgotten. March ended here on the 17th inst. at 15.10c.
May at 15.50 to 15.60c.; July, 16e.; Sept., 16.40 to 16.50c.;
Dec. 16.80 to 16.90c. Outside prices: Ribbed smoked spot
and 1Clarch15 to 15%c.; April 15% to 15%c.• April-June,
'
-Dec., 16%
4
15% to 153 .; July-Sept. 16% to 163c.; Oct.
to 17c.• spot, first latex, lg% to 15%c.; thin pale latex, 153
4
to 153 .;clean thin brown No.2,14 to 1434c.;specky crepe,
13% to 13Vitc.; rolled brown crepe,93 to 100.; No.2 amber,
14 to 14%c.; No. 3, 13% to 14o.; No. 4, 133 to 134c.
%
Pares, upriver fine spot, 16304 coarse, 83/s to 8543. London on the 17th inst. closed with spot and March, 7 9-16d.
Singapore, March, 73/8d. In London the stock inrceased
467 tons to 66,885 tons. In Liverpool they increased 122
tons to 20,849 tons.
On the 18th inst. New York closed 10 points off to 10
up with sales of 495 tons; 45 more March notices appeared,
making the unprecedented total thus far of 901. In London
/
spot and March were still 7 ts.-16d. Singapore, March, 738d.
New York closed with March, 15.10c.; May, 15.50 to
15.60c.; July, 16.10c.; Sept., 16.500.; Dec., 16.90c. Outside
prices: Ribbed smoked spot, March and April, 153/8c.
()n the 19th inst. New York closed 20 to 30 points lower
iLth sales of only 135 tons. March notices amounted to
154 making in all the high record figure of 1,055. Manufacturing reports were not favorable. At one large manufacturing center in New England curtailment will start on
April 1 Actual rubber was lower. Far Eastern advices say
that the estates are not inclined to hold rubber and are
shipping regularly and storing unsold rubber in London.
Singapore banks are not disposed to assist the estates in
holding. May cicsed on that day at 15.30 to 15.40c.; July
at 15.80 to 15.90e.• Sept. at 16.20 to 16.30c.; Dec. at 16.60e.
.
Ribbee spot and ilarch, 143/i to 15%c.; first latex, 15% to
1534e. In London on the 19th inst. spot and March 7 7-16d.,
a decline of %d. Singapore spot 73/8d. a decline of %d.;
April-June, 7 9-16d. a drop of 5-16d.
On the 20th inst. futures advanced 20 to 30 points with
Estates' stocks showing a decrease for February. On the
large Estates they fell off from 26,841 ions at the end of
Jan. to 23,690 at the end of Feb. Small Estates fell from
21,161 tons to 17,127 at the end of Feb. March here on
that day ended at 15.10e.• May at 15.50c.• Sept. at 16.4004
'
'
Ribbed smoked spot and March, 15% to 15%c.; first latex
/
4. London spot and March, 758d.;
thin, 1534 to 157
%
Singapore April, 73 d. To-day prices ended 20 to 30 points
higher with sales of 349 lots. There were 26 transfers;
total to date 1,140. Final prices show an advance for the
week of 50 to 60 points.
-On the 15th inst. prices advanced 20 to 40
HIDES.
points closing at some reaction from the top. The sales
were 760,000 lbs. March ended on that day at 14.40c.;
May at 14.75e. after selling at 150.• September at 15.90c.
'
after touching 15.98c.; December at 16.30 to 16.45e. after
selling at 16.30 to 16.450. On the 17th inst. prices fell 40
to 70 points with big sales, i.e., 2,520,000 lbs. It is many
week since any such business has been done ontheExchange
here. Defeat of the project to put a tariff on hides, leather
and shoes in the Senate caused the break accompanied such
enormous liquidation. March ended at 14c.; April at
14.10c.; May at 14.25c.; June, 14.50e.; July, 14.7E0.. August,
15c.• Sept., 15.26c.; Oct., 15.40e.; Nov., 1F.500.; Dec.,
15.60c. Of River Plate frigorifico recent sales were 41,000
Argentine steers al 15 13-16 to 16e. Common dry, Cucutas,
14 to 15e.; Orinocos, 14%c.; Maracaibo, 12% to 13c.; Cen12% to 13c.• Ecuador and
tral America, 13c.; La
to
Guayra'
Savanilas, 12% to 13c.• Santa Marta, 13% ' 14c.; Puerto
Cabello, 12% to 13c.• Packer, spready native steers, 1634c.;
'
native steers, 14c.; butt brands 14c.• Colorados, 13%c.
65 '
New York City calfskins, 5-78, 1: to 1.700.; 7-9s, 1.95 to
24.,• 9-12s, 2.45 to 2.500.
Qn the 18th inst. New York fell 4 to 75 points ending at
a net decline of 8 to 20 points still smarting under the refusal
of the United States to take hides, 8tc. off the free list. May
closed at 14.05 to 14.300.; Sept., 15.12 to 15.18c. On the
19th inst. trade was quiet but the ending was at 19 to 30
points net higher. Chicago was steady with sales of light
native cows at 123c. The sales at the Exchange here were
1;440,000 lbs. March closed at 14c.; May at 14.30 to
14.35c.; Sept., 15.31 to 15.34e. Of River Plate the sales
/
were 3,500 light Argentine steers at 143 0. and 12,000
heavy steers at 163. to 16 13-16c. To-day prices ended
unchanged to 15 points lower with sales of 29 lots. May
ended at 14.45 to 14.550.; Sept. at 15.41 to 15.45c.• Dec. at
15.91 to 15.99c. May is 15 points lower than a week ago.
[VOL. 130.
-Continent,
U. K.
-Continent, $1.2735; Philippines prompt,redelivery U. K.
$1.50. Grain to Greece from Atlantic range, 13%c.; Gulf, 1534c., prompt:
St. John. March-April, Mediterranean, 11c., 11%c. and 12c. Coal,
Hampton Roads April to West Italy, $1.95; Chespeake Bay loading for Rio,
$3.30. Ore, Poti to Continent, prompt. us. Asphalt, Baton Rouge,
March. Hellerup, $5.
-There was a better trade in anthracite buckCOAL.
wheat. It rather surpassed that in smokeless bituminous,
nut and slack. Independent buckwheat was $3.25 and $3.50.
A move to postpone the summer discount until May 1 is
supposed to be for the purpose of stimulating buying of
domestic sizes from the producers that may to some extent
pass into consumption in April at winter prices and thus
assure continued substantial receipts of buckwheat. How
this will turn out is the question. Anthracite output dropped
to 1,116,000 tons for the last week of Feb. and the weather
recently has at times been quite mild. Consumption of
bituminous coal in Jan. of as much as 1,000,000 tons less
than in Jan., 1929 coincided with relatively high temperatures.
TOBACCO has been quiet here. Wisconsin seed tobacco
is said to be scarce. Amsterdam,cabled the U.S."Tobacco
Journal," Friday, March 14: "Dullness characterized the
first Sumatra inscription, held here to-day, as practically
all of the tobacco suitable for the American market was purchased out-of-hand earlier in the week. About 2,800 bales
were taken by American interests. Cigar manufacturers
were the principal buyers. The new crop was poorer than
last year, confirming previous reports. It contained much
pressed tobacco and only a small quantity of light goods.
The yield in general was poor. The market for fine tobacco
was very high. The buyers to-day included Bayuk, 657
bales; General, 614; American, 600; Duys, 437; Rosenwald,
329,and Consolidated,213."
-Domestic business recently has been the
COPPER.
best in two months. Total export sales so far this month
are over 17,000 tons or an average of 1,000 tons daily.
Lake spot, 18 to 183/80.; electrolytic, 173 to 18e. In London
%
on the 20th inst. standard advanced 5s. to £68 5s. for spot,
and £67 2s. 6d. for futures; sales 50 tons spot and 400
futures. Electrolytic unchanged at £83 5s. bid, against
£84 5s. asked. Spot standard advanced 2s. 6d. at the
second session. To-day March closed at 17.50c.; May,
17.30c.; July, Sept. and Oct., 16.25c.
TIN after hovering around low levels made one of the
sharpest advances in several weeks on the 20th inst. owing
to expectations of better showing in the statistics for March.
3
Trading was small however. Prices advanced 40. Spot
Straits tin, 3634c.; April sold at 36.800.; May, 37c. and
June, 37.15c. Prices are now le. above the recent lows.
California reports state that the pack of apricots is expected
to be but 60% of normal. A good pack of asparagus is
expected, however. Prices on the National Metal Exchange
advanced 45 to 85 points on the 20th inst., with sales of
95 tons. In London on the 20th inst. spot standard advanced £2 12s. 6d. to £164 2s. 6d.; futures up £2 7s. 6d. to
£166 2s. 6d.; sales 150 tons spot and 400 futures. Spot
Straits rose £2 12s. 6d. to £166 7s. 6d.• Eastern c.i.f. London
'
ended at £166 17s. 6d. on sales of 150 tons of futures. London at the second session advanced 17s. 6d on standard on
sales of 30 tons spot and 80 tons of futures. To-day tin
futures closed at 36.60e. for March 36.700. for May and
37c. for July with sales of 165 tons.
LEAD was in good demand during the week but on the
20th inst. quieted down somewhat, owing it is said to the
fact that the heavy buying recently had satisfied immediate
needs and rumors that the international lead cartel had
agreed to curtail production only 5%. A more drastic cut
is believed to be needed. Prices were 5.50c. New York and
5.40c. East St. Louis. In London on the 20th inst. prices
were unchanged at£18 10s. for spot and £18 15s. for futures;
sales 150 tons spot and 600 futures.
ZINC was dull. East St. Louis, 4.90e. prompt. In
London on the 20th inst. prices advanced is. 3d. to £18 6s.
3d. for spot and £18 13s. 9d. for futures; sales, 125 tons
futures.
STEEL.
-Railroads have been buying little. Orders
from the automobile trade still lag. Business in general
lacks snap. And the unusual thing is witnessed of output
declining in March. In the country at large it has dropped
2% more to 74% as against 81% at the peak of the year.
The average a year ago was 94%%. The United States
Steel Corp. is operating it seems at 80%, against 82% last
week, and 85% a fortnight ago. Independent companies
average 68% as against 70 last week and 75% a fortnight
ago.. Steel specifications are not decreasing as they were
OCEAN FREIGHTS were dull as a rule and lower.Later recently and
here and there consumption is said to be
demand. Oil rates declined. Moncargoes were in better
increasing a little. But buying is for the most part restricted
treal opened.
to immediate requirements.
CHARTERS included sugar from Santo Domingo to United KingdomContinent. 14e. 3d., April; Cuba early April to Marseilles, 12s. 9c1.; April,
PIG IRON has remained quiet and generally unchanged.
United Kingdom-Continent. Cuba, 12s. 6d.; Cuba, one or two ports, to
-Continent, 14s.' option Santo Domingo, 13s. 6d.; Cuba-Santo Buffalo was steadier as low priced offerings have been purU. K.
-Continent, 12s. 6d. chased
Domingo, 14s. 3d., May; prompt Cuba to U. K.
'
and prices are now more uniform. The consumption
-Late March. dirty. Gulf to north of Hatteras. 38c.; Curacao,
Tankers
fuel oil. June-July to Mediterranean, 248.; Koomotor reported out on dirty of pig iron thus far in 1930 has been smaller than in a like
- period in 1929.
Prompt upmast at 38c.; two trips same prompt, 37c. each; clean, Gulf
At Birmingham, second quarter selling of
Curacao-New Hampshire. 38c.; option Pall River, 40c., April; clean,
-Continent, 31s.; Tampico, crude, April-May, to pig iron started with a lower home price base which is now
April. Black Sea to U. K.
-Continent, 27s.; prompt, Gulf, with other loading options, to north $14 for No. 2 foundry. Melters in that territory are buying
U. K.
-Continent, 31s.;
of Hatteras, 35;0.; clean. Black Sea, April, to U. K.
-Continent, 37s. 6d. in small lots. The reduction in price follows recent declean, May in-June 20. Gulf, option Curacao. to U. K.
respectively. Time-North of Hatteras prompt trip across, dines in other sections. There is less business doing in
and 36s..
-Continent. 65c.; delivery April 10-20 north of Hatteras.
redelivery U. K.
a little Buffalo iron.
trip out. 4s. 3d.: four to six. months, delivery British Columbia, redelivery New England, though it is buying
MAR. 22 19301
FINANCIAL CHRONICLE
2061
-Boston wired a Government report as follows:
WOOL.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Total.
"There is little current trading in wool pending the opening
Galveston
1,110 2,239 2,578 1.534 1,425
113 8.999
of the London sales. Quotations unchanged from last week Texas City
631
631
as bought buyers and sellers are awaiting developments in Houston
1,109 2,487 2,345 1.460 2,636
134 10.15i
26
21
---25
49
I
---the goods market. Attention of factors in goods and wool Corpus Christi
New Orleans
4,767 1,313 1,927 4,112 3.741 1,088 16,
markets is directed largely to foreign wool markets. The Mobile
37
75
363 1.854
180
494 3,
Savannah
371 2,003
799
109
79
75 3,435
receipts of domestic wool at Boston during the week ended Charleston
525
30
86
174
3
2
820
March 15th amounted to 375,900 pounds, as compared with Wilmington
6
142
39
420
--------607
Norfolk
242
117
94
21
64
192
73a
2,137,800 pounds during the previous week." A later New York
50
Boston Government despatch said: "Wool is very quiet. A Boston
48
little trading is being done on small quantities for immediate Baltimore
851
requirements. Prices are inclined to ease as a result of weaker
Totals this wk_ 8,329 8,341 8.2791 9,709 8,177 3,580 46.415
foreign markets. The decline in prices at the London openThe following table shows the week's total receipts, the
ing confirmed the recent easing tendencies in the foreign
total since Aug. 1 1929 and stocks to-night, compared with
primary markets." Boston prices:
Domestic fleeces. unwashed. Ohio and Penn. fine delaine, 31 to 33c.; last year:
34-blood, 32 to 33c.: 34-blood,32 to 33c.; %-blood, 33c.; Territory, clean
basis, fine staple, 75 to 77c.: fine medium French combing, 70 to 73c.:
fine, fine medium clothing. 68 to 70c.: 34-blood staple. 70 to 73c.•, 34-blood
Receipts to
staple, 65 to 67c.: 34-blood staple, 60 to 62c.: Texas, clean basis, fine 12
March 21.
months,73 to 75c.:fine 8 months.67 to 68c.: fall,65 to 68c.: pulled,scoured
basis. A super, 75 to 89c.; B, 63 to 68c.; C. 50 to 55c.; domestic mohair,
original Texas. 47 to 48c.: Australian, clean, in bond, 64-70s, super, 52 to Galveston
54c.: 64-70s, clothing, 48 to 50c.; 64s combing, 50 to 51c.: 60s, 48 to 49c.: Texas City
58-60s,47 to 48c.; New Zealand clean, 58-609.47d.; 56-585,46 to 47c.
Houston
Philadelphia wired March 17 that carpet wool imports Corpus Christi.-Beaumont
dropped sharply last week at this port, the Department of New Orleans -___
Gulfport
Commerce reported to-day. The total of 507,674 pounds Mobile
was divided as follows: Greasy, 374,688 pounds; washed and Pensacola
scoured, 132,986 lbs. At Dunedin on March 15 offerings Jacksonville
23,300 bales and sales 21,000. Selection of merinos was Savannah
Brunswick
poor. Compared with the Christchurch sales on March 11 Charleston
Lake Charles
merinos and crossbreds par to 5% lower. Continental com- Wilmington
petition was good. Yorkshire quiet. Demand was mostly Norfolk
N'port News, &c.
for medium crossbreds. Prices realized on merinos ranged New York
7d. to 13
halfbred 56-58s, 7d. to 14%d., and fine cross- Boston
bred 43-50s, 7d. to 10d. At Sydney on March 17 the Eighth Baltimore
Philadelphia
1929-30.
1928-29.
This Since Aug This Since Aug
Week. 1 1930. Week. 1 1929.
Stock.
1930.
1929.
8,999 1,668,657 29,1712,656.547 301.510 421
631 134,396 1,630 172,999
10.359
25
10,171 2,534,837 21,10 .745,009 866.849 678,
121 382,290 1,829 256.831
15.716
19,804
14.390
16,948 1,462,570 27.813 1,396,119 449.105 317.692
498
3,003366,479
905 237,179
26.630
27.820
30,299
11,573
384
867
175
763
3,436 436,294 3.909 330,379
51.260
32,771
7,094
820 180.540 1.806 155,927
19.988
34.731
__-_
5,505
8,780
86.503 2,273 119,975
607
22,317
33.639
730 138,791 2.711 214,306
55.536
78.325
92
2,905 1,996
50
38.936
95,095 123.432
1,577
50
2,154
48
2.287
3.780
29,146 1.886
851
41.149
1.151
1,04
679
6
5.123
4.657
aa Al A 7 A57 095 07.055 11.590_740 1.925.705 1.738.507
series of sales began with an average selection and a gord
'P.c.:on
demand chiefly from the Continent and Japan. Yorkshire
and America also bought. Excellent demand for fine merino
In order that comparison may be made with other years,
and merino skirtings, which were unchanged compared with we give below the totals at leading ports for six seasons:
the close of the preceding series. Average qualities of
merino fleece and greasy comeback and crossbred were Receipts at- 1929-30. 1928-29. 1927-28. 1926-27. 1925-26. 1924-25.
lower. At Invercargill on March 18 offerings 16,200 bales Galveston_ --25,415
29,171
8.999
42,879
25,584
30.951
and sales 14,000. Demand good. Compared with Dunedin Houston*____ 10.171 21,106 12,551 32,162 17.562 16.196
New Orleans..
27,813
16.948
19.898
48.701
29.044
22.528
sales on March 15 prices ranged from par to 5% lower. Mobile
3,003
2.624
905
5.255
2,313
2,296
Fine and medium grades received special attention and Savannah.-3,436
6,835
3,909
19,375
12,225
9.225
Brunswick
closed firm. Prices realized were: 48-50s, 8d. to 93cl.; Charleston....
820
1.761
1.806
12.217
6,633
2.247
44-46s, 6M to 73%d.; 36-40s, 53 d. to 7d.
Wilmington_ _
4.286
2,273
607
2,155
%
2,821
5,215
730
5,866
1,641
2,711
3,975
7.847
In London on
arch 18 the second series of Colonial Norfolk
wool auctions opened. Available offerings totaled 164,200 N'port N.,.4c
All others.....
1.626
17.01
7,278
7.391
4,257
3.732
bales. The sales will close April 10. Large attendance of
home and foreign buyers. Prices, following the decline in Total this wk_ 46,415 97,085 76,637 185,888 104.414 100.249
overseas markets, show Australian merinos 5% lower and Since Aug. 1._ 7.487,025 8,399,749 7,246.037 11,330.545 8,336.684 8.380.851
.13m:inning with the season of 1926. Houston figures include movement
New Zealand and South American crossbreds 10% below
of cotton previously reported by Houston
January levels. Best New Zealand greasy crossbred, 56-58s, tinction between port and town has been as an interior town. The disabandoned.
realized 11d.; 50s, 10d.; 48s,9Md.;46-48s. 8W1. Details:
The exports for the week ending this evening reach a total
Sydney, 432 bales: greasy merinos. 734 to 1634d. Queensland, 651
bales; scoured merinos, 20 to 22d.; greasy, 734 to 13d. Victoria, 1.486 of 112,179 bales, of which 16,392 were to Great Britain,
bales: scoured merinos, 20 to 22d.; greasy, 734 to 9d. Adelaide, 193 bales:
greasy merinos, 10X to i334d. West Australia. 109 bales; greasy merinos. 13,378 to France, 38,050 to Germany, 6,105 to Italy, nil to
10% to 1334d. New Zealand, 2,614 bales: greasy crossbreds, 834 to lid. Russia, 24,439 to Japan and China and 14,115 to other
Puntas, 3,732 bales; greasy crossbreds. 534 to 12d. New Zealand slips destinations. In the corresponding week last year total
ranged 854 to 1234d.,latter halfbred lambs.
exports were 129,004 bales. For the season to date aggreIn Lend n on March 19 opening prices were fully main- gate exports have been
tained. Cape wools sold on par with merinos, which were bales in the same period 5,618,035 bales, against 6,525,521
of the previous season. Below are
opened yesterday at 5% below January levels. New Zealand greasy crossbred best 56s realized 103 d.; 50s, 10d.; the exports for the week:
4
Exported to
48s, WO.; 46-48s, 83Ad. Details:
Week Ended
Sydney, 2,159 bales: scoured merinos, 21 to 223.4d.: greasy. 834
March 21 1930. Great
GetQueensland, 1.929 balm scoured merinos. 16 to 2234d4 greasy, to 186. Exports from- Britain. France. many. Italy, Rustle. Japan& Other. Total.
China,
158. Victoria, 614 bales; scoured merinos, 2034 to 2234d.: greasy,634 to
to
734
12d.: greasy crossbreds. 654 to 834d. South Australia. 1,006 bales: scoured Galveston
8.130 6,890 2,138 2,340
____ 7,054 6,169 27.721
merinos, 1334 to 2234(1. West Australia, 1,355 bales; greasy merinos,
5,701 19,239
--------13,232 7,053 45,225
8 to 1251d. New Zealand, scoured merinos. 22 to 2234d.; scoured cross- Houston
New Orleans.... 7,137
362 6,996 3,665 --------818 18,978
breds. 14 to 16346.; greasy, 8% to 10%cl. Cape. 1,209 bales; greasy Mobile
merinos, 734 to 10d. New Zealand slipe ranged 831d. to 1331d., latter Savannah
3,587
_-__ 7,528
____
-- -___
____ 11,115
super halfbred lambs,
Charleston
In London on March 20 offerings, 8,634 bales, were Norfolk
New York
50 ---75125
-- -readily sold to home and Continental buyers. The opening Los Angeles_
820
425 ------------853 ---- 2.098
decline in many instances was not so pronounced and firm San Francisco.403 ----------------800 ---- 1.203
limits were responsible for rather frequent withdrawals.
New Zealand greasy crossbred best 56-58s realized 12d.;
50s, 101-Ad.; 48s, 9W.• 46-48s, 83.d. Details:
4
Total
16,392 13,378 38,050 6,105 -- -- 24,439 14,115 112.479
Total 1929
35,545 14,304 30,457 14,258 9,700 4.850 19,890 129,004
Total 1928
45,160 15,502 15,226 7.747 13,750 16.546 8,493 122,423
Sydney, 1,484 bales: scoured merinos, 14 to 2434d.; greasy, 834 to 22d.'
greasy crossbreds. 8 to 951d. Queensland, 266 bales; scoured merinos
From
I
22 to 2634d.; greasy. 8 to
Aug.
Victoria, 926 bales: scoured merinos.
4 Mar.1 1929 tol
to 19346.;; greasy merinos, 11;4 to 1534d.: greasy crossbreds, 9 to 131
21 1930. Great
9d'
GetJapan&
South Australia, 195 bales; greasy merinos. 5 to 13d. West Australia.106. Exportsfrom- Britain. France. many. Italy. Russia China. Other. Total.
897
bales; scoured merinos. 1834 to 20d.: greasy, 73.1 to 13d. New Zealand
4.331 bales; greasy crossbreds, 734 to 12d. Falklands, 535 bales; greasy Galveston_ __. 178,554251.198 309,961 155,538 81,23269,150238.99' 1.411.617
crossbreds,8 to 14%d.
Houston
193,739 313,222 394,235 147,774 12,521289,433 173.56 1.524.486
Texas City__
25,471 15,338 35.552
93,438
At Liiierpool on the 14th inst. the East India wool auc- Corpus Christi 100,716 89,535 48,388 2,533 -- - 3,151 11,3
36,517 41:523 27,731 30.25 354,845
tion closed quietly with medium wools rather easier than at Beaumont.- _
2,112 3,610
3,777 1,014 --------I 3,291 14,804
Lake Charles_
363
318
4,055 3,654--the opening. Not much interest was shown.
8.840
4.1
--New Orleans_ 234,298 70.394 187,466152,238 15:875 154,794J 80.7 • 895,807
SILK to-day closed 2 points lower to 3 points higher with Mobile
84,132 7,798 157,443 8.190 ____ 17,68 5
280.834
141 .,
sales of 300 bales. March, 4.38 to 4.45c.; May, 4.33 to Jacksonvrne
141
Pensacola-5,407- 24,037
200
30.690
4.360.; July, 4.17 to 4.200. Final prices are 2 points lower Savannah.. _ 138,063 1,11113 200,595 5,311 --- .
---8.0001 5.1• 358,221
Brunswick -7,094
to 7 points higher for the week.
7.0114
Charleston-- _ 51,230
11555,703
220 ___ 40,
11,
159.129
Wilmington _ _
12,987 --9,836 40.410 -. __-_ 3,
65.233
Norfolk
45,882
._ 26,870
COTTON
---1
73„X
New York --3,080 6,95820,536 4:7244 __ 2,40 8,04
45,
Boston
353 Friday Night, March 211930.
3.217
Baltimore_
972
THE MOVEMENT OF THE CROP,as indicated by our Philadelphia
72
-....
157
___
__
_
229
telegrams from the South to-night, is given below. For Los Angeles.. 37.736 4,075 44.888 1,310 ._ 07:8
---2:389 194 157
.
Ran Diego_ _
the week ending this evening the total receipts have reached San Francisco 5.250
8,150
5.205
3002,200
200 ---- 46.18
84.338
46,415 bales, against 44,919 bales last week and 50,312 bales Seattle
_
24.245
Portland, Ore.
the previous week, making the total receipts
since Aug. 1
1929, 7,487,025 bales, against 8,399,749 bales for the same
period of 1928, showing a decrease since Aug. 1 1929 of
912,724 bales.
TotaL
1,132,881 - 1
4,
•1(1i1,525.833 b59,833 78,040999.926578.535..618.035
Total 1928-29 0311,182697,7341.673,854 525,739143,382 3241584632.036 •.525,521
1
Total 1927-28 ,039,024740.8121,702,318482,943152,1411802,892631,032.,561 361
-Exports to Canada.
-It has never been our practice to include in the
NOTE.
above table reports of cotton shipments to Canada, the reason being that virtually
all,the cotton destined to the Dominion comes overland and it Is impossible to
give returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
Say that for the month of February the exports to the Dominion the present season
have been 16,960 bales. In the corresponding month of the preceding season the
exports were 24,997 bales. For the seven months ended Feb. 28 1930 there were
134,048 bales exported, as against 169.677 bales for the seven months of 1928-29.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
CoastOther
GerGreat
- Britain. France. many. Foreign wise.
Mar.21 at
Galveston
New Orleans_ _
Savannah
Charleston_ _ _ _
Mobile
Norfolk
Other ports s_ _
[Vin. ISO.
FINANCIAL CHRONICLE
2062
5,500
2,349
3.100
2.475
3:866
60
2,000
1.500
5,200 17,000
3.292 24,581
4,000
11.1566
27;666
Total 1930- - 13,349 7.125 12.492 79,581
Total 1929- - 19,671 11,052 15,954 66,272
Total 1928- - 18,606 11.387 10,822 53,954
Total.
2,500 33,300
300 32,997
200
200
100
100
14.550
100
100
500 35.000
Leaving
Stock.
268,210
416.108
51,060
19,888
12,080
55,436
984,764
3,700 116.247 1,807,546
8,692 121.641 1.661,866
4.450 99.219 1,715.702
•Estimated.
Speculation in cotton for future delivery has been more
active at a sharp rise in prices coincident with heavy covering of hedges, straddles, and the regular speculative short
accounts. Contracts have been scarce. Liverpool has been
firm. There is still that latent fear, moreover, that the
Farm Board will demand delivery on May contracts. Spot
interests have been covering hedges In the old crop. New
Orleans has bought heavily here in liquidating straddles.
Some rather more favorable textile reports have been received. On the 15th inst. prices advanced 15 to 20 points,
with the Liverpool cables much higher than due, contracts
scarce here, and more or less domestic and foreign covering
of hedges. Liverpool, Bombay, and the Continent bought.
The trade bought here. Attention was called to the fact
that for the first time this season the "Chronicle" reported
the quantity on shipboard larger than at the same time last
year, i.e., 134,886 bales against 111,077 a year ago. Manchester reported a better demand for cloths and yarns. Far
Eastern exchange had latterly been better. Bombay was
supposed to have bought May here rather freely, and also
July to some extent. Beneficial rains fell in Texas, and
stocks in wheat declined for a time, and then rallied. Worth
Street was awaiting for trustworthy signs of stabilization
of other prices.
On the 17th inst. prices declined early on weak cables,
and later advanced 20 to 40 points from the low of the
morning on big buying of May attributed to agents of the
Farm Board. This made the net advance 11 to 28 points,
but some of this was lost later. As May was bought, October
was sold. Differences between old and new crop months
narrowed sharply. Spot cotton advanced 10 to 25 points,
though the sales continued to be very small. Liverpool reported buying by Bombay, but selling by the Continent and
Alexandria. Here the buying, besides that by the Farm
Board, was by the Japanese, the West, Wall Street, and the
wire houses. Later contracts which had seemed plentiful
at the start grew relatively scarce. There is a fear that the
Farm Board may demand delivery on May contracts. Although May notices are not due until April 25, covering of
May cotton began; in fact, it was noticeable on the 15th inst.
also. Manchester and Worth Street were quiet, but the
Hunter Co. here reported its sales last week as 86% of a
full production, and more than that of the present curtailed
output. Western Texas had beneficial rains, and crop
preparations are reported to be well advanced.
On the 18th inst. prices advanced 21 to 43 points on the
active months and 50 on March. Farm Board interests are
supposed to be again buying. Shorts covered freely. Offerings were moderate where they were not small. Covering
was on a large scale. Fear that the Farm Board may
demand delivery had a certain effect, even if some doubt
whether the board will carry matters so far as that. The
Cotton Exchange Service said the world's consumption of
all kinds may be 26,000,000 bales, or just about equal to the
world's crop this season, and that the carry-over of American cotton, though likely to be 750,000 bales larger than
last year, may be offset by a decrease in the carry-over of
foreign cotton of 750,000 bales.
On the 19th inst. prices declined 20 to 25 points on realizing after a recent rise of 150 to 160 points. Liverpool was
lower than due. Spot cotton was dull and 10 to 15 points
lower. Heavy selling of May was reported early in the
day. The technical position had been weakened on a 10 days'
advance. But offerings were well taken, and about half of
the decline was recovered on the same day. Manchester
reported a better business. Some still believe that the Farm
Board will demand delivery on May contracts. Others doubt
It. Spot firms bought May and sold October.
On the 20th inst., after sharp fluctuations and some early I
decline, prices advanced 25 to 28 points on the next crop
months and 9 to 16 on the old, with contracts scarce and
good buying by New Orleans to cover straddles and also by
Wall Street and local traders. The ginning report was
rather bullish. But it was mainly the technical position
that put prices up. Nevertheless, it is true the ginning for
the season was stated at 14,544,584 running bales against
14,296,549 bales in 1928 and 12,783,112 in 1927. In bales of
500 pounds gross this meant 14,821,999 against the Government estimate last December of 14,919,000 bales, or 98,000
bales below the December figure. The ginning total was
somewhat smaller than had been expected. But It turns
out that the weight of the bales is 509.5 pounds against
506.3 last year and 506.8 the year before. And it was estimated that 31,479 bales are to be ginned after the March
canvass. Spot cotton here advanced only 5 points, but at
the South 10 to 15. Spot trade was still quiet, but made a
somewhat better comparison with last year. Print cloths
381
h-inch 64x60's sold up 614c., it was said, an advance of
%c. Manchester reported a better business.
To-day prices advanced 12 to 25 points, the latter on the
old crop. Covering was heavy of hedges, straddles, &c.
There is a big short interest said to exist here for world
account. Everybody has been selling in New York. That
includes Bombay, Liverpool, New Orleans, the Continent
and New York itself for hedge or straddle account to go
no further. Most of the short interest is in hedges and
straddles. Spot markets were higher, and business makes
a better comparison with last year when there was a falling
off in the demand. Manchester had a better trade with
India. Worth Street was firm, with a fair demand. Spinners' takings were again small, but the into-sight total was
below that of the same week last year. Meantime there is
still an undercurrent of feeling that the Farm Board may
demand delivery on May contracts. Final prices show an
advance for the week of 50 to 100 points. Spot cotton to-day
was up 35 points to 15.85c. for middling, a rise for the
week of 115 points.
Staple Premiums
60% of average of
six markets Quoting
for deliveries on
Mar. 27 1930.
15-18
inch.
1-Inch &
longer.
.38
.28
.28
.28
.28
.27
.26
.73
.78
.78
.71
.71
.67
.6a
.26
.26
.24
68
.63
23
.23
.23
57
57
.57
.22
.57
.22
.57
.22
.22
57
.54
ea
Differences between grades established
for delivery on contract Mar. 27 1930.
Figured from the Mar. 20 1930 average
quotations of the ten markets designated
by the Secretary of Agriculture.
White
Middling Fair
.107 on
do
Strict Good Middling_
89
do
72
Good Middling
do
Strict Middling
30
do
Basis
Middling
do
Strict Low Middling_
.72 off
do
Low Middling
1 75
do
2.85
*Strict Good Ordinary
do
*Good Ordinary
3.90
Extra White
Good Middling
.72 on
do
do
Strict Middling
.50
do
do
Middling
Even
do
Strict Low Middling- _ do
.72 off
do
do
Low Middling
1.75
Spotted
.23 on
Good Middling
do
.06 off
Strict Middling
do
Middling
.72 off
do
*Strict Low miedsna__.
1.70
do
'Low Middling
2.78
Strict Good Middling__ „Yellow Tinged
an off
do
Good Middling
.55
do
Strict Middling
1.05
do
*Middling
1 65
.
do
*Strict Low Middling-2.30
do
do
*Low Middling
3.17
Light Yellow Stained.1.30 off
Good Middling
do
do
do J.88
*Strict Middling
do
do
do _2.53
*Middling
Yellow Stained
Good Middling
1.55 off
do
do
*Strict middling
2 40
do
do
*Middling
3.20
Gray
.85 off
Good Middling
do
Strict Middling
1.23
do
*Middling
1.70
Blue Stained
*Good Middling
1.70 off
do
do
*Strict Middling
2.45
do do
*Middling
3.23
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
*Not deliverable on future contracts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Mar. 15 to Mar. 21Middling upland
Sat.
14.85
Mon. Tues. Wed.Thurs. Fri.
15.05 15.55 15.45 15.50 15.85
NEW YORK QUOTATIONS
FOR 32 YEARS.
The quotations for middling upland at New York on
Mar. 21 for each of the past 32 years have been as follows:
1930
13.50c. 1906
18.40c. 1914
11.55e.
15.85c. 1922
12.60c. 1905
1929
8.25c.
21.35c. 1921
11.650. 1913
1928
10.55c. 1904
41.25c. 1912
14.50c.
19.800. 1920
1927
14.600. 1903
14.40c. 1919
28.400. 1911
10.150.
1926
15.05c. 1902
35.050. 1910
19.190. 1918
9.06c
9.65c. 1901
1925
25.800. 1917
19.30c. 1909
8.31c.
1924
10.55c. 1900
28.900. 1916
12.00c. 1908
9.88c.
11.100. 1899
1923
30.550. 1915
9.05c. 1907
6.190.
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__ - Steady, 15 pts. adv- Easy
Monday ___ Steady, 20 pts. adv- Steady
Tuesday
Steady, 50 pts. ads'.. Very steady
Wednesday. Quiet, 10 pts. decl__ Steady
Thursday -- Steady, 5 pts. adv__ Very steady
Friday
Steady,35 pts. ads'.. Steady
TotalSince Aug. 1
SALES.
Spot. Contect Total.
4,400
300
--
--
900
500
400
300
4,400
800
400
300
900
5.600
1,200 8.800
151.453 299.100 450.553
MAR. 22 1930.]
FINANCIAL CHRONICLE
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday,
Tuesday, Wednesday, Thursday,
Friday,
March 15. March 17. March 18. March 19. March 20. March 21.
2063
Continental imports for past week have been 78,000 bales.
The above figures for 1930 show a decrease from last
week of 178,588 bales, a gain of 635,932 from 1929, an
increase of 1,088,645 bales over 1928, and a loss of 598,223 bales from 1927.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
detail below:
Mar.
Range__ 14.76-14.82 14.67-14.91 15.07-15.45 15.31-15.51 15.19-15.40 15.50-15.65
closing_ 14.76-14.95-15.45-15.31-15.40-15.60Apr.
Range __
Closing_ 14.8615.0515.5015.37- 15.48
15.69MayRange-. 14.89-15.05 14.85-15.25 15.20-15.59 15.32-15.64 15.25-15.59 15.59-15.81
closing- 14.97-14.99 15.16-15.17 15.55-15.59 15.44-15.45 15.57-15.59 15.78-15.79
June
Movement to March 21 1930.
Range-Movement to March 22 1929.
Closing- 15.0715.2215.5815.4615.6015.80JulyTowns.
Receipts.
Ship- Stocks
Receipts.
Ship- Stocks
meats Mar.
Range- 15.11-15.25 15.03-15.39 15.32-15.65 15.38-15.73 15.34-15.64
meals mar.
Week. Season. Week. 21.
closing- 15.17-15.19 15.28-15.29 15.63-15.65 15.48-15.50 15.63-15.64 15.65-15.88
Week. Season. Week. 22.
15.83-15.85
Aug.la.. Birm'ham
693 106.164
Range-359 14,395 1,271
48,557 1,677 4,301
Closing 15.19Eufaula
.
174 19.342
257 5,639
89 13.298..._.. 4,625
15.2615.5715.4515.61 15.78Sept.
Montgomery.
729 59,325
680 28,168
465 54.695 2.151 16,151
Selma
Range-148 71,930 2,654 24,172
260 55,711
913 15,583
Closing. 15.21 106 127,049 1,585 38,656 1,577 85,569 1,150 13,122
15.2415.5215.41 15.5915.73- ak.,Blytheville
Oct
Forest City
241
30,30
680 9,862
264 27.244.
560 6.287
1,1451 9,039
Range- 15.17-15.32 15.03-15.35 15.25-15.54 15.29-15.59 15.30-15.62 15.59-15.7Z
Helena
383 60.374
977 15,065
351
55.843
Hope
Closing- 16.23-15.25 15.22-15.25 15.4850 54.445
205 1,638
103 56,737
241 3,230
15.37-15.38 15.58-15.60 15.67-15.64
Oa.(new)
Jonesboro.....
82 39,284
182 3.480
196 32,998
155 2,136
Little Rock
352 125.479 1,939 25,264
Range- 14.99-15.13 14.84-15.13 15.03-15.26 15.07-15.31 15.05-15.39 15.35-15.5(
877 113.102 1,269 15,041
closing 15.03-15.05 15.03-15.25-15.26 15.14-15.37-15.39 15.46- Newport_......
10 51,178
475 2,922
352 47,095
424 3,358
Nov.Pine Bluff
886 184,694 2,558 30,105 1,016 138,418 2.723 16,360
Range
Walnut Ridge
9
55.681
800 5,336
178 38.333
497 5,038
Closing 16.33___
0,482 - 2,494
6
15.323.570
64 1.838
15.5615.4615.6615.78 - 1a., Albany.-Nor. (new)
Athens
550 40.802
150 20,1188
72 28,553 1.449 7.643
Range
Atlanta
4,195 155,057 4,782 99,620 1.503 118,222 2.713, 42,558
Closing_ 15.13Augusta ___- 2,402 289,269 2,609 86,578 3,516 223,615 2,5881 78,206
15.13 -15.4015.2515.4515.55 Dec.
Columbus.-73 23,809
21. 2,365 1.''' 46,626
400, 10,807
Range... 15.39-15.50 15.23-15.53 15.45-15.69 15.49-15.7 15.46-15.80 15.76-15.9!
Macon
74,430
1,311
565 18,971
177 48,15
1,163 6,286
closing_ 15.42-15.42-15.65-15.68 15.54-15.5 15.74
Rome
85 23,071
151 17,501
'I
35,796
300 30,255
15.90 Dee. (new)
..a. Shreveport
328 143.514 2,013 52,394
918 143,663 4,863, 43,574
Range._ 15.15-15.31 15.05-15.35 15.23-15.42 15.23-15.4 15.23-15.53 15.59 - .41;s.,C1'ksdale
648 189,038 1,67 32,735
759 144.641 2,4711 20,834
Closing_ 15.23Columbus.-53 27,922
145 6,975
569 30.7
15.2415.36-15.38 15.28-15.29 15.531.572, 6.404
15.80-15.9
Jan.Greenwood_ 660 229.251 1.791 66.447
470 188.026 3,918i 30.014
Range- 15.45-15.50 15.30-15.50 15.49-15.68 15.50-15.7 15.45-15.85 15.90 Merldian___ 129 51,90.
