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financial
The
VOL. 130.
ijrcirtide
SATURDAY, MAY 17 1930.
NO. 3386.
larger than had been counted upon, and yet it must
for
be remembered that these Treasury bills run
have had a maturity date
short periods—none so far
PUBLISHED WEEKLY
it
longer than 90 days—and that being the case,
in Advance
Terms of Subscription—Payable
12 Mos. 6 Mos.
that some of the original issues
follows
Including Postage—
$8.00 necessarily
$10.00
Alaska
Within Continental United States except
5.75
11.50
was dated Dec. 17) have already
In Dominion of Canada
7.75 (the first issue
13.50
territories
and
Other foreign countries. U. S. Possessions
to mature.
also issued. For the Bank and Quota- matured and been paid off or are about
The following publications are
per year; for all the others is
out on
tion Record the subscription price Is $6.00 for postage outside the United
As a matter of fact, the December issue, put
115.00 per year each. Add 50 cents to each
States and Canada.
Mar. 17, and
MONTHLY PUBLICATIONS—
Dec. 17 for $100,000,000, fell due on
COMPIINDIUII8—
B•NIC AND QUOTATION RZCOND
the
PUBLIC UTILITY—(seml-annually)
NINO, Ra0011D
Y & I NDIDITRIAL—(four a year) M0NTHLY E•a
had to be provided for on that day. This was
RAILWA
STATO AND MUNIOIP•I,—(sen:11-ann.)
issue, which was
first of the series. The second
Terms of Advertising
rs for
45 cents for $50,000,000, "or thereabouts," and tende
line
Transient display matter per agate
On request
08,000 were accepted,
Contract and Card rates
Western Reprementative, which to an aggregate of $56,1
CHICAGO Orvicr—In charge of Fred. H. Gray,
coming
208 South La Salle Street. Telephone State 0813. O.
was dated Feb. 18, and will become due the
1 Drapers' Gardens. London. E.
Loxpoil Oyince—Edwards & Smith.
It is this $56,108,000 of maturing
Monday, May 19.
WILLIAM B. DANA COMPANY, Publishers,
the first
York
William Street, Corner Spruce, New
bills that will have to be provided for in
furnish the main reason for the present
and
AM B. DANA COMPANY. instance,
Published every Saturday morning by WILLI Manager. Wlillam D. Riggs
President and Editor. Jacob Seibert: Business
new issue of Treasury bills.
Herbert D.Seibert. Addressee of all. Office of Co.
Treea., William Dana Seibert; See.,
to
With call loans on the Stock Exchange down
bankers' acceptances
3% per annum,and with 90-day
was, of
/%
/
quoted at 258% bid and 21 2 asked, there
doubt of the entire success
of Address of Publication.
Change
course, never the least
other
of the new offering, even though bankers and
The Commercial & Financial Chronicle,
quate
of short-term securities find it hard to
purchasers
having long suffered from inade
obligation,
size
get accustomed to this form of Treasury
facilities for handling its growing
Treasury
and the time was plainly opportune for the
and growing subscription list, has moved
it may require
is now
to supply itself with such funds as
into new and larger quarters, and
found on
at the present time. The tenders, it was
located at
Thursday, aggregated altothe closing of the bids on
William Street, Corner Spruce.
ted was
gether $275,674,000. The amount accep
York City.
New
P. 0. Box 958.
average price realized on the bids
$104,600,000. The
rate on a
accepted was 99.356, the average annual
2.54%. The
bank discount basis thus being about
to an
highest bid received was 99.400, equivalent
The Financial Situation.
al basis. The
of about 2%% on an annu
The United States Treasury the present week suc- interest rate
to an into be lowest bid accepted was 99.331, equivalent
cessfully placed another $100,000,000 (or,
0
of about 2%7.
exact, $104,600,000) of 90-day Treasury bills on a terest rate
GovernThe cost of this form of borrowing to the
ment came on Mondiscount basis. The announce
diminished since the first
has substantially
n
day, May 12, on which day Secretary Mello gave ment
mber last, indi000,000,"or thereabouts," offering of bills was made in Dece
notice that tendersfor$100,
rnment is getting the benefit of
g that the Gove
of these bills would be received at the Federal Re- catin
y market, as a result of
o'clock p. m., Eastern Standard the growing ease in the mone
serve Banks up to 2
short-dated bills are marketable at
prime
time, on Thursday, May 15. The announcement which all
addition, the aggregate amount
to have caused some surprise, though there very low rates. In
seemed
tenders is growing in magnitude, notwithwas no reason why it should, except perhaps that of the
this form of obligations, so familiar on
previous offerings of these bills, of which the present standing that
side of the Atlantic, has not yet attained a
offering constitutes the fourth of the series, came the other
degree of popular favor. A goodly amount of
at intervals of two months, and the last previous high
ury bills always finds it way into the
sale—the third in order—came in April, or only a these Treas
to
Federal Reserve Banks, though it is not possible
month ago.
how much from the published statejust
Newspaper comment has intimated that the needs ascertain
linked with Treasury ceral Farm Loan Board, growing out of ments, these bills being
of the Feder
indebtedness in the weekly returns of the
tes of
al
its multifarious operations in the agricultur field, tifica
ve Banks under the blanket designaheld responsible for the appearance of this Federal Reser
must be
nt tion of "Certificates and Bills."
new offering of bills for so large a sum at the prese
Perhaps next week's return of the Federal Red is making
time. It may well be that the Farm Boar
serve Banks will throw some light on the extent of
unusual drafts upon the Treasury, or rather, drafts
financial Chronicle
3414
FINANCIAL CHRONICLE
[VOL. 130.
not been favorable or assuring. In the matter of
copper the successive reductions in the price of the
metal had the effect of stimulating a large export
demand and likewise an active domestic demand for
the metal, and to that extent the move attained its
object. At the annual meeting the present week of
the Cerro de Pasco Corp.,President Edward H.Clark
said, in answer to a question, that while sales of
copper had been very small for several months during
the time when the price was held at 18c. a pound,
2
1
/
sales since the price had been lowered to 12 c. had
been tremendous, and now that the price was back
to 13c. the various companies were refusing to sell
all that they might sell at that figure. He remarked
2
1
/
that since the cut to 12 c., 100,000,000 pounds of
copper had been sold for export, and it waft estimated that 200,000,000 pounds had been 's4d ftr
domestic shipment during the same period. As confirming this statement, "Metal and Mineral Markets" reports that all records for sales of copper,
whether for domestic or foreign consumption, were
exceeded in the week ended Wednesday, with tremendous bookings aggregating 196,000 tons, or
392,000,000 pounds. This, it is pointed out, more
than offsets the big increase in copper stocks during
the month of April, which, according to the American
Bureau of Metal Statistics, raised the total of the
stocks of refined copper in the hands of North and
South American producers and refiners from
256,020 tons on April 1 to 301,338 tons on May 1, at
which figure comparison is with no more than
57,494 tons on May 1 last year.
Aside from copper, however, trade developments,
as already stated, have contained virtually no encouraging features. The accounts regarding the iron
and steel trade have been especially unsatisfactory.
The monthly statement of the United States Steel
Corp. made the total of unfilled orders on the books
of the subsidiary companies as of April 30 only
4,354,120 tons, as against 4,570,653 tons on Mar. 31.
But this falling off would be of little consequence
were it not for the fact that steel prices, as the
result of attempts to get business, are being cut all
around. The "Iron Trade Review" of Cleveland, in
giving illustrations of this strong drift to lower
prices, points out that "Steel plates and shapes have
been reduced to 1.70c., base, Pittsburgh, and steel
bars to 1.75c., the second cut of $1 per ton within a
month," and remarks that "plates and shapes, now
the lowest since 1915, have declined $4 a ton this
year and bars $3." The "Review" adds that "bolt
and nut prices are off 10%, and rivets $4 per ton.
Beehive furnace, unchanged since December,is down
10c. a ton. More shading is reported in pig iron and
sheets, especially in the West. Further unsteadiness
has developed in scrap. Concrete bars are softer,
and warehouse quotations may soon reflect the new
mill levels. Semi-finished prices are not strong."
This is certainly not a bright picture. But from
many other trades the story is the same. All speak
of a greatly diminished production, as compared
with a year ago, and yet with the state of trade
showing little improvement as a result of such curtailment. The United States Census has the present
week made public the statistics of cotton consumption for the month of April, and these show that
only 532,382 bales of lint cotton and 66,951 bales of
linters were consumed in April 1930 as against
of 631,802 bales of lint and 79,543 bales of linters in
It is to be regretted that, except in the case
copper, trade developments the present week have April last year.
the Treasury absorptions, since no new issue of certificates of indebtedness is being made at this time;
accordingly, if the total of the holdings of certificates and bills should show any very large increase,
it would have to be ascribed to absorption of a large
block of the new Treasury bills, though even then the
extent of the holdings of such bills would remain in
doubt, inasmuch as the purchases of new bills may
go merely to replace the bills now held and which
will mature on Monday of next week, May 19. And
it is significant that payment for the new issue of
Treasury bills will have to be made on the same day,
Monday,May 19.
Bearing that in mind, it is quite possible that
Treasury policy in making the new issue may have
been dictated by a desire to assist the Federal Reserve Banks in maintaining their present level of
investments and with it the volume of Federal Reserve credit outstanding. It would be embarrassing
to the Federal Reserve Banks to have their holdings
of "certificates and bills" heavily reduced at this
time, as a result of the paying off of the Treasury
bills which mature on Monday next, without a corresponding amount of new Treasury bills to take their
place. We say this because their holdings of acceptances have been so heavily reduced in recent weeks,
a further reduction in these acceptance holdings
from $175,203,000 to $171,035,000 having occurred
the present week, notwithstanding the buying rate
for acceptances of the Reserve Banks was last week
2
1
/
cut to the abnormally low figure of 2 %, and this
total of $171,035,000 for May 14 comparing with
$302,414,000 on April 16, showing a reduction in
the course of the last four weeks of no less than
$131,379,000.
We have stated above that borrowing on Treasury
bills had been at a decreasing cost to the Government
nearly ever since the inception of the new method of
borrowing in December last. The figures bearing
out this statement are interesting. The first offering was, as already stated, of $100,000,000, and consisted of bills dated Dec. 17 1929, and maturing
Mar. 17 1930. The tenders then aggregated $223,901,000, of which $100,000,000 was accepted, and the
average price realized was 99.181, or an interest
basis of 3]4%. The second offering was announced
Feb. 11, and consisted of bills dated Feb. 18 1930,
and maturing May 19 1930. Tenders were invited
for $50,000,000, "or thereabouts"; the bids aggregated $186,183,000, the allotments totaled $56,108,000, and the average price realized was 99.174,
or an interest basis of 3.30%, which, it will be observed, was not quite as good as the price realized
at the December sale. The third offering was announced on April 7, and consisted of bills dated
April 15 1930, and maturing July 14 1930; bids for
an aggregate of $50,000,000, "or thereabouts," were
invited, and though the tenders on this occasion
totaled only $132,377,000, of which $51,316,000 were
accepted, the average price realized was 99.267, or
an interest rate on a bank discount basis of 2.93%.
On the occasion of the present sale of $100,000,000,
the tenders aggregated, as already stated, $275,674,000, of which $104,600,000 were accepted, and
the average price realized was 99.356, or an interest
basis of only 2.54%—much the best result for any
of the sales.
MAY 17 1930.]
FINANCIAL CHRONICLE
In the rubber trade the statistics published this
week show that tire manufacturers produced
5,187,970 pneumatic casings in March the present
year against 7,519,234 in March 1929, and that shipments of pneumatic casings in March the present
year totaled 5,031,820 against 6,708,134 in March
last year. The inventory, however, of pneumatic
casings in the hands of manufacturers at the end of
'March was less than at the end of March last year,
standing at 13,468,970 units against 16,351,750 units
on Mar.31 1929. Grain prices, it is pleasing to note,
have moved somewhat higher the present week, and
the price of raw cotton has been well maintained.
Furthermore, the American Woolen Co. in its fall
opening announced an advance of 2 to 10c. a yard
ins the case of men's fall suitings and overeating% and of 5 to 7c. a yard for women's
wear, being the first increase, it is stated, in
the price of woolen cloth in about a year. The
advance follows mainly as the result of higher
prices for raw wool, but is also said to reflect an
improvement in the wool textile trade.
On the other hand, Cuban raw sugar has the
present week taken a still lower dip, dropping to
1.30c. a pound on Wednesday, thereby establishing
a new low record in all time, though there was a
recovery to 1.40c. yesterday. Furthermore, Sears,
Roebuck & Co. and Montgomery Ward & Co., in their
new summer catalogues, show price reductions all
around. The average price reduction in the Sears,
Roebuck & Co. catalogue is said to exceed 10%. The
company states that prices in the catalogue are
based on the lowest commodity price levels of 1930.
The reductions extend to practically all kinds of
merchandise.
What ought to be helpful, sooner or later, in
(-stimulating the country's foreign trade is the scale
on which foreign borrowing in this country is being
carried on at the present time. During the month
of April the foreign government loans placed in this
country aggregated no less than $121,675,000, and
during the current month of May thus far the placing of foreign loans in this country has been on an
even larger scale. Thus the present week the Imperial Japanese Government has floated an external
loan for $50,000,000, besides offering $21,000,000
more in exchange for Japanese bonds due Jan.1 1931.
Furthermore, last week the Republic of Uruguay
obtained a loan of $17,581,000 from an American
syndicate, while the present week there was a public
offering of certificates of participation in a $6,000,000 Province of Cordova, Argentine Republic
six months external gold note.
These foreign borrowings here ought to improve
the buying capacity of the countries floating the
issues. The purchasing power of so many outside
countries has become greatly impaired, owing to
the fact that they were unable to obtain loans in this
market for the last two years on account of the
absorption of such enormous amounts of banking
credit and bank funds in the unbridled Stock Exchange speculation which culminated in the autumn
of last year.
How far this borrowing on foreign account will
be offset as an influence favoring foreign trade by
the higher tariff duties contained in the tariff bill
now pending in Congress it is difficult to say. Certainly protests against these higher duties are coming from all parts of the world, and it must be
3415
admitted that with trade depression world-wide,
foreign countries find themselves in such a weakened
condition that higher duties against their goods and
commodities must serve as a great handicap to the
carrying on of trade with the United States. That
is assuredly most unfortunate, for the foreign trade
of the United States is as much in need of being
resuscitated as is the domestic trade. Strong evidence to that effect is furnished in the report, just
issued, on the country's foreign trade for the month
of April. As in the months preceding, a heavy reduction is shown in both the value of the merchandise
exports and the merchandise imports. We review
the figures at length further along in this article,
and will pause here merely long enough to note that
the exports for April 1930 are given as only $334,000,000, as against $425,872,000 in April 1929, and
the imports at only $308,000,000, against $410,677,000. For the four months since Jan. 1 the exports show a falling off of $382,247,000, and the imports of $331,675,000, making a combined loss for
these four months in the country's foreign trade of
$713,922,000.
The uncertainties growing out of the pending
tariff legislation could hardly have played much part
in restricting importations, since the tariff is being
revised upward, not downward, and therefore the
desire of the importers would be to anticipate future
needs by importing the goods affected before the
higher rates go into effect. The shrinkage in the
exports is attributed to world-wide depression acting
to impair the purchasing power of the outside world,
though no doubt to some extent also it may be due
to our holding our prices too high, as was certainly
true in the case of copper.
The Federal Reserve statement this week may be
said to be colorless. Brokers' loans in the case of
the reporting member banks in New York City show
a further reduction of $67,000,000, in addition to the
reduction of $200,000,000 recorded last week, the
liquidation on the Stock Exchange having evidently
not been reflected in full in last week's return. The
further reduction the present week makes a total
contraction of $267,000,000 for the two weeks combined, which, however, comes after $785,000,000 expansion in the nine weeks preceding. In face of this
week's further contraction, the loans made by the
reporting member banks in New York for their own
account show an increase during the week from
$1,611,000,000 to $1,618,000,000. The shrinkage
occurred in the loans made for account of out-of-town
banks, which have fallen from $1,123,000,000 May 7
to $1,069,000,000 May 14, and in the loans "for account of others," which have declined from $1,341,000,000 to $1,320,000,000.
In the returns of the Federal Reserve Banks themselves, a noteworthy feature is a further decrease in
the holdings of bankers' acceptances, the reduction
last week to 21 2% in the buying rate of the Federal
/
Reserve Banks for bills having evidently failed to
secure any large amount of acceptances from dealers.
Borrowing by member banks also further diminished
during the week, and, accordingly, the discount holdings of the 12 Federal Reserve institutions this week
are down to $210,486,000 from $237,448,000 last
week. In the holdings of United States Government
securities no change of consequence appears, as far
as concerns the aggregate holdings of such securities.
3416
FINANCIAL CHRONICLE
The final result is that total bill and security holdings, which reflect the amount of Reserve credit outstanding, has still further diminished and for May
14 stands at $920,023,000 as against $951,095,000
May 7. Federal Reserve note circulation decreased
during the week from $1,492,994,000 to $1,464,897,000, while gold reserves have increased from $3,068,169,000 to 3,074,082,000.
As already indicated further above, the foreign
trade of the United States in April made quite as
poor a showing as in the earlier months of the year.
Merchandise exports for the month just closed were
valued at $334,000,000, the lowest of any month in
practically five years, or since June 1925, while imports were $308,000,000, an amount considerably
under that of the corresponding period in all years
back to 1922. Merchandise exports in March this
year were $369,624,000, and in April of last year
$425,872,000, the decrease last month from the movement a year ago being $91,872,000. Imports for the
month just closed were slightly above the $300,464,000 reported for March, but show a decline of
$102,677,000 from the $410,677,000 of imports in
April 1929.
A heavy loss has appeared in both exports and
imports in each month this year. For the four
months of 1930 merchandise exports have amounted
to only $1,463,313,000 against $1,845,560,000 for the
corresponding period a year ago, and imports to
$1,201,144,000, compared with $1,532,819,000 for last
year. The loss in exports this year to date is $382,247,000, or 20.7%, and in imports $331,675,000, a
decline of 21.6%.
Not since 1924 has the value of merchandise exports from the United States been at so low a figure
for the period covering the first four months of the
year as in this year, and it is necessary to go back
to 1922 to find a smaller total as to imports. The
excess value of exports last month was only $26,000,000. For the four months of this year to date
exports have exceeded imports by $262,169,000. In
the corresponding period of 1929 the excess of exports over imports was $312,741,000.
Exports of cotton continue very much reduced,
and a large part of the decline in the value of all
exports is attributable to the reduced cotton movement. Shipments of cotton to foreign ports last
month were about 350,000 bales, and compared with
472,300 bales a year ago. For the four months of
this year the value of cotton exports was approximately $185,325,000, and shows a reduction of $70,950,000 from the preceding year, a loss of 27.7%.
For the third consecutive month gold imports in
April were of large amount, the total being $65,539,000, while gold exports were only $107,000. For
the four months this year gold imports have been
$194,413,000 against $9,552,000 for exports, the excess of imports for the year to date being $184,861,000. In the corresponding period of 1929 gold
imports amounted to $126,647,000, while gold exports were $6,033,000, there being for that time
$120,614,000 balance on the gold import side. Imports of gold have now been quite heavy for the past
year and a half, and for the greater part of the time
have exceeded exports. There were two months at
the end of last year, however, when this movement
was reversed, and exports showed quite a gain, and
were in excess of imports. The foreign movement of
silver was again light in April, exports being $4,-
[VoL. 130.
557,000 and imports $3,469,000. These were the
smallest amounts for many months.
The stock market this week has been decidedly
unsettled and price movements have been confused.
The recovery noted last week extended into the
early part of the present week, and for a time the
tone was good and the market had a strong appearance. During this period substantial advances, in
addition to those of last week, occurred all through
the list. There was evidently considerable covering
of outstanding short contracts. Buying of railroad
stocks was also a feature. And the copper shares
developed a rising tendency, owing to the active demand for the metal on both domestic and foreign
account, induced by the drastic cut in the price of
the metal. The volume of trading, however, was
never large, and as the week progressed unfavorable
accounts regarding the steel trade with the shading
of prices for nearly all classes of steel products
served to depress the steel stocks and the depression
in these in turn affected adversely the general list
of stocks.
Other unfavorable developments, coming in quick
succession, likewise had a dampening effect, such
for instance as the issuing of new catalogues by
Montgomery Ward & Co., and Sears, Roebuck & Co.,
showing general price reductions through the whole
range of merchandise articles and commodities. The
appearance of some new quarterly statements of
income, making 'unfavorable comparisons with the
previous year, also served to turn the course of
prices downward. As one instance, Auburn Automobile earned only 55c. a share in the quarter ending
February,as against $3.04 in the corresponding quarter of 1929. In the general decline the latter part of
the week the recoveries of the early part of the week
in some instances were lost, though it was not until
Thursday that the course of prices turned strongly
downward. On Friday the tone was again good.
The call loan rate on the Stock Exchange remained
unaltered throughout the entire week at 3%.
Trading, as already stated, was on a greatly reduced scale. At the half-day session last Saturday
the dealings on the New York Stock Exchange were
1,880,450 shares; on Monday the sales were 3,026,890
shares; on Tuesday,2,697,290 shares; on Wednesday,
3,179,950 shares; on Thursday, 2,675,470 shares, and
on Friday, 2,086,800 shares. On the New York Curb
Exchange the sales last Saturday were 506,700
shares; on Monday„ 811,500 shares; on Tuesday,
675,200 shares; on Wednesday, 803,700 shares; on
Thursday, 865,600 shares, and on Friday, 819,900
shares.
As compared with Friday of last week, price
changes are irregular, though generally showing
/
gains. Fox Film A closed yesterday at 5218 against
/
5178 on Friday of last week; Warner Bros. Pictures
closed at 65 against 66%; General Electric at 83%
against 78%; Electric Power & Light at 89 against
84½; United Corp. at 46% against 45%; Brooklyn
Union Gas at 158 against 150; North American at
2
1
/
119% against 1171 8; American Water Works at
/
4
/
1111 2 against 11078; Pacific Gas & Elec. at 693
/
/
/
against 66%; Standard Gas & Elec. at 11734 against
2
1
/
115 ; Consolidated Gas of N. Y. at 130 against
2
1
/
126½; Columbia Gas & Elec. at 86 against 74;
International Harvester at 107 against 105; Sears,
Roebuck & Co. at 85% against 81%; Montgomery
/
Ward & Co. at 44 against 4158; Woolworth at 62%
MAY 17 1930.]
FINANCIAL CHRONICLE.b
against 63½; Safeway Stores at 95% against 90%;
/
Western Union Telegraph at 1801 2 bid against
180%; American Tel. & Tel. at 247 against 246; Int.
Tel. & Tel. at 64% against 63; American Can at 145
/
1
2
against 137 ; United States Industrial Alcohol at
4;
/
921 2 against 883 Commercial Solvents at 31%
/
against 327s; Corn Products at 105 against 104%;
/
Shattuck & Co. at 4678 against 44%, and Columbia
/.
Graphophone at 2814 against 2778
/
/
Allied Chemical & Dye closed yesterday at 3101 2
against 307 on Friday of last week; Davison Chemi/
cal at 3678 against 351 2; E. I. du Pont de Nemours
/
at 129 against 126; National Cash Register at 55%
against 573 International Combustion Engineering
%;
/
at 101 8 against 101 International Nickel at 331 8
/
4;
/
against 331 2; A. M. Byers at 9414 against 851 2;
/
/
Simmons & Co. at 421 4 against 38½; Timken Roller
/
Bearing at 75 against 75; Mack Trucks at 67%
against 6778; Yellow Truck & Coach at 27% against
/
27; Johns-Manville at 111 against 108; Gillette
Safety Razor at 8718 against 84%; National Dairy
/
Products at 583 against 56%; National Bellas Hess
%
at 15 against 15 ; Associated Dry Goods at 45%
/
1
2
/
1
2
against 411 2;Lambert Co. at 101 against 100; Texas
/
Gulf Sulphur at 601 8 against 59%, and Kolster
/
Radio at 5% against 5%.
The steel shares, after early strength, developed
weakness owing to the downward tendency of steel
prices. United States Steel closed yesterday, however, at 173% against 1693 on Friday of last week;
4
Bethlehem Steel at 96 against 95, and Republic
/
1
4
Iron & Steel at 54 against 53%. The motor stocks
are generally higher, notwithstanding that in Auburn Auto a bad break occurred on the poor income
statement for the February quarter. General Motors
/
1
4
closed yesterday at 48% against 47 on Friday of
/
last week; Nash Motors at 43 against 421 8; Chrysler
at 34% against 32; Auburn Auto ranged between
195 on May 10 and 158 on May 15, closing Friday at
165
/ against 187% the previous week; Packard
1
2
Motors at 17 against 18; Hudson Motor Car at
/
1
2
4178 against 43%, and Hupp Motors at 19 against
/
191 2 The rubber stocks also showed an improving
/
.
tendency in a few instances. Goodyear Rubber &
/
Tire closed yesterday at 8378 against 801 4 on Friday
/
2
of last week; B. F. Goodrich at 40Y against 42;
United States Rubber at 281 8 against 28%, and the
/
preferred at 50% against 511 2
/
.
The railroad list was in strong demand at times.
Pennsylvania RR. closed yesterday at 78% against
78 on Friday of last week; New York Central at
176% against 1741 2; Erie RR. at 49 against 48;
/
Del. & Hudson at 175 against 171 ; Baltimore &
/
1
4
Ohio at 11514 against 115%; New Haven at 11678
/
/
against 113 ; Union Pacific at 226 against 225;
/
1
4
Southern Pacific at 121
/ against 122; Missouri1
4
Kansas-Texas at 5778 against 53 ; Missouri Pacific
/
1
4
/
at 81 bid against 791 4; Southern Railway at 115
/
against 115; St. Louis-San Francisco at 116 against
1141 2; Rock Island at 113% against 111 bid; Great
/
Northern at 92 against 93, and Northern Pacific at
8278 against 83.
/
The oil shares have been the strongest feature of
the market. Standard Oil of N. J. closed yesterday
/
/
at 791 8 ex-div. against 7578 on Friday of last week;
Simms Petroleum at 29% against 27; Skelly Oil at
/
351 8 against 35; Atlantic Refining at 42% against
421 2; Texas Corp. at 571 2 against 571 2; Pan Amer/
/
/
ican B at 65% against 591%; Phillips Petroleum at
3417
/
1
2
/
39% against 411 8; Richfield Oil at 23 against
,
/
%
23%; Standard Oil of N. Y. at 363 against 361 8
/
.
and Pure Oil at 24 against 2378
The copper stocks have shown an improving tendency under more favorable accounts regarding the
copper trade. Anaconda Copper closed yesterday
at 6078 against 59 on Friday of last week; Kenne/
/
/
cott Copper at 461 2 against 461 4; Calumet & Hecla
/
1
4
at 20 against 19; Andes Copper at 26 bid against
/ against 19%;
1
4
28 ; Inspiration Copper at 19
/
1
4
Calumet & Arizona at 63 against 63; Granby Con/
/
solidated Copper at 331 2 against 321 2; American
/,
/
1
2
Smelting & Refining at 69 against 701 2 and U. S.
/
.
Refining at 28% against 281 2 In the
Smelting &
following we furnish a list of the stocks which the
present week touched new low figures for the year,
and also those which touched new high points:
NEW HIGHS.
Industrial & Misc. (Concl.)—
Railroads—
Loew's Inc.
St. Louis Southwestern
Michigan Steel
Industrial and Miscellaneous—
National Dairy Products
American Tobacco
North German Lloyd
Borden Company
Nunnally Co.
Equitable Office Building
Pan-Amer. Petroleum & Transp.
Fairanks Morse
Panhandle Producing & Refining
International Salt
Superior Oil
Kinney Co.
Warren Foundry & Pipe
Kraft Cheese
NEW LOWS.
Indus. & Miscell.(Concl.)
Railroads—
Electric Storage Battery
Havana Electric Ry.
Endicott-Johnson
Minn. St. Paul & S. S. Marie
Glidden Co.
Industrial et Miscellaneous—
Great Western Sugar
American Brake Shoe & Foundry
International Shoe
American Encaustic Tiling
Manati Sugar
American Locomotive
Mohawk Carpet Mills
American Seating
National Enameling & Stamping
Artloom Corp.
National Supply
Auburn Automobile
South Porto Rico Sugar
Butte Copper & Zinc
Truscon Steel
Certain-Teed Products
U. S. Distributing
Cuban-American Sugar
Yale & Towne
Eitingon-Schild
Although price movements remain irregular on all
the important European stock markets, some improvement in sentiment occurred this week as a result of exceptionally easy mid-month settlements.
The markets were depressed when trading began
Monday, in continuance of the general downward
movement of the preceding week. Improvement
followed, however, as it appeared that ample credit
would be available for all requirements at the current low rates. Some concern was expressed in
London over the heavy outflow of gold to the Continent, and particularly to Paris, but this movement
was not considered immediately alarming as it was
being offset by considerable gold arrivals from
Australia. Developments in India also were accepted by the financial markets with relative equanimity. There was much discussion, on the other
hand, of the unfavorable trade situation and the
instability of commodity prices. The tendency is
now to look for recovery in the autumn, as the expected spring revival failed of realization. Depression remains acute in England, inquiries in the
House of Commons this week bringing out the fact
that the number of unemployed has now mounted to
1,700,000. Trade stagnation is reported from Germany, and France also is feeling the effects of the
world-wide business decline.
An easy tone prevailed on the London Stock Exchange in the opening session of the week, and prices
declined in most sections of the market. Gilt-edged
securities showed only minor changes, but British
industrials dropped as a whole. International
stocks showed moderate improvement, owing to
more favorable week-end reports from New York. A
3418
FINANCIAL CHRONICLE
downward tendency again prevailed at London
Tuesday,and on this occasion Anglo-American issues
also dropped as a result of the easier tone in New
York. Gilt-edged issues sagged slightly, with business in this and in all other departments at low
levels. A more cheerful tone developed Wednesday,
as a few bright spots appeared in the market. Artificial silk issues improved under the leadership of
Courtaulds, and some rubber stocks also gained.
British funds remained idle, however, and the general list also showed few changes. The improvement
attained more general proportions, Thursday, giltedged issues joining British industrials and the
international stocks in a moderate advance. Oil
shares were especially sought, these issues showing
substantial gains. The advance in oil stocks was
continued yesterday, while the gilt-edged and other
sections held steady.
Conditions on the Paris Bourse were considered
favorable in the initial session of the week, as the
prolonged decline of the previous week was halted.
Prices made no great recovery, but the tendency was
distinctly better and buying gained ground. Tuesday's session at Paris was dull and uninteresting,
prices dropping slightly. Copper issues furnished
the only exception to this trend, these stocks advancing on the rise in the price of the metal. Overnight
reports of improvement in New York were reflected
in much better conditions on the Bourse Wednesday.
Buying orders increased and the list progressed in
most departments. The improvement gained momentum as the session continued, and at the close
virtually all issues were higher. The firmer trend
was maintained Thursday •and prices registered
substantial gains. Very cheap money for the fortnightly settl ments exerted a strengthening influence. Prices were somewhat softer yesterday,
while trading again dropped to low levels.
Buying orders were plentiful on the Berlin Boerse
at the opening Monday, and the market improved
all along the line. The volume of trading was larger
than in several previous days, part of the enlarged
turnover being attributed to foreign orders. After
a further firm opening Tuesday, the Boerse turned
irregular and finally weak at the close. Copper
shares resisted the general trend,improvement being
registered in most of these issues. Trading dropped
to small proportions as the prices sagged. Irregular
movements prevailed Wednesday, with declines and
advances equally moderate. •Shipping stocks were
stimulated by revival of the rumors regarding early
release at Washington of sequestrated property.
There were also some gains among artificial silk
issues, but most shares declined. Thursday's session
at Berlin was inactive, and the tone was soft. Differences of opinion among bankers regarding the forthcoming annuities loan produced some uncertainty,
but this was dissipated in the course of the day and
the market finally strengthened. The close was confident and a number of issues showed small gains.
An irregular tone prevailed at Berlin yesterday.
Parliamentary consideration of the naval armaments treaty signed at London April 22 was begun
this week in Washington and in London. Early
ratification of the new instrument is considered
assured in both capitals, and Japan also is expected
to act favorably in the near future. As a preliminary
to the general debate in the United States Senate,
[Vora. 130.
hearings were started Monday by the Foreign Relations Committee of that body and Wednesday by
the Senate Naval Committee. Secretary of State
Stimson, who headed the American delegation to the
London conference, made a statement to the Foreign
Relations Committee explaining the provisions of
the pact, and he was thereafter subjected to protracted questioning. Little that was new to close
followers of the London negotiations was brought
out at these proceedings. Mr. Stimson disclosed
authoritatively for the first time under the questioning, however, that he proposed the building of a new
capital ship at one stage of the London negotiations.
This suggestion was nothing more than a "trading
point," he added. No minutes of the discussions
were kept with the exception of the plenary sessions,
Mr. Stimson said, and the attitudes of the individual
members of the American delegation also went unrecorded "because there was no division of opinion
among the delegates." Secretary of the Navy Adams,
Admiral William V. Pratt, and other delegates and
advisers to the delegation were examined at length
both by the Foreign Relations and the Navy Committees of the Senate. Under British parliamentary
procedure, endorsement of the naval treaty or of
other international undertakings of the London
Government is not a prerequisite of ratification. The
Government acting through the Foreign Office, has
the full power to sign treaties Discussion of important matters is nevertheless forced in the House of
Commons as a rule on one pretext or another. The
naval treaty was brought under debate at London
Thursday.
Several noteworthy developments relating to the
fuller participation of France and Italy in the treaty
were recorded in Europe in the last few days.
Foreign Minister Dino Grandi appeared before the
Chamber of Deputies in Rome, late last week, to
report on the London negotiations. After stating
that the Italian delegation went to London not
merely for limitation, but for definite reduction of
naval strength, Signor Grandi added that Italy is
ready to enter forthwith into final negotiations with
France and Great Britain. He made no mention,
however, of the extensive naval construction program recently announced by the Rome Government.
Even more significant was an announcement at
Geneva, Monday, by Arthur Henderson, Foreign
Secretary of Britain, that France and Italy will
utilize the opportunity offered by the League Council
session then about to start,to compose the differences
on naval and other questions outstanding between
them. Mr. Henderson revealed that he had offered
his services to Aristide Briand, Foreign Minister of
France, and Signor Grandi of Italy, and that a
favorable reaction had been given in both instances.
Private meetings between the two Foreign Ministers
were arranged, and in League circles it was believed
that settlement of the Mediterranean impasse might
in the end be accomplished. At a luncheon Tuesday
attended by Foreign Secretary Henderson as well as
Foreign Ministers Briand and Grandi, it was decided to carry on fairly continuously throughout the
summer discussions not only on naval differences
but also on other questions between Italy and
France. The aim will be, dispatches indicate, to
place the Ministers in a better position to reach conclusions when they meet for the September session
of the League Assembly.
MAY 17 1930.]
FINANCIAL CHRONICLE
Active discussions on the plan for a federation of
European States were resumed by Foreign Minister
Briand of France this week,in preparation for vigorous steps in support of the ambitious scheme. The
brilliant and versatile French statesman was the
first to broach this project officially, although the
movement in its present form owes its inception
largely to Count Coudenhove-Kalergi. M. Briand
inaugurated the diplomatic negotiations relating to
this proposal at a private luncheon arranged in
connection with the last League of Nations Assembly
session at Geneva. Representatives of all the
European nations attended the gathering and heard
M. Briand expound his views and make his suggestions. As a direct result of this movement, steps
were taken at Geneva recently by the economic committee of the League of Nations for a conference on
a two-year tariff truce in Europe. A short truce on
further tariff increases was actually arranged, subject to the parliamentary approval of the respective
governments. The understanding was that this
agreement would come into force for six months beginning next November, provided no denunciations
were received at the League Secretariat before that
time, and if not denounced at the expiration of the
first six months would be renewed for a like period.
Important defections have already been indicated,
however, and the first halting step toward a European federation thus promises to be abortive. In the
guarded discussions on the project last September
it was made clear that M. Briand was well aware of
the extraordinary difficulties of the suggestion. His
official sponsorship of the movement has therefore
caused much interest in Europe and a good deal in
this country as well.
An indication that conversations on this project
would be revived was given at Paris late last week,
when Foreign Secretary Arthur Henderson of
Britain passed through the French capital on his
way to Geneva for the customary League Council
session. M. Briand took up with Mr. Henderson the
steps that he had in mind,a dispatch to the New York
"Times" said. Particular attention was paid to a
questionnaire which the French Minister proposed
to send other European governments. Mr. Henderson gave his complete approval to M. Briand's suggestion,it was said, although admitting that English
opinion was somewhat cold to the scheme. A further
report to the New York "Times" indicated that the
French suggestions were being drawn up in the form
of a memorandum which would place the matter
squarely before the European governments and invite their reactions and criticisms. "Aside from an
expose of the federation itself," the dispatch said,
'the memorandum suggests that high officials of
the 26 States meet at Geneva next September simultaneously with the Assembly of the League to lay the
ground work for the scheme." M. Briand,the report
stated very definitely, intends to organize the
European federation so that it would not be used
as a medium of opposition to American policies.
This question of a European federation was discussed privately at Geneva this week by the Foreign
Ministers who assembled for the League Council
session. German support was particularly sought
by M. Briand, and Geneva dispatches indicated that
Dr. Curtius promised the cooperation of the Berlin
Government. M. Briand's statement and questionnaire was accordingly sent to all French representa-
3419
tives in European capitals Wednesday, with instructions for delivering the document to the various
chancelleries today. Publication is to follow immediately, it is understood. Communications on the
subject have also been sent to Washington, Tokio
and other capitals. Not only economic aspects, but
also certain political problems are treated in the
French document, dispatches state. Occasion was
taken in almost every newspaper report to emphasize
the point that the proposed federation would be in
no sense aimed against the United States of America.
Directors of the Bank for International Settlements held their first official meeting at Basle
Monday, in order to consider the steps to be taken
in practical application of the Young plan of German reparations payments. The new plan was declared formally effective last week when the
necessary ratifications of the Young plan protocol
were deposited in Paris by the representatives of
Germany, France, Britain, Belgium and Italy. At
the first board meeting of the bank all decisions
made at previous meetings regarding election of
officers and other questions were declared official.
A communication was issued to the press stating that
the board agreed the bank should become the trustee
for the Dawes Loan of 1924. Contingent on necessary
preliminary action by the Reparations Commission
in Paris and the Kriegslasten Commission in Berlin,
it was announced that the capital shares of the bank
would be sold in ten countries on May 20. Both these
commissions will be taken over by the Bank for
International Settlements, which was organized to
handle the reparations payments. The bank communication concluded with the statement that announcements will not be made hereafter at the close
of every board meeting. A further meeting of
bankers and Treasury agents was held in Basle
Thursday, for the purpose of considering details of
the first annuities loan of $300,000,000 on the international markets. No information regarding this
meeting has been made available, but it is known
that differences persist as to the amounts of the first
flotation to be offered in the several markets. The
terms and conditions of the loan also remain to be
settled. Germany is expected to deposit at Basle
today the certificate of indebtedness and the railway
covering certificate as guarantees for reparations
payments. With the new scheme now effective, discussions were held at Geneva this week between
Foreign Minister Briand of France and Foreign
Minister Curtius of Germany regarding the details
of the Rhineland evacuation, which follows automatically. It is understood French troops will be
withdrawn at the end of June, and that withdrawal
from the Saar area will be effected at the same time.