292 6,278
423 47,89
386; 5,299
Closing_ 15.47Natchez
217 24,299
209 9,234
670 31,331
15.4715.65-15.66 15.58- 956; 18.462
15.83
Jan. (new)
Vicksburg-214 32,454
210 7,168
44 24,801
3071 2,418
Range.... 15.26-15.34 15.12-15.40 15.29-15.45 15.30-15.4 15.24-15.59 15.57-15.7'
Yasoo City
53 41,73
267 8,898
12 39,264 1,108 4,902
2
Closing- 15.2915.38-15.41 15.3015.2715.68-15.59 15.65 - Mo., St. Louis. 5.236 249,574 7,023 10,883 10,471 396,04 11,9941 21,779
Feb.N.C.,Greensb'o
313 18,156
535 10,180
741
19,73
695: 10,211
Range Dklahoma.
1
Closing _
15 towns' . 1,869 745.733 4,493 59,777 3,307 764,433 6,906, 24.683
3.C., Greenville 5,198 152,430 4,430 69.512 3.696 172,855 5.538 43,650
Range of future prices at New York for week ending Tenn..Memphis 26.2071,766.939 33,3l3373.853 40,5661,581,841 41.986224,938
4 28,241
Texas. Abilene
208 52,978,
224
ii
Mar. 21 1930 and since trading began on each option:
Austin
20 11,149
836
151
170 48,126
568 1.224
Brenham....._
43 10,728
1091 3,197
958 33,803 1,466 2,213
Option forRange for Week.
Range Since Beginning of Oprion.
Dallas
809 108.745
7021 12,220 1.754 135,974 4,102 11,434
Paris
456 73.759
4361 3,500
697 89,333
711 2.271
Mar. 1930_ _ 14.67 Mar. 17 15.65 Mar. 21 13.89 Mar. 1 1930 20.25 Apr. 1 1929
Robstown____
32.71i
2 14.908
1061 2,035
14
33(
Apr. 1930_
18.71 July
San Antonio_
1929 18.82 July 8 1929
14 23.356
21
726
42.131
---_ 1,791
May 1930__ 14.85 Mar. 17 15.81 Mar. 21 14.03 Mar. 1 1930 20.18 Sept. 3 1929
Texarkana
227 59,232
145 64,47
1821 4,599
930 4,841
June 1930_
15.28 Feb.
1930 18.87 Oct. 24 1929
Waco
296 104,160
43
852 142,653 1,599 7.09.
8,153
July 1930_ 15.03 Mar. 17 15.88 Mar. 21 14.22 Mar.
1930 20.00 Sept. 3 1929
Aug. 1930._
15.63 Feb.
1930 18.34 Nov. 22 1929 Petal, 56 towns 55,5545,723,190 80,1881202943 81,2535,481,739 114,193 781.661
Sept. 1930
•Includes the combined totals 01 15 towns in Oklahoma.
Oct. 1930._ 14.84 Mar. 17 15.75 Mar. 21 14.20 Mar. 10 1930 18.56 Nov. 20 1929
Nov. 1930_
14.82 Mar. 13 1930 17.78 Dec. 16 1929
The above total shows that the interior stocks have
Dec. 1930._ 15.05 Mar. 17 15.92 Mar. 21 14.38 Mar. 10 1930 18.06 Jan. 13 1930
Jan. 1931. 15.12 Mar. 17 15.95 Mar. 21 14.45 Mar. 10 1930 17.18 Feb. 1 1930 decreased during the week 25,723 bales and are to-night
Feb. 1931..
18.09 Feb. 20 1930 18.65 Feb. lb 1930 421,276 bales more than at the same time last year. The
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 21Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
Total Continental stocks
1929.
1930.
bales 900,000 1,004,000
102,000
95,000
1.002.000 1,099.000
455.000
292,000
5,000
107.000
50.000
909.000
540,000
247.000
17,000
90.000
37.000
1928.
1927.
757.000 1.330.000
71.000
177.000
828.000 1.507.000
514.000 649.000
295.000 290,000
10.000
16.000
109,000 126.000
53,000
71.000
931.000
981,000 1.152.000
Total European stocks
1,911.000 2,030,000 1,809,000 2.659,000
Indian cotton afloat for Europe
166.000 207,000 151.000
98.000
American cotton afloat for Europe 298,000 357.000 422,000 592,000
Egypt,Brazil,&c.afloat for Europe 77,000
98.000
84.000 108,000
Stock in Alexandria, Egypt
509.000 430.000 385.000 445 000
Stock in Bombay, India
1,366.000 1.130.000 812.000 580.000
Stock in U. S. ports
01,923.79301,783.5070
Stock in U. S. interior towns_a1,202.943 0781,667 1,814,92102,533.599
0887.17001,036.360
U. S. exports to-day
630
Total visible supply
7.453,736 6,817,804 6.365.091 8,051,959
Of the above, totals of American and other descriptions are as follows
American
Liverpool stock
bales.. 410,000 714,000 538.000 994,000
Manchester stock
70.000,000
51,000 158,000
Continental stock
822.000 871 000 937,000 1.000,000
American afloat for Europe
298.000 357.000 422,000 592,000
U. S. port stocks
01,923,79301,783,507a1.814. 2102.533,599
9
U. S. interior stocks
01,202,943 0781.667 a887.170a1,036,360
U. S. exports to-day
630
Total American
4,726,736 4.577.804 4.650,091 6.403,959
East Indian Brazil, etc.
Liverpool stocic
490,000 290.000 219.000 336,000
London stock
Manchester stock
32.000
25.000
20,000
19.000
Continental stock
87,000
60.000
44.000
62 000
Indian afloat for Europe
166.000 207.000 151.000
48.000
Egypt Brazil, Sze., afloat
98,000
77,000
84.000 108,000
Stock in Alexandria, Egypt
509,000 430,000 385.000 448,000
Stock in Bombay, India
1.366.000 1,130,000 812.000 580.000
Total East India, &c
2.727.000 2.240.000 1,715.000 1,648,000
Total American
4.726.736 4.577,804 4,650.091 6.403,959
Total visible supple
7.453,736 6,817,804 6.365.(
i91 8,051,959
Middling uplands. Liverpool
8.544. 11.104. 10.964.
7.714.
Middling uplands, New York_
15.85e.
21.10e.
19.25e.
14.40c.
Egypt.good Sake'. Liverpool_ _ _ _ I4.75d. 20.854.
Peruvian. rough good. Liverpool_ 13.504. 14.50d. 22.054. 15.004.
13.25d. 11.004.
Broach, fine. Liverpool
6.40d.
9.554.
9.904.
6.90d.
Tinnevelly, good, Liverpool
7.754. 10.70d. 10.60d.
7.354.
a Houston stocks are now Included in the port stocks; in previous
years
they formed part of the interior stocks.
•Estimated
receipts at all the towns have been 25,699 bales less than
the same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1929-30----March 21ShippedVia St. Louis
-1928 29
-
Since
Since
Week.
Aug. 1.
Week.
Aug. 1.
7,023
1,925
127
373
3.975
6.526
247.820
55,925
3,507
27,470
137,961
462.217
11.994
1,572
64
2,020
5.041
12.375
373.920
71.686
5.127
36.449
159,868
474.702
19,949
934.900
33.066 1.121.742
Overland to N. Y., Boston, &c-- 949
Between interior towns
397
Inland, &c.. from South
10.003
33,994
12,769
322,382
3,932
521
16,495
11,349
369,145
20,948
590.736
Leaving total net overland*_.... 8,600
565,755
12,118
531,006
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
-
Total to be deducted
81,344
14,608
494.784
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 8,600 bales. against 12,118 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 34,749 bales.
/n Sight and Spinners'
Takings.
-1929 30
Week.
Since
Aug. 1.
-1928-29-----
since
Week.
Aug. 1.
Receipts at ports to Mar. 21
46,415 7,487,025 97,085 8.399,749
Net overland to Mar. 21
8.600
565,755
531.006
12.118
Southern consumption to Mar.21-105.000 3.475.000 124.000 3.689.000
Total marketed
160,015 11,527,780 233,203 12,619.755
Interior stocks in excess
*25,723
993.033 *32.855
464.198
Excess of Southern mill takings
over consumption to Mar. 1..
722.025
709,288
Came into sight during week.. ..134,292
200,348
Total in sight Mar. 21
13,242,838
13,793,241
North.spinn's's takings to Mar.21 20.401
924.557 30.776
990.270
•Decrease.
Movement into sight in previous years:
Week-
-Mar. 23
1928
-Mar.25
1927
-Mar.26
1926
Bales.
Since Aug. 1-
171,774 1928
265.509 1927
191,533 1926
Bales.
12.140.952
16,775.087
14,434.073
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
2064
[VoL. 130.
FINANCIAL CHRONICLE
Closing Quotations for Middling Cotton on
Week Ended
Mar. 21.
Galveston
New Orleans.-Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ -- Dallas
Fort Worth_ _ _
Saturday. Monday. Tuesday. Warday. Thurscry. rrtaay
15.15
14.67
14.50
14.72
15.13
15.10
15.00
14.40
15.00
14.10
14.50
____
15.30
14.76
14.60
14.92
15.25
15.10
15.19
14.55
15.25
14.25
14.65
14.65
15.70
15.20
14.95
15.30
15.63
15.50
15.56
14.95
15.65
14.68
15.05
15.05
15.75
15.26
14.95
15.33
15.69
15.60
15.56
14.80
15.65
14.68
15.05
15.05
15.60
15.10
14.80
15.20
15.50
15.70
15.44
14.85
15.50
14.55
14.70
14.90
15.95
15.51
15.25
15.54
15.88
15.75
15.81
15.05
15.85
14.88
15.25
15.25
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."
BOLL WEEVIL HIBERNATION REPORTS ARE DIS-The issuance of
CONTINUED BY GOVERNMENT.
bool weevil hibernation reports by the U. S. Department of
Agriculture is discontinued, according to an announcement
by the Department on March 19. These reports as issued in
the past dealt with the number of boll weevils entering
hibernation in the Fall the mortality of weevils in Winter
-The closing as determined by moss examinations and the emergence
NEW ORLEANS CONTRACT MARKET.
Spring of weevils in
quotations for leading contracts in the New Orleans cotton duringdecision has been reached hibernation cages.pointed out frebecause, as has been
This
market for the past week have been as follows:
quently by the Department, an estimate of boll ueevil damage based solely
Friday,
Tuesday, Wednesday, Thursday,
Saturday, Monday,
March IS. March 17. March 18. March 19. March 20. March 21.
on these hibernation data Is likely to be misleading In view of the fact that
weather conditions during the growing season may change entirely the
status of the weevil as a factor affecting the crop. Even Is such data were
more significant as indicating boll weevil dama te, to giNP a reliable Indication as to regional or even local outlook it would be necessary to secure the
data at a much greater number of points throughout the Cotton Belt than
March ___ 15.52 Bid 14.65 Bid 15.07-15.09 14.88 Bid 15.04 Bid 15.30 bid
April
May
14.77-14.78 14.85-14.86 15.28-15.30 15.09-15.10 15.25-15.26 15.5045.51 has hitherto been feasible.
June
July
WORLD'S SUPPLY AND TAKINGS OF COTTON.
14.97-14.98 15.01-15.02 15.37-15.39 15.19-15.20 15.35-15.37 15.60-15.61
August...
The following brief but comprehensive statement indicates
September
15.32-15.33 15.44- at a glance the world's supply of cotton for the week and
15.01-15.02 15.07-15.28 15.1615.08October
November
last two seasons from all sources from
15.51-15.52 15.58-15.59 since Aug. 1 for the
15.36
December_ 15.27-15.22 -- 15.50- which statistics are obtainable; also the takings or amounts
15.56 Bid 15.51 bid
15.4215.32 Bid 15.25-15.27 15.55January
February.
gone out of sight for the like period:
March .._ _
Tone
Steady
Steady
Steady
Steady
1929-30.
Quiet
Steady
Spot
1928-29.
Cotton Takings,
Steady
wpm.,
steady
Very st'dy Steady
Steady
-nun...
Week and Season.
Week.
Season.
Week.
Season.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that generally conditions in the cotton belt have been favorable and much
preparation of soil for planting has been accomplished.
Planting continues in Texas and in the extreme South plants
have come to a good stand. Planting has also begun in the
Imperial Valley of California.
Memphis, Tenn.
-Farm work is making fair progress.
Rain. Rainfall.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del filo
2 days
2 days
3 days
3 days
3 days
4 days
Houston
3 days
Palestine
San Antonio
New Orleans
Mobile. Ala
Savannah, Ga
Charleston. S.0
Charlotte. N. C
Memphis. Tenn
3 days
6 days
4 days
3 days
4 days
7 days
7 days
2 days
0.24 in.
0.36 In.
0.57 in.
0.83 In.
0.66 in.
1.26 in.
0.31 in.
0.42 in.
1.02 in.
1.16 in.
0.61 In.
1.10 In.
0.75 In.
0.54 In.
0.52 in.
Thermometer
high 73
high 82
high 86
high 76
high 78
high 78
high 76
high 74
high 78
high __
high 76
high 76
high 71
high 71
high 72
low 48
low 30
low 58
low 48
low 34
low 42
low 42
low 34
low 42
low __
low 45
low 43
low 46
low 35
low 39
mean 61
mean .
mean 72
mean 62
mean 56
mean 110
mean 59
mean 54
mean 60
mean 63
mean 62
mean 60
mean 59
mean 56
mean 58
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Mar. 21 1930. Mar. 22 1929.
Feet.
Feet.
Above zero of gauge_
12.5
13.2
28.8
Above zero of gauge40.0
Above zero of gauge27.0
15.1
Above zero of gauge..
10.0
18.0
40.0
Above zero of gauge_
45.7
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Ended,
Receipts at Ports.
1930.
1929. I 1928.
Stouts at Interior Towns.
1930.
1929.
1928.
Receiptsfrom Plantations
1930.
1929.
1928.
Dec.
82.747 388.981' 233.58. 1.451.94711,223.573 1.342.508 5.384 396.808 246,191
13__ 281.398 311.73e 199.962 1,461.857 1.232.683 1.331,182 1.308 320.846 188.63)
20_ 260.772 265,780 180.40, 1.476.699 1.232.43 1,308.770 5.514 265.553 158.0117
37-- 187.785 255.661 159.069 1.493,0151,255,901 1,328,743 04,101 279.131 179.042
1929.
1930
1928.
1930. I 1929.
1928
1930. 1929
154.364188,298 110.324 .476,971 1,240,631 1.295,532 138.320 173.028
10_.137.509 172,341 117.331 .477.345 1.203.459 1.261.68R 138.073 135.168
17-- 104.523151.177 122,215 .456.833 1.151.1401.212,543 84.011 108.858
24_ _ 08 388 171.761 120,0- .432 3871,118.69011,180.006 73.042 120,32(1
31_ 87.594155.731 139.567 .403.1071.072.678 1.134.087 58.314 109,710
Feb.
82.277 135,078 111,825 1.355,621 1,007.913'1.087.8U 34,791 70.313
14__ 53.505 81,570 107.419 1.326.078 966,4121,049.180 23,072 40.069
21-- 65.886 80.866 75.323 1.306.632 936.027 1.023.120 46.440 50.481
28._ 91.438 91.438 62.281 906.387 906.387 987,384 61.798 61.798
Jan.
1928.
77.11:83.48)
78.073
82.95s
93.558
65.392
68,945
49.263
26.545
Mar.
50.31' 85.941 70,755 1.256.075 849.195 941,043 18,248 29.749 24,435
14._ 44,919 106,35 73,234 1,228.666 814.522 916,246 17,510 71.677 48.435
21.. 46.415 97,08 76,637 781,667 1,202,943 887.170 20,692 64.23 47.567
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1929 are 8,455,603 bales;
in 1928 were 8,835,608 bales, and in 1927 were 7,753,566
bales. (2) That, although the receipts at the outports the
past week were 46,415 bales, the actual movement from
plantations was 20.692 bales, stocks at interior towns
having decreased 25,723 bales during the week. Last year
receipts from the plantations for the week were 64,230
bales and for 1928 they were 47.561 bales.
CENSUS REPORT ON COTTON CONSUMED AND
ON HAND IN FEBRUARY.
-This report, issued on March
14 by the Census Bureau, will be found in full in an earlier
part of our paper under the heading "Indications of Business
Activity."
7,632.324
Visible supply March 14
6,945.906
3.735.957
Visible supply Aug. 1
4,175.480
American In sight to March 21 - 134.292 13.242.838 200.348 13.793.241
83.000 2.535.000 141.000 2.058.000
Bombay receipts to March 20...
3.000
502.000
Other India ship'ts to March 20
24.000
428.000
33.000 1.392.200
15.000 1.398.200
Alexandria receipts to March 19
10.000
586.000
Other supply to March 1950
4.000
505.000
7.895.616 21.993.995 7.330.254 22.357.921
Total supply
Deduct
Visible supply March 21
7.453.736 7,453.7366.817.804 6.817.804
Total takings to March 21 a- - - 441.880 14,540.259 512,450 15,540.117
267.880 10.280,059 341.450 11.356.917
Of which American
174.000 4.260.200 171,000 4.183.200
Of which other
• Embraces receipts in Europe from Brazil, Smyrna. West Indies. Am
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 3.475,000 bales in 1929-30 and3.689.000 bales In 1928-29
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners,11.065.259 bales in 19214-29 and 11.8111.117 bales in 1928
29 of which 6,805.059 bales and 7.667.917 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1929-30.
Par. 20.
Receipts at-
1928-29.
Since
Week. lAug. 1.
TInmhav
Week.
1927-28.
Since
Week. I Aug. 1.
Macon 2.535.000 141.000 2.1.514.000 80 11011 2.074.000
Since August I.
For the Week.
Exports
from
-
Since
Aug. I.
Great , Conti- Japandt
Britain. nerd. China. Total.
Great
Britain.
Coed- Japan 6Y
neat.
China.
Total.
1
Bombay
3.000 77,000 80.000
1929-30_.
1928-29.. 3.000 8,000 104.000115.000
__- 21.000
1927-28_ _ 2,000 19,000
Other Ind
1
3.000
1929-10.
1.0001 2.000
24,0C
..1 24,000
192R-29_ _
19,000
1927-28_ 1,000 18.000
109,000 393,0
79.000 349,0
72,500 351,0
Total an-1929-30..
1928-29..
1927-28._
158.000 918.
989,000 2.065.000
114,000 868.00 1.083.0002.065.000
155,000j1,5036500
118,500 730,00
1,000 5,000 77.0001 83.000
3.0011 32.000104.000 139.00(
40.000
3,000 37.000
49.000 525.000 989.000 1,563.000
35.000 519,000 1.083.0001,637,000
46,000 379.000 655.0001.080,000
502.000
428.000
423,500
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
58,000 bales. Exports from all India ports record a decrease
of 56,000 bales during the week.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
March 19.
Receipts (cantors)
This week
Since Aug. 1
Exports (bales)To Liverpool
To Manchester, &c
To Continent & India
To America
p.-.....1 .....
....
1929-30.
165.000
6.946.285
1928-29.
75.000
'6.974.933
1927-28.
125.000
5.226,112
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
1.000 114.934
_ 112.519
11.000341.714
73.040
2.000134.087
5,000 129.289
9.000 353,309
---- 124.786
2.750 106.330
7.000 118.154
7,500288,478
200 92.757
19 min 642 207 15.00(1 741.471 17 460 8115.719
Note.
-A cantar Is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending March 19 were
165.000 cantars and the foreign shipments 12.000 bales.,
-Our report, received by
MANCHESTER MARKET.
cable to-night from Manchester, states that the market in
yarns and in cloths is steady. Demand for India is improving. We give prices to-day below and leave those of
previous weeks of this and last year forcomparison:
MAR. 22 1930.]
FINANCIAL CHRONICLE
1929.
1928.
84 Lbs. Shirt- Cotton
323 Cop
Outs. Common Midert'p
Twist.
lipids.
to Finest.
Nov.29____
Dec.
6___
13_-__
20____
27-___
d.
d. s. d.
a. d.
133@l434 12 3 012 5
1340144
13340144
1340144
13140144
12
12
12
12
3
3
3
3
Jan.1930.
3.- 13401441 12 2
10--- 1354181434 12 2
17.-- 134 01434 12 2
24-- 13404144 12 2
31_-_. 13 iiii1434 12 2
Feb.
7... 1234013 114
14__ 12140134 11 0
21____ 1240134 10 6
28___. 12 431314 10 4
Mar.
7.... 114013 10 2
14....__ 11401214 10 2
21____ 1134013 10 4
325 Coy
Twist.
Spot.
8Y4 Lbs. Shirt- Cotton
Ings. Common Midel1'0
to Finest.
Upl'cls.
d.
d. s. d.
d.
s. d.
9.59 15401634 13 3 013 5
d.
10.97
9.58
9.47
9.36
9.51
15340164
1540164
151401634
1540164
3
3
3
3
013 5
013 5
013 5
013 5
10.63
10.69
10.58
10.63
012 4
012 4
012 4
(412 4
(5112 4
9.53
9.58
9.49
9.40
8.85
1920.
154 01614 13 3
1534181834 13 3
151401614 13 3
1534181614 13 3
154 016.34 13 3
013 1
013 5
013 5
013 6
013 6
10.50
10.58
10.63
10.48
10.35
@120
@II 4
011 2
011 0
8.60
8.69
8.47
8.49
15 016
1540164
1540164
15401634
@135
013 6
013 6
013 7
10.34
10 43
1049
10.75
@ICI 6
010 6
011 0
8.18 151461614 1 34 013 7
8.05 15 01634 13 5 013 7
8.54 15140164 13 4 @13 7
11.12
10.77
11.10
13
13
13
13
133
13 3
13 3
13 4
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 112,479 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
NEW ORLEANS
-To Liverpool
-March 12
-Duquesne, 1.908:
March 16-Davislan, 3,521
5.429
To Havre
-March 19
-Cuba, 362
362
To Manchester-March 12
-Duquesne, 1.487-March 16DavIslan, 221
1.708
To Genoa
-March 20-Monreale. 2,315
2,315
To Venice
-March 13
-West Elcasco, 350
350
To Trieste-March 13
-West Elcasco, 1.000
1.000
To Vera Cruz
-March 14
-Wawa,718
718
To Bremen-March 15-Raimund, 6.385
6,385
To Hamburg-March 15-Raimund, 611
611
To Gothenburg-March 15-Raimund. 100
100
CHARLESTON
-To Bremen-March 12
-Elsa Menzell. 122__- 122
To Hamburg-March 12
-Elsa Menzella. 363
363
NORFOLK
-To Liverpool-March 15-Delillan, 1,165--_March
17
-Winona County. 150
1.315
To Bremen-March 17-Weetfalen, 1,664
1.664
SAN FRANCISCO
-To Great Britain-Mar.15-llelillan.403403
To Japan-Mar. 15-Delilian,800
800
HOUSTON-To Bremen-Mar. 13-Apsley, 10,350_ --Mar. 18Waban, 8.889
19.239
To I Iavre-Mar. 15
-Cuba, 3,763---Mar. 17
-Lancaster
Castle, 1,938
5,701
To Japan-Mar,15
-Hague Maru,5.354_ _ _Mar. 18-Takaoka
Maru. 3.825._ -Mar. 19-Slemmestad, 1.378
10,557
To China-Mar. 15
Mar. 19-Slemme-Hague Maru, 50
stad, 2,625
2,675
To Ghent
-Mar. 17
-Lancaster Castle. 3,548
3.548
To Antwerp
-Mar. 17-Lancsater Castle.50
50
To Barcelona
-Mar. 18
-Carlton.3.455
3.455
GALVESTON-To Dunkirk-Mar. 14
-Tampa. 1.289
1.289
To Venice
-Mar.20
-West Elcasco. 2.171
2.171
To Oslo
-Mar. I4
-Tampa,96
96
To Trieste
-Mar. 20
-West Elcasco. 169
169
To Gothenburg
-Mar. 14
-Tampa, 254
254
To Piraeus-Mar.20
-West Elcasco. 50
50
To Copenhagen-Mar. 14
-Tampa,100
100
To Liverpool-Mar. 15
-Sylvia de Larrinaga, 1,185
1,185
To Manchester
-Mar. 15
-Sylvia de Larrinaga. 1,945
1.945
To Bremen-Mar. 15-Apsley hall. 2,138'
2,138
To Barcelona
-Mar. 15
-Canton, 980
980
To Havre--Mar. 17
Mar. 18
-Cuba, 554
-Western Queen,
2,582_ _-Mar. 20
-Lancaster Castle, 2.465
5,601
To Japan-Mar. 17
-Hague Meru, 3.179---Mar. 20-Takaoka Maru, 1.786: Slemmestad, 1.172
6.137
To China
-Mar. 17
-Hague Meru, 477
Mar. 20-Takaoka
Meru, 350: Slemmestad, 90
917
To Rotterdam-Mar. 17
-Western Queen,684
684
To Ghent,
-Mar. 16
-Western Queen, 400---Mar. 20Lancaster Castle, 3,605
4,005
SAVANNAH-To Liverpool
-Mar. 15-Shickshinny, 3.094
3,094
To Bremen-Mar. 20-ELsa Menzell, 7,428
7,428
To Manchester
-Mar. 15-Shickshinny, 403
493
To Hamburg
-Mar. 20
-Elsa Menzell, 100
100
NEW YORK
-To Genoa-Mar. 14-Eston, 50
50
To Barcelona
-Mar. 17 Artier, 75
75
LOS ANGELES
-To Dunkirk-Mar. 12
-Wisconsin, 200
200
To Liverpoo-Mar. 17
-Pacific Ranger 192: Vernon City.
228_ _ _Mar. 20
-Memphis City. 200
620
To Havre
-Mar. 12
-Wisconsin, 225
225
To Mancheste-Mar. 17
-Vernon City, 200
200
To Japan-Mar. 12
-Chinese Prince, 200_--Mar. 17-Ensley
City 300- --Mar. 20--Shlnyo Meru, 303_ --Mar.
17President Garfield, 50
853
MOBILE-To Genoa-Mar. 13-Topa Tops, 50
50
To China-Mar. 13
-Steel Ranger, 2,500
2.500
Total
112.479
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & BUITOW0S, Inc., are
as follows, quotations being in cents per pound:
High
Density.
Liverpool 450.
Manehester.45o.
Antwerp
450.
Havre
.310.
Rotterdam .450.
Genoa
.50c.
Oslo
.50o.
Standard.
.60o.
.60c.
.600.
.46o.
.600.
.65a.
.60e.
High
Density.
Stockholm .600.
Trieste
.500.
.500.
Flume
Lisbon
.450.
Oporto
.600.
Barcelona .300.
open
Japan
Standard.
.750.
.65e.
.6543.
.60o.
.750.
.450.
open
Shanghai
Bombay
Bremen
Hamburg
Piraeus
SaIonica
Venice
High
Density.
ot,,,n
.42o.
.46e.
.45o.
.75o.
.750.
.50e.
Standard.
° a.
Scn
.60c.
.60a.
.90c.
.90o.
.65e.
LIVERPOOL.
-By cable from Liverpool we have
lowing statement of the week's sales, stocks, &c.,at the folthat 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. 28.
23.000
12.000
1.000
56.000
915.000
438.000
48.000
32.000
152.000
58,000
Mar. 1 Mar. 14.
23.000
32.000
14.000
15.000
1.000
1.000
54,000
61,000
918,000 911.000
424.000 410.000
59.000
44.000
12.000
11.000
146.000 168.000
62,000
•
The tone of the Liverpool market for spots
Mar. 21.
29,000
15.000
1.000
50.000
900.000
410.000
44.000
30.000
158,000
55.000
and futures
each day of the past week and the daily closing prices of
spot cotton have
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Quiet.
A fair
business
doing.
A fair
business
doing.
A fair
business
doing.
Market,
12:15
P.M.
MId.Uprds
Sales
012 5
012 5
012 5
012 5
been as follows:
2065
8.21d.
3,000
8.15d.
More
demand.
8.23d.
4,000
5,000
8.39d.
6,000
A fair
businees
doing.
8.37d.
5.000
8.54d
6,000
Futures.{ Very st'dy Steady
Quiet
Steady
Quiet
Steady
Market
1410 17 pta 2 to 4p ts. 7 to 12 pta. 3 to 9 pta. 3 to 5 pta. 9 to 11 pis.
advance.
opened
decline.
advance. advance.
decline.
advance.
Market, I Very st'dy
Easy
Firm
Irregular 2
Quiet
Very ste'dy
4
16 to 20 pts 11 to 13 pts 15 to 26 pta Plato 101.3 to 5 pta. 19 to 2Ipts.
advance.
P. M.
decline.
advance.
decline.
decline.
ad4ance.
Prices of futures at Liverpool for each day are given below:
Sat.
March 15
to
March 21.
I
Mon.
I
Tues. I
Wed.
Thurs.
Fri.
12.1512.3012.15 4.00 12.15 4.0012.15 4.0012.15 4.0012.1 4.00
p. m.p. m.p. rn.p. m. p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.
d.
d. i
March
7.93
April
7.93
May
-- 7.96
June
7.98
July
8.03
August
_ 8.05
September
.._ __ 8.07
October
8.08
November
-- -- 8.10
December --------8.15
January (1931)... __ 8.17
February
__ __ 8.19
March
.- -- 8.23
d.
7.85
7.85
7.88
7.90
7.95
7.97
7.99
8.00
8.03
8.07
8.09
8.11
8.16
d. 1
7.81
7.81
7.83
7.85
7.90
7.92
7.94
7.96
7.99
8.03
8.05
8.07
8.12
d.
d.
7.93 8.07
7.92 8.06
7.95 8.09
7.97 8.10
8.01 8.13
8.63 8.13
8.04 8.13
8.05 8.14
8.07 8.1
8.11 8.19
8.13.8.21
8.15 8.23
8.19 8.27
d. I d.
d.
8.09. 8.09 8.07
8.08 8.08 8.05
8.11 8.11.
8.12 8.12 8.08
8.15 8.15 8.11
8.15 8.15 8.11
8.15 8.15 8.11
8.15 8.15 8.12
8.17 8.17 8.14
8.19 8.19 8.16
8.20 8.20 8.17
8.22 8.22 8.19
8.26 8.26 8.22
d.
8.06
8.05
8.06
8.07
8.11
8.11
8.11
8.11
8.12
8.1
8.li
8.18
8.22
d.
8.19
8.1
8.19
8.20
8.23
8.2
8.2
S.
8.26
8.28
8.29
8.31
8.
it.
8.27
8.25
8.27
8.28
8.30
8.30
8.30
8.30
8.32
8.35
8.36
8.38
8.41
BREADSTUFFS
Friday Night, Mar. 21 1930.
Flour was steady for a time, but home trade was small
and export demand fell off. The worst feature of the
situation is the very noticeable depression in the feed trade.
Later a better export movement was reported. On Monday
it was 45.500 barrels to England, Holland, and Greece.
Canadian mills are said to have made larger sales for
export, including a large cargo to go out from Vancouver.
Feed prices were reduced. Later on there was a rather
firmer tone, but this had the effect of checking foreign
business. Clearances from New York were 13,922 sacks,
mostly to Hamburg. Minneapolis reported a better trade.
Wheat advanced under the stimulus of a somewhat better
export demand, stronger cables and Canadian markets, and
smaller shipments from the Southern Hemisphere. Also
the market had become somewhat oversold. On the 15th
Inst. prices fell 1 to 1%c., but the decline was checked by
what looked like buying by the Farm Board. Shorts also
covered. It was a professional market. But Winnipeg's
firmness was noted, where prices advanced 1% to 11c.
/
2
No general railroad strike, or, indeed, any, has taken place
In Argentina. Liverpool fell % to %d.. and Argentina was
supposed to be selling there at a reduction in prices overnight of 3c. Good rains fell in parts of Northwestern Texas
and in various sections of Oklahoma, but in Kansas there
were only showers. Kansas is beginning to need rain badly.
Ottawa, Ont., wired on Mar. 15: "The wheat yield of
Australia this year is reported at 114,000.000 bushels, according to information received by the Department of Trade and
Commerce. After deducting domestic requirements, estimated at 50.000.000 bushels, tile quantity available for export as wheat and as flour is estimated at 64,000.000 bushels.
Of this quantity approximately 20,000,000 bushels have been
shipped, 17,000,000 as wheat and about 3,000,000 as flour."
On the 17th inst. prices closed % to 11c. higher. At
/
4
one time they were 1% to 2c. up, with Liverpool 3 to 31
4d.
higher. That was one of the chief causes of the rise. It
was a hopeful rift in the English outlook. Also the firmness of Winnipeg was a telling factor. Prices there at one
time were over 3e. higher. Coming after the recent gloomy
talk about the Canadian pool, it had all the more effect.
Export sales were estimated at 900,000 to 1,000.000 bushels,
but it was mostly Manitoba on the Pacific Coast. Liverpool cables stated that North American exports are expected
there to be large during the spring. Crop developments on
this side will have much to do with the course of prices.
Reported damage to the winter wheat crop in parts of
Illinois and Indiana had a noticeable effect. There was a
good deal of covering on these reports, though Liverpool
and Winnipeg news was the prime mover in the rise. The
United States visible supply last week decreased 2.168,000
bushels against 479,000 last year. The total, it is true, is
still 153,562,000 bushels against 123,515,000 a year ago.
On the 18th inst. prices ended % to %c. higher, with
Liverpool cables unsatisfactory and Buenos Aires off 1 to
11
4c. Liverpool was affected by reports that small parcels
of Russian wheat were offered to both the United Kingdom
and the Continent. Later Liverpool cables said that Russia
did not figure importantly in the English calculation
s.
Bradstreet's world's visible supply for the week
showed a
decrease of 3.245,000 bushels against a decrease
last year
of 173.000 bushels. The total in sight was
given at 411,598.000 bushels against 392,108,000 on hand at
this
year. Export sales were about 400,000 bushels, time last
practically
all Manitobas. On the 17th inst.. it is said, export
sales
via Vancouver were 1,000,000 bushels.
Statements
to the Farm Board and the Canadian pool urging credited
reduced
acreages attracted attention. On the 19th inst.
prices in a
small market closed % to %c. higher in Chicago,
and 1 to
1%c. higher in Winnipeg. Liverpool advanced 1%
to 1%d.
2066
The Argentine rate of exchange was higher. Argentine exports for the week were expected to be small. Export
demand at the West was somewhat better. The sales were
about 800,000 bushels. The bulk of this, however, was to
go out from Vancouver. It was very cold in the winter
wheat belt. Germany increased the import duty on wheat.
It is now 120 marks, or about 78c. a bushel, effective next
week, it is said.
On the 20th inst. prices ended 1% to 214c. higher, with
the news mostly bullish. The Northwest had a cold wave.
Much colder weather was indicated for the Southwest.
Snow covering is scanty everywhere. Liverpool was up
% to 1d. The Bank of England rate of discount was lowered to 314%. Minneapolis reported a better flour trade.
At Winnipeg, cash and European houses were inclined to
buy. Outsiders were taking more interest in the wheat
speculation. The outlook in Europe is considered more
promising. Late in the day buying was increased by a
sharp rise in Buenos Aires.
14
To-day prices closed % to lc. higher in Chicago and 2/
to 2%e. higher in Winnipeg on strong cables and a better
inquiry for export. The sales were estimated at 1,250,000
bushels, largely Manitoba, for Antwerp and the United Kingdom. Liverpool was up 3 to 314d., and Buenos Aires 3%c.
There were complaints of the Hessian fly in the Southwest.
But there were reports that Russia sold wheat to the United
Kingdom to-day. That led to selling at Chicago. But the
shipments from the Southern Hemisphere were small. That
attracted attention. But the strength at Winnipeg was one
of the bracing factors of the day. Australian shipments
are only 1,240,000 bushels this week, Lind Argentine 1,487,000.
Bradstreet's North American total was 3,602,000 bushels,
so that the total for the world seems to be less than 7,000,000
bushels. Final prices showed a rise for the week of
4c.
214 to 51
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 hard
106% 10734 109% 110% 111% 112%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
102
10334 104
104% 106% 107
May delivery
106
107
10711 108% 109% 110
July delivery
livery
104% 105
105
10634 108% 109
September delivery
106
107 107 108% 110% 111
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
104% 106
107 108% 110 112
July delivery
livery
106% 108
108% 11034 112
114
October delivery
108 109 110% 111% 113
115
Indian corn advanced sharply on its own merits, though
helped in some measure by the rise in wheat. Statistics
are bullish. Corn attracts more outside attention. Cash
demand is better. The receipts have been small. Farmers
are dissatisfied with prices and are not shipping at all
freely. On the 15th inst. the strength of prices was an
event of the day in the grain world. Prices rose 1 to 21
4e.
March led the rise. The visible supply is believed to be
near the turning point That is about to decrease. This
statistical stage is believed to be close at hand. The position
had become oversold. The spot basis was firm. Shipping
demand was active. The sales were 160,000 bushels. The
receipts were small. Offerings were small. Feed was
supposed to be rather weak, but corn was independent.
On the 17th inst. prices ended 1 to 1%c. higher after an
active day. At one time the advance stood at 214c. on July
and September owing to bad weather, small receipts, a
good cash demand, and covering of shorts. The receipts
at all the terminal markets were small. Shipping sales
approached 200,000 bushels. Statistics were strong. The
strength of the cash situation was the big factor, though
actual bulwark of the market allied, of course, to the
smallness of the supply. The United States visible supply
increased last week, it is true, 525,000 bushels against 131,000
last year. But the total is 10,000,000 bushels less than a
year ago, that is, 24,745,000 bushels against 34,298,000 at
this time in 1929. On the 18th inst. prices ended 1 to 114c.
higher, with the weather bad and six cargoes sold for shipment from Chicago as soon as navigation is resumed. Wet
weather, among other things, caused buying. The rise in
wheat, as usual, helped corn, but corn of late has shown
more independent strength. On the 19th inst. prices ended
unchanged to 1Y,c. higher, reaching a new high. Shipping
demand was fair. Chicago sold 100,000 bushels. Eastern
stocks were said to be small. At the Northwest there was
a good demand for corn. Feed stocks in the dairy country
are small, so that a good cash demand was expected.
On the 20th inst. prices ended 1 to 114c. higher. The
weather was bad in the corn belt. It is true that Illinois
and Iowa have done considerable spring work. But country
offerings to arrive at Chicago were small. Terminal markets had very light receipts. The basis was much better.
Farmers are not inclined to sell. To-day prices closed %c.
lower to 14c. higher on general buying. Also there was
/
considerable covering. The rise in wheat helped corn upward for a time. At one time prices were 1 to 2c. higher.
May was a bit sluggish towards the end. Country purchases
to arrive were 126,000 bushels, mostly No. 4 yellow. The
cash corn basis was steady to / higher. The forecast was
1c.
2
for wet weather. The Argentine official estimate showed
abandonment of 4,132,000 acres. Final prices show a rise
for the week of 5 to 614c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. ikon. Tues. Wed. Thurs. Fri.
102% 101%
No.2 yellow
9634 9734 10034 101
[Vol,. 130.
FINANCIAL CHRONICLE
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
77Q 78
81
---- 81% 82
May delivery
81
82
83
84
85
84
July delivery
81
83
84
85% 86
86
September delivery
82
83
8434 86
8734 87
Oats have advanced on a good cash demand and small
offerings, while the effect of the rise in other grain has
also been clearly observable. On the 15th inst. prices closed
% to %c. higher, an echo of a strong market for corn. Also
there was a certain amount of covering. On the 17th inst.
prices ended % to 1c. higher, with both cash and commission
houses buying. Covering plainly played its part. Cash
demand was good. Receipts were small. Country offerings
were light. So was the crop movement. Shipping demand
was satisfactory. Field work was making excellent progress.
Seeding was practically completed in parts of Illinois. The
United States visible supply decreased last week 877,000
bushels against 746,000 last year. The total was 19,573,000
bushels against 13,925,000 a year ago.
On the 18th inst prices closed % to le. higher in answer
to the rise in other grain. Also shipping interests were
buying as well as shorts, and offerings were small. Country
offerings and the crop movement were light. There is a
little more outside buying of oats. On the 19th inst. prices
advanced % to %c. under the influence of firm grain markets elsewhere. Cash prices were higher. Offerings were
small. Shipping demand was good. On the 20th inst. prices
ended 14 to %c. higher in sympathy with the rise in other
/
grain. Country offerings were still small. Cash demand
was good. Outside points were overbidding Chicago in their
anxiety to replenish supplies. Cash and commission houses
bought. To-day prices closed unchanged to %c. lower. At
one time they were 14 to %c. higher. Profit taking caused
/
a reaction. Cash oats were steady. Futures reacted with
corn. Final prices show a rise for the week of 2 to 3%c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
51 52;4-53 53-54 54%-5555% 5634
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
410 42
42
March delivery
43
43
43
43
44% 44
May delivery
414 42
42
43
42
July delivery
41
43% 4334
42
4234 4234 43
41
September delivery
43
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG. •
Sat. Mon. Tuts Wed. Thurs. Frt.
May delivery
July delivery
48
48
47
50
49
October dellvery
47
18$ 1L1 88g NI
2,33H tag
Rye has suddenly risen sharply on a better cash demand
and unfavorable crop reports from the Northwest. Plainly
enough, too, it had become oversold. Everybody has been
bearish, because there was no export business. Domestic
cash demand, however, has improved. Outsiders have taken
more notice of rye. On the 15th inst. prices were for a
moment weak, and later advanced 1 to 1%c., closing with
most of the rise held in response to the rally in wheat.
Moreover, liquidation seemed to have spent its force. On
the 17th inst. prices ended 114 to 1%c. higher, despite further liquidation. Rye is much cheaper than other feeds, and
it is also relatively cheaper than wheat or corn. The
largest buying for some time past sent prices up early 1%
to 214c. The cheapness of this grain offset, at least for
the time being, the absence of the much-desired export demand. The United States visible supply increased last
,000 bushels against 84,000 last year. The total is
week 2
14,109,000 bushels against 6,683,000 bushels a year ago.
On the 18th inst. prices ended 1 to 2%e. higher in harmony with the rise in other grain. Moreover, offerings were
small. Some have latterly bought rye against sales of corn.
On the 19th inst. prices advanced 214 to 31
4c. on a sharp
demand accompanying bad crop reports from the Northwest.
The Northwest bought. September was up 10c. from the
low of last week. Cash rye was in better demand. No. 2 is
said to have sold at %c. over May. On the 20th inst. prices
advanced % to 2c., partly on rye's own merits and partly
because of the firmness of other grain. Covering was on
a noticeable scale. Commission houses were good buyers.
Outsiders were taking more interest in the bull side of rye.
Also cash rye was in better demand. To-day prices closed
% to 7
4c. higher on cold weather and further covering. At
one time they. were 1 to 2%c. higher. Profit taking caused
a setback. Also the cash demand fell off. Final prices
show a rise for the week of 8 to 1.1.C.
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
61
62%
63
6634
fiSt
6734 6934
66
March delivery
May delivery
July delivery
September delivery
8R
IN CHICAGO.
Wed. Thurs. Fri.
65
66
66
65% 66
66
694 7134 71$
72% 74
75
Closing quotations were as follows:
FLOUR
Spring pat, high proteln.$6.40036.75 Rye flour, patents
85.358)55.60
Spring patent.
6.0566 6.40 Seminole, No. 2, pound
33.4
Clears,first awing
2.65 2.70
5.650 5.85 Oats goods
Soft winter straights_ _ _ 5.400 5.60 Corn flour
2.40 2.45
Hard winter straights 5.658) 5 85 Barley goods
.
Coarse
Hard winter patents _ __ 6.000 6.35
2.25
Fancy pearl, Nos. 1,
Hard winter clears
5.20'3 5.45
2. 3 and 4
Fancy Minn. patents.- 7.350 8.05
6.000 6.60
City mills
7.600 8.30
GRAIN.
Oate. New York-Wheat. New York/so. 2 white
ls.o.2 red,f.o.b
129%
56%
No. 3 white
No. 2 hard winter, f.o.b____11254
550 55%
Rye, /Now York
No.2f.o.h
Cora. New York7634
No. 2 yellow, all rail
101% Barley, New York
Malting
62%
Igo 3 yellow. all ran
9834
For other tables usually given here, see page 1970.
MAR. 22 1930.1
FINANCIAL CHRONICLE
2067
WEATHER BULLETIN FOR THE WEEK ENDED
MAR. 11.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended March 18 follows:
advanced than usual; much ground ready to plant. Nearly all oats, potatoes, gardens, and early truck _planted; some corn planted in central
and south, especially in hills. Wheat winterkilled in some localities.
Meadows and pastures very good.
Tennessee.—Nashville: Mostly dry, with temperatures much above
normal resulted in rapid advance of
oats, rye, and barley, although
At the beginning of the week a "low" was central over Ontario, bring- complaints of thin growth in small wheat, grains generally showing well.
ing precipitation to practically all the Atlantic Coast States and the Ohio Much plowing. Stock fair to good. areas;
Valley. A second "low" moved along the northern border of the
Kentucky.—Louisville: Variable temperatures and light showers[svelte
country.
but without much attendant precipitation. There was a reaction to colder for outdoor work. Sowing
beds
completed.
over parts of the Northwest following the second disturbance, but tem- Considerable plowing, potatotobacco plant early practically done.
planting and
gardening
Soil
peratures were not unusually low for this time of year.
working well. Resowing clover killed two weeks ago. Wheat, rye, and
There was more or less general precipitation reported from the Gulf grass growing slowly and looking well. Fruits far afvanced; plums blooming.
States during the latter part of the week; also heavy rains in the far Southwest, attending the passage of a "low" inland from the
coast on the 14-15th. The falls were especially heavy central California
in southern CaliTHE DRY GOODS TRADE
fornia, with Los Angeles reporting 2.01 inches for the 24
-hour period ending
at 8 a. m., March 15, while daily amounts of 1.36 and 1.06 were noted at
New York, Friday Night, Mar. 21 1930.
San Diego on the 15th and 16th, respectively. Temperatures remained
moderately high for the season, except for a brief reaction to colder in
With the first tentative response from the public to offerthe central Great Plains area toward the close of the week.
ings of spring fabrics now manifesting itself in the retail
Chart I shows that the week was warmer than
tions of the country. In the south Atlantic and normal in nearly all sec- trade, all eyes in primary dry goods channels are turned
Gulf coast
in the Pacific coast area the weekly mean temperatures weresections and
slightly be- in that direction. If public consumption of spring goods
low normal at most stations, while about normal warmth prevailed
rather
generally west of the Rocky Mountains. From the northern Cotton Belt approaches the average of recent years, substantial re-ordernorthward; however, temperatures were unseasonably
especially
in the central and northern trans-Mississippi States wherehigh, departures ing remains to be done by buyers who have been observing
plus
from normal ranged from 6 deg. to as much as 12 deg. In the East
freezing the hand-to-mouth buying policy prevalent throughout the
temperatures extended southward only to western North Carolina, while trade. Prospects for fall business
are regarded as greatly
In the central valleys the line of freezing reached only to the
south-central dependent on the result of the business done
rtions of the northern Ohio Valley States and the lower Missouri
by retailers
The lowest temperaturetamorted from a first-order station was Valley. in the Easter period, and immediately thereafter.
2 deg.
Should
above zero at Escanaba, Mich., on the 14th.
Chart II
ws that precipitation was heavy in the more southeastern the Easter demand reduce retail stocks satisfactorily, it is
districts, a
as substantial quite general along the Gulf coast. There expected that the cautious and hesitant policy of buyers
were also h
falls in the far Southwest, including most of
California an Arizona, while the weekly totals ranged from the States of 'may be modified and that they will come forward more
1.0 inch in the north-central portion of the country and in about 0.5 to confidently to supply their fall needs, with an eye to future
much of the
Northeast. Elsewhere the amounts were light and much fair weather
requirements which will give producers time to supply them
prevailed during the week.
The general warmth and much sunshine
with some degree of certainty. As a result of the present
made a favorable week for seasonal outside over large agricultural areas
operations, and spring work system of hand-to-mouth ordering, producers are given tew
advanced rapidly in most sections. There was some delay by showers
in clues
the Southeast and a few other sections, but, in general, seasonal
as to what buyers will ask for in the future, and the
operations on farms are well up and, in some
average year. Some corn is being plantedcases, considerably ahead of an anticipation of future demand is accordingly a source of
as far north as southern Oklahoma and central Arkansas, and oat seeding is becoming well
advanced constant trouble and loss to producers. Conditions in the
to the central portion of the country.
Light to moderate rains were beneficial in some Ohio Valley sections trade are spotty, with measurable improvement noted in
where the top soil had become
and some precipitation was received cotton goods, but little constructive change seen in other
in the droughty Southwest. butdry, a considerable area moisture
over
divisions. Woolens, for which there seemed to be indicais
badly needed. including much of Kansas, Oklahoma, western Texas still
eastern New Mexico. In the far Southwest generous rains have and tions of a reviving demand a short time ago, have again
been
very beneficial and the soil is well supplied with moisture rather
relapsed into quietness. Silks continue in about the same
ally in the south Pacific area. Some snow remains in the northern generWheat Belt, and in much of this section the ground continues too Spring position, though revisions of prices in some intances, in
wet to
work, but considerable plowing and disking were accomplished in
the accordance with a lower basis for the raw product, are
south, and some spring wheat was sown in northwestern Iowa, northern
Nebraska, and southern South Dakota. The weather continued mostly said to have resulted in a slightly better demand.
favorable for winter wheat, though the condition of the crop varies greatly
DOMESTIC COTTON GOODS.
--Cotton goods have regisin the Ohio Valley, and moisture is needed in the Southwest.
Except in some southeastern sections, conditions were generally favor- tered a real improvement this week, both as regards prices
able in the Cotton Belt and much preparation of soil for planting was
accomplished, with field work well up generally. Planting continued in and activity, compared with general conditions existing
Texas and is started in the northern portion of the eastern part of that during the past month. Sympathetically with a rising cotState nearly to the Red River, with good stands in the extreme south. ton maiket,
gray goods are firmer, with business booked
Planting has also begun In the Imperial Valley of California, but progressed slowly in the more southeastern districts.
decidedly better. Some substantial orders have been placed
Vegetation advanced rapidly during the week and fruit trees are too for future delivery—three and four months ahead—and if
forward for safety in many sections. Early varieties are showing color
northward to the lower Ohio Valley, while in the East some are blooming the current demand is maintained it is expected that total
to southern Maryland. The warm weather was favorable for livestock sales for the month will easily outstrip production.
Wash
In the great western grazing sections, especially for young lambs and for
goods are moving into distribution in larger quantities, the
lambing.
SMALL GRAINS.—Winter wheat condition varies rather widely in the call for sheetings is also reported to be a little better, and
Ohio Valley, but, in general, the crop looks well. But little change
reported from the more western parts of the belt; moisture was of was the past few days have witnessed a steady development of
some
benefit in Kansas and little damage from high winds or
contracting for forward delivery in prints and percales.
parent. except in south-central and extreme western parts.dryness is apIt is
for rapid growth in Oklahoma, but the general condition of the too dry While price revisions continue to be made in some sections,
the South. East, and Northwest remains largely unchanged. crop in the behavior of the raw market has evidently created new
Plowing
and disking for oats and other small grains is progressing north to
Dakota and some oats have been put in as far north as southern South confidence among buyers, and they are apparently accepting
Iowa the contention
and Nebraska. Some spring wheat was seeded in northwestern Iowa
that the raw market will exercise a conand
southern South Dakota.
structive rather than a reactionary influence on goods for
ist
The Weather Bureau furnishes the following resume of some time. Less encouraging pictures are of course still
the conditions in the different States:
to be seen in certain sections of the market. Curtain goods,
Virginia.—Richmond: Temperatures moderate; rainfall light.
favorable for farm operations. Soil in good condition and farm Very for instance, are still hampered and depressed in value by
work oversupply. But, generally speaking, conditions
well advanced. Potato
provide
_planting on eastern snore about finished
under way in interior. Wheat generally good. Early fruit in bloom. and real justification for the belief that business
is entering a
North Carolina.—Ralelgh: Moderate temperatures and some
light period of expanded activity on a somewhat more profitable
showers; sunshine above normal. Consideraole farm work done:
tion and field work ahead of average season. Peaches in full vegeta- basis. Print cloths 27-inch 64x60's construction are quoted
south; coming into bloom in north. Small grains doing well. bloom in
Weather at 4%c., and 28
-inch 64x60's at 4 c. Gray goods in the
/
1
2
favorable for truck; more rain would be beneficial.
South Carottno.—Columbia: Temperatures practically seasonable
/
1
2
-inch
and 39-inch 68x72's construction are quoted at 7 c., and 39
scattered showers benficial. Spring plowing advanced rapidly.
Cereals,
truck, and tobacco beds improved. Garden and potato planting continues, 80x80's at 8c.
with potatoes germinating and beans on coast coming up. Apples and
WOOLEN GOODS.—The slight but encouraging improveother tree fruits blooming.
Georgia.—Atlanta: Week characterized by frequent, though
ment in business which was in evidence toward the end of
rainfall, inadequate sunshine, and temperatures not high enoughmoderate, last week, and
for rapid
in the early part of the present week, has
growth. Some plowing done and much land ready: planting corn
cotton advancing slowly in south. Planting potatoes, bedding sweet and not been maintained, and optimistic factors in woolens and
potatoes. and planting seed cane active. Some tooacco beds damaged last worsteds markets, who were
inclined to see in the better
week by flooding. Winter cereals doing fairly well.
Florida—Jacksonville : Work delayed in much of north and central demand the presagement of a general broadening of busiand lowlands too wet; unfavoracle for melons, beans, peppers, and other ness, are now admitting that buyers
seem as hesitant as
truck. Early corn fair progress, but nights too cool. Transplanting tobacco. Oats fair to good. Potatoes recovering from effects of frost of ever, and that the outlook is still full of uncertainties. Buyprevious weeks, but slight damage on wet lowlands: local digging of early ers are now exhibiting a tendency to delay
the placing of
crop delayed. Citrus in splendid condition; sunshine needed.
orders until the last possible moment, in accordance with a
Alabama.—Montgomery: Temperatures averaged somewhat
mal; frequent light to moderate local showers. Cotton and above nor- policy which is beginning to be time-honored.
corn lamb;
The past
being prepared; showers interfering locally; some corn planted in south.
Oats surviving winter freezes and spring-sown mostly doing well. Plant, week has brought further price revisions in several quarters,
hut potatoes and bedding sweets becoming quite general; early planted all of which have contributed to heighten buyers'
hesitancy
potatoes In coast region making good stands. Progress of truck crops
and generally thicken the uncertain atmosphere. It is conand vegetables excellent in coast region; mostly fair elsewhere.
Mississippi.—Vicksburg: Gnerally cloudy last five days, with scat- ceded that prospects for fall business are largely dependent
tered showers. Fair progress in plowing. Truck neens sunshine. Progress on the volume
of sales of retailers in the period surrounding
of pastures good.
Louisiana—New Orleans: Seasonable temperatures; mostly cloudy, Easter. The most favorable aspect of conditions is the
with Intermittent rains. Favorable for growth of vegetation, but prepar- statistical position.
Stocks at both ends of the trade are
ation of soil and planting delayed. Farm work generally well up
season and considerable rice and corn in ground: some coming up. with said to be light, and it remains possible that activity in
Cane
and winter truck doing well. Pastures coming out rapidly.
retail channels may finally result in a satisfactory total for
Texas.—flouston: Warm, with light to moderate rain, improved _pastures wheat, spring oats, and truck and condition fair to good. Corn the season.
planting continued in eastern half of State and considerable up to
good
FOREIGN DRY GOODS.—Business was spotty in local
stands. Cotton planting continued in coast and southwestern portions
and started in northern portion of eastern half nearly to Red River;
linen markets during the week, with a better buying interest
stands secured in extreme south. Farm work normally advanced. good
More in evidence in some quarters, and comparative
rain needed in west.
quiet reignOklahoma—Oklahoma City: Warm and mostly fair, with light, scattered ing in others. General business throughout the trade
might
showers, favorable for field work, but soil too dry for quick
germination be termed slow, but indications are that retailers'
and plant growth. Good, general rain needed badly. Wheat and oats
stocks
slow growth as too dry, but generally in fair to good condition. Corn are at a low figure, and the outlook for future business
is
planting begun in south and east. Potato crop mostly planted. Vegetatherefore fairly promising. Burlaps are dull, with a contion, preparation of ground, and spring planting normally advanced.
Arkansas.—Little Rock: Light to moderate rainfall and high temper- tinuance of declining prices. Light weights are quoted at
••
atures very favorable for farm work and growing crops. Work further 4.95c., and heavies at 6.15c.
2068
FINANCIAL CHRONICLE
*tau and Titg Aevartnteni
FEBRUARY.
detailed list of the municipal
We present herewith our
bond issues put out during the month of February, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 1693
of the "Chronicle" of March 8. Since then several belated
February returns have been received, changing the total for
the month to $79,841,499. The number of municipalities
issuing bonds in February was 276 and the number of separate issues 398.
MUNICIPAL BOND SALES IN
Page.
Rate.
Name.
1508__Aitkin Co., Minn.(3 iss.)6
434
1314A1bany Co., N.Y
5
1006-_Alburg, Vermont
5
1143- _Allen Co.,Indiana
1508-Amarillo Ind. S. D., Tex-5
1878-Anaheim Acquis. & Impt.
6
Dist. No. 2. Calif
1508Archbold Spec. S. D.,0--5
434
1143__Ashtabula Co., Ohio
1508--Archbold Spec. S. D.,0-5
1315__Atlanta. Ga.(3 issues)_ _4g
6
1879--Atlanta, Ga
4
1006-Attleboro, Mass
6
1879--Augusta, Ky
1695--Ava S. D., Mo
1509-Avalon,N.J.(3 las.).
434
1509-Babylon, N.It"
1143--Babylon S. D.No 7,N.Y.5
1007._Bartlesville. Okla. (2 iss.)5
4g
1143__Belfast, Maine
1315-Bienville Parish S. D.No.
No.5,La
1509--Big Horn Co., Wyo
5
.Birmingham,Ala
1315.
6
1315--Bluffton S. D.,Ga
(3
1315--Bourbon Co.,Kan. iss.)434
5
1315-Brightwaters, N. Y
1315--Brightwaters, N. Y
1695-Brockton, Mass.(6 Iss.) 1
1315--Brookhaven S. D. No.24.
5
N.Y
1315--Brookhaven S. D.No.24,
N.Y
43
6
1509--Brookville, Ohio
5
1695--Brown Co., Tex
1143- _Bruceton, Tenn
534
1007-Burlington, N. Caro. (3
issues)
534
6
1315--Butler Co.. Ohio
1315-Cambridge, Mass.(3 iss.)434
"534D
1695-Canton Graded S.
Maturity. Amount.
67.000
1933-1950
1931-1960 1,200,000
1931-1950 r20,000
90,000
1931-1940
1931-1970 400.000
100 09
100
5.98
4.91
4.72
4.91
4.20
6.00
3.99
6.00
101.55
100.57
100
99
4.54
4.93
5.00
4.59
100.20
100
100.71
100
100.66
100.43
100
101.29
5.75
4.85
6.00
4.62
4.96
4.50
4.02
100.14
100.81
100.04
100.81
101.47
1931-1949
1930-1949
1934-1953
1930-1950
39,275
95,000
70,000
95,000
32.500
13,000
140.000
80.000
25,000
105,000
95,060
65.000
135,000
r113,000
1931-1940
30 years.
1931-1940
1940-1969
1931-1939
1931-1950
100.000
166,000
300.000
19.000
60.800
30.000
6.000
385,500
1933-1942
1931-1954
1930-1939
1931-1954
1932-1939
1930-1942
1931-1947
1931-1940
len
1932-1946
135,000 100
4.54
1947-1956
1931-1940
1931-1968
5-30 Yrs.
85.000 100
2,875 100
350,000 97.50
45,000
4.54
6.00
5.18
1933-1950
1931-1935
1930-1944
83,000 101
3,760
815,000 102.91
1.65
100.85
102.42
101.44
101.23
5.18
__ _
4.26
4.24
5
100
1: 'M
.
-
1933-1960 240.000
30,979
1697__Caravallis, Ore
8.600
1931-1941
1509--Carroll Co.,Ind
7,600
lt1 1931-1941
1 09--Carroll Co..Ind
96,000
12 6ears
5
1316--Carroll Co Tenn
27.000
1695__Chadron, eb
534 5-10 yrs.
1144-Chelan Co S. D. No. 66.
9,000
534 2-20 yrs.
66. Wash
37.000
5
1931-1945
1509-Cherryvale, Kan
79,500
1144-Circleville, Ohio (2 iss.)..434 1931-1954
33.500
1931-1951
1509- _Clay Co., Ind. (2 issues)-4
5,200
434 1931-1941
1509-Clay Co., Ind
40.000
1316__Clay Co., Miss
534
1931-1945 300.000
1510-Coffeyville S D .Kan__
1696- _Colerain Twp. Rur.S. D.,
90,000
Ohio
434 1931-1952
68,000
5
1931-1942
1144-Columbia Co., Ark
1510__Columbus, Ohio (2 Iss.).-4g 1932-1941 106.000
30,979
1697„Corvallis, Ore
9.000
534 1931-1948
1510-Continental,Ohio
1874-Coos Co. H. S. D. No. 2,
4.000
5-20 yrs.
Ore
5
13,000
1939-1950
1879-County Water Dist.,Callf.6
28,900
5
1932-1937
4144__Crawford Co.. Ohio
10,000
1697-Cmsbyton. Tex
6
18.734
1677-Culbertson, Mont
I4 1931-1940 1.000,000
1008-Cuyahoga Co., Ohio
1930-1953 125,000
1316-Cygnet Village S. D .0-.5
1,675
5
1316-Dallas City, Ore
80.000
4g 1936-1949
1316--Davenport, Iowa
47,702
5g 1931-1938
1144-Defiance, Ohio
16.000
5
1960
1008-Delaware City, Del
60.000
434 1932-1961
1316-_Dobbs Ferry, 14. Y
42,000
434 1932-1938
1510--Dodge City, Kan
1938-1958 310.000
1008-Donora School Dist.. Pa_4
1510-Dos Palos Drain. Dist.,
50.000
1934-1946
6
Calif
92.713
534 1931-1941
1144-_Dover, Ohio (4 las.)
5.000
1933-1939
5
1317--Daws, Iowa
18,000
1697„Dunn's Con.S. D.,Tex_ - __
1144--Eastchester S. D. No. 2,
434 1940-1959 660,000
N. Y
34.000
434 1931-1951
1317-Elkhart Co., Ind
9.362
1510-Faribault, Minn.(2 iss.) _
9.325
1931-1940
5
1317-Fostoria, Ohio
25,000
1930-1943
1697-Franklln 8. D.,W.Va.._5
18,000
1931-1940
1145--Fredonia. N. Y.(2 iss.)..4
1008--Fremont City 8.0. Ohio 434 1930-1953 350 000
1317-Garfield Co S. D.No. 17,
r5,000
534 1935-1944
Colo
60,000
5
1317-Georgetown, Tex
8.000
534 1931-1935
1145-Girard, Ohio
6.500
534 1931-1935
1145-Girard, Ohio
50.000
1510-Gollad Co., Tex
534 1946-1949
1932-1961 100,000
5
1009-Goldsboro, N.0
1510--Goose Creek Ind. S. D.,
1931-1969 350.000
5
Tex
1881-Goshen Co. S. D. No. 13,
35.000
534 15-25 years
Wyo
26.000
1510-Gracemont, Okla
28,000
1317-Greenburgh, N. Y (21ss.) 4.70 1931-1944
25.000
1931-1955
5
1510__Greenfield, Ind
50,000
1931-1940
5
1009--Greene Co., Ind
1145--Green Mountain Ind. S.
70,000
D., Iowa
434 1931-1950
1145-Greenville. S. C
5 20-40 years d300,000
85,000
1510-Greenwood, Miss
534 1931-1954
1698- _Grosse Pointe, Mich_ _ 434 1931-1949 190,000
1698--Grosse Pointe. Mich_ _ _ _ 454 1950-1960 110,000
1510-Hall Co. Consol. Road
1.150.000
District, Tex. (3 iss )
84.000
1009--Hammond Park Dist.Ind.4g 1932-1952
36.000
1317- _Hammondsport, N. Y5
1931-1948
250.000
1145--Hardeman Co., Tenn5
62.000
1317--Harper Road Dist., W.Va. 166/3_Hartford City, Ind
4,550
1933-1937
5
1318-Hawthorne,N J
534 1932-1970 100,000
18,341
1931-1940
1881--Hebron. Ohio
7,084
1318-Herkimer. N. Y
534 1931-1934
1009-High1and. No. Caro
40.000
534 1932-1949
40,390
1931-1935
1511-Holmes Co.,0.(5 iss.) 5
Price. Basis.
6.00
100
101.40 4.15
5.00
100
4.98
100.11
100.06 4.99
5.38
' 5.50
100
5.02
99.71
100.24 472
4.50
100
100.18 4.47
101.13
100.52 4.67
100.19
100
100.12
102.42
100.20
4.73
6.00
4.47
-- 8
5..1.
101.75
104.24
100.77
95
100
100.81
100.73
4.60
5.M
4.80
100.15
100.20
100
101.76
4.74
5.21
5.00
4.59
103.3
4.28
100.33
101.50
100
115
,
100.31
101.03
100
100.28
100
100.20
100.70
4.48
4.37
4.94
5.50
4.70
4.67
100.21
100.16
102.40
100.08
5.42
5.44
5.30
4.99
5.75
4.59
4.92
4.75
----
100
5.00
100
100
100.36
100.28
102.42
5.25
-4.64
4.83
4.5
4
100.42
102.16
101.04
4.45
4.84
5.14
100.28
100.47
100
100
101.04
100.79
100.49
4.47
4.93
5.00
-4j1
5.19
--
101.71
100.06
5.61
4.98
[Vot.. 130.
Page
Name.
Rate, Maturity. Amount. Price. Basis.
1698--Holt S. D. Mo
31,000
1511--Hoosick Falls, N.Y.(2Iss)4g 1931-1950
96.000 100.57 4.69
1145-Hornell, N. Y
14,275 100.17 5.20
5g 1931-1935
1145--Horseheads School Dist.
No. 4, N.Y
5
45.000 100.36
1931-1945
1009--Howard Co., Ind
20,900 100.15 - it
Z
434 1931-1940
1698--Humboldt S. D., Neb_..5
1940-1955 d100,000 96.17 5.45
1010__Hum hreys Co.. Miss-- _434 1933-1947 167 500
:
1698--Hunt ngton Woods.Mich.5
5.25
100
•1511--Jackson Co., Ala
r250,000
531
30 yrs.
22,000
1698--Jacksonville, Fla
6
1318- _Jefferson Co., Ala
434 1955-1957 250.000 100.20 4.74
1318__Jersey City, N.J
4.60 1931-1933 3,500.000 100.019 4.59
1511-Kalamazoo Twp., Mich.
6
1931-1935
6.00
19,000 100
(2 issues)
434 1931-1950 200,000 100
1318-Kansas City, Kan
4.50
5
95.000
1932-1934
1698--.Kewanee S. D., Ill
5
1935-1941 550,000 101.13 4.85.
1881- _Kewaunee Co., Wig
1511-1{ittson Co. Cons. School
1950
Dist. No. 75, Minn---6
r50,000
6
1931-1940
1318--Knox Co., Ind
22,131 100
6.00
1698-_La Jara Con. S. D. No. 1,
434 1931-19R0 r30,000 98.01 4.74
Calif
5
1931-1941 144,000 103
1318--Lake Co., Ind
4.37
5
1931-1943
1699_ _Lake Co., Ind
70.000 102.18 4.58
100.000
40 yrs.
1010--Lake Providence. La--- -5
1010--Lancaster Co.. Pa
434 1935-1960 1,400,000 100.45 Yier
1882-Larimer Co. S. D.No.34,
5
19374943
5.00
r7,000 100
Colo
1882-_Las Vegas, Nev
434 1930-1948
28,000 100
4.75
1-30 yrs.
1511- _Lewisburg, Tenn.(2 Iss.)-5
50,000
81.600 leo
6
699__Lev.isville, Ark
6a6
50,000 100.95 4.06
1318- _Lexington, Mass
434 1931-1940
534 1930-1944
17,000 99.61
1699-Little Rock, Ark
5.500 100
1010-Lodi, Ohio
534 19314941
0
- 6
1318- _Long Beach, Calif
434 1948-1955 345,000 100.002 ---1948-1955 155.000 100.002 --- 1318- _Long Beach, Calif
140.000 100
1318- _Longview, Tex
1932
5g
110.000 100.02 75774
1146__Lorain Co., Ohio
434 1930-1967 1,500.000 100.96 4.67
1318__Los Angeles, Calif
7
1930-1959 610,400
1699..Los Anceles, CalIf
1511__Los Angeles Co. Acquis.&
1935-1954 262.437 101.38 5.85
Impt. Dist. No. 64,Cal 6
1318__Lowell Twp. S. D. No. 1,
1931-1941 r22,000 100.14 4.97
Mich
5
1699-.Lower Makefield Tsp.
75,000 102.39 4.30
434 1934-1957
S. D., Pa
19314939 167,140 100.38 4.89
1511--Lucas Co., Ohio (7 iss) 5
1511__Lucas Co., Ohio
434 19324941 144,340 100.002 4.74
2.000 100
5 50
554 1932-1933
1511--Lucas Co., Ohio
1933-1936
17,170 100.30 5.16
1511__Lucas Co., Ohio (3 issues)5
19324933
6,050 100.04 5.48
1511-Lucas Co., Ohio (2 issues)5
50.000 94 88 ---434
1882-L ons, Colo
434 1935.1949 150,000 101.74 4.31
1512__mJcKeesport, Pa
60,000 100.59 4.94
1940-1949
5
1699_ _McMinn Co., Tenn
5,000 101
5
---1699__McMinnville, Ore
5.000 101
534
1699_ _McMinnville, Ora
2,491
1931-1935
6
--1146_ _Madeira, Ohio
1319„Mamaroneck, Village of.
454 1930-1967 204,000 101.79 4.57
N. Y.(5 issues)
1319--Mamaroneck, Town of.
43,4 19314969 198,000 100.63 4.45
N. Y.(2 issues)
26,513 100
5.00
5 d1931-1939
1699- _Marshalltown,Iowa
434 1933-1945 787,000 103.44 4.06
1146 Maryland State of
1699--Marysville S. D.,Ohio--434 1931-1950 150,000 100.07 4.74
1010-Massachusetts, State of
1931-1960 4,750,000 100.67 3.92
4
(4 issues)
100
519314961
5.00
.
1700- _Matawan, N..1
19354950 120,000 101.60 4.33
4
1512__Meadville S. D., Pa
4.61
434 1934-1968 1,100,000 101.91
1319__Memphis, Tenn
4.61
1933-1957 650,000 101.91
1319-Mernphis, Tenn.(2 iss.) 4
56.500 100.34 4.69
.
1512__Middletown, Ohio- __ -- 434 1931-1942
50,000 100.50 5.19
1146_ -Middle Point S. D.,OhIo.534 1931-1950
434 19394958 1,200.000 95.70 5.11
1146-Mobile Co., Ala
1932-1959 r500.000
5
1700- _Montgomery. Ala
1010--Montgomery Co., N. Y_.434 1931-1942 293.000 100.28 4.45
4.49
434 1931-1952 438,000 100.11
1146--Morristown, N. J
434 19314970 180,000 100.25 4.48
1146-Morristown, N. J
75,000
1146__Mount Iron, Minn
1934-1959 377,000 102.04 4.32
1146__Mount Lebanon Tvrp.,Pa.4
1931-1950 1,092.000 101.05 4.37
1319-_Mount Vernon, N. Y _-4
1930-1939
6.16
2.000 95
1319-_Moxley S. D. No. 113,111a_5
4.61
1010.._Multnomah Co., Ore_...434 1936.1951 621,000 100
4.61
1010__Multnomah Co., Ore- __.434 1951-1960 379.000 100
1935.1949
75.000 101.37 4.86
5
1883_ _Murray, Utah
65.000 101.69 4.03
454 1931-1950
1700- _Needham, Mass
434 19314970 2.169,000 101.44 4.39
1319- _Newark, N. J
434 1931-1970 1.970.000 101.53 4.38
1319- _Newark, N. J
1319__Newark, N. J
434 1931-1952 1,987,000 100.67 4.42
434 1931-1962 1.723,000 101.15 4.40
1319__Newark, N. J
454 1931-1966 1.629,000 101.31
4.39
1319--Newark, N. J
4.38
1319.
.Newark, N. J
434 19314970 986.000 101.51
208,000 101 45 4.38
1319-Newark, N.3434
165-1938 1,000,000 100.006 5.74
1011__New Mexico. State of.---6
1011...New Mexico,State of.. 5g 1939.1940 600.030 100.006 5.74
434 193 '-1949 103,000 100.13 4.48
1700.-Newton, Iowa
19314950
5
40,000 104.26 4.12
1147--Newton Co..Ind
454 1930-1949
62.000 102.08 4.48
1700_ _Newton, Kan
40.700 100.28 4.68
1700...Newton, Kan (2 iss.)---.4;1 1930-1939
4.48
49.500 100.11
1701__Noble School Twp..Ind 4g 1930-1937
1962 1.100,000 98.93 4.56
434
1701--Norfolk, Va
1320_North Olmstead. Ohio (7
62.100 100.42 5.63
531 1931-1940
issues)
475.000
1701-Norwalk, Ohio
434 19304966 500,000 100.44 4.46
1701- _Oakland, Calif
150.000 100
1701_ -Ohio Co. Un.S. D., W.Va
---1513-Orange Co. Water Works
36.000 100.35 5.95
1932-1947
6
Dist., No.4. Calif
90.000
5
1147- _Orlando, Fla
1513-Osage Co. S. D. No. 50,
3.000 100
534 1934-1945
5.50
Okla
1513- _Osage Co. S. D. No. 50.
3.000 100
1934-1945
6
6.00
Okla
1012._Ossining N.Y.(2 iss.) 4g 1931-1950 225,000 101.31 4.58
1320--Oysterhay & Babylon
50,000 100.49 4.70
1935-1950
Joint S.D.No. 22.N.Y-4
25,000
1931-1935
1513__Parsons, Kan
1940-1949 175.000 99.70 4.53
1513__Pawtucket. R.I
1931-1935
3,250 100
6
6.00
1320-_Payne, Ohio
50.000
534 19314950
1884--Pecatonica, Ill
1931-1935
5
7,000 1.00
5.00
1884-Penfield. N. Y
37,000 100.18 -.T..
5.10
1012--Penn Yan, N.Y
1930-1951 110,000 100.85 4.90
1320-Pettisville Spec. S.D.,0-5
1935-1958 r35,000 100
5
5.00
1320-Pierce,Colo
1320-Pleasant Ridge, Mich.
1931-1940
14,421 100
6
6.00
(3 Issues)
1934-1943
7,000 102.12 4.72
5
1320--Point Marion,Pa
1931-1940
75,000 100.22 4.95
1320-:Poland Village S. D. 0-5
5.13
100.41
.
1012_Portville, N. Y.(3 1s.)_.5.20 1932-1946
5
5.00
1,700.000 100
1320--Port Arthur, Tex
51,000 100.03 4.49
434
1884--Portland, Ore
2-25 yrs. 500,000 100
4.50
1701-_l'ort of Tacoma, Wash_454
1930-1939
50.000 100.03 4.99
5
1147-Powell Co., Mont
22.500 100.11
1701._Price. Utah
...=
1959
125,000 102.22 4.37
1514-.Prince George's Co.,Md-434
75,000 100
1520-Purcellville, Va
.18
45.000 100.23 -4
1320--Randolph Co.,Ind
43.4 1932-1961
1320--Red Willow Co. S. D.No.
d55,000 99.09 4.80
434 1940-1960
6. Neb
326.000
1701-_Refugio Co.. Tex
1931-1940
5.50
14.900 100
1147- _Richmond Heights, 01110-5
17,000 104.06 4.18
1514--Rochester, Minn
434 1941-1944
15.000 104.06 4.18
1514-Rochester, Minn
434 1931-1940
1447--Rochester, N. Y.(10 issj431 1931-1960 4,465.000 100.47 4.19
74,000 102.12 ..-1701-Rogers, Ark
Mex. 22 1930.]
FINANCIAL CHRONICLE
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1701-Rutherford Co.. Tenn_ _5
.
1931-1936 120,000 100.11
4.96
1320-Rutland,Ohio
544 1931-1935
1.000 100
5.50
1148.-St. Edwards, Nob
5
1940-1950 d10,000 100.80 4.93
1701-St. Helens, Ore
6
11.279 103
1940
5.60
1515-St. John Spec.. S. D. 0.534 1931-1955
35.000 103
4.19
1012-_St. Joseph Sch. Dist., Mo.4
1931-1949 500,000 95.31
4.49
1148- _Safford, Ariz
6
1931-1940
61,702
1702- _Salem, Oregon
6
1932-4940
69.484 103.24 1:8
1012-_San Bernadino High Sch.
District, Calif
1948-1950
5
55,000 104.28 4.67
1321-San Benito-Port Isabel
Navigation Dist., Tex.534
15,000
1702-Sand Hill S. D. Tex....5
6,000 100
Kea
1702-Sangamon Co. S. D. No.
42, Ill
544 1931-1948
21,000
1012-Santa Clara Co. High Sch.
Districts, Calif. (2 iss.)5
1931-1950 620,000 103.02 4.61
1321-.Santa Monica Acquis. &
Impt.Dist.No. 1, Calif.7
1933-1955 305,273
1321__Elayreville S. D.. N. J---5
1931-1960 142,000 100.002 lie
1321-_Schoharie Co., N.Y
434 1945-1954 250.000 102.26 4.33
1321-Scipio Republic Rur. Sch.
District, Ohio
1931-1950
90,000 100.62 4.92
5
1702_ _Seattle,Wash
444 1941-1960 1,000,000
1321-Sebring. Ohio
544 1931-1934
4.000 100
1702_Seminole Co S. D.,Okla _6
1933-1940
28,000 100
6.00
1702__Seminole Co.S. D.,Okla..544 1941-1942
3.500 100
4.75
1514_Shelby Co., Ind
1931-1941
5
41.600 102.54 3.98
1514--Shelby Co., Ind
454 1931-1941
72,000 101.26 4.24
1514-Shelby Co., Ind
5,400 101.25 4.24
43( 1931-1941
1702-Shreveport, La
1932-1940 500,000
5
5.00
1148-Sioux City, Iowa (3 iss.)-444 1931-1950 225.060 100
100.44 4.44
1012-Spartanburg Met. Dist.
S. C.
1933-1970
5
101.45
1888__Sprin5tfie1d TwS.D.,Pa.431 1935-1960 500.000 100.03 .4.90
100,000
4.24
1702-Springtown S. D., Tex
10,000 100
1321-Stark Co., Ohio
431 1931-1939 177.000 100.43 4.63
1321-Stark Co., Ohio
1930-1938
31,500 100.42 4.63
4
1515-Steubenville, Ohio
1931-1940
40,600 100.10 4.73
1148-Stratford, Conn
431 1932-1951
100.34
1321-Strongsville, Ohio (3 Iss)531 1931-1940 200.000 100.03 4.46
33.399
5.24
1515-Sweetwater Ind. School
District, Texas
1931-1970 180,000 100
5
5.00
1148-Swift Co., Minn.(2 iss.)-434 10 years
r70,000 100.25 4.47
1515-Syracuse Par, Dist. No. 1,
Kan
434 1931-1938
17,000
1515-Syracuse Par. District No.
2. Kan444 1931-1939
17,000
1148-Talmadge Sth. tint. No.