The fifty-ninth regular meeting of the League of
Nations Council took place in Geneva from Monday
to Thursday, inclusive, giving the Foreign Ministers
of the important European nations a welcome opportunity for private incidental talks on some of the
international questions now under consideration.
The actual Council sessions were largely routine,
although some fairly weighty matters were on the
agenda. One of the first and most satisfying steps
taken was to strike from the agenda the Hungarian
optants question, which had plagued each successive
Council session for years until it was finally settled
3420
FINANCIAL CHRONICLE
[VoL. 130.
ever, more pointed indications have been given of
the retaliatory measures likely to be adopted in
various quarters. The incident in France several
weeks ago, when a hasty upward revision of the
duties on American motor cars was attempted as an
offset to increased duties here on French laces, was
a straw in the wind. The increased duties that were
finally enacted by the French Chamber of Deputies
were kept within reasonable bounds only by great
efforts. Higher duties on American motor cars
have also been enacted by the Australian Government. The Argentine Government has had under
preparation for several months a general upward
revision of duties which will doubtless be placed
in effect immediately the Hawley-Smoot bill is
passed and signed.
Developments of the past week give equally clear
indications of the unfortunate results on international trade of the sharp upward revision contemplated at Washington. An analysis of the new
Canadian tariff law promulgated by the Ottawa
Government last week was issued by the Department
of Commerce in Washington last Sunday. United
States exports to Canada, now aggregating about
$800,000,000 annually, will be adversely affected to
the extent of $175,000,000 to $225,000,000, the analysis discloses, while under the additions to the British preferential tariff, a correspondingly favorable
effect will be exercised on British Empire trade.
The new rates were placed in effect provisionally
May 2, subject to final adoption by the Canadian
Parliament. In a Washington dispatch to the New
York "Times" the comment was made that the increases in duties "follow Canada's threat to retaliate
against the United States because of the many adverse rates that appear against Canada in the tariff
bill pending here."
A Brussels dispatch of May 9 to the New York
"Herald Tribune" states that an increase in the
Belgian customs duties on American motor cars is
contemplated by the Belgian Government in view of
the numerous protests against the new American
tariff rates made to the Minister of Industry by
the same date to the New York "Times" indicates
that European business opinion is concerning itself
more and more with the effect of the proposed
American duties, and the means which the Continent should take to "defend itself" against the
menace of American protectionism. There is open
discussion, the dispatch states, of the probability
of a bitter tariff war between the Old World and the
New. In Berlin, Minister of Economy Dietrich has
announced that Germany will abandon her present
system of most-favored-nation commercial treaties
and tariff policy after 1935, when the existing trade
agreement with the 'United States expires. In German opinion, the dispatch adds significantly, other
powers also will abandon the most-favored-nation
principle, as "no longer meeting the requirements of
modern reciprocal trade relations between exporting
International repercussions of the drastic upward nations."
revision of American tariff rates proposed in the
Hostility to the British Government in India
Hawley-Smoot bill now under consideration at
Washington have been indicated recently in a num- shows few signs of abatement, notwithstanding the
ber of different directions. The prohibitive duties successive imprisonment of the various leaders of
proposed in this legislation were made the subject of the civil disobedience campaign inaugurated by
numerous private protests on the part of foreign Mahatma Gandhi early last month. The arrest of
interests last year, such protests being filed with Mr. Gandhi on May 5 was accepted by the country
the State Department by the accredited representa- more quietly than was generally expected, but untives of the respective governments. Recently, how- fortunate developments such as the incident at Shola-
by a Paris subcommittee of The Hague conference of
governments on the Young plan. A jurists' report
recommending amendments to the League Covenant
to bring it into 'harmony with the Kellogg pact was
passed on -to the September Assembly meeting for
discussion. Similar routine consideration was given
the report of the conference on a tariff truce and
concerted economic action among European States,
this document being adopted almost without discussion. A mild stir was caused Tuesday, when
Arthur Henderson, Foreign Secretary of Britain,
rebuked the League's child welfare committee for
its discussions of "social questions which concern
adults even more than children." Mr. Henderson
spoke in general terms, but it was believed that he
was referring indirectly to a recent report of the
committee describing in woebegone terms the moral
and physical conditions and the depths of misery
encountered in New York. Questions in relation to
opium smuggling, traffic in women and other humanitarian aims were also considered briefly in the
course of the meeting. In its final session Thursday,
the Council approved the personnel of a special commission which will study the historic problem of the
wailing wall in Jerusalem, where Jews and Arabs
have often differed.
Far overshadowing these matters on the regular
agenda of the Council session were the private conversations carried on extraneously by Foreign Ministers Henderson of Britain, Briand of France, Curtins of Germany, and Grandi of Italy. Particular
interest was occasioned by the renewal of discussions on naval armaments between the French and
Italian Ministers. That such discussions were in
progress was revealed by Mr.Henderson, who offered
his services to both representatives. M. Briand and
Dr. Curtius conferred Tuesday, German representatives revealing thereafter that a decision had been
reached to hasten negotiations for return of the
Saar Basin to Germany. French troops are to be
withdrawn from the Saar area at the end of June,
it was said, this movement coinciding with the general withdrawal from the third Rhineland zone. As
a result of this conversation, dispatches said, M.
Briand dropped a demand which the French previously made, that a plebiscite be held in the Sarre in
any event before French withdrawal. Although such
a plebiscite is provided for in the Versailles treaty,
it has been universally conceded that it would favor
return to Germany. A further matter of great importance that came up for discussion at Geneva is
M. Briand's proposal for a European economic federation. This scheme for a modified "United States
of Europe" was taken up by M. Briand with all the
other Ministers at Geneva. Such matters, of course,
proved far more interesting than the regular agenda
of the Council meeting and correspondingly closer
attention was given them by the several Foreign
Ministers.
MAy 17 1930.]
FINANCIAL CHRONICLE
pur were not lacking. The rioting at Sholapur resulted in more than 50 deaths, while about 400
persons were wounded, dispatches indicate. Although a semblance of order was restored in the
city by the end of last week, much difficulty was
experienced by the authorities in preventing further
violence. The entire city was reported in the hands
of rioters Monday, and on the urgent appeal of
the district magistrate, a battalion of British troops
was dispatched to the center from Poona. Military
law was declared Tuesday and 1,800 British soldiers
began patrolling the streets, effectually curbing the
Nationalist demonstrations. Satisfaction was expressed by the authorities over the lack of any widespread disorders last Saturday, which was the anniversary of the great mutiny of 1857. Revolutionary
demonstrations were feared, but they developed on
a minor scale only and were easily controlled. Disclosures have been made this week,on the other hand,
of some very troublesome developments on the Northwest frontier, where restive border tribesmen threatened the key city of Peshawur. A bombing raid in
which 40 airplanes took part was considered advisable to curb the activities of the malcontents.
Announcement of the raid was made in the House of
Commons in London by Wedgwood Benn, Secretary
of 'State for India.
Although the arrest of Mr. Gandhi produced little
actual disorder, it has not, on the other hand, placed
much of a damper on the non-co-operation movement.
The Mahatma's place as leader of the civil disobedience campaign was quickly taken by Abbas Tyabji,
a retired high court judge of the native State of
Baroda. Announcement was made by the new leader
that he would march with his followers on Monday
morning from Karadi Matvad to Dharasana, for
the purpose of raiding the salt deposits managed by
the Government. This step was planned by Mr.
Gandhi before his arrest as a national symbol of
civil disobedience to British rule. Extension of the
movement to other forms of taxation was actively
fostered in the meanwhile, and numerous villages in
the Broach district have swung into line by refusing
to pay the land revenue. The march to the salt
works was stopped by the police before it started
and Abbas Tyabji was arrested in turn. He was
succeeded as leader of the movement by Mrs. Sarojini
Naidu, a poetess, who was educated in England.
Estimates of the number of Indians arrested ranged
from 200 to 500, many of them already convicted
and imprisoned. Mrs. Naidu attempted to lead volunteers in a raid on the Dharasana salt depot Thursday, but this movement was successfully countered
by the authorities. The police formed a cordon
around the group and adopted passive resistance in
turn, thus merely preventing the volunteers from
moving on the salt depot.
Notwithstanding the current disturbances in
India, announcement was made by Viceroy Lord
Irwin at the summer capital of Simla, Monday, that
the Government would proceed with its aim of eventually providing "dominion status" for India. As a
step in this direction, the long-discussed round-table
conference on Indian affairs is to be held in London
"on or about Oct. 20." In London announcement
was made at the same time that the first part of the
report on India prepared a year ago by the Simon
\Commission would be published simultaneously in
England and India on June 10, while the second
part will be published shortly thereafter. The first
3421
part will be largely historical, it is thought, reviewing the development of the whole situation in India
to the present time. The second part will contain
the recommendations of the Commission. Correspondence between Prime Minister MacDonald and
Viceroy Lord Irwin relating to these matters was
made public by the India Office in London Tuesday.
It disclosed that the October conference is being
summoned by the British Government on the
strength of Sir John Simon's suggestions. "A fair
inference," a London report to the New York "Times"
states, "is that Sir John would not risk the bad
effect on India at the present time of a futile conference in which there would be no chance of that
country receiving a materially increased measure of
constitutional freedom." A detailed report on conditions in India was read in the House of Commons
Monday by Mr. Benn. The situation is improving
and is now well in hand, this report indicated. Violation of the salt laws is diminishing, the report
adds, but it was admitted that a general spirit of
defiance had been aroused against the Government.
Sharp clashes of large military units in China
have signalized the resumption of the protracted
struggle between the central government at Nanking
and the various Tuchuns, or Provincial Governors,
for control of the country. The customary "major
battles" along an immense front were proclaimed
in press reports from Shanghai late last week, but
the seriousness of the encounters remains questionable. Chiang Kai-shek, President of China and
leader of the Nanking Nationalist forces, is reported
at Suchow, personally directing the fighting. He is
opposed actively, it is understood, by the combined
forces of Feng Yu-hsiang and Yen Hsi-shan, who
are both War Lords of northern provinces. The
allegiance of Manchuria remains uncertain in this
struggle, although nominally the Three Eastern
Provinces are flying the Nationalist flag. Contact
between the opposing forces was made last Saturday
along the Lunghai Railway, the only East-West line
in China, about half way between Nanking and
Peiping, the former capital. Extravagant claims
have been made on both sides, but such claims never
have any relation to facts in Chinese warfare. Since
Chinese armies are loosely organized and relatively
immobile, it will probably take some time before
really large-scale operations can take place. In
the meantime, banditry is increasing, recent reports
from China indicating that this omnipresent menace
is becoming little short of alarming. The "bandits"
as a rule are merely the soldiery, who receive little
if any pay and live by their depredations. Moreover, famine is abroad in huge portions of the interior, where drought has prevailed for several years.
Terrible conditions have resulted, according to the
reliable reports of European and American observers, several millions of Chinese having starved
to death already, while other millions are certain
to follow before the next harvest can be garnered.
There have been no changes in European central
bank rates the present week. Rates remain at 6%
/
1
2
in Italy and Austria; at 5 % in Spain; at 5% in
Germany; at 4 % in Norway; 4% in Denmark
/
1
2
/
1
2
and Ireland; at 3 % in Sweden; at 3% in England,
Holland, Belgium, and Switzerland, and at 2 % in
/
1
2
France. In the London open market discounts for
short bills yesterday were 2 1/16% against 218% on
/
3422
[Vol.. 130.
FINANCIAL CHRONICLE
/
Friday of last week, and for long bills 21 8% against
0
2 3/167 the previous Friday. Money on call in
London, after having been at 270 early in the week,
0
was 1%7 yesterday. At Paris and at Switzerland
the open market rate continues at 2 %.
2
1
/
payments. Such demands were accommodated without even the semblance of stringency. Call loans on
the Stock Exchange ruled at 37 in all sessions, both
0
for renewals and new loans, while in the unofficial
outside market offerings were noted every day at
2
1
/0
2 7, or i% under the official level. Curb Exchange transactions in call money were arranged at
the undeviating figure of 3 %, thus maintaining
2
1
/
7
the customary/ 0 differential above the Stock Ex2
1
change figure. No withdrawals by the banks were
noted. Time loans were steady at unchanged rates,
with funds available in abundance here also, but few
borrowers. Brokers' loans against stock and bond
collateral declined $67,000,000 in the report for the
week ended Wednesday night, issued by the Federal
Reserve Bank of New York. Gold movements reported for the same period consisted of imports
of $86,000, with no exports and no changes in the
amount of gold held ear-marked for foreign account.
The daily statement for Thursday showed a decrease of $2,000,000 in ear-marked stocks.
The Bank of England statement for the week
ended May 14 shows a decrease in gold holdings
(the first since Jan. 29 1930) of £1,154,517. As this
was attended by a contraction of £2,036,000 in circulation, however, reserves increased £881,000. The
Bank's gold holdings now aggregate £163,347,877, as
compared with £161,860,918 a year ago. Public
deposits increased £8,337,000 while other deposits
decreased £9,800,840. The latter consists of bankers' accounts, which fell off £10,223,748, and other
accounts, which rose £422,908. The reserve ratio
stands at 56.05%, compared with 54.64% last week
and 55.47% last year. In loans on Government
securities a decrease was shown of £3,570,000, and in
those on other securities an increase of £1,228,991
appeared. Other securities consist of "discounts
Dealing in detail with the call loan rates on the
and advances" and "securities." The former fell
Stock Exchange from day to day, it is only necessary
off £151,344, while the latter increased £1,380,335.
to repeat what has been said above, namely, that the
The Bank rate remains 3%. Below we furnish a
rate remained unaltered throughout the whole week,
comparison of the various items for five years:
0
on each and every day, at 37, this including reBANK OF ENGLAND'S COMPARATIVE STATEMENT,
1026.
1930.
1928.
1929.
1927.
newals. Time money has been dull and without noteMay 19.
May 18.
May 16.
May 15.
May 14.
worthy feature, and quotations were unchanged at
.8
Z
356.454,000 362,810.000 134.834,000 138,189,845 140,985,585 3@3%7 for 30 days, 314@3 70 for 60 days, 3 @
2
1
/
/ /
2
1
Circulation
0
24,548,000 9,290,000 19,164,000 12,757,974 18,852,321
Public deposits
97,148,000 95,376,000 102,094,453 104,335,977 3%70 for three and fou'r months, and 34@4% for
94,767,978
Other deposits
Bankers accounts 58,310,637 61.070,000
five and six months, until Thursday, when both 3036,457,341 36,078,000
Other accounts
/ 0
,
Governm't securities 52.792,909 37,816,000 29,577,000 46,824,229 44,210,328 and 60-day loans were quoted at 3@3147 and both
17,392,938 27,331,000 55,846,000 47,220,123 69,064,510
Other securities
/@
90-day and four months loans were quoted at 314
& advances 6,403,528 9,586,000
Disct.
10.989,410 17,746,000
Securities
27,669,602 3%%, the rate for five and six months remaining
Reserve notes & coin 66,892,000 159,050,000 46,862,000 37,539,033
/
Coin and builion_163,347,877 61,860,918 161,946,830 153,958,678 148,905,187 unchanged at 331@)470. Prime commercial paper
Proportion of reserve
22.46% continued active during the early part of the week,
32.68%
40.91%
55.47%
56.05%
to liabilities
5%
454%
%
3%
514%
Bank rate
but the demand gradually simmered down, and little
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 activity was apparent on Friday. Rates are unnotes outstanding.
470 for names of choice quality, maturchanged at 33
ing in four to six months, while names less well
The French Bank statement for the week ended
.
0
are quoted at 47
May 10 shows an increase in gold holdings of 600,- known and shorter choice names
The item now aggregates 42,950,415,951 francs.
Prime bank acceptances were in sharp demand
438,399 francs, which compares with 36,525,431,314
week last year. Credit balances during the early part of the week, with a large part
francs the same
abroad reveal a gain of 3,000,000 francs, while bills of the inquiry for foreign account. Toward the end
quieted down. Rates have
bought abroad decreased 23,000,000 francs. Notes of the week the market
remained unaltered. The Reserve Banks further rein circulation fell off 760,000,000 francs, reducing
of
during the week
the total of the item to 71,613,213,140 francs, as duced their holdings acceptances
from $175,203,000 to 171,035,000. Their holdings of
compared with 63,419,739,910 francs the correforeign correspondents were
sponding week a year. ago. A large increase appears acceptances for their
namely 1,476,000,000 further increased from $468,574,000 to $471,648,000.
in creditor current accounts,
The posted rates of the American Acceptance Counfrancs. A gain is also shown in French commercial
2
1
/
162,000,000 francs, whereas the cil remain at 2%70 bid and 2 % asked for bills
bills discounted of
against securities dropped 97,000,- running 30 days, and also for 60 and 90 days, and
item of advances
47
/
days, and 23 0 bid and 25 70 asked
000 francs. Below we furnish a comparison of the likewise for 120
for 150 days and 180 days. The Acceptance Council
various items with last week as well as with the corno longer gives the rates for call loans secured by
responding week last year:
acceptances, the rates varying widely. Open market
COMPARATIVE STATEMENT.
BANK OF FRANCE'S
Status as of
C/ianyes
rates for acceptances also remain unchanged, as
May 10 1930. May 3 1930. May 11 1929.
for Wee.t.
Francs.
follows:
Francs.
Prancs.
Francs.
Gold holdings. —90e. 600,415,951 42,950,438,399
Credit bals. abed-Ina. 3,000,000 6,888,832,800
French commercial
5,104,909,467
bills disoounted_Inc. 162,000,000 18,890,784,132
Bills bought abed_Dee. 23,000,000 2,652,847,446
agst.securs--Dec. 97,000,000
Adv.
71,613,213,140
Note circulation—Deo. 760.000,000
Cred. cum accts—Inc.1.476.000.000 13,844,980,679
42,350,022,448 36,525,431,314
6,885,832,800 7,987,715,407
4,942,909.487 5,838,635,656
18,713,784,132 18,330,852,994
2,749,847,446 2,415,419,213
72,373,213,140 63,419,739,910
12,368,980.679 18,343,436.630
Quiet but steady conditions prevailed in the New
availYork money market this week. Funds were
at all times, notwithstanding a
able in abundance
fairly heavy turnover in connection with mid-month
SPOT DELIVERY.
Prime eligible MIL
Prime eligible bile
—180 DdifikMd. Asked.
254
244
—90 Digs
104. diked.
234
254
—150 Days—
ltd.
Asked.
254
254
—120 Days—
Md. Asked.
254
254
—80 Days—
Bid.
Asked.
254
254
—30 Days—
Md. Asked.
214
254
THIS, DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible nen-member baste
2 bid
254 bid
MAY 17 1930.]
FINANCIAL CHRONICLE
There have been no changes this week in the rediscount rates of the Federal Reserve Banks. The following is the schedule of rates now in effect for the
various classes of paper at the different Reserve
Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Beaton
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Role in
Effect on
May 10.
Dale
Established.
3li
3
4
4
4
4
4
4
4
4
4
4
May 8 1930
May 21980
Afar. 20 1990
Aar. 15 1930
Apr. 11 1930
Apr. 12 1939
Feb. 8 1930
Apr. 12 1930
Apr. 151830
Feb. 15 1990
Apr. 8 1930
Mar. 31 1930
Previous
Role.
4
3l6
414
43.4
454
434
43.4
434
414
434
434
434
Sterling exchange has been irregular, but increasingly in demand as the week advanced. The
range this week has been from 4.8 59-16 to 4.857s
/
for bankers' sight bills, compared with 4.85 17-32 to
4.86 last week. The range for cable transfers has
been from 4.85 13-16 to 4.86 1-16, compared with
4.85% to 4.86A a week ago. Despite the greater
activity in sterling which has been manifest in the
past few weeks, as seasonal influences favor the
London rate, quotations are ruling low largely because francs, marks, guilders, and a few of the
other European currencies are relatively firmer with
respect to London. This threatens the gold position
of the London Bank, as during the past few weeks
there has been a heavy gold flow from London to
Paris, and it would seem that a movement might
easily develop from London to Berlin, Amsterdam,
and Zurich. There have been withdrawals of funds
during the week from London by French, German,
and Dutch bankers which also militated against the
rate. In London financial circles much dissatisfaction is expressed over the heavy outflow of gold to
France, although it is reiterated in French quarters
that the Bank of France is opposed to further gold
imports from London.
The French bankers point out that the recent
Parliamentary debates have proved that both the
Government and the Bank of France are hostile to
renewed gold importations, believing that they bring
about increase in the bank's note circulation which
might influence commodity prices. It would seem
that the gold has been taken from London by French
private banks simply because profit could be made on
such transactions. The French point out that the
withdrawals of French capital from London are
happening at a time when seasonal factors, such as
the arrival of foreign tourists in France, are already
tending to strengthen franc exchange, causing sterling to fall below the gold import point. It appears
that since May 5 France has taken approximately
£9,299,141 gold from London, of which the Bank of
England has supplied about £5,681,725. For the
first week since Jan. 30 the Bank of England has
failed to report a net gain in bullion. This week the
Bank shows a decrease in gold holdings of £1,154,517,
the total standing at £163,347,877. This compares
with gold holdings as of May 16 1929, of £161,860,918 and with the ideal minimum recommended
by the Cunfiffe committee of £150,000,000. Allowing for the loss reported this week, the Bank shows an
increase of £17,232,131 since Jan. 1. On Saturday
the Bank of England sold £274,248 in gold bars,
(believed to have gone to France). On Monday the
Bank sold £524,416 in gold bars and received from
3423
abroad £500,000 in sovereigns. On Tuesday the
Bank bought £2,985 in foreign gold coin and sold
£3,760 in gold bars. Of a total of £430,000 South
African gold available in the open market about
£60,000 was absorbed by the trade and India and
the remainder was taken for shipment to Germany
/
at the price of 84s. 1138d. On Wednesday the Bank
sold £479,530 in gold bars and received from abroad
£1,000,000 in sovereigns, and bought £364 in gold
bars. London bullion brokers reported that the bar
gold sold by the Bank was taken for shipment to
France. On Thursday the Bank sold £412,973 in
gold bars and exported £5,000 in sovereigns, and set
aside £20,823 in sovereigns. The gold sold was
taken for France. On Friday the Bank bought
£443 gold bars and sold $1,787,781 in gold bars.
At the Port of New York the gold movement for
-May 14 inclusive, as reported by
the week May 8
Federal Reserve Bank of New York, consisted
the
of imports of $86,000, chiefly from Latin America.
There were no gold exports and no change in gold
earmarked for foreign account. On Thursday the
Federal Reserve Bank of New York reported a
decrease of $2,000,000 in earmarked gold. In
tabular form the gold movement at the Port of
New York for the week ended May 14, as reported
by the Federal Reserve Bank of New York, was as
follows:
-MAY 14, INCLUSIVE.
GOLD MOVEMENT AT NEW YORK,MAY 8
Exports.
Imports.
None.
888,000 from Latin America
Net Change in Gold Earmarked for Foreign Account.
None.
An aggregate of $3,925,000 gold has been received
at San Francisco since Friday of last week, of which
$3,825,000 came from Japan and $100,000 from
China.
Canadian exchange is showing improvement as the
season advances. Montreal funds were weak on
Saturday last at 7-32 of 1% discount, but improvement followed. On Monday, Montreal funds were
at 13-64, on Tuesday at 5-32, on Wednesday at 3-32,
on Thursday at 3-32, and on Friday at N of 1%
discount.
Referring to day-to-day rates, sterling exchange on
Saturday last was steady. Bankers' sight was
4.85 9-16@4.85 11-16; cable transfers, 4.85 13-16(4)
4.857 . On Monday sterling was steady. The
4
range was 4.85%@4.853 for bankers' sight and
%
4.85 27-32@4.85 29-32 for cable transfers. On Tuesday the market continued firm. Bankers' sight was
4.85 21-32@4.85 13-16; cable transfers, 4.85 27-32
@4.85 15-16. On Wednesday sterling was in demand. The range was 4.85 11-16@4.85 13-16 for
bankers' sight and 4.85 15-16@4.86 for cable transfers. On Thursday sterling continued in demand.
The range was 4.85%@4.85% for bankers' sight
and 4.86@4.86 1-16 for cable transfers. On Friday
sterling was fractionally easier; the range was 4.85%
@4.85% for bankers' sight and 4.85 3-32@4.86 1-32
for cable transfers. Closing quotations on Friday
were 4.85 13-16 for demand and 4.86 for cible
transfers. Commercial sight bills finished at
4.85 11-16, sixty-day bills at 4.83%, ninety-day
bills at 4.82%, documents for payment (60 days)
at 4.83%, and seven-day grain bills at 4.85 1-16.
Cotton and grain for payment closed at 4.85 11-16.
Exchange on the Continental countries, while
relatively dull, is in greater demand than for several
weeks. French francs have been steady. As noted
3424
FINANCIAL CHRONICLE
[Von. 130.
The London check rate on Paris closed at 123.84
above, French bankers attribute the improvement
in the franc at this time to seasonal influences, of on Friday of this week, against 123.86 on Friday of
which tourist purchases are the outstanding con- last week. In New York sight bills on the French
tributing factor. As already noted, France continues center finished at 3.92%, against 3.92 3-16 on Friday
%
to take large quantities of gold from London, amount- of last week; cable transfers at 3.923 , against
ing to approximately £9,299,141 since May 5. These 3.92 5-16; and commercial sight bills at 3.91%,
imports are due to the exceptionally strong position against 3.91%. Antwerp belgas finished at 13.94M
of the franc with respect to the pound. This week for checks and at 13.95% for cable transfers, against
%
the Bank of France shows an increase in gold hold- 13.94% and 13.953 . Final quotations for Berlin
ings of 600,415,000 francs, the total standing at marks were 23.85 for checks and 23.86 for cable
42,950,438,000 francs, which compares with 36,- transfers, in comparison with 23.86 and 23.87 a week
525,000,000 francs a year ago. The Bank's ratio is earlier. Italian lire closed at 5.24 3-16 for bankers'
exceptionally high, standing at 50.26, compared sight bills and at 5.249/i for cable transfers, against
with 49.98 on May 2, with 44.67 a year ago, and with 5.24 3-16 and 5.249 on Friday of last week. Austrian schillings closed at 143, against 143; exchange
the legal requirement of 35%.
German marks are steady, and while slightly off on Czechoslovakia at 2.963., against 2.963; on
on balance from a week ago, are nevertheless firm Bucharest at 0.60, against 0.60; on Poland at 11.25,
and in somewhat better demand than in several against 11.25; and on Finland at 2.52, against 2.52.
weeks. The mark is especially firm with respect to Greek exchange closed at 1.30 for bankers' sight and
sterling. This week the bulk of the London open at 1.303 for cable transfers, against 1.30 and
market gold was taken for German account. The 1.30%.
Berlin money market continues to develop excepExchange on the countries neutral during the war
tional ease, with large quantities of foreign credits
As a symptom of the internationally cheap has been dull and inclined to ease, fluctuating almost
on offer.
money, sterling three-months credits were on offer strictly with the course of sterling. Holland guilders
in Berlin at 3%%. Despite the plentiful supply of have been exceptionally easy, although the most
money and the lower rates the Reichsbank has taken active of the neutrals. Guliders sold on Wednesday
no action to reduce its rate of rediscount from the as low as 40.20, which is the lowest since April 17.
present 5%. A lower rate is confidently expected, This compares with the low for the year of 40.073
however. According to Berlin dispatches, Presi- and with the high of 40.343/i and with dollar parity
dent Luther of the Reichsbank is agreed in prin- of 40.20. It is believed in some quarters that the
ciple that the rate should be lowered, but desires weakness in guilders must be attributed largely to the
first to see the effect of other central bank re- transfer of Dutch funds to other markets, particuductions, particularly their influence on the gold larly to Germany and to the New York security
movement. The Reichsbank seems also to be in- markets. Holland's foreign trade is running well
fluenced at the moment by considerations of the above last year, although the import surplus shows an
market for securities. When the Bank reduced its increase for the first quarter as compared with a
rediscount rate to 5% early in 1927, the result was similar period a year ago. In the first three months
an abnormal discrepancy between the short-term of the current year Dutch imports amounted to
and long-term interest rates. This led to difficulty 648,291,000 guilders and exports to 452,357,000
with the newly issued Federal loan, which sank so guilders, leaving an import surplus of 195,934,000
low on the Bourse that the Government had to raise guilders. This compares with the first quarter a
the interest rate from 5% to 6%. Furthermore, year ago as follows: Imports, 626,915,000; exports,
the Reichsbank seems to feel doubt about lowering 450,898,000; and import surplus, 176,017,000 guildits rate because of the comparative stability of ers. Import balance therefore is 19,917,000 guilders,
sterling and dollar exchange. These rates, although larger so far this year than last.
Bankers' sight on Amsterdam finished on Friday
both still below parity with the mark, showed no
after the latest Bank rate reduction at 40.20, against 40.223/ on Friday of last week;
fresh weakness
at London and New York. Some bankers now cable transfers at 40.213/2, against 40.24; and combelieve that the Reichsbank will not reduce its rate mercial sight bills at 40.16, against 40.20. Swiss
unless there are considerably larger importations of francs closed at 19.32% for bankers' sight bills and
gold. However, it is thought that political con- at 19.33% for cable transfers, in comparison with
siderations centering around the reparations loans 19.353 and 19.363. Copenhagen checks finished
2
are also influencing the Reichsbank authorities to at 26.743/ and cable transfers at 26.76, against
2
Recent dispatches state that 26.733/ and 26.75. Checks on Sweden closed at
hold off for the present.
2
the German Government has decided to abolish 26.81 and cable transfers at 26.823/, against 26.82
.
"capital yield tax." This is an income and 26 833/2; while checks on Norway finished at
the 10%
2
tax deducted at the source from interest on loans 26.75 and cable transfers at 26.763/, against 26.74
753/2. Spanish pesetas closed at 12.23 for
payable to foreigners. As the matter worked out, and 26.
foreign lenders insisted on borrowing free of taxa- bankers' sight bills and at 12.24 for cable transfers,
tion, so that the German borrowers always had to which compares with 12.16 and 12.17 a week earlier.
obligate themselves to pay the tax. The GovernExchange on the South American countries has
ment therefore holds that the tax has merely the
been firmer and more in demand than in recent
effect of making foreign credit dearer. Its abolition
will cheapen foreign loans to German borrowers and weeks. Argentine paper pesos, however, are an
will therefore operate as an impetus to borrowing. exception. Conflicting reports are still being reThe credit committee of the German municipal ceived from Buenos Aires concerning a possible loan,
congress predicts that after the emission of the generally stated to be about $100,000,000. Latest
mobilization reparations loan Germany will be able advises are to the effect that no such loan is likely
in the near future, although the market will probably
to obtain foreign loans much more easily.
MAY 17 1930.]
FINANCIAL CHRONICLE
be asked to absorb a long-term bond issue in the
fall. "La Nacion," the leading newspaper of Buenos
Aires, places the amount at about $70,000,000, but
New York banking circles believe that it will have
to be larger if Argentina is to solve her financial
problems. Argentine paper pesos are ruling lower
than at any time since the end of March. Dispatches
received in New York from Buenos Aires on Monday
indicated that the Government is now engaged in
selling a portion of the proceeds of the $50,000,000
loan obtained here a; few weeks ago. The "Wall
Street Journal" says: "Offerings of dollars are being
made by Bank of the Nation to business men and
importers, with banks being excluded, at an arbitrary rate of 112 gold pesos to $100. Rate in the
open market is now about 114.60, so that the Government is underselling the market by approximately
2.60%. Sterling is also being offered at 43 15-16d.
to the peso oro, compared with market rate of 433.
It is reported that the offerings are being rapidly
absorbed by the business interests. A total of about
$32,000,000 is expected to be placed on sale in this
way, which will probably be taken up by the end of
this week. Further weakness in the peso will probably make itself felt, when this supporting influence
is out of the way." Argentine paper pesos closed at
38 3-16 for checks, as compared with 38 3-16 on
Friday of last week; and at 383 for cable transfers,
against 383. Brazilian milreis finished at 11.85 for
bankers' sight and at 11.90 for cable transfers,
against 11.85 and 11.90. Chilean exchange closed
at 12.10 for checks and at 12.15 for cable transfers,
against 12.10 and 12.15; Peru at 4.00 for checks and
at 4.01 for cable transfers, against 4.00 and 4.01.
3425
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANICS TO TREASURY UNDER TARIFF ACTS OF 1922
MAY 10 1930 TO MAY 16 1930 INCLUSIVE.
Neon Bustin, Rate for Cable Transfers In New York.
Value On United States Money.
Country and Monetary
UnU.
May 10. May 12. I May 13. May 14. I May 15. May 16.
EUROPE$
Austria,schilling
.140847
Belgium. belga
.139520
Bulgaria. lev
.007218
Czechoslovakia, krone .029623
Denmark. krone
.267491
England, pound
4.858192
sterling
Finland. markka
.025171
.039221
France, franc
Germany, reichsmark .238588
Greece, drachma
.012959
Holland, guilder
.402364
174791
Hungary. Pengo
.052421
Italy, lira
Norway, krone
.267514
Poland. zloty
.112015
Portugal, escudo
.044979
Rumania,leu
.005950
Spain, peseta
.121929
Sweden, krona
.268313
Switzerland, franc_ .193537
Yugoslavia. dinar
.017678
ASIAChina-Chefoo tael_ .473541
Hankow tael
469843
Shanghai tadl
456875
Tientsin tadl
.477708
Hongkong dollar
.363839
Mexican dollar
.328125
Tientsin or Pelyang
dollar
.327500
Yuan dollar
.324583
India. rupee
.360642
Japan. yen
493843
Singapore(S.S). dollar .558833
NORTH AMER.Canada, dollar
.997526
Cuba, peso
1 000250
Mexico, peso
475575
Newfoundland, dollar 995218
SOUTH AMER.Argentina. Peso (gold) .876952
Brazil, ramie
.118370
Chile, Peso
.120733
Uruguay, peso
927047
Colombia, peso
963900
.140870
.139512
.007221
.029623
.267503
.140854
.139511
.007221
.029623
.267489
.140867
.139548
.007226
.029625
.267530
.140854
.139577
.007221
.029627
.267559
.140858
.139567
.007216
.029629
.267519
4.858532 .858967 4.859375 4.859904 4.859531
.025170 .025171 .025174 .025170 .025170
.039221 .039213 .039232 .039232 .039235
.238609 .238613 .238636 .238633 .238605
.012956 .012963- .012959 .012963 .012961
.402278 .402257 .402083 .402119 .402111
.174787 .174802 .174770 .174783 .174758
.052424 .052428 .052431 .052436 .052434
.267506 .267513 .267567 .267560 .267527
.112020 .112015 .112010 .112025 .112000
.044979 .045012 .045095 .045060 .045033
.005954 .005956 .005957 .005955 .005950
.121831 .122185 .122011 .122150 .122181
.268292 .268273 .268188 .268167 .268151
.193521 .193461 .193376 .193419 .193338
.017678 .017676 .017667 .017667 .017665
.472291
.468906
.455785
.480208
.362464
.327187
.469375
.466093
.453482
.476875
.361375
.325312
.467291
.463281
.451339
.474791
.359553
.322812
.465000
.461562
.448785
.472500
.3578i,2
.321562
.470625
.467656
.454910
.478125
.360446
.325625
.327083
.324166
.360717
.493843
.558833
.326666
.325000
.360642
.493843
.559041
.323750
.320833
.360557
.493843
.559041
.322500
.319582
.360557
.493856
.559041
.326666
.323750
.360500
.493806
.559041
.998042 .997999 .998359 .999067 .998830
1.000218 1.000250 1.000343 1.000375 1.000218
.475575 .475625 .475325 .475450 .475075
.995765 .995656 .996000 .996675 .996135
.870912
.118690
.120736
.926214
.963900
.868583
.118610
.872489
.118640
.925047
.963900
.924891
.963900
.871462
.118620
.120847
.923356
.963900
.870948
.118677
.120743
.922008
.966200
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
Reserve Bank of New York was creditor at the Clearing House each day as follows:
The Far Eastern exchanges have been dull, with
Chinese silver units displaying exceptional weakness.
Quotations on Shanghai and Hongkong moved down
to new low groumd. Shanghai taels lost about 13/
cents in about a week, while Hongkong has declined
1 cent. The lower Chinese rates follow the world's
silver prices. The unsatisfactory political conditions
prevailing in China are also a factor depressing the
rate. Japanese yen are off slightly on balance, DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
though on the whole fairly steady. The issue of the
Tuesday,
Friday,
Atire(late
Japanese Government loan of $71,000,000 in New Saturday, Monday, May 13, Vieetnestry,1 Thursday. May 16. for Week.
May 10. May 12.
May 14. May 15.
was announced on
York and £12,500,000 in London
$
Friday of last week. Of this amount $50,000,000 has 150,000,000 127,000,000 163,000,000 165,000.000 141,000,000 176,000,000 Cr 942,000,001
-The foregoing heavy credits reflect the huge mass of checks which COM)
been publicly offered in New York and a large part Note.
to
York Reserve Bank from all parts of the country in
of the issue in both cities will be exchanged for Jap- thethe New Reserve System's par collection scheme. These largethe operation of
Federal
credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
anese Government sterling loan of 1905. This issue House institutions, as only the items payable in New York City are represented
will be instrumental in supporting yen exchange, In the daily balances. The large volume of checks on institutions located outside of
New York are not accounted
such checks do
placing the Tokio Government finances on a more not pass through the Clearingfor in arriving at these balances, asFederal Reserve
House but are deposited with the
Bank for collection for the account of the local Clearing House banks.
economical basis and providing ample funds both in
New York and London for meeting external obligations without the necessity of transferring funds.
The following table indicates the amount of bulClosing quotations for yen checks yesterday were lion in the principal European banks:
493 to 4932, against 49/@4932. Hongkong closed
A
May 15 1930.
May 16 1929.
8
at 363/@36 7-16, against 36%@36 15-16; Shanghai Banks of
Silver.
Gold.
Total.
Gold.
Silver.
Total.
at 45%@45 13-16, against 463'; Manila at 497 ,
A
against 493/2; Singapore at 56 3-16@56%, against England __ 163,347.877
163,347,877 161.860,918
161,860,918
(d)
343,603,507292,203,450
(d)
France a__ 343,603,507
292,203,450
c994,600
88,231,220
Germany
56 3-16@56%; Bombay at 363, against 363 and Spain b 120,781,450 28,498,000 121,776,050 102,397,000 994.600 89,225,820
98,789,000
127,287,000
28,652,000131.049.000
56,261,000
I 56,520,000
Italy
56,261,000 56,520,000
Calcutta at 36%, against 363 .
,
NetherIds. 35,995,000 2,163,000 38,158,000 36,420,000 1,730,000 38,150,000
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 passed:
Nat. Belg. 34,130,
SwitzerId_ 23,152.
Sweden_ ._ 13.519,000
Denmark _ 9,567,000
Norway _ _ 8,144,000
34,130,000 27,500,000
23,152,000 19,843,000
13,519.000 13,037,000
9,567,000 9,594.000
8,144,00
8,157,000
1,270,000
1,612,000
I
443,000
I
28,770,000
21.455,000
13,037,000
10,037,000
8,157,000
Total week 907,289,834 31,655,6001938,945,434815,763,588 34.701,600850,465.188
Prey. week 903,335,015 32,116,600935,451,615J813.721.303 34,948,600848,669,903
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.
111
3426
FINANCIAL CHRONICLE
[Vox,. 130.
Reactions from the London Con ference— Henderson stopped over at Paris the other day, on
Franco-Italian Rivalry and the Mediter- his way to the meeting of the Council of the League
ranean Question.
at Geneva, M. Briand was obliged to admit that he
While the Senate committees have been question- had not been able even to initiate a discussion of
ing Secretary of State Stimson and other members of the question. It was in the hope of finding some way
the American delegation to the late London Con- to begin that the informal meetings at luncheons
ference in an effort to find out what the naval and dinners have been going on at Geneva.
The reasons for the difficulty in approaching the
treaty really means, the French Foreign Minister,
M. Briand, has been exerting himself at Geneva to question reach to the foundations of the political
bring France and Italy to some common ground re- situation in southern, central and southeastern
garding naval parity and other matters at issue Europe, and affect profoundly Great Britain and
, between the two countries. In this undertaking he Germany. Italy objects to the position of inferiority
has had the help of Mr. Henderson, British Foreign to which the French denial of parity relegates it.
Secretary, who is also reported to have expressed It objects to the French political alliances or undergeneral approval of the elaborate questionnaire standings with Czechoslovakia, Poland, Rumania
about the United States of Europe which M. Briand and Jugoslavia. It objects to a colonial situation
has completed and dispatched to the various in North Africa in which Italy, with a redundant
European governments. The concrete results of the population, has a very much smaller area for colonibreakfasts, luncheon, teas and dinners in which Mr. zation than has France, whose stationery population
Briand, Mr. Henderson and ,Signor Grandi, the debars it from colonizing with its own people at all.
Italian Foreign Minister, have participated have It objects to French refusal to recognize Italian
been, apparently, nil, but the discussions have served hegemony in the Adriatic, and, in general, a superito call attention to a situation which may well give ority of interest in the eastern Mediterranean. It
the statesmen of Europe some anxious hours, and is restive under a situation in which it can get access
which bears closely upon the relations between to the Atlantic only through an outlet controlled
primarily by Great Britain, but secondarily by
Europe and the United States.
There is no question that France is a good deal France and Spain. It has very slight regard for
concerned over the demand of Italy for naval parity, the League of Nations, and has persistently resisted
and the elaborate program of naval building which the efforts of France to make the League an effective
Italy has just inaugurated. According to the usually instrument for preventing war. It inclines,in short,
well informed Paris correspondent of the New York to support whatever in political Europe is apposed
"Herald Tribune," the upwards of 42,000 tons of to the predominance of France.
naval craft which are to be built means work for 37
Italy, in other words, is not disposed to accept the
Italian shipyards—not an unimportant matter in a status quo in Europe as either satisfactory or perworld which faces widespread unemployment. Italy manent. It has never joined in the fervid praises
now has 59 submarines against 96 for France; when of internationalism which have been sung at Paris
the present program has been completed Italy will and London and Geneva, and while it has been willhave 81 submarines, while France, by that time, will ing to discuss disarmament, it has given no indicahave 104. If France builds all the tonnage which tion that it expected disarmament actually to go
it is allowed to build under the Washington Treaty very far. At this latter point, indeed, if at no other,
(it has not yet availed itself of all the tonnage ac- its position is perhaps not so greatly different from
corded to it under that treaty) it will have, by 1936. that of France. There is some reason for thinking
279,000 tons of additional vessels; Italy at the same that France, while obviously concerned over the
time is expected to have 270,000 tons. Parity, in Italian insistence upon naval parity, is at heart not
other words, is not mere theoretical talk as fa, as altogether reluctant to see Italy go ahead with its
'
Italy is concerned; it is in the way of becoming in a naval program, if it does not go too far, since Italian
few years a practical reality.
building will permit France also to build in order to
Not too much importance, perhaps, is to be maintain its superiority in tonnage, Great Britain
attached to the patriotic account of the London will almost certainly follow suit, and the London
Conference which Signor Grandi gave in the Italian treaty will become practically a dead letter. Mean.
Chamber of Deputies on May 9, with Premier time M. Briand, who has nothing to offer to Italy
Mussolini as an attentive listener throughout the in the way of concession except, possibly, some
two hours' discourse, nor to the flamboyant speech territorial adjustment in Africa, searches anxiously
of Mussolini himself at Leghorn on May .1], wi th for some means of holding Italy in check and preits declarations that "if any one deceives himself so venting its ambitions from disturbing still further a
far as to think he can halt our onward march he will European situation which at the moment is far from
find the whole Italian people in front of him," and clear.
that othere is something 'inescapable, inevitable in
How close to the surface lie international suspi•
this march toward destiny of Fascist Italy, and cions and apprehensions is evident also from the
nobody can halt it." Such deliverances are to be difficulties which have attended the inauguration of
classed with the political generalities of an inspira- the Bank for International Settlements. The Board
tional kind which many statesmen feel obliged to of Directors of the Bank held their first regular
give out from time to time, and in which Mussolini meeting at Basle on Monday, but aside from taking
has long been an adept. What disturbs M.Briand is over the trusteeship of the Dawes loan of 1924, and
that he has thus far been unable to take any real voting to offer the capital shares of the Bank in ten
steps toward solving the parity problem. When he European countries and the United States on May
left London, at the close of the naval conference, it 20, no progress was made because the necessary prewas with the understanding that he would at once liminary settlements had not been reached. Actake up the question with Italy in the hope of finding cording to dispatches from Basle and Paris to the
some common ground of settlement. When Mr. New York "Times." British interest in the Bank has
MA 1'?
PINANCIATI
3427
perceptibly cooled, partly because the Bank was not bility for the carelessness. Millions of dollars of
located at London,partly because of fear of financial value are destroyed, homes are burned, lives are
competition through the enlargement of the Bank's lost, because of a trifling act by a thoughtless peroperations, and partly because of the grave com- son. Notwithstanding the gravity of the situation,
plications of Great Britain in India and Egypt and we may be assured that thousands of travelers are
the rather dubious outcome of the London conference. careful to the extreme. Fire, they know, is ruthless
Belgium also is cool because the Bank was not and ravaging. Men work in a frenzy of toil and
located at Brussels, "Germany has been assured by excitement to stop the flames. Backfires are started,
Dr. Schacht that it has been imposed upon," and every device known to the fire-fighters is employed,
France hints at delaying the evacuation of the and the spirit of protection is ardent and almost
Rhineland wihich is scheduled to be completed by indomitable. Yet millions of property vanish in a
June 30. In all the participating countries the few hours. The thoughtless act, a trifle in itself,
mounting resentment at the Smoot-Hawley tariff becomes a terrible thing, for fire is an element that
appears to have intensified opposition to the large is no respecter of person or possession. It feeds
part which Americans are to take in the manage- rapidly on all available material until it burns itself
ment of the Bank. The allocation of the reparation out. While we have forest watchers, there are no
bonds, accordingly, has been delayed, and the issue engines in the woods.
Some hope is given us that the airplane can be
price and rate of interest remain to be determined.
All these details, no doubt, will presently be ad- called into quick service to drop extinguishing gas
justed, but the delay is significant as showing how bombs on the burning area. So far little avail has
easily the best laid plan can be held up by national been reaped from this source. It may come, indeed,
ought to come. We have cut down innumerable
pulling and hauling.
There is little to be hoped for at the moment from forests for timber, we have begun to agitate for the
M. Briand's plan of a United States of Europe, for planting of trees in replacement; we should conserve
the proposal, even if it were accepted in principle what we have left in every possible way. But we
by a great majority of the European States, would shall continue to have damaging forest fires while
require many months for the working out of details the passer-by and the camper are careless. Some.
and the establishment of the necessary machinery thing may be done in the way of isolating tracts of
for its operation. The protestations of M. Briand timbered land, perhaps not much. Winds we cannot
and others that the plan is economic more than control. They come and go, sometimes turning fires
political, and that in any case it is not levied at the back upon themselves, sometimes shifting the direcUnited States, need to be taken with much allow- tion of the burning, saving towns and cities on the
ance. There is no doubt whatever that the main brink of ruin; sometimes in their momentum leaping
incentive to a European economic union at the rivers and setting new terrors free. Earth, air, fire,
present time is hostility to the American tariff, and water, our original elements, are not conquered
that the hostility will continue to grow unless entirely even by a materialistic civilization. Our
American policy is changed. A Mediterranean insurance companies may pay our city losses, but
Locarno, as a device for keeping the peace in the we know of no company insuring standing forest
Mediterranean area and reconciling the divergent trees against destruction by fire.
We might preach a homily on man's duty to his
interests of Italy and France, is still among the
possibilities, and M. Briand may be counted upon to fellows. But who that needs it would the sermon
further such an arrangement if it appears to hold reach. What good would it do? A growing forest
any likelihood of success. It is significant, however, swept by fire is a great loss. We can rebuild our
of French anxiety that M. Briand is reported to have houses in a few months—it takes years to grow a
reached an agreement with Dr. Curtius, German tree. It does seem that our forest preserves should
Foreign Minister, for the relinquishment of the Saar receive more attention from the collectivism of the
Basin at the same time that the Rhineland is evacu- State than they do. But we can suggest no feasible
ated, and without waiting for a plebiscite to decide plan for preventing this destruction other than that
the future of the region. The real danger is that already in vogue. In the great forest reaches of
the Franco-Italian controversy will be left without the West there is organized patrol. But this comes
settlement, that naval building by the two Powers into action after the fact. It lessens the loss, does
will in fact soon become competitive, and that Great not prevent it. Fire, for all its blessing to mankind,
Britain will feel itself driven by the competition to is a terrible foe. Our cities have, in notable inavail itself of the safeguarding provision of the stances, been ravaged by flames that could not be
London Treaty and call a halt to the reduction of its controlled. The power of heat to consume and
fleet. As the United States seems to be in for an crumble steel and stone has been sadly demonstrated.
expenditure of many millions to bring its fleet up We can construct "fireproof" buildings, but in a
to the point where "limitation" begins, its own plans conflagration nothing seems to withstand the power
would not, perhaps, be much affected, but the of fire. Man, for all his remedies, often stands
London Treaty would shrink to the dimensions of a helpless.
memory and a name.
Much of this land, subject to these random fires,
is practically waste, covered with stunted pines
Forest Fires.
and scrub-oaks, thick with underbrush, and of a
A half-burned cigarette, tossed to the roadside sandy soil, in our Eastern States. It is this underfrom a speeding automobile, may initiate a con- brush that causes many of the big fires, dry and
flagration. An abandoned camp-fire, seemingly a easily ignited by the chance spark. Impracticable
bed of ashes, may conceal a live ember which the as it may be if some plan for eradicating this underwind may toss into the brush and set a forest fire. brush could be devised we would have fewer of these
But of what avail to state the fact? There is little devastating fires. Our orchards do not burn. We
chance to prove the charge, or to fasten responsi- remove all undergrowth—though sometimes sowing
3428
FINANCIAL CHRONICLE
grasses and even crops between the rows of trees.
These lands, covered with small and unimportant
tree growths, are often owned by non-residents.
They pay little tax. Yet they menace the countryside. If the brush was removed along the roads it
would add to the safety of the farms, towns and
villages that are constantly drawing near to this
possible danger. These are matters for thought—
we know not how important.
Prairie fires, the burning of the tall grasses, miles
in extent,sweeping with startling rapidity, and consuming everything in their paths, are no longer the
dire alarm they once were. Cultivation has made
them less possible. And if we could consider the
United States as a vast garden close, we can see the
possibilities of cultivation as a foe to these forest
fires. But how and where would the State begin its
preventive measures? Possible calamities seem destined to follow us as long as we build States and
form societies. None the less are these forest and
prairie fires (the latter in but small degree, since
where there are no trees a sufficient strip of surrounding plowed land will save the homestead), the
cause of terror and suffering we should eradicate if
possible. The very soil in cultivation demands it.
New Jersey, New York, Connecticut, Maryland,
and other States have lately witnessed many of these
[vol.. 130.
distressing forest fires. The areas burned over may
not be so valuable as the lands in cultivation, but
the removal of adjoining wooded growth (as in the
case of cutover lands) some of the territory being
mountainous, affects the rainfall and adds to the
erosion of surface soils that is the bane of the
farmer everywhere. We consider in our politics all
forms of conservation. And we might well give
more thought to forest fires. As population thickens, especially in the East, citizens are moving to
the country, building private homes and assembled
villages, near to these combustible brush patches and
small timber. Life is thus actually hazarded for a
"breath of fresh air" and a garden spot.
These reflections we may dismiss by a sympathetic appeal to our conservation forces to set in
motion more active means of prevention, if there be
any. The sight of five hundred or a thousand volunteers fighting these fires inspires our respect and
demands our appreciation. There is no class or
distinction here. Men rush to "lend a hand" where
help is needed. It is a tragic circumstance, a heroic
endeavor. Though it receive little space in the head
lines, filled with the spectacular attempts to "break
a record," poor man and rich man alike are the
beneficiaries of a toil that is noble and a sacrifice
that is not without its danger.
Gross and Net Earnings of United States Railroads for the
Month of March
As in the case of the months immediately preceding, only a little more so, our exhibit of the earnings
of United States railroads for the month of March
is an unfavorable one, with heavy losses in gross and
net alike. Gross operating revenues fell $64,595,796
below those for the corresponding month of the
previous year, which is a reduction of 12.51%, and
as this was accompanied by a curtailment of operating expenses (exclusive of taxes) in amount of only
26,333,732, or not quite 7%,the net revenues from
operations (before the deduction of the taxes) show
a shrinkage in amount of $38,262,064, or 27.46%.
The falling off in railroad earnings has been at a
progressive rate ever since the downward movement
began in October last year with the crash in the
stock market. In October, the first month of the
sexies, the contraction was relatively light, there
being a decrease of only $9,890,014 in gross and of
$12,183,372 in net, the latter 5.63%. This was followed in November by $32,806,074 decrease in gross
and $30,028,982 decrease in net, this last a decline
of 19.11%. In December the falling off was $27,767,999 in gross and $32,186,071 in net, the ratio of
decline in net being 23.12%. In January we had a
falling off of $36,102,247 in gross and of $23,005,176
in net, or 19.55%, and in February the loss reached
$48,034,122 in gross and $28,128,967 in net, or
22.40%. The losses for March at $64,595,796 in
gross, or 12.51%, and of $38,262,064, or 27.46% in
net, are in excess, it will be seen, of those of any
of the preceding months, both in ratio and in absolute amount. The comparative totals for March this
year and last are shown in the following summary:
Inc.(+) or Dec.(—)•
1929.
1930.
Manth of March—
%
—361
241.964
242,325
Mlles of road (171 roads)
$452,024,463 1516,620,359 —864,595,796 —12.51%
Gross earnings
350,530,436 376,864,268 —26,333.732 —6.99%
Operating expenses
+4.61%
72.93%
77.54%
Ratio of expenses to earnings
74et earnings
3101,494.027 8139,756,091 —838,262,064 —27.46%
What emphasizes the unfavorable character of
the results is that comparison is with poor or indifferent results in March of the three years preceding.
In March 1929 our compilations showed, it is true,
$10,884,477 increase, or 2.15% in gross. and
$7,516,400, or 5.68% in net. But this was simply a
recovery (and only a partial recovery at that) of
the loss sustained in the previous year, at least as
far as the gross is concerned, our tabulations for
March 1928 having shown a contraction of $26,
410,659 in gross and of $4,034,267 in net. In the
year preceding (1927) the changes were relatively
slight, consisting merely of $432,616 increase in
gross and of $1,627,358 increase in net. In other
words, it is necessary to go back all the way to
1926 to get March revenue results which could fairly
be regarded as having been flush. As a matter of
fact, gross operating revenues for March 1930 are
smaller than in any previous March back to 1920,
and the net earnings are the smallest of any March
since March 1921.
Such a conspicuously adverse showing follows
directly as a result of the extremely unfavorable
conditions which prevailed during the month the
present year. First and foremost, of course, was
the setback to trade. This cut down virtually all
classes of tonnage and was nation-wide in its operation. The automobile industry felt its depressing
influence perhaps more than any other. The number of motor vehicles produced in the United States
in March 1930 was only 401,378 as against 585,455
in March 1929, when, of course, the output was
unusually large, though even in March 1928 the
number of machines produced was 413,314. For
the first three months of 1930 the number of automobiles turned out aggregated only 998,566, as
against 1,452,910 in the first three months of 1929
and 968,838 in the first three-quarters of 1928. An
MAY 17 1930.]
FINANCIAL CHRONICLE
3429
idea of the conditions that the building trades have Mar. 29, the loading of revenue freight on the railhad to face is furnished by the statistics of the roads of the United States comprised only 4,414,625
F. W. Dodge Corp., showing that March contracts cars, as against 4,815,937 cars in the same five weeks
for building and engineering projects were closed of 1929 and 4,752,559 in the five weeks of 1928.
With all these various elements and influences
in the 37 States east of the Rocky Mountains, calling
working to reduce traffic and revenues, it naturally
for an aggregate outlay of $459,119,000, against
$484,847,500 in March 1929 and $592,567,000 in follows that in the case of the separate roads and
systems the returns are almost uniformly unfavorMarch 1928.
The statistics regarding steel and iron production able, with the losses large in gross and net alike
tell the same story of declining trade. According and with few exceptions to the rule. All classes
to the records of the "Iron Age," the make of iron of roads and all sections of the country suffered
in the United States in March 1930 was only in the general falling off. While the big East and
3,246,171 tons, as against 3,714,473 tons in March West trunk lines, by reason of the magnitude of
1929. The American Iron & Steel Institute calcu- their traffic and the fact that they serve the great
lates the production of steel ingots in the United manufacturing and mining regions of the Middle and
States as having been only 4,288,985 tons in Mann Middle Western States, naturally show the heaviest
losses, the leading systems in other parts of the
1930, against 5,058,258 tons in March 1929.
Coal production is perhaps a better index even country have sustained reductions in earnings, gross
than steel production of the course of trade and and net, hardly less in extent. In some instances
business, and here •the statistics tell an eloquent this year's losses come after gains in 1929, which,
story of the extent to which the volume of trade however, represented quite generally merely a reand traffic has been reduced. In March 1930 the covery of the losses of the previous year, while in
quantity of soft coal mined in the United States other instances the 1930 losses come on top of losses
was only 35,773,000 tons, against 39,870,000 tons in in 1929 and in some cases also on top of losses in
March 1929. And the contraction here derives ad- 1928. The Pennsylvania RR.this year shows a reducditional significance from the fact that the total for tion of $6,770,214 in gross and of $3,978,400 in net;
March last year was itself small, even in face of the this follows $3,041,753 gain in gross and $1,901,391
very active trade at that time, mild winter weather gain in net in March 1929, but $6,447,684 loss in
having served to reduce the demand for coal just gross and $1,802,239 loss in net in(March 1928. The
as it did the present year—this being apart from New York Central and merged lines reports
the influence of business depression in its effects $8,322,013 falling off in gross and $4,022,275 in net.
upon output. In March 1928 the production of bitu- On the same basis in March 1929, this system showed
minous coal aggregated 44;668,000 tons, and in com- $1,412,927 increase in gross and $273,418 increase
parison with this total the 35,773,000 tons mined in in net, but after $2,581,911 decrease in gross and
March the present year shows a decline of almost $865,053 decrease in net in March 1928. The Balti9,000,000 tons. If we should go back to March 1927, more & Ohio this time falls behind $2,447,918 in
we should find that the quantity of soft coal mined gross and $1,450,369 in net, as against $1,402,040
then was not less than 59,911,000 tons. This last, gain in gross and $1,341,772 gain in net in March
however, is hardly a fair comparison, as the total 1929, but $2,685,015 loss in gross and $1,586,176 loss
then was of phenomenal size, due to the fact that in net in March 1928.
In the Southwest, many of the comparisons are
coal mining at that time was being prosecuted with
preparation for the great strike equally poor, as appears from the fact that the
feverish energy in
at the Union controlled mines throughout the coun- Atchison reports $2,621,689 shrinkage in gross and
try scheduled for April 1 1927. Anthracite produc- $3,539,225 shrinkage in net, the falling off in the
tion, likewise, the present year was much smaller net having been accentuated owing to the circumthan in the corresponding month of previous years, stance that maintenance outlays were exceptionally
it having been only 4,551,000 tons in March 1930, heavy •the present year, President Storey having
against 5,044,000 tons in March 1929, 5,398,000 tons stated that the company's maintenance of way program had been carried out at above the usual rate
in March 1928, and 6,056,000 tons in March 1927.
Nor was there any offsetting advantage in the the present year to date—that, in fact, "more than
shape of a larger grain movement in the West or a 50% of our steel for the year has already been laid,
larger cotton movement in the South. On the con- which is much ahead of our progress in this respect
trary, both were smaller the present year than last a year ago." In March last year the Atchison
year. The absence of any export demand of conse- showed $1,342,723 gain in gross and $1,470,558 gain
quence for grain, as also the low market prices pre- in net, which, however, came after $2,241,604 devailing for wheat and other grains, served to dimin- crease in gross and $1,679,802 decrease in net in
ish shipments to market the same as was the case March 1928. The Southern Pacific has suffered a
in March of last year when similar conditions pre- decrease of $3,425,930 in gross and of $2,227,543 in
vailed and when as a consequence the receipts at net, after having added $1,587,989 to gross and
the Western primary markets were heavily reduced. $1,003,274 to net in May 1929. The Union Pacific
We discuss the Western grain movement at length falls behind $2,427,864 in gross and $1,108,814 in
further along in this article, and will only say here net,following $323,151 addition to gross, but $96,370
that for the four weeks ending Mar. 28 the receipts decrease in net in May 1929. The Burlington &
of wheat, corn, oats, barley and rye aggregated only Quincy reports a decrease of $1,613,636 in gross and
44,979,000 bushels the present year, against 56,- of $1,133,684 in net, after 911,189 decrease in gross
752,000 bushels in the corresponding four weeks of and $66,885 decrease in net in May last year. The
1929 and 82,983,000 bushels in the same four weeks Rock Island this time reports $1,305,673 decrease in
of 1928. As furnishing a composite picture of the gross and $59,843 decrease in net, following
freight traffic as a whole over the railroads, it $305,611 gain in gross, but $347,469 loss in net in
might be added that for the five weeks ending March 1929. Up in the Northwest, the Milwaukee &
3430
FINANCIAL CHRONICLE
[VoL. 130.
St. Paul shows gross reduced $2,130,987, and net
Decrease. •
Decrease.
Pere Marquette
739,650 Heckler Valley
198,848
N Y Chicago & St Louis
reduced $1,468,142, on top of $509,026 decrease in Illinois
686,175 Chic & Eastern Illinois.. _
198,411
Central
685,443 Boston & Maine
174,608
Atlantic Coast Line
gross and $1,114,264 decrease in net in March 1929. Wabash
666,581 Det & To! Shore Line__ _
162.201
581,190 Nashv Chatt & St. Louis
159.071
NYNH& Hartford.... _
The Great Northern the present year shows $2,- Seaboard Air Line
566,698 Minneapolis & St Louis_
156.136
561,406 Virginian
155.968
Chesapeake &
529.929 Indiana Harbor Belt.... _
615,894 reduction in gross and $2,268,674 reduction Lehigh Valley Ohio
149,715
509,867 Chic Indianap & Louisv
143,805
Chicago & North Western
in net, following $1,474,406 gain in gross and Missouri-Kansas-Texas-- 483,386 St Louis San Francisco(3) 141,413
430,441 Internet & Great North_
140,052
Reading Co
416,840 Term RR Assn of St. L
$1,279,608 gain in net in May 1929. The Northern Elgin Joliet & Eastern
131,736
319.391 Wheeling & Lake Erie_ _
130,144
Minneap St Paul & SS M
315.959 Central of Georgia
129.066
Pacific has suffered a decrease of $1,206,363 in gross Florida East Coast
304,798 Pittsb & West Va
125.279
Bessemer & Lake Erie_
265,070
& Brazos Valley_
and of $981,061 in net, on top of $310,751 loss in Dela Lack & Western_ _ _ 264,972 TrinityFred & Potomed_ 1119,112
Riehm
112.667
Missouri Pacific
256.154 Long Island
109,420
gross and $474,585 loss in net in March last year.
Los Angeles & Salt Lake_
245.794 Monongahela
106.021
Western Pacific
242,937 Central RR of N J
105,167
Southern roads form no exception to the rule of Chicago & Alton
240,415 Texarkana & Ft Smith
101.286
Texas & Pacific
231,052
shrinking revenues. Thus the Atlantic Coast Line Norfolk & Western
223.266
Total (63 roads)
$38,235.351
a These figures cover the operat ons of
New York Central and
shows $860,761 ,decrease in gross and $666,581 de- merged lines-Cleveland Cincinnati Chicago theSt. Louis, Michigan Cen&
Haute.
crease in net, but following $617,675 improvement Including
rnacliugningcl&neatitof
itlArthernszandkr
Ir
s% Iiie
i
ic
litaFat Harbor Belt,
s
is a decrease
$4,022,275.
in gross and $953,174 improvement in net in March
When the roads are arranged in groups, or geo1929. The Florida East Coast reports a loss of
graphical divisions, according to their location, it
$326,571 in gross and of $304,798 in net, after
$347,078 gain in gross and $507,306 gain in net in is found, as would be expected from the enumeration
May 1929, while the Seaboard Air Line shows of widespread losses above, that all the different
$774,904 decrease in gross and $561,406 decrease districts, as well as all the different regions grouped
in net, after $380,550 improvement in gross and under these districts, show losses in gross and net
$109,200 in net in May last year. Apart, however, alike, these losses being particularly heavy in the
from the roads serving the South Atlantic seaboard, case of the net earnings and extending, as already
that is, located in Florida or connecting with the said, to all the different regions and districts. Our
same, the large Southern systems register decreases summary by groups is subjoined below. As previthe present year on top of similar shrinkages the ously explained, we group the roads to conform to
previous year. Thus the Louisville & Nashville falls the classification of the Inter-State Commerce Combehind $1,516,416 in gross and $793,318 in net, on mission. The boundaries of the different groups
top of $1,293,388 loss in gross and $1,066,024 loss in and regions are indicated in the footnote to the
net the previous year. The Southern Railway re- table:
SUMMARY BY DISTRICTS AND REGIONS.
ports a further shrinkage of $1,377,785 in gross and
District and Region.
Gross Earnings
Month of March.
1930.
1929.
Inc.(+)or Dec.
(-)
of $794,527 in net, after having lost $507,207 in gross Eastern Distrid8
New England region (10 roads)_-_ 20,757,248
22,155,356 -1,398,108
6.34
and $689,961 in net in May the previous year. In Great Lakes region (31 roads)
87,969,712 104,066,333 -18,096,621 15.49
the following we show all changes for the separate Central Eastern region (25 roads)._ 96,029,692 108,340,117 -12,310,425 11.40
Total (66 roads)
204,756,652 234,561,806 -29,805,154 12.73
roads during the month for amounts in excess of Southern District
Southern region (30 roads)
61,863,649
69,398,093 -7,534,444 10.86
$100,000, whether increases or decreases, and in Pocahontas region (4 roads)
19,991,841
21,758,795 -1,786,954 8.10
both gross and net:
Total(34 roads)
81,855,490 91,156,888
-9,301,398 10.21
PRINOLPAL CHANGES IN GROSS EARNINGS FOR MONTH OF
MARCH 1930.
Increase.Decrease.
Bangor & Aroostook.-- 3183.804 Boston & Maine
403,477
Yazoo & Miss Valley-160,960 Pittsburgh & Lake Erie
401,943
Maine Central
124,229 Reading Co
395,937
Chicago & Alton
361.972
Total (3 roads).- 8468,993 Florida East Coast
326,571
Denver & Rio Grande W
319,564
Hocking Valley
318.155
Decrease. Chic & Eastern Illinois
318.050
New York Central
a $7,755,834 WheeliniF & Lake Erie-.
282,305
Pennsylvania
6.770.214 Internet 1 & Great Nor.
269,208
Southern Pacific (2)
3.41.5.930 Central RR of N J
264,912
Atch Topeka & San 1 e(3) 2.621,689 Chicago Great Western...
4
'
263,372
Great Northern
2,615,894 Elgin Joliet & Eastern-.
262,445
Baltimore & Ohio
2,447,918 Chic Indianap & Louisv.
234,439
Union Pacific (4)
Minneap. & St. Louis-.
2,427,864
230.548
Chic Milw St Paul & Pac 2,130,987 Delaware & Hudson....
229,914
Erie (3)
1,769,178 Nashv Chatt & St Louis
229,001
Chicago Burlington & Q.. 1,613,636 Bessemer & Lake Erie__
221,484
Illinois Central
1,518.863 Det & Toledo Shore Line
204,279
Louisville & Nashville_ _ _ 1.516,416 Virginian
183,337
Chicago & North Western 1,398,061 Central of Georgia
178,507
Southern Railway
1,377.785 Indiana Harbor Belt.-164,236
Chic Rock MI& Gulf(2). 1.305.673 Det Toledo & Ironton.-164,026
Northern Pacific
1,206,363 Western Pacific
152,096
Chesapeake & Ohio Lines 1,095.814 Buffalo Roch & Pittsb151.399
N Y N H & Hartford-- 1,070,887 Pittsburgh & W Va
150.780
Grand Trunk Western- 1,027,666 Detroit Terminal
142,933
Missouri Pacific
939.141 Ann Arbor
139,719
Atlantic Coast Line
860.761 Colorado & Southern (2)137,902
Wabash
833.670 Belt Railway of Chicago
134,583
N Y Chic & St. Louis
831.178 Terminal RR Assn of StL
132,739
Missouri-Kansas-Texas...
829,860 New Or!& North East131,419
Lehigh Valley
801.618 Norfolk Southern
128.425
Seaboard Air Line
774,904 Monongahela
125,605
Texas & Pacific
714,629 Alabama-Great Southern
123,265
Pere Marquette
648,292 Mobile & Ohio
120,145
Del Lack & Western-554.309 Union RR
112,225
Mimi St Paul & S S M__
531,121 Duluth So Shore & At!...
108,361
St Louis-San Francisco(3)
510.553 West Jersey & Sea Shore
107,444
Norfolk & Western
406,687
404,125 Tot al (78 roads)
Los Angeles & Salt Lake..
863.064,242
a These figures cover the operations of the New York Central and the
leased lines--Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt. the result is a
decrease of $8,322.013.
Western District
Northwestern region (17 roads).- 47.903,459
Central Western region (24 roads). 74,595.444
Southwestern region (30 roads)____ 42,913,418
57,006,812
--9,103,353 15.97
85,952,124 -11.356,680 13.22
47,942,629 -5,029,211 10.46
Total (71 roads)
165,412,321 190,901,565 -25,489,244 13.36
Total all districts (171 roads)._ _452,024,463 516,620,259 -64,595,796 12.51
District and Region.
Mo. of March.
-Mileage-Eastern District- 1930.
1929.
New England region_ 7,351
7,282
Great Lakes region__ 27,963 27,975
Central Eastern reg'n 24,601 24,503
• .1
Total
59,915 59,760
Southern District
Southern region
40,133 40,134
Pocahontas region_ 5,643 5,633
Total
1930.
Na Earning
1929. Inc.(+) Or Dec.( )
-
5,935,138
6,648,813
-713,675 10.73
17,459,558 26.805,774 -9,346,216 34.86
21,151,409 28,846,326 -7,694,917 26.67
44,546,105 62,300,913 -17,754,808 28.50
14,516,098 17,548,292 -3,032,194 17.29
6,528.510 7,548.340 -1,019,830 13.51
45,776 45,767 21,044,608 25,096,632 -4,052,024 16.16
Western District
Northwestern region. 48,959 48.997
Central Western reg'n 52.583 52,449
Southwestern region_ 35,092 34,991
7,675,461 111
137 11 111
11 ,H1 -5.938,324 43.65
3
17,881,000 25,703,246 -7,822,246 30.43
10,346,853 13,041,515 -2,694,662 20.72
Total
136,634 136.437 35,903,314 52.358,546 -16,455,232 31.43
Total all dIstricts....242,325 241,964 101.494,027 139,756,091 -38,262,064
27.46
NOTE.
-We have changed our grouping of the roads to conform to the olass16estion of the Inter-State Commerce Commission, and the following Indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
Neio England Region -This region comprises the New England
States.
Great Lakes Region -This region compriees 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 Plegion.-Thle region comprises the section south of the
Greet
Laken Region, east of a line from Chicago through Peoria to St.
Louis and the
Mhiertectippl 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 ICentucky and the Ohio River north to Parkersburg
W. Va., and south of a line from Parkersburg to the southwestern
corner of Maryland
and thence by the Potomac River to its mouth.
PRINCIPAL CHANGES IN NET EARNINGS FOR MONTH OF
MARCH 1930.
Increase.
Decrease.
Southern Region -This region comprises the section east of the Mississippi River
New Orl & Tex Pac_ $1,160,591 Atch Topeka & S Fe (3)- 3.539,225
.0in
Yazoo & Miss Valley_
260,318 Great Northern
2,268,674 and south of the Ohio River to a point near Kenova, W. Va.. and a line thence
.St Louis Southwestern _ _
171,296 Southern Pacific (2)_ _
2.227,543 following the eastern boundary of Kentucky and the southern boundary
of Virginia
Bangor & Aroostook.. _ _ _
113,890 Chic Milw St P & Pacific 1,468,142 to the Atlantic.
Pittsburgh & Lake Erie
106.114 Baltimore & Ohio
1.450.369
WESTERN DISTRICT.
Central
Maine
100.071 Chic Burl & Quincy
1.133,684
Northwestern Segton.-Thts region comprises the section adjoining Canada lying
Union Pacific (4)
1,108,814
Total(6 roads)
1.912,280 Erie (3)
1.028.782 west of the (heat Lakes region, north of a line from Chicago to Omaha and thence
Northern Pacific
981.061 to Portland and by
the Columbia River to the Pacific.
Decrease. Southern Railway
794.527
Central IVestern Region.-This region comprises the section south of the NorthNew York Central
a $3
.978.674 Louisville & Nashville_ _ _
793,318
..Pennsylvania
3
.978,400 Grand Trunk Western-766.598 western region, west of a line from Chicago to Peoria and thence to St. Louts. sad
MAY 17 1930.]
north of a line from St. Louis to Kenna City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region -This region comities the section lying between the Maidssippl River south of St. Louis and a line from St. Louis to Kansas City and theno
to El Paso and by tho Rio Grande to the Gulf of Mexico
As already pointed out, the Western grain traffic
in March the present year was on a greatly diminished scale as compared with March 1929. This
was particularly true in the case of wheat, although
all the different cereals, with the exception of oats,
the movement of which ran somewhat heavier than
a year ago, contributed to the shortage. The receipts
of wheat at the Western primary markets for the
four weeks ending Mar. 28 1930 were 15,070,000
bushels, as against 24,419,000 bushels; of corn,
18;643,000 bushels, against 20,125,000 bushels; of
oats, 8,062,000 bushels, against 7,815,000 bushels;
of barley, 2,665,000 bushels, against 3,401,000, and
of rye, 539,000, against 992,000 bushels. Altogether
-wheat, corn, oats,
the receipts of the five cereals
barley, and rye-combined, for the four weeks of
the present year, reached only 44,979,000 bushels, as
against 56,752,000 bushels in the corresponding
period of 1929. The details of the Western grain
movement in our usual form are set out in the table
we now introduce:
WESTERN FLOUR AND GRAIN RECEIPTS.
Wheat
Oats
Corn
4 Wksitnd. Flour
Barley
(bbls.)
(bush.)
Mar. 28.
(bush.)
(bush.)
(bush.)
Chioago1930... 853,000
321,000 5.506,000 1,124,000
409,000
1929- 893,000 1,235,000 5,179,000 1,284.000
601,000
Milwaukee
72,000
65,000
1930 ___
931,000
156,000
565,000
1929- 121,000
71,000
883,000
341,000
753,000
St. Louis
1930- 511,000
1,659,000 2.050,000
1,755,000
39,000
1929 __. 514,000 2,551,000 2,901,000 1,876,000
124.000
Toledo
1930 ___
463.000
106,000
571,000
1,000
1929 _
2,206;000
158,000
553,000
10,000
DetroU1930 _
145,000
40,000
19,000
14,000
1929.
94,000
157,000
53,000
14,000
Peoria
1930 ___
471.000
182,000
91,000 1,792,000
301,000
1929 __ 257,000
465.000
144,000 1,250,000
234,000
Duluth
1930 ..
16,000
153,000
4,278,000
247,000
227,000
1929 _
4,380,000
20,000
331,000
Minneapolis
806,000 1,079,000
1930 4,094,000
828.000
839,000 1,329,000
1929.
648,000
6,347,000
Kansas City
646,000
1930 _
2,805,000 2,126,000
478,000
1929 _
4,420,000
4,162,000
2.000
Omaha & Indianapolis
545,000 3,549,000 1,752,000
1,000
1930.
1929 _
1,625,000 2,859,000 1,262,000
Sioux City
412,000
503,000
1930
78,000
9.000
240.000
283.000
1929.
3,000
68,000
St. Joseph
156,000
1930 _
875,000
177,000
138,000
1929.
256,000 1,062,000
Wichita
20.000
1930
349,000
342,000
18,000
1929
667.000
959,000
Total AU
1930
1.618,000 15.070,000 18,643,000
1929 ___ 1,785,000 24,419,000 20.125,000
8,062,000 2,665,000
7.815,000 3,401,000
(bush.)
77,000
180,000
3,000
77,000
On the other hand, the Western livestock movement appears to have been larger than a year ago.
While at Chicago there was a slight falling off, the
arrivals having comprised 16,230 carloads, against
16,762 carloads; at Kansas City the receipts were
7,498 carloads, against 7,116 carloads, and at Omaha
7,548 carloads, against 6,298 cars.