2, Kan
1931-1950
25.000
5
1321.-Tanalpahoa Par. Gravity
Dr. Dist. No. 2, La----554 1930-1953 240.000 100
5.59
1321--Texarkana Spec. School
Dist. No. 6. Ark
35,000
1013-Thermopolis, Wyo
1945-1960 (135,000 100
5
Yob
1321-Thornas. Okla
15,000 100 23
6
--1321-Townsend Twp. School
- Ohio
1931-1945
75,000 100
5
5.00
1702-Troy, Pa
1931-1933
5
3.000 100
5.00
1702_ _Trumbull Co., Ohio
46.200 100.18 4.72
431 1931-1940
1702_ _Trumbull Co., Ohio
444 1931-1940
36,800 100.18 4.72
1702-Tulsa. Okla
75,000 100
444 25 years
4.50
1515-Unionville, N. Y
1930-1936
5
6,500 100
5.00
1149-Vero Beach, Fla
1932-1935
71.000
7
1515-Victoria Co.. Texas
531 1935-1968 369.000 101.02
1515-Vincennes. Ind
431 1931-1951 100.000 100.77
4.41
1515__Waltham, Mass.(13 Jas.) _4
1931-1950
60.000 101.18 4.04
1702-Walworth Co., Wis
1936-1938 290,000 103.12 4.49
5
1321_Walworth Spl. No.1,N Y.5
80,000 100.07 4.99
1931-1960
1322_ _Wa-/Angers Falls, N.Y -.534 1931-1935
15,000 100.63 5.02
1013-Warren City School Dist.,
Ohio
444 1931-1950 210.000 100.65 4.67
1702__Warrick Co., Ind
1931-1941
33,000 102.69 4.44
5
1013-Washington Co., Miss- -5300,000
1149-Washington Co., Pa _---434 1942-1959 175.000 100.67 4.19
1149-Waukesha. Wis.(2 iss.)- -5
1930-1939 100,000 102.35 4.50
1703--Wayzata, Minn
434
10,000
1949
1322-Weld Co. S. D No. 91,
Colo
544 1934-1943 r15.000
1332-West Hartford, Conn....4M 1931-1955 650.000 101.39
15.
8
1149.-Wesileld, N. J. (2 iss.) -5
1149.-West Salem Ore (2 iss.) __ 1930-1945 401,000 100
40.000
1149--West Virginia, State of. _434 1933-1952 3,950.000 100.002
1754
1149-West Virginia, State of.-4
1952-1955 1,050,000 100.002 4.34
1149-Whlte Piains.N.Y.
(2iss.)-4.35 1932-1964 247,000 100.119 4.34
1322-Wichita, Kan. (3 lag.)... _434 1931-1940 328,179 100.68
4.61
1516.-Wicomico Co., Lid
1936-1943 300.000 101.53 4.31
1886-Willoughby Rur. S. 13.,454
Ohio
1930-1944
5
65,000 100.36 4.95
1159...Yoakum, Tex
1931-1960 100.000 97.05 5.24
5
1014.-York Co.. Pa
434 1935-1960d1,400,000 100.41
4.20
1516._Ypsilanti, Mich
1932-1938
5
7.000 100
5.00
1322__Zwolle S. D. No. 1, La-.554 1931-1955
45,000 100
5.25
Total bond sales for Feb (276 municipalities. covering 398separate issues) 979.841.499
(2 Subject to call in and during the earlier years and to mature in the
years. k Not including $71,422,000 temporary loans. r Refunding later
bonds.
y And other considerations.
io
2069
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1147-Ottawa. Ohio (Dec. 1929)544
5,440 100
5.50
1320_ _Pasadena Acquis.& Impt.
Dist. No. 1. Calif.
(July
1924)
544 1934-1958 216,032 100
5.50
1149-Portland, Ore.)May 1929 6
1939
169.899
1147_ _Portland, Ore.(July 1929 6
1939
476,007
1147__Portland, Ore.(Dec. 1929 6
1934
143,978
1147-Portland, Ore.
(Mar.1929
80.469
1884-.Radnor Twp., Pa. (Dec.
1929)
4
100.000
1320__St. Joseph Co.. Ind. (3
Issues., Dec. 1929)----5
1931-1941
46.000
1148-Seattle,Wash.(Nov. 1929)6
1931-1940
56,000 100
1148_ _Seattle,Wash.(Nov. 1929)6
1931-1940
75,000 100
1148„Seattle,Wash. (Oct. 1929)6
1931-1933
23.000 100
6.00
1702_ _South Greensburg, Pa.
(Dec. 1929)
5
1950
15,000 106.68 4.49
1009--ThawvIlle, Ill.(June 1929)544
1949
36.000
---1515-Tipton Co Tenn
1930,1599 r150.000
-1702-Watertown, Iowa (Jan.
1930)
444 1931-1947 250,000 100.33 4.45
1702__Watertown, Iowa (April
1929)
434 1930-1932
3,049 100
4.50
1702-Watertown, Iowa (June
1929)
434 1930-1947
42,000 100
4.50
1702_ _Watertown, Iowa (July
1929)
444 1930-1935
17.709 100
4.50
1702__Watertown, Iowa (Aug.
1929)
434 1930-1937
7,543 100
4.50
1702-_Watertown, Iowa (Nov.
1929)
454 1930-1945
15,500 100
4.50
1322__White Co., Ind. (Sept.
1929)
5
1931-1941
11.200
1149__Wichita. Kan., (2 iss.,
Jan. 1929)
4
1930-1939 r50.000 100
4.25
1149_ _Wichita,Kan.(April 1929)4
1930-1939
25.000 100
4.50
1149_ _Wichita,Kan.(Sept. 1929)434 1930-1939 205,834
---1149-Wichita,Kan.(Dec. 1929) ---29,958
----
2:SS
All of the above sales (except as indicated) are for January.
These additional January issues will make the total sales (not
including temporary loans) for that month $109,578,814.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
FEBRUARY.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1516-Bowmanvffle. Ont
534 1931-1960 100,000 102 08 5.30
1516-Brockville, Ont
5
1930-1949 458.716 97.38
1322.-Burnaby Dist., B. C. (7
Issues)
1934-1960 309,410 95 70 5.37
5
1322.-Greater Winnipeg W. 13.,
.4
B.0
5
1970 r1.900.000
98.52 5.09
1322_ _Hanover, Out
534 20-30 Yrs. 132,937 100.60 5.44
1322„Hawkesbury, Out.(2 iss.)534 20 years.
23,785
1150_Manitoba,Province of- --5
Oct. 1930 *2,500.000
1323-New Toronto, Ont
5
264.300 95.03 5.73
1323--North York Twp., Out.
.5 20 years.
57,456 98.43
1323.-North York Twp., Out.
(2 issues)
534 5-10 3mr.
78.240 98.43
1516_ _Nova Scotia, Prov.of.--.5
1960
5,000.000 98.92 5 07
1323-Sandwich West, Ont. (3
issues)
544 1931-1950 685.119
1887-Tim MiLl8, Out.(3 issues)_544 1930-1959
30,031
1323_ _Toronto, Out.(4 issues)-434 9-20 yrs. 3,201,000 97.597 5.08
1323-Toronto,Out.(10 Jas.).-5
10-30 yrs. 2.389.000 97.597 5.08
1323 Toronto, Out
5
1953
2,000.000 98.95 5.08
1323_ _Welland. Ont
30 years. 215.000 97.24 5.2
5
Total Canadian debentures sold in February. 316.844,994
• Temporary loan; not included in total for month.
NEWS ITEMS
Connecticut.
-Additions to Legal Investment List.
-The
State Bank Commissioner on March 19 issued a bulletin
noting the following additions to the list of securities considered legal for savings bank investment.
Public Service Electric & Gas Co., 1st & ref. mtge. gold bonds,434% series,
due 1970
Pere Marquette Ry. Co.. let mtge.,series C. 434s, 1980.
The Virginian Ry. Co., let mtge., 444s, 1962.
Fulton County,N.
Introduced to Annex Hamilton
County.
-Oh March 3 a bill was introduced in the Senate
by Mr.Brown(S.No. 1293, Art. 1153) to abolish the County
of Hamilton and to annex the land and territory thereof
to Fulton County, effective at once; further proposing the
consolidation of certain towns in Hamilton County, effective
as of Jan. 11931, pursuant to Article 3, Section 5, of the
State Constitution.
Helsingfors (City of), Republic of Finland.
-$8,000,2%
-A group composed of Brown Brothers
The following items included in our totals for previous 0006% Gold Bonds.
months should be eliminated from the same. We give the & Co., J. Henry Schroder Banking Corp., and the Equitable
page number of the issue of our paper in which reasons for Corp., all of New York, on March 19 sold $8,000,000 63i%
external sinking fund gold bonds of the City of Helsingfors,
these eliminations may be found.
at 95 and interest, to yield about 6.90%. The bonds are to
Page.
Name.
Rate. Maturity. Amount. Price. Basis. be dated April
1 1930 and to mature April 1 1960. Not
1007- _Colerain Twp. Rur,S. D..
Ohio (Dec.)
1931-1952 90.000
434
100.12 4.74 redeemable for 10 years except for sinking funds. The offer1514-Shaton Spec. S. 13., Ohio
ing notice described the bonds as follows:
Pa'
(Jan. 1930)
20,000
1930-1949
Authorized and to be outstanding $8,000.000. Interest payable April 1
and Oct. 1. Coupon bonds in denom. 91.000. Principal and interest
payable in New York City at the office of Brown Brothers & Co., fiscal
100.12
agents for the loan,in United States gold coin without deduction for Finnish
taxes except in the
We have also learned of the following additional sales for ing semi-annually case of Finnish owners. Cumulative sinkingfund operatcalculated to be sufficient to retire entire issue by maprevious months:
turity through purchase at not exceeding 100 and interest or through redemption by lot at 100 and interest, the City reserving the right to deliver bonds
Page.
Name,
Rate. Maturity. Amount. Price. Basis, to the sinking fund in lieu of ca.sh. Redeemable
as a
1143-Brackettville Tex. (Oct.)544 40 years
April 1 1940 or on any interest date thereafter on three whole or in part on
68,000
1569-Brecksville Village S. D., •
J. Henry Schroder Trust Co., Authenticating agent. weeks' notice at 100.
Ohio (Nov. 1929)
Por
1931-1953 319,000 100
5
5.00
A detailed description of the bonds and the purposes for
1510--Dougherty Twp.S.D.,Pa_434 1931-1950
10,000 100
4.50
1008-Farmington Con. 8. 13.,
which they are issued will be found in our "Department of
Miss. (Dec. 1929)__..__
12,000
Current Events and Discussions" on a preceding page.
1009-Geauga Co., Ohio (Dec.
1929)
544 1931-1939
8,310 100.78
5.11
1510-Hamtramck,Mich.(2iss.)6
Mamaroneck, N. Y.
1931-1935
-Manager Plan of Government
43,171 100
6.00
1009--Hollywood,Ala (Oct.1929)
18,000
-At the annual election held on Mar. 18-V. 130,
- Approved.
1318-Indianapolis, Ind. (Oct.
1929)
p. 1507
-the qualified electors gave their approval to the
431
86,000
1318-Indianapils, Ind. (Sept.
village manager plan of government, the proposition win1929)
1932-1954
23,000 100
4.50 ning by a small majority. The "Times"
1146__Lefors Ind. S. D., Tex.434
of March 19
(Oct. 1929)
reported that the count finally stood at 514 "for" to 490
75,000
Int...Lexington. Hy. (3 iss.-5 40 years.
"against." Property owners alone were permitted to east
Oct. 1929)
1933-1938
6
27,490 100
6.00
1511-Lexington, Ky. (2 iss.,
ballots on the plan.
Jan. 1929)
1929-1938
6
27.458 100
6.00
1318-Lincoln, No (July 1929.
Moffat Tunnel District, Colo.
-Formation of Bondhold2issues)
5 49 1930-1939 485,620 100
5.00 ers' Protective Committee
1512-Monroe
,Ohio (Dec.).534 1931-1937
Cornpleted.-Formation of a bond3,600 100.22
5.20
1513-0conto Falls, Wls
5
8.500
holders' protective committee
1148- _Stark Co., Ohio (Oct.'29)
1014-Willoughby Rur. S. 1).
Ohio (Dec.)
5
1931-1939
1930-1944
307.000
100.009 4.884
65,000
to represent the interests of
2070
FINANCIAL CHRONICLE
[VOL. 130.
holders of the supplemental bonds of the above named of $1,000, and mature on Feb. 1 1955. The offering notice
district, the interest on which, due Jan. 1 1930, is now in further described the issue as follows:
Authorized and to be outstanding $10,000.000. Coupon bonds in denoms.
default, was announced on March 1. A letter was issued to
of $1.000—definitive bonds registerable
to principal only. Principal
the stockholders on Feb. 18 seeking proxies authorizing semi-annual interest, Feb. land August as payable in New York City atand
1,
the
the organization of a protective committee—V. 130, p. principal office of The Bank of America, N. A.in U. S. gold coin of or equal
fineness, without deduction (as to
1507. The following is a copy of the announcement of the to the present standard of weight andany taxes of the Municipal Council
holders not domiciled in Australia) for
action:
of Sydney,the State of New South Wales or the Commonwealth of Australia,
or of any taxing authority thereof or therein; or with provision for repayTo all holders of Moffat Tunnel Supplemental bonds:
The undersigned addressed a communication to you under date of Feb. 18 ment of such taxes as provided in the fiscal agency agreement. Redeemable
necessity of a Bondholders' Protective Com- other than for sinking fund on any interest date beginning Feb. 1 1945 as
1930 calling attention to the
mittee because of the serious situation which has arisen in view of the de- Whole only at 100 and accrued interest upon 30 days' notice.
Cumulative sinking fund of % of 1% per annum operating semi-annually
fault in the payment of the interest which became due Jan. 1 1930, on the
Supplemental Bonds of the Moffat Tunnel Improvement District issues, through purchases in the market at or below 100 and accrued interest or
by drawings by lot at 100 and interest.
more fully described as follows:
Coupon
A detailed description of the bonds and the purposes for
Maturing.
Amount. Rate.
Dated.
2.500,000 531% Jan. 1 1925 250.000 each year Jan. 1 1964 to 1973 incl. which they are issued will be found in our "Department of
incl. Current Events and Discussions" on a preceding page.
3.500.000 53.% Jan. 1 1926 350,000 each year Jan. 1 1947 to 1956
Jan. 1 1927 275,000 each year Jan. 1 1974 to 1983 incl.
2,750.000 5%
Sufficient requests for the formation of such a Committee having been
Safety Harbor, Fla.—Bondholders' Protective Committee
already received in response to said letter of Feb. 18 1930, the following
Formed on Defaulted Bonds.—The following Deposit Agreehave been chosen to act:
Boynton, of F. S. Moseley & Co., New York City
Mr. Herbert F.
ment dated March 1 1930, has been formulated by the
Mr. MacMillan Hoopes, of Wilmington. Delaware.
Bondholders' Protective Committee for the purpose of arMr. E. Sohier Welch, Trustee, of Boston. Mass.
Mr. P. C. Wilmerding, of the Guardian Detroit Co., Inc.
ranging concerted action in dealing with the default of this
It may be considered advisable to make additions to this committee in municipality in paying the interest and maturing principal
the future.
Mr. John W. Davis, of Davis, Polk, Wardwell, Gardiner & Reed, 15 of its indebtedness.
Broad Street, New York City, has been consulted and his firm have been
To the Holders of
retained as counsel for the committee.
City of Safety Harbor, Florida, Bonds:
The undersigned are advised that the committee will promptly communicate with the bondholders and call for deposit of bonds in the usual manner.
Gentlemen: The City of Safety Harbor in Pinellas County, Florida,
Very truly yours,
having outstanding bonds in approximately the amount of $771,000. has
HERBERT F. BOYNTON
defaulted in the payment of interest due on bonds and in the payment of
ARTHUR PERRY, JR.
the principal of bonds which matured on Jan. 1 1929 and on Jan. 11930.
P. C. WILMERDING.
The undersigned have had an investigation made of the affairs of the City
PHILIP WHITE, Secretary,
of Safety Harbor and have found a relaxation of efforts to collect taxes
49 Wall Street, New York. N. Y.
and assessments.
A large part of the outstanding bonds, all of which are believed to be
Committee Issues Deposit Agreement.—The following letter, payable from an unlimited tax levy upon all of the property of the City,
supple- was intended to be paid from collections of special assessments. Heavy
dated March 11, was issued to all the holders of the
of property owners in the payment of the special assessments
mental bonds, relating to a deposit agreement formulated defaultsa burden upon the taxpayers at large which the City officers have
thrown
have
not been willing to recognize by sufficient tax levies.
by the Bondholders' Protective Committee:
In our opinion, all the holders of bonds of the City of Safety Harbor
heretofore sent to you by Herbert F. should unite
Referring to the communications
A more thorough investigation of the
Boynton, Arthur Perry, Jr., and P. 0. Wilmerding, relative to the situation affairs of the for concerted action.any positive course to be taken whether
City should precede
which has arisen in view of the default in the payment of interest which it be litigation of one class or another or a settlement without litigation.
became due Jan. 1 1930, on the Supplemental Bonds of The Moffat Tunnel
At the suggestion of holders of a large amount of the outstanding bonds,
Improvement District of the issues dated Jan. 1 1925, Jan. 1 1926 and Jan. the undersigned have agreed to act as a Bondholders' Protective Committee
1, 1927. respectively, and the proposed formation of a Bondholders' Pro- and the Committee has been organized. We urge the immediate deposit
tective Committee, the undersigned beg to advise you that they have of all bonds with unpaid coupons regardless of their maturity with the
agreed to act as a Bondholders' Protective Committee under the terms of a Chemical Bank & Trust Co., 55 Cedar St., New York City, under the terms
Deposit Agreement dated Mar. 11 1930. a copy of which is enclosed here- of the Deposit Agreement dated March 1 1930. a copy of which is enwith, and that you are invited to become parties thereto.
transmit their bonds by registered
As heretofore pointed out to you, The Moffat Tunnel Improvement closed herewith. The depositors shouldby a letter of transmittal, a form
mail to said
District defaulted in the payment of interest which became due Jan. 1 for which is depositary, accompanied
enclosed.
1930, upon the above-mentioned bonds and the validity' of all ofsuch bonds
for deposit after April 15 1930,
The Committee will not receive
has been directly attacked in pending litigation. The situation thus unless at that time, in the judgmentoonds Committee,it shall seem advisaof the
existing is a serious one, and in order that it may be adequately met It is
imperative that the bondholders unite at this time, without delay, so that ble to extend the period of deposit.
Respectfully submitted,
they may be in a position to act with respect to such litigation or to take
such other steps through unifying_representation as may be necessary to Please address all comnumications to
WILLIAM PARSON
their interests and rights. The fact that an attack has already been
protect
JULIAN A. MAGNUS
A. F. SCHREIBER. Secretary,
made upon the validity of the bonds, and that litigation is now pending,
ADOLPHUS SMEDBER0
Room 740, 120 Broadway.
emphasizes the need of promptness on the part of the holders of the abovementioned bonds.
Committee.
New York City, N. Y.
There is enclosed herewith a form of letter of deposit which you may use
In sending your bonds and coupons to Guaranty Trust Co. of New York,
Depositary, 140 Broadway, New York, N. Y. for deposit under the terms
of the Deposit Agreement. Upon such deposit, Guaranty Trust Co. of
New York. as Depositary, will issue Certificates of Deposit to you or upon
your order, as instructed.
ABERDEEN, Bingham County, Idaho.—BOND SALE.—The $21,000
The time for the deposit of bonds under the DepositAgreement expires issue of
coupon sewer system bonds offered for sale on March 7—V. 130,
on Apr. 11 1930, unless extended by the Committee in its discretion.
1314—was purchased by Heath, Schlessman & Co. of Denver as 5%s,
The Committee again emphasizes the necessity of promptness in deposit- P. par.
Denom. $500. Due serially in 20 years. Int, payable on Jan. &
ing your bonds and coupons in order that the Committee may be in a at
Position at as early a date as possible to take whatever action under the July 1.
terms of the Deposit Agreement it considers advisable to protect the
ADAIR COUNTY (P. 0. Greenfield), lowa.—BOND OFFERING.—
interests of bondholders who become parties thereto.
Bids will be received until April 11, by the County Treasurer, for the purMr. John W. Davis, of Davis, Polk, Wardwell, Gardiner & Reed, 15 chase of a $300,000 issue of primary road bonds. Dated May 1 1930.
Broad St., New York, N. Y. has been consulted, and his firm has been
ALLEN COUNTY (P. 0. Lima), Ohio.—BOND OFFERING.—Ruth
retained as counsel for the Committee. Mr. Henry C. Alexander of his
office will act as secretary to the Committee, and any member of the Neely, Clerk of the Board of County Commissioners, will receive sealed
Committee, or the secretary will be glad to supply you with information bids until 12 M.on April 2, for the purchase of $34,848.85 5%% refunding
regarding the situation existing with respect to the bonds, and also to bonds. Dated Dec. 1 1929. Denom. $500, one bond for $348.85. Due
answer any inquiries which you desire to make with respect to the Deposit as follows: $2,348.85 on Mar. 1 and $2,000. Sept. 1 1931, $2,500, Mar. 1
Agreement.
and $2,000, Sept. 1 from 1932 to 1937, incl., $2,000, Mar. 1 and $1,500.
Very truly l'*ours,
Sept. 1 1938. Bids for the bonds to bear int. at a rate other than 5%%
HERBERT F. BOYNTON.
will also be considered, provided, however, that where a fractional rate Is
MACMILLAN HOOPES
bid such fraction shall be stated in a multiple of % of 1%. Int, is payable
E. SOHIER WELCH
on Mar. and Sept. 1. A certified check for $500, payanle to the order
P. C. WILMERDING
of the County Treasurer, must accompany each prposal. The approving
Committee.
opinion of Peck, Shaffer & Williams, of Cincinnati, will be furnished to the
at his expense, and bids conditioned upon
(The official advertisement of the above notice appeared successful bidder by other attorneys will not be considered. the approval
of the transcript
on page XXX of the "Chronicle" of March 15.)
ALTOONA, Blair County, Pa.—BOND SALE.—M. M. Freeman &
issue of $650,000
%
Oklahoma City, Okla.—Supreme Court Sustains Validity Co., of Philadelphia, on Feb. 10 were awarded anof $1, equal to 100.0001,
water bonds,series of 1930, at par plus a premium
of School Bonds.—The State Supreme Court has recently a basis of about 4.24%. The bonds are dated March 1 1930. Denom.
Due on March 1, as follows: $10,000. 1931 to 1935
handed down a decision confirming the ruling of a lower $1,000. 1940 incl., $30.000, 1941 to 1950 incl., $25,000, 1951incl. $20,000,
1936 to
to 1955 incl.,
.
court as to the validity of the $2,150,000 issue of school and $15,000 from 1956 to 1960 incl. The City agreed to pay the cost of
privileges.
and
43's on Jan. 6, by a Printing the bonds. Coupon bonds with registrationthe office ofPrin.City
bonds that were purchased as 5s and
the
int. (March and Sept. 1) payable at
syndicate headed by the Continental Illinois Co., of Chicago semi-annual Legality to be approved by Burgvrin, Scully & Burgwin, of
Treasurer.
successful bidders reoffered the bonds for public invest—V. 130, p. 325, according to an Oklahoma City dispatch Pittsburgh. The yield 4.20%.
ment at prices to
to the "U. S. Daily" of March 20 which reads as follows:
Financial Statement.
$117,000,000.00
"The validity of the $2,150,000 school bond issue of the Board of Educa- Real values (est.)
88,854,460.00
tion of Oklahoma City was upheld by the State Supreme Court of Oklahoma Assessed values. 1930
Net debt (2.06%)
1,831,157.00
in an opinion just handed down.
Population (est.), 90,000.
"The suit against the bonds was instituted in District Court when A. J.
McMahan, an unsuccessful bidder for the issue, sought an injunction in
ALTURAS SCHOOL DISTRICT (P. 0. Alturas), Modoc County,
District Court. The District Court refused the injunction and the Supreme Calif.—BOND OFFERING.—Sealed bids will be received by the County
Court affirmed the issue.
7, for the purchase of a $65,000 issue of
Clerk, until
contended that the school board failed to make provisions 5%% school 10 a. m. on April
"Mr. McMahan
bonds.
for paying the July 15 interest and principal coupons.
"The Supreme Court called attention to the three purposes of the sinking
ANGLETON, Brazoria County, Tex.—BOND OFFERING.—Sealed
fund. These are for the payment of interest coupons as they fall due for bids will be received by Morriss C. Foster, City Secretary, until 2 p.m.
,
th? payment of bonds as they mature and for the payment of judgments.
on Mar. 25, for the purchase of a $32,000 issue of sewer bonds. Int. rate
As long as there is money in that fund, it is available for said purposes is not to exceed 5%. Denom. $1,000. Dated Jan. 1 1930:clue $1,000
in the order named," the Court said. The Court advised the school board from Apr. 1 1932 to 1963, incl. Prin. and int. (A. & 0.) payable at the
that since the bonds are to run 25 years, a sufficient levy should be made to Equitable Trust Co. in N. Y. City. W.P. Dumas, of Dallas, will approve
pay them off within the next 24 years.
legality of the bonds. Authority for issuance: Title 28, Revised Civil
"The decision will permit the Board to begin the early construction of new the
Statutes of 1925. A certified check for 5% of the bid is required.
buildings to house the increasing school population of Oklahoma City•"
ANN ARBOR, Washtenaw County Mich.—BOND SALE.—The two
of bonds aggregating
Sydney (City of), New South Wales, Australia.—Addi- Issuesawarded as follows: $152,000 offered on Mar. 13—V. 130, p. 1508—
were
tional $5,000,000 Bonds Sold.—The group composed of the $116,000 pavement bonds sold as 4s to the Harris Trust & Savings Bank,
Bancarnerica-Blair Corp., E. H. Rollins & Sons, and Halsey,
Chicago, at par plus a premium of $43, equal to 100.03, a basis
of about 4.49%. Due annually on Aug. 1 from 1930 to 1939,incl.
Stuart & Co., all of New York, which sold during the week
36,000 sewer bonds sold as 4%s to Stranahan, Harris & Oatia, Inc., of
of March 8, $5,000,000 554% sinking fund gold bonds of the
Toledo, at par plus a premium of $15.50. equal to 100.04. a basis
of about 4.74%. Due $9.000 on Aug. 1 from 1930 to 1933,
City of Sydney at 90 and accrued interest, to yield 6.30%— Both issues are dated Apr. 11930.
sold an additional
V. 130, p. 1694 on March 20 offered and
ANN ARBOR,
$5,000,000 53.i% bonds also at 90 and interest, yielding The total bondedWeshtenaw County,Mich.—TOTAL BONDED DEBT.—
debt of the city is $1,445,622.46, acoordinf to the following
.
6.30%. The bowls are dated Feb. 1 1930, coupon in denom. which appeared in the March 15 issue of the Michigan 'Investor: Ann
BOND PROPOSALS AND NEGOTIATIONS.
MAR.22 1930.]
FINANCIAL CHRONICLE
Arbor's bonded debt is $1,445,622.46. Of this amount.$520.000 is in bonds
of the water department. Paving bonds amount to $647,425 while curb
and gutter bonds have been issued to the extent of $90,530 and lateral
sewer bonds $62,677. Bonds to the amount of $100,000 were issued for
construction of the Broadway bridge and $20,000 in bonds were Issued on
the Fuller street bridge. Outstanding fire department bonds total $5,000.
ASHLAND, Boyd County,Ky,,-BOND OFFERING.
-Sealed bids will
be received until 7.30 p. m. on Apr. 3, by the Secretary of the Board of=
Education, for the purchase of an issue of $100,000 school improvement
bonds. Int. rate is not to exceed 4 %. No bids for less than par will be
considered. Denom.61,000. Dated Apr. 11930:due on Apr. 1, as
$2,000. $932; $4,000. 1933 and 1934; $5,000. 1935 and 1936, and follows:
$10.000,
1937 to 1944. all incl. Prin. and semi-annual int, payable at
Guaranty
Trust Co. In N. Y. City. The legal approval of Chapman the Cutler, of
&
Chicago, will be furnished. A certified check for 5%, payable to the
Board of Education, must accompany the bid.
ASHEVILLE, Buncombe County, N. C.-PURCIIASERS OFFER
BONDS TO PUBLIC.
-The three issues of coupon bonds
000, that were purchased jointly by Stranahan, Harrisaggregating $890,& Coatis,
Toledo, and Eldredge & Co., of New York. as 5;is, at a price ofInc., of
101.23.
a basis of about 5.40%-V. 130, 13.1695
-are now being offered for investment at prices to yield 5% on all maturities. Due from Mar. 1 1935
to
1969, incl. Prin. and int. (M. & S. 1) payable at the Central Hanover
Bank & Trust Co. in New York.
Financial Statement.
(Jan. 1 1930 as Officially Reported by the City Treasurer.)
Real valuation (estimated)
$230,000,000
Assessed valuation, 1929
118,000,000
Total debt
17.708.600
Less water bends
Less uncollected special assessments actually$5.369,000
levied and pledged to local improvement bonds
1,848,385
Less light and power debt
150.000
Less sinking funds
879.809
Net debt
Population, 1920 Census, 28,594; 1929 (estimated). 60.000. 9,461,406
The city owns realizable asset( such as waterworks, real estat
and other
properties valued at $12,962,298.
On Apr. 30 1929 by a referendumlvote the City of Asheville
surrounding territory, including Kenifivorth, Blltmore. Kimberly annexed
Heights,
Lake View Park and o her towns.
ATTLEBORO, Bristol County, Mass.
-TEMPORARY LOAN.
Salomon Bros. & Hutzler of Boston, on March 19 purchased
a
temporary loan at 3.49% discount. The loan 113 dated March 18 $100.000
1930 and
is payable on Nov. 18 1930.
AUDUBON COUNTY (P. 0. Audubon), lowa.-BOND
--The County Treasurer is reported as calling for bids until OFFERING.
April 2, for
the purchase of a $250,000 issue of primary road bonds.
Dated May 1
1930.
2071
BONDS RE
-OFFERED FOR INVESTMENT.
-The above bonds were
promptly re-offered by the successful (syndicate for public subscription
at prices to yield 4.35 to 4.40%. according to maturity. The following
is an official list of the bids received:
.
'
Drain. This. Park Bds. Refund. This. Total Bid.
Name of BidderInt. Rate. Mt. Rate. Int. Rate.(All or None)
Marx & Co
454%
434%
4)4%
82.501,175
*Ward. Sterne & Co.,
Bancamerica-Blair Corp.
Eldredge & Co., Geo. B. 434%
434%
2.502,500
%
Gibbons & Co., Inc., M.
M. Freeman & Co.,
American-Traders National Bank
Steiner Brothers
454%
05%
.
431%
2.501.975
First National Bank of
Montgomery
434%
%
2,501,750
434%
*Successful Bidder
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-BOND SALE.
-The $50,000 434% Ira Elzey et al. road construction bonds offered on
March 15-V. 130. p. 1695
-were awarded to the Marion National Bank,
at par plus a premium of $178.65, equal to 100.35. a basis of about 4.43%.
The bonds are dated March 15 1930 and mature 62,500 on May and Nov.
15 from 1931 to 1940 incl. A detailed list of the bide submitted for the
Issue follows:
Premium.
Marion National Bank (Purchaser)
$178.65
Fletcher Savings & Trust Co
143.00
Fletcher American Co
161.00
Meyer-Kiser Bank
6.00
Inland Investment Co
Par
BLOOMFIELD, Hartford County, Conn.
-BOND OFFERINO.Frank D. Hall. Chairman of the Board of Finance, will receive sealed bids
until S p. m.on March 24,for the'Purchase of 8220,000454% school bonds.
Dated April 1 1930. Due $10,000 on April 1 from 1931 to 1952, incl. A
certified check for 2% of the amount of bonds bid for must accompany each
proposal. The approving opinion of Day. Barry and Reynolds,of Hartford,
will be furnished to the successful bidder.
BOWLING GREEN, Warren County, Ky.-BOND SALE._ Two
issues of bonds aggregating 543.000, have been purchased by Seasongood
& Mayer, of Cincinnati. for a premium of $617, equal to 101.43. The
issues are as follows: $22,000 water and $21,000 water bonds.
BRACKETTVILLE,Kinney County, Tex.
-BONDS NOTSOLD.
-The
$68.000 issue of 6% water and sewer bonds offered on Mar. 8-V. 130.
p. 1509
-was not sold as all the bids were rejected.
BRIGHTON UNION FREE SCHOOL DISTRICT NO. 1 (P. 0,
Rochester), Monroe County, N. Y.
-BOND OFFERING.-Lelltla S.
Miles, District Clerk, will receive sealed bids until 11 a.m.on Apr. 7, at the
office of Archibald E. Webster, 1012 Union Trust Bldg., Rochester, for the
purchase of $205,000 coupon or reg, school bonds, to bear int. at a rate
not exceeding 554%, stated in a multiple of 34 or 1-10th or 1%. Dated
Mar. 11930. Denom. $1,000. Due on Dec. 1, as follows- $2,000. 1930.
and $7,000 from 1931 to 1959. incl. Prin, and semi-annual int. (J. & D. I)
payable in gold at the Union Trust Co.. Rochester, or at the Bankers Trust
Co., New York. A certified check for 84,000, payable to C. Walter
Coapman, Treasurer, must accompany each proposal.The approving
opinion of Clay, Dillon & Vandewater, of New York. will be furnished to
the purchaser.
BROOKLINE, Norfolk County, Mass.
-LOAN OFFERING.
-Sealed
bids for the purchase at discount of a $400.000 temporary loan will be
received by Albert P. Briggs. Town Treasurer, until 12 m. on March 24.
The loan is dated March 24 1930 and is payable on Oct. 28 1930.
BUFFALO, Erie County, N. Y.
-SEEKS $2,000,000 BOND ISSUE.
William A. Eckert, City Comptroller, has petitioned the Common Council
for authority to sell $2,000,000 paving bonds. The request will be acted
upon at the meeting of the Finance Committee on March 24.
BUHL, St. Louis County, Minn.-MATURITY-BA STS.-The
$181,000 issue of village funding bonds that was jointly purchased by the
Wells-Dickey Co. of Minneapolis, and the First National Bank of Buhl, as
534s, for a premium of $760, equal to 100.419-V. 129, p. 4165
-is due as
follows: $6,000, June and Dec. 15 1932 to June 15 1935; 87.000. Dec. 15
1936, and $15,000, June 15 1937 to Dec. 15 1940, giving a basis of about
5.67%.
CAMBRIDGE, Middlesex County, Mass.
-BOND SALE.
-Henry F.
Lehan, City Treasurer, on March 14 awarded an issue of $97,000 coupon
sewer bonds as 4348 to Estabrook & Co. of Boston, at a price of 103.54. a
basis of about 4.17%. The bonds are dated Mar. 1 1930. Denom.61,000.
Due on Mar. 1 as follows: $4,000. 1931 to 1937 Incl.; $3.000.02 from 1938
to 1960 incl. Prin. and semi-ann. int. payable at the National Shawmut
Bank, Boston. Legality is to be approved by Ropes, Gray, Boyden &
Perkins of Boston. A complete list of the bids submitted for the bonds, all
of which were for 434s, follows:
BidderRate Bid.
Estabrook & Co.(Purchaser)
103.54
Central Trust Co
103.41
Harvard Trust Co
103.40
R.L. Day & Co
103.059
Harris, Forbes & Co
102.77
Curtis & Sanger
102.70
Wise, Hobbs & Arnold
101.57
Financial Statement, February 1 1930.
Funded city debt
$3.941.950.00
Sinking fund for funded city debt
2.950,931.73
Net funded city debt
8991.018.27
Serial city debt
7,293.850.00
Net city debt
$8.284,868.27
Funded water debt
402,500.00
Sinking fund for funded water debt
407,220.97
AUGUSTA, Fulton County, Ga.-BOND SALE.
-A0
of 4;4% refunding bonds is reported to have recently been $82,000 issue
purchased at
par by the sinking fund.
BALLINGER, Runnels County, Tex.
-BOND SALE.
-The
of 5% semi-annual bonds aggregating $145,000, offered for sale two Issues
on March
15-V. 130, p. 1695
-were purchased by H. 0. Burt & Co.,
at a price of 97.75, a basis of about 5.18%. The issues are as of Houston.
follows:
6110,000 water bonds. Due from 1932 to 1960. incl.
35,000 city hall and fire station bonds. Due $7,000 from 1932 to 1936.
inclusive.
The other bidders and their bids were as follows:
Names of Other BiddersPrice Bid.
Brown-Crummer Co
95.95
H. D.Crosby & Co
96.08
McIntyre & Charlton
95.57
Dittmar & Co
95.56
Ryan, Sutherland & Co
94.80
Roger H. Evans & Co
95.16
BALLINGER, Runnels County, Tex.
-BONDS REGISTERED.
-A
$41,500 Issue of 5% refunding,series of 1930 bonds was registered on March
13 by the State Comptroller. Due serially.
BARABOO DRAINAGE DISTRICT (P. 0. Baraboo), Sauk County,
Wis.-BOND OFFERING.
-Sealed bids will be received until
by the Clerk of the Board of Commissioners for the purchase of Mar. 31
a $10,000
6.9U0 of drainage bonds.
BARTHOLOMEW COUNTY (P.O. Columbus),Ind.
ING,
-Charles W. Talley, County Auditor, will receive-BOND OFFERsealed bids until
2 p.m. on Apr. 8. for the purchase of the following issues of
bonds aggregating $27.300:
*20,000 5% County Hospital Nurses' Home obnds. Dated Mar.
1
Denom. $1,000. Due $1,000, July 15 1931; $1,000, Jan. and1930.
July
15 from 1932 to 1940, Incl., and $1,000 on Jan.
and semi-annual int. (Jan. and July 15) payable 15 1941. Prin.
at
the County Treasurer. A certified check for 3% ofthe office of
the amount
bonds bid for, payable to the order of the Board of County Commissioners, must accompany each proposal. No conditional bid
will be considered, and the opinion as to the validity of
the bonds
will be furnished by competent legal counsel in Indianapolis.
7.300 434% John W. Davis, et al., Harrison Twp. road
improvement
bonds. Dated Apr. 8 1930. Denom. $365. Due $365,
July 15
1931: $365. Jan. and July 15 form 1932 to 1940.
Jan. 15 1941. Int. payable on Jan. and July 15. incl., and $365,
BARTLESVILLE, Washington County, Okla.
-BOND SALE.
-The
6400 issue of traffic signal bonds offered on Feb.
jointly purchased by the First Union National Bank3 (V. 130, p. 833) was
Bank, both of Bartlesville. Due from Jan. 1 1934and the First National
to 1946. (This completes the report given in V. 130, p. 1007.)
BEACHWOOD,Ohlo.-BOND OFFERING.
-Frank C.
Clerk, will receive sealed bids until 12 m. on March 25, for Marotta, Village
the purchase of
the following Issues of 534% special assessment bonds aggregating $141,798:
$123,950 street improvement bonds. Due on Oct. 1, as follows:
$11.950,
1931: $12,000, 1932; 813.000, 1933; $12,000, 1934
Net funded water debt
$13.000, 1936; 812.000, 1937; $13.000, 1938; 812,000. and 1935:
(Excess)
$4,720.97
1939. and Serial water debt
813.000 in 1940.
490.500.00
17,848 street improvement bonds. Due on Oct. 1, as follows: $849,
1931:
Net water debt
$2.000. 1932 to 1934, incl.; 61,000. 1935, and $2,000 from 1936 to
$485,779.03
Population. 1920 census. 109.456; 1925 census, 120,054; assessed valua1940, inclusive.
Both issues are dated April 15 1930. Bids for the bonds to bear
tion, $188,456,300.
interest
at a rate other than 5)4% will also be considered, provided,
CAMERON COUNTY WATER IMPROVEMENT DISTRICT NO. 16
where a fractional rate is bid such fraction shall be stated inhowever, that
a
-ELECTION TO ORGANIZE DISTRICT
34 of 1%. Principal and semi-annual interest (April and Oct.) multiple of (P. 0. San Benito), Tex.
payable at CALLED.
-We quote as follows from the March 15 issue of the Houston
the Guardian Trust Co., Cleveland. Separate bids must be
made for each "Post":
Issue. A certified check for 5% of the amount of bonds
bid
"An election for the creation of Cameron county water improvement
to the order of the Village Treasurer, must accompany each for, payable
proposal.
district No. 16 to comprise the Rice tract, owned by Clark & Hatton, a
BEDFORD VILLAGE SCHOOL DIST.(P.O.Bedford),
few miles southeast of here, has been set for Wednesday. April 9.
Westchester
County, N. Y.
"Five directors will be named in the election, and the voters also shall
-BOND SALE.