As to the Southern cotton movement, this was
on a greatly reduced scale, both in the case of the
shipments overland and the receipts at the Southern
outports. Grose shipments overland reached only
58,147 bales, as against 80,093 bales in March 1929;
80,532 bales in 1928; 122,323 bales in 1927; 77,256
bales in 1926, and 143,979 bales in 1925. At the
Southern outports receipts of the staple in March
the present year comprised only 204,092 bales, as
compared with 375,133 bales in March 1929; 333,456
bales in March 1928, and no less than 893,604 bales
in March 1927, as will be seen by the subjoined table:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH AND SINCE
JAN. 1 TO MARCH 31 1930, 1929 AND 1928.
March.
Since Jan. 1.
Ports.
1930.
Galveston
bales_
Texas City, dm
New Orleans
Mobile
Pensacola. dco
Savannah
Charleston
Wilmington
Norfolk
Corpus Christi
Lake Charles
Beaumont
Total
46.696
51,712
69,361
10,481
3,240
10,813
4,500
3,058
2,648
1,249
1929.
1928.
1930.
112,317
85,520
111,290
22,558
145
19,272
6,039
8,467
9,525
101,435
65,096
77,513
12,067
1,063
35,674
11,522
18,170
10,916
213,688
268,784
276,938
65,675
4,175
38,869
16,053
11,546
24,132
8,806
1,582
789
375.133
333,456
931,037 1.492,908 1.229,359
334
204,092
1929.
1928.
471,622 403,557
459,374 293,867
387,212 314,318
59,034
35,934
624
1.311
87,783
50,160
18,919
37,391
17.526 30,654
28,644
28,437
RESULTS FOR EARLIER YEARS.
9,000
30,000
22,000
6,000
288,000
421,000
415,000
2,000
1,000
539,000
992,000
WESTERN FLOUR AND GRAIN RECEIPTS.
*Mos.End.
Flour
Oats
Corn
Barley
Wheal
Rye
Mar. 28.
(Ms.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
1930
2,961,000
1,452,000 25,725,000 4.707,000 L433,000
971,000
1929 _.- 3.125,000 4,301,000 29,556,000 6.527,000 2,251,000
586,000
Milwaukee
1930
284,000
557.000 2,304,000
236,000 4,441,000
43,000
1929 _
441,000
1,191,000 2,224,000
265,000 4,142,000
162,000
M. Louts
1930 _ 1,844,000 6,365,000 8,941.000 5,106,000
189,000
3,000
1929 ___ 1,632.000 9,226,000 11,430,000 6,019.000
467,000
2,000
Toledo
1930
1,295,000
2,163,000
421,000
7,000
6,000
1929
581,000 1,497,000
4,009,000
35.000
28,000
Detroit
1930
162,000
128.000
405,000
21.000
74.000
1929
326,000
415,000
246,000
24,000
72,000
Peoria
1,408,000 1,047,000
1930 --- 610,000
447,000 7,537.000
13.000
1.636,000 1,127,000
1929 --- 861,000
400,000 7,020,000
83.000
Duluth
1930
802.000
446,000
582,000
9.990,000
488,000
1929
698,000 1,530,000
8,761,000
70,0000
760.000
Minneapolis
1930
16,514,000 4,548.000 3,054,000 3.673,000 1,294,000
1929
20,664,000 3,444,000 3,717,000 4,892,000 1,438,000
Kansas My
1930
12,423,000 11,003,000 1,727,000
000 15,316,000
1,284,000
45,000
.
Omaha .4 Indianapolis
1930
4,078,000 18,747.000 4,684,000
3,000
2,000
6,610o00 13,124,000 4,292.000
1929
Sioux City
760,000
1930
203,000 2,612,000
51,000
2,000
768,000
356,000 2,141.000
1929
17,000
1,000
St. Joseph
284,000
1,544,000 4,694,000
1930
352,000
1,959,000 4,289,000
1929
Wichita
1,867,000
114,000
2,382,000
1980
164,000
3,710,000 2,074,000
1929
Total AU
1930 __. 5,699,000 58,202,000 91,110,000 24.750,000 9,310,000 2,896,000
1929 _- 8,059,000 77.118.000 94.063,000 28,471,000 12,612,000 3,132.000
3431
FINANCIAL CHRONICLE
As already indicated, what gives additional emphasis to
this year's heavy falling off in earnings-$64,595,796 in
gross, or 12.51%, and $38,262,064 in net, or 27.46%-is the
fact that this poor showing follows unfavorable or indifferent comparisons in March of fall the preceding years
back to 1926. In March 1929 our comparisons showed relatively light gains, namely, $10,884,477 in gross and $7,516,400
In net, following losses in gross and net alike in March 1928,
though the improvement would doubtless have been somewhat greater except for the fact that the month contained
one less working day than in the previous year, due to their
having been five Sundays in the month, whereas March
1928 had contained only four Sundays, and the same remark
applies again the present year, March 1930 having likewise
contained five Sundays. For March 1928 our tables registered no less than $26,410,659 decrease in gross and $4,034,267 decrease in net. Nor was the showing for March
1927 anything to boast of, the comparisons then having
revealed relatively trifling increases-$432,616 in gross and
$1,627,348 in net. It is not until we get back to 1926 that
we strike periods of marked improvement in results. In
March 1926 the showing was strikingly good, with noteworthy improvements in gross and net alike. 0117 compilations for March 1926 recorded $43,668,624 gain in gross, or
8.99%, and $24,561,652 gain in net, or 22 %. The fact is
/
1
2
to be borne in mind, however, that these gains in March
1926 followed losses in both the years immediately preceding. Thus for March 1925 our statement registered $18,864,833 decrease in gross and $5,447,665 decrease in net,
while for March 1924 the loss in the gross reached no less
than $30,628,340, though the loss in the net was no more
than $2,514,076, owing to the reductions in expenses, reflecting growing efficiency of operations. This growing efficiency in operation has continued ever since. And the further back we go the more striking the record becomes in
that respect-barring 1923, when weather conditions were
extremely unfavorable and a gain of $59,806,190 in gross
brought with it an addition of only $3,419,324 to net earnings
-which last, however, was the reverse of what happened in 1922, when a gain ef $16,059,426 in gross was
attended by a reduction of $38,577,773 in expenses, yielding
$54,637,199 gain in net, and the reverse also of what happened in 1921, when though the gross revenues showed a
decrease of $1,483,390, the net recorded an improvement of
$18,656,316. All this merely indicates that as the country
got further and further away from the period of Govern.
3432
[VOL. 130.
FINANCIAL CHRONICLE
ment control of the railroads, with Its lavish and extravagant administration, railroad managers once more succeeded
In obtaining control over the expenditures of the roads and
were able to effect important economies and savings.
Weather conditions are not, as a rule, a great drawback
to railroad operations in March (January and February
being the bad winter months), and in 1930 there were few
complaints on that scare. In 1929 the drawbacks were
only such as followed as the result of the severe cold and
heavy falls of snow experienced in some of the fair Western
roads in January and February. At different times during
March of that year there came reports of snow slides at
widely separated points in the section of the country referred
to-from Colorado, from Dakota, from Montana, from the
State of Washington, &c. In 1928 the weather was not an
adverse influence anywhere. In 1927, likewise, the weather
did not exert any serious adverse influence except in several of the Rocky Mountain States, more particularly in
Colorado and Wyoming, where repeated snowstorms occurred
all through the winter months of 1927, making railroad
operations difficult, and where even towards the middle
of April an unusually severe spring blizzard was encountered, seriously interrupting traffic. The latter extended
also into South Dakota and into Western and Northwestern
Nebraska. In 1926, too, the winter for the country as a
whole did not interfere with railroad operations to any
great extent, though temperatures then were low and the
season far in advance of the ordinary. In 1924 the weather
was also mild and the roads suffered no setback on that
account. Back in 1923, on the other hand, weather conditions in March were extremely unfavorable. Moreover,
in 1923 the winter was very severe, also in January and
February, with heavy snows, 'making the adverse effects
cumulative and entailing outlays of great magnitude on that
account, In discussing the severity of the winter weather
in our review of March 1923 we pointed out that in nearly
the whole of the northern half of the country quite unusual
weather conditions had prevailed. Here in the East in the
last week of the month the Weather Bureau in this city
on several days reported the lowest March temperature
records during its existence. And the cold persisted right
up to the close of the month. On the night of March 31April 1, the latter being Easter, the official thermometer
registered a temperature of as low as 12 degrees above
zero. Previously the temperature in this city on Mar. 31
had never been below 25. Furthermore, dispatches from
Washington, D. C., in that year reported the coldest 1st of
April ever experienced at many points east of the Mississippi
River, with the mercury in Washington dawn to 15 degrees,
seven degrees under the record set April 19 1875, and lower
than ever registered after Mar. 21 in any year since the
establishment of the Washington Weather Bureau in 1870.
But the cold in 1923 was not so much of a drawback as
the snowfalls and the snow blockades. Added to the
numerous snowstorms in February, which had then so
seriously increased operating costs, more particularly in
New England and northern New York, there were, in 1923,
other snowstorms during March, some of these in the West
attaining the dimensions of blizzards. The result was that
virtually everywhere outside of the South operating costs
were heavily augmented. It was because of this that out
of $59,806,190 increase in gross earnings in March 1923,
$56,386,866, as already stated, was eaten up by augmented
expenses, leaving only $3,419,324 increase in the net.
It has already been noted that the loss in the net in
1925 and 1924 came after four successive years of increase.
On the other hand, prior to 1920, March net had been
steadily dwindling for a long period past, until the amount
had got down to very small proportions. For instance, in
March 1919 there was a loss in net of no less than $52,414,969 in face of an increase of $10,676,415 in the gross
earnings, and furthermore, March 1919 was the third successive year in which the March expenses had risen to such
an extent as to wipe out the gains in gross receipts
-hence
producing a cumulative loss in net. In the following we
give the March totals back to 1906. For 1911, 1910, and
1909 we use the Inter-State Commerce figures, which then
were slightly more comprehensive than our own (though
they are so no longer), but for preceding years, before the
Commerce Commission had any comparative totals of its
own, we give the results just as registered by our own
tables each year
-a portion of the railroad mileage of the
country being always unrepresented in the totals in these
earlier years, owing to the refusal of some of the roads then
to give out monthly figures for publication:
Net Earnings.
Gross Earnings.
Year.
Year
Given.
(+)or
(-).
Inc.
Year
Preceding. Dec.
Year
Given.
(+)
Year
Inc.
or
Preceding. Dec. (-)•
Mar ch- S
$
$
s
$
$
1906 129,838,708 116,861,229 +12,977.479 40,349,748 35,312,906 +5,036,842
.
1907 .. 141,502.502 128,600,109 +12,980,393 40,967,927 40,904,113
+63,814
1908 _ 141,193,819 162,725,500 -21,531,681 39,328,528 45,872,154 -6,543,631
1909 _ 205.700.013 183,509.935 +22,190,078 69,613.713 55,309,871 +14,303,842
1910 _ 238,725,772 205,838,832 +32.887,440 78.322,811 69,658,705 +8,664306
1911 - 227,564,915 238,829,705 -11,264,790 69,209,357 78,357,486 -9,148,129
1912 _ 237,564,332 224.608,654 +12.955,678 69,038,987 68,190,493
+848,494
1913 _ 249.230,551 238,634,712 +10,595,839 64,893.146 69,168,291 -4,275,145
1914 _ 250,174,257 249,514,091
+660,166 67,993,951 64,889,423 +3,104,528
1915 _ 238,157,881 253,352,099 -15,194,218 68,452,432 67,452,082 +1,000,350
1916 - 296,830.406 238,098,843 +58,731,563 97,771,590 68.392,963 +29,378,627
1917 321,317,560 294,068,345 +27.249,215 88,807,466 96,718,706 -7,911,240
.
1918.362,731,238 312,276,881 +50,484,357 82,561.336 87,309,806 -4,748,470
1919 375,772,750365,096.335 +10,676.415 29,596,482 82,011,451 -52,414,969
.
1920 - 408,582.467347,090,277 +61,492,190 40,872,775 27,202.867 +13,669,908
1921 _ 456,978.940458,462.330 -1,483,390 58,538,958 39.882.602 +18,656,316
1922 _ 473,433,886 457,374,460 +16,059,426 113,468,843 58,831,644 +54,637,199
1923 533,553,199 473,747,009 +59.806,190 117,117,122 113,697,798 +3,419,324
.
1924 _ 504,016,114 534,644.454-30,618,340 114,754,514 117,668,590 -2,914,076
1925.485,498,143 504,362,976 -18,864,833 109,230.086 114,677,751 -5,447,665
1926 _ 528,905,183 485,236,559 +43,668,624 133,642,754 109,081,102 +24,561,652
1927 _ 529,899,898 529,467,282
+432,616 135,691,649 134,064,291 +1,627,358
1928 .. 504.233.099 530,643,758 -26,410,659 131,840,275 135,874,542 -4,034.267
1929.516 38.027505.249.550 +10,884,477 139,639,086 132,122.686 +7.516,400
.1
1930 .. 452.024.463 nIR 020 2110 -64.595.796 101.494.027 139.756.091 -38.262.064
Note.-lnoludea or March 96 roads in 1906: 94 in 1907; In 1908 the returns were
based on 152,058 miles of road; In 1909, 233,702; In 1910, 239,691; in 1911.248,081;
In 1912, 238,218; n 1913, 240,510; in 1914, 245,200; in 1915, 246,848; In 1916,
247,363; In 1917, 248,185; In 1918, 230,336; in 1919, 226,076; in 1920. 206,319; In
1921, 234,832: in 1922, 234,980; in 1923, 235,424; in 1924. 235,715; in 1925, 236,559:
In 1926, 236,774; in 1927 237,804; in 1928, 239,649; in 1929, 241,185; In
1930.
242,325.
The New Capital Flotations During the Month of April and for
the Four Months Since the First of January
The most conspicuous feature disclosed by our tabulations
of new financing for the month of April is that the totals
are now running very large again, indicating that in that
respect at least traces of the ill effects occasioned by the
stock market collapse of last autumn are disappearing. It
is equally true, however, that the character of the financing
has changed in some essential particulars, the chief of the
changes being, as indicated in our analyses of the new
capital flotations for previous months, that stock issues
are being largely displaced by bond issues as a means for
raising new capital. Another change is in the diminishing
contribution to the general totals made by investment trusts
and trading corporations with which the markets were so
overwhelmingly flooded in the first seven or eight months
of 1929, though it must be admitted that in more recent
weeks there have been manifestations of reviving activity
on the part of these trusts which, if continued, means increased contributions again from that source in the early
future.
A third and equally important development in these new
capital Issues is that with money rates low and a superabundance of loanable funds, both for short-term and longterm investment, very considerable amounts of new foreign
loans, corporate and Government, are now being floated
In the United States, whereas a year ago, with money
rates high and virtually all loanable funds tied up in the
stock market, the field for foreign offerings was necessarily narrow and restricted. As illustrating the importance
of th's latter feature, we may note, at the very outset, that
during April an aggregate of $121,675,000 of foreign government loans was floated in this country, while in April last
year, at the time of the great tension in the money market,
no foreign loans whatever were placed in this market.
The easing of money conditions is also proving a great
advantage to States and municipalities in enabling them to
arrange their needs for new funds. Not only is it possible
for municipalities to borrow on greatly reduced terms, but
a ready market ex!sts for large amounts of new municipal
MAY 17 1930.]
FINANCIAL CHRONICLE
Issues, even at the greatly reduced yield which is now to
be obtained from this class of obligations. During the
month of April the present year the aggregate of the municipal awards reached no less than $150,210,631, as against
only $91,935,818 in April 1929. Among the large issues
placed during the month in 1930 were $31,550,000 New York
State 4s, on an interest cost basis to the State of about
/
3.79%; $10,000,000 Missouri 414s on a basis of about 4.18%;
$4,500,000 West Virginia 4s and 4%s, on a basis of about
4.24%; $4,152,000 Erie County, N. Y., 4s, on a basis of
about 3.99%; $3,884,000 Philadelphia, Pa., 4s, on a basis of
about 3.94%, and $3,500,000 Harris County, Texas, 5s and
4%s—the $2,000,000 5s selling on a basis of 4.81% and the
$1,500,000 4%s on a basis of about 4.63%.
The grand total of all new issues brought out during
April, it will appear as we proceed, did not run far short
of $1,000,000,000, which is certainly no diminutive figure,
being at the rate of $12,000,000,000 a year. Our tabulations, as always, include the stock, bond and note issues by
corporations, by holding, investment, and trading companies
of one kind or another, and by States and municipalities,
foreign and domestic, and also farm loan emissions. The
grand total of the offerings of securities under these various
heads during April aggregated $957,838,752. This compares
with $821,142,580 in March; with $621,374,402 in February,
which was a short month; with $824,183,488 in January;
with $658,012,982 in December, and with only $298,029,283
in November, which latter was the month of the termination
of the stock market crash, showing that the April financing
the present year was the heaviest since• the panic. In
October, when the total had already begun to dwindle,
because of Stock Exchange conditions, the new offerings
footed up $878,901,935, while in September, when all records
of monthly totals for new capital issues were broken, the
new flotations amounted to $1,616,464,867.
3433
aggregate $629,115,121 as against $705,270,042 in April
last year.
As to the replacing of stock issues by bond issues, that
was a feature in April the same as in preceding months,
though it must be admitted not in quite so striking a degree
as in the earlier months of the year, and the reason for
that is that financing by the investment trusts is again
coming in evidence, even if as yet on a comparatively moderate scale. In March the appeals on behalf of investment
trusts and trading and holding corporations aggregated only
$1,595,000, as against $179,998,588 in March 1929. In April
the contribution by the investment trusts and trading and
holding corporations reached *61,752,344 (of which $15,000,000 was raised through the medium ofa bond issue) which
compares with $82,058,000 in April 1929. Nevertheless, even
the
after the inclusion of the contributions from that source,
April 1930 were responsible for only
common stock issues in
$161,226,561 out of the $629,115,121 of domestic corporate
while
financing, the proportion being only a little over 25%,
April 1929 the common stock issues comprised $320,730,241
in
financing,
out of a total of $705,270,042 of domestic corporate
accounted for $367,or over 45%. Bond and note issues
$287,522,300
735,000 of the corporate issues in 1930 against
and the preferred stock issues were
in April last year,
responsible for $100,153,560 in the month in 1930 against
$97,017,501 in 1929.
in
In one particular the characteristics of the financing
allude to the tendency
1929 are still being maintained. We
more
to make bond issues and preferred stock offerings
according to the purchaser rights to acquire
attractive by
the
common stock. In the following we bring together
of the present
more conspicuous issues floated during April
or another,
year containing convertible features of one kind
or warrants to subscribe
or carrying subscription rights
of
for or acquire new stock. In the detailed enumeration
which were brought out during the month of
all the issues
April, given at the end of this article, we have put in italics
the part relating to the right of conversion or subscription
in all cases where such rights exist, italic type being used
to designate the fact so that it may be readily detected by
At $957,838,752, the total of the new capital flotations
for April 1930 actually runs considerably in excess of that
for April last year, when the aggregate of the new issues
brought out under the different heads amounted to $816,764,760, which comparison, however, is apt to prove misleading unless it is borne in mind that the high money rates the eye:
CONVERTIBLE
CONSPICUOUS ISSUES FLOATED IN APRIL WITH
OR
prevailing a year ago, and from which no relief was experiFEATURES OR CARRYING SUBSCRIPTION RIGHTS
WARRANTS.
enced in April of that year, exercised a great retarding
convertible
pref. stock,
$60,000.000 Republic Steel Corp.6% cum. cony. 1 share to 1% shares
into common stock on basis ranging from stock.
Influence upon new financing at that time, which was
of preferred stock for 1 share of common
cony. deb. Os 1940.
reflected in a considerable diminution in the total of the 30.000,000 General Theatres Equipment, Inc., and prior to maturity
convertible at any time after Jan. 1 1931
influence, however, proved
basis of 21 shares ofstock for each $1,000
new offerings. This retarding
into common stock on
of debentures.
entirely temporary, and the very next month the total again
1 1935 with
30.000.000 Van Sweringen Corp. 5-yr. 6%, notes. Maybut not prior
warrants (detachable on or after May 1 1932.
reached huge proportions, notwithstanding dear money
thereto except when exercised or in event of redemption)
entitling holders to purchase 20 shares of common stock,for
persisted, the new financing for May 1929 actually exceedeach $1,000 of notes, at $25 per share.
ing $1,500,000,000, being an amount that up to that time had 22,000,000 McKesson & Robbins, Inc. cony. deb.5s 1950. convertible
to
Into common stock on and after July 1 1930 and fprior a e
.
af
sil tlr
n
3
on or iption atn 3 1 rtitF
never previously been even closely approached. In April
9 e
ultutiitir /; a ager redem ore Apr fol4o1 1a i eoo
Ta y
1929, howeveir, the stringency in the money market did put
for each $40 principal amount of bonds, the conversion price
May 1 in
Increasing $2.50 per share on May 1 1932 andlonnpeaeaf on
rnd
l
su
t ind l
ayola n eatgludIng lyiad; ea
a halt upon new financing, and as a consequence the total
each succeeding
ter
year
1/i1,11)
yearon
gg and
May 1 e
of the new issues coming upon the market in that month
to and including May 1 1949 increasing $5 per share.
cony. deb. , 1950,convertible
15,000,000 Niagara Share Corp. of Mc!. 1 1932 into51 ,s
fell to $816,764,760, compared with which the total now
44 shares of common
at any time on or before May
stock and at any time thereafter on or before May 1 1936
over $141,000,000.
for April 1930 shows an increase of
40 shares per $1,000 debenture.
This increase over last year Is more than accounted for
under the two main heads already mentioned, namely,
foreign government financing and municipal awards. As
stated above, the fore:gn government issues placed in the
United States aggregated $121,675,000 in April 1930, against
none so placed in April 1929, and the municipal awards
reached $150,210,631 in 1930, against only $91,935,818 in
1929. The corporate issues were actually somewhat smaller
than a year ago, when, as already explained, they had
been reduced by the tightness of the money market. Including $13,588,000 of Canadian corporate offerings, and
$37,000,000 of other corporate offerings, the total of the
corporate issues the present year is $679,703,121, as against
$720,828,942 in April 1929, this latter having included only
$15,558,900 of foreign issues. The domestic corporate issues
into
convertible
250,000 she. Midland United Co. cony. pref. stock series A. four-tenths
to June 30 1933 on bases ranging from one and
shares to one share of common stock for each share of preferred.
Each certificate for convertible preferred stock series A accompanied by a warrant to purchase en equal number of shares
of common 3tock up to and including Dec. 31 1930 at $28%
per share.
con$12,000,000 South American Railways Co. cony. (is April 15 1933 the
vertible into common stock, with warrants attached, of
of America on basis ranging
Public Utility Holding Corp.
from 35 shares to 25 shares for each $1,000 of notes.
,
Skelly Oil Co.6' cum. pref stock, each certificate bearing a
12,000.000
non-detachable II/arrant to purchase 2 shares of common
stock for each share of preferred up to May 1 1933 at prices
ranging from $42% to $50 per share
An analysis of the corporate flotations during April
shows that 'industrial and miscellaneous corporations
accounted for $370,264,281, or nearly 55% of the corporate
total. This aggregate was nearly double the $194,830,911
reported for industrial and miscellaneous issues in March.
Railroad issues, while less than in March. were, nevertheless,
of impressive proportions, aggregating $178,662,000 in April
3434
FINANCIAL CHRONICLE
[VoL. 130.
as against $223,013,000 in March. Public utility offerings notes, April 1 1934, priced at 99%, to yield 5.64%; $15,000,000
were off sharply in volume, showing only $130,776,840 for Niagara Mare Corp. of Md. cony. deb. 5%s 1950, offered
at 99, to yield 5.55%, and 390,952 shares Radio-Keith-OrApril as compared with $228,481,452 for March.
Total corporate offerings, foreign and domestic, during pheum Corp. class A stock, offered at $35 per share, involvApril were, as already stated, $679,703,121, and of this ing $13,683,320.
Railroad issues of prominence during April included the
amount long-term bonds and notes, including $13,588,000
following: $50,000,000 Erie RR. Co. ref. & imp. 5s 1975,
Canadian and $25,000,000 other foreign, accounted for no offered at 95%,to yield 5.25%;
$41,294,000 Southern Pacific
less than $335,697,000, or not quite 50% of the total. Stock Co.
-Oregon Lines 1st mtge. 4s A 1977, offered at 97%, to
Issues, all domestic, aggregated $261,380,121, while short- yield 4.63%; $18,000,000 Pennsylvania RR. Co. capital stock,
term bonds and notes, including $12,000,000 other foreign, offered to the road's employees at par ($50); $13,000,000
aggregated $82,626,000. The portion of the month's total Louisiana & Arkansas Ry. Co. 1st mtge. 5s A 1969, priced
at 92, to yield 5.50%, and $10,000,000 The Delaware &
raised for refunding was $51,258,750, or less than 8%. In
Hudson Co. 1st & ref. mtge. 4s 1943, offered at 93, to yield
March the refunding portion was even less, being only
4.73%.
$15,436,500, or not quite 3% of the total; in February the
Public utility financing was featured by the following:
portion for refunding was also small, showing only $27,- 1,149,914 shares Philadelphia Electric Co. common stock,
635,500, or less than 6% of the total. In January the offered at $20 per share, involving $22,998,280; $20,000,000
amount for refunding was $73,096,000, or slightly over 10% Consumer Pr. Co. 1st lien & unif. mtge. 4%s 1958, offered
of that month's total. In April of last year the amount at 97, to yield 4.70%; 250,000 shares Midland 'United Co.
cony. pref. stock series A, priced at $48% per share, involvfor refunding was no less than $134,171,779, or over 18%
ing $12,125,000, and $5,000,000 Cincinnati Street Ry. Co.
of the total. There was one large refunding issue in April 1st mtge. 6s B 1955, offered at 99%, to yield
over 6%.
of this year, namely, $50,000,000 Drie RR. ref. & imp. mtge.
There were two offerings of securities during April which
5s 1975, of which $25,928,750 was for refunding purposes.
did not represent new financing by the companies whose
The total of $51,258,750 raised for refunding in April securities were offered. These issues aggregated $3,674,500,
(1930) comprised $46,448,750 new long-term to refund exist- and, as pointed out by us in previous months, are not ining long-term; $4,000,000 new long-term to refund existing cluded in our totals of new financing. The issues are shown,
however, in tabular form following the details of actual
short-term; $310,000 new short-term to refund existing long- new
capital flotations during the month. See page 3439.
term, and $500,000 new short-term to refund existing shortThe following is a complete summary of the new financing
term.
-corporate, State and city, foreign government, as well as
Canadian and other foreign corporate issues sold in this farm loan issues
-for the month of April and since the
country during April comprised six separate offerings for first of January. It should be noted that in the case of the
an aggregate of $50,588,000, as against $115,000,000 in corporate offerings we subdivide the figures so as to show
the long-term and the short-term issues separately, and
March. The offerings during April were as follows: Canawe also separate common stock from preferred stock, and
dian-$8,000,000 Calgary Pr. Co., Ltd., 1st mtge. 5s 1960, likewise
show by themselves the Canadian corporate Issues,
priced at 94, to yield 5.40%; $4,238,000 Grand Trunk West- as well as the other foreign corporate flotations.
ern RR. Co. equip. trust 5s 1930-44, offered to yield 4.00% SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
to 5.00%, and $1,000,000 West Canadian Hydro-Electric
MONTH OF APRIL.
New Capital. Refunding.
Corp., Ltd., 1st mtge. 6s A 1950, offered at 99%, to yield
Total.
over 6%, and $350,000 convertible debenture 6%s 1945, of Corporate$
$
$
Domestic
Long term bonds and notes
250,860,250
46,448.750 297,109,000
the same company, issued at par. Other foreign issues were:
Short term
69,816,000
810,000
70,626,000
100,153,580
Preferred stocks
$15,000,000 Berlin City Electric Co., Inc. (Germany) de100,153,560
181,226,561
Common stocks
161,228,561
Canadian
benture 6s 1955, offered at 90%, to yield 6.80%; $10,000,000
Long-term bonds and notes
13,588,000
13,588,000
Short term
Piedmont Hydro-Electric Co. (Italy) 1st mtge. & ref. 6s A
Preferred stocks
Common stocks
1960, floated at 914, to yield about 7.20%, and $12,000,000
Other foreign
South American Railways Co. convertible 6% notes, April 15
Long-term bonds and notes
21,000.000
4,000,000
25,000,000
Short term
12,000,000
12,000,000
1933, offered at par.
Preferred stocks
Common stocks
No less than six separate foreign government offerings
628,444,371
Total corporate
51,258,750 679,703,121
were made in this market during April, for an aggregate Foreign
121,875,000
Government
121,675,000
of $121,675,000, which is the largest monthly total reported Farm Loan issues
Municipal, States, cities, da,
146,768.782
3,443,849 150,210,631
since April 1927, when $121,686,000, or almost identically
Canadian
5,000.000
5,000,000
U. S. Possessions
1,250,000
1,250,000
the same total, was shown. The offerings during April
Grand total
903,136,153
54,702,599 957,838.752
(1930) were: $50,000,000 Government of the Argentine
FOUR MONTHS ENDED APR.30.
Nation 6 months treasury 5s Oct 1 1930, issued at par;
Corporate
$500,000 City of Barranquilla (Rep. of Colombia) ext.
Domestic
-Long-term bonds and notes
1,278,753,160 122,380,250 1,401,113,410
secured 8s El 1949, priced at 99, to yield over 8.10%;
Short term
157,223,000
21,813,000 179,038,000
Preferred stocks
181,283,946
181,283.946
$3,675,000 Province of Buenos Aires (Argentina) ext. 6%s
COM011 stocks
479.027,184
1,253,500 480.280,684
Canadian
1961, offered at 95%, to yield 6.85%; $25,000,000 Republic
Long term bonds and notes
73,888,000
18,000,000
91,888,000
Short term
of Chile ext. 6s 1963, priced at 91%, to yield 6.63%; $35,Preferred stocks
000,000 State of San Paulo (Brazil) 7% secured coffee
Common stocks
Other foreign
realization loan 1940, priced at 96, to yield 7.56%, and
Long-term bonds and notes
163,655,000
4,000.000 167,655,000
Short term
17,000,000
*7,500,000 Metropolitan Water, Sewerage and Drainage
17,000,000
Preferred stocks
Common stocks
Board (Sydney, New South Wales) 20-yr. 5%s 1950, offered
6,160,000
6,160,000
at 92%, to yield 6.15%. No farm loan securities were
Total corporate
2,356,090,290 167,426,750 2,524,417,040
roreign Government
187,675,000
4,000,000 191,875,000
offered during ApriL
?arm Loan issues
22,000,000
22,000.000
458,158.282
9,349,912 467,508,174
Among the domestic offerings during Agra the largest duniclpal, States, cities. dm
Canadian
21,142,000
3,158,000
24,300,000
U. S. Possessions
2,750,000
was $60,000,000 Republic Steel Corp. 6% cum. cony. pref.
2,750,000
Grand total
stock, offered at $95 per share, to yield over 6.30%. Other
3 045.715 552 111% 014 RA9 '1 922 AIM 214
large industrial and miscellaneous issues were: 1,250,000
In the elaborate and comprehensive tables on the succeedshares Corporation Securities Co. of Chicago common stock, ing pages we compare the foregoing figures
for 1930 with
priced at $27% per share, involving $34,375,000; 1,938,155 the corresponding figures for the four years preceding,
thus
shares Indian Territory Illuminating Oil Co. class A stock, affording a five-year comparison. We
also furnish a deoffered at $17 per share, involving $32,948,635; $30,000,000 tailed analysis for the five years of the corporate offerings
General Theatres Equipment, Inc., cony. deb. 6s 1940, offered showing separately the amounts for all the different classes
at 98%, yielding over 6%; $30,000,000 Van Sweringen Corp. of corporations.
6% not s, May 1 1935, priced at par; $22,000,000 McKesson &
Following the full-page tables we give complete details
Robbint, Inc., cony. deb. 5%s 1950, offered at 96, to yield of the new capital flotations during April including every
5.85%; 320,000,000 The American Metal Co., Ltd., 4-Yr. 5%% Issue of any kind brought out during that month.
1930.
New Capital. Refunding.
Corporate$
$
Domestic
250,660,250
46,448,750
Long term bonds and notes
69.816.000
810.000
Short term
100,153.560
Preferred Stocks
161.226.561
Common stocks
Canadian
13.588,000
Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Other foreign
21,000,000
4,000.000
Long term bonds and notes_
12,000.000
Short term
Preferred stocks
Common stocks
628,444,371
51.258,750
Total corporate
121.675,000
Foreign Government
Farm loan issues
146.766.782
3,443,849
Municipal,States,Cities,&c
5.000,000
Canadian
1.250,000
United States Possessions_ _ _ _
54.702.599
903.136.153
Grand total
Total.
$
297,109.00(
70,626,00(
100,153,56(
161,226,561
New Capital.
1929.
Refunding.
Total.
246,044,000
41,478,300
97.017.501
320,730,241
New Capital.
227,594,700
12,750,000
74,269,514
134,103.914
1928.
Refunding.
240,348,300
Total.
New Capital.
13,588,006
18,792,000
23,500,000
16,000,000
Total.
19.000,000
112,996.900
New Capital.
1926.
Refunding.
Total.
335,203,000
10,740,000
59,614,000
40,445.280
228.071,730
27,411,000
19,776.500
9,306,750
81.135,770
17.234,000
700,000
309.207,500
44,645,000
20,476,500
9,306,750
33,700.000
33,700,000
31,250,000
1,250,000
12,000,000
43.250.000
1,250,000
40,750,000
40.750,000
12,500.000
1,343,750
521.796,030
121.686,000
105,850.000
134,881.048
22,694,000
525,000
907,432,078
1.950,000
331,515,980
80,300,000
2.250,000
109,264,459
111.069,770
2,800,000
1,886,800
1.950.000
442,585,750
83,100,000
2.250,000
111.151,259
523,330.439
115,756,570
639,087.000
1926.
New Capital. Refunding.
$
37,292,000
18,632,000
115,997,230
70,353,770
7,500,000
55.924,000
186,351,000
7,500,000
11,864,250
6.720,000
15,558,900
15.558,900
25,000,000
12,000,000
679,703,121
121,675,000
586,657,163
134,171,779
720,828,942
150.210.631
5.000,000
1,250.000
957 838 752
91,354,818
581,000
4,000,000
91.935.818
4,000,000
678.011,981
14,471,500
59,504,572
222,206,100
10,740,000
47,749.750
33,725,280
3,000,000
85,950,760
12.000.000
2,442,000
33,779.019
467,943,000
12,750,000
88,741.014
193.608.486
4.708,000
160.093.240
29,478.300
94.575.501
286,951,222
1927.
Refunding.
138,752,779 816,764,760
17.750,000
3,000.000
9,850,000
6,204.750
493.230.878
75,130.000
400,000
123,030.953
691.791,831
349,116,372
12,000,000
6,873,639
17,750,000
3.000,000
9,850,000
6,204.750
842,347,250
87,130,000
400,000
129,904,592
367,990,011 1,059,781,842
1.343,750
390,214.880
119.186.000
13,050,000
127,909.048
20,525.000
525,000
671.409.928
131.581,150
2.500.000
92,800,000
6.972,000
2,169,000
236,022.150
12.500,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF APRIL FOR FIVE YEARS.
1930.
MONTH OF APRIL.
New Capital. Refunding.
Total.
Long Term Bonds and Notes
99,483.250
39,428,750 138,912,000
Railroads
80,500.000
76.500,000
4,000.000
Public utilities
Iron, steel, coal, copper. Sze
Equipment manufacturers
Motors and accessories
54.050,000
54,050,000
Other industrial and manufacturing
5,050,000
6,950,000
12,000,000
Oil
27,365,000
27,435.000
70,000
Land, buildings, &c
Rubber
Shipping
15.000.000
15,000.000
Inv. trusts, trading, holding, &c
7,800.000
7.800,000
Miscellaneous
285,248,250
50,448,750 335,697.000
Total
Bonds and Notes
Short Term
12.000.000
12,000.000
Railroads
6,000,000
5,500.000
500,000
Public utilities
20.000,000
20,000,000
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
11,100,000
11,100,000
Other industrial and manufacturing
1,250,000
1,250,000
On
32,276.000
31,966,000
310,000
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c..
Miscellaneous
82.626,000
81.816,000
810,000
Total
Stocks
27.750,000
27.750.000
Railroads
44.276.840
44,276,840
Public utilities
61,612,000
61,612,000
Iron,steel, coal. copper, &c
Equipment manufacturers
2.068,72
2,068,712
accessories
Motors and
20,398,320
20,398.320
Other industrial and manufacturing
50,491.905
50.491,905
Oil
4,830.000
4,830,000
Land, buildings, &c
Rubber
Shipping
46,752,344
46,752,344
Inv. trusts, trading, holding, &c....
3,200.000
3.200,000
Miscellaneous
261,380,121
261,380,121
Total
Total
39,428,750 178.662.000
139,233,250
Railroads
4.500,000 130,776.840
126,276,840
Public utilities
81,612,000
81,612.000
Iron,steel, coal, copper. &c
Equipment manufacturers
2,068.712
2,068.712
accessories
Motors and
85,548,320
85,548.320
Other industrial and manufacturing
63,741,905
6,950,000
56,791,905
Oil
64.541.000
64,161.000 . 380.000
Land, buildings, &c
Rubber
Shipping
61,752.344
61,752,344
Inv, trusts, trading, holding, &c_..
11,000,000
11.000,000
Miscellaneous
51,258,750 679,703,121
828.444,371
Total Corporate Securities
New Capital.
1929.
Refunding.
Total.
New Capital.
1928.
Refunding.
Total.
New Capital.
129,783,000
35,142,000
1,350.000
1,150,000
15.562.000
76,028.100
21,345,000
2,400,000
17,083,000
184,291,900
12,430,000
32.645,000
260.320,000
33,775.000
2 400 000
17.925,000
89.728,500
37,108,000
16 657.600
15,457,400
32,115,000
84.000
21,711,000
68,423,000
19,325,000
2,100,000
1,500.000
16,200,000
160,093.240
13:138,(56(5
85.950,760
2,100,000
1,500.000
16.200,000
246,044,000
36,499.000
250,052,700
1.012.000
9,541,000
259,140,300
11,500,000
12,000,000
23,500,000
$45.416,240
33.642.000
1,350,000
1.150,000
84.366,760
1,500.000
1927.
Refunding.
Total.
Total.
21.627,000
725,000
725,000
18,443,400
3,643,000
46,850,000
79.500,000
49.794,000
29,285,000
650.000
29,935.000
87.748,000
46,850,000
61,056,600
46.151.000
38,897.500
3,500,000
42,397,500
14.150.000
46,040,000
509,193,000
5,000,000
29,220.000
296,656,100
4.130.000
112,996,900
5,000,000
33,350,000
409,653.000
4,500,000
6.000.000
32,350,000
271,821,730
93,135,770
4,500,000
6,000,000
32.350,000
364.957,500
5,625.000
400.000
5,625.000
400.000
42.734,000
151.700,000
9.350,000
9.350.000
7.185,000
6,000,000
10,000,000
6,000,000
17,185.000
300,000
37,108.000
24,809,000
61,971,500
200.000
300,000
1,034,000
360.000
8,350,000
7,500,000
2,250.000
750.000
500.000
14,370.000
29,478,300
30,000,000
68,568,984
4,936,800
12,820,732
78.298.039
8,600.000
8,633,000
16,825.968
13.078.000
80.558,000
74.766,100
397,085,623
75,416,240
113,710,984
6,286,800
1.150,000
12,820.732
115,406,039
8,600,000
33,868,300
16 825.968
15,178,000
82.058.000
105,336.100
586.657,163
12,000,000
00:665
-1-3,170,902
6.283.450
26,666,667
36,221,019
84,366.760
13,600,000
-3:170:1552
6,283,450
26.666,667
84,000
134.171,779
2,625.000
14,370,000
41.478,300
7,100.000
15.750,000
30,000,000
68,668.984
4.936,800
18.408.250
110.153,945
1,952,746
1,920,000
262,500
33.925,065
300,000
5.868,033
2.625,000
15,991.634
84,581,489
35,266.667
8.633,000
16,825,968
13.078,000
80,5.8,000
74.766.100
433,306.642
159,783,000
127,310,984
6,286,800
1,150.000
15,991,634
121,689.489
35,266.667
33.952.300
16,825,968
15.178,000
82,058,000
105,336.100
720.828,942
19.290,000
35,347,639
227,428,178
7.100,000
15.750,000
44,000,000
4,367.500
965.000
125,000
10,740,000
-
965,000
125,000
3.608,300
3,608,300
160,000
8.350.000
6,466.000
2,250,000
750,000
500,000
10,740,000
3,000,000
28,661.000
12,396,000
15,096 200
33.231,405
2,450,000
15,096,200
35.681,405
10,087,500
1,000,000
11,087,500
911,000
62,408,250
114,521,445
1,952,746
1,920,000
26-.500
67.612,737
300.000
6.779,033
7,009,900
89,976.072
19.290,000
42,357.539
317.404,250
5.262,500
12.979,500
82,818,780
33,021,200
132,309,905
33,687.672
33,970.250
191.807.045
23,697,746
4,320,000
262,500
50.582,665
300.000
76,916,033
61.083,000
188,659,400
12,430,000
3
26:2- 6;000
95.053,250
380,466.445
38,127,746
4,320.000
262,500
99,727,737
300,000
97,152,033
32,428,000
78,946,639
493.230,878
1,012,000
16,550,900
349.116.372
33,440,000
95,497,539
842.347,25
49.145,072
3,000,000
45.895,000
12,396,000
5,835,000
326,675
400,000
4,054,500
1,950,000
8.885.200
400,000
15.134,250
18,584,250
5,262,500
28,113,750
101,403.030
2,947.550
31,033,250
200,000
700,000
3.147.550
31,733,250
24,809,000
84,421,500
57,830,280
196,731.405
37,292,000
135,578,230
7,500,000
24.632,000
80,353,770
61,924,000
216,932.000
7,500,000
1,000,000
18,443,400
3.643,000
58,237,500
79,500,000
56,594,000
326,675
125,000
10,262.500
61,463.750
521.796,030
560,006
41,889.500
8,416,000
50.032,700
1.150,000
5,000,000
6.000,000
38,297,550
331,515.980
200,000
1,150.000
1,034,000
3,500,000
760.000
42,839,500
9,450,000
53.532,700
1,150,000
5,000,000
6,000,000
38,497,550
442.585,750
5,835.000
326,875
-500,1506
725.000
725.000
57.237.500
61 056 600
52.951,000
326,675
125,000
10,262,500
42.199.500
390.214.880
17,234,000
19.264,250
131.581.150
200.000
111,069,770
400.000
4.554,500
1,950,000
8,885.200
400,000
Pocu Li xviv
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF APRIL FOR FIVE YEARS.
MONTH OF APRIL.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS.
1930.
1929.
1928.
1927.
1926.
FOUR MONTHS END. APR. SO New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Long Term Bonds and Notes$
$
$
16
$
$
$
$
$
$
$
$
$
$
Railroads
$
425,689,250 112,443,750 538,133,000
118,947,240 104,143,760 223,091,000 '
96,490,500 182,388,500 278,879.000
134,651,740 139.016,260 273,668,000 118,850,000
33,655,000 152,535,000
Public utilities
667.358.500
345,144,500 442,816,300 787,960,800
23.771,500 691,130,000
200,109,500 153,140,000 353,249,500
379,255,200 290.357,800 669,613.000 410,573,230 126,887,770 537,461,000
Iron, steel, coal, copper. &c
3,500,000
3,500,000
69,063,500
72,250,000
3,186,500
79,007,700
57,957,300 136.965.000
5,517,000
10,500,000
4,983,000
59,111.000
10,589,000
69,700,000
Equipment manufacturers
1,400,000
1,400,000
1,150,000
1.150.000
4,816,000
4,816,000
5,195,000
5,195,000
430,000
430,000
Motors and accessories
4,770,000
780,000
5,550,000
50,000,000
50,000,000
55,000,000
55,000,000
Other industrial and manufacturing 128,230,910
105,000 128,335,910
124,368,000
575,000 124,943,000
102,074,700
44,601.300 146,676,000
164,504,000
34,918.000 199,422,000
90,344,000
32 916,000 123,260,000
011
80.050.000
87,000,000
6,950,000
8,600,000
9,000,000
400,000
500,000
20,000,000
20,500,000
155,356,600
20,443,400 175,800.000
42,715,000
7,935,000
50,650,000
Land. buildings. &c
77,367,500
3,289.000 185,255,600
181,966,600
70.000
77.437,500
205,231,000
46,486,000 251,717.000
203.573,500
10,468,000 214,041,500 180,642,000
7,205,000 187.847,000
Rubber
1,000,000
1.000,000
800,000
800,000
1,100,000
1,100,000
Shipping
10,000,000
10,000,000
9,100,000
3,100,000
6.000,000
1,710,000
1,710,000
6,900.000
6.900,000
Inv. trusts, trading, holding. &c
75,000,000
75,000,000
---- ___ 55,000,000
85,000,000
53,888,000
1,012,000
54.900.000
27,500,000
______
27,500,000
8,500,0008,500,000
----Miscellaneous
48,720.000
1.020,000
47,700,000
149,045.000
2,205,000 151,250.000
25.242.700 156,128.000
130.885.300
105.424.000
12,200,990 117.624.000 100,310,000
800.000 101,110,000
Total
1,516,296,160 144,360,250 1,660,656,410
942,349,840 272,939,260 1.215,289,100 1,023.607,700 821,284,100 1,844,891,800 1,232,687.040 512,386,460 1.745.073.500 1.074,505,230
219,987,770 1.294,493.000
Short Term Bonds and Notes
Railroads
14,500,000
2,500,000
12.000,000
1,500,0001,500,000
13,500,000
17,000,000
30,500,000
5,000.000
6,000.000
11.000,000
Public utilities
72,000,000
13.128,000
58,872.000
35,990,000
17,909,000
18,081,000
21,955,000
400,000
22,355,000
21,150,000
2,500,000
23,650,000
23,885.000
10,000,000
33,885.000
Iron. steel, coal, copper, &c
23,000,000
23,000,000
400,000
400,000
1,000,000
1,000,000
6,000.000
6.000,000
Equipment manufacturers
12,000,000
12,000,000
1,200,000
1,200,000
Motors and accessories
1,600,000
___ - _
1.600,000
500,000
500,000
1,200,000
1,200,000
2,660,000
200,000
2.560,000
Other industrial and manufacturing
25,655,000
20.755,000
4.900,199
9,000,000
9,000,000
3,183,900
2,316,100
5,500.000
8,350,000
4,450,000
12,800,000
33,350,000
1,000,000
34.350,000
011
3,750.000
600,000
3,150,000
10,120,000
2,080,000
12,200,000
________
200,000
200,000
9.966,000
1,034,000
11,000,000
Land, buildings, &c
37,396,000
38,081,000
685.000
17,307,500
17,307,500
10,067,500
10,067.500
13,140,000
1,666,000
14,806,000
5,625,000
5,625,000
Rubber
800,000
800,000
32,250,000
32,250.000
Shipping
125,000
125,000
500,000
500,000
Inv. trusts, trading. holding, &c
1.000,000
1,000,000
400,000
400,000
4,000.000
4,000,000
Miscellaneous
3,650,000
3,650,000
23,420,000
1,916,500
21,503.500
11,350,000
20,400,000
20,400,000
11,350,000
4,844,195
4,844,195
Total
174,223.000
21.813,000 196.036.000
87.717,500
19.997,500
67.720,000
29,836.100 103,022,500
73,186,400
56,515,000
8,616,000
65,131,000 128,080,195
18,234,000 146,314,195
Stocks
Railroads
27,750,000
27,750,000
30,000,000
30,000,000
97,796.400 131,894.050
34,097,650
15,096,200
15.096,200
•
Public utilities
260,573,112
260,573,112
14.465,000 482,418,540
467,953,540
61,555,948 271.364.065
209.808,117
348,089,745
28,450,000 376.539.745 133,411.362
2,005,000 135,416,362
Iron.steel,coal, copper. &c
84,170,500
84,170,500
66,975,280
16,142,500
83,117,780
1,200,000
27.363,471
28,563,471
150,000
150,000
36,675,000
36,675,000
Iftuipment manufacturers
1,920,000
1,920,000
5,628,500
5,628,500
Motors and accessories
4,132,662
4,132,662
42,999,852
48,511,704
5,511,852
1,250,000
3,737,500
2,487,500
25,000,000
25.000,000
26,751,900
26,751.900
Other indu,strialand manufacturing 110,484,341
871,500 111.355.841
81,565,370 421.297,867
104,882,214
339.732,497
44,962,422 149,844.636
48,103,225
13,586,300
61.689,525
92,893,392
6,204,575
99,097,967
Oil
57.766,709
57.766,709
68,528,119
26,776,180
41,751,939
3,426,590
3,426.890
6,562,500
6,562,500 100,537,140
2,800,000 103.337,140
Land, buildings, &,c
•
12,015,000
12,015,000
95,552,330
95,960,830
408,500
1,346,000
34,734,033
36,080,033
16,000.000
100,000
16.100,000
16,208,700
16,208.700
Rubber
52,030,334
52.030,334
12,405.375
1,042,400
11,362,975
2,701,675
2,701,675
1.464,537
1.464.537
Shipping
23,178,000
23,178,000
6,212,500
6212,500
Inv. trusts, trading, holding, drc
66.987,344
66.987,344
692,854,138
692.854.138
87,169,443
87,169,443
26,245.728
----26,245.728
32,450,000
-------32,450,000
42.591.462
42,973.462
382,000
Miscellaneous
4.657,400 307.157,163
302,499.763
16,457,800 142,359,539
125,901.739
57,581,505
17,982.250
75.563,755
808,000
53,885.765
53,077,765
666,471.130
1,253.500 667,724,630 2,140,551,914 164,502,561 2,305.054,475
Total
649.366,532 225,610.970 874.977.502
545.530.578
60,118,550 605,649,128 499,098,296
11,817,575 510,915,871
Total
465,439.250 114,943,750 580,383,000
Railroads
150,447,240 104,143,760 254,591,000
144,088,150 297,184,900 441.273,050
149,747,940 139,016,260 288,764,200 123,880.000
39,655,000 163.535,000
986,803,612
36,899,500 1,023.703.112
Public utilities
685.972,040 185,686,000 871,658.040
576.907,617 504.772.248 1,081.679,865
748.494,945 321,307,800 1,069.802,745 567,869,592 138,892,770 706,762,362
110,670,500
Iron, steel, coal, copper. &c
110,670.500
19,329,000 155,367,780
136,038,780
106,771,171
59,157,300 165,928.471
6.667.000
4,983,000
11,650,000 101,786,000
10,589,000 112.375,000
3,400,000
13.400,000
Equipment manufacturers
1,150,000
1,150.000
6,736,000
6.736.000
6,395,000
6,395,000
6.058,500
----6.058.500
5,732,662_ 5,732.662
Motors and accessories
49,011,704
5,511,852
43,499,852
8,457,500
2,030,000
10,487.500
75,000,000
75,000,000
84,411,900
200.969
84,611,900
259,470.251
5.876,500 265,346,751
Other industrial and tnanufacturing
473.100,497
82.140,370 555.240,867
91.879,822 302,020,636
210,140,814
220,957,225
52,954,300 273,911,525 216,587.392
40.1'40,575 256.707.967
140.966.709
7.550.000 148.516,709
011
35,376,180
42,151,939
77.528,119
6,006.890
30,120.000
36,126.890
162,119,100 20,443,400 182,562,500 153,218,140
11,769,000 164,957,140
126.778,500
755.000 127,533,500
Land. buildings. Stc
3.697,500 298,523.930
294,826.430
250,032.533
47,832.000 297,864,533
232.713.500
12,234,0110 244,947,500 202,475,700
7.205,000 209,680,700
800,000
800.000
Rubber
53,030.334
53,030,334
12,162,975
1,042,400
13,205,375
2.701.675
2,701,675
34,814,537
34,814,537
10,000,000
10,000,000
Shipping
A3..78,000
6,000,000
32,278,000
6,212,500
-----6,212.500
1,835.000
1,835,000
7,400.000
7.400,000
------- 142,987.344
Inv. trusts, trading, holding, &c
777,854,138
777,854,138
1.012.000 142,469,443
141.457,443
53,745,728
- -----53.745,728
44,950,000
-----44,950,000
142287.34493.941,462
1.402.000
95,343,462, 473,048,263
Miscellaneous
8,778,900 481,827,163
41,700,500 318,887.539
277.187,039
174,355,505
30,182.250 204,537,755 158,231.960
1,608,990 159,839,960
Total corporate securities
2,356,990,290 167,426,750 2,524,417.040 3.150,621,754 457,439,321 3,608.061,075 1,746,160.632 1,076.731,170 2,822,891,802 1.834.732,618 581,121,010 2,415,853.628 1,701.683,721
250,039.345 1,951.723,061
zea
aUDINOIIHO
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FOUR MONTHS ENDED APRIL
30,1FOR FIVE YEARS.
FOUR MONTHS END. APRIL 30.
1930.
1939.
1928.
1927.
1926.
New Capital. Refunding.
CorporateNew Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Domestic
$
$
$
$
$
$
$
Long term bonds and notes. 1,278.753,160 122.360.250 1.401.113,410
$
$
$
785.239,840 270,939.260 1,056,179,100
859,396.200 782.873,600 1,642,269,800 1,056,212.040 512,386,460 1,568,598,500 919,855.230 195,237,770 1,115,093,00€
Short term
157.223,000
21.813,000 179,036,000
67.120.000
19,997.500
87,117.500
29,836,100
67,186,400
97,022,500
46,515,000
8,616,000
55,131,000 122,830,195
Preferred Stocks
18,234,000 141,064,191
181,203.946
181.283,946
582.435.586
53,074,950 635.510,536
333,525,056 116.026,500 449,851.856 296,349,275
33,215,250 329.564,525 276,908,342
Common stocks
6,100,000 283,008,342
479.027,184
1,253,500 480,280,684 1,408.780,228 111,427,611 1,520,207,839
281,009.726
93,584,170 374,593.896 245,275,053
26,903,300 272,178,353 197,937,954
Canadian
5,109,575 203,047,52C
Long term bonds and notes_
73.888,000
18,000,000
91.888.000
66,100.000
66,100,000
30,330,000
18.792,000
49,122,000
44,625,000
44,625,000
40,642,000
Short term
25,358,000
66,000,00C
2,000,000
2,000,000
1,250.000
Preferred stocks
1,250,00€
10.400,000
10,400.000
3,000,000
16,000,000
19,000,000
1,000,000
1,000,000
4,000.000
Common stocks
4,000,00C
15,558,900
15,558,900
990,000
Other foreign
990,00(
Long term bonds and notes_ 163,655.000
4,000.000 167,655,000
91,010,000
2,000,000
93,010.000
133.881,500
19.618,500 153,500,000 131,850,000
131,850,000 113,400.000
Short term
113,400,00€
17.000.000
600.000
17,000.000
600.000
6.000,000
6,000.000
8,000.000
8,000,000
4,000,000
4,000,00(
Preferred stocks
100.827,200
100,827.200
9,850.000
9,850,000
10,000,000
10,000,00C
Common stocks
6.160.000
6.160.000
22,550,000
22.550.000
21.681,750
21.681,750
2,906.250
2,906,250
9.870,000
9,870,00(
Total corporate
2.356.990,290 167,426,750 2,524.417,040 3,150,621,754 457,439.321 3,608,061,075 1,746.160,632 1,076.731.1702.822,891.802 1,834,732,618 581,121,010 2,415,853,628 1,701.683.721
Foreign Government
250,039,345 1,951,723,061
187,675,000
4,000,000 191,675,000
35,750,000
35,750,000
278,445,500
91,593,500 370,039,000 303,378,800
29,500,000 332,878,800 118,499,000
Farm loan issues
14,873.000 133,372,00€
22.000,000
22,000,000
6,000,000
__ -----6,000,000
45,500,000
92,800,000 138,300,000
40,800,000
200.000
41,000,00C
Municipal, States, Cities, &c
458,158.262
9,349,912 467,508,174
5,589,433 343,323,940
337,734,507
477,291,317
16,613,689 493.905,006 494.076,313
13,415,500 507,494,813 464,346,441
6,428,547 470,774,981
Canadian
21,142,000
3,158,000
24,300.000
1,750,000
9,750,000
8.000,000
8,840,000
8,840,000
37.275,000
66.244.000
28,969,000
16,000,000
40,000.000
56,000,00C
United States Possessions_
2,750,000
2.750.000
1.495.000
1,495,000
1,110,000
1,110.000
1,910,000
1,910,000
5.748,000
5,748,00C
Grand total
3.048.715,552 183.934.662 3.232.650.214 3,527,351,261 471,028,754 3.998.380.015 1.517.847.449 1.184.938.359 3.702.785.808 2.718.872_731 742 1188_510 2.482.881.241 2.347.077_182 211 Mg RA22 RAS 111R nr.4
MAY 17 1930.]
FINANCIAL CHRONICLE
3437
DETAILS OF NEW CAPITAL FLOTATIONS DURING APRIL 1930.
LONG-TERM BONDS A.ND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.'
Railroads
1,500.000 Refunding
1,849,000 New equipment
5,031.000 Refunding,add'ns & betterments_ _
Price.
99)4
103
10.000.000 Refunding
93
50,000.000 Refunding, add'ns. betterm'ts, &c.
9534
4,238.000 New equipment
13,000,000 Acq. cap. stk. of Louisiana Ry.
Nay. Co.; retire current debt_ _ _
6,000,000 New construction
41,294,000 Acquisitions, add'ns, betterm., &o.
6,000,000 New equipment
92
9434
9734
138,912,000
Public Utilities2,000,000 Acq.. add'ns, construe., &c
700,000
15,000,000
8,000,000
1,000,000
5,000,000
20.000,000
4,000.000
1,000.000
4,000.000
1.000,000
10,000,000
250,000
3.000,000
4,000,000
1,000,000
350,000
200,000
80,500,000
To Yield
About.
Company and Issue, and by Whom Offered.
9;
5.50 Akron Canton & Youngstown Ry. Co. Gen. dc Ref. M. 5148 B, 1945. Offered by
Otis & Co..
Guardian Trust Co., Cleveland, and Coffin & Burr, Inc.
4-5 Central Vermont Ry., Inc., Equip. Tr. 5s, 1930-44. Offered by Edward Lowber Stokes
4.60 Chicago & North Western Ry. Co. Gen. M. 434s, 1987. Offered by Kuhn, Loeb & Co. & Co.
and National City Co.
4.73 Delaware & Hudson Co. 1st & Ref. M.4s, 1943. Offered by Kuhn,Loeb & Co. and First
National
Bank, New York.
5.25 Erie RR. Co. Ref. de Imp. M.5s, 1975. Offered by J. P. Morgan & Co., First National Bank, New
York, and National City Co.
4-5 Grand Trunk Western RR.Co. Equip. Tr. 58, 1930-44 Offered by Chase Securities corp..
Equitable Corp.of N.Y.,Bancamerica-Blair Corp., First National Old Colony Corp.and Freeman & Co.
5.50 Louisiana & Arkansas Ry. Co. 1st M.5s, A,1969. Offered by Dillon, Read & Co., Chase Securities
Corp., E. H. Rollins & Sons, A. Iselin & Co., Rogers, Caldwell & Co., Inc., Central Illinois Co.,
Inc., Foreman-State Corp., A. G. Becker & Co., Canal Bk. & Tr. Co. and John Nickerson ar
Co., Inc.
4.85 Pittsburgh & West Virginia Ry. Co. let M.434s C, 1960. Brown Bros. & Co., Stone & Webster
and Biodget, Inc., and Chase Securities Corp.
4.63 Southern Pacific Co.
-Oregon Lines 1st M. 434s A, 1977. Offered by Kuhn. Loeb de Co.
4.25-4.50 Southern Pacific Co. Equip. Tr. 434s, 1931-45. Offered by Chase Securities Corp. and Freeman & Co.
6.45 American Electric Power Corp. Cony. Deb. 58 A, 1957. (Convertbile upon at least 20 days' prior
notice on any interest date up to and incl March 15 1938 into $7 pref. stock of the corporation at Ms
of 10 sharesfor each $1,000 of Debs.) Offered by Bonbright & Co., Inc., and A.C. Allyn & Co..Ino.
Complet. of system, wlig. cap.,&c. 100
7.00 Arkansas Western Gas Co. 1st (C.) M. 7s, 1939. (Each $1,000 and $500 bond accompanied by a
detached warrant to purchase 10 shares and 5 shares, respectively, of common stock at $12)4 per share
up to and incl. Jan. 2 1933 and at $1534 per share thereafter to and incl. Jan. 2 1935.) Offered
by A. M. Lamport dr Co., Inc., and Paul & Co., Inc.
Reduce curr. debt for ext.dibett.,dic 9034
6.80 Berlin City Electric Co., Inc. (Germany), Deb. Os, 1955. Offered by Dillon, Read & CO., HallBartels de Co., Bankers Co. of New York, Halsey, Stuart de Co. Inc., Lehman Brothers, International Manhattan Co., Inc., E. H. Rollins ,k Sons, Blyth & Co., Inc., Mendelssohn & Co.
of Amsterdam.
Capital expend's, retire debt
94
5.40 Calgary Power Co., Ltd. (Canada), 1st M. 5s, 1960. Offered by Royal Securities
Corp.
Additions, betterments,&e
98
5.14 California Water Service Co. 1st M. Is A. 1958. Offered by G. L. Ohrstrom & Co., Inc.
Capital expenditures
99)4
6.00 Cincinnati Street Ry. Co. let M. Os B, 1955. Offered by Guaranty Co. of N.Y. and W.E. Hutton & Co.
Additions t nd improvements
97
4.70 Consumers Power Co. let Lien & Unit. M.434s, 1958. Offered by Bonbright & Co., Inc.,
National
City Co. and Bankers Co. of New York.
Acquisitions, additions, dic
99
5.10 Jersey Central Power & Light Co. 1st M.& Ref. 5s B, 1947. Offered by E. H. Rollins dr Sons,
Halsey, Stuart & Co., Inc., Hill, Joiner dr Co., Inc., Blyth dr Co., Inc., Eastman, Dillon &
Co., Central-Illinois Co.. Inc., H. M. Byllesby & Co., Inc.
Acquisitions, other corp. PurPoses- 96
5.85 Maryland Light & Power Co. 1st M.534s A, 1950. Offered by H. C. Yeager & Co.,
Inc., Hale,
Waters Jic Co., Coffin & Burr, Inc., and Robert Garrett at Sons.
Additions, other corp. purposes_ __
4.85 Minnesota Power & Light Co. 1st iic Ref. M.434s, 1978. Offered by Harris,
9334
Forbes & Co., Tucker,
Anthony & Co., Bonbright dr Co., Inc., and Coffin & Burr.
Additions, improvements, &c
4.85 Penn Central Light & Power Co. let M. 434s, 1977. Offered Inc. C. Allyn
9334
by A.
& Co., Inc., First
National Old Colony Corp., E. H. Rollins & Sons, Halsey, Stuart & Co., Inc., Hill. Joiner & Co..
Inc., and A. B. Leach & Co., Inc.
Refunding, impts., exta.. &c
7.20 Piedmont Hydro-Electric Co.(Italy) 1st M. de Ref. 6348 A. 1960. Offered by
9134
Bancamerica-Blair
Corp. Chase Securities Corp., Stone & Webster and Blodget, Inc., International Manhattan
Co., inc., and Dance Commerciale Italians Trust Co.
General corporate purposes
Price on uponcat'n Portland Gas Light Co. let Ref. M.5s A, 1950. Offered by Paine. Webber dr Co.
Completion of pipe line system__
6.20 Texas Gas Utilities Co. let M. Cls, 1945. (For each $1,000 bond which may after Jan.
98
I 1931 be presented for exchange Appalachian Gas Corp. will issue 80 shares of its common stock if such exchange
is effeded on or prior to Jan. 1 1935 or earlier redemption and 70 shares if thereafter and prior
to
maturity or earlier redemption.) Offered by P. W. Chapman dr Co.. Inc., Hale,
Waters dr Co.
and Reilly, Brock de Co.
Capital expenditures
5.10 Texas Power & Light Co. 1st & Ref. M.58, 1956. Offered by Harris. Forbes dr
98)4
Co., Coffin de Burr
Inc., Bonbright dr Co., Inc., and Lee, Higginson & Co.
Acquisitions
6.05 West Canadian Hydro-Electric Corp., Ltd., 1st M. Os A, 1950. (Each $1,000
99)4
bond carries a non
detachable warrant to purchase on or prior to Jan. 1 1938 or up to and incl. 15 days prior
demption date if called for redemption, 5 class A common shares at $15 per share upto any reto Jan.
1 1933; at $1734 per share thereafter up to July 1 1935 and at $20 per share
1938.) Offered by R. E. Wilsey & Co., Inc., of California, Mysell, Moller thereafter to Jan. I
dc Co., Inc., and
Pemberton & Son, Vancouver, Ltd.
.5Q West Canadian Hydro-Electric Corp.. Ltd.,
1
Acquisitions
100
Cony. Deb. 634s, 1945. Each $1,000 debenture
carries a non-detachable warrant to purchase on or prior to Jan. 1 1938, or up to and
incl.
prior to any redemption date if called for redemption 10 class A common shares at 15 days
$15 per
share up to Jan. 1 1933: at $1734 per share thereafter up to July 1 1935, and at $20 per
share thereafter to Jan. 1 1938. In addition each $1,000 debenture may be converted up to maturity,
or if called
for redemption, up to and Owl. 15 days prior to date of redemption into class A common
prices ranging from $15 to $20 per share.) Offered by R. E. Wilsey & Co., Inc., of shares at
California.
Mysell, Moller & Co., Inc., and Pemberton & Son, Vancouver, Ltd.
Additions and betterments
Price on applicat'n West Coast Telephone Co. lst de Ref. M. 5s B, 1955. Offered by Peirce, Fair dr
CO., American
Securities Co., Blyth & Co.. Inc., and Tucker, Hunter, Dulin & Co.
•
Other Industrial & Mfg.
200,000 Expansion of activities
9434
9934
30.000,000 Acq. el. A & el. B stock of Fox Film
Corp. and cl. B stock of Fox
Theatres Corp.
9934
22,000.000 Acquis. of prop.; gen. corp. Duro
96
600,000 Pay off bank loans
1.250,000 Acquisitions
54,050,000
01112,000,000 Rada.;extens.. development,
993.i
9934
6.57 Flexlume Corp. Cony. Deb. 64s. A, 1940. (Each $1,000 debenture convertible up to
maturity, or
Prior redemption, into 40 shares of common stock.) Offered by Glenny, Monro & Moll, Buffalo.
6.07 General Theatres Equipment, Inc., Cony. Deb. 6,s 1940. (Convertible at any time
after Jan. 1
1931 and prior to maturity, into common stock on basis of 21 shares for each $1,000 of
Offered by Chase Securities Corp.: Pyuchou & Co.; Halsey, Stuart & Co., Inc.; debentures.)
West & Co.:
W.S. Ilammons dr Co.
5.85 McKesson & Robbins,Inc.. Cony. Deb. 534s, 1950. (Each $1,000 debenture
convertible into common
stock on and after July 1 1930 and prior to maturity, or earlier redemption, at following rates:
Cu
or after July 1 1930 and on or before April 30 1932 at rate of 1 share for each $40 of principal amount,
the conversion price increasing $2.50 per share on May 11932 and on May I in each
succeeding year
up to and incl. May 11935, and on May 1 1936 and on May 1 in each succeeding year thereafter
to
and ind. May 1 1949 increasing $5 per share.) Offered by Chatham Phenix Corp.; Edw.B.
& Co.; Halsey, Stuart & Co., Inc.; Stone & Webster and Blodget, Inc., and Chase Securities Smith
Corp.
6.12 Square D Co. Deb. 6s, B. 1937. Offered by First Detroit Co. and Guardian
Detroit Co.
6.53 Woodlasva Farm Dairy Co. let M. 634s, 1944. (Each bond carries a warrant
to purchase Class B
common stock of the United States Dairy Products Corp. in the ratio of 5 shares of stock for each $1,000
of bonds at $20 per share until Dec. 31 1930; at $223.4 per share until Dec. 31 1931, and at
$25 Per
share until Dec. 31 1932.) Offered by Singer, Deane & Scribner, Inc., and Glover, AlacGre_or
de Cunningham, Inc.
97
5.90 Houston 011 Co. of Texas Secured 530. A. 1940. Offered by Mackubin,
Goodrich & Co.; Whitaker
& Co.; the Baltimore Co., and West & Co.
Land, Buildings,
300.000 Finance construction of building-- 100
eonstruction
6.00 (The) Austin Finance Co. let M. 6s, 1938. Offered by First Detroit Co.,
Ine.
800,000 Finance construction of building-- 100
6.50
250,000 Finance constr. of chapter houses_ _ Price on application Bank of Hollywood Bldg.(Los Angeles) 1st M.634s. 1946. Offered by S. W. Straus & Co.. Ina.
(The) Berry McAlester Corp. (Columbia, Mo.) 1st M. Coll. 'Fr. 6s, C, 1930-40. Offered by
Mercantile-Commerce Co., St. Louis.
55,000 Real estate mortgage
100
5.50 Bishop of Chicago (Protestant Episcopal Church) 1st M. 53.4s, 1931-40. Offered
by Franklin
American Co., St. Louis.
1,000,000 Finance constr. of building, &c- - - 993.4
6.10-6.05 Broadway Sr Twentieth Street Properties, Inc. (Oakland. Calif.) 1st
M. 6s, 1933-50. Offered
by Anglo-London Paris Co.; S. W. Straus dr Co., and Security First National Co., San Fran.
5,000,000 Acquisitions; other corp. purPoses- 100
7.00 Chanin Realty Corp. Gen, M. 75, 1940. Offered by S. W. Straus
de Co.. Inc.
70,000 Refunding
100
5.50 Congregation of St. John the Evangelist Roman Catholic Church (Lafayette, La.) let M.
534s. 1931-40. Offered by Moore, Hyams & Co., Inc.
400,000 General corporate purposes
100
6.00 Fairmount Cemetery Association 1st M.6s, 1944. Offered by Boettcher
-Newton & Co., Denver.
235,000 Finance construction of building-- 100
6.50 First Realty Corp. and First Realty Hotel Corp. let Leasehold
634s. 1932-40. Offered by Seattle
Trust Co.
125.000 Real estate mortgage
100
6.50 Fuji Trading Co. 1st Real Estate 034% bonds. Offered by Wollenberger & Co., Chicago.
250,000 Construct di equip new temple---- 100
6.00 Hebrew Benevolent Congregation (Atlanta, Ga.) lst Lien de Coll. Tr. 613. 1932-92. Offered
by
Hibernia Securities Co.. Inc., and Canal Bank & Trust Co.
100,000 Provide funds for loan purposes
5.75 Hibernia Mortgage Co.. Inc. lot NI. Coll. Tr. 6s, D. 1930, due 1933-36. Offered by Hibernia
Securities Co., Inc., New Orleans.
110,000 Finance construction of building_
100
6.50 Hotel Roberts (Pratt. Kan.) 1st M. 1334s, 1931-40. Offered by Title Guarantee & Trust
Co.,
Wichita, Kan.
5.000.000 Finance construction of buildings 110 b
London Terrace Apts. (23-24 Corp.) (a New York corporation) cony. 6% notes, 1940. (Notes
are subject to conversion into 6% cum. pref. stock of 23-24 Corp. as follows: (a) At option of holder
within one year after certificates of occupancy have been issued for all buildings; or (b) at the optioq
of the issuing corporation within two years thereafter). Offered by Henry Mandel Develotment
Provide funds for loan purposes__ _ 100
3,000,000
6.00 Potomac Mortgage Co. let M. Coll. Tr. 68, 1935-40. Offered by the Baltimore Co.
390,000 Finance lease of property
100
6.00 Springfield Chain Store Terminals let M. Coll. Tr. 68, 1939. (Each 61.000 bond carries a nondetachable warrant to receive upon presentation to the trustee at any time on or after Oct. 1 1930 Without
cost, 10 shares of stock of R. D. Brown Properties, Inc.) Offered by Robert Garrett & SODS. halt.
3438
FINANCIAL CHRONICLE
Purpose of Issue.
Amount.
To Yield
About.
Price.
f VOL. 130.
Company and Issue, and by Whom Offered.
Land, Buildings, &c.-(ConeL)
10.000,000 Provide for additional'vestments_
5.67 Starrett Investing Corp. Secured 5s, 1950. (Holder of each $1,000 of bonds will be entitled, subsequent to Nov. 1 1930 and up to Jan. 1 1936, to purchase 15 shares of common stock of the Starrett
Corp. at prices ranging from $34 to $59 per share.) Offered by G. L. Ohrstrom & Co., Inc.:
Drown Bros. dc Co.: International Manhattan Co., Inc.; Edw. B. Smith & Co.; Janney & Co.:
Graham, Parsons & Co., and Hornblower & Weeks.
6.50 Woolford Realty Co. 1st M.Leasehold 65s, 1940. Offered by Stern Bros.& Co., Kansas City. Ma
92
350,000 Finance construction of building-- 100
27,435,000
Investment Trusts, Trading
and Holding Cos. (Nor primarily controlling)
15,000,000 Provide for additional investments
5.55 Niagara Share Corp. of Md. Cony. Deb. 54s, 1950. (Convertible at any time on or before May 1
1932 into 44 shares of common stock and at any time thereafter on or before May I 1936 into 40 shares
per $1,000 debenture.) Offered by Lee, HiggInson & Co.; Guaranty Co. of N. Y; SchoeilkoPf.
Hutton & Pomeroy, Inc., and the Marine Trust Co. of Buffalo.
99
Miscellaneous
225,000 Retire floating debt; working cal)- 98
2,000,000 Acquisitions
100
275.000 Finance construction of bridge__
5.000.000 Expansion; working capital
200,000 Finance construction of bridge
6.20 Asheville Citizen, Inc. let (closed) M. Is, 1945. Citizens dc Southern Co., Savannah, Ga.
6.00 Lane Bryant, Inc. Deb. 6s. 1940. (Each debenture carries a detached Second Series Warrant to purchase on or before May 1 1935 at $40 per share, 10 shares of common stock in the case of $1,000 debentures and 5 shares in the case of $500 debentures.) Offered by Merrill, Lynch & Co., Kelley, Converse & Co., Inc., and E. A. Pierce & Co.
6.40 Margate-Northfield Highway Bridge Co. 1st Mtge. Cony.6%5, 1945. (Each $1,000 bond convertible
at any lime prior to maturity or earlier redemption into 40 shares of common stock. Each $500 bond
is similarly convertible into 20 shares of common stock.) Offered by Alfred M.Sampter, N.Y. City.
5.62 J. J. Newberry Co. Cony. 5345, 1940. (Each $1,000 note convertible at any time on 07 before maturity,
or earlier redemption date, into common stock at prices ranging from $5010 $90 per share.) Offered
by Guaranty Co. of New York.
6.50 Point Marion Bridge Co.(The Albert Gallatin Memorial Bridge) 1st Mtge. 634s, 1944. Offered
by John E. Mahon & Co., Pittsburgh.
101
99
100
7.800,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
$
Purpose of Issue.
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
Railroads
-
12,000.000 Acquisitions
Public Utilities
1,000.000 Acquisitions, extensions, dm
600,000 Capital expenditures
4,500.000 Refunding; retire curr. debt, &c__
100
98
98
9934
6,000,000
Iron, Steel, Coal. Copper, &c.
20,000.000 Retire bank debt: wkg. cap, &O,.
99%
6.00 South American Railways Co. Cony.Is, April 151933. (Convertible into common stock. with warrants
attached, of the Public Utility Holding Corp. of America at rate 01 35 sharesfor each $1,000 principal
amount of notes prier to April 151931; into 30 shares on or after April 15 1931 and prior to April 15
1932; and into 25 shares on or after April 15 1932 and prior to maturity.) Offered by Harris. Forbes
& Co., First National Old Colony Corp., Central-Illinois Co., Inc., and Albert E.Peirce & Co.,Inc.
7.00 Duquesne Gas Corp. Secured Cony. 694s, March 15 1935. (Each $1,000 note is convertible on or
after Nov. 15 1930 and prior to maturity into 80 shares of common stock. Each $500 note is similarly
convertible into 40 shares of common stock.) Offered by Furland & Co., Inc., and Cullen & Drew.
7.00 The Gas Co. of New Mexico 1st (closed) Mtge. Cony. 6345, March 15 1935. (Each $1,000 bond
(8500 and $100 it. proportion) Is convertible into common stock of the Southern Union Gas Co. up to
maturity on basis ranging from 40 shares to 20 shares for each $1,000 bond.) Offered by Peabody
dr Co.
-Gas Development Co. Joint 6s,
6.13 Minnesota Northern Power Co.
-Montana-Dakota Utilities Co.
April 1 1934. (With warrants entitling holder thereof to purchase shares of common stock of Minnesota Northern Power Co. on basis of 5 shares for each $1,000 bond to and including April 1 1931 at
$25 Per share and thereafter to and including April 1 1932 at $30 per share. Bonds of $500 denomination carry proportionate privilege.) Offered by BancNorthwest Co., Foreman-State Corp..
First Wisconsin Co. and First Securities Corp.
5.64 The American Metal Co., Ltd. 4
-year 5345, April 1 1934. Offered by Chas. D. Barney & CO..
Lehman Bros., Goldman, Sachs & Co., and Hallgarten & Co.
Other Industrial & mfg.
1,100.000 Retire short term notes; &o
Baxter Laundries, Inc. Cony. 634s, April 1 1931-35. (Each $1,000 note convertible into 7% cum.