-The 850.000 coupon or registered district
bonds offered on March 17-V. 130. p 1695
decide whether notes of the district shall be issued
-were
purpose of paying
Batchelder & Co., of New York. at 100.11, a basis of awarded as 43is to the costs of organizing. surveying, maps, plotsfor the
and other indebtedness
about 4.74%. The
bonds are dated March 1 1930 and mature $2,000 on March
1 from 1932 prior to the issuance of bonds."
to 1956, Incl.
CANADIAN COUNTY SCHOOL DISTRICT NO. 26 (P. 0. Yukon),
9 231RMINGHAM, Oakland County, Mich.
6
-BOND SALE.
-The $5,000 issue of school bonds offered for sale
-VOTERS APPROVE Okla.
CHARTER AMENDMENT
-BONDS VOTED AND BONDS DEFEATED. on Feb. 27 (V. 130, p. 1509) was awarded to the First National Bank of
-At an election held recently-V. 130. p. 1007
-the voters authorised a Yukon as 434s. Due In 1940.
change in the village charter converting special assessment
improvement
CAFtMEL (P. 0. Carmel), Putnam County, N. Y.
bonds into general obligation securities, and approved the
-BOND OFFERissuance of $54,- ING.
-Samuel B. Crane, Town Supervisor, will receive sealed bids until
000 in land purchase bonds to provide for a Civic Center. A
Issue $53,050 municipal garage and warehouse; construction proposal to 11 a. m. on March 22, for the purchase of 8100.000 coupon highway bonds.
bonds was to bear interest at a rate not exceeding 5%,stated in a multiple of X of
rejected.
1%.
Dated March 15 1930. Denom. 61,000. Due $5.000 on March 15 from
BIRMINGHAM, Jefferson County, Ala.
1931 to
-BOND SALE.
-The three payable 1950 incl. Prin. and semi-annual int. (March and September)
issues of bonds aggregating $2.500,000, offered for sale on Mar.
in gold at the Putnam County National Bank, Carmel. A certified
14-V. 130, check for $2,000. payable
. 1509
-were purchased by a syndicate composed of the First
to the order of the above-mentioned Supervisor,
National must accompany each
ha k of New York, the First National-Old Colony
proposal.
n
Detroit Co., and Stone & Webster & Blodget, Inc., all of Corp.. the First & Vandewater, of New York, will The approving opinion of Clay. Dillon
be furnished to the successful bidder.
New York, Caldwell & Co., and Marx &
both of Birmingham, as 4558 at a Price of
CARPENTERIA UNION HIGH SCHOOL DISTRICT (P. 0. Santa
100.047, a basis of aboutCo..
4.49%. The issues are
as follows:
Barbara), Santa Barbara County, Calif.
$1,000,000 Park bonds. Due from Apr. 1 1933 todividedincl.
-BOND SALE.
-The 880,000
1950.
issue of 554% coupon general school bonds offered for sale on Mar.
1.000,000 Drainage bonds. Due from Apr. 1 1933 to 1960, incl.
(V. 130, p. 1316) was purchased by Wooden & Co. of Los Angeles for10
500.000 fire department refunding bonds. Due from Apr. 1
a
1933 to premium of $3,344, equal to 104.18, a basis of about 4.97%. Dated
1945. Incl.
Dec. 9 1929. Due $4,000 from Dec. 9 1930 to 1049, incl.
2072
FINANCIAL CHRONICLE
CASCADE COUNTY SCHOOL DISTRICT NO. 39 (P. 0. Simms)
Mont.
-BOND SALE.
-The $27,500 i881.10 of semi-annual school bonds
-was purchased by the State,
offered for sale on March 3-V. 130. P. 1007
as 5)4s, at par. No other bids, were received.
-Bids
CASS COUNTY (P. 0. Atlantic), lowa.-BOND OFFERING.
will be received until April 3 by the County Treasurer, for the purchase of
a $200,000 issue of primary road bonds.
(These bonds are a part of an issue of $1,500,000 voted in 1929.)
-A
-BOND SALE.
CHATTANOOGA, Hamilton County, Tenn.
$204,916 issue of city hall and paving bonds is reported to have been jointly
by the Hamilton National Bank, of Chattanooga. and Caldwell
purchased
& Co., of Nashville, at a price of 101.65.
CHRISTIAN COUNTY(P.O. Hopkinsville),Ky.-BOND OFFERING.
-Sealed bids will be received by V. E. Bonus, County Treasurer, until
10 a.m. on Apr. 1,for the purchase of a $200,000 issue of 4)4% road bonds.
the
Denom. $1.000. Dated Apr. 15 1930. Prin. and int. Is payable at will
National City Bank in N. Y. City. Chapman & Cutler, of Chicago, the
accompany
furnish the legal approval A $4,000 certified check must
(This report supplements that given in V. 130. p. 1879.)
CLAY CENTER SCHOOL DISTRICT (P. 0. Clay Center), Clay
-An $80.000 issue of school gymnasium
County Kan.-BOND SALE.
and auditorium bonds is reported to have been purchased by local banks,
as 4%s, at par.
-BOND OFFERCLEVELAND HEIGHTS, Cuyahoga County, Ohio.
sealed bids
INC.-Charles C. Frazine. Director of Finance, will receiveDepartment
until 11 a.m. on Apr. 7, for the purchase of $10,000'5°4 Police
motor equipment bonds. Dated Apr. 1 1930. Denom. $1,000. Due
int.
$2.000 on Oct. 1 from 1931 to 1935, incl. Bids for the bonds to bear that
u
at a rate other than 57, will also be considered, provided, however,
a fractional rate is bid such fraction shall be % of 1% or a multiple
where
thereof. Prin. and semi-annual int. (A. & 0. 1) payable at the office of
Heights
the Director of Finance, or at the legal depository of Cleveland bid for,
in Cleveland. A certified check for 3% of the amount of bonds
payable to the order of the Director of Finance, must accompany each
proposal.
-BOND SALE
COLORADO SPRINGS, El Paso County, Colo.
A 150.000 issue of 47,, refunding bonds has recently been purchased by
Boettcher. Newton & Co. of Denver. Denom. 11.000. Dated June 1 1930.
Due as follows: 110,000 in 1936. and $20,000 in 1937 and 1938.
-BOND OFFERING.COMANCHE COUNTY (P.O. Lawton), Okla.
Sealed bids will be received until 1.30 p. m. on Mar. 24, by F. P. Aycock,
issue of $100,000 5% coupon road
County Clerk, for the purchase of an
bonds. Denom. $1,000. Dated Apr. 1 1925. Due $20.000 from Apr. 1
are
1931 to 1935. incl. Int. payable on Apr. and Oct. 1. These bonds will
the balance of an authorized issue of $400,000. No bids below par
be considered. A certified check for 2% par of the bonds bid for, payable
to the County Treasurer, is required.
-Sealed
-LOAN OFFERING.
CONCORD, Merrimack County, N. H.
bids for the purchase at discount of a $100.000 temporary loan,dated
Mar. 27 1930 and due on Dec.4 1930 will be received by the City Treasurer
until 12 M. on Mar. 25.
CONGERS FIRE DISTRICT (P. 0. Congers), Rockland County,
-Robert D. Southward, Secretary of the
-BOND OFFERING.
N. Y.
m• on
Board of Fire Commissioners, will receive sealed bids until 8 P. bonds,
April 3 for the purchase of $13,000 coupon or registered fire district
to bear interest at a rate not exceeding 5%, stated in a multiple of % or
1-10th of 1%. Dated April 1 1930. Denom. $1,000. Due $1.000 on
April 1 from 1931 to 1943. inclusive. Principal and semi-annual interest
(April & Oct. 1) payable in gold at the National Bank of Haverstraw &
Trust Co., Haverstraw. A certified check for 251 of the par value of the
bonds bid for must accompany each proposal. The approving opinion of
Clay, Dillon & Vandewater of New York will be furnished to the successful
bidder.
COOK COUNTY FOREST PRESERVE DISTRICT (P. 0. Chicago),
-The First Union Trust & Savings
-BOND SALE.
Cook County, 111.
Bank and the Foreman State Corp., both of Chicago, jointly on March 19
are reported to have purchased an issue of $500,000 4% Forest Preserve
bonds at a price of 94.31. a basis of about 4.73%. The bonds are dated
Jan. 15 1930 and mature annually on Jan. 15 from 1931 to 1950, inclusive.
The bonds will be reoffered for public investment at prices to yield 4.50%.
The following is a list of the bids reported submitted for the issue:
Rate Bid.
BidderFirst Union Trust & Savings Bank and Foreman State Corp. (pur94.31
chasers)
93.69
Guaranty Co.of New York and Ames, Emerich & Co.,jointly
Corp. and Stranahan, Harris & Oat's. Inc.. jointly 93.67
Chatham-Phenix
-TWO BOND ISSUES
County, R. I.
CRANSTON, Providence
AUTHORI7ED.-Lesislatlye authority to issue $400,000 bonds, consisting
of a 1250.000 school issue and a $150.000 highway improvement issue, was
granted to the city on Mar. 18, according to the Providence -Journal" of
the following day. Amendments to two bond issue bills passed by previous
assemblies increasing the interest rate on the bonds from 4% to 5% were
also approved.
-BOND OFFERING.
CRAWFORD COUNTY (P. 0. English),Ind.
George 0. Real, County Treasurer, will receive sealed bids until 2 p.m.
on Apr. 15 for the purchase of 113.4405% D. S. Gaither road construction
bonds. Dated Apr. 15 1930. Denom. $672. Due $672 on May and
Nov. 15 from 1931 to 1940. incl. Int, is payable on May and Nov. 15.
CROCKETT INDEPENDENT SCHOOL DISTRICT(P.O. Crockett),
-On Mar. 10 the State
-BONDS REGISTERED.
Houston County, Tex.
Comptroller registered a $78,000 issue of 5% serial school bonds.
-ADDITIONAL INFORMACROSBYTON, Crosby County, Tex.
bonds
-The $10,000 issue of 6% semi-annual coupon water works1697
TION.
-V. 130. p.
that was purchased by H. C. Burt & Co., of Houston the following years:
was awarded at par and matures $500 on Apr. 10 in
1941. 1243, 1945, 1947, 1949. 1951, 1953,
1931, 1933, 193a, 1937, 1939,
1955, 1957, 1959, 1961. 1963. 1965. 1967 and 1969.
-The
-MATURITY.
CULBERTSON, Roosevelt County, Mont.
purchased by
$18.733.98 issue of semi-annual funding bonds that was 130. p. 1697
-V.
& Co., of Denver. as 5%s, at par
Heath, Schlessman
Is due from Jan. 1 1931 to 1950, incl.
DEFEATED.
CUMBERLAND, Allegany County, Pild..-BONDS
At an election held on March 19 the voters defeated the proposed amendsalaries of Mayor and
ments to the city charter designed to increase the
extension
Councilman, and rejected the proposals to issue 585,000 sewer
were overbonds and $85,000 incinerator plant bonds. The measures
whelmingy defeated.
Tex.
DALLAS COUNTY ROAD DISTRICT NO. 1 (P. 0. Dallas),sale on
offered
-The $3,000,000 issue of road bonds Simpsonfor Co.. of
BOND SALE.
&
-was awarded to Goo. L.
Mar. 17-V.130, P. 1697
Dated
Dallas, as 4%s, at a price of 100.669. a basis of about 4.685'.
Newspaper
Apr. 10 1930; due $100,000 from Apr. 10 1931 to 1960, incl.
.
reports gave the other bids as follows
by a group comIt The second highest bid was 100.639.also for 4%s,made
Co., Kean,
posed of the Bankers Company, Lehman Brothers, Eldredge & Caldwell &
& Co., Hannahs, Bailin & Lee, Emanuel & Co.. Rogers and Trust
Taylor
Republic Bank
Co., the Dallas Trust and Savings Bank and the
Company.
This was followed by a tender of 100.6047 submitted by a syndicate comprising the Harris Trust and Savings Bank, the Continental Illinois Comthe
pany, the First Detroit Company, Inc., the Northern Trust Company,
Chatham-Phenix Corporation, A. B. Leach & Co., the Banc Northwest
Alternate
Corporation and the Mercantile Securities Company of Dallas.group combids of 101.835 for 5s or 99.375 for 481s were submitted by a the Bancposed of Halsey. Stuart & Co., the National City Company,
america-Blair Corporation, the First National Old Colony Corporation,
Lawrence Stern & Co.. Stifel, Nicolaus & Co.. the Commerce Trust Company and the Fort Worth National Company.
-BOND SALE
Fr DAVIDSON COUNTY (P. 0. Lexington), N. C.
-We are informed that the sale of the $118,000 school bon
POSTPONED.
-has been indefinitely
previously scheduled for Mar. 3-V. 130, P. 1316
postponed.
-BOND OFFERING.
DECATUR COUNTY (P. 0. Greensburg), Ind.
-W.T. Zetterberg, County Auditor, will receive sealed bids until 1 P.m.
[Vol,. 130.
on Mar.24,for the purchase of $8,900 4)4% Joseph Penner et al., township
highway improvement bonds. Dated Mar. 15 1930. Denom. $400,
Due $400 on Nov. 15 from 1931 to 1950, inel. Int. payable on May and
Nov. 15.
DEER PARK INDEPENDENT SCHOOL DISTRICT (P.O. Houston)
-On April 5 a special election
-BOND ELECTION.
Harris County, Tex.
will be held in order to have the voters pass upon the proposed issuance of
5% serial school bonds, maturing in ten years.
$200.000 in
-BOND OFFERDELAWARE COUNTY (P. 0. Manchester), Iowa.
ING.
-Bids will be received until 2 p.m. on Apr. 8. by E. H. Croskey,
County Treasurer, for the purchase of a $200.000 issue of primary road
bonds. Denom. $1,000. Dated May 1 1930: due $20,000 from May 1
1935 to 1944, Incl. Optional after May 11935. Sealed bids will be opened
only after all the open bids are in. The approving opinion of Chapman &
Cutler. of Chicago, will be furnished. The blank bonds are to be furnished by the purchaser. A certified check for 3% of the bonds offered,
payable to the County Treasurer, is required.
-BOND OFFERING.
DELAWARE COUNTY (P. 0. Media), Pa.
James T.Stewart,County Comptroller,will receive sealed bids until 10 a. m.
of $1,000,000 4. 4%. 4% or 4)5% coupon
on April 8, for the purchase
county bonds. Dated April 1 1930. Denom. $1,000. Due on April 1 as
follows: 334,000, 1930 to 1940, incl., and $33,000 from 1941 to 1960, incl.
Bids will be received for the entire issues to bear any one of the rates
mentioned above, but no split-rate bid will be considered. A certified check
for $20,000, payable to the order of the County, must accompany each
proposal. The bonds are offered subject to approval as to their validity
by Townsend. Elliott & Munson, of Philadelphia, whose opinion will be
furnished the purchaser.
P.
DEL RIO INDEPENDENT SCHOOL DISTRICT ( 0. Del Rio)
-The $185,000 issue of 5% serial
-BOND SALE.
Val Verde County, Tex.
-has been
on March 6-V. 130, p. 1880
school bonds that was registered
purchased at par by the State of Texas.
-The following issues
-BOND SALE.
DELTA, Fulton County, Ohio.
-1880
-V. 130, P.P. 1697
of bonds aggregating $12.800 offered on Mar. I7
were awarded as 5s to Spitzer, Rorick & Co. of Toledo, as stated*
37.800 paving bonds sold at par plus a premium of Si, equal to 100.01,
a basis of about 5.24%. Due on Sept. 1. as follows $800. 1931.
and $1,000 from 1932 to 1938, incl.
5.000 street improvement bonds, property owner's portion, sold at par
plus a premium of $17, equal to 100.34, a basis of about 00%•
Due $500 on Sept. 1 from 1931 to 1940, incl.
Both issues are dated Mar. 1 1930.
-BOND OFFERING.
DE FUN1AK SPRINGS,Walton County,Fla.
Sealed bids will be received by J. F. Howell. Town Clerk, until noon on
issue of 6% semi-annual special
Apr. 2, for the purchase of a $38,000
Dated Apr .1 1929; due en Apr 1,
assessment bonds. Denom. $500.
as follows: $4,000. $930 to 3938 and $2,000 in 1939. Each bid is to specify
the place where payment of prin. and Mt, is desired. A certified check
for 2% must accompany the bid.
(These bonds were unsuccessfully offered on June 3 1929.-V. 128,
P. 3876.)
0.
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 2 (P. OF
-PUBLIC OFFERING
Y.
Tuckahoe), Westchester County, N. Co., and Dewey, Bacon & Oo.,
B. Gibbons &
-George
$575.000 BONDS.
registered
both of New York,are offering a block of 5575,000,4)4% coupon or bonds are
school bonds for public investment priced to yield 4.25%. The New York
savings banks and trust funds in
said to be legal investment for
Feb. 10 at 100.31,
State and are part of an issue of $660.000 awarded onreputed to have an
a basis of 4.48%-V. 130. p. 1144. The district is debt of
$773.000.
total bonded
assessed valuation of $14,927.495 and a
-A $30,000
-BOND SALE.
EATONVILLE, Pierce County, Wash.
purchased
Issue of 6% water revenue bonds has recently been on Apr. and by the
Oct. 1,
Eatonville State Bank. Dated Apr. 1 1930; due $2,500
from 1931 to 1936. incl.
SALE.
EAU CLAIRE COUNTY (P. 0. Eau Claire), Wis.-BOND
An issue of $182.000 4%% highway improvement bonds was purchased
on March 17 at a price of 100.18 by the First Detroit Co.of Detroit.
Concho
EDEN INDEPENDENT SCHOOL DISTRICT (P. 0. Eden),
County, Tex.
-BONDS REGISTF.RED.-The $65,000 issue of 5% serial
-was registered
school bonds offered for sale on Mar. 17-V. 130, p. 1880
on Mar. 15 by the State Comptroller.
H. D.
BOND SALE.
-The above issue was purchased on Mar. 17 by
Crosby & Co., Inc., of San Antonio. Denoms. $500 and $1,000. Dated
Feb. 11930; due serially from 1931 to 1969. incl. Prin. and int. (F. & A 1)
payable at the Continental Illinois Bank & Trust Co., of Chicago. The
following information is furnished us by the purchaser:
The district was organized in 1919; has an area of 162 square miles, incl.
the town of Eden, population about 1,500. and 3.6 miles of railroad.
Assessed valuation. 1929. $1,700,000; total debt, incl.. $84,000; sinking
fund. $3,500; population, 2,500.
-The Guaranty
-BOND SALE.
ELIZABETH, Union County, N. J.
% temCo. of New York on March 20 purchased an issue of $257.500 mature in
porary water bonds at a price reported to be par. The bondswater pipe
the construction of a
March 1932, and are issued to finance
line which Newark is installing for the proposed Elizabeth municipal water
% coupon rate.
system. Other bids for the issue specified a
-D. F.
-BOND OFFERING.
ELIZABETH, Union County, N. J.
sealed bide until 12 m. on April 3,
Collins, City Comptroller, will receive
for the purchase of $127.000 4 .4%,4% or 5% coupon or registered street
Due on
improvement bonds. Dated April 11930. Denom. $1,000. $10,000 April
from
1, as follows: $7,000, 1931 to 1937, incl., 58,000, 1938, and and Oct. 1)
1939 to 1945. incl. Principal and semi-annual interest (April more bonds
State Bank of Elizabeth. No
payable in gold at the National
are to be awarded than will produce a premium of $1,000 over $127,000.
A certified check for 2% of the amount of bonds bid for, payable to the
order of the City, must accompany each proposal. The approving opinion
of Reed, Hoyt & Washburn,of New York, will be furnished to the purchaser.
-The 3
-BOND SALE.
ELKART COUNTY (P. 0. Goshen), Ind.
Issues of 4)4% bonds, aggregating $89,000 offered on March 18-V. 130
pp. 1697, 1880
-were awarded as follows:
To the Fletcher American Co. of Indianapolis :
at par plus a
$35,000 Guy M. Rieth et al highway construction bonds sold4.31%. Due
premium of $518, equal to 101.48, a basis of about
and July 15 from 193210 19.50, incl.,
$875, July 15 1931; $875, Jan.
and $875. Jan. 15 1951.
par plus a
10,000 A. I.. Reed et al highway construction bonds sold at
4.36%. Due
premium of $117, equal to 101.17, a basis of about
1950,incl.,
$250, July 15 1931: 5250, Jan. and July 15 from 1932 to
and $250, Jan. 15 1951.
To Breed, Elliott & Harrison, of Indianapolis:
bonds sold at par
344.000 43 % A. K. Ropp et al highway construction
4.35%.
of
Plus a premium of $524.70, equal to 101.19, a basis 15about 1932 to
from
Due 51.100, July 15 1931: $1.100, Jan. and July
on Jan. 15 1951.
1950, incl. and 51.100
All of the above bonds are dated March 15 1930.
'
(P. 0.
ELK RIVER INDEPENDENT SCHOOL DISTRICT NO. 1 $98,000
-A
-BOND SALE.
Elk River), Shelbourne County, Minn.
been purchased at par by
issue of 4% school bonds is reported to have
'14innesota. Due from 1935 to 1949.
the State of1
Ellston),
ELLSTON INDEPENDENT SCHOOL DISTRICT (P. 0. of schoo
-The $440,000 issue
Ringgold County, lowa.-HICE PAID.
bonds that was purchased by Geo. M. Bechtel & Co., of Davenport, as
-V.130. p. 1880
4)4s
-was awarded at par. Due from 1932 to 1944,incl.
-Thomas
-BOND OFFERING.
ENGLEWOOD,Bergf n County. N. 1.
J. Ahrens, City Clerk, will receive sealed bids until 8 p. m. on April 1, for
coupon or registered bonds, aggregatthe purchase of the following issues of
ing $1.036,000, to bear interest at either 4)4.4)4 or 5%:
$536.000 school bonds. Due on April 1 as follows: $20,000, 1a32 to 1948,
incl., $25.000, 1949 to 1955, incl., and $21.000 in 1956.
1932
500,000 improvement bonds. Due on April 1 as followr: $15,000,
to 1955, incl., and 320,000 from 1956 to 1962. incl.
semiBoth issues are dated April 11930. Denom. $1,000. Principal and Trust
annual interest (April and Oct. 1) payable at the Chemical Bank &
produce a
Co.. New York City. No more bonds are to be awarded than will check for
premium of $1,000 over the amount of each issue. A certified the City.
for, payable to the order of
2% of the amount of each issue bid
Delamust accompany each proposal. The approving opinion of Hawkins,
fleld & Longfellow. of New York, will be furnished to the purchaser.
MAR. 22 1930.]
FINANCIAL CHRONICLE
ESSEX COUNTY (P. 0. Salem), Mass.
-TEMPORARY LOAN.
-The
$200,000 temporary loan offered on March 18-V. 130, P. 1880
-was
awarded to the Salem Trust Co., at a 3.19% discount. The loan is dated
Jan. 28 1930. Denom.$10,000. Payable on Nov.7 1930 at the Merchants
National Bank. Salem, or at holders option at the National Shawmut Bank
of Boston. Legality is to be approved by Ropes, Gray, Boyden & Perkins.
of Boston. The following is an official list ofthe bids submitted for the loan:
Cape Ann National Bank, Gloucester (plus $2)
3.52 %
Bay State National Bank. Lawrence
Beverly National Bank, Beverly
3.54
Gloucester S. D.& Trust Co
3.38
Bank of Commerce & Trust Co., Boston
3.575
Faxon, Gade & Co.. Boston
3.54
Sagamore Trust Co.,Lynn
3.45
Gloucester National Bank
3.445
Barr Bros., New York (plus $19)
3.54
Shawmut Corp., Boston (plus $3)
3.59
Warren National Bank, Peabody
3.54
Naumkeag Trust Co., Salem (plus $1.27)
3.53
*Salem Trust Co
3.19
Arlington Trust
Lawrence
3.75
Merchants National Bank, Salem (plus $2.50)
Co.,
3.48 o
*Awarded loan.
EVANSVILLE SCHOOL CITY, Vanderburg County, Ind.
-BOND
-R, Putnam, Business Manager of the Board of Education,
OFFERING.
will receive sealed bids until 2 D. m.on May 5, for the purchase of $100.000
431% coupon school bonds. Dated May 5 1930. Denom. $1,000. Due
May 5 1930. Principal and semi-annual interest (May and Nov.) payable
at the National City Bank. Evansville. A certified check for 1% of the
amount of bonds bid for must accompany each proposal. Legality is to
,
be approved by Matson, Carter, Ross Sz McCord, of Indianapolis.
FAIRMONT, Martin County, Minn.
-BOND SALE.
-A $10.000
issue of 431% semi-annual refunding water and light bonds has recently
been purchased at a price of 100.90 by the First Securities Corp. of St. Paul.
FALL RIVER, Bristol County, Mass.
-TEMPORARY LOAN.
-A $2.500,000 temporary loan was awarded on March 18 to Barr Bros.& Co.,Inc.,
of New York, at a 3.54% discount, plus a premium of $38. The loan is
dated March 19 1930 and is payable as follows: $1,000,000 on Nov. 5 and
on Nov. 12, and $500,000 on Nov. 20, all payments in 1930.
FANSHAWE CONSOLIDATED SCHOOL DISTRICT NO. 3 (P. 0.
Poteau), Le Flora County, Okla.
-BONDS OFFERED.
-Sealed bids
were received until 2 p.m. on Mar. 19, by .T. J. Smith, District Clerk, for
the purchase of an $18,000 issue of school bonds. Due $1,000 from
1933
to 1951.
2073
bear interest at a rate not exceeding 6%, stated in a multiple of 1-20th
of 1%. Dated March 1 1930. Denom. $1.000. Due on Nov. 1 as
follows: $1.000, 1930 to 1933. inclusive. $2,000, 1934 to 1938. inclusive;
$3,000, 1939 to 1943, inclusive, and $6,000, from 1944 to 1948. inclusive.
Principal and semi-annual interest (May and Nov. 1) payable in gold at
a bank or trust company in Rochester. A certified check for $1,180.
payable to Frank McShea, Treasurer, must accompany each proposal.
The approving opinion of Reed, Hoyt & Washburn, of New York, will be
furnished to the purchaser.
GUILFORD TOWNSHIP, Hendricks County, Ind.
-BOND OFFERING.
-Robert W. Stephenson, Township Trustee, will receive sealed bids
until 10.30 a.m. on Apr. 4, for the purchase of $45,000 43§% Guilford
School Township bonds. Dated Feb 28 1930. Denom. $500. Due
as follows: $1,000. July 1 1935; 32,006, Jan. and July 1 1936 and 1937:
32,000, Jan. 1 and $1.000, July 1 1938; $1,000. Jan 1 and $1,500 July 1
1939; $1,500. Jan. and July 1 1940; 81,500. Jan. 1 and $3,000. July 1 1941;
$3,000, Jan. and July. 1 1942 to 1944, incl., 33,000, Jan. 1 and $2,000.
July 1 1945.
BOND OFFERING.
-The above-mentioned Trustee will receive sealed
bids until 10.35 a.m. on Apr. 4, for the purchase of $30.000 4X % Guilford
Civil Township bonds. Dated Feb. 28 1930. Denom. $500. Due as
follows: $1.500. July 1 1931; $1,500, Jan. and July 1 1932 to 1940. Incl.,
and 31.500, Jan .1 1941.
Prin. and semi-annual int. of both issues are payable at the First National
Bank & Trust Co., 2lainfield. A cert. check for 1% of the amount of
bonds of each issue bid for must accompany each proposal.
GUTHRIE COUNTY (P.O. Guthrie Center), Iowa.
-BOND OFFERING.
-Bids will be received by the County Treasurer until April 4 for the
purchase of an issue of $150,000 primary road bonds. Dated May 1 1930.
HAMILTON COUNTY (P.O. Cincinnati) Ohio.
-BOND OFFERING.
-E. J. Dreihs. Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on April 8. for the purchase of $300.000 434%.
Hamilton County Tuberculosis Sanitorium bonds, series B. Dated April 1
1930. Denom. 31.000. Due $12,000 on Oct. 1 from 1931 to 1955 Incl.
Principal and semi-annual int. (April and Oct. 1) payable at the office of
the County Treasurer. Bids for the bonds to bear int. at a rate other than
% will also be considered, provided, however, that where a fractional
rate is bid such fraction shall be X of 1% or a multiple thereof. A certified
check for 33.000. payable to the order of the County Treasurer, must
accompany each proposal. A complete transcript of the proceedings with
reference to the issuance of the bonds will be furnished the successful bidder.
HAMILTON COUNTY (P. 0. Webster City), lowa.-BOND SALE.
The $100.000 issue of coupon public hospital bonds offered for sale on Mar.
18-V. 130. p. 1881-was purchated by Geo. M. Bechtel & Co. of DavenFARMERVILLE SCHOOL DISTRICT NO. 3 (P. 0. Farmerville) port, as 434s, for a premium of $700, equal to 100.70, a
basis of about
Union Parish, La.
-ADDITIONAL INFORMATION.
-The $50,000
sue of semi-abnual school bonds that was reported sold-V. 130. p. 1880is- 4.58%. Dated April 11930. Due from Nov. 1 1930 to 1949 incl. Op- tional after five years. Prin. and int. (M. & N.) payable at the office of
bears interest at 535% and was purchased for a premium of $225, equal
,
100.51, a basis of about 5.45%. Due from April 1 1931 to 1960 inclusive.to the County Treasurer. Official Financial Statement.
1929.
FAYETTEVILLE, Cumberland County, N. C.
1928.
-BONDS APPROVED.
-A $68,900 bond issue was approved by the Board of Aldermen at a Assessed net actual value of property
$34,585,756 $34,892,912
special meeting held on March 19. The proceeds of the bond issue will Net taxable value
8,646,439
8.723,228
be used to resurface and widen streets and for drainage purposes.
Assessed actual value of moneys and credits
3.778,030
4,123,393
Total bonded indebtedness (excluding
FINDLAY, Hancock County, Ohlo.-BOND SALE.
-The following
sold issue of 3100,000 county hosissues of bonds aggregating $95,188.49 offered on March 14-V. 130, p.
bonds)itemized as follows:
pital
1897
-were awarded to the First Detroit Co., of Detroit:
Primary road bonds
$200,000
$58,570.005% street improvement bonds. Due on Oct. 1. as follows:
County road bonds
74,000
County bonds
14°570, 1931, and $6,000 from 1932 to 1940, incl.
,
15.000
3289.000
19.892.53 5% street improvement bonds. Due on Oct. 1, as follows:
Population, census 1925, 20,638; present, estimated. 20,600.
$1,892.53, 1931, and $2,000 from 1932 to 1940, incl.
16,725.98 431% street improvement bonds. Due on Oct. 1, as follows
HAMPDEN COUNTY (P.O.Springfield), Mass.
-LOAN OFFERING.
$725.96. 1931; 81.000. 1932 and 1933, and $2,000 from 1934
-The County Treasurer will receive sealed bids until 11 a. m. on March 26
to 1940, incl.
for the purchase of a $200,000 temporary loan at discount. The loan is
All of the above bonds are dated April 1 1930.
dated Mar. 26 1930 and is payable on Nov.7 1930.
FITCHBURG, Worcester County, Mass.
-TEMPORARY LOAN.
The City Treasurer on March 20 awarded a $500,000 temporary loan
HAYWARD SCHOOL DISTRICT (P. 0. Hayward), Alameda
to Salomon Bros. & Hutzler of Boston at 3.27% discount, plus a premium County, Calif.
-BOND OFFERING.
-Sealed bids will be received until
of $21.
10 a. m. on March 25 by the County Clerk, for the purchase of a $75,000
issue of 43
4% school bonds. Dated March 15 1930. Due $5,000 from
FLINT, Genesee County, Mich.
-PRICE PAID.
-In connection
the report of the sale of the issues below aggregating $320.000 to the with 1936 to 1950 inclusive.
First
National Bank of Flint
-V. 130, p. 1880
HEMPSTEAD (TOWN OF) UNION FREE SCHOOL DISTRICT
-we learn that
successful
bidder paid par plus a premium of $6 for the bonds. equal the 100.001,
-FINANCIAL
to
a NO.21 (P.0. Rockville Centre), Nassau County, N. Y.
basis of about 4.87%, and agreed to pay the cost of printing and delivering STATEMENT.
-In aconnection with the scheduled sale on Mar. 26 of
a the bonds:
337.000 coupon or rec. school bonds,to bear int. at a rate not exceeding 6%.
$200,000 1929-R delinquent special assessment tax bonds sold as 5s.
-we are in
-V. 130, p. 1881
Due nonce anp description of which was given In
as follows: $50,000, Sept. 15 1930, $50,000, Mar. and
Sept. 15 receipt of the following: Financial Statement.
1931. and $50.000 on Mar. 15 1932.
120,000 192('-S delinquent special assessment tax bonds sold as
431s. Valuations: Assessed valuation earl estate and special
Due as follows: $40,000. Sept. 151930. $20,000. Oct. 15, Nov.
franchise, 1930
833,485.203.00
15
and Dec. 15, all in 1930. and $20,000 on Jan. 15 in 1931.
Actual valuation, offical estimate
41,339.756.00
Both issues are dated Mar. 15 1930.
Debt: Bonded debt outstanding
1.054.000.00
Bonded debt, Including this issue
FRANKFORT, Clinton County, Ind.
1.091.000.00
-BOND OFFERING.
-Charley
Population: 1925, estimated, 9,000; 1930, estimated, 16,000.
E. Petty, City Clerk, will receive sealed bids until 2 p. m. on
for the purchase of $60,000 4X% bonds issued for the purpose March 29,
HENRY COUNTY SCHOOL DISTRICT No. 51 (P. 0.Kewanee),
funds to pay the corporate debts of the city. Dated March 6 of procuring 111.
-BOND SALE.
-The White-Phillips Co.,
$500. Due $30.000 on July 15 in 1932 and 1933. Interest1930. Denom. chased an issue of 895.0006% school bonds. of Davenport, recently purpayable semiMar. 1 1930. Denom.
annually.
$1,000. Due on July 1, as follows: $30,060 in 1932 and 1933. and $35,000
FRANKLIN COUNTY (P.O. Brookville), Ind.
-BOND
- in 1934. Prin. and semi-annual int. (J. & J 1) payable at the Continental
Thomas F. Wilson, County Auditor, will receive sealed bidsOFFERING.
Illinois Bank & Trust Co. Chicago. Legality approved by Chapman &
on April 3 for the purchase of $8,000 43 % road construction until 10 a. m. Cutler, of Chicago. The'
assessed value of taxable property is given as
March 15 1930. Denom. $400. Due $400 on Nov. 15 from bonds.Dated $9,425.473 and the total bonded indebtedness, incl. current Issue. $235,000.
1931 to 1950,
inclusive. Interest is payable on May and Nov. 15.
This report corrects that given in-V. 130, P. 1698
-captioned Kewanee
School District.
GADSDEN, Etowah County, Ala.
-BONDS VOTED.
-At the special
Financial Statement.
election held on Mar. 11-V. 130. p. 1317
-the voters authorized the Assessed value oftaxable property
24325:000473:00
$9,5
00
Issuance of $100,000 in school construction bonds by a count of
376 "for" Total bonded indebtedness, including this issue
to 20 "against." Int. rate is not to exceed 6%. payable
semi-annually.
Population of school district, estimated. 20,000. Area of school district,
Beginning with bond number 1 and maturing in numerical order, 3
bonds approximately. 5 square miles.
shall mature at the end of 3 years from the date of issue, and 3 bonds
shall
mature at the end of each year thereafter for a period of 19
HILLSBOROUGH COUNTY (P. 0. Tampa), Fla.-BOND OFFERyears; and
thereafter 5 bonds shall mature at the end of each year for a
-Sealed bids will be received until 11 a.m. on Mar. 21, by W. A.
ING.
period
years. which will mature all of said bonds at the end. of :30 years fromof 8 Dickenson, clerk of the Board of County Commissioners, for the purchase
the
date of their issue; said bonds to be in the denomination of one thousand of an Issue of 3167.000 ref. bonds. Int. rate is not to exceed 6%, payable
dollars (31.000.00) each and to be numbered from 1 to 100. both Incl.
semi-annually. Denom. 51,000. Dated Mar. 1 1930; due from 1933 to
1953. The legal approval will be furnished. A $2.500 certified check,
GALVESTON COUNTY (P. 0. Galveston), Tex.
-BOND SALE.
- payable to the above Clerk, must accompany the bid.
The syndicate composed of Stranahan, Harris & Ostia, Inc., of
Toledo,
H. M.Byllesby & Co., of Chicago, Otis & Co.,of Cleveland. and
HINDS COUNTY (P.
-BOND SALE.
-The
associates, $200,000 issue of coupon or 0. Jackson) Miss.
has exercised the option that was given last January
registered court house and Jail, series B bonds
-V. 130. P.
-and
recently purchased the remaining $700,000 5% semi-annual road835
-was purchased by the Detroit &
bonds of offered for sale on Feb. 3-V. 130, p. 498
the total offered. Dated Aug. 11929; due from Aug. 1 1930 to
1959, incl. Security Trust Co. of Detroit. as 5s, for a premium of $1,151, equal to
100.57, a basis of about 4.94%. Dated July 1 1929. Due from July 1
GEORGETOWN, Williamson County Tex.
-ADDITIONAL INFORMATION.
-The $67.000 issue (not $60:000) of sewer bonds that was 1930 to 1954 inclusive.
reported sold-V. 130, p. 1317
-was Jointly purchased by the First
HOLDENVILLE, Hughes County, Okla.
-The three
-BOND SALE.
National Bank of Georgetown and the Board of Trustees of the
Georgetown Issues of bonds aggregating 353.800. offered for sale on March 18-V. 130.
Independent School District.
13• 1698 were purchased by the Brown-Crummer Co. of Wichita. The issues
are divided as follows' $27,000 water works system extension; $18,000 storm
GLENDALE, Douglas County, Ore.
-BOND
-The
issue of 6% semi-annual coupon water bonds offeredSALE. on $16,000 sewer system extension and $8,800 sanitary sewer extension bonds.
for sale
Mar. 3V. 130, p. 1697-was purchased by the Glendale State Bank of
HONEOYE FALLS, Monroe County, N. Y.
Glendale at a
-BOND SALE.
-The
price of 101.00, a basis of about
5.88%• Due $1,000 from Mar. 1 1934 to following issues of coupon or registered bonds aggregating 518.000 offered on
1949, Inc.
March 17-V. 130, p. 1698
-were awarded as 4.40s. at a price of par to the
GOLIAD COUNTY (P. 0. Gonad), Tex.
-BONDS REGISTERED.- State Bank of Honeoye Falls•
The $50,000 issue of 5,34 % road. series B bonds that was sold
310,000 series B bonds. Due 81.000 on Feb. 1 from 1931 to 1940 incl.
o
IR
on
V. 130. p. 1510
8,000 series A bonds. Due $1,000 on Feb. 1 from 1931 to 1938 incl.
-was registered by the State Comptroller on Feb. 25Mar. 14. Both issues are dated Feb. 11930.
Due from Mar. 1 1946 to 1949.
HOUSTON, Harris County, Tex.
GREENFIELD, Hancock County, Ind.
-The nine issues of
-LIST
BIDS.
-The follow- bonds aggregating $2.258,000 offered -BOND SALE.
ing is a complete list of the bids received on Feb. OF for
for sale on March 15-V. 130.
21
Riley Park improvement bonds awarded to the Citizens the $25,000 5% -were purchased by a syndicate composed of Lehman Bros., E. It. p. 100
Rollins
Bank, of Green
field. at 100.28, a basis of about 4.83%-V. 130. p. 1510.
& Sons. Stone & Webster & Blodgett. Inc., and Kountze Bros., all of New
BidderYork, the Mississippi Valley Co. of
Premium. City. Dallas Union Trust. Co., andSt Louis, Stern Bros. & Co. of Kansas
Citizens Bank, of Greenfield (Purchaser)
the Mercantile Securities Corp.. both
$70.00 of Dallas. and the Union National Bank of Houston,
Meyer-Kiser Bank, Indianapolis
1.50 a basis of about 4.42%. The issues are described as at a price of 100.91,
Flecher Savings Bank & Trust Co., Indianapolis
follows:
28.80 3528,0004 X % street
City Securities Corp., Indianapolis
improvement bonds. Dated July 1 1929. Due
65.00
$24,000 from July 1 1933 to 1954 incl.