100-98.33
preferred stock on basis ranging from 11 to 10 shares of stock for each $1,000 note.) Offered by E. H.
6.50-6.90
Rollins & Sons and A. C. Allyn dv Co.. Inc.
-year Cony. 5s, April 1 1935. (Convertible into common stock up to maturity.
5.35 Caterpillar Tractor Co. 5
10,000.000 Retire bank debt, other cOrP.PUrP. 98%
or if called for redemption up to 10 days prior to redemption date on basis of par for the notes and
$85 to $115 per share for the stock.) Offered by Peirce, Fair & Co., Stone & Webster and Blodget.
11,100,000
Inc., Harris, Forbes & Co., Chase Securities Corp. and Bankers Co. of New York.
Oil
5-5.40 Phillips Petroleum Co. Equip. Tr. 5s, April 1 1931-3.5. Offered by Chatham Phenix Corp.
1,250.000 New equipment
Land, Buildings.
1,000,000 Provide funds for loan purposes-. 100
6.00 The Colonial Mortgage Investment Co.(Bait.) Coll. Tr. Os,"D" April 1 1931. Offered by John P.
P. Baer & Co.; W. W.Lanahan & Co.; Colonial Bond SC Share Corp.; Strother, Brogden & Co.;
Gillet & Co., and C. T. Williams & Co.
6.00 Federal Corp. lot Real Est. Coll. Tr. 6s "OOD" April 1 1931-35. Offered by Union Bank & Federal
100,000 Provide funds for loan purposes-- 100
Trust Co., Richmond, Va.
6.00 Investors Mortgage Corp.(Richmond, Va.) Coll.'Tr. 6s "0" April 1 1933. Offered by Richmond
50.000 Provide funds for loan purposes-- 100
Trust Co. Richmond, Va,
100
6.50 Lawyers Modgage Co., N. Y. Guaranteed
% Mtge. Ctfs. 1933-35. Offered by company.
Real estate mortgage
566,000
Progressive Buildings Co. 1st M. & Coll. Tr. 6345, March 1 1935. Offered by Wheeler, Kelly
Price on applio.
250,000 Improvements to Property
Hagny Trust Co., Wichita/Kans.
99
7.05 1055 Lawrence Avenue (Chicago) 1st M.Lshld. 634s March 1 1932. Offered by Huszagb, Musson
310,000 Refunding
& Co., Chicago.
6.00 Van Sweringen Corp. 5-Yr. 6% Notes, May 1 1935. (Notes carry warrants, detachable on or after
100
30,000,000 Acquisition of assets
May 1 1932, but not prior thereto, except when exercised or in event of redemption, entitling holders to
purchase 20 shares of com. stock in respect of each $1,000 note at $25 per share.) Offered by Guaranty
Co. of New York; Lee, Higginson & Co.; Union Cleveland Corp.; Hayden, Miller & Co., and
X'•
Midland Corp., Cleveland.
32,276,000
STOCKS.
Par or No.
Of Shares.
Purpose of Issue.
Railroads
$
7,500,000 General corporate purposes
18,000,000 General corporate DurPoSes
To Yield
(a) Amount Price
Involved. per Share. About.
9,750,000 130
18,000,000 50 (Par)
Company and Issue, and by Whom Offered.
New York Central RR. Capital Stock. Offered by company to employees.
Pennsylvania RR. Capital Stock. Offered by company to employees.
27,750.000
Public Utilities
250,000shs Sub. constr.; acquisitions. &c
12,125,000
4814
4,000,000 100
,
40.000shs Additions, acquisitions, &c
913,560 46
*19,860shs Additions, improvements, &c
22,998,280 20
01149914" General corporate purposes
2,240,000 Mkt.(20)
*112,0000hs Acquisitions; other corp. purposes_
2,000,000 Construction; other corp. purposes
2,000,000 100
Midland United Co. Cony, Pref. Stock Series "A." (Convertible to June 30 1933 into
corn, stock on basis ranging from one and four-tenths shares of con. stock to one share of
com, stock for each share of Pref. stock. Each certificate for cons. pref. stock, series "A"
will also be accompanied by a uarrant to purchase an equal number of shares of com.
stock at any lime up to and including Dec. 31 1930 at $2834 per share). Offered by
Utility Securities Corp.; E. H. Rollins & Sons; Central-Illinois Co.; A. B. Leach &
Co., Inc.; A. C. Allyn & Co.. Inc.; Hill, Joiner & Co.; Insult. Son & Co., Inc.:
Emery, Peck & Rockwood Co.: Tucker. Anthony & Co. and Russell Brewster & Co.
6.00 Mississippi Pr. & Lt. Co. $6 Cum. Pref. Stock. Offered by W. C. Langley & Co., and
First National Old Colony Corp.
Penn Central Lt. & Pr. Co. $2.80 Cum. Prof. Stock. Offered by company to stkhldrs.
Philadelphia Electric Co. Coto. Offered by company to stockholders.
United American Utilities, Inc., Class "A" Stock. (Each share carries a warrant to
purchase 34 share of com. stock at $40 per share up to and including March 1 1935).
Offered by A. E. Fitkin & Co., Ltd.
6.00 Virginia Electric & Pr. Co.6% Corn. Prof. Stock. Offered by company,
44,276,840
Iron, Steel, Coal, Copper. &c.
*5,000shs General corporate purposes
.4
.34,00081)s General corporate purposes
40.000.000 Acquisition of properties
490,000
98
1,122,000
33
60,000,000
95
61,612,000
90
Motors & Accessories
Working capital
2.068,712
8
6.63 Ludlum Steel Co. $634 Cum. Prof. Stock. Offered by company to stockholders. Underwritten by Edward B. Smith & Co., and Gurnett & Co.
Ludlum Steel Co. Common Stock. Offered by company to stockholders. Underwritten
by Edward B.Smith & Co., and Gurnett & Co.
6.30 Republic Steel Corp.6% Cum. Cony. Pref. Stock. (Convertible into common stock at any
time on basis ranging from 1 share of pref. stock for 1 share of corn, stock to 134 shares of
pref. stock for 1 share of corn. stock). Offered by Otis & Co.: Guaranty Co. of New
York; Harris, Forbes & Co.; Field Glore & Co.; The Union Trust Co. of Pittsburgh:
Brown Brothers & Co.; The Equitable Corp. of New York; The C. T. Securities Co.;
Union Cleveland Corp.; The Guardian Trust Co.: Central United Co.; J. G. White
& Co., Inc.; First Detroit Co., Inc.; The First National Old Colony Corp.; Chemical
National Co., Inc.; Chatham Phenix Corp.: Mitchell, Herrick & Co.; Wick & Co.,
Schoelikopf, Hutton & Pomeroy, Inc.
___ Peerless Motor Car Corp. Capital Stock. Offered by company to stockholders.
MAY 17 1930.]
Par or No.
of Shares.
FINANCIAL CHRONICLE
Purpose of Issue.
Other Industrial & Mfg.
*105,000shs New equip.; other corp. purposes_
(a) Amount Price
To Yield
Involved. per Share. About.
3439
Company and Issue, and by Whom Offered.
1,312,500
12;4
E. C. Beetem & Son Corp. Class A Common stock. Offered by W. Allen Johnson dr
Co., Inc.
42;4
Columbia Pictures Corp. Common stock. Offered by Goddard & Co.. Inc.
1 share class A and f Commercial Instrument Corp. (Del.) Class A stock. (With
warrant to purchase class
562,500 1 share class 13(
B stock). Offered by W.S. Attgaard dr Co., and Cass, Howard dr Co.
*25,000 sla Acquisitions
for $22H1 Commercial Instrument Corp. (Del.) Class B stock. Offered by W. S. Aagaard &
Co. and Cass, Howard & Co.
*25,000 ohs Expansion of business
625,000 25
Fineart Foods, Inc. Common. Offered by Stephen M.Foster dr Co., Inc.
*50,000 shs Working capital; other corp. purp.
400,000
8
General Motive Control, Inc. Capital stock. Offered by L. A. Baker & Co., Inc., N.Y.
*30,000 shs Additional equip.; working capital
195,000
Pennsylvania Illuminating Corp. Panic. Class A stock. Offered by William R. Joneti,
Inc. New York.
*15,000 ohs Development of property
495.000 33
Philadelphia Record Co. Common. Offered by company to stockholders; underwritten.
*390,952s11s Development of activities, &c
13,683,320 35
Radio-Keith-Orpheum Corp. Class A stock. Offered by company to stockholders
underwritten by Lehman Bros. and Bancamerica-Blair Corp.
*100,000shs Working capital
1.000,000 10
Zenith Radio Corp. Common stock. Offered by company to stockholders; underwritten.
20,398,320
Oil
90,000 Development and improvements
90,000 10 (par)
Boise Chien Oil Corp. Class A Common stock. Offered by company to stockholders.
149,825 shs General corporate purposes
299,650
2
-- Cypress Petroleum Co. Class B stock. Offered by company to stockholders.
1938,155shs Acquisitions dr development
32,948,635 17
_ -- Indian Territory Illuminating Oil Co. Class A stock. Offered by company to
stockholders
2,500.000 Working capital
2,500,000(25 (par)
-1 sh.{ Richfield Oil Co. of Calif. (Del.) Common. Placed privately with bankers.
*25,000 shs Acquisitions
preferred and 1 Searight Royalty Participations, Inc. Partic. Pref. stock. Offered by Searight &
375,000 sh, common for
Co., Inc.. New York.
*25,000 ohs Acquisitions
$15 Searight Royalty Participations, Inc. Common stock. Offered by Searight & Co..
Inc., New York.
12,000,000 Additions, developments. &C
12,000,000 99;4
6.03 Skelly Oil Co. 6% Cum. Prof. stock. (Each share carries warrant to purchase 2 short
of Common stock up to May 1, 1933 at prices ranging from 1,4214 to $50 per share.
Offered by Continental Illinois Co., National City Co., Brown Bros.& Co., Harris,
Forbes & Co., First National Old Colony Corp., Lawrence Stern & Co., and First
Detroit Co., Inc.
*126,590shs Improvements, working cap., &o
2,278,620 18
Warner-Quinlan Co. Common. Offered by company to stockholders; underwritten by
Hayden, Stone & Co.
50,491,905
Land, Buildings,
30,000 ctfs. Finance lease of property
lease
2,955,000 98}4
The Hotel Gibson Co. (Cincinnati) Land Trust Ctfs. Offered by the First Investment & Securities Corp.. the Well, Roth & Irving Co., Central Trust Co., Seasongood & Mayer, Brighton Bank & Trust Co. and Western Bank dr Trust Co., all of
Cincinnati.
*50,000 fibs Acquisitions; working capital
1,875.000 37;4
Main Bus Terminal Corp. (Del.) $1.75 Cum. Pref. stock. Offered by W. Allen
Johnson & Co., Inc., New York.
4,830.000
Investment Trusts,Trading and
Holding Cos. (Not primarily
controlling.)
*100,000shs Provide for additional investments 4,500,000 1 share pref. and American Utilities &
General Corp. $3 Cum. Prof. stock. Offered by G. E. Barrett
Si share class B
& Co., Inc.
*50,000 abs Provide for additional investments
for $45 American Utilities & General Corp. Class B stock. Offered by G. E. Barrett &
Co., Inc.
*1250000she Retire curr. debt incurred in acquiring additional investments, &a
34,375,000 27H
Corporation Securities Co. of Chicago Common stock. Offered by Utility Becuritice
Corp., E. H. Rollins & Sons. A. B. Leach & Co., Inc., A. C. Allyn & Co., lin..
Hill, Joiner & Co., Inc., Insult Son & Co., Inc., Emery Peck & Rockwood Co., and
Russell Brewster & Co.
100,000 shs Expand investment portfolio
1,650,000 16H
International Bankstocks Corp. (Md.) Class A Pref. & Panto. stock. Offered by
Rackliff it: Co., Inc., New York.
20,000 she Acquisitions and development
200,000 10
Orange Land Trust Number One Beneficial Interest shares. Offered by Alvin B.
Giles, Los Angeles.
450,000 ohs Acquisition of securities
4,500,000 10
Rossia International Corp. Capital stock. Offered to stockholders of Roasts Insurance Co.
131,836 shs Acquisition of securities
527,344
4
Thatcher Securities Corp. Capital stock. Offered by company to stockholders.
100,000 shs Acquisition of securities
1,000,000 10
United States Shares Corp. Short Term shares Series U. Offered by United States
Shares Corp., New York.
46.752,344
Miscellaneous
1,500,000 Working capital
1,500.000 1034
Agricultural Bond & Credit Corp. Panic. Pref. stock. Offered by Smith Reed &
Jones, Inc., New York. and Harry C. Watts dr Co., Chicago.
250,000 Expansion of activities
250,000 25
8.00 Tabler Cleaning Co.(St. Louis) 8% Cum. Cony. Pref.
stock. (Each share convertible
Into one share ofcommon stock.) Offered by R.C.Chamberlain & Co., Inc., St. Louis.
100.000shs Establish additional reserves
1,200.000 12
Union Insurance Holdings, Ltd.(Los Angeles) Capital stock. Offered by Milton E.
Giles & Co., Los Angeles.
250,000 Additional capital
250,000 98
6.12 Washington Title Insurance Co. 6% Panic. Pref. Series A. Offered by Seattle
Co..
First Seattle Dexter Horton Securities Co., Pacific National Co., and Dean Witter
3,200,000
& Co.
*50,000 ohs Liquidate bk. loans; other corp.pur
*25,000 abs Acquisitions
2,125,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue and Purpose.
Price.
To Yield
About.
50,000,000 Argentine National (Govt. of) 8 months 5%
Treasury notes, Oct. 1 1930 (general purposes
of the Government)
100
500,000 Barranquilla, City of (Rep. of Colombia),
Ext. Secured 8s E, 1949 (sewerage and paving program)
.575.000 Buenos Aires. Province of(Argentina). Ext.
6Hs, 1961 (provide school houses and other
public buildings)
Offered by.
5.00 Chatham Phenix Corp., Halsey, Stuart & Co., Inc., Blyth & Co., Inc., J. Henry Schroder
Banking Corp., First National Old Colony Corp., Central-Illinois Co., Otis & Co.,
White, Weld & Co., E. H. Rollins & Sons, Union Trust Co. of Pittsburgh, Edward
B. Smith & Co. and Union Cleveland Corp.
99
8.10 Central Illinois Co.
95H
6.85 First National Old Colony Corp., Harris, Forbes & Co. and Continental Illinois Co.
6.63 National City Co., Guaranty Co. of N. Y., Lee, Higginson & Co., Bankers Co. of N. Y.,
Harris, Forbes & Co. and Continental Illinois Co.
25,000,000 Chile(Rep. of) Ext.(3s, 1962 (public hunts.)
9134
35,000,000 San Paulo, State of(U. S. of Brazil), 7% Secured Coffee Realization Loan, 1940.(finance
liquidation of unsold coffee)
96
7.56 Speyer & Co., J. Henry Schroder Banking Corp., National City Co., Bancamerlea-Blair
Corp., Dillon, Read & Co., Ladenburg, Thalmann & Co., Continental Illinois Co..
E. H. Rollins & Sons, Blyth dr Co., Inc., G. L. Ohrstrom & Co., Inc., Otis & Co.
and Dominion Securities Corp.
92H
6.15 Bancamerica-Blair Corp., E. II. Rollins & Sons and IIalsey, Stuart
& Co., Inc.
7,500,000 Sydney, New South Wales-Metropolitan
Water, Sewerage and Drainage Board 20
year 534s, 1950 (finance construction of additional water, sewerage and drainage works or
to refund floating debt incurred for such
purposes
121,675,000
ISSUES NOT REPRESENTING NEW FINANCING.
Par-or No. (a) Amount Price
To Yield
of Shares. Involved, per Share. About.
*20,000shs.
2,000,000 100
*17,000 ohs.
1,674,500
crstAlei
3,674,500
9834
Company and Issue, and by Whom Offered.
6.00 General Steel Castings Corp. $6 Cum. Cony.Pref. Stock. (Convertible into
common stock at any time on or before July 1 1936
at rate of 1 1-3 shares of common stock for each share of preferred.) Offered
by Drexel & Co.
6.60 General Water Works & Electric Corp. $634 Series Cues.
Pref. Stock. (Each share carries a warrant to purchase 4 shares
of class A common stock on or before Oct. 1 1935 at prices ranging
Sons, Central Illinois Co., Utility Securities Corp. and Stroud from $3010 635 per share.) Offered by E. H. Rollins is
& Co.. Inc.
'Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while
preferred stocks of no par value and all classes of common stock are computed at their offering prices
b Offered in units of $100 of convertible notes of 23-24 corporation and one
investors' share of llenry Mandel Associates, Inc.
Public-Utility Earnings in March.
Gross earnings of public-utility enterprises in March,
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 $199,000,000, as compared with
$105,000,000 in March 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, ecc., 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.
3440
FINANCIAL CHRONICLE
[Vor.. 130.
Ten Corporations Named in Action.
The United States of America, by Leonard E. Wales, United States
attorney for the district of Delaware, acting under the direction of the
Gross Earnings.
Attorney General, brings this proceeding in equity against:
1930.
1929.
1928.
1927.
I. Radio Corporation of America (hereinafter called Radio Corporathe laws of the State
8191.702,022 8196,573,107 8203,000.000 $211.000.000 tion), a corporation organized and existing under
January
199.500400 of Delaware.
177.612448 187,383.731 194,000,000 199,000,000
February
179,564,870 187,726,994 195,000,000
March
2. General Electric Company (hereinafter called General Electric),
the laws of the State of
Total(3 months)_ _ 43548,879,340 $571,683,832 $592,000,000 3609,500,000 a corporation organized and existing under
176,467.300 181,143,883 190.000,000
New York.
Alw11
171,255,899 180,255,407 189,750,000
May
3. American Telephone and Telegraph Company (hereinafter called
187,975,072 178.696,556 183.000.000
the
June
Telephone Company), a corporation organized and existing under
181.638.462 173,645.919 178,000,000
July
laws of the State of New York.
162,647.420 173,952,469 179,500,000
August
169,413,885 179,346,145 185.000.000
September
4. Western Electric Company, Inc. (hereinafter called Western Elec177,734,493 190.795,808 197.500.000
State
October
tric), a corporation organized and existing under the laws of the
182,077.497 198,032,715 202,500,000
November
211,500.000
of New York.
194.985,134 202,000,000
December
(hereinafter
5. Westinghouse Electric & Manufacturing Company
82,113,074,302 52,229 552.394 12.308,750.000
Total (year)
called Westinghouse), a corporation organized and existing under the
laws of the State of Pennsylvania.
Net Earnings.
6. RCA Photophone, Inc. a corporation organized and existing under
1930.
1929.
1928.
the laws of the State of Delaware.
1927.
7. RCA Radiotron Company, Inc., a corporation organized and exist873,746,891 579,013.279 592,000,000 592.000.000 ing under the laws of the State of Delaware.
January
90400.000
88,000,000
74,296,578
86.907,757
February
88,000,000
85,000,000
8. RCA Victor Company, Inc., a corporation organized and existing
72,811,146
65,412,739
March
State of Delaware.
5283,000,000 5270,000,000 under the laws of the
8206,067,387 5226,121,001
Total(3 montbs)_
9. General Motors Radio Corporation (hereinafter called GMRC), a
83400.000
68,971.324
64.907.729
of
April
82,500,000
67.732,911
corporation organized and existing under the laws of the State
61,194,779
May
79.000.000
67,537,149
59,167,098
Delaware.
June
71,000,000
62,280,333
53,980.280
July
10. General Motors Corporation (hereinafter called General Motors),
73,000,000
81,809,794
53,551,164
August
80,000,000
a corporation organized and existing under the laws of the State of
88,235,898
61,897,207
September
83,000.000
73470.5131
135,259,727
Delaware.
October
92,000.000
81.363,806
70.214,468
November
Five Concerns Called Primary Defendants.
91,000,000 100,000,000
78,937.417
December
11. Radio Corporation, General Electric, Telephone Company, West$775,177,254 5868,702.577 81406400.000
'Total (year)
ern Electric and Westinghouse are hereinafter sometimes referred to
as the primary defendants.
12. All allegations in this petition are intended to include the present
of America tense except where otherwise stated.
Test Suit Against Radio Corporation
all patents
patents"
13.
- and The term "future have beenas used herein includes the date of
acquired subsequent to
Charges Combination to Restrain Trade
patent rights which
in the future.
alleged and
Department of Justice Files Petition in Dist- the combination herein Columbia andwhich may be acquired States are
territories of the United
14. The District of
at Delaware-Ruling on Alleged intended to be included within the words State or States used herein
rict Court
when otherwise shown.
-Control of95% of Radio exceptThe defendants Radio Corporation and Telephone Company are
Patent Pool Sought
15.
radio or wireless teleApparatus Manufactured and Sold Asserted. engaged in the transmission and reception, by the like, between places
graph and telephone, of messages, signals and
A suit to test the legality of arrangements existing be- in the several States of the United States, between the United States
places in the United States and
tween the Radio Corp. of America, the General Electric and foreign countries, and between
of the United States. Such transmission and reception
Co., the Westinghouse Electric and Manufacturing Co., the places outside
will be hereafter referred to as radio communication.
American Telephone & Telegraph Co. and six other corCorporations Engaged in Making Radio Apparatus.
D.
porations was filed by U. S. Attorney General William
Westing16. The defendants Radio Corporation, General Electric,
in the District Court at Wilmington, Del., May
Mitchell,
Company, and other persons and corporations, are
the legality of patent house and Telephone
disseminating
13. The suit is concerned chiefly with
engaged, as hereinafter shown, in transmitting and
arrangements made between the defendants which has re- images, pictorial reproductions, intelligence, information talks and adt and the like, and
music, entertainmen
sulted, it is alleged, in placing the control of the radio dresses on various subjects, and commerce in commodities, services,
advertising to promote trade
business and its development in their hands. The allega- and other articles, by radio amongst the several States of the United
tions of the petition detail the history of the alleged com- States, between the United States and foreign countries, and between
and places outside of the United States.
bination through its various acquisitions beginning in 1919 places in the United States
be hereinafter referred to as
by the Said transmission and dissemination will
reception of
and continuing down to the approval May 6, 1930,
radio broadcasting. Apparatus used or useful for the
stockholders of the Radio Corp. of America of the proposed radio broadcasting will be hereinafter referred to as radio receiving sets.
are engaged,
17. The defendants and other persons and corporations
acquisition by that company of radio facilities of General
the United
at factories and other plants located in the several States of
radio
Electric and Westinghouse.
States, as hereinafter shown, in manufacturing and fabricating comof the Executive Committee
useful for radio
Owen D. Young, Chairman
apparatus, that is to say, apparatus used and
recording and reproducing sound in
of the Radio Corp. of America issued a statement May 13 munication, radio broadcasting,
pictures and for certain scientific and commerdeclared that the corporation would welcome connection with motion
, as
in which he
cial processes. The defendants and other persons and corporations
any effort to determine whether or not the patent arrange- hereinafter shown, have been and are selling and leasing radio apparatus
by, persons
viola- to, and otherwise making radio apparatus available for use
ments existing between it and its affiliations were in
located in States other than the State or States wherein
tion of the Sherman Anti-trust Law. He defended the and corporations
is being made and fabricated as aforesaid.
produced said apparatus has been and
corporation saying that it had by its arrangements
Radio apparatus so sold, leased and otherwise made available for use
aforesaid facstability in an infant industry and permitted that industry has been and is being transported and shipped from the
said purchasers, lessees and other persons and corto develop rapidly. While the Radio Corporation of America tories and plants to States other than the States in which said apparatus
porations, located in
had arranged the pooling of patents of different companies has been and is being made and fabricated. Said manufacture and
different companies to use those fabrication, sale, leasing, transportation and shipment of radio apparait had licensed thirty-four
n tus will be hereinafter referred to as interstate commerce in radio
patents on a royalty basis and there was intense competitio
apparatus.
, he said, in reference to the charge
between the companies
18. Prior to the unlawful combination and conspiracy hereinafter alclaims that leged, the primary defendants (except Radio Corporation) and Marof a monopoly. The Government in its petition
its coni Company of America, International Radio Telegraph Company.
the combination through its various agreements and
Wireless Specialty Apparatus Company, Fedin a power, lodged in the United Fruit Company,
"patent pool," has resulted
eral Telegraph Company of California, and 1:)Forest Radio Telephone
in
s and &
defendants, to dictate prices and terms to competitor
Telegraph Company were engaged in competition with each other
About
tely 95% of all radio apparatus interstate commerce in radio communication and radio apparatus. sale in
a control of approxima
and
The 20 other companies were then engaged in the manufacture primary demanufactured, used and sold in the United States.
interstate commerce of receiving sets. Each of the
conE. Wales, fendants
(except Radio Corporation) then owned or otherwise
petition which bears the signatures of Leonard
Gen- trolled large numbers of patents and patent rights used or useful in
United States attorney; William D. Mitchell, Attorney
Attorney the manufacture, use and sale of radio apparatus.
eral; John Lord O'Brian, the Assistant to the
Combination in Restraint of Trade Alleged.
Jr., Russell Hardy, Charles H.
General; Robert L. Sabin,
the Attor19. The defendants in the manner and by the means hereinafter
Weston, John Harlan Amen, special assistants to
conspiracy
District Court at alleged have been and are engaged in a combination and and with
ney General, was filed May 13 in the
in restraint of trade and commerce among the several States
the
"United States
Wilmington, Del., and as reported in the
foreign nations in radio communication and radio apparatus, and in
gs
defendants are parties to contracts, agreements and understandin
Daily" follows:
of
District of Dela- restraint of said commerce, in violation of section 1 of the act
AntiIn the District Court of tke United States for the
Congress of July 2, 1890 (26 Stat. 209), known as the Sherman
793:
and
ware. In equity, No.
of Amer- Trust Act, and the defendants have in like manner monopolized
United States of America, petitioner, v. Radio Corporation Telegraph are attempting to monopolize and are combining and conspiring with
ica, General Electric Company, American Telephone and
several States
Electric & one another to monopolize, said commerce among the
Company, Western Electric Company, Inc., Westinghouse Radiotron and with foreign nations in violation of section 2 of said act, and this
Manufacturing Company, RCA Photophone, Inc., RCA
Radio suit is instituted to prevent and restrain the defendants from further
Company, Inc., RCA Victor Company, Inc., General Motors
violating said act.
and General Motors Corporation, defendants.
Corporation,
PUBLIC UTILITY EARNINGS.
MAY 17 1930.1
FINANCIAL CHRONICLE
20. As a part of said unlawful combination, conspiracy and monopoly,
the defendants by contracts, agreements and understandings made between themselves at various times, beginning in the year 1919, have
granted to each other rights to make, use and sell radio apparatus
under all existing and future patents and patent rights on radio apparatus held or acquired by them; and the defendants thereby have
had and enjoyed a community of interest in each and all of said patents
and patent rights and in the control thereof; and the defendants have
cotinuously used and dealt with said patents and patent rights as being
jointly owned for their common, mutual and exclusive benefit; and
have assigned and allocated among themselves the exclusive use, enjoyment and benefits of said patents and patent rights, including the
right to make, use and sell all radio apparatus covered by said patents
and patent rights; and the defendants have thereby divided among them.
selves the business of interstate commerce in radio communication and
radio apparatus, to the end that they should not compete with each
other in said commerce and to the end that each primary defendant
should unlawfully restrain and monopolize said commerce in the fields
allocated to it and the remaining primary defendants should refrain
from competing in said fields. Pursuant to said combination, conspiracy and monopoly the defendants have continuously refused, except
on terms prescribed by them, to grant licenses under said patents and
the patent rights to any individuals, firms or corporations for the purpose of enabling the latter to engage in radio communication, radio
broadcasting or interstate commerce in radio apparatus, independently
of, or in competition with, the defendants.
Pooling of Patents Said to Effect Monopoly.
2L The control of interstate commerce in radio apparatus acquired
by the defendants through the licensing, cross-licensing or pooling of
the radio patents of all of them as herein described has been used by
them for the purpose of obtaining additional patents which increase,
and have increased, the effectiveness and power of the patent pool of
the defendants, and the defendants have acquired and now control
more than 4,000 patents or alleged patents on radio apparatus. Said
patent pool has enabled the defendants to dictate by agreement among
themselves the terms upon which any competitor or potential competitor may use the patents owned or controlled by any of said defendants;
to exact by agreement among themselves burdensome royalty payments
from any competitor or potential competitor granted a license to use
patents owned or controlled by said defendants; to compel any such
licensee to accept a license under all the patents of all the primary
defendants applicable to the particular apparatus which the licensee
desired to manufacture and sell, thereby preventing such licensee from
contesting the validity of any of said patents and thereby tending to
prevent adjudication as to the validity of said patents.
By the exclusive licenses which the primary defendants have given
each other they have prevented and do prevent any competitor or potential competitor from obtaining from any one of the primary defendants
separately a license to use its radio patents. The agreements between
the primary defendants make provision for extending the combination
in restraint of interstate commerce in radio apparatus, and in monopoly
and attempted monopoly thereof, far beyond the life of any patents
owned by said primary defendants when the agreements were made.
The primary defendants have by their agreements providing for licensing each other under all existing and future patents prevented all litigation between themselves which would adjudicate the scope and
validity of their respective patents.
The defendants thus have continuously acquired new radio patents
and patent rights, and have jointly held and used the same exclusively
for their own use and benefit. All of said contracts, agreements and
understandings have been made and performed, and all of said acts
and things have been done, as a means for, and with, the purpose, intent
and effect of excluding all actual and potential competition in radio
communication and interstate commerce in radio apparatus and as a
part of an unlawful combination and conspiracy in restraint of interstate commerce in radio communication and radio apparatus, and in
monopolization and attempted monopolization thereof.
Specific Instance of Licensing Narrated.
22. On or about Oct. 17, 1919, General Electric caused the organization of Radio Corporation with a capitalization of 7,500,000 shares of
common stock and 5,000,000 shares of preferred stock, caused Radio
Corporation to acquire all the assets of Marconi Company of America,
including valuable radio patents and patent rights and apparatus used
and useful in radio communication, and caused Radio Corporation to
issue and deliver to General Electric 2,000,000 shares of its common
stock, which then had sole voting rights, and over 600,000 shares of
its preferred stock.
By a contract and agreement made and dated on or about Nov. 20,
1919, Radio Corporation and General Electric granted to each other
licenses under their existing and future patents on radio apparatus
and Radio Corporation agreed to purchase exclusively from General
Electric all apparatus covered by the patents granted or agreed to be
granted thereunder and General Electric agreed to sell such radio
apparatus exclusively to Radio Corporation. Marconi Company of
America thereupon permanently withdrew from the business of interstate commerce in radio communication and radio apparatus.
23. As a part of said unlawful combination, conspiracy and monopoly,
General Electric, Radio Corporation, Telephone Company and Western
Electric (substantially all the stock of which has been owned by the
telephone company) by contracts and agreements made and dated on
or about July 1, 1920, granted to each other licenses under their existing
and future patents on radio apparatus. By said contracts and agreements, and by understandings supplementary thereto, Telephone Company and NVestern Electric were obligated to refrain from engaging in
the business of radio communication by telegraph, from engaging in
the business of transoceanic radio communication by telephone except
by the use of means, instrumentalities, and apparatus of Radio Cur.
poration and from engaging in the manufacture and sale in interstate
commerce of substantially all kinds of radio apparatus.
By said contracts and agreements, and by understandings supplementary thereto, General Electric and Radio Corporation were obligated to refrain from, among other things, engaging in the business
of radio communication by telephone within the United States, and to
prevent any persons or corporations, except Telephone Company and
Western Electric, from using any means, instrumentalities, or apparatus
of General Electric, Radio Corporation or Westinghouse for the purpose of engaging in said business. Neither the Telephone Company
nor Western Electric has established such a communication system, but
the primary defendants have refused to permit any other person or
3441
corporation to engage in said business and have by suits and threats
of suit or infringement of their alleged patent rights, and otherwise,
collectively hindered, obstructed and prevented the establishment of
radio communication by telephone within the United States.
Contracts Claimed to Fix Scope of Business.
24. Prior to May 22, 1920, Westinghouse and International Radio
Telegraph Company each owned or otherwise controlled certain patents
and patent rights on radio apparatus. Westinghouse was engaged in
interstate commerce in radio apparatus and International Radio Telegraph Company was engaged in radio communication. On or about May
22, 1920, said companies caused the organization of the International
Radio Telegraph Company, hereinafter referred to as New International. Westinghouse thereupon acquired 50% or more of the voting
stock of New International. International Radio Telegraph Company
transferred to New International all or most of its patents and physical
assets and Westinghouse and New International granted to each other
licenses under their existing and future patents on radio apparatus
and Westinghouse agreed to sell to New International exclusively all
radio apparatus covered by patent rights granted or agreed to be
granted thereunder and New International agreed to purchase said
apparatus exclusively from Westinghouse. For a considerable period
of time prior to June 30, 1921, New International and its predecessors
were engaged .in interstate commerce in radio communication and radio
apparatus, and from the organization of Radio Corporation to June
30, 1921, were engaged in said commerce independently of, and in
competition with, Radio Corporation.
25. As a part of said unlawful combination, conspiracy and monopoly,
New International on or about June 30, 1921, transferred and conveyed to Radio Corporation its business of interstate commerce in radio
communication and radio apparatus, and its properties, facilities and
assets used in the conduct thereof and the stockholders of New International, including Westinghouse, acquired 1,000,000 shares of preferred and 1,000,000 shares of common stock of Radio Corporation,
representing a large and substantial interest in said corporation. New
International thereupon permanently withdrew from the business of
interstate commerce in radio communication and radio apparatus.
As a further part of said unlawful combination, conspiracy and
monopoly, Westinghouse by contracts and agreements made and dated
on or about June 30, 1921, acquired from Telephone Company and
Western Electric, and granted to said companies, the same rights, privileges and licenses as General Electric had acquired from, and had
granted to, said companies by the contracts and agreements dated on
or about July I, 1920, hereinbefore referred to; and by further contracts and agreements also made and dated on or about June 30, 1921,
General Electric, Radio Corporation and Westinghouse granted to each
other licenses under their existing and future patents on radio apparatus. The latter contracts and agreements, and understandings supplementary thereto, obligated General Electric and Westinghouse to
sell radio apparatus exclusively to Radio Corporation and obligated
Radio Corporation to purchase radio apparatus exclusively from General Electric and Westinghouse in the proportions of 60 and 40%,
respectively, and to pay therefor the cost of manufacture plus 20%.
Thereafter General Electric and Westinghouse have manufactured
and sold in interstate commerce large and substantial amounts of radio
apparatus. All of said apparatus manufactured and sold by General
Electric and Westinghouse has been sold exclusively to Radio Corporation or to corporations owned or controlled by it. Thereafter Radio
Corporation has not, without the consent of General Electric and Westinghouse, sold any radio apparatus except that purchased from said
companies. By said contracts, agreements and understandings General
Electric and Westinghouse were, and they have continued to be, restrained from engaging in interstate commerce in radio apparatus except
in the sale thereof to Radio Corporation, and Radio Corporation was,
and it has continued to be, restrained from engaging in said commerce
except in the sale of radio apparatus purchased from General Electric
and Westinghouse, and competition in said commerce which otherwise
would have existed between said companies and between them and
others has been and will continue to be restrained.
Coercion of Independent Dealers Is Alleged.
26. As a part of said unlawful combination, conspiracy and monopoly,
General Electric, Radio Corporation, Telephone Company, Western
Electric and Westinghouse by contracts and agreements made and
dated on or about July 1, 1926, modified in certain details the provisions of the foregoing contracts and agreements made and dated on or
about Nov. 20, 1919, July 1, 1920, and June 30, 1921, but by said
contracts and agreements of July 1, 1926, said primary defendants
continued the grant to each other of licenses unde: their existing and
future patents on radio apparatus and the division among themselves
of the business of interstate commerce in radio communication and
radio apparatus.
27. The defendants by preventing all litigation between themselves
involving their radio patents and patent rights have been enabled to
assert the exclusive right to use and enjoy said patents and patent
rights, irrespective of their validity or invalidity. The defendants by
collectively threatening to sue, and by suing pursuant to a common
understanding, persons and corporations manufacturing or selling radio
apparatus in interstate commerce and those dealing with said persons
and corporations, charging them with infringement of defendants' patents, have prevented substantially all persons and corporations from
engaging in interstate commerce in radio apparatus except upon terms
and conditions prescribed and imposed by the primary defendants by
joint arrangement and agreement among themselves, and have required
substantially all said persons and corporations to enter into license
agreements with the primary defendants. Thirty-seven manufacturers
of radio receiving sets who were previously engaged in interstate commerce in radio apparatus independently of, and in competition with,
some of the defendants have been compelled to accept such a license
and are manufacturing and selling thereunder.
Licensees Said to Be Subject to Royalties.
Among the terms and conditions imposed by the primary defendants
on said licensees are the following:
(a) Each of said licensees has been and is required to pay to the
primary defendants a royalty of 7.A% of the price of all radio apparatus sold by the licensee, and a minimum of $100,000 a year by manufacturers of radio receiving sets and a minimum of $50,000 a year by
manufacturers of vacuum tubes. The share of Radio Corporation in
the royalty so paid during the year 1929 was more than $7,000,000.
The purpose and direct result of said royalty requirements have been
3442
FINANCIAL CHRONICLE
and are to limit arbitrarily the number of those who can engage in
interstate commerce in radio apparatus.
(b) Prior to Feb. 6, 1928, each of said licensees was required to
purchase exclusively from Radio Corporation all vacuum tubes originally
installed by said licensee in radio receiving sets made or sold by it.
On or about Nov. 19, 1929, this provision was adjudged by the United
States District Court for the District of Delaware to be in violation
of the Clayton Act. Since Feb. 6, 1928, each of said licensees has
been required to accept a license containing this same requirement,
coupled with a statement by the licensors that, pending the determination of a certain litigation by the Supreme Court of the United States,
said provision will not be enforced. The purpose and effect of both
of these licenses in such form has been to threaten and coerce manufacturers to use exclusively vacuum tubes purchased from Radio Corporation.
(c) Each of said licensees has been and is required to sell to the
primary defendants and their nominees a license under any existing
and future patents under which said licensee had or may have the
right to issue licenses.
(d) Each of said licensees has been and is unlawfully required to
affix to each radio receiving set made or sold by it a notice reading:
"Licensed only for radio amateur, experimental and broadcast reception," and to insert the same notice in all catalogues, circulars, price
lists and general advertising, and a similar statement of restriction
upon cartons containing tubes sold by it.
[VOL. 130.
Program for Increasing Monopoly Outlined.