GREECE COMMON SCHOOL DISTRICT NO. 5 (P. 0.
Charlotte
80,000 4 X% sanitary sewer bonds. Dated July 1 1929. Due $8,000
Station, Rochester), Monroe County N. Y.
-BOND OFFERING.from July 1 1945 to 1954 incl.
Edward MaShea, Sole Trustee, will receive sealed bids until 8
44,000 4 X % macadam paving bonds. Dated July 1 1929. Due $4.000
April 1, for the purchase of $59,000 coupon or registered school p. m. on
bonds, to
from July 1 1944 to 1954 incl.
2074
FINANCIAL CHRONICLE
56.000 44% general improvement bonds. Dated July 1 1929. Due
$4.000 from July 1 1944 to 1954 incl.
440,000 4 A % special improvement bonds. Dated Nov. 1 1929. Due
$20,000 from Nov. 1 1933 to 1954 incl.
60,000 4A % macadam paving bonds. Dated Jan. 1 1930. Due $4,000
from Jan. 1 1941 to 1955 incl.
132,000 4%% White Oak Bayou Drive bonds. Dated Jan. 1 1930.
Due $6,000 from Jan. 1 1934 to 1955 incl.
80,000 4A % bridge bonds. Dated Jan. 1 1930. Due $4,000 from
Jan. 1 1936 to 1955 incl.
88.000 4 A % water works improvement bonds. Dated Jan. 1 1930.
Due from 1934 to 1955 incl.
Denom. $1,000. The approving opinions of Thomson, Wood & Hoffman of New York. and Reed, Hoyt & Washburn. also of New York, will
be furnished. Prin. and semi-ann. Int. payable at the Chase National
Bank in New York City.
-The successful bidders
-OFFERED FOR INVESTMENT.
BONDS RE
.are now re-offering all the above 4 A % bonds aggregating $2,202,000 for
on all maturities.
public subscription at prices to yield 4.30%
-BOND OFFERING.
HUNTINGTON BEACH,Orange County,Calif.
-Sealed bids will be received by C. R. Furr, City Clerk, until 7.30 P.m.
on Mar.24,for the purchase of two issues of5% bonds aggregating $122,000.
as follows:
862,000 municipal pier extension bonds. Due Mar. 1, as follows: 54,000.
1931 to 1944 and $6,000 in 1945.
60,000 municipal pier repair bonds. Due $4,000 from Mar. 1 1931 to
1945. Incl .
.
Denom. $1,000 Dated Mar. 1 1930. Prin. and int. (M. & S.) payable
In Huntington Beach. Legality approved by Gibson, Dtmn & Crutcher.
of Los Angeles. A certified check for 3% must accompany the bid.
(These bonds were voted on Feb. 18-V. 130, p. 1511.)
-NOTE OFFERING -Sealed bids
IDAHO, State of (P. 0. Boise).
will be received by Byron S. Defenbach. State Treasurer. until Apr. 16,
for the purchase of two issues of notes aggregating $2,000.000. divided as
follows: $1.000,000 highway and $1,000,000 general fund notes.
-PROPOSED BOND SALES.
IOWA. State of (P. 0. Des Moines).
The following is from the March 13 issue of the Des Moines "Register"
at auction of primary road bonds totaling $1,850,000 in nine
"Sale
March 31
southeastern Iowa counties has been tentatively set betweenby County
and April 11, according to a schedule received Wednesday
of Counicl Bluffs from the State Highway ComAuditor George Sparks
mission. A block of 5200.000 worth of bonds for Pottawattamie County
will be sold at auction in Council Bluffs March 31 at 2 p. m. by County
1 and will be
Treasurer W. A. Stone. The bonds will be dated May Bonds totaling
callable in five years from that date (refer to enming pages).
will be sold by 20 counties throughout the State between March
54,245.000
31 and April 11, according to the schedule."
ISLIP COMMON SCHOOL DISTRICT NO. 9, Suffolk County,
-The 3192.000 coupon or registered school bonds
N. Y.
-BOND SALE.
-offered on March 18-V. 130. p. 1881-were awarded as 4 As to Lehman
at par plus a premium of $230.40. equal to 100.12. a
Bros. of New York,
basis of about 4.48%. -The bonds are dated Mar. 15 1930 and mature on
Mar. 15 as follows: 56.000, 1931 to 1932. and $10,000 from 1933 to 1950
Incl.
A complete list of the bids submitted for the issue follows: Premium.
Jul. Rate.
Bidder$230.40
4 50
Lehman Bros. (purchaser)
604.22
4.604
George B. Gibbons & Co
633.60
4.60%
Dewey, Bacon & Co
528.00
4.60V
Batchelder & Co
433.92
4.80%
P'arson, Son & Co
382.08
4.60%
,
Bain & Lockwood
-ADDITIONAL DETAILS.
IVANHOE, Lincoln County, Minn.
The $7.500 issue of refunding bonds that was purchased by the State of
Minnesota
-V. 130, p. 1881-was awarded as 4 %a, at par. Due $500
from 1935 to 1949 incl.
-The voters at
JAMAICA SQUARE, N. Y.-$15.000 BONDS VOTED.
the spring election held on Mar. 18 approved a proposal calling for the
Issuance of 515.000 in bonds for highway improvement purposes by a vote
of 52 to 24.
-BOND SALE.
JEFFERSON COUNTY (P. 0. Beaumont), Tex.
The $1,000,000 issue of 5% semi-annual court-house bonds offered for
-was purchased by the Republic National
sale on Mar. 17-V. 130, p. I698
-Co. of Dallas. for a premium of $4,500. equal to 100.45, a basis of about
4.94%. Dated Oct. 10 1929; due in 40 years and optional after 10 years.
JOPLIN SCHOOL DISTRICT (P.O. Jonlin), Jasper County,_ Mo.-Sealed bids will be received until 5 p.m. on Mar. 25,
BOND OFFERING.
by Roy Breazeale. Secretary of the Board of Education, for the purchase
of a $650,000 issue of 434% school bonds. Denom. 51,000. Dated April
1 1930; due from May 1 1931 to 1950. Bidders should bid on $317,000 of
the issue and 5650.000 of issue separately. If only 8317,000 bonds are
sold, they will be bonds maturing in 1931, 1933, 1935. 1937, 1939, 1941.
1943. 1945, 1947 and 1949. Prin. and int.(M.& N.) payable at the place
designated by purchaser. Bids are to be opened at 7.30 p.m. of said date.
Purchaser will furnish and pay for legal opinion. These bonds are issued
under the provisions of sec. 11. 127 and 11,128 of the R. S. of Missouri,
1919. A certified check for 1% of the bid, payable to J. G.Starr. Treasurer.
is required.
-V. 130. p. 1881.)
(These bonds were recently voted.
KANSAS CITY SCHOOL DISTRICT (P.0. Kansas City), Jackson
-The $500,000 issue of 531% school. aeries
County, Mo.-BOND SALE.
-was awarded to
A, bonds offered for sale on Mar. 18-V. 130. p. 1698
the Harris Trust & Savings Bank, of Chicago, at a price of 102.79. a basis
of about 4.15%. Dated Jan. 1 1930: due $25,000 from Jan. 1 1931 to
1950, incl.
-The above bonds are now being
-OFFER BONDS.
PURCHASERS RE
offered for public subscription at prices to yield 4.00% on all maturities.
According to report, they are legal investment for savings banks and trust
funds in New York. The bonds are a direct general obligation of the
district which includes the entire City of Kansas City and considerable
adjacent territory.
-Scaled
-BOND OFFERING.
KINNEY, Saint Louis County, Minn.
bids will be received until 8 p.m. on Mar. 25 by M. B. Stokich, Village
bonds
Recorder, for the purchase of two issues of coupon or registered bonds.
aggregating $75,000. as follows: $55,000 funding and $20,000 water
Int. rate is not to exceed 6%. payable semi-annually. Dated Jan. 11930.
A 52.000 certified check must accompany the bid.
-BONDS REGISTERED.KIRKLAND, Childress County, Tex.
-On Mar. 15 the State Comptroller registered a $15,000 Issue of 5% serial
of 1930 bonds.
school house. Issue
-BOND OFFERING.
KNOX COUNTY (P. 0. Vincennes), Ind.
Claude Hill, County Treasurer, will receive sealed bids until 2 p. m. on
4 for the purchase of the following issues of 5% bonds aggregating
April
530.900:
515,600 W. H. Threlkeld et al., Washington Township road improvement
bonds. Dated Mar. 4 1930. Denom. $390. Due 8780, July 15
1931; $780, Jan. and July 15 from 1932 to 1940 incl., and $780.
Jan. 15 1941.
8,500 J. W. Housel et al., Decker Township road improvement bonds.
Dated Feb. 4 1930. Due $425, Jan. and July 15 from 1932 to
1941 incl.
6,800 Ira Eubanks et al., Steen Township road improvement bonds.
Dated Mar. 4 1930. Denom. $340. Due $340. July 15 1931;
5340, Jan. and July 15 from 1931 to 1940 incl., and $340 on Jan.
15 1941.
Interest on three issues is payable semi-annually on Jan. and July 15.
-BOND OFFERING.
LA GRANGE COUNTY (P.0.La Grange), Ind.
-Harry Haglind. County Treasurer will receive sealed bids until 2 p. m.
on April 1 for the purchase of the following issues of 5% bonds aggregating
400:
518.
59.400 Norman G. Huss et al., Springfield Township road construction
bonds. Denom. $470. Due $470, July 15 1931; 5470, Jan. and
July 15 from 1932 to 1940 incl., and $4470 on Jan. 151941.
9.000 Alva Moore et al., Bloomfield Township road construction bonds.
Denom. $450. Due $450, July 15 1931; $450. Jan. and July 15
from 1931 to 1940 incl., and $450 on Jan. 15 1941.
Both issues are dated Mar. 15 1930.21Int. payable on Jan. and July 15.
[Vol,. 130.
-The
-BOND SALE.
LAKE COUNTY (P. 0. Crown Point), Ind.
$150,000 5% Tuberculosis Sanitorium extension construction bonds offered
on Mar. 12-V. 130, p. 1511-were awarded to Julian H. Youche, at par
plus a premium of $4,055.29, equal to 102.70, a basis of about 4.40%. The
bonds are dated Jan. 1 1930 and mature as follows: $7,500, July 1 1930:
$7,500, Jan. and July 15 from 1931 to 1939 incl., and 57.500 on Jan. 1
1940. A complete list of the bids submitted for the issue follows:
. Premium.
Bidder$4.055.29
Julian H.Youche(Purchaser)
2,781.00
Meyer-Kiser Bank,Indianapolis
3,115.00
Harris Trust & Savings Bank,Chicago
3,178.00
Commercial Bank of Crown Point
-BOND OFFERING.LAKE COUNTY (P. 0. Painesville), Ohio.
L. J. Spaulding, Clerk of the Board of County Commissioners, will receive
bonds. as follows:
sealed bids for the purchase of $143.000 5%
ids for this issue will be
376.000 Lake Road improvement bonds.
received until 11 a.m. on April 10. The bonds are dated April 1
1930. Denom. $1,000. Due as follows: $8,000. Oct. 1 1930,
$8.000, April 1 and 89.000. Oct. 1 1931 to 1934. incl. A cert.
check for $2,000. payable to F. N. Shankland, County Treasurer,
must accompany each proposal.
67,000 Painesville-Euclid Road improvement bonds. Bids for this issue
will be received until 11 a.m. on April 7. The bonds are dated
Apr. 1 1930. Denom. $1.000. Due as follows: 84,009, Oct. 1
1930. 53.000, Apr. 1 and 54,000. Oct. 1, from 1931 to 1939. incl.
A cert. check for 52.000, payable to F. N. Shankland, County
Treasurer, must accompany each proposal.
Int. on both issues is payable semi-annually on Apr. and Oct. 1. Both
prin. and int. are payable at the office of the County Treasurer. Bidet
for the bonds to bear interest at a rate other than 534% will also be considered, provided, however, that where a fractional rate is bid such fraction
shall be % of 1% or a multiple thereof. Bonds will be sold to the highest
bidder for not less than par and accrued interest to the date of delivery•
Financial Statement.
$190,000.000.00
Estimated value cf taxable property
Last assessed valuation for taxation121.261.210.00
3.473,625.30
Total bonded debt (incl. these Issues)
1,955.315.50
S eclat assessment debt (incl. in total bonded)
Total floating (general obligation) debt2.101.903.08
Tax rate, 4.86. County population (1920). 28.627; (now). 35,000.
-BONDS NOT SOLD.
LIBERTY COUNTY (P. 0. Liberty), Tex.
The 5500.000 issue of 5% semi-annual road, series A, bonds offered on
Mar. 4-V. 130. p. 1318-rwas not sold. It is reported that the bonds will
be re-offered a., a later date. Dated Feb. 10 1930; due from 1932 to 1960.
Incl,
LINCOLN COUNTY (P. 0. Libby), Mont.-OFFERINO DETAILS.
The $10.000 issue of not exceeding 6% poor fund bonds scheduled to be
-Is dated April 17 1930.
p. 1882
offered for sale on April 7-V. 130.
Denom. $1,000. Prin. and int. (J. & J.) payable in Libby. Authority
for issuance: Art. 13, Sect. 5, Laws of Montana. Legality approved by
the County Attorney.
-The
-BONDS REGISTERED.
LONGVIEW, Gregg County, Tex.
/
three issues of 50 serial bonds aggregating $140,000, that were recently
sold-V.130. p. 1318
-were registered on Mar. 10 by the State Comptroller.
The issues are divided as follows: $70,000 street improvement; 855,000
water works improvements, and $15.000 sewerage improvementa bonds.
-Sealed
LOUISVILLE, Jefferson County, Ky.-BOND OFFERING.
bids will be received until noon on Apr. 2, by Matt H. Crawford, Chairman
of the Commissioners of Sewerage, for the purchase of a 52.000,000 Issue of
4 or 43'l % sewer bonds, fully described as follows:
The bonds are dated Feb. 1 1929 maturing Feb. 1 1969 without option
of prior payment. Prin. and int. from Feb. 1 1930 (F. & A. 1) payable in
gold in N. Y, City . Not registerable; delivery at place of purchaser's
,
choice on or about Apr. 22 1930.
No bids under par and accrued interest will be considered. Bidders are
asked to specify the interest rate or rates. The award will be made upon
the highest bid for bonds bearing 4% int., or, if no such bid is received,
upon the bid offering par and accrued Interest for the largest amount of
4% and the smallest amount of 4%% bonds or, if no such bid is received,
upon the highest bid for 4%% bonds.
The legality of the bonds has been approved by Masslich & Mitchell,
N. Y. City,subject to legal sale, execution, delivery and payment,and their
unqualified approving opinion, together with the legal papers, will be furnished the purchaser. Since the law requires payment of any premium
into the sinking fund, the purchases will be require, to pay the fee of said
sissippl Valley Trust Co. in St. Louis. Legality to be approvea by B. H.
attorneys.
Bids must be upon a form which, with additional information, will be
furnished by the above official or said attorneys and must be enclosed in a
sealed envelope marked "Proposal for Bonds" and be accompanied by a duly
certified check or cashier's check upon an incorporated bank or trust company, payable to the order of the Commissioners of Sewerage for $40,000.
-Abel R.
-BOND OFFERING.
LOWELL, Middlesex County, Mass.
Campbell, City Treasurer, will receive sealed bids until 11 a. m. on March
25 for the purchase of $50 000 4% coupon sewer bonds of 1930. Dated
March 1 1930. Denom, 11.000. Due on March 1 as follows* $2,000,
1931 to 1950, inclusive, an $1,000 from 1951 to 1960, inclusive. Coupon
bonds may be exchanged for fully registered certificates. Principal and
semi-annual interest (March and Sept. 1) payable at the First National
Bank of Boston. The bonds will be engraved under the supervision of
and certified as to genuineness by the aforementioned bank: their legality
will be approved by Ropes, Gray, Boyden & Perkins of Boston, whose
opinion will be furnished the purchaser.
Financial Statement Match 15 1930.
$129,913.305.00
Net valuation for year 1929
3,388,665.70
Debt limit, 234% of average valuation
4,923,140.00
Total gross debt, Including this issue
$185,750.00
bonds
Exempted debt
-Water
1.737,200.00
Other bonds
51,922,950.00
$3,000.190.00
Net debt
388,475.70
Borrowing capacity
-THREE BOND ISSUES APLYNBROOK, Nassau County, N. Y.
authorized the IssuPROVED.
-At an election held on Mar. 18 the voters
ance of $445,000 paving bonds, $67,000 drainage bonds, and $24,000 street
extension bonds. The issues authorized total 5136,000 and were approved
by a favorable vote of more than 2 to 1.
-BONDS REGISTERED.
McLENNAN COUNTY (P. 0. Waco), Tex.
An issue of $100,000 431% road, series D bonds was registered on Mar. 12
by the State Comptroller. Due serially.
McLENNAN COUNTY(P.0.Waco),Tex.-BOND OFFERING.-Bealed
bids will be received by R. B. Stanford, County Judge, until 10 a. m.
April 1 for the purchase of an $850,000 issue of 431% county road bonds.
Denom. $1,000. Dated Abril 10 1929. Due on April 10 as follows:
59.000 in 1940, and $29,000. 1941 to 1969 incl. Prin. and int. (A. & 0.)
payable at the National Park Bank in New York. The county reserves the
right to sell only 8400,000 of the bonds. The approving opinions of the
Attorney-General and Thomson. Wood & Hoffman of New York, will be
furnished. A $20,000 certified check must accompany the bid.
(These bonds are a part of the $1.025.000 issue offered on Nov. 14, for
-V. 129, p. 3201.)
which no par bids were obtained.
-TEMPORARY LOAN.
MANCHESTER,Hillsborough County, N. H.
-The First Natioanl Old Colony Corp.of Boston,on March 20 was awarded
dated Mar. 20 1930 and due on Dec. 10 1930.
a $300,000 temporary loan,
at 3.43% discount. S. N. Bond & Co. of Boston, the only other bidders.
offered to discount the loan at 3.74%, plus a premium of $12.
-ADDITIONAL DETAILS.MANSON, Calhoun County, lows.
The $43.200 issue of judgment bonds that was purchased by the Lytle
-bears Int. at 5% and
-V. 130. p. 1882
Investment Co., of Sioux City
matures from 1931 to 1948.
DISTRICT NO. 8 (P. 0. Phoenix),
MARICOPA COUNTY SCHOOL
-Sealed bids will be received until 2 p.
-BOND OFFERING.
Ariz.
April 18 by C. L. Walmsley, Clerk of the Board of Supervisors,for the purchase of a $55,000 issue of school bonds. Int. rate is not to exceed 6%.
payable semi-annually. Denom. $1,000. Dated April 15 1930. Due on
April 15 as follows: $5,000. 1940 to 1944, and $6,000, 1945 to 1949, all lad.
Prin. and hit. (A. & 0.) payable at the office of the County Treasurer or
MAR. 22 19301
FINANCIAL CHRONICLE
at the Bankers Trust Co. in New York. The blank bonds and legal opinion
to be furnished by purchaser. A certified check for 5% must accompany
the bid.
MARION COUNTY(P.O. Indianapolis),Ind.
-BOND OFFERING.C. E. Robinson, County Treasurer will receive sealed bids until 10 a. m.
on April 4 for the purchase of $48,000 4 t % Frank Stuck at al., road improvement bonds. Dated Mar. 15 1930. Denom. $600. Due $2,400,
May and Nov. 15 from 1931 to 1940 incl. Prin. and semi-ann. int.(May
and Nov. 15) payable at the office of the County Treasurer.
MARSHALL COUNTY ROAD DISTRICT NO. 2 (P. 0. Holly
Springs), Miss.
-BONDS DEFEATED.
-At the special election held on
Mar. 11-V. 130. p. 1319
-the voters defeated the proposal to isS110 360.000
in road bonds by a fairly large majority.
MARSF1ALL COUNTY UNION SCHOOL DISTRICT (P. 0. Benwood) W. Va.-BOND SALE.
-An issue
semi-annual
school bonds has been purchased at par by of $150,000 5% Commission.
'
the State Bond
Due from June 1 1932 to 1945. incl.
(This report corrects that appearing under Ohio Co., W. Va., in
V. 130.
p. 1701.)
2075
$762,000 road bonds ($769,000 offered). Due on Mar. 15, as follows:
540,000. 1932 to 1941. incl. $41,000, 1942 to 1949. incl., and
$34.000 in 1950.
135,000 bridge bonds (5143,000 offered). Due on Mar. 15. as follows:
57.000. 1932 to 1940, incl.. and $8,000 from 1941 to 1949, incl.
21,000 sanitorium bonds. Due on Mar. 15, as follows: $2,000. 1932 to
1939, Incl. and 31,000 from 1940 to 1944. incl.
All of the above bonds are dated Mar. 15 1930. Bids for the bonds were
as follows:
No. Bonds
Amount
BidderBid For.
of Bid.
George B. Gibbons & Co. (Purchaser)
918
$933,008.55
Graham, Parsons & Co
921
934,075.68
Central National Bank, of Freehold, and Roosevelt
& Son, of N. Y
920
933,390.80
The successful bidders are re-offering the bonds for public investment
at prices to yield 4.20%. The bonds are stated to be basal investment
for savings banks and trust funds in New York and New Jersey. The
county reports an assessed valuation for 1929 of $206,110,693 and a total
bonded debt, including current bonds. of $7,451,088.
MERCHANTVILLE SCHOOL DISTRICT, Camden County, N. J.
MONROE COUNTY (P. 0. Albia),
-BOND ELECTION.
BOND SALE.
-The $18,000 5% school bonds offered on Mar. 18-V. 130, Board of Supervisors has set March 27Iowa. date for special -The
as the
a
election
p. 1700
-were awarded to the First National Bank & Trust Co.of Merchant- on the authorization of an additional $160,000
in county primary road
ville, at par plus a premium of $41.41. equal
basis
4.98%. The accepted bid was the only oneto 100.23, aThe of about bonds.
received.
bonds are
dated April 1 1930 and mature on April 1 as follows: $500,
MONTGOMERY COUNTY (P. 0. Red Oak), Iowa.
-BOND OFFER1932 to 1961
incl., and $750 from 1962 to 1965 incl.
ING.
-Bids will be received until April 7 by the County Treasurer for the
purchase of an issue of 5150.000 primary road bonds. Dated May 1 1930.
MERIGOLD ROAD DISTRICT ( 0. Merigold), Bolivar
P.
County,
Miss.
-BONDS VOTED.
-At a special election held on March 4 the voters
MORRISVILLE SCHOOL DISTRICT, Bucks County, Pa.-BOIVD
gave their approval of the
SALE.
-The 579,000 5% coupon school bonds offered on Mar. 14-V. 130.
of 104 "for" to 8 -against."issuance of $150,000 in road bonds by a count p. 1512
-were awarded to the Morrisville Trust Co. of Morrisville, at a
price of 107.832, a basis of about 4.2507. The bonds
MESA COUNTY SCHOOL DISTRICT NO. 1 (P. 0.
Grand Junc- 1930 and mature as follows: $2,000, 1935; sa.000. 1936 to are dated Mar. 1
tion), Colo.
1942 incl.; $4.000.
-BOND SALE.
-The $100,000 issue of coupon school building 1943 to 1950 incl.; $5,000.
bonds offered for sale on Mar. 11-V. 130,
1951 to 1954 incl., and
-was purchased by following is an official tabulation of the bids received:54,000 In 1955. The
Sidi°, Simons, Day & Co. of Denver, as 430,P. 1512
for a premium of 51.005.01,
equal to 101.0056, a basis of about 4.43%. Due $4,000 from
BidderRate Bid,
1941 to Morrisville Trust Co.(Purchaser)
1965 incl. (This sale is subject to an election to be held on
107.832
Mar. 21.)
(This report corrects that given in V. 130, p.
E. H. Rollins & Sons
106.312
1882.)
Edward Lowber Stokes & Co
105.19
MIAMISBURG, Montgomery County, Ohio.
-BOND SALE.
-The A.B.Leach & Co.,Inc
107.15
$2.700
% special assessment street improvement bonds offered on
Feb. MM.Freeman & Co
105.767
15-V. 130, P. 837-were awarded to the First National Bank
of Miamisburg, at par plus a premium of 55. equal to 100.18, a basis
MOUNT EPHRAIM, Camden County, N. J.
-BOND SALE.
-The
of
The bonds are dated Dec. 18 1929 and mature $270 on Oct. about 5.47%. $440,000 sewer bonds offered on Feb. 10-V. 130,_p. 837
-are reported to
1 from 1931 to
1940 incl. In addition to
have been disposed of as 6s, at a price of par.
urchaser
bid
of $3.76 for the bonds asthe accepted tender, a by of par plus a premium The bonds are dated March 1 1930 and mature on March not disclosed.
51is
1, as follows:
the Provident Savings
Bank Ss Trust Co., Cincinnati. was submitted
$88,000, 1934 to 1936, incl.. and $44.000 from 1937 to 1940. incl.
NEBRASKA.
MIDDLETOWN, Butler County, Ohio.
-VARIOUS BOND SALES.
-We are informed of the
-BOND OFFERING.
-C. H.
Campbell, City Auditor, will receive sealed bids until 12 m.
purchases of bonds throughout the State by Wachob.
(eastern stand- following recent of
ard time) on April 10.for the purchase of the following issues
Omaha: $15,000 Louisville sewers; 525.000 Douglas
of 6% special Bender & Co.,
assessment bonds aggregating $12,000:
County School District No. 17 (pre-election) school buildings: $13,500 Cass
County School District No. 102 refunding; $12,000 Gibbon refunding;
$28,000 street improvement bonds. Denoms. $500 and $300.
Due 52.800
on Sept. 1 from 1931 to 1940, incl. A certified check for $400 $40,000 Preeley Co. School District No. 1 refunding; $24,000 Thurston
County School District No. 17 refunding; $19,000 Nemaha County School
must accompany each proposal.
District No. 82 (pre-election) school building; $15.000 Cherry County
11,000 street improvement bonds. Due $1,400 on Sept. 1 from
1931 to School District No. 17 (pre-election) school building, and 530.000 Seward
1910, incl. A certified check for $400 must accompany each
County School District No. 96 (pre-election) school building bonds.
proposal.
Both issues are dated April 1 1930. Principal and semi-annual
NEWBURGH, Orange County, N. Y.
-OFFER $313.000 434%
interest
(March and Sept. 1) payable at the Chase National Bank, New S'
BONDS.
-The $313.000 4 3 % bonds, consisting of a 5158.000 refunding
ork.
Bids for the bonds to bear interest at a rate other than 6% will
also be issue and a 5155.000 street improvement issue, awarded on Mar. 4 to a
considered, provided, however, that where a fractional rate is
syndicate headed by H. M. Byllesby & Co.. of New York, at 100.08, a
fraction shall be 3( of 1%'or a multiple thereof. Checks should bid such basis of about 4.24%-V. 130, p. 1700
-are being reoffered by the successful
be made
payable to the order of the City Treasurer. The offering notice says:
bidders for public investment priced to yield 4.05% for all maturities.
' The proceedings leading up to the issuing of these bonds have
The obligations are stated to be legal investment for savings banks and trust
been under the supervision of Peck. Shaffer and Williams, attorneys.
Cincinnati. funds in New York, Massachusetts and Connecticut.
Ohio. whose opinion as to the validity will be furnished to the
Financial Statement.
without charge. Purchasers are required to satisfy themselves purchaser
as to the
(As Officially Reported)
validity of these bonds prior to the bidding therefor. and only unconditional
Assessed valuation (real estate only)
bids shall be considered. Purchaser shall pay the entire expense
$39,941,000
for the Total bonded debt (including this issue)
delivery of said bonds.
2.667.584
Less water debt
$802.231
MIDDLETOWN, Butler County, Ohio.
Less sinking fund
-BOND OFFERING.
37.777
-C. H.
Campbell, City Auditor, will receive sealed bids until 12 M. on
1.827.576
Apr. 10. Net bonded debt
for the purchase of $18,000 6% special assessment boulevard
Population, 1925 State Census, 30,419: 1930 (estimated). 34.200.
lighting bonds.
Dated Apr. 11930. Denom. $500. Due $2.000 on Sept. 1
-Newburgh has no separate school district.
Note.
from 1931 to
1939, Incl. Prin. and semi-annual int.
NEW MEXICO, STATE OF (P. 0. State College).
National Bank, N. Y. City. Bids for(M. & 8. 1) payable at the Chase
-BOND SALE.
bonds to boar Int. at a rate The $110,000 issue of New Mexico College
other than 6% will also be considered, the
and Agricultural and Mechanic
provided, however, that
fractional rate is bid such fraction shall be JI of 1% or a multiple where a Arts building and improvement,series B bonds offered for sale on Mar. 12thereof. V. 130. p. 1319
A certified check for $400. payable to the order of the City
-was purchased by the State of New Mexico, as 5.s. at par.
accompany each proposal. The proceedings incident toTreasurer, must Dated Mar. 15 1930. Due from Mar. 15 1932 to 1950.
the
these bonds have been taken under the supervision of Peck. issuing of
NEWPORT, Orleans County, Vt.-BOND OFFERING.
-W. C.
Shaffer &
Williams, of Cincinnati, whose opinion as
Lindsay, City
to the purchaser without charge. Only to their validity will be furnished the purchase Clerk will receive sealed bids until 4 p. m. on March 31,for
unconditional bide will be conof $60.000
% bridge and highway bonds. Dated April 1
sidered.
1930. Denom. $1,000. Due $4,000 on April 1 from 1931 to 1945 incl.
Prin. and semi-ann. int. payable at the National Bank of Newport, of
MINDEN, Montgomery County, N. Y.
-BOND OFFERING
.Roland New York. The bonds are to be issued in coupon form and will be certiHoffman, Town Supervisor, will receive sealed bids until
2 D.
for the purchase of $10,000 5% improvement bonds. Dated m.on April 3 fied as to genuineness by the National Shawmut Bank of Boston. The
Feb. 1 1930. successful bidder will be furnished with the approving opinion of Storey.
Denom. $1,000. Due $1,000 on Feb. 1 from 1931 to
int. (Feb. 1) payable at the Farmers and Mechanics1940 incl. Prin. and Thorndike, Palmer & Dodge of Boston. The total outstanding debts of
A certified check for 5% of the amount of bonds bid for,Bank of Fort Plain. the City amount to approximately 3334,967.22.
payable to the order
of the town, must accompany each proposal.
NEWTON INDEPENDENT SCHOOL DISTRICT (P. 0. Newton),
Jasper County Iowa.-BOND SALE.
-The $75,000 issue of coupon
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING.
'
- refunding school bonds offered for sale on Mar. 14-V. 130, p. 1147
-was
Sealed bids will be received until 2 p. m. on March 31, by
Geo.
Secretary of the Board of Estimate and Apportionment, for the St. Link. purchased by the Iowa-Des Moines Co. of Des Moines, as Ois, for a
purchase premium of $315, equal to 100.42. a basis of about 4.44%. Dated May 1
of three issues of coupon bonds aggregating 52.490,000, as
follows:
1930. Duo from May 1 1935 to 1941 incl. Int. payable on May and Nov.1.
$2,175,000 permanent improvement construction bonds. Due
$87.000from
NEWTON FALLS, Trumbull County, Ohio.
-BOND OFFERING.
April 1 1931 to 1955, incl.
11. G. Allen. Village Clerk, will receive sealed bids until 12 m. on Mar. 22
275,000 water works bonds. Due $11.000 from April 1 1931
40,000 municipal airport bonds. Due $2,000 from April 1 1931 to 1955. for the purchase of $15,000 5I% fire department equipment pur• base
Those bonds maturing from 1931 to 1937 shall bear 5% interest to 1950. bonds. Dated April 1 1930. Denom. $1,000 and $500. Due $1,500 on
payable April 1 from 1931 to 1940 incl. Bids for the bonds to bear int. at a rate
semi-annually; all other bonds shall bear interest at 43f% payable
annually. Thomson, Wood & Hoffman, of New York City, will semi- other than 5X% will also be considered, provided, however, that where a
the legal approval. A certified check for 2% of the bid, payable furnish fractional rate is bid, such fraction shall be stated in a multiple of K of 1%•
to C.
Bloomquist. is required. (The official advertisement of this offering A. Prin. and semi-ann. int. (April and Oct. 1.) payable at the First State Bank,
will Newton Falls. A certified check for $500. payable to the order of the Village
be found on the last page of this section.)
Treasurer must accompany each proposal.
MISSOURI STATE OF(P.O. Jefferson City).
-BOND OFFERING.NEW WILMINGTON, Lawrence County, Pa.
-BOND SALE.
Sealed bids will be received by the State Board of Fund
until 2 p. m. on April 2 for the purchase of a 510.000,000Commissioners The $5,500 fire department equipment bonds offered on Mar. 17-V. 130.
issue
-were awarded as 5jis to Glover, MacGregor
Cunningham. of
road. series L bonds. These bonds are coupon bonds in the of 4 ti % p. 1700
denom. of Pittsburgh, at par plus a premium of $76.25, equal to&
$1,000, registerable as to prin.
101.38, a basis of
int and are exchangeable for about 5.08%. The bonds are dated
fully registered bonds in the or prin. and$5,000. $10.000,
Apr. 1930 and mature as
denom. of
550.000 and $1,000, 1931. 5300. 1932 and 1933. $1,000 11934. $500. 1935. andfollows:
$100,000, which fully registered bonds may again be exchanged
$1,000
for coupon In 1936 and 1937. In .addition to the accepted tender, a bid of par plus
bonds in the denom. of $1,000 on the payment of $1 per
$1.000. Dated a premium of $7.15 was.submitted by the Mellon National Bank. PittsApril 11930. Due $2,000,000 front April 1 1938 to 1942 incl.
of
Prin. and burgh, and Thomas Wherry, of New Wilmington, bid par and accrued int.
int. (A. & 0.) payable at the Chase National Bank in New
York. Each for the issue.
bid must be submitted on forms furnished by the State Treasurer.
No bid
at less than 95 and accrued int. will be considered. The
NEW YORK, State of (P. 0. Albany).
-BIDS SOLICITED FOR
approving opinion
of the Attorney-General and Benj. II. Charles of St. Louis. will
$31.550,000 4% Bonds.
the purchaser. Delivery of bonds will be made on or before be furnished ceive sealed bids until 1-Morris S. Tremaine, State Comptroller, will rep. m. on April 15 for the purchase of the following
April 10 1930
at St. Louis, Kansas City, Chicago or New York City at the
issues of 4% gold
purchaser or purchasers with certain provisos. A certified option of the $22,600,000 State bonds, aggregating 331,550,000:
institutions buildings bonds. Due $904,000 on April 15
check for 1%
of the bonds bid for, payable to the State Treasurer, is required.
from 1931 to 1955, inclusive.
Delivery of the bonds will be made on or
6,900,000 general State improvement bonds. Due $276,000 on April 15
Louis, Kansas City, Chicago or N. Y. City, atbefore Apr. 10 1930 at St.
from 1931 to 1955, inclusive.
the option of the purchaser
or Purchasers, provided, notice shall have been given
2,050.000 State park system bonds. Due $82,000 on April 15 from
on or before Apr. 5 1930 stating at which of the said the State Treasurer
1931 to 1955, inclusive.
places delivery will
be desired and the aggregate of bonds and the numbers
All of the above bonds are dated April 15 1930 and will not increase the
be required at each of said places, otherwise, deliverythereof which will net debt of the State as they are issued
the office of the State Treasurer in Jefferson City, Mo. will be made at notes now outstanding. The offering to refund a like amount of temporary
notice says that the bonds are legal
purchase price of said bonds will be required to be made in Payment of the Investments for savings banks and trust funds and are
Federal Reserve
acceptable to the
funds.
State of New York as security for State deposits, to the Superitnendent of
The full faith, credit and resources of the State of Missouri
Insurance to secure policy holders, and to the Superintenden
to the punctual payment of the principal and interest of these are pledged trust for banks and trust companies. No bids for the bonds t of Banks in
will be accepted
are payable by an unlimited ad valorem tax authorized by thebonds, which for separate maturities or for less than their par value.
of Missouri, to be levied upon all of the taxable property in Constitution for 29 of the par value of the bonds bid for. payable A certified check
to the order of the
the State.
State Comptroller. must accompany each proposal. Part of the proceeds
MONMOUTH COUNTY (P. 0. Freehold), N. J.
-BOND SALE.
- of the scheduled sale will be used to refund the 528.000,000 4% notes sold
The following issues of 43107 coupon or registered bonds aggregating
$918,- on Sept. 16 1929. which mature on May 16
000 offered on Mar. 18-V. 130 p. 1512
-were awarded to George B. last public sale of long-term State bonds was1930 (V. 129, p. 1952). The
Gibbons & Co. of New York. at istr plus a premium of
made on March 8 1928. At
$15,006.55, equal that time 522,500.000 bonds, comprising 512.500,000 3jis, $7,600,000 4s
to 101.63, a bails of about 4.32%:
and $2,400,050 330, were awarded to a group managed by the Chase
2076
FINANCIAL CHRONICLE
Securities Corp. of Now York at 100.0799. a net interest cost basis of about
3.692% (V. 126, p. 1552)•
-The $65,000
-BOND SALE.
NINETY-SIX,Greenwood County,S. C.
issue of 5% coupon water worksand sewer system bonds offered for sale
-was purchased at par by a local investor.
on Feb. 27-V. 130, p. 1513
Dated Jan.! 1930; due from Jan. 1 1935 to 1950, incl.
-BOND OFFERING.
NORTH CAROLINA, State of (P. 0. Raleigh).
-Sealed bids will be received until noon on March 31, by Nathan O'Berry,
State Treasurer, for the purchase of six issues of 43.ci% coupon or registered
bonds aggregating $8,920,000 as follows:
$550,000 highway serial bonds (for Chowan River Bridge) dated Jan 1
1930. maturing Jan. 1 as follows: $50,000 in 1932, 1933. 1936,
1938, 1939, 1941, 1942, 1943 and 1944, and $25,000 in 1934,
1935, 1937 and 1940 (int. J. & J. 1), issued under Chapter 74,
Public Laws 1925, as amended by Chapters 176 and 183,
Public Laws 1927 and Chapter 128, Public Laws 1929.
1.000,000 permanent improvement bonds (for public buildings) dated
April 1 1930, maturing April 1 1968 (in. A.& O. 1), issued under
Chapter 147, Public Laws 1927.
1,400,000 public schools building bonds dated Jan. 1 1928, maturing
$25,000 Jan. 1 1941 and $125,000 annually Jan. 1 1942 to 1952,
both incl. (int. J. & J. 1 from Jan. 1 1930). issued under Chapter
199, Public Laws 1927.
2.000,000 park bonds (for Great Smoky Mountain National Park)dated
April 11930. maturing $50.000 annually April 1 1933 to 1972,
both incl. (Int. A.&0 1).issued under Chapter 48,Public Laws
1927.
1.970,000 permanent improvement bonds (for public buildings) dated
April 1 1930. maturing 8370,000 April 1 1936 and $400,000
annually April 1 1937 to 1940. both incl. (int. A. & 0. 1).
issued under Chapter 295, Public Laws 1929.
2,000,000 world war veterans loan bonds (for mortgage loans to veterans
dated April 1 1930. maturing April 1 1950 (int. A. & 0. 1),
issued under Chapter 155, Public Laws 1925, as supplemented
by Chapter 97, Public Laws 1927.
Denom. $1,000. Prin. and int. is payable at the office of the State
Treasurer or in New York City, at option of holder. Bidding must be
separate as to each issue or part thereof bid for: i. e., bidders must specify
the amount bid, not less than par andfaccrued interest, for each of the six
issues or parts thereof bid for. Bidders may specify that bids are for all
or none of the bonds bid for.
• The State Treasurer intends to repurchase $1,400,000 of the bonds at
the market price for sinking fund investment.
The approving legal opinion of Masslich & Mitchell, New York City,
will be furnished the purchaser or purchasers and,as to the park bonds, the
additional approving legal opinion of Reed, Hoyt & Washburn, New York
City.
Delivery of the bonds will be made in New York City or Raleigh at
purchaser's option. A certified check on a reputable bank or trust company, payable to the above named Treasurer, for 2% par of the bonds
bid for, is required to accompany bid.
-BOND
NORTH ELBA (P. 0. Lake Placid), Essex County, N. Y.
-Ethel M. Wells, Town Clerk. will receive sealed bids until
OFFERING.
12 m.on March 26, for the purchase of 8200,000 coupon or registered public
park bonds, to bear interest at a rate not exceeding 5%%. Single rate to
apply to the entire issue. Dated March 1 1930. Denom. $1,000. Due
on March 1 as follows: 82,000, 1931 and 1932, and $7,000 from 1933 to
1960 incl. Prin. and semi-annual int.(M.& S. 1) payable at the Bank of
Lake Placid, Lake Placid. A certified check for 2% of the amount of
bonds bid for, payable to the order of the Town, must accompany each
proposal. The approving opinion of Hawkins, Delafield & Longfellow of
New York, will be furnished to the purchaser.
Financial Statement.
Valuations
$5.619,710.00
Real estate and special franchise, 1930
11,000,000.00
Actual valuation, 1930, estimated
Debt
$252,400.00
Total bonded debt, including this issue
None
Water district bonds, included above
17,000.00
above
Sewer district bonds.included
Population
1920, Federal Census, 4,343; 1925, State Census, 5.406; 1930. est.. 6,500.
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 10
-E. U.
-BOND OFFERING.
(P. 0. Mineola), Nassau County, N. Y.
McCarthy, District Clerk, will receive sealed bids until 8 p. m. on April 7,
for the purchase of $285,000 school bonds, to bear interest at a rate not
%. Dated May 1 1930. Venom. $1,000. Due on May 1
exceeding
as follows: $3,000, 1936 to 1950 incl.; 84,000, 1951 to 1960 incl., and 810,000
to 1980 incl. A certified check for 5% of the amount of bonds
from 1961
bid for must accompany each proposal. The successful bidder will be
obliged to furnish printed bonds and to pay the cost of securing legal
opinion as to their validity.
-BOND OFFERING.
NORTH PELHAM, Westchester County N. Y.
-George O'Sullivan. Village Clerk, will receive sealed bids until 8 p. m.
on April 1 for the purchase of 878,000 coupon or registered street widening
bonds, to bear interest at a rate not exceeding 6%. stated in a multiple of
% of 1%. Dated April 11930. Denominations $1,000 and $900. Due
13,900 on April 1 from 1931 to 1950 inclusive. Principal and semi-annual
interest (April and Oct. 1) payable in gold at the Pelham National Bank,
North Pelham. A certified check for $1,500. payable to the order of the
Village, must accompany each proposal. The approving opinion of Clay,
Dillon & Vandewater, of New York, will be furnished to the purchaser.
-A. W.
-BOND OFFERING.
OAKDALE, Allegheny County, Pa.
Conely. Borough Secretary, will receive bids until 7.30 p.m. on Apr. 1,
of $25,000 5% coupon improvement bonds. Dated
for the purchase
Apr. 11930. Venom. $1,000. Due $1.000 on Apr. 1 from 1933 to 1957,
incl. Int. payable semi-annually.
OAKLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Oakland),
-The sale
-BOND SALE POSTPONED.
Pottawattamie County, Iowa.
ofthe $37.500 issue of school bonds that was scheduled for Mar. 15-V. 130.
-has been indefinitely postponed, reports F. J. Yeager, Secretary
p. 1883
of the Board of Education.
-Sealed bids will
-BOND OFFERING.
OBERLIN, Allen Parish, La.
be received until April 8, by A. E. Darbonne, Maiior, for the purchase of
bonds.
a $25,000 issue of water
ODEBOLT INDEPENDENT SCHOOL DISTRICT (P. 0. Odebolt),
-An $88,000 issue of school bonds
-BOND SALE.
Sac County, Iowa.
was purchased on March 18 by the Carleton D. Beh Co. of Des Moines,
as 4%s, for a premium of $1,205, equal to 101.369.
-The Ogdens-BOND SALE.
OGDENSBURG,Sussex County, N. Y.
burg Trust Co. of Ogdensburg, on March 6 purchased an issue of $15.000
431% coupon water bonds at a price of par. Dated June 11929. Denom.
$1,000. Due $3,000 on June 1 from 1947 to 1951 incl. Int. payable on
June and Dec. 1.
OLD TOWN WATER DISTRICT (P. 0. Old Town), Penobscot
-BOND OFFERING -Officials of the district will receive
County Ms.
.
sealed bids until 3 p. m. on March 26. for the purchase of 8103.000 431%
improvement bonds. Dated April 1 1930. Due annually from 1931 to
1961. incl. Interest payable semi-annually. Bids must be for the total
amount of bonds offered.
-The two issues of
OMAHA, Douglas County, Neb.-BOND SALE.
coupon bonds aggregating Slo0,000, offered for sale on March 17-V. 130.
4 i.is,
p. 1701-were purchased by the Northern Trust Co. of Chicago as issues
0
for a premium of 3978. equal to 100.65. a basis of about 4.177. The
bonds. Dated April 1
are as follows: $100.000. park and $50,000 aviation
1930. Due on April 11940.
-Jesse
-BOND OFFERING.
ORANGE COUNTY (P. 0. Paoli), Ind.
L. Wells. County Treasurer, will receive sealed bids until 2 p.m. on Apr. 7.
4.0eu:
for the purchase of the following issues of bonds aggregating $5
$22.500 57 road construction bonds. Denom. $1,125. Due $1.125.
July 15 1931 $1,125. Jan. and July 15 from 1932 to 1940. incl.%
an 31,125, Jan. 15 1941.
18,500 4%% road construction bonds. Denom. $925. Due 8925, July
15 1931; 5925, Jan. and July 15 1932 to 1940, incl., and $925,
Jan. 15 1941.
13,000 5% road construction bonds. Denom. 8650. Due $650. July
15 1931. $650. Jan. and July 15 1932 Co 1940, incl., and $650,
Jan. 15 1941.
The three issues are dated Apr. 7 1930. Int. payable on Jan. and July 15.
[vol.. 130.
-BOND OFFERING.-Bid
PAGE COUNTY (P. 0. Clarinda), Iowa.
will be received by the County Treasurer for the purchase of a 8200,000
issue of primary road bonds until April 8. Dated May 11930.
PAMPA SCHOOL DISTRICT (P. 0. Pampa), Gray County, Tex.
-Sealed bids were received until 1.30 p.m. on Mar. 18r
BONDS OFFERED.
by J. M. Smith, Business Manager of the Board of Education, for the purchase of a $200,000 issue of 5% semi-annual school bonds. Duo serially
in 30 years. (These bonds were voted on Mar. 8.) No bids received.
-BOND OFFERING.
-Rose M. Fox, VilPARMA HEIGHTS, Ohio.
lage Clerk, will receive sealed bids until 12 m. on April 8, for the purchase
of the following issues of 5%% bonds, aggregating $204,212.38:
$197,195.00 property owners portion, series 1930-1. street improvement
bonds. Due on Oct. 1 as follows: $19,195, 1931: $20.000.
1932 and 1933; 819,000, 1934: $20,000, 1935 to 1937, incl.;
$19,000. 1938, and 829,000 in 1939 and 1940.
7,017.38 property owners' portion, series 1930-2, street improvement
bonds. Due on Oct. 1 as follows: $717.38, 1931; 1700, 1932
to 1938, incl., and 81,400 in 1939.
Both issues are dated April 10 1930. Principal and semi-annual int.
(April and Oct. 1) payable at the Cleveland Trust Co.. Cleveland. Bids
for the bonds to bear interest at a rate other than 5 % will also be considered, provided, however, that whir° a fractional rate is bid such fraction shall be % of 1% or a multiple bilereof. A certified check for 5%
of the amount of bonds bid for, payable to the order of the Village Treasurer, must accompany each proposal.
PATCHOGUE, Suffolk County. N. Y.-450,000 INCINERATOR
BONDS VOTED.
-At the spring election held on March 18 the voters
sanctioned a proposal calling for the disposal of $50.000 in bonds to provide
for an incinerator plant. Of the votes polled, 138 favored the measure
and 50 disapproved of it.
-BOND OFFERING.
PAWTUCKET, Providence County, R. I.
John B. Reilley, City Treasurer, will receive sealed bids until 7.30 p. m.
on March 28, for the purchase of the following issues of 4%% coupon or
registered bonds aggregating 8350.000:
$200,000 water funding bonds. Due on March 1, as follows: 175,000, 1935,
815,000. 1936 to 1940 incl., and $10,000 from 1941 to 1945 incl.
150,000 sewer funding bonds. Payable $30.000 on March 1 in each of the
years 1935, 1940, 1945, 1950 and 1955.
Both issues are dated March 1 1930. Denom. $1,000. Prin. and semiannual interest payable in gold at the office of the fiscal agent of Pawtucket
In the city of Boston. The bonds will be engraved under the supervision of
and certified as to their genuineness by the First National Bank of Boston.
A certified check for 2% of the amount of bonds bid for must accompany
each proposal. The favorable opinion of Storey, Thorndike, Palmer &
Dodge,of Boston, as to the validity of these issues will be furnished without
charge to the purchaser.
Financial Statement (March 17 1930)•
8138.092,800.00
Assessed valuation, 1928
138,266,190.00
Assessed valuation, 1929
169,167,467.00
*Actual valuation, 1929
14,464.000.00
Bonds and notes outstanding incl. proposed issue
3,007.000.00
Water bonds and notes included
2,924,947.69
Total Sinkiin Funds, all purposes
$469.498.48
Sewer sinking funds included
356,084.42
Water sinking funds included
$11,539,052.31
Net indebtedness
Exemptions permitted by B. I. Laws in computing "net indebtedness":
82,217,000.00
Sewer bonds and notes
3,007.000.00
Water bonds and notes
$5,224,000.00
Population, 1920 census, 64,248; 1925 census, 69,742; **population,
1929 estimated. 75,813.
JOHN B. REILLEY, City Treasurer.
• As reported to Commissioner of Banks for the Commonwealth of
Massachusetts. ** A survey published by the Newspaper Feature Bureau
-The
PETERSBURG, Dinwiddie County, Va.-BOND SALE.
$200,000 issue of 434% coupon or registered public improvement and fund-was purchased
P. 1320
sale on March 18-V.
ing bonds offered for
rick E. Nolting & Co. of
by Harris, Forbes & Co. of New York, and
of about 4.45%. Dated
Richmond, jointly, at a price of 105.607, a ba
1970.
April 1 1930. Due on April 1
-BOND OFFERING.-Willb. Hadley, City
PHILADELPHIA, Pa.
Comptroller, will receive sealed bids until 12 m.on April 16,for the purchase
of the following issues of 4 or 434% coupon or registered bonds aggregating
83,884.000:
$2,000.000 city bonds. Due on April 16 1940.
1,884,000 city bonds. Due April 16 1960; optional April 16 1950.
Both issues are dated April 16 1930. Interest payaole on Jan. and July.
Bids must be submitted on forms to be furnished by the City. The right
is reserved to reject any or all bonds, or to award any portion of the loan
for which bids shall be received. A certified check for 5% of the amount
of bonds bid for must accompany each proposal. The last sale of longterm bonds by the city was effected on Dec. 2 1929. The award consisted
of $12,976,000 improvement bonds and was made to a syndicate headed
by the First National Bank of New York, which paid par and accrued interest for 86.620,000 bonds, due Dec. 2 1979; optional Dec. 2 1949, as
4%s; $5,356,000 bonds, due Dec. 2 1979: optional Dec. 2 1949, as 4%s,
anti 81,000,000 ponds, due Dec. 2 1944 without option of prior redemption
were taken as 434s.
-V 129, 13. 3888.
-At
PIERMONT, Rockland County, N. Y.-IIONDS DEFEATED.
an election on Mar. 18 the voters rejected a proposal calling for the Issuance
of $25,000 in bonds to finance the construction of a now city hall building
by a vote of 104 to 28.
-An issue of8120,000
-BOND SALE.
PLAINVIEW,Hale County,Tex.
school building bonds has recently been purchased by the Weil, Roth &
Irving Co., of Cincinnati, at par.
-A 836.000 issue
PLATTE CITY, Platte County, Mo.-BOND SALE.
of water distribution system bonds is reported to have been purchased by
Stern Broa. & Co. of Kansas City.
-BONDS RETIRED DURING
PONTIAC, Oakland County, Mich.
-During 1929 the city retired 8282.750 bonds,
1929 TOTAL $282.750.
consisting of $190,250 general obligations and 592.500 water bonds, according to the Mar. 15 issue of the Michigan "Investor," which further reported
that the city's bonded indebtednesss as of Dec. 31 1929 was $5,906,250,
consisting of $4,140,750 general obligation securities and $1,765,500 water
bonds. The city Is said to be $1,475,646.55 under its legal bonded limit
and has voted bonds not issued as yet amounting to 8675,000.
-The
PORT CLINTON, Ottawa County, Ohlo.-BOND SALE.
118,631.42 special assessment street improvement bonds offered on
Mar. 11-V. 130. p. 1514-were awarded as 58 to the Banc Ohio Securities
Co. of Columbus, at par plus a premium of $147.60, equal to 100.70. a
basis of about 4.83%. The bonds are dated Mar. 1 1930 and mature on
Sept. 1, as follows: 8631.42. 1931, $2,000, 1932 to 1934, incl., $3,000, 1935,
82,000, 1936 to 1938. incl., and $3,000 in 1939. The following is an official
list of the bids received for the issue:
Rate of Int. Premium.
Bidder
$171.00
55.1%
Ryan, Sutherland & Co
118.0
5
Seasongood & Mayer
130.41
5
Breed, Elliot & Harrison
376.35
6
Breed, Elliot & Harrison (Bid No. 2)
147.60
5
*Banc Ohio Securities Co
70.00
5
Assel, Goetz & Moerlein
112.00
5 %
W. L. Slayton & Co
11.00
5
Weil, Roth & Irving Co
153.00
5 %
Mitchell, Herrick & Co
29.00
50
Braun Bosworth & Co
205.00
5 4%
DavidRobinson & Co
•
* Purchaser.
-BOND SALE.
Westchester County, N. Y.
PORT CHESTER,
The $60,000 issue of 1929-1930 tax relief bonds offered on Mar. 17-V. 130.
p. 1701-was awarded as 5e4 to Batchelder & Co., of New York. at a price
of 101.48, a basis of about 4.47%. The bonds are dated Apr. 1 1930 and
mature on Apr. 11933. The following is an official list of the bids received
for the issue:
MAR. 221930.]
FINANCIAL CHRONICLE
BidderBatchelder & Co. (Purchaser). New York
Roosevelt & Son, New York
Dewey, Bacon & Co., New York
George B. Gibbons & Co., New York
Manufacturers & Traders Trust Co., Buffalo
Rate Bid.
101.48
101.316
101.30
100.9474
100.859
PORT ISABEL-SAN BENITO NAVIGATION DISTRICT (P. 0.
San Benito), Cameron County, Tex.
-BOND SALE POSTPONED.
The sale of the $500,000 issue of 534% semi-annual navigation bonds
scheduled for Mar. 14-V. 130, P. 1513
-was postponed indefinitely.
reports E. H. Downs, Chairman of the Board.
PORTLAND, Multnomah County, Ore.
-BOND SALE.
-The
$1,000,000 issue of 4% water bonds offered for sale on March 18-V. 130,
p. 1320
-was purchased by a syndicate composed of Emanuel & Co., and
H. Si. Byllesby & Co., both of New York, and the Central Illinois Co. of
Chicago, at a price of 97.91, a basis of about 4.45%. Dated April 1 1930.
Due $50.000 from April 1 1941 to 1960 incl.
RE
-OFFERING OF BONDS.
-The above bonds are now being offered
for public subscription by the successful syndicate priced at 99 and accrued
Interest. They are reported to be general obligations of the City of Ports.
land and are payable from unlimited ad valorem taxes levied against all
taxable property therein.
2077
Financial Statement.
Real values,estimated
Assessed values, 1930
Total indebtedness,including this issue
Less-Sinking fund
Water debt
$283.333,000.00
170.000.000.00
4,6S6,000.00
$371,109.00
933.659.00
$1,304.768.00
Not indebtedness(1.977)
3381.232.00
Population (estimated 1930)
116,400
ROCKFORD SANITARY DISTRICT (P. 0. Rockford), Winnebago
County, III.
-BOND OFFERING.
-The Clerk of the Board of District
Trustees, will receive sealed bids until 10 a.m. on Mar.27, for the purchase
of $500,000 434% sewer bonds. Dated Mar. 1 1930. Denom. $1,000.
Due $25,000 on Mar 1 from 1931 to 1950, incl. Prin. and semi-annual int.
(Mar. and Sept. 1) payable at the First National Bank, Chicago, or at the
Third National Bank, Rockford. A certified check for 3% of the amount
of bonds bid for must accompany each proposal. The approving opinion
of Chapman & Cutler, of Chicago, will be furnished to the purchaser,
ROCKVILLE CENTRE, Nassau County, N. Y.
-BOND SALE.
The following issues of coupon or registered bonds aggregating $185,000
offered on March 19-V. 130, p. 1514
-were awarded as 4.30s to Rapp &
Lockwood, of New York, at 100.13, a basis of about 4.29%;
$96,000 series D sewer bonds. Due $3,000 on March 1 from 1935 to 1966,
Inclusive.
POTTAWATTAMIE COUNTY (P.O. Council Bluffs), lowa.-BOND
69.000 water bonds. Due $33,000 on March 1 from 1935 to 1957. inclusive.
OFFERING.
-Both sealed and open bids will be received until
20.000 highway bonds. Due $2,000 on March 1 from 1931 to 1940,incl.
Mar. 31 by W. A. Stone, County Treasurer, for the purchase of 2 p. m.
an issue
All of the above bonds are dated March 1 1930.
of $200.000 primary road bonds. Dated May 1 1930.
The purchasers are reoffering the bonds for public investment priced to
yield 4.15%.
PUTNAM COUNTY (P.O. Brewster), N. Y.
-BOND SALE.
-The
$320,000 series No. 22 coupon or reg. highway bonds offered on Mar. 14ROGERS, Benton County, Ark.
-ADDITIONAL DETAILS.
-The
V. 130. P. 1701-were awarded as 434s to Roosevelt & Son, of New
at par plus a premium of $2,335.36. equal to 100.72. a basis of about York, $74,000 issue of paving bonds that was purchased at a price of 102.12 by
4.16%.
-V. 130, p. 1701-bears int. at 6%.
The bonds are dated Apr. 1 1930 and mature on Apr. 1, as follows: $15.000. W. 13. Worthen & Co., of Little Rock.
Denom. $500. Due from 1931 to 1950, giving a basis of about 5.72%.
1931 to 1950, incl., and $20,000 in 1951. The successful bidders are reoffering the bonds for public Investment priced to yield
ROME, Oneida County, N. Y.
-BOND OFFERING.
-Lynn C. Butts,
tabulation of the bids submitted for the issue follows:4.05%. An official
City Treasurer, will receive sealed bids until 11 a. in. on March 28 for the
BidderInt. Rate . Price Bid. purchase of $117.520 coupon or registered assessment bonds, to bear int.
*Roosevelt & Son
434
$322,335.36 at a rate not exceeding 6%. stated in a multiple of Si or 1-10th of 1%.
Emanuel & Co
431
321,442.80 Dated April 1 1930. Denom. 31.000 and $380. Due 329.380 on April 1
E. H. Rollins & Sons
434
321,372.80 from 1931 to 1934 Incl. Prin. and semi-ann. int. payable In gold at the
Geo. B. Gibbons & Co., Inc
431
321,246.08 National Park Bank, New York. A certified check for $2,500. payable
Kissoll, Kinnicutt & Co
434
321,155.00 to the order of the City, must accompany each proposal. The approving
Dewey, Bacon & Co
.
431
320.992.00 opinion of Clay , Dillon & Vandewater of New York, will be furnished to
Bankers Co. of Now York
431
320.732.80 the successful bidder.
Barr Brothers & Co
434
320,630.40
Guaranty Co. of New York
ROOSEVELT, Kiowa County, Okla.
-BOND SALE.
-The $37.000
434
320,355.20
Equitable Corp. of New York
434
320,316 80 issue of semi-annual water works extension bonds offered for sale on Mar.5
Harris, Forbes & Co
-was awarded to an undisclosed purchaser. Dated
43.1
320,220.80 -V. 130, p. 1514
Edward Lowber Stokes Sr Co
434
325,120.00 Feb. 1 1930.
Batchelder & Co
434
324,128.00
ROYAL OAK, Oakland County, Mich.
-BOND OFFERING.
* Successful bidder.
-James
D. Newsum, Director of Finance, will receive sealed bids until 7.30 p. m.
RALSTQN, Douglas County, Neb.-BOND SALE.
-We are informed (Eastern standard time) on Starch 24 for the purchase of $200,000 improvethat a $9,600 issue of 6% seml-ann. intersection paving bonds has been ment bonds to bear int. at a rate to be named in bid. Coupon bonds in
purchased by an undisclosed investor. Denom. $1.000. Dated Dec. 1 $1.000 denoms. Due on Jan. 1 as follows' $25.000. 1932 to 1936 incl., and
1929. Duo on Dec. 1 1939.
$15,000 from 1937 to 1941 incl. The offering notice says that the full faith
and credit of the City is pledged in payment of the bonds. The legal
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-BOND SALE.
-The opinion of 'Stiller, Canfield. Paddock & Stone of Detroit, as to the validity
$500,000 issue of coupon city hall and court house, series A bonds offered of the bonds will be furnished to the successful bidder.
for sale on March 17-V. 130. P. 1514
-was awarded to a syndicate
posed of the First Union Trust & Savings Bank of Chicago, the comST. CLAIRSVILLE, Belmont County, Ohio.
First
-BOND OFFERING.
Detroit Co. of Desroit, the Northern Trust Co. of Chicago, and the Banc Buena Nikolaus. Village Clerk, will receive sealed bids until 12
m. on March
Northwest Co. of Minneapolis, for a premium of $335, equal to 100.067, a 29 for the purchase of $13,633.90 534% judgment bonds.
Denom. 51.000
basis of about 4.095%, on the bonds divided as follows: $301,000 of the and $500. and one bond for $633.90. Due on Oct. 1 as follows' $1,500,
bonds as 4 hs, due from April 1 1931 to 1944. and $199,000, as 4s, maturing 1931 to 1938 incl.. and 31.633.90. 1939. Int, payable on April and
Oct. 1.
from April 1 1945 to 1950. all incl.
Bias for the bonds to bear int. at a rate other than 534% will also be conBONDS OPEN TO SUBSCRIPTION-The above bonds are now
sidered, provided, however,that where a fractional rate is bid, such fraction
re-offered for investment by the purchasing syndicate at prices to being shall be X of 1% or multiple thereof. A certified check for 1% of the
yield
4.00% on all maturities.
amount of bonds bid for, payable to the order of the Village Treasurer must
accompany each proposal. These bonds were previously scheduled to
The following is a complete, official tabulation of the bids:
have been sold on Jan. 31.-V. 130. p. 501.
Name-Interest Rate.
Prem.
*First Union Trust & Savings Bank, Northern 434% on $301,000
ST. LOUIS COUNTY (P. 0. Clayton), Mo.-BOND OFFERING.
Trust Co., First Detroit Co., 13ancnorth- 1931 to 1944 incl.I $3335.00
Sealed bids will be received by Phillip G. Deuser, County Treasurer, until
west Co
4% on $199.000
noon on Apr. 9. for the purchase of two issues of 434% bonds aggregating
1945 to 1950 incl.
32,500,000. as follows:
$2.000,000 road wands. Due on Apr. 1. as follows: $70,000, 31933: 74.000,
4X% on $172,000
1934; 380,000, 1935; 884.000, 1936; 390,000, 1937; 396.000.
Wells-Dickev Co., Eldredge & Co., N.Y. CUP 1931 to 1939 incl. .
) None
1938 5100,000, 1939: 3104,000, 1940; 8108,000, 1941; 3110.000,
4% on $328.000
1942; 3114.000. 1943; 8120,000. 1944; 3124,000, 1945; 3128.000.
1940 to 1950 incl.
1946; $136.000. 1947; $144.000, 1948; 3150,000, 1949. and
'434% on $331,000
$168.000 in 1950. A $20,000 certified check, payable to the
Lawrence Stern & Co
1931 to 1945 incl.
None
County Treasurer, must accompany the bid. (These bonds
4% on $169,000
area part of a 310,000.000 issue that was voted on June 23 1928.)
1946 to 1950 incl.
Guaranty Co., N.Y. City; Bankers Co., N.Y. 434% on $362,000'
500,000 hospital bonds. Due on Apr. 1, as follows: $20,000, 1935 to
City; First Securities Corp. of Minnesota- 1931 to 1946 incl..
1939; 330,000, 1940 and 1941: $40,000, 1942 and 1943; 350.000,
None
1944 to 1946; $40,000, 1947; 330,000, 1948, and 320.000 in
4% on $138,000
1949 and 1950. A $5.000 certified check, payable to the
1947 to 1950 incl.
Harris Trust & Savings Bank, Chicago
County Treasurer, must accompany the bid. (These bonds
4Si%
Guaranty Co., N. Y City: Bankers Co., N.Y. 4 X % on $463,000 584.00
are a part of a $1,000,000 issue voted on Nov. 29 1927.)
Denom, $1,000. Dated Apr. 1 1930. Prin. and int. (A. & 0.) payable
City; First Securities Corp. of Minnesota
1931 to 1949 incl.
95.00 at the First National Bank of St. Louts. The above-named
County
334% on $37,000
Treasurer will furnish the required forms for bids. The legal opinion of
1950
B. H. Charles, of St. Louis, will be furnished. Authority for issuance:
4X% on $394.000
Article 5, Chapter 8, R. S. of Missouri, 1919. and amendments thereto.
Continental Illinois Co., Ames,Emerich & Co. 1931 to 1947 incl.
555.55
(This report supplements that given in V. 130, p. 1701.)
4% on 3106.000
1948 to 1950 incl.
SAINT LOUIS PARK, Hennepin County, Minn.
-CERTIFICATE
4 h % on $273,000
Stanley Gates & Co. First National Old Col- 1931 to 1943 incl.
OFFERING.
-Sealed bids will be
60.00 Boltngren, Village Recorder, for received until 8 p.m. on Apr. 2. by H. J.
ony Corp. of New Vork
the purchase of a $210,000 issue of 6%
4% on 3227.000
water certificates. Denom. $1,000. Dated Apr. 1 1930. Due as follows:
1944 to 1950 incl.
Lawrence Stern & Co
512.000. Oct. 1 1931 and Apr. and Oct. 1 1932 to Apr. 1 1941. The
4 X%
Otis & Co.. Cleveland, 0.: Dewey, Bacon & 41 % on $246,000 4,280.00 approving opinion of Junell, Oakley, Driscoll & Fletcher, of Minneapolis,
4
1
Co., New York City
1931 to 1942 incl. 1,425.00 will be furnished. Authority: Gen. Laws, Minnesota, 1921. A certified
check for 2% is required.
49 on $254.000
1943 to 1950 incl.
Guaranty Co., N. Y. City; Bankers Co., N.Y.
SALINA Saline County, Kan.
-BOND OFFERING.
-Sealed bids
City: First Securities Corp. of Minnesota
4
3,295.00 will be received until 4 p. m. on March 24 by Chas. E. Banker, City Clerk
Chase Securities Corp
Ch
for the purchase of a $34.287.75 issue of 434% semi-ann. sewer Improve4 7
1
9
3,145.00 ment
Paine, Webber & Co
4
3,120.00 The bonds. Dated Feb. 1 1930. Due in from 1 to 20 years from date.
Uountze Brothers, R. W. Pressprich & Co.,
offering Is made subject to the refusal of the State School Fund ComPhelps, Fenn & Co
4 h7
s
2.925.00 mission. A certified check for 2% of the bid is required.
434% 00 8301.0001
Kalman
Co., R. L. Day & Co
1931 to 1944 incl. 100.00
SALINE TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 1
4% on $199.000
(P. 0. Saline), Washtenaw County, Mich.
-PRICE PAID.
-In con1945 to 1950 incl.
nection with the report of the award on March 4 of $150.000 school bonds
H. M. Byliesby & Co.. Si. F. Schlater & Co_ _
434%
--V. 130, p. 1702
2,230.00 to the Detroit ar Security Trust Co. of Detroit
-se learn
The National City Co
434%
2.088.50 that the successful bidders paid par plus a premium of $1,005 for the bonds
Stone & Webster and Blodgett
4 h%
2,055.50 as 434s. equal to 100.67, a basis of about 1.69%. 1 he bonds are dated
Foreman-State Corp., First Wisconsin Co_
14X$240.0002003.00 Mar. 1 1930 and mature on Star. 1 as follows $3.000, 1933 to 1939 inel.:
$4.000. 1940 to 1943 inel.. 35.000. 1944 to 1947 Inds $b.000. 1948 to 1950
Roosevelt & Son (by First National Bank. 1931 to 1942 incl.1
incl.; .7,000. 1951 to 1955 incl., and $8.000 from 1956 to 1960 incl.
Minneapolis, Minn.)
and 520.000 1942
4% on $260,000
1943) 14.00
SAN FRANCISCO, San Francisco County, Calif.
-OFFERING
$6,0001942&
DETAILS.
-lo connection with the offering scheduled for March 31 of
to 1950 incl.
the two issues of 434 s, bonds aggregating $3.30b.000
-V. 130, p. 1884
A. B. Leath & Co., Inc
4X 7
0
1,433.00 we are Informed that they are In the denoms. of $1,0q1) earl], she bouleThe Equitable Corp.. C. F. Childs Sr Co
43i%
1,045.00 vard bonds are dated Nov. 1 1927. and the sewer bonds are dated Jan. 1
M. M. Freeman & Co., lines New York:
1929 The bonds may be registered as to principil and interest. Prin.
Drake-Jones Co
434%
475.00 and sse, U. & J.) payable in gold at the office 41 the Treasurer of the City
.1X % on $172,000
and county, or at the fiscal attend) In New York City. Legailty approved
Halsey, Stuart & Co
19.31 to 1939 incl. 1.350.00
Thomson. Wood & Hoffman of New York ('it. Bidders may bid for
43i% on $3328.000
the whole or any part nf the offering, and when less than the whole amount
1940 to 1950 incl.
offered b bid upon, the year or 3 ears of maturity should be stated. Par
and accrued ins. Is required for the sale. A certified check for 5% of the
*Successful bid.
bid, payable to the Clerk. Is required.
READING, Barks County, Pa.
-OFFER $600.000 4 Si% BONDS.
SAN PATRICIO COUNTY ROAD DISTRICT NO.5 (P.0. Sinton),
M. Si. Freeman & Co. of Philadelphia, are offering an issue of $600,000 Tex.
-BOND OFFERING -Sealed bids will be received by J. C. Flouts,
4 si% improvement bonds for public investment at prices to yield
s, County Judge, until 11 a m on Mar 26, for the purchase of a 3225,000 issue
plus accrued interest. The bonds arc dated Starch 1 1930, mature 4.107
annually of 534 road bonds Denom $1,000 Dated Apr 10 1930, due on Apr 10.
In March 1 from 1931 to 1950 incl., and were awarded on March 12 at a as follows. $4,000, 1932 to 1935; 15.000,
1936 to 1940: 36,000. 1941 to 1945;
price of 101.20.-V. 130.p. 1885.
88.000. 1946 to 1950; 310.000, 1951 to 1955; $12,000. 1956 to 1953, and
1
'2078
FINANCIAL CHRONICLE
$14,000 In 1959 and 1960. Prin. and int. (A. & 0.), payable at the Equitable-Seaboard National Bank & Trust Co. in New York. The approving
opinion of the Attorney-General and Chapman & Cutler. of Chicago, will
be furnished. Purchaser must make payment at some bank to be designated
by the purchaser and acceptable to the District. A certified check for
2% of the par value of the bonds, payable to the County Judge, must
accompany the bid.
-'A $43,525
-BOND SALE.
SANTA ANA, Orange County, Calif.
issue of 5%% acquidtion and improvement district No. 4 bonds has recently been purchased by Wheelock & Co. of Des Moines, for a premium
of $610. equal to 101.40, a basis of about 5.40%. Denom. 31,000. Due in
1953.
-The
-BOND SALE.
SARANAC LAKE, Franklin County, N. Y.
837.500 coupon or registered real property bonds offered on March 18V. 130. p. 1885
-were awarded as 4.65s to Batchelder & Co. of New York,
at 100.13, a basis of about 4.64%. The bonds are dated July 1 1930 and
mature on July 1 as follows: $1,000. 1932 to 1968 incl.. and $500 in 1969.
.
Bids for the issue were as follows'
Int. Rate. Rate Bid.
ET100.13
4.65%
Batchelder & Co., New York (Purchaser)
100.17
4.75%
George B.Gibbons & Co., New York
100.329
4.70%
Manufacturers & Traders Trust Co., Buffalo
-BOND
SARATOGA COUNTY (P. 0. Saratoga Springs), N. Y.
-The $445,000 coupon or registered county building bonds offered
SALE.
-were awarded as 43s to H. M. ByBusby &
on March 17-V. 130, p. 1885
Co. of New York, at 100.72, a basis of about 4.16%. The bonds are dated
Sept. 1 1929 and mature 85.000 on Mar. 1 from 1936 to 1944 incl.
-BOND SALE.
SARATOGA SPRINGS, Saratoga County, N. Y.
The $200,000 coupon or registered Central Fire Station construction and
-were awarded as
equipment bonds offered on Mar. 17-V. 130, p. 1702
4345 to Kissel, Kinnicutt & Co. .of New York, at 100.64, a basis of about
4.19%. The bonds are dated Apr. 1 1930 and mature on Apr. 1, as follows:
$5,000, 1931 to 1934, incl., $6,000. 1935 to 1938, incl.. $7,000, 1939 to
1942, incl., $8,000, 1943 to 1946, incl.. $9.000, 1947 to 1950, incl., and
310.000 from 1951 to 1956,ind.
The successful bidders are re-offering the bonds for public investment
priced to yield 4.10% for all maturities. The obligations are stated to be
143gal investment for savings banks and trust funds in New York State, and
to be payable from unlimited ad valorem taxes on all the taxable property
in Saratoga Springs.
The following Is an official tabulation of the bids submitted for the issue:
Premium.
Int. Rate.
Bidder$1,006.44
4
*Bissell,Kinnicutt & Co
1,005.797
43.4%
Geo. B.Gibbons & Co
1,005.59
43.4%
Equitable Corp.of New York
1,003.491
43.4%
H. Rollins & Son
E.
1,003.09
4
Harris, Forbes & Co
1,002.70
43.4
Batchelder & Co
1,001.634
Merchants & Traders Trust
43.17,1,001.40
Dewey, Bacon & Co
1,001.39
43.4%
Marine Trust Co
1.000.799
c
43.4%
Morris Mather & Co
1,000.60
Phelps. Fenn & Co
1.019.89
4%
Roosevelt & Son
a Successful bidder.
Financial Statement (As Officially Reported)
$34,862,705
Assessed valuation. 1930
802,500
Total bonded debt,including this issue
$48.500
less water debt
754,000
Net bonded debt
Total net debt is less than 254% of assessed valuation. Population, 1925
State census, 13.884.
-The
-TEMPORARY LOAN.
SCITUATE, Plymouth County, Mass.
Merchants National Bank of Boston on Mar. 15 purchased a $75,000
temporary loan, dated Mar. 20 1930 and due on Oct. 28 1930, at a 3.50%
discount. Bids submitted for the loan were as follows:
Discount.
Bidder3.50
Merchants National Bank (Purchaser)
3.54%
Faxon, Gade & Co
3.57%
Cohasset National Bank
3.75%
Bank of Commerce & Trust Co
SEA CLIFF, Nassau County, N. Y.-670.000 BOND ISSUES DE-At the spring election held on Mar. 18 the voters defeated a
FEATED.
proposition calling for the sale of $70,000 road improvement bondaby a
vote of 242 to 190.
-The
-BOND SALE.
SHELBY COUNTY (P. 0. Memphis) Tenn.
250.000 issue of 4%% semi-annual institutions bonds offered without
-has since been purchased by the Bank
success on Feb. 18-1. 130, p. 1702
of Commerce & Trust Co. of Memphis. Dated Feb. 1 1930. ,Due from
Feb. 1 1940 to 1956 inclusive.
-BOND OFFERING.
SHELBY COUNTY (P. 0. Harlan), Iowa.
Bids will ne received until April 1. by the County Treasarer. for the purchase of a 3200.000 issue of primary road Donde. Dated May I 1930.
SHUQUATONCHEE DRAINAGE DISTRICT NO. 1 (P. 0. Aber-BOND OFFERING.
deen), Clay and Chickasaw Counties, Miss.
Sealed bids will be received until noon on Mar.31 at the office of McFarland
& Holmes of Aberdeen, by H. S. Gilleylean. Jr., Secretary of the Board of
Commissioners, for the purchase of a $22,500 issue ofsemi-ann. drainage
bonds. Int. rate Is not to exceed 6%. The bonds will not be sold for less
than par, and the Board reverves the right to reject all bids and sell the
bonds at private sale. Authority: Chapter 195. Laws of Mississippi. 1912
and amendments thereto. A certified check for 3% of the bid is required.
SIERRA MADRE CITY SCHOOL DISTRICT (P. 0. Los Angeles).
-The $10.000
-OFFERED.
-BONDS RE
Los Angeles County, Calif.
Harris Trust &
Issue of 5% coupon school bonds that was purchased by the about 4.68%at a price of 103.525. a basis of
Savings Bank of Chicago,
successV. 130, p. 1885-1s now being offered for public subscription by the 1934 to
ful bidder at prices to yield 4.55% on all maturities. Due from
of the bidders and their
1958 incl. The following is an official tabulation
bids:
Premium.
Bidder$2.268
American Securities Co
2,786
Anglo-London-Paris Co
*3.525
Harris Trust & Savings Bank
659
Bank of Italy
,
3 033
Wm.It. Stoats Co
3.019
Dean,Witter & Co
2,888
Weeden & Co
a Successful bid.
}Lannon, Village
-A.
SILVER LAKE, Ohlo.-BOND OFFERING.
purchase
Clerk, will receive sealed bids untn 12 m. on Mar. 29, for the
Dated
of $19,237.63 6% street improvement bonds, village's portion. 3975,
Oct. 1 1931,
May 1 1930' due as follows.$712.63 on Apr. 1 and 3975,on Apr. and Oct.1
1932 to 1940. incl. Int, payable
Apr. and Oct. 1 from
will also be
Bids for the bonds to bear interest at a rate other than 6% is bid such
entertained, provided, however, that where a fractional rate
multiples thereof. A certified check for $200,
fraction shall be % of 1% or
proposal.
payable to the order of the Village, must accompany each
(P. 0.
SKIDMORE CONSOLIDATED SCHOOL DISTRICT NO. 136 -The
Skidmore), Nodaway County, Mo.-BOND DESCRIPTION. Trust
Commerce
the
$65,000 issue of school bonds that was purchased byat 534% and matures
-bears interest
Co. of Kansas City-V. 130, p. 1885
about
in 1950. The bonds were awarded at a price of 103.20, a basis of
5.00%.
-TEMPORARY LOAN.
SOUTHBRIDGE, Worcester County, Mass.
a $300,000
-Salomon Bros. & Hutzler, of Boston. on March 20, purchased on Oct. 22
temporary loan, dated March 25 1930 and maturing 3250.000 a premium
28 1930. at a 3.41V discount, plus
1930 and $50,000 on Nov.
of $8. A complete list of the bids for the loan follows:
Discount.
Bidder-purchaser)
Salomon Bros. & Hutzler (plus 38
3.52
Faxon, Gade & Co.(plus $3)
3.52
Southbridge National Bank
3535,%
First National Old Colony Corp
3.540
F. S. Moseley & Co
price
The purchasers are reoffering the notes for public investment at a
to yield 3.35%•
g
[VoL. 130.
-FOUR POINT RISE IN
SOUTH ORANGE, Essex County, N. J.
-The village tax rate for 1930 was set at $3.64 for each $100
TAX RATE.
worth of assessable property on Mar. 14 by the County Tax Board, acof the following day, which went on to say
cording to the Newark
that the village during 1930 must raise by taxation $89,545.41 more than
was required during 1929 and that the ratables this year have increased
$2,013.220 over the preceding year.
SOUTH ORANGE AND MAPLEWOOD SCHOOL DISTRICT (P. 0.
-Margaret
-BOND OFFERING.
South Orange), Essex County, N. J.