34. As a part of said unlawful combination, conspiracy and monopoly,
Radio Corporation, General Electric and Westinghouse have contracted
and agreed, and they are now planning and arranging to perfect and
make more permanent their restraint and monopolization of interstate
commerce in radio apparatus by a reorganization of the business in
radio apparatus of said three companies by, among other means, the
following:
(a) The transfer and conveyance to Radio Corporation or its nominees by General Electric and Westinghouse or their respective wholly
owned subsidiary corporations, General Electric Radio Company, Inc.,
and Westinghouse Radio Company, Inc., of (1) all property, facilities and assets used by General Electric and Westinghouse or their
said subsidiaries in the manufacture of radio apparatus; (2) all of
the stock of RCA Photophone, Inc., RCA Radiotron Company, Inc.,
RCA Victor Company, Inc., and GMRC owned by said two companies or their said subsidiaries, and (3) the right to use all existing
and future patents of the primary defendants used or useful for the
manufacture of radio apparatus.
(b) The issue and delivery by Radio Corporation to General Electric
and Westinghouse of (1) shares of common stock of Radio Corporation equal in number to all its present outstanding shares of common
stock and which stock acquisition will give General Electric and Westinghouse more than 50% of the voting rights of all outstanding stock
of Radio Corporation and will give said companies complete control
of Radio Corporation.
Unlawful Practices Said to Be Increasing.
35. For the purpose of effecting said proposed consolidation the
28. The number of receiving sets sold in interstate commerce during
the year 1929 was in excess of 4,500,000. The primary defendants and stockholders of Radio Corporation at a stockholders' meeting held on
their licensees now manufacture approximately 95% in value of all May 6, 1930, duly approved an increase in the corporation's authorized
radio apparatus manufactured, used and sold in interstate commerce. common stock from 7,500,000 shares to 15,000,000 shares. None of
29. Said unlawful restraints and monopoly are being constantly ex- said additional 7,500,000 shares of authorized common stock has been
tended into new industrial, commercial and scientific fields by the dis- issued or delivered.
covery of new uses for radio apparatus, particularly vacuum tubes,
Procedure Said to Violate Sherman Act.
including, among other such fields, methods of distance actuation and
36. The organization and employment of RCA Photophone, Inc.,
control; automatic counting, grading and assorting; selecting colors; RCA
Radiotron Company, Inc., and RCA Victor Company, Inc., for
leveling elevators and guiding aeroplanes; and the defendants have the purpose
of manufacturing and selling various kinds of radio appaunlawfully combined, conspired and agreed to extend said restraints ratus
previously manufactured and sold by General Electric and Westand monopoly into the new industrial, commercial and scientific fields inghouse;
the proposed acquisition by Radio Corporation of all the
wherein radio apparatus may now or in the future be used or useful. stock of
said companies now owned by General Electric and Westing30. On or about April 4, 1928, Radio Corporation, General Electric house or
and Westinghouse caused the incorporation of RCA Photophone, Inc. poration their said subsidiaries; the proposed transfer to Radio Coror its nominees of substantially all the assets owned by General
The interest in and control of RCA Photophone, Inc., represented by Electric
and
shares of capital stock therein, was and now is divided among said manufacturingWestinghouse or their said subsidiaries used or useful for
defendants in the proportion of 60% to Radio Corporation, 24% to its nominees radio apparatus; the licensing of Radio Corporation and
to manufacture radio apparatus under the existing and
General Electric and 16% to Westinghouse. The defendants there- future
upon contracted, arranged and agreed that none of them except RCA Generalpatents of all the primary defendants; and the acquisition by
Westinghouse of stock of Radio Corporation which
Photophone, Inc., and Western Electric would engage, or enable or will giveElectric and
permit any other person or corporation except RCA Photophone, Inc., poration, said companies a majority of the voting stock of Radio Corall as hereinbefore described, will permanently remove Genand Western Electric to engage, in interstate commerce in radio eral
Electric and Westinghouse as competitors or potential competitors
apparatus for recording or reproducing sound in connection with mo- of each
other, of the other defendants and of all other persons and
tion pictures.
corporations in interstate commerce in radio apparatus and will thereby
Plan to Acquire Control of Commerce Charged.
not only solidify and strengthen the defendants' combination and con31. On or about Dec. 26, 1929, Radio Corporation, General Electric spiracy in restraint of said interstate commerce, and in monopoly
and Westinghouse caused the incorporation of RCA Radiotron Coin- thereof, theretofore and now existing, but by consolidating the radio
pany, Inc. The interest in and control of RCA Radiotron Company, business of General Electric and Westinghouse in Radio Corporation
Inc., represented by shares of capital stock therein was and now is in exchange for stock in said corporation will make permanent the
divided among said defendants in the proportion of 50% to Radio existing unlawful combination and conspiracy between said companies
Corporation, 30% to General Electric and 20% to Westinghouse. in restraint and monopoly of interstate commerce in radio apparatus
The defendants have been and are planning and arranging to transfer which has been brought about by the various illegal means hereinbefore
to RCA Radiotron Company, Inc., all of the interstate commerce of described.
The organization and employment of RCA Photophone, Inc., RCA
said three defendants in vacuum tubes; and to substitute said RCA
Radiotron Company, Inc., for Radio Corporation, General Electric and Radiotron Company, Inc., and RCA Victor Company, Inc., for said
Westinghouse in respect to said restraints upon, and monopolization purposes and the proposed consolidation in said companies and in
of, interstate commerce in vacuum tubes imposed and enjoyed by the Radio Corporation of the business of interstate commerce in radio
apparatus theretofore conducted by General Electric and Westinghouse
defendants.
32. On the same day, Dec. 26, 1929, Radio Corporation, General were and are unlawful and in violation of the act of Congress of July
Electric and Westinghouse caused the incorporation of RCA Victor 2, 1890, known as the Sherman Anti-trust Act.
37. The contracts, agreements and understandings by which the deCompany, Inc. The interest in and control of RCA Victor Company,
Inc., represented by shares of capital stock therein, was and now is fendants have agreed to grant to, and have granted, to each other
divided among said defendants in the proportion of 50% to Radio licenses under existing and future patents on radio apparatus and
Corporation, 30% to General Electric and 20% to Westinghouse. The have divided the interstate commerce in radio communication and radio
defendants have been and are planning and arranging to transfer to apparatus, and have imposed unlawful restrains on all persons and corRCA Victor Company, Inc., the interstate commerce of said three de- porations other than the defendants engaged in, or desiring to engage
fendants in radio receiving sets and to substitute said RCA Victor in, said commerce were and are unlawful and in violation of said act
Company, Inc., for Radio Corporation, General Electric and West- of Congress of July 2, 1890.
inghouse in respect to said restrains upon, and monopolization of,
Asks Injunctive Relief.
interstate commerce in radio receiving sets imposed and enjoyed by
Wherefore, petitiPetitionerer prays:
on
the defendants.
1. That writs of subpoena issue directed to each defendant, comVesting of Selling Rights In New Concern Alleged.
manding it to appear herein and answer under oath the allegations of
33. On or about Oct. 10, 1929, Radio Corporation, General Electric, this petition and to abide by and perform such orders and decrees as
Westinghouse and General Motors caused the incorporation of GMRC. the court may make.
That the court order, adjudge and decree as follows:
The interest in and control of GMRC represented by shares of its
II. That the combination and conspiracy in restraint of, and the
capital stock was and now is divided among said defendants in the
proportion of 51% to General Motors, 29 4-10% to Radio Corporation, attempt to monopolize, and monopolization of, interstate trade and
commerce in radio communication and radio apparatus hereinbefore
11 76-100% to General Electric, and 7 84-100% to Westinghouse.
The primary defendants thereafter granted to GMRC the right to described, were and are in violation of said act of July 2, 1890, and
acts supplemental thereto and amendatory thereof.
sell radio receiving apparatus under all existing patents andfuture
III. That the defendants and each of them and all persons, including
patents under which they had or may have the right to issue licenses.
General Motors paid more than $5,000,000 in cash for its said stock in corporations, acting or claiming to act on behalf of them or any of
GMRC; granted to GMRC an exclusive license under all its present them, be perpetually enjoined and restrained from continuing to carry
and future patents and patent rights on radio apparatus, which patents out, directly or indirectly, expressly or impliedly, the said combination
and patent rights thereafter by certain contracts, agreements and and conspiracy, attempt to monopolize and monopolization, and from
understandings became a part of the patent pool hereinbefore described, entering into or carrying out, directly or indirectly, expressly or intand has made available to GMRC all of its vast facilities for the dis- pliedly, any similar combination and conspiracy, attempt to monopolize,
tribution of radio apparatus throughout the United States and foreign and monopolization of the said interstate trade and commerce.
IV. That the defendants and each of them and all persons, including
countries.
General Motors agreed with GMRC to purchase, and has purchased, corporations, acting or claiming to act on behalf of them or any of
exclusively from GMRC all radio apparatus sold by it at not less than them, be perpetually enjoined from performing or continuing to perthe cost thereof to GMRC, plus 20%. GMRC has unlawfully agreed form any and all other acts described herein as means of creating,
with the primary defendants to attach, and has attached, to all radio maintaining or effectuating said combination and conspiracy, attempt
apparatus to be sold by it the following notice: "Licensed only for to monopolize and monopolization.
V. That the contracts and agreements between and among the deuse in automotive vehicles and conveyances or for private amateur use
for entertainment and educational purposes." The purpose, intent fendants described herein, and any and all such contracts and agreeand effect of the organization of GMRC and of each of the contracts ments, be declared unlawful and void, and that the defendants and
and agreements, and understandings supplementary thereto, has been each of them, and all persons, including corporations, acting or claimto broaden, strengthen and make more permanent and effective the re- ing to act on behalf of the defendants or any of them, be perpetually
straints and monopolization of interstate commerce hereinbefore de- enjoined from entering into similar contracts or carrying out the
scribed and to eliminate one of the most powerful potential competitors terms of said agreements or understandings or similar agreements or
understandings.
in interstate commerce in radio apparatus.
MAY 17 1930.]
FINANCIAL CHRONICLE
Request for Dissolution of Auxiliary Firms.
VI. That the defendants and each of them and all persons acting
or claiming to act on behalf of the defendants or any of them, be perpetually enjoined and restrained from agreeing with the other defendants or any of them not to compete with such other defendant or
defendants in any line of interstate trade or commerce.
VII. That the defendants, other than Radio Corporation of America,
and each of them, and all persons and corporations acting or claiming
to act on behalf of them or any of them, be perpetually enjoined and
restrained from purchasing or otherwise acquiring capital stock in the
Radio Corporation of America or any of its subsidiary or operating
companies now existing or hereafter formed and that the General
Electric Company and the Westinghouse Electric & Manufacturing
Company be ordered and directed to divest themselves of all stock
in said Radio Corporation of America, that Radio Corporation of
America be ordered and directed to divest itself of any property, facilities, or assets acquired from General Electric Company or Westinghouse Electric & Manufacturing Company pursuant to the plan of
consolidation, rearrangement and reorganization herein described.
VIII. That the court order, adjudge, and decree that each of the
defendants RCA Photophone, Inc., RCA Victor Company, Inc., RCA
Radiotron Company, Inc., and General Motors Radio Corporation has
been and is a party to an unlawful combination, and has been and is
an unlawful combination, in restraint of interstate and foreign trade
and commerce, and that each has attempted and is attempting to
monopolize and is in combination and conspiracy with the other defendants to monopolize, and has monopolized, part of the trade and
commerce among the several States of the United States and with
foreign nations, and order, adjudge, and decree that each of them be
restrained from engaging in interstate or foreign commerce, and that
each of them be dissolved.
IX. That jurisdiction of this cause be retained for the purpose of
enforcing such decree as may be entered and enabling petitioner to
apply for a modification or enlargement of any of the provisions thereof
on the ground that the same is inadequate and for the purpose of
enabling the defendants, or any of them, to apply to this court for
a modification of any of the provisions thereof on the ground that it
has become inappropriate or unnecessary.
X. That petitioner have such other, further, and general relief as
may be equitable and proper.
XI. That petitioner recover its costs and disbursement
3443
built. That this was accomplished is shown by the rapid development
of the radio business.
In order to promote competition in the art and in the business, and
to avoid patent litigation, which would have prevented development,
licenses have been issued to 34 concerns to make radio receiving sets
and to 14 concerns to make radio tubes. Between them, as the public
knows, competition is severe.
These licenses provide a royalty payment, which was intended to
represent the fair contribution of the licensees to the expenses of the
research and the cost of the original patents. It was intended to be
less than the royalty payment would have been had the patents remained in scattered hands.
All these licensees are licensed under all new inventions and have
the benefits of all existing research of the Radio Corporation and its
associated companies in the field which the licenses cover.
This arrangement seemed wise. As a result an industry was born,
thousands of people were employed, and millions were enabled to listen,
without charge for programs. There can be no question of benefit to
the business.
There is apparently now, looking backward, and because of a recent
court decision in another industry, some question in the mind of the
Department of Justice of a technical violation of the law. Certainly,
if there be anything illegal in the set-up of the Radio Corporation, its
officers, directors, and stockholders are more deeply interested in that
question than either the Government or any other group can possibly be.
It is very glad, therefore, that a test case has been brought. It prefers very much to have such a question out of politics.
Government to Expedite Fight on R. C. A.—Feels Large
Interests Are Entitled to Quick Decision.
According to a Washington dispatch of May 14 the Department of Justice will expedite the suit against the
Radio Corp. of America and those mentioned with it in the
petition filed at Wilmington, Del. The Attorney General,
it is stated, takes the position that the large industries
involved are entitled to a quick, clear-cut opinion, so they
may proceed with their business in a legal way.
The dispatch also states that independent radio organizations asked the department to include the United Fruit Co.
Statement By Owen D. Young, Chairman of the Executive and the International Telephone and Telegraph Co. in the
suit, but they are only in the communication business.
Committee of the Radio Corp. of America.
Owen D. Young, Chairman of the Executive Committee
of the Radio Corporation of America, made the following
Senator Couzens on R. C. A. Suit.
statement May 13:
Senator Couzens, Chairman of the Senate Committee on
welcomes the suit of the GovernThe Radio Corporation of America
ment of the United States to test the validity of its organization which Interstate Commerce, is pleased with action of the departhas now existed for more than 10 years, and in every step of which ment, according to a Washington dispatch of May 14,
the Government has been advised.
Senator Couzens is quoted as saying:
In 1919 when the company was organized, no one concern in
the
country had the necessary patents to enable it to develop the radio art
"The suit is of great public interest and concern. For several years
business. Each of several had some, and each could much difference of opinion -has existed as to whether these corporations
and to create a
block the other.
were being conducted in violation of the law. It is a healthy condition
The purpose of the organization of the Radio Corporation of America when the Government institutes a suit to have this matter finally deterwas to release the art by grouping patents enough in one place so mined. The country is entitled to know, and the Congress is entitled
as to enable sending stations to be created and receiving sets to be to know particularly, because of its legislative responsibilities."
Indications of Business Activityl
THE STATBIOF TRADE—COMMERCIAL EPITOME.
Friday Night, May 16 1930.
Again the volume of business was on only a moderate
scale or but fair at best. In not a few departments trade
has been actually quiet. Declines in commodities are in a
majority. Retail trade has naturally been hurt by rains in
many parts of the country and also by colder weather.
Moreover wholesale and jobbing trade lags. Freezing
temperatures have been reported in parts of the northwest. It has been unseasonably cool, even in parts of the
cotton belt. That is certainly suggestive. In New York of
late it has been cold, raw or rainy and generally unseasonable, though there are signs to-night that the temperature
is rising. What is wanted is fair warm, seasonable weather;
neither the extreme heat of a short time ago, nor abnormally
low temperatures, as latterly. One of the outstanding
features of the week has been the activity in copper. This
in a way is an object lesson. Where prices have got up on
stilts the best thing to do is to get off the stilts. Copper did.
It declined from 18 to 12 cents, but this week it has rallied
to 13 cents, accomapined by the best domestic business, it
said, on record, and by noteworthy sales for export. The
grain markets have advanced, with a very fair export
business in wheat, and a good cash demand for corn, coincident with light receipts. Wheat had evidently become
oversold on the drop to $1 for May, which now appears to
be getting support from the Farm Board. The winter wheat
crop threatens to be considerably smaller than that of last
year, and it is hoped that the export demand will increase.
Certainly-the Argentine shipments of wheat to Europe have
latterly fallen off noticeably. Foreign wheat markets have
been stronger, and the weather at the American and Canadian northwest has been cold. It is noticeable, however, that
Winnipeg has been slower to advance than Chicago or
Minneapolis, and it is said that the Canadian pool for a
couple of days past has been selling in Winnipeg.
Wool on this side has been quiet and in some cases easier.
But some grades, it appears, have been in rather better de,
mand, owing to the rising prices at the big London auction
sales. Still, there is plenty of room for improvement in the
wool trade of this country. Woolens are reported rather
firmer in response to London prices. There is less business
in road machinery. But tractors are in better demand,
mostly from the home trade. Most of the large foreign
orders for tractors, it appears, have been filled. Lumber
and building materials generally have been quiet, coincident
with slackened building. The furniture trade is not so
active as it was a year ago. Cotton goods here have been
quiet and in some cases it is stated Ho. lower. Curtailment in the cotton mills is pronounced all over the country.
Georgia mills are said to be running only 40 to 45 hours a
week. And Carolina mills have, as is well known, cut the
output 50%. In New England the curtailment is marked
this year. In Manchester, England, business in cotton
goods is of course greatly injured by the troubles in East
India, which would seem to be spreading rather than really
abating. Many will be curious to see whether these political disorders among at least a portion of a population of
3444
FINANCIAL CHRONICLE
[VoL.130.
300,000,000 people will have any effect on the agriculture other sections of the country. They have not operated even
of India. The cotton crop of that country has fallen off the full time day shift of 55 hours a week, and night work has
within a year nearly 400,000 bales, more than offsetting an been practically unheard of anywhere for some years. Other
increase in the last American crop. If political complies, sections have adopted the 55
-hour week and 50-hour night
tions should cut down the East Indian cotton crop still fur- week. In the first quarter of 1930, the average spindle in
ther, it might have a bracing effect on the world price of place ran 73.2 hours less than the legal limit in the New Engcotton. Car loadings have increased in the week of May 3 land States the report says. In addition to the fact that
some 35,700 as compared with the previous week but they more than 3,000,000 spindles had been scrapped since 1922,
were nearly 110,000 below the same week in 1929. For the the curtailment during the first quarter of 1930 amounted
year up to early in May the loadings are virtually 8% below to 33.1% when based on spindles in place and 9.1% when
those for the same time last year and 4% under those of based on active spindles. During the past year the New
1928. It seems reasonable to suppose, however, that with England mills operated at only 81.8% of capacity based on a
seasonable weather, trade and car loadings will increase 48-hour week. During the same period mills in the South
as a natural response. Production has increased in cotton, operated 32% overtime.
rubber and cement over that of recent months, although
Fall River wired that although the local cloth market has
smaller than a year ago. The foreign trade for the first been far from active during the week, sales are reported in
quarter of the year is smaller than in the same period last excess of those of the previous week and there has been inyear. The tendency of money rates is downward.
quiry for sizeable orders that could not be met because of the
The sales in April of 58 chain stores including the leading low prices sought. The most recent figures available the
mail order houses it will be recalled increased over 9%. "Journal of Commerce" says showed decided contraction in
Pig iron has been dull and in Eastern Pennsylvania it is yardage of mill output and activity of loans. Reports from
stated 50 cents lower. Steel prices have eased a little, with the South state that by the end of this week fully 5,000,000
trade anything but brisk, though pipe and fabricated steel spindles will be represented in effort to check production
has sold on a fair scale. But there is evidently a good deal compared with 3,500,000 last week. Manchester, N. H.
of competition and price cutting it seems is not by any means wired that the New Market Manufacturing Co. which has
unknown. But copper has advanced to 13c. and the been operating on a four-day schedule resumed 54
-hour week
domestic sales this week are stated at 137,000 short tons the as a result of improvement in the textile situation. Nashua
largest on record for a single week. This with the sales for Mills are said to have increased their schedule and the Exeter
export brought the total for the week, it appears, up to Manufacturing Co. also was able to step up production.
196,000 tons. Bearish April statistics of copper supply came
Charlotte, N. C. wired that the most important developtoo late to prevent this notable increase in business. Tin ment of the week was the beginning of the half time operations
prices fell to a new low on the recent movement of prices. by leading print cloth and sheeting mills which is by far the
Pennsylvania crude oil prices have been out 25c. again, mak- most far-reaching curtailment plan ever attempted in the
ing 50c. thus far this month, or a total of 75 cents this year. South. It is said to be regarded as a reflection of the fact
This has stirred Bradford operators to action, looking to a that Southern mill managers are more alive to the necessity
of balancing production and believe that drastic measures are
reduction in output.
Coffee futures declined 10 to 15 points with apparently necessary to meet a market emergency of recognized gravity.
less support from Brazil and some selling in Europe. The Charlotte, N.C. also reported that lower prices on yarns had
coffee trading however, has been on a small scale. Rio de failed to increase sales. The general yarn situation for the
Janiero prices have latterly declined. Apparently almost past month unquestionably has developed the necessity for
everybody is awaiting a new cue before trading in coffee on more drastic curtailment in the opinion of many leading
any considerable scale. Some would prefer to await develop- spinners. Atlanta, Ga. wired that most cotton mills in
ments after July 1 when the new conditions for trading in Georgia are working only 40 to 45 hours a week. Carolina
Brazil go into effect, in accordance it seems with the pro- mills run every other week.
visions of the latest loan of $100,000,000. Raw sugar deLondon cabled that work is being resumed at the Broadclined to the lowest price on record, but the "futures" stone Mills, where the operators were on strike owing to the
market became oversold and has latterly rallied sharply and dismissal of a mule spinner for breach of mill discipline
ends half a dozen points net higher for the week. When raw pending an arbitration decision. There is a general belief that
sugar gets down below the price of 1 M cents it seems fair to this points to a general adoption of arbitration in cases of
presume that if it continues at any such level it cannot fail individual mill disputes and the possibility of establishing a
to bring about a decrease in the next crop. Rubber statistics precedent in this connection is seriously considered. London
as to supply and consumption have been bearish the demand cabled that Manchester's wholesale markets generally were
rather sluggish and the price has declined roughly 3.4 to '20. reported unimproved but there had been a distinct pickup
Cocoa is down about 20 points, and silk half a dozen points. in retailing centers throughout the country due to Cotton
Provisions have advanced about the same amount, partly Week. Bombay cables said that there were renewed disowing to the rise in grain, though prices of hogs have from turbing reports from the Northwest frontier yesterday where
time to time declined under rather large receipts.
communists were said to be instigating revolt among the
The stock market has been le s active and on the 15th inst. tribesmen.
For the first time during the year, monthly department
the trading was only 2,675,470 shares the smallest in 60 days
with net price changes small and yesterday only 2,086,800 store sales in April showed a gain over the corresponding
shares. Some pool stocks, however, fell 19 to 27 points. month last year. The increase was 8% over April 1929,
Professional operators were apparently not averse to a decline. according to an announcement by the Federal Reserve
The outside public was more indifferent. Declines were Board in Washington. Chicago reports that Sears, Roenoticeable in American Can, Auburn Auto, J. I. Case, buck & Co. made price reductions amount to about 10% on
Worthington Pump, Vanadium, Pan American B, Public nearly all lines including automobile tires
After being cool for some days the temperature here on the
Service, International Harvester, Goodyear Tire and Allied
Chemical. Bonds were quiet and domestic issues declined 13th inst. suddenly rose to 83 degrees the lowest being 54.
slightly while foreign were none too steady. Convertible At Boston it was 58 to 84, Chicago 60 to 74, Cincinnati 54
issues were irregular. A. T. & T. fell 3 points. Silver cur- to 76, Cleveland 62 to 78, Detroit 38 to 78, Kansas City
rencies of the Far East declined sharply on the 15th inst. 58 to 68, Milwaukee 48 to 70, St. Paul 48 to 56, Montreal
Silver Bullion here dropped /0. Chinese exchange was the 62 to 78, Omaha 48 to 52, Philadelphia 58 to 84, Portland,
lowest for years past. Of course all this reflects disturbed Me., 52 to 72, Portland, Ore., 56 to 68, San Francisco 52
political conditions in the Far East. To-day stocks were to 62, Seattle 52 to 70, St. Louis 58 to 78, Winnipeg 40 to 46.
dull and lower despite the drop in brokers' loans of $67,000.- New York on the 15th had temperatures of 51 to 59 degrees
000. The usual leaders kept close to shore, not venturing and .64 of an inch of rain fell. It was cold and unseasonable.
out into possibly troubled waters. United States Steel, Boston had 44 to 50 degrees, Chicago 50 to 58, Cincinnati
General Motors, General Electric, American Telephone and 52 to 60, Cleveland 54 to 58, Detroit 52 to 58, Kansas City
others of similar caliber did not distinguish themselves. Low 48 to 62, Milwaukee 46 to 56, Minneapolis 42 to 60, Montreal
priced rail shares got some attention and utilities did not 50 to 52, Oklahoma City 62 to 66, Omaha 48 to 58, Philaact so badly. But of real snap and dash there was none. delphia 54 to 70, Portland, Me., 44; Portland, Ore. 50 to 58,
Money was 3 per cent. Bonds were quiet and slightly Seattle 48 to 68, St. Louis 54 to 64, Winnipeg 40 to 56.
To-day, though a little warmer, it has still been rather cool
lower.
To-day the National Association of Cotton Manufacturers for this time of the year, temperatures being 53 to 65 degrees.
in the "Monthly Bulletin" reports that New England cotton The prediction is for cloudy weather to-night and showers
mills have gone much further in curtailment than those in to-morrow.
FINANCIAL CHRONICLE •
MAY 17 19301
3445
The Pennsylvania RR. Is doing a large amount of track repair and rail
replacement work. On one particular Eastern division of that road very
recently a tracklaying gang of 80 men, including the foreman, removed
the old rails, replaced the tie-plates, and laid 837 39-foot rails weighing
130 pounds to the yard in one eight-hour day. They cleaned up the whole
job, that is to say, removed the old rails, &c. This means the laying
of 24,843 one-rail feet, about 2% track miles.
This gang, of course, was using all modern equipment and devices for
rail handling and tracklaying. Under the old style the same crew would
have placed 135 rails of the same length but of very considerably less
weight. This would have meant 5,265 rail feet, or about one-half mile
of track.
In other words, a railroad would have to do five times as much tracklaying and construction work to-day with modern equipment WI it would
have been necessary to do a few years ago in order to employ the same
number of people.
In covering a line of the Santa Fe RR. across the continent last month
I was amazed at the amount of bridge building and construction work that
the Santa Fe Co. is doing on that line; but I was also astonished at the
comparatively few people employed to do the work.
One has but to observe modern road building, grading, excavating, to
realize that unit for unit of production about one-fourth the number of
men are employed to-day that was true formerly. To put it another
-in these industries
way, which in the long run means the same thing
one man with machinery will accomplish four times as much as formerly.
Much Railroad Building.
Now it is true that there is an enormous amount of railroad building
WEEKLY BUSINESS INDICATORS.
going on, but there is not five times as much as there was in former
(Weeks Ended Saturday. Average 1923-25=100.)
years. Hence the railroads are not employing more men, are not employing so many as formerly. The same thing applies to carloadings and ton1930.
1929.
miles of freight. Carloadings go up, human employment goes down.
In varying degrees this is true of every type of employment, under
May May Apr. Apr. May May Apr. Apr.
every industry. We must begin to think of industrial employment and
10. 3. 26. 19. 11. 4. 27. 20.
of unemployment in some other terms than that of more and more con101.3 *102.5 102.6 128.9 127.8 132.9 128.9
Steel operations
projects, etc.
...... ____ 85.5 *84.0 83.1 93.8 90.1 93.6 88.8 struction projects, industrial
Bituminous coal production
We do not need five times as much railroad construction in a year now
Petroleum produc'n(dally average) ____ 124.6 124.3 122.9 126.0 126.3 127.3 128.3
Freight ear loadings............. ____ ___- 94.6 93.1 109.3 109.5 109.7 104.7 as we did 10 years ago. We do not need five times as many buildings of
106.7 107.0 105.4 --------120.8 119.8 any kind each year as we did 10 years ago. In a broad general way an
a Lumber production
Building contracts, 37 States
_ 131.0 121.7 104.0 125.8 122.9 141.2 122.2 increase in developments of any character that would provide work for
(daily average)
47.0 51.3 29.4 50.8 48.3 46.1 44.7 all of our people who want work is impossible.
Wheat receipts
32.3 36.9 36.2 33.8 33.5 34.6 50.0 52.3
Cotton receipts
Capital is Lacking.
78.2 74.7 66.8 79.7 88.6 88.4 83.9
Cattle receipts
74.7 73.5 78.3 70.9 85.7 82.4 82.1
Hog reeelpta
There is not enough capital to finance it, and it would be utterly useless
75.2 76.0 78.3 80.6 82.9 82.9 87.6
Price No. 2 wheat
61.0 61.0 59.9 59.6 72.1 72.8 72.8 74.6 and unuseable if done. On the other hand we are not going back to the
Price cotton middling
82.0 82.8 83.1 83.2 89.5 89.5 89.5 88.9 old hand methods of doing things. The Pennsylvania RR. is not going to
Price iron and steel, composite
94.9 100.0 100.0 129.0 129.0 129.0 129.0
Copper, electrolytic, price
lay 135 rails when it can get 637 rails out of the same
89.0 89.7 90.2 90.7 95.7 96.7 06.706.7 employ 60 men to
Fisher's index (1926=100)
136.3 120.4 116.1 129.6 134.6 136.0 125.6 140.7 force of men.
Check payments
134.8 135.7 135.7 134.8 130.1 131.6 131.1 131.5
Bank loans and discounts
We are not going to scrap our improved machinery, methods, and
76.6 92.1 97.0 97.0 290.9 269.7 200.0 190.9
Interest rates, call money
can perhaps with advantage scrap some of our old ideas and
129.0 116.0 134.4 120.6 105.2 103.4 110.3 119.9 processes. We
Business failures
of production,
228.6 233.0 244.5 249.0 257.6 257.2 253.2 249.1 methods of thinking. When we come to think in terms
Stock prices
106.1 106.0 105.9 106.1 105.7 106.0 106.2 10.3.8 instead of in terms of hours of labor, we will cease our opposition to a
Bond prices
rates, time money
*97.1 100.0 102.9 202.9 197.11194.3 200.0 shorter work day and a shorter work week.
91.4
Interest
107.1 106.4 105.5 103.9 95.9 94.8 95.9, 94.6
Federal Reserve ratio
If all the continuous industries would get on a three-shift day, as
I
_ _
--------110.5
b Detroit employment
some of them have, these industries would employ more men, even with
* Revised. a Relative to weekly average 1927-1929 for week shown. b Data
their improved manufacturing process-if not more man-hours per ton of
available semi-monthly only.
product at least more men in the human sense, and that is the really vital
thing from a social point of view.
Proposition is Given.
Preliminary Report on Department Store Trade to
The essence of the problem, as I see it, is: Can we continue to employ
Federal Reserve Board Shows Increased Sales in
our people along our present lines of endeavor and with our present labor
April This Year as Compared With Year Ago.
schedule? If on the average in most industries a man produces four
Department store sales in April were 8% larger than in the times as much as he did before the advent of improved machinery and
hours a day,
to
from
corresponding month a year ago, according to preliminary mechanical and chemical processes, workingIf not, eight not 10 full employthe
does
can we continue to consume this product?
reports made to the Federal Reserve System by 520 stores ment of all our people ultimately defeat itself?
Must we not curtail the hours of labor in order to give employment
located in leading cities of all Federal Reserve Districts.
to all who want work, even though we give full weight to the increased
The Board on May 7, also said:
consumption that would come from full employment?
Let us illustrate this by a single proposition. Granted that we need
The increase reflected in part the fact that the date of Easter, which was
very early last year (March 31), was very late this year (April 20). Com- more schoolhouses. If the same number of men working the same
parison of sales in March and April taken together so as to include the number of hours a day will, with improved building methods, construct
Easter selling season in both years,shows a decrease of 2% from a year ago. four times as many buildings as they did 20 years ago, how long can we
Sales during the first four months of this year were 4% below the level continue building at that rate before we have more schoolhouses than we
of a year ago.
can use? It is true that in the case of public roads we could keep
this up for quite a number of years, possibly indefinitely, but this cannot
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO
be said of any other line of development.
March 1
Jan. 1
No, of
to
to
Reporting
Federal Reserve District.
April*. April 30.* April 30.* Stores.
of Building and
The Departmen, of Commerce's Weekly Statement of
Business Conditions in the United States.
According to the weekly statement of the Department of
Commerce, the volume of business for the week ended
May 10, as indicated by the volume of cheek payments,
was more than 13% greater than for the week ended May 3,
and 1% greater than for the same week in 1929. Operations
in steel plants during the latest reported week were slightly
less than activity for the preceding week and below the level
of the corresponding week in 1929.
Wholesale prices showed a slight decline from the preceding week and were more than 7% below the level of a year
ago. Composite iron and steel price registered a slight
decline from the preceding week and was 8% lower than a
year ago.
Bank loans and discounts, at the end of the week, May 10,
while showing a slight decline from the previous period,
were more than 3% above a year ago. Prices for stocks,
showed a loss from the preceding week and were 11%
below the same week of 1929.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total(520stores)
• April figures preliminary.
+10
+12
+8
+10
+12
-2
+5
+10
+ 1
+2
-1
+5
-1
+3
-7
-5
-2
-10
-7
-3
-4
-5
-6
----
+ 1
+2
-5
-8
-1
-10
-11
-7
-7
-6
-8
-2
110
hi
38
41
51
25
57
. 19
16
24
20
68
+8
-2
-4
520
Fewer Hours and More Work Prescribed By Ethelbert
Stewart, Commissioner of Labor Statistics, to Cure
Labor Ills-Would Have Industry Discard Old Ideas
and Concentrate on Output Rather Than on
Hours of Labor
-Methods Employed on Railroads.
Etheibert Stewart, Commissioner of Labor Statistics of
the United States Department of Labor, is quoted as follows
in the "United States Daily" of May 3:
What seem to be conflicting statements as to the industrial situation in
the United States to-day arise largely from our inability to adapt our
thinking to present conditions. When the figures show that railroads,
for instance, are doing more construction and repair work than they have
done before in years we seem invariably to construe this in terms of larger
employment of workmen by the railroads. As a matter of fact, it does
not mean anything of the sort. Let us take a specific illustration.
F. W. Dodge Corporation's Review
Engineering Activity Shows Decline From 1929 of
25% For April and of 17% Since Jan. 1.
Contracts awarded in April for building and engineering
projects in the 37 States east of the Rocky Mountains, totaling $483,251,700, were larger than in any month since
August of last year. The past month's record was 6%
greater than the total of $450,119,000 reported for March,
but showed a loss of 25% from the unusually large record
for April 1929. For the first four months of the year awards
totaled $1,580,398,900 as compared with $1,897,889,800 for
the corresponding period of 1929, a decline of 17%. Public
works and utilities for the fovrth consecutive month were
the most important of all classes. This type of construction
totaled $149,669,900, or 31% of the total awards in April.
Residential building totaled $123,141,900, or 25% of the
total; awards for commercial structures amounted to $73,241,000, or 15%, and new contracts for industrial buildings
aggregated $38,120,600, or 8%. Contemplated new work
of all kinds reported in April amounted to $954,617,400, compared with $732,735,900 in March and $940,249,100 for
April 1929. Further particulars follow:
New England States.
Building and engineering contracts awarded in April in the New England
States totaled $42,261,900, compared with $29,585,200 for March, an
3446
FINANCIAL CHRONICLE
increase of 43%; building awards in April 1929 amounted to $40,930,200.
Contracts let in the first four months of the year aggregated $109,142,200,
compared with *128,649,600 for the same four months of last year.
Residential construction amounting to $11,916,200 was 28% of the
month's total; awards for public works and utilities aggregated $8,434,200,
or 20%; commercial types totaled $8,343,500, or 20%, and hospitals
and institutions amounted to $4,007,600, or 9%.
Contemplated building reported in April amounted to $189,673,200,
compared with $41,828,900 for March, and against $43,770,500 for the
corresponding month in the previous year.
Metropolitan New York and Vicinity.
Total awards during April for construction in Metropolitan New York
and vicinity (Northern New Jersey, New York City, Long Island, Westchester, Orange, Putnam, and Rockland Counties) amounted to $101,051,700,
13% greater than the total of $89,749,700 for the preceding month; the
corresponding month's total for last year was $153,113,400. Contracts
let since the beginning of the year aggregated $336,094,300, as against
$409,362,100 for the same period in 1929.
Awards for public works and utilities, amounting to $35,392,200, were
slightly more than one-third of the total awards for this territory in
April. Residential buildings, with $26,550,700, or 26%, was second.
Hospitals and institutions totaled $13,499,400, or 13%, and commercial
buildings amounted to $11,237,200, or 11%.
Building construction reported in April as contemplated totaled $199,845,600, compared with $228,434,600 reported in March; the April 1929
total was *361,871,100.
Up-State New York.
New building and engineering contracts let during April in up-State New
York (including all counties North of Orange, Putnam, and Rockland)
showed substantial increases over both the previous month and the corresponding period of last year. The past month's contract total was
$19,870,400, compared with $14,260,300 for March, an increase of 39%,
and compared with $15,966,300 for April 1929, an increase in this case
of 24%. The total for the first four months of 1930, $67,039,900, likewise
showed a substantial gain of 40%, compared with $47,926,900 for the
same period in 1929.
Public works and utilities featured the month's contract total. Awards
for this type of construction amounted to $8,323,900, or 42% of all
awards. Contracts let for residential buildings amounted to $4,196,100,
or 21%; industrial buildings totaled $2,050,000, or 10%, and commercial
buildings aggregated $1,544,500, or 8%.
April contemplated work amounted to $31,002,300, compared with
$31,124,700 for the preceding month and with the corresponding month's
total in 1929 of $39,170,600.
Middle Atlantic States.
Awards for new building and engineering work in April in the Middle
Atlantic States reached a total of $62,781,300, an increase of 82% over the
total of $47,502,500 reported for March. In April 1929 contracts totaled
$106,136,700. Construction during the first four months of the year
amounted to $210,884,700 as compared with $264,719,000 in the same
period of 1929.
Contracts for commercial buildings in April, amounting to $15,833,100,
were more than 25% of the total; public works and utilities, totaling
$15,775,300, had 25%; residential buildings, with $14,743,500, had 23%,
and educational buildings, aggregating $5,071,900, were 8%.
New contemplated work reported in April totaled $110,373,600, as
against $64,702,500 for March, an increase of 71%; the corresponding
month's total of last year was $94,773,700.
Pittsburgh Territory.
April construction contracts in the Pittsburgh District (Western Pennsylvania, West Virginia, Ohio, and Kentucky) amounted to $54,994,900,
compared with $73,519,600 in March and with the April 1929 record of
$61,013,200. Total awards since the first of the year in this territory
have reached a sum of $210,327,500, a decline of 5% from the same
period in 1929.