M.Pryor, District Clerk, will receive sealed bids until 8 p. m. on Mar. 27,
for the purchase of $100,000 4%% or 454% coupon or registered school
bonds. Dated Jan. 11930. Denom. $1,000. Due $5,000 on Jan. 1 from
1931 to 1950 incl. Prin. and semi-ann. int. (Jan. and July 1) payable in
gold at the Guaranty Trust Co. New York. No more bonds are to be
awarded than will produce a preinium of 31.000 over the amount stated
above. A certified check for 2% of the amount of bonds bid for, payable
to the order of the Board of Education, must accompany each proposal.
The approving opinion of Hawkins, Delafield & Longfellow of New York,
will be furnished to the purchaser.
-LOAN OFFERING.
SOUTH PORTLAND,Cumberland County,Me.
-The City Treasurer will receive sealed bids until 2 p. m. on March 24,
for the purchase at discount of a $350,000 temporary loan, dated March 26
1930 and payable on Oct. 8 1930.
-BOND OFFERING.SPENCER COUNTY (P. 0. Rockport), Ind.
James H. Kirkland, County Treasurer, will receive sealed bids until 10
% highway improvement
a. m. on April 8 for the purchase of 325,000
bonds. Dated April 8 1930. Denom. $1,000 and $250. Due $1,250.
July 15 1931; $1,250. Jan. and July 15 from 1932 to 1940 incl., and $1,250„
on Jan. 15 1941. Prin. and semi-ann. Int. (Jan. and July 15) payable at
the office of the County Treasurer.
SPRINGFIELD CITY SCHOOL DISTRICT, Clark County, Ohio.
-J. M. Pierce, Clerk of the Board of Education, will
BOND OFFERING.
receive sealed bids until 12 m. on Mar. 25,for the purchase of 3250.000 4%
school bonds. Dated Mar. 11929. Denom. $1,000. Due on Sept. 1 as
follows: $11,000, 1930 to 1939 incl.. and $10,000 from 1940 ot 1953 incl.
Bids for the bonds to bear int. at a rate other than 4% will also be considered, provided, however, that where a fractional rate is bid,such fraction
shall be stated in a multiple of I( of 1%. Prin. and semi-ann. int. (Mar.
and Sept. 1) payable at the office of the Treasurer of the Board of Education A certified check for 5% of the amount of bond bid for, payable to
the order of the Board of Education must accompany each proposal.
SPRINGFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Erden-In connection with the
helm), Pa.
-ADDITIONAL INFORMATION.
report of the sale of $100,000 431% school building bonds at 100.03, a basis
-V.
of about 4.24%, to the Montgomery National Bank, of Norristown,
130. p. 1885
-we learn that the bonds are dated Mar. 1 1930, are coupon
In denoms. of $1,000, and mature on Mar. 1, as follows: 316.000 in 1935.
1940, 1945. 1950 and 1955. and $20,000 in 1960. int. payable In Mar.
and Sept.
-BOND
SPRINGFIELD TOWNSHIP, Burlington County, N. J.
-F,C. Bozarth, Clerk of the Board of Education, will receive
OFFERING.
sealed bids until 3 p.m. on Mar. 24,for the purchase of 825,0005% coupon
or reg. school bonds. Dated Apr. 1 1930. Denom. 3500. Due on Apr. 1,
as follows: 84,000, 1931, and 33.000 from 1932 to 1938. Incl. Int. payable
on Apr. and Oct. 1. Prin. and semi-annual int, payable to the Union
National Bank, Mount Holly. No more bonds are to De awarded than
will ,produce a premium of $1,000 over the amount stated above. A
certified check of 2% of the amount of bonds bid for, payable to the order
of the Board of Education, must accompany each proposal.
-BONDS VOTED.
SPRING VALLEY, Rockland County, N. Y.
At the swing election held on Mar. 18 the voters authorized the issuance
of 314,000 improvement bonds by a substantial majority.
-BOND OFFERING.
-Sealed
SPRUCE PINE, Mitchell County, N. C.
bids will be received until 7.30 p.m. on Apr. 1, by J. H. Duncan, Town
Clerk, for the purchase of a $35.000 issue of hospital ponds, (These bonds
were voted on Mar. 4.)
(This report corrects that given in V. 130, p. 1321.)
-TEMPORARY
STAMFORD (Town of), Fairfield County, Conn.
Inc. of New York, on Mar. 14, purchased a
LOAN.
-Barr Bros. &
'
Co..
$200,000 temporary loan to bear interest at 3.64%, at par plus a premium
of $19. The loan is dated Mar. 14 1930 and is payable on June 2 1930.
The following is a complete list of the bids submitted for the loan:
Rate.
-Int.
Bidder
.64
-Purchaser)
Barr Bros. & Co., Inc. (Plus 319
3.77
First Stamford National Bank
3.84
First National Old Colony CorP
3.84
Peoples' National Bank of Stamford
4.00 *
S. N. Bond & Co
WATER CONTROL AND IMPROVEMENT
STARR COUNTY
-BOND SALE POSTDISTRICT NO. 1 (P. 0. Rio Grande), Tex.
PONED.
-We are now informed that the date of opening of bids on the
31.200.000 issue of water improvement bonds has been extended from
-until Apr. 11, by Lino Perez, President of the
-5. V. 130. p. 1885
District.
-BONDS VOTED.
-A proposal
SUFFERN, Rockland County, N. Y.
to issue $15,000 fire apparatus purchase bonds was approved at the spring
by a favorable vote of 108 to 50.
election held on Mar. 18
SUMMIT TOWNSHIP (P. 0. Root Road, R. F. D. No, 6 Erie), Erie
-The 39.000 5% ganeral road improvement
-BOND SALE.
County, Pa.
-were awarded to
funding bonds offered on Mar. 14-V. 130, p. 1013
Prescott Lyon & Co.. of Pittsburgh, at par plus a premium of $105, equal
to 101.16, a basis of about 4.78%. The bonds are dated Mar. 15 1930
and mature 31.000 on Mar. 15 from 1932 to 1940, incl.
-ERRONEOUS
SUNFLOWER COUNTY (P. 0. Indianola), Miss.
REPORT.
-We have been informed by the Clerk of the Board of Superof a scheduled sale on March 12 of a $50,000 issue of
visors that the report
-was erroneous as no bonds
-V. 130. p. 1515
6% semi-annual road bonds
were offered on that date.
(P. 0. Easton), Md.-BOND OFFERING.TALBOT COUNTY
J. l, sea
rec iv Kenny Willis, President of the Board of County Commissioners, will
lce
led bids until 12m. on Apr. 1, for the purchase of $30,000 4%
school bonds of 1929. Dated Sept. 1 1929. Denom. 31.000. Duo $5,000
on Sept. 1 from 1936 to 1941, incl. Int. payable on Mar. and Sept. 1.
A certified check for $1,000 must accompany each proposal. The offering
notice states that the bonds are exempt from State, County and Municipal
taxation in Maryland, and carries the following statistics: Area, 286 square
miles; population 1920, 18,326, and taxable basis.!real estate.$16,473,525;
personal property. $1,864.984; securities, 32,612,943; bank stocks, $939.588; domestic corporations, $1,191,142; railroads, $495.882, bonded debt
Jan. 11930, $438,500; tax rate 1929, $1.46 per $100.
TALLMANS FIRE DISTRICT (P. 0. Tallman), Rockland County,
-Samuel D. Dodge, Chairman of the Board of
N. Y.
-BOND OFFERING.
Fire Commissioners, will receive sealed bids until 8 p. m on March 28,
for the purchase of $10.000 coupon or registered fire apparatus purchase
bonds, to bear interest at a rate not exceeding 6%.stated in a multiple of
31 of 1%. Dated March 1 1930. Denom. $1,000. Due 81,00000 March
1 from 1931 to 1940, incl. Principal and semi-annual interest (March and
Sept. 1) payable in gold at the Lafayette Trust Co., Suffern. A certified
check for $500, payable to the order of the District, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater, of New
York, will be furnished to the successful bidder.
-BONDS OFFERED
TARRANT COUNTY (P. 0. Fort Worth), Tex.
-The 31.800,000 434% road bonds that were purFOR INVESTMENT.
chased by a syndicate headed by Halsey. Stuart & Co. of New York, at a
-are now being
Price of 98.75, a basis of about 4.62%-V. 130. yo. 1885
reoffered for public subscription by the successful bidders at prices to
Yield from 4.25 to 4.40%, according to maturity. Due $60.000 from
Oct. 10 1930 to 1959 incl. According to the offering circular, these bonds.
Issued for road purposes, are direct and general obligations of the entire
county, payable from unlimited ad valorem taxes levied against all taxable
property therein. The county, according to latest available figures, has an
assessed valuation of $173,169,760. and total bonded debt, including this
issue, of $6,986.000. The bonds are exempt from all Federal income taxes
and are legal investment for savings banks and trust funds In New York.
OFFERING.
TAYLOR COUNTY (P. 0. Bedford), lowa.-BOND
Both sealed and open bids will be received by the County Treasurer,
MAR. 221930.]
FINANCIAL CHRONICLE
2079
until April 9, for the purchase of an issue of $100,000 primary road
bonds.
Denom. $1,000. Dated Sept. 11928. Prin. and int.
Dated May 1 1930.
at the National Bank of Commerce in New York City.(M. & 8.) payable
TENNESSEE,State of(P.O. Nashville).
bond attorney of national reputation will be furnished The opinion of a
-BOND OFFERING.
-Sealed
to the purchaser.
bids will be received until noon on March 27, by C. M. McCabe, Secretary A certified check for 2% of the bid, is required.
of the Funding Board, for the purchase of a $2,000,000 issue of refunding
(These bonds were offered unsuccessfully on April
20 1929.-V. 128.
highway bonds. Dated April 11 1930. Due on April 11 1935.
P. 3230.)
Bidders are invited to name the rate of interest which
WATERTOWN, Jefferson County, N. Y.
bear. The rate must be in multiples of X of 1%, and the bonds are to
-BOND SALE.
-The $90.must
4X% per annum. The bonds will be awarded to the bidder not exceed 000 coupon or registered bridge bonds offered on March 18-V. 130, p.
offering to 1886
-were awarded as 4.20s to the Manufacturers &Traders
take them at the lowest rate of interest, at a price of not less than
Trust Co.,
par and of Buffalo, at par plus a premium of $89.91.
accrued interest. As between bidders naming the same rate
equal to 100.09. a basis of
amount of premium will determine the award. The right of interest the about 4.19%. The bonds are dated Jan. 1 1930 and mature $3,000 on
is reserved to Jan. 1 from 1931 to 1960, incl. A complete
reject any and all bids. Principal and semi-annual interest will
list of the bids submitted for
%
be
in lawful money of the United States of America at the office of the payable the issue follows:
of the State of Tennessee, or, at the option of the holder, at the Treasurer
BidderInt.3m
Chemical Farson, Son
.1tate.
Premium.
Bank & Trust Co., New York City. Certified check for 2%
& Co
of
8161.19
value of the bonds bid for is required. Purchaser or purchaser the face Rutter & Co
130.50
furnished with the final approving opinion of Messrs. Thomson, s will be Roosevelt & Son
4.35%
Wood & Batchelder & Co
80.10
Hoffman, attorneys, New York.
4.30%
72.00
Mfgrs. & Traders-Peoples Trust Co.(purchaser)_
TOLEDO CITY SCHOOL DISTRICT,Lucas County, Ohio.
4.20
89.91
-OFFER Jefferson Securities Corp
$1,750,000 BONDS
72.00-OFFICIAL LIST OF BIDS.
-The $1,750,000 coupon No. N. Y. Securities Corp
school bonds awarded as 430 to the group headed by
4 0
.1
45 o
251.73
the
Illinois Co.,of Chicago, at par plus a premium of $6.255,equal Continental
WATHENA SCHOOL DISTRICT (P. 0. Wathena
to a price of
), Doniphan
100.35, a basis of about 4.215%-V. 130, P. 1880
-BOND DESCRIPTION.
-are being reoffered by County, Kan.
-The $100,000 issue of schoolthe successful bidders for public investments priced to yield 4.10%.
Below bonds that was purchased by the Guarantee Title & Truss Co. of Wichita
we furnish an office' tabulation of the bids submitted
V. 130, p. 1886
-bears interest at 434% and was purchased
for the issue.
97.82. a basis of about 4.78%. Due as follows: $2,000. Feb. at a price of
Bidder1 1931:$3.000,
Rate of Inf. Premium. Aug. 1 1931: $5,000, Aug.
*Continental Illinois Co.; First Union Trust &
1 1932 to 1944, and $6,000. Aug. 1 1945 to 1949.
all incl.
Say. Bank; First Detroit Co.; Emanuel & Co
$6.255.00
.
Foreman-State Corporation; Central Illinois Co.; 43.a%
WEBSTER, Monroe County, N. Y.
-BOND OFFERING.
-L. J. Van
First Wisconsin Co.; Boatman's National Co.;
Alstyne, Village Clerk, will receive sealed bids until 8 p. m. on
Braun,Bosworth
March 28.
Co4%
X
..i.167.00 for the purchase of thelollowin; issues of coupon or registered bonds aggreHalsey, Stuart & Co.; R. W. Presprich &
gating $72,000. to bear int. at a rate not exceeding 6%,stated
Co.;
Dewey, Bacon & Co
in a multiple2,940.00 of X of 1%:
Stone & Webster ant. Blodgett, Inc.'• Otis & Co.; Wal- 4X%
$42,000 strekt improvement bonus. Due on Feb. 1 as
lace & Co.; M. M. Freeman & Go.
follows: $2,000,
2,786.00 1931 to 1948 incl., and Y3,000 in 1949 and 1950.
Chatham-Phenix Corp.; Eldredge St Inc. Phelps, 43%
$30,000 sewer bonds. Due $1,000 on Feb. 1 from 1932 to 1961
Co.
;
Fenn & Co.; Lawrence Stern & Co.; Sax'&
Both issues are dated Feb. 1 1930. Denom. $1,000. Prin. incl.
Co.-- 43.1%
1,913.00
Guaranty Co: of New York' Bankers Co. of New
ann. int. (Feb. and Aug. 1) payable in gold at the Central and semiYork; Hannahs, Bailin & Lee; E. 0. Tillotson &
Rochester. A certified check for $2.000 payable to the order of Trust Co.,
& Co., nc
tee Village
1,242.50 must accompany each proposal. The approving opinion of Clay, Dillon &
Cease Securities Corp.* The Equitable Corp. of 4X%
d
Vandewater of New York will be furnished to the purchaser
N. Y.; Tee Northern trust Co.; Wells-Dickey Co.
.
ing is a list of the bide which were rejected on Jan. 29 for theThe follow350.00
Bancamerica-Blair Corp
bonds now
ir
-V. 130, p. 839.
37,645.00 offered.
Lehman Bros.; Kountze Bros.; Kean Taylor & Co.;
BidderMississippi Valley Co.; Stern Bros. & Co.; The
Int. Rate. Rate Bid,
Union Trust Co., Rochester
Title Guarantee & Trust Co
5%
100.929
434
Dewey,Bacon & Co ,New York
100.67
630.000 1932-40 43‘ o 1 35,175.00 George B. Gibbons & Co.. New York
5
100.397
4X
Vietor,_Cannan & Co., Buffalo
Roosevelt & Son; A. T Bell & Co 1.120,000 1941-56 4
5%
100.28
31,622.50 Sage, Wolcott & Steele, Rochester
%
534%
100.639
945.000 5
1
Central Trust Co.,Rochester
- 534%
100.376
1
350.00
Harris, Forbes & Co.; National City Co.; R.805,000 4 0
WEBSTER CITY, Hamilton County,
L. Day
-BOND OFFERING.
& Co.; Curtis & Sanger; Hayden, Miller & Co....
Sealed bids will be received until Mar. 26 by Iowa.
A. J. Peterson, City Clerk, for
27,633.00
Estabrook & Co.; Ames, Emerich & Co.; Mitchell, 434%
the purchase of a $25,000 issue of 434% semi-ann. swimming
pool bonds.
Herrick & Co.,and Stranahan, Harris & Oat's,Inc. 4I
t
%
26.775.00 Due $1,000 from 1932 to 1956 incl.
Prudden & Co
(These bonds were originally scheduled for sale on
11,400,000 1932-51 4
678.00
Mar. 24-V. 130,
P. 1886).
1 350,000 1952-56
* Successful group.
WEBSTER COUNTY (P. 0, Walthall), Miss.
-BOND OFFERING.
TOOLE COUNTY (P. 0. Shelby), Mont.
-BOND SALE.
-We are Sealed bids will be received by J. A. Hightower. Chancery Clerk, until
Informed that Heath, Schlessman
Co. of Denver h-ve recently entered April 7 for the purchase of a $350,000 issue of road oonds.
into an agreement with the Board & County Commissioners to
of
purchase at
WELLINGTON INDEPENDENT SCHOOL DISTRIC
par a 877,000 issue of 534% coupon refunding bonds. Due
T (P. 0;
*3,500, 1931 to 1943, and $4,500, 1944 to 1950, all incl. Prin. as follows: Wellington) Collingsworth County, Tex.
and int. is The $55.000 issue of 4X% school building -BONDS REGISTERED.payable in New York City.
bonds that was unsuccessfully
offered on March 5-V. 130, P. 1886
-was registered by the State
TOPEKA SCHOOL DISTRICT (P. 0. Topeka), Shawnee
County, Comptroller on Mar. 10. Due serially in 40 years.
Kan.
-BOND OFFERING.
-Sealed 'bids will
BOND SALE.
-We are now
on May 13 by Chester Woodward, Chairman,be received until 3 p. m.
Finance Committee of the been purchased at par by localinformed that the above bonds have since
investors.
Board of Education, for the purchase
$475,000 issue of 4 X % school
bonds. Denom. $1,000. Dated Feb.of a
WELLSVILLE, Columbi
County, Ohio.
Due $25.000
-The
1932 to 1950, incl. Prin. and int. (F.1 1930.payable at the from Feb. 1 $16,000 storm sewer constructanabonds offered on -BOND SALE.
A.)
ion
office of the
Mar. 10-V. 130. p. 1703
State Treasurer in Topeka. Unconditi&
onal bids only will be considered, -were awarded as 434s to the Banc Ohio Securities Co. of Ooluments, at
and the bids should be submitted on blank forms furnished
by the above par plus a premium of $40. equal to 100.25, a basis of about 4.71%. The
named official. Thomson, Wood & Hoffman of New
York, will furnish bonds are dated Jan. 1 1929 and mature 81,000 on Oct. 1 from 1930 to
the legal approval. A certified check for
the Treasurer of the Board, is required. 2% par of the bid, payable to 19Bidder1 complete list of the bids submitted for the issue follows:
5 inel.
TUSCALOOSA COUNTY (P. 0. Tuscaloosa), Ala.
Int. Rate. Premium.
-BOND
POSTPONED.
-The sale of the $200,000 issue of 5% semi-annu SALE Banc Ohio Securities Co., Columbus (Purchaser)
4%
al road Breed, Elliott & Harrison, Cincinnati
bonds previously scheduled for March 17-V.
5
$2400,80'
130, p. 1515
-has been Davies-Bertram Co., Cincinnati
deferred until March 28. Denom. $1,000. Dated
5
59.20
April 1 1930. Due Hanchett Bond Co., Chicago
on April 1 1960. Bids will be received
5
87.00
by Probate Judge William W. Seasongood & Mayer, Cincinnati
Brandon.
Provident Savings Bank & Trust Co., Cincinnati- 5e
434%
4.80
UNIVERSITY CITY SCHOOL DISTRICT (P. 0.
University City) Ryan, Sutherland & Co., Toledo
5
61.00
St. Louis County, Mo.-BOND SALE.
W. L. Slayton & Co.. Toledo
-A
5
96.00
bonds has recently been purchased by the$225,000 issue of 434% school Mitchell, Herrick & Co., Cleveland
Mercantile Commerce Co. of
5j%
169.00
St. Louis. Denom. $1.000. Dated March
15 1930. Due from March 15
1935 to 1950, incl. Principal
WHEATLAND TOWNSHIP RURAL AGRICU
& S. 15)
sissippi Valley Trust Co. in and in (M.Legality payable at the Mis- DISTRICT NO. 1, Mecosta County, Mich. LTURAL SCHOOL
St. Louis.
-BOND SALE.
-The
to be approved by $75.000 school bonds offered
B. H. Charles of St. Louts.
on March 18-V. 130, p.
-were awarded
as 434s to W. L. Slayton & Co. of Toledo, at par plus1886
Financial Statement (as Officially Reported).
equal to 100.28, a basis ofabout 4.73%. The bonds a premium of $210.
Assessed valuation. 1929
$41,798,060 1930 and mature on April 1 ELS follows: 11,1.500, 1933 toare dated April 12
Total bonded debt,including this issue
1940 incl.; $2.000,
1.677.500 1941 to 1043 incl., $3,000, 1944 to 1954 incl., and
Population. 1930(estimated)
$4,000 from 1955 to
38.000
1960 incl.
VERONA, Lee County, Miss.
-BOND
WICHITA FALLS INDEPENDENT SCHOOL DISTRICT
-On March 29 the
voters of this town will pass judgment on ELECTION.
(P. 0.
Wichita Falls), Wichita County, Tex.
-BOND
of $20.000 in bonds for new high school.a proposal calling for the iasuance Issue
-The $100.000
of 434% semi-annual school bonds offered for.SALE. March
sale on
14-V.
130. p. 1703
VERONA, Preble County,
-BOND SALE.
-The $2.500 534% 1930. Due -was purchased by Garrett & Co. of Dallas. Dated Feb. 1
fire apparatus purchase bonds Ohio. on March
from Jan. 1 1931 to 1960 incl.
offered
6-V. 130. p. 1321
were awarded to Miss Pearl Ressler,
WINTER HAVEN, Polk County, Fla.
of Verona, at
-BONDS AUTHORI7ED.$59.60, equal to 102.38, a basis of about 4.97%. par plus a premium of The city commissio
The bonds are dated
n is reported to have adopted
Oct. 1 1929 and mature $250 on Oct. 1 from 1930 to 1939 incl.
city attorney to proceed with the floating of an issue an ordinance for the
of $147,000 refunding
bonds to take care of issues due in May and June.
VERONA,Essex County, N. J.
-TAX RATE REDUCE
-The County Tax Board on March 17 announced that D SIX POINTS.
YAVAPAI COUNTY SCHOOL DISTRICT NO. 1 (P. 0.
the
Prescott),
rate for 1930 would be $4.04 for each $100 worth of taxableborough tax Ariz.
-OFFER
-We are now informed that the date
reduction of six points from the 1929 figure, according_to property, a of sale of the ING CORRECTION.
$200.000 issue of 5% semi-annual school bonds has been
the
which appeared in the March 18 issue of the Newark "News": following changed from April
1, as originally reported-V.130, p. 1887
-to March 31.
"Verona will have a tax rate of $4.04
year, a reduction of six points
from the 1929 figure, the County Tax this
YOUNG COUNTY CONSOLIDATED SCHOOL DISTRIC
Board
d
T NO. 23
caring for 1929 remissions totaling $62,750, theannounceonto-day. After (P. 0. Graham), Tex.
ratables
-BONDS REGISTERED.
which county
-A $35,000 issue of 5%
and state taxes are apportioned are $12,656.430. The
figure last year serial school bonds was registered by the State Comptroller on March 10
was 811,338,930.
"The amount raised by taxation will be $506,291.16 after
ZANESVILLE, Muskingum County, Ohlo.-BWD oFFERI
stock taxes of $736.21. Last year $460.039.26 was raised by deducting bank Henry F. Stemm, City Auditor, will receive
sealed bids until 12 m. on
year the highest amount is for local schools, $221,112.50. taxation. This March 31, for the purchase of $49,286.48
The figure last improvement
5% special assessment street
year was $209.205.12.
bonds. Dated
'The local levy for other purposes is $153,329.30. Other
for $286.48. Due on March March 1 1930. Denom. SLOW, one bond
1 as follows. $9,286.48, 1932. and 810.000
amounts to be from 1933 to
raised are: County tax, $71,989.77; state schools,
1936 incl. Int, payable on March and Sept. 1. Bids for
$12.566.43; state institutions, $6,328.21; soldiers'$34,668.49; state roads, the bonds to bear ineterest at a rate other than
bonus, $1,590.06, and provided,
5%
also
district court. $352.61."
however, that where a fractional rate is will such be considered,
bid
fraction shall
be X of 1% or a multiple thereof. A certified
WALTHAM, Middlesex County, Mass.-TEAfPORARY
check for 1% of the amount
LOAN.
- of bonds bid for, payable to the order of the City Treasurer, must accomSalomon Bros. & Hutzler, of Boston, on March 15 purchased
pany each proposal.
a $200.000
temporary loan at a 3.51%
dated March 17 1930 and is discount, plus a premium of $7. The loan is
payable
list of the bids received for the loan: on Nov. 12 1930. The following is a
Bidder
Municipa I it tem
Discount.
Salomon Bros. & Hutzler (plus $7
EDMONTON, Alta.
Purchaser)
-BOND SALE.
3.51%
-The Dominion Securities Corp.,
Union Market National Bank
and the Imperial Bank of Canada. both of Toronto,
Faxon, Gade & Co.(plus
jointly purchased an
$2).593.505% issue of $981.000 5% improvement bonds. Dated
%
Bank of Commerce & Trust Co
April
bonds in the denomination of 81,000 with provision for 1 1930. Coupon
5.61%
Shawmut Corp
redtration as to
principal. Due on April 1, as follows'
W. O. Gay & Co
$200.000.
$85,000. 1955, and $73,000 in 1960. Principal and1945: 3623.000. 1950:
:
11t1 0
semi-annual interest
(April and Oct. 1) payable in New York in United States
WALTON COUNTY (P. 0, De Funiak Springs),
gold coin of the
Fla.
-BOND present standard of weight and fineness, or
OFFERING.
-Sealed bids will be received
at the holder's option, in gold
M. V. Fountain, Clerk of coin of lawful money of
the Board of County Commissioners. untilby p. m. on
Canada
2
April 2, for the Canada in the cities of Victoria, at the chief office of the Imperial Bank of
purchase of 2 issues of 6% bonds, aggregating $90,000
Vancouver, Edmonton, Winnipeg, Toronto
0
as follows:
and Montreal. The purchasers are reoffering the bonds
$50,000 hospital bonds. Due on Sept. 1 as follows: $5,000,
for public invest1933 $10,000. ment, subject to legal opinion of Long
1938; 816.000, 1943 and $20,000 in 1948.
& Daly,
yield 5.10% for the 1945 and 1950 maturities. andof Toronto, at Prices to.
40.000 Jail bonds. DUO on Sept. 1 as follows: $5,000. 1933
5.05% for the 1955 and
and 1938. 1960 maturities. The offering notice states
$10,000 in 1943 and $20,000 in 1948.
that a
p rovided sufficient to retire these bonds by maturity.sinldng fund will be
t
iR
R}
CANADA,its Provinces and
[Vol.. 130.
FINANCIAL CHRONICLE
2080
-Below we furnish
LONDON, Ont.-ADDITIONAL INFORMATION.
12 to Wood,
a detailed description of the $850.500 bonds awarded on Mar.
cost basis of about 5.04%Gundy & Co. of Toronto, at 96.60, an interest
V. 130. p. 1882.
bonds, issued under By-law
$204,000 5% London Railway Commission payable on June 30 and Dec.
No. 4471. Denom. 31,000. Int,
mature on ec. 311954.
31. Bonds
Denom.
171,0005% storm sewer bonds, Issued under By-law No. 4474.
mature on
$1,000. Int. payable on Jan. and July 1. Bonds
Jan. 11944.
issued under By-law No. 4756.
148,000434% electrical equipment bonds, June and Dec. 30. Bonds
Denom. $1,000. Int, payable on
mature on June 30 1944
By-law No. 4248. Denom.
125,000 436% city hall bonds, issued under Dec. 30. Bonds mature on
Sr. Int. payable on June and
J e 30 1953.
4793. DeBy-law
65,000 4 % public school bonds. issued under Dec. 30.No.
Bonds mature
nom. $1,000. Int. payable on June and
on June 30 1944.
No. 4802.
65,000 436% Collegiate Institute bonds. issued under By-law
Bonds
Denom. $1,000. Int. payable on June and Dec. 30.
mature on June 30 1944.
bonds,issued under By-law No.4757. Denom.
37,000 434% court house
on
$1,000. Int. payable on June and Dec. 30. Bonds mature
June 30 1934.
bridge bonds, issued under By-Law
15.000434% Wharncliffe Road
No. 3782. Denom. $1,000. Int, payable on June and Dec. 30.
Bonds mature on June 30 1932.
issued under By-law Nos. 4758
7,000434% Victoria Hospital bonds, payable on June and Dec 30.
and 4794. Denom. $1,000 Int.
30 1944.
Bonds mature on June
bonds, issued under By-law No. 4793. De7,000434% public schoolpayable on June and Dec. 30. Bonds mature
nom. $1,000. Int.
on June 30 1944.
under By-law No. 4792.
6,500434% Collegiate Institute bonds, issued
on June and
Denom. $1,000. one bond for $500. Int. payable
Dec. 30. Bonds mature on June 30 1944.
payable at the office of
All of the foregoing bonds and int. thereon are of Montreal in Canada.
the City Treasurer, or at any branch of the Bank
for
The fo:lowing is a list of the bids reported to have been submitted
ls:
the bon,
Raie Bid.
BidderWood,Gundy & Co
96.478
H.R. Bain & Co.;Imperial Bank
96.21
Bank of Commerce
96.088
& Co.;Fry,Mills,Spence
R.A.Daly
96.088
Fleming, Denton;Dyment,Anderson
96.017
Dominion Securities; Bank of Montreal
95.916
McLeod,Young,Weir
95.875
A.E.Ames & Co.;Bank of Nova Scotia
95.83
& Co
Bell, Gouinlock
95.816
J. L. Graham & Co.; Matthews & Co
95.67
Gairdner & Co.; Dominion Bank;0.H.Burgess & Co
95.56
Royal Bank
* Accepted bid.
Secur-The
MIDDLESEX COUNTY, Ont.-BOND SALE. 26 an Dominion
issue of $333,000
on Feb.
ities Corp. of Toronto, privately purchasedprovincial and county highway
5% coupon, registerable as to principal, In denoms. of $1,000 and odd
improvement bonds. Dated Mar. 11930.
1.
amounts. Due in 15 instalments. Int. payable on Mar. ann Sept.
-The city council conOTTAWA, Ont.-PROPOSED BOND ISSUE.
in bonds for
templates seeking legislative authority to issue $800,000
the "Monetary
sewerage purposes, according to the Mar. 14 issue of
Times" of Toronto.
-At an election to be held shortly
REGINA,Sask.-BOND ELECTION.
in
the rate-payers will be asked to pass on a proposal to issue $300,000
bonds for bridge construction purposes, according to report.
-BOND SALE.
0. Regina).
Province of (P.
E. Ames &
A syndicate composed of the Dominion Securities Corp., A. Canada and
of
Co. and Wood Gundy & Co.. all of Toronto: Royal Bank
on March
the Canadian tank of Commerce, both of Montreal. purchased
Dated March
18 an issue of $3,200.000 436% public improvement bonds.
and semiMarch
15 1930. Denom. $1,000. Due onpayable 15 1960. Principal
in United States gold coin at
annual interest (March and Sept.)
Bank of Canada in New York. or in Canadian gold
the agency of the Royal
Winnipeg, Regina,
coin at the Royal Bank of Canada in Toronto, Montreal, by E. G. Long of
Vancouver and St. John. Legality is to be approved
Toronto. The purchasers are reoffering the bonds for public investment
at 99.75 and interest, to yield 4.90%.
.86.60
p SASKATCHEWAN,
-An issue of $90,000 5% coupon,
SUDBURY, Ont.-BOND SALE.
on
registerable as to principal public school bonds was privately purchased
Jan 29 by Wood, Gundy & Co., of Toronto. The bonds are dated Dec.
and mature
11 1929, are in denom. of $1,000, $500 and odd amounts,on June and
annually on Dec 11 from 1930 to 1949, incl. Int. payable
Dec. 11.
-A, J. Pilkington, City
-BOND OFFERING.
VANCOUVER, B. C.
the
Comptroller, will receive sealed bids until 2 p. m. on March 24 for .50:purissues of 5% bonds, amounting to $4,061,485
chase of the
1986. Due June 1
$750,000.00 water works bonds (general). By-law No.
1969.
(general).
750,000.00 road, sidewalk, street and lane improvement bonds
By-law No. 1998. Due June 11944.
and road emergency bonds (general). By-law No. 1997.
500,000 street
Due June 1 1944.
Due June 1
350,000.00 park site bonds (general). By-law No. 1990.
1969.
By-law No.
250,000.00 street cleaning and grading bonds (general).
1999. Due June 11944.
ownbonds
224,684.43 cement walk, curb, &c., improvementFeb. 24(property
1950.
ers' share). By-law No. 2051. Due
bonds (property owners' share). By-law No. 1982.
214,777.47 pavement
Due May 20 1944.
1989.
200,000.00 Juvenile Detention Home bonds (general). By-law No.
Due June 11969.
No, 1983. Due
194,036.04 pavement bonds (city's share). By-law
May 20 1944.
By-law No.
115,605.90 water mains and sewer bonds (city's share).
1979. Due May 20 1959.
and sewer bonds (city's share). By-law No.
110,333.33 water mains
1978. Due May 20 1959.
No. 2033.
108,530.37 pavement bonds (property owners' share). By-law
Due Dec. 16 1939.
No. 2011.
102,674.01 pavement bonds (property owners' share). By-law
Due Aug. 13 1939.
(property owners'
83,147.81 cement walk. curb, &c.,improvement bonds
share). By-law No, 2012. Due Aug. 13 1949.
and ventilating bonds (general). By-law
50,000.00 schools, heating
No. 1995. Due June 1 1949.
share). By-law No.
32,086.24 cement walk bonds (property owners
1980. Due May 20 1939.
Due
cement walk bonds (city's share). By-law No. 1981.
25,609.90
May 20 1939.
genof the above bonds is payable semi-annually. The
Interest on all
share bonds, totaling $445,eral bonds, totaling $2,850,000, and the city's
the city at large. The property owners'
585.17, are a direct obligation of special rates on the properties benefited,
share bonds are secured by local large. Tenders may be submitted on
and are guaranteed by the city at
only, and in Canada
the basis of interest and principal payable in Canada
tendering are required to
and the United States, or otherwise. Parties delivery of the securities.
state the net price for Vancouver payment and the purchasers' expense.
at
If desired, delivery will be made elsewhere
must accomA certified check payable to the City Treasurer for $10,000
pany each tender.
-Wood. Gundy & Co., of
WALKERVILLE, Ont.-BOND SALE.
an issue of $245,000 5% coupon,
Toronto, privately purchased on Feb. 6
public school bonds. Dated Dec. 14 1929.
registerable as to principal
Due annually on Dec. 14 from
Denom. $1.000, $500 and odd amounts. and Dec. 14.
1930 to 1959, incl. Int, payable on June
-H. R. Bain & Co. of Toronto,
WATERLOO, Ont.-BOND SALE.
improvement bonds at 101.11,
recently purchased an issue of $93.798 536% 5.29%. The bonds are due
basis to the town of aboutlist of the bids submitted for
an interest cost
A complete
in 10, 15 and 20 instalments.
the bonds follows:
Rate Bid.
Bidder*101.11
H.R.Bain & Co
100.872
Gairdner & Co
100.60
Dyment, Anderson & Co
100.079
J. L. Graham & Co
100.07
C. H.Burgess & Co
100.07
Dominion Securities Corp
99.80
Young, Weir & Co
McLeod,
99.75
Waterloo Bond Corp
99.20
Bell, Gouinlock & Co
• Accepted bid.
.
county council
YORK COUNTY, Ont.-BY-LA WS APPROVED -The
aggregating
Is reported to have recently passed three debenture by-laws
nt purposes
bridge construction and highway improveme
$345.000 for
NEW LOANS
NEW LOANS
$904,726.99
CITY OF MINNEAPOLIS,
FINANCIAL
Notice of Sale
by Board of Estimate and Taxation of
MINNESOTA
Special Street Improvement Bonds
NOTICE IS HEREBY GIVEN that the Committee on Ways and Means of the City Council
of the City of Minneapolis, Minnesota, will sell
at a public sale, at the Office of the City Comptroller ofsaid City,on MONDAY,MARCH 24th.
1930, at 2:00 o'clock p. m. (Central Standard
Improvement
'rime), $904.726.99 Special Streetexceeding five
Bonds, at a rate of interest not
1st.
cent per annum. To be dated April s, of
per
1930. Payable in equal annual installment
which $24,683.62 will be payable in five years;
$860.581.37 in ten years, and $19,462.00 in
fifteen years, as follows:
S4.683.62. April 1st, 1931; $5,000.00. April 1st
in each of the years 1932 to 1935,
Inclusive.
$86.581.37, April 1st, 1931: $86,000.00, April 1st
In each of the years 1932 to 1940.
inclusive.
$1,462.00. April 1st, 1931: $1.000.00, April 1st
in each of the years 1932 to 1941.
inclusive; and
to
$2,000.00, April 1st in each of the years 1942
1945. inclusive.
To be in $50. $100, $500 or $1,000 denominations, at the option of the purchaser, and coupon
rate must be the same for all bonds bid for.
Sealed bids may be submitted until 2:00 o'clock
P. m. of the date of sale. Open bids will be
asked for after that hour.
All bids must include accrued interest from
date of said bonds to date of delivery, and a
certified check for two per cent of the par value
of the bonds bid for made to C. A. Bloomquist,
City Treasurer, must accompany bids.
No bid will be considered for an amount less
than the par value of the bonds.
The right to reject any and all bids is hereby
reserved.
The approving opinion of Thomson, Wood &
Hoffman. Attorneys, will accompany these bonds.
Circular containing full particulars will be
mailed upon application.
DAN C. BROWN,
City Comptroller,
Minneapolis, Minnesota.
$2,490,000.00
CITY OF MINNEAPOLIS,
Minnesota, Bonds
We Specialize in
City of Philadelphia
38
2
1
/
3 8
4s
/
41 4s
/
41 28
58
/
51 45
28
51/
On the 31st day of March, A: D. 1930, at
2:00 o'clock P. M., the Board of Estimate and
Taxation of the City of Minneapolis, Minnesota,
will offer for sale:
$2.175,000.00 Permanent Improvement Construction Bonds, maturing in equal annual
installments of $87,000.00 on April 1st of the
years 1931 to 1955, inclusive;
$275,000.00 Water Works Bonds, maturing in
equal annual installments of $11,000.00 on
April 1st of the years 1931 to 1955, inclusive;
$40,000.00 Municipal Airport Bonds, maturing
in equal annual installments of $2.000.00 on
April 1st of the years 1931 to 1950, inclusive.
All bonds will be coupon bonds, in the denomination of $1,000.00 each, and will be dated
April 1st, A. D. 1930.
All bonds falling due in the years 1931 to 1937,
1522 Locust Street
inclusive, shall bear annual interest at the rate
Philadelphia
of five per cent (5%), payable semi-annually:
all other bonds shall bear annual interest at the
Members of
rate of four and one-fourth per cent (434%),
Philadelphia Stock Exchange
payable semi-annually.
-Canal 8437
Private New York Wire
The bonds will be sold to the bidder (or bidders)
offering a bid (or bids) complying with the terms
of this sale and deemed most favorable, subject
to the provision that the Board of Estimate and
Taxation reserves the right to reject any 'or all
bids. Bids offering an amount less than par
cannot be accepted.
Each proposal is to be accompanied by a
MINING ENGINEERS
certified check payable to C. A. Bioomquist,
City Treasurer, for an amount equal to 2% of
the amount of the bonds bid for, to be forfeited
to the city in case the purchaser refuses to pay
delivery.
for the bonds when ready for ed by
the opinion
The bonds will be accompani
of Messrs. Thomson, Wood & Hoffman,attorneys
New York City, that
Mining Engineers and Gsolowsts
and counselors at law, of binding obligations of
the bonds are valid and
the City of Minneapolis.
COAL AND MINERAL PROPERTIES
Further information and forms on which to
Examined, Managed, Appraised
submit bids will be furnished on request. TaxaBy order of the Board of Estimate and 1930.
meeting thereof held March 12,
PHILADELPHIA
tion at a
Drexel Building
GEO. M. LINK, Secretary,
343 City Hall,
' Minneapolis, Minn.
Biddle, Costa & Co.
H. M. CHANCE & CO.
@FedFRASER