Public works and utilities featured the April building record, with
$16,244,400, or 30% of all awards. Residential buildings ranked second,
amounting to $14,926,800, or 27%; commercial buildings aggregated
$5,543,700, or 10%, and social and recreational buildings totaled $5,274,100,
or 9%.
Construction work reported as in the contemplated stage in April
amounted to $143,225,500. This was 81% greater than the amount
reported in March and almost twice the amount in the same month of a
year ago.
Southern Michigan.
Awards for new building and engineering works during April in the
Southern peninsula of Michigan aggregated $21,443,500, an increase of 72%
*ter the previous month's total. Awards for the corresponding month of
1929 amounted to $33,661,200. Contracts let in this territory since the
first of January reached $52,845,000, compared with $95,975,300 in the
same period of last year.
Residential construction was the most active of all types in the past
month, with $6,146,400, or 29% of the total. Public works and utilities,
amounting to $5,319,300, or 25% of the aggregate, ranked second, while
commercial buildings totaled $2,635,500, a little more than 12%, and
public buildings amounted to $2,530,300, or 12%.
In April there was $18,158,800 worth of building reported as contemented, compared with $21,835,700 for March, and against $40,045,900
for the amount reported in April 1929.
[Vou 130.
$18,045,000 in April 1929. Total construction contracted for during the
first four months amounted to $27,050,900, compared with $29,870,100 in
the corresponding period of last year.
Construction of public works and utilities In April, amounting to
$4,251,200, or 39% of the total, was the most important type for the
month. Awards of $2,034,900, or 19%, were let for residential buildings;
$1,622,400, or 15%, for commercial buildings, and $1,086,500, or 10%,
for industrial buildings.
Contemplated work reported in April totaled $12,795,000, compared with
$9,207,800 for March, and against $16,588,200 for the corresponding
month in 1929.
St. Louis Territory.
The St. Louis territory (Southern Illinois, Eastern Missouri, Northeast
Arkansas, Western Tennessee, and Northern Mississippi) reported larger
building contracts than in the previous month, but showed a decline from
April of last year. The April total amounted to $18,622,000, compared
with $14,493,800 in the preceding month, and $36,004,900 in April of
last year. Since the year opened building and engineering contracts let
in this district reached a total of $57,666,300, as against $85,638,400 for
the same period in 1929.
Included in the April contract total were the following active types
of construction expenditures: $5,520,400, or 30% of all awards, for
residential buildings; $5,225,200, or 28%, for public works and utilities;
$3,307,400, or 18%, for educational buildings, and $2,410,800, or 13%,
for commercial buildings.
Buildings construction reported as in the contemplated stage in the past
month amounted to $30,313,200, compared with $25,301,500 reported in
March; the corresponding month's total of last year was $34,935,700.
Kansas City Territory.
Total awards in the Kansas City district (Western Missouri, /Kansas,
Oklahoma, and Nebraska) for building and engineering projects during
the past month amounted to $23,993,000, compared with $41,179,900 for
March and compared with the corresponding month's total of $22,053,700
for last year, a gain of 9%. Contracts let since the first of January
likewise showed a substantial gain. They amounted to $103,135,400, as
against $80,313,800 for the same period in 1929, an increase of 26%.
The feature in the past month was public works and utilities, with
$10,198,200, or 43% of all construction. Commercial buildings featured
second, aggregating $4,840,000, or 20%; residential buildings totaled
$4,128,000, or 17%; industrial buildings amounted to $1,421,000, or 6%.
During April contemplated work reported in this district totaled
$41,663,400, as against $39,661,000 for March and against $38,001,600
for the amount reported in the corresponding month of last year.
Texas.
Construction contracts awarded in Texas during April totaled $22,774,100.
This was 5% greater than the amount let in the preceding month, and it
was 21% ahead of the total for April 1929. Building and engineering
contracts let for the first four months in Texas reached a total of $81,842,500, compared with $77,258,200 for the first four months of last
year, an increase of 6%.
Public works and utilities were the most active in the past month,
with $10,069,900, or 44% of all awards. Commercial buildings ranked
second, aggregating $4,881,500, or 22%; residential buildings totaled
$3,546,300, or 16%, and public buildings amounted to $1,488,200, or 7%.
Contemplated work reported in April amounted to $25,867,000, as
against $42,292,600 for the preceding month, and against $33,611,700
for April 1929.
New Orleans Territory.
April contracts awarded in the New Orleans district (Louisiana, Western
and Southern Arkansas, Eastern and Southern Mississippi) amounted to
$6,377,000, compared with $10,424,300 in March; the corresponding
month's total of last year was $31,417,400. Total awards since the year
opened have amounted to $40,119,400, compared with $60,877,800 for the
same period in 1929.
The April contract total showed the following active classes of building:
$2,449,000, or 38%, for residential buildings; $2,041,900, or 32%, for
public works and utilities; $789,700, or 12%, for commercial buildings,
and $515,900, or 8%, for educational buildings.
Construction work reported as contemplated in the past month amounted
to $12,378,100, compared with $16,238,800 for March, and compared
with $21,274,000 for the corresponding month of last year.
Southeastern Territory.
Awards for building and engineering contracts in the Southeastern district
(the Carolinas, Georgia, Florida, Alabama, Eastern Tennessee) during the
past month totaled $33,455,800. This compared with $27,288,700
for
March, which was an increase of 23%, and compared with
$28,938,000
for the amount let in the corresponding month of last year,
an increase
of 16%. Construction awards for the first four months
have reached a
total of $102,927,800, as against $102,901,500 for the
corresponding
period in 1929.
Industrial buildings, aggregating $9,905,000, or 80% of all awards,
were the most prominent during April. Public works and
utilities featured
second, with $8,346,600, or 25%; residential buildings totaled
$7,956,400,
or 24%, and educational buildings amounted to $3,629,800,
or 11%.
The amount of contemplated work reported in this district
during the
past month totaled $61,978,700, which was 15% greater
than the amount
reported in March and 62% ahead of the April 1929 record.
Chicago Territory.
"Annalist" Index of Business Activity in April Shows
New contracts let for building and engineering work in April in the
Upward Turn.
Chicago Territory (Northern Illinois, Indiana, Iowa, and Eastern and
Southern Wisconsin) aggregated $64,758,800, compared with $67,557,500
The "Annalist" Index of Business Activity for April shows
in the previous month. During April of last year building awards totaled a fairly sharp upturn from the new
low established for
$80,893,500. A total of $195,454,900 was contracted for since the first of
March, which, on the basis of complete revised figures, was
January, compared with $293,011,200 in the same period of 1929.
More than 31% of the April lettings was for public works and utilities, 89.5. The "Annalist" goes on to say:
The preliminary figure for April Is 92.8. This
which aggregated $20,047,600; awards for residential buildings totaled
gain was the result of
$19,027,200, or 29%; commercial buildings amounted to $11,249,400, or Increases in all of the component series for which April data are available
except zinc production, the adjusted index of which
17%, and industrial construction aggregated $6,347,200, or 10%.
declined to 74.5, the
April contemplated work reported totaled $77,443,000, compared with lowest since June, 1922.
The principal March-to-April gains were in freight
$79,151,500 for March, and against $106,113,600 for the total reported
car loadings, electric
power production and cotton consumption. The increase
in the corresponding month of last year.
-car
in freight
loadings was by far the most Important single factor In
the increase shown
The Central Northwest.
by the combined index and it Is theretofore of interest to note that the gain
Building and engineering contracts let in April in the Central Northwest in car loadings was the result mainly of a greater
than the usual seasonal
(Minnesota, the Dakotas, Northern Michigan, and Northwest Wisconsin), gain in miscellaneous (largely manufactured
goods) shipments and of less
aggregating a total of $10,857,300, showed a substantial gain over the than the usual seasonal declines in shipments of
coal and of grain and
preceding month. April awards compared with $9,392,300 in March and grain products. Allowing for seasonal
variation, there were also gains in
3447
FINANCIAL CHRONICLE
MAY 17 1930.]
pig iron production, steel ingot production and automobile production,
but these gains were small.
Up to the middle of May, however, there were several indications that
the combined index for May can scarcely be expected to show as great a
gain over April as that shown by the preliminary index for April over the
revised index for March. Steel output continues to gain, allowing for
seasonal variation; it reached a new high level on the recovery from its
February-March recession in the week ended May 12. But the early
April rise in freight car loadings wasfollowed by a sharp relapse,from which
there was only moderate recovery up to the week ended May 3. Electric
power production reached a peak in the week ended April 26, since which
date there have been two weeks of fairly sharp decline. Motor car production on a seasonally adjusted basis has been sagging slowly for three
weeks. Finally, the curtailment program which has been instituted by
the cotton mills in the South is likely to bring about a sharp decrease
In the May rate of cotton consumption.
Table 1 shows for the last three months the movements of the combined
index and of the ten component series, each of which has been adjusted
for seasonal variation, long-time trend and for variations in cyclical amplitudes before being weighted and combined into the''Annalist"Index of Business Activity. The adjusted index of electric power production for April is
based on an estimated output by all public utility plants in the United
States of 7,960,000,000 kilowatt hours. Table 2 gives the combined index
back to the beginning of 1925.
TABLE 1-THE "ANNALIST" INDEX OF BUSINESS ACTIVITY BY
COMPONENT GROUPS.
March.
February. January.
74.5
95.0
91.4
88.8
93.9
79.3
98.4
84.2
78.1
94.9
78.9
CO tO CO 00CO 00 CI tO
CO 02
02CO
April.
89.9
86.5
91.8
98.1
90.9
99.4
92.9
86.3
99.8
85.5
*92.8
Pig iron production
Steel ingot production
Freight car loadings
Electric power production
Bituminous coal production
Automobile production
Cotton consumption
Wool consumption
Boot and shoe production
Zinc production
89.5
92.4
93.2
95.3
92.5
92.4
*96.2
88.8
*100.1
90.8
Combined index
TABLE 2
-THE COMBINED INDEX SINCE JANUARY 1925.
1930.
1929.
1928.
1927.
1926.
1925.
93.2
January
92.4
February
89.5
March
*92.8
April
May
June
____
July
August
September
_
October
November
---.
December
•Subject to revision.
104.1
104.9
103.0
107.5
108.8
107.5
108.5
106.8
105.8
103.6
94.2
80 ft
97.0
98.9
98.6
99.0
100.4
97.8
99.7
101.3
101.3
103.6
101.5
00_i
100.2
103.6
107.0
103.6
104.0
102.8
100.7
101.9
101.1
97.5
94.4
92.3
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105.0
107.1
105.0
103.7
103.2
102.4
102.9
102.6
103.4
101.4
98.5
101.1
100.7
100.8
102.1
104.0
105.8
Loading of Railroad Revenue Freight Continues to
Run Below 1929 and 1928.
Loading of revenue freight for the week ended on May 3
1930, totaled 942,899 cars, the Car Service Division of the
American Railway Association announced on May 13
This was an increase of 35,725 cars above the preceding week
but a reduction of 109,036 cars below the same week in 1929.
It also was a reduction of 35,154 cars under the same week
in 1928. Details follow:
Miscellaneous freight loading for the week of May 3 totaled 378,621
cars, 37,111 cars under the same week in 1929 and 17,342 cars under the
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 250,862
cars, a decrease of 14,723 cars below the corresponding week last year and
12,975 cars below the same week two years ago.
Coal loading amounted to 148,135 cars, a decrease of 7,867 cars below
the same week in 1929 and 6,224 cars below the same week in 1928.
Forest products loading amounted to 57.036 cars, 11,617 cars under the
same week in 1929 and 8,535 cars under the corresponding week in 1928.
Ore loading amounted to 32,396 cars, a decrease of 34,116 cars below
the same week in 1929 but 16,306 cars above the corresponding week two
years ago.
Coke loading amounted to 10,909 cars a decrease of 1,441 cars below
the corresponding week last year byt 601 cars above the same week in 1928.
Grain and grain products loading for the week totaled 39.056 cars, an
increase of 272 cars above the corresponding week in 1929 but 4,645 cars
below the same week in 1928. In the western districts alone, grain and
grain products loading amounted to 25.236 cars, a decrease of 242 cars
below the same week in 1929.
Live stock loading totaled 25,884 cars, 2,433 cars under the same week
in 1929 and 2,340 cars under the corresponding week in 1928. In the
western districts alone, live stock loading amounted to 20,811 cars, a decrease of 2,121 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week in 1929, while all except the Northwestern
reported reductions under the same week in 1928.
Loading of revenue freight in 1930 compared with the two previous
years follows:
1929.
1928.
1930.
Four weeks in January
3,571,455
3,349,424
3,448.895
Four weeks in February
3,505,962
3,766,136
3,590,742
Five weeks in March
4,414,625
4.815,937
4,752.559
3,989,142
Four weeks in April
3,619,293
3,740,307
Week ended May 3
1,051,935
942,899
978,053
------Total
15,832,203
17.194,605
16,510,556
Gain in Chain Store Sales in April Offsets Loss
Reported in Previous Month.
According to a compilation by Merrill, Lynch & Co. of
this city, sales of 47 chain store companies in the month of
April 1930 amounted to $288,726,944, an increase of $28,111,118, or 10.78%, over the sales in the corresponding
month last year. Great Atlantic & Pacific Tea Stores, Inc.,
led all others in point of dollar gain with an increase of
approximately $8,800,000. Schulte-United 5c. to $1 Stores,
Inc., Kaybee Stores Co., Sally Frocks, Inc., and Edison
Bros. Stores Co. led all others in point of percentage gain
with increases of 146.9%, 132.5%, 70.51% and 68.9%,
respectively. The loss reported in sales during March was
more than offset by the gains reported in April.
Sales of the same 47 chain store companies for the four
months ended April 30 1930 amounted to $1,066,161,071,
an increase of $62,629,638, or 6.24%, over the same period
in 1929. A comparative table shows:
Four Months Ended April 30.
Month of April.
1930.
1930.
1929.
1929.
Inc.
Inc.
360,487,341 332,865,331 8.29
11.3
e4.5 c110,114,879 111,485,251 el.2
83,622,417 2.0
85,292,184
10.4
80,974,097 0.2
81,145,499
10.2
64,545,139 13.53
73,280,372
9.93
49,264,839 8.53
53,469,536
16.91
42,727,920 1.2
43,279,634
11.9
26,251,062 9.25
28,680,688
4.52
16,407,959 12.1
18,391,614
29.6
18.872,279 4.40
19,695,057
11.10
13,375,533 28.10
19.9
17,140,557
12,428,201 1.5
12,610,549
15.6
5.88 j12,936,461 112,438.357 4.00
16,923,603 28.6e
12,076,035
23.1
7,773,874 7.10
8,332,692
33.24
Gt. Atl. at Pacific 86.119,038 77,324,008
Sears, Roebuck_ _ a30,495,295 881,950,973
F.W.Woolw'thCo 24,368,959 22,062,080
Montgom'y Ward 23,776,430 21,573,323
Safeway Stores__ 18,325,008 16,668,503
J. C. Penney...._ 17,452,251 14,928,150
S.S. Kresge Co__ 12,724,089 11,367.652
MacMarr Stores_ 7,112,243 6,804,474
W. T. Grant Co_ 5,731,069 4,421,035
5,626,538 5,063,007
S. H.Kress & Co
Walgreen Co__ -- 4,246,841 3,542,958
McCrory Stores. 3,651,074 3,157,734
Daniel Reeves_ _ _ 63,610,538 13,410,013
Nat. Belles Hess_ 3,549,813 4,621,528
0,271,142 g2,455,020
MelvilleShoe_ _
& W. GrandSilver Stores_ - 2,686,682 2,154,948 24.6
Dominion St.,Ltd b2,483,975 2,448,807 1.43
990.050 146.90
2,444,298
Schulte-United
J.J.Newberry Co_ 2,355,546 1,808,532 30.20
2,330,411 2,298,801 1.40
Childs Co
2,264,332 1,732,765 30.60
Consol. Retail St
Lerner Stores_ _ _ 2,162,259 1,313,538 64.6
G. R. Kinney._ _ 1,946,952 1,496,146 30.13
McLellan Stores_ 1,769,288 1,510,461 17.1
.10
1,659,161 1,657,871
Lane Bryant...
Peoples Drug_ _..- 1,414,653 1,171,277 20.7
971.472 43.8
Neisner Brothers. 1,397,517
1,352.334 1,337,896 1.1
Waldorf Sys.,Inc
1,348,472 1,131,646 19.1
Metr. Chain St
D. Fender Groc'y 1,304,375 1,272,639 2.50
1,290,648 1,112,339 16.03
G. C. Murphy_
11,257,748 11,319,828 e4.70
Jewel Tea Co_
603,780 64.6
994,214
Schiff Co
857,870 11.60
957,573
Am. Dept. Stores
612,490 28.85
789,174
Nathan Strauss_ _
585,975 e0.25
584,527
Exchange Buffet.
297,160 70.51
506,696
Sally Frocks
296,682 68.9
501,153
Edison Bros. St._
422,857 14.5
484,222
Bickfords, Inc_ .._
343,656 35.0
463,890
Kline Brothers Co
369,517 7.13
395,870
Federal Bake Sh_
335,371
285,806 17.3
Nat. Shirt Shops_
229,090 42.90
327,225
Shaffer Stores Co.
b260,335 10.2
B.G.SandwichSh. b287,064
105,631 32.50
245,681
Kaybee Stores._ _
Morison El Su
137,762 22.61
168,915
ply Co
127,741 22.4
156.390
M H Fishman
Total
8,545,539
k8,542,573
7,327,433
7,462,649
9,199,030
7,382,287
6,912,103
5,373,127
5,744,317
5,295,504
5,442,183
4,106,936
5,369,487
4,345,758
5,203,117
4,401,929
4,951,620
2,742,015
2,981,827
3,060,412
1,721,255
1,569,175
1,405,327
1,909,278
1,227,824
1,576,577
1,290,106
1,278,483
d1,195,386
534,415
7,559,318 13.0
k8,425,927 1.38
3,323,068 120.50
6,336,356 17.80
9,091,433 1.20
6,331,438 16.60
4,673,480 47.9
5,741,208 e6.41
5,553,120 3.40
5,333,362 e.70
4,588,873 18.60
3,347,955 22.60
5,252,458 2.20
3,961.585 9.70
4,975,608 4.50
4,035,413 9.08
5,056,175 e2.00
2,139,008 28.20
3,000,428 e0.60
2,426,360 25.72
1,631,925 5.47
1,056,132 48.57
1,085,429 29.40
1,714,694 11.30
1,156,318 6.20
1,492,484 5.63
1,105,523 16.70
922,750 38.50
d1,080,567 10.60
381,134 40.20
705,271
425,030
516,873 36.33
308,456 37.80
288,726,944260,615,826 10.781.066,161.071 1,003,531,433
6.24
a Four weeks ended April 23. b Four weeks ended April 25. c Jan.2 to April 23
d Jan. 1 to April 25. e Decrease. f Five weeks ended May 3. g Ind. Traveler
Shoe Stores Corp. for April 1930 and 1929 for comparative purposes. h Five
weeks. 1 Four weeks to April 19. 1 Four months end. May 3. k Seventeen weeks
National Fertilizer Association Continues to Report
Decline in Commodity Prices.
Commodity prices declined four-tenths of 1% dulring the
week ended May 10, according to the wholesale price index
of the National Fertilizer Association. Under date of
May 10, the Association continues:
The decline of the previous week of six-tenths of 1% had registered a
new low level by two-tenths of 1%, and this has now been increased to
six-tenths of 1% below the low point of Mar. 15.
Six groups showed declines and three advances. During the preceding
week nine groups declined and none advanced. During the past week
declines numbered 35 and advances 14, while during the preceding week
declines were 48 and advances only 13. The larger declines occurred in
the groups of metals, fats, other foods, and textiles. The only significant
advance was in the group of grains, feeds, and livestock.
Based on 1926-1928 as 100 and on 474 quotations, the index stood at
90.6 for the-week ended May 10; 91.0 for May 3, and 91.6 for April 26.
Leonard P. Ayres of Cleveland Trust Compan3\
Says Best Evidence That Decline in Business Has
Reached Bottom Is Found in Easing of Money
Rates-Stock Market Activity.
According to Col. Leonard P. Ayres, Vice-President of the
Cleveland Trust Co., of Cleveland, Ohio, "evidences of
gradual improvement in the volume of general business are
beginning to appear." In the "Business Bulletin" of the
trust company, issued May 15, Col. Ayres cites as the best
evidence that business has reached its bottom, "the definite
easing of money rates and the incrensing purchases of bonds
by banks." His views on business conditions follow:
The recent sharp declines of prices in the stock market may probably be
correctly interpreted as reflecting general disappointment in the slow
rate of business recovery. Late last year security prices rebounded from
the extreme lows of November, and then moved irregularly up and down
in the early weeks of this year. In February a vigorous advance got
under way which continued into the middle of April, and was apparently
based on confident expectations of a prompt improvement in general
business.
3448
Then the first quarter reports of corporations began to appear, and most
of them have shown sharp reductions in earnings. The expected improvement
In general business conditions had not developed and stock quotations
turned down and carried prices back to levels about equal to those of the
trading range established during the early weeks of the year. What the
market did was to cancel that part of its advance that had been based on
the discounting of the anticipated business improvement.
Depsite this action of the security markets evidences of gradual improvement in the volume of general business are beginning to appear. Automobile output is running ahead of the figures of years previous to last year.
The construction of new residences is still below normal, but other types
of building are exceeding the records of last year and of previous years.
Warm spring weather has finally arrived, and with it a great amount of
road building is getting unda way, as well as an increasing volume of
construction of public projects. Reflecting these changes, most of the
preliminary April figures of the statistical indexes of general business
activity show increases over the March returns.
The fact that productive industry has been running at rates well below
normal for six months past means that important shortages are in the
making, for national consumption has not declined nearly so far as has
national production. Perhaps the best evidence that the decline in business
has reached its bottom, and that hope for improvement is justified, is to
be found in the definite easing of money rates, and the increasing purchases
of bonds by banks. In former years important business recessions have
never followed the appearance of those conditions.
The activity of stock market trading is also discussed by
Col. Ayres, his comments thereon follow:
The volume of trading on the New York Stock Exchange has gone forward
so far this year in much larger volume than during the first four months
of any previous year except those of 1929. Nevertheless, trading so far
this year has gone forward at a slower rate than in the opening months
of any previous year for which we have available records, if we consider
not merely the actual numbers of shares bought and sold, but rather the
relationship between the numbers of shares listed, and the number that
changed hands through trading. The number of shares traded this year is
high, but the proportion is low.
The explanation of this contrast is contained in the diagram at the foot
of this page [This we omit.—Ed.]. The cross-batched area in the upper
section shows monthly for the past five years the average daily trading
on the Exchange. In the first three years the average volume seldom
rose above two million a day. Then it began to rise rapidly, and by the
end of 1928 it had crossed the five million level, and in the excited
trading of last autumn it almost reached the average of seven million a day.
This year it has risen from under three million in January to five In
April.
In the middle section of the diagram the heavily crass-hatched area represents the number of shares listed on the Exchange. This was slightly
more than 400 millions at the beginning of 1925. It rose gradually to
750 millions by the end of 1928, and then with increasing rapidity to nearly
1,200 millions by the first of April of this year. The black silhouette
in the lowest section of the diagram shows the per cent, that the average
daily trading was of the shares listed. These percentages are lower in
the spring of 1930 than they have been on the average in the spring of
any of the five earlier years.
Perhaps the most unexpected fact revealed by the comparison is that
the highest rate of share turnover was reached, not in the autumn of
1929, but in the closing months of 1928. In fact, the turnover rate in
the fall of 1925 was greater than in most of the months of 1929. If we
should have now a month of trading relatively as active as that of
November of 1928 it would result in an average turnover of about nine
million shares a day. Such a rate for a month seems unbelievably
but it is clear that it is quite possible. The new high-speed tickers will
be needed.
Business Recovery in Early Autumn Forecast by Allard
Smith of Union Trust Co., Cleveland Before American Railway Association.
Business recovery in the early autumn was forecast by
Allard Smith, Executive Vice-President of the Union Trust
Co., Cleveland, in welcoming the transportation division
of the American Railway Association to Cleveland. According to the banker, improvement in the employment situation is already under way, due to increased building, road
construction and farm work. Until the purchasing power of
the consuming public is built up the gain in general industry
will be gradual, he said. The entire business organism,
Mr. Smith said, depends for stimulus upon retail sales,
which will not pick up substantially until people who have
been unemployed for protracted periods obtain work and
get back on their feet financially. In this !respect, he saw
many causes for optimism. In part, he said:
"Most important Of all, the coming of warm weather is now making
possible the undertaking of the many construction and improvement projects
which were outlined earlier in the year, but upon which little work has
as yet actually been done. This will be the case not only with building
of all sorts, industrial, institutional and residential, but particularly with
respect to road building and highway improvement. There are substantial
programs of this nature under way in many States. Some of the Government river and harbor projects are also getting under way. All of these
activities should serve materially to take up the slack in employment.
"Thus, as payrolls begin to increase, we may expect a gradual but
steady increase in volume of retail trade, beginning with staple articles
and extending later to specialty and luxury lines. And as retail trade
increases, we may look forward to a speeding up of industrial schedules,
which will result in increased traffic. But I do not think this upturn
may be expected immediately. We must allow a certain length of time
for those people who have been out of employment for some weeks, or
months, to get back on their feet.
"And so, although I believe that the month of May may show improvement in employment and in business activity in a number of lines, I do
not expect this improvement to be reflected throughout the entire business
structure until somewhat later in the year. I feel that though we are on
the road to good business, it may be autumn before we actually arrive."
[VOL. 130.
FINANCIAL CHRONICLE
Reports to Indiana Limestone Company Indicate That
33( Billion Dollars Will Be Expended in Public
Utility Construction in 1930—Reports Improvement in Building Operations.
Three and a quarter billion dollars will be spent on public
utilities construction in 1930, according to reports of the
Indiana Limestone Co. "Public utilities are building up
small towns," says President A. E. Dickinson. "While the
population drift to large cities is continuing, the productive
capacity is not increasing in proportion to that of the inhabitants of small towns. Industrial leadership of the
country in many cases is being transferred to the rural
communities." Mr. Dickinson adds:
"Distribution of electric energy even to the smallest hamlet has furnished
rural communities with abundant facilities for operating Industrial plants.
The marked improvement in freight transportation as a result of better
highways, and an acceleration of railroad traffic have been other reasons
for the small town's forward march in industrial importance.
'There are many advantages to the wage earner in this decentralization
of industrial operations. Lower rents, cheaper foods and most of all
the escape from city congestion all offer inducements to small town living.
"The vast public utilities program which is building up the rural
community is also creating a widespread demand for other types of
construction. More homes, industrial plants, banks, theaters, churches and
schools are needed."
Building has shown a seasonal improvement in the past
month, according to a survey issued May 9, by the Indiana
Limestone Co. based on reports from several hundred cities
and towns. With regard thereto President Dickson says:
"Contracts awarded for public works and utilities showed more than
50% increase over the first four months last year, exceeding records of
the past five years. Hospitals and institutions showed 75% increase over
the same period last year, while memorials, churches and religious structures
registered a 50% increase. That is the cheerful side of the picture.
"Residential construction has lagged seriously. In Chicago, however, It
showed good activity during April. This was likewise true of residential
building in the middle Atlantic and southeastern states.
"New England states have been very active in both residential and
commercial construction. Public works and residential building take the
lead in New York. The northwest is still slow, though showing some gain
in residential and public works. Commercial, residential and public works
have registered marked progress in the southwest.
"Of twenty leading cities, New York represents the first in valuation of
building permits, with Los Angeles, Chicago, Detroit, Cincinnati, Philadelphia, Seattle, Boston, Baltimore, Milwaukee, Cleveland, San Francisco,
Pittsburgh, Houston, Atlanta, Buffalo, Kansas City, Indianapolis, St. Louis,
Minneapolis following in the order named."
Trend of Business in Hotels—Room and Food Sales
Below Last Year's Figures.
Horwath & Horwath, of New York, who supply each
month statistics showing the "Trend of Business in Hotels"
—the information covering residential as well as transient
hotels—reports as follows as to April conditions:
Hotel sales for April continued to decline, falling 6% below those
of April 1929. Room gales were 5% lower and restaurant sales were 7%
lower. In 73% of the hotels reporting their figures for April, the combined rooms and food sales were below those of last year.
The average total occupancy dropped from 71% in April 1929 to 68%
In April 1930. The average sale per occupied room was 1% less than
last year.
Philadelphia had the largest drop; New York City came next with a 9%
decrease in sales from last April—the most pronounced in recent months.
"Other cities" reported a 6% drop, the sharpest ever recorded by that
group. California results seem to bear out the reports that conditions
there are not as unfavorable as in some other parts of the country.
No outstanding reasons for the falling off in sales were advanced by
contributors. Some said "fewer conventions," others "general conditions,"
and so on. The lateness of the Lenten season is believed to be responsible
for some decline in banquet and other food sales, in addition to that
caused by the lower room sales. The falling off in the "sale per occupied
room" was universal, and some reductions of room rates were evident.
The improvement in general business conditions has not materialized as
quickly as was expected, and consequently the hotel industry has not yet
begun to show any signs of improvement.
Those industries which reached a stage of what might be called "overdevelopment" are suffering the most, and "overproduction" is one of the
most common words in use by diagnosticians of present business conditions.
TREND OF BUSINESS IN HOTELS—APRIL 1930.
(Transient and Residential.)
The trend of the total hotel business is not shown, but rather the
Increase or
decrease in the business of hotels already established at least two years.
Sales—Percentage of
Increase or Decrease
in Comparison
with April 1929.
Analysis by Cities in
which
Horwath & Horwath
Offices Are
Located.
Total.
New York City
Chicago
Philadelphia
Washington
Cleveland
Detroit
Los Angeles*
All other cities report.
—9
—7
—15
—6
—3
—6
—2
—6
Average
Percentage
of Iloom
Occupancy
P.C. of Inc.
or Dec. in
Aver.Sale per
Occup'clRoom
n Conspari'n
Rooms. Restauet. Apr.'30 Apr.'29. withApr.'29.
—10
—8
62
66
—2
—7
—7
Cs
—3
71
—18
—14
63
—2
62
—6
—6
58
—1
61
—2
81
—2
81
—6
60
—7
64
—2
67
—2
—1
69
77
—7
—1
—5
80
Total
—5
—6
—7
68
71
•Inclueling other Southern California cities and San Francisco.
MAY 17 1930.]
3449
FINANCIAL CHRONICLE
suburbs rather than in Chicago proper is clearly evident, as it has been in
the past.
Permits were issued in April for a total of 1,114 non-residential buildings, with an estimated cost of $6,768,735. Forty and four-tenths per
cent of these buildings are to be erected in Chicago, 24.3% in the suburban
total
cities and 35.3% in the cities outside the metropolitan area. Of the
estimated valuation, 74.7% is to be expended in Chicago, 12.1% in the
the month
suburban cities and 13.2% in the remaining cities. During
move- permits for 1,521 additions, alterations, repairs and installations were
The index this week is characterized by sharp and uneven price
points, but the movement issued, with an estimated expenditure of $1,689.561. Chicago was to
ments. The farm products group has risen 0.6
advanced sharply, expend 47.8% of this total, the suburban cities 19.4% and the other cities
of prices of commodities within is mixed. Wheat has
weight, 32.8%.
but corn and oats are lower. Steers have dropped 25c. a hundred
but
During the first four months of 1930, 7,418 building permits were issued
but hogs have advanced. Cotton. eggs, and wool have dropped,
has risen 1.2 in the 45 reporting cities, with an estimated expenditure of $38,753,728.
potatoes have advanced sharply. The food products group
number of buildings and 60.7% in
point, but shows the same confused tendency. Meats are generally lower, This represents a decline of 32.3% in
year ago. The total estimated valuation
but there are advances in flour, bananas, oranges, rice and potatoes. The valuation from the figures of a
slightly larger than the valuation
textile index has dropped to a new all-time low at 125.9, a drop of 1.5 for the first four months of 1930 is only
point from last week and 16.3% lower than on the corresponding date last for the single month of April 1929.
The estimated cost of buildings authorized in the last four months comyear. There are sharp declines in prices of cotton goods,,cotton yarns and
pared with the figures for the same months of last year declined by 64.9%
raw silk.
cities, and by 28.2% in the cities
Advances in bituminous coal have balanced declines in coke prices in the in Chicago, by 65.7% in the suburban
In Chicago the valuation of buildings
fuel index; the metal index has advanced, prices of copper, lead, tin and outside the metropolitan area.
of April 1929, a total of $26,247,675, was
month
zinc having firmed; lower prices of structural steel and rubber have lowered authorized in the single
actually larger than that of the first four months of 1930 combined. Only
the building material and miscellaneous indexes respectively.
one suburban city, West Chicago, reported an increase over a year ago in
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES. the prospective outlay for the four months, and this increase was slight.
(1913=100).
Eight cities outside the metropolitan area reported such an increase, however. These were Alton, Canton, Granite City, Moline, Peoria, Quincy,
May 13 1930. May 6 1930. May 14 1929. Springfield and Waukegan.
buildOf the total number of permits issued, 1,330 were for residential
125.1
138.5
125.7
Farm products
ing, providing for 1,965 families, and estimated to cost $13.614,444144.4
134.5
135.7
Food products
were issued for 2,381 non127.4
149.3
125.9
35.1% of the total estimated outlay. Permits
Textile products
156.8
161.5
156.9
Fuels
residential structures, with an estimated outlay of $19.954,053, or 51.5%
128.4
113.1
114.2
inMetals
of the total, and 3,707 permits for additions, alterations, repairs and
149.8
153.6
149.3
Building materials
stallations were issued, to cost $5,185,231, representing 13.4% of the total
135.2
130.8
130.8
Chemicals
the total expenditure rein131.2
115.7
115.6
expenditure. The percentage distribution of
Miscellaneous
143.6
132.0
132.3
All commodities
forces the conclusions drawn from the April report. During the first four
months of 1929, 57.1% of the total expenditure was for residential building, 35.8% for non-residential construction, and 7.1% for additions, alterations, installations and repairs. The 1,330 residential buildings authorized were to be erected as follows: In Chicago, 486 buildings to cost
Review of Building Situation in Illinois During April $7,953.300, providing for 965 famMes;in the suburbs, 187, to cost $2,464.cities, 657, to cost $3,197,and Four Months-Increase in Permits Issued in 034, providing for 228 families; in the remaining four-tenths per cent of
110, providing for 772 families. Fifty-eight and
April as Compared to Previous Month, but Below the total outlay for residential building was planned for Chicago, 18.1%
for the suburban cities, and 23.5% for the remaining cities.
April Last Year.
Of the total expenditure for non-residential building, 71.2% was planned
Building permits issued during the month of April in 45 for Chicago, 11.3% for the suburban cities, and 17.5% for the cities outcities in Illinois authorized 3,122 building projects, with an side the metropolitan area.
The percentage of the total expenditure for additions, alterations, repairs
estimated cost of $12,041,111. This represents an increase
buildings was 50.1, and the perof 20.5% in valuation from the preceding month, and of and installations to be devoted to Chicagowas 16.9. The remaining 33.0%
centage to be expended in suburban cities
36.5% in number of permits issued, but is 67.3% less in was to be spent in the clam; outside the metropolitan area.
Annalist Weekly Index of Wholesale Commodity Prices.
The "Annalist" weekly index of wholesale commodity
prices stands at 132.3, a rise of 0.3 points from last week
(132.0 revised), and compares with 143.6, the index on the
corresponding date in 1929. The "Annalist" goes on to say:
valuation and 40.4% in number of permits than was reDetails for April and the first four months of the year are
ported in April 1929. Howard B. Myers, Chief of the Busupplied as follows by Mr. Myers:
reau of Statistics and Research of the Illinois Department
of Labor, in reporting this under date of May 15, further TABLE 1-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES IN APRIL 1930,
states:
BY CITIES.
*Expenditures for hotels, lodging houses and other non-housekeeping dwellings
have not been Included In these figures, as the number of families provided for In
these types of construction is not recorded. An expenditure of $10,000 In Glen
Ellyn and $15,000 in Joliet for such buildings was reported in April.
Apru 1930.
Cities.
March 1930.
April 1929.
No. of Estimated No. of Estimated No. of Salina ed
Cost.
Indus.
Cost.
Bldps.
Cost.
Bldgs
Total all cities
$
3,122 12,041,111 2,287
$
$
9,996,180 a.5,239 a36,820,114
Metropolitan area
1.773
9,310,671 1,328
6,946,879 3,316 31.803,237
1,250
7,407,470
959
5,552,560 2,472 26,247,675
523
1,903,101
369
1,394.319
844
5,555,582
66
37
44
63
24
8
31
23
6
10
15
5
40
46
50
5
5
8
14
14
111,100
66,863
70,904
300,750
13,795
64,200
187,158
61,761
48.450
79,450
28,350
129,581
1,699
112,404
310,070
113.485
20,995
2,021
20,300
62,090
97.675
43
20
18
53
27
8
4
22
17
7
91,600
18,232
98,020
296,750
8,550
64,000
9,235
24,366
58,505
43,528
27,000
84,936
1,470
46.942
211,785
54,740
51,845
7,900
27,500
21,185
146.230
Total outside metropoli1,349
tan area
2,730,540
959
51
103
5
10
9
3
13
73
55
89
36
10
61
15
135
1
11
148
20
141
158
161
41
104,062
88,386
10,100
36,700
11,150
10,000
85,403
106,650
99,337
82.924
169.910
149,100
203,050
38,675
93,708
2.000
23,300
364,200
20,855
405.375
230,546
194,509
200,600
47
35
2
8
12
2
18
41
72
42
17
10
51
9
92
8
119
29
100
133
79
33
Chicago
Metropolitan area, excluding ChicagoBerwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City
Joliet
Kankakee
Moline
Murphysboro
Ottawa
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
9
9
13
4
22
35
20
8
4
10
14
11
..W.4ot..MW Wii...10.004.W
WtO
taO 0W.
.00002.00.4..4.02
In Chicago the total estimated cost of the buildings authorized was
$7.407,470. This is an increase of 33.4% over a month ago, but is still
unusually low, 71.8% less than the figure for last April.
The 21 suburban cities are little better situated. Fifteen of these cities
reported an increase in estimated valuation from the preceding month,
and the total estimated cost during April increased 36.5% over last month a
figure. Building activity for these 21 cities, however, decreased by 65.7%
from the figure for a year ago, in estimated valuation. Only two of these
-Glen Ellyn and Maywood-reported a valuation above that of
cities
April 1929.
The total estimated valuation for the 23 cities outside the metropolitan
area decreased 10.5% from the figure for March 1930. Thirteen of these
cities reported a valuation exceeding that of last month and six-Canton.
Centralia, Danville, Granite City, Murphysboro and Peoria-reported a
valuation higher than that of a year ago. The decrease from the figure of
last April for the whole group was 45.6%, a smaller percentage of decrease
than was experienced either by Chicago or by the suburban group.
Of the total estimated expenditure for the 45 cities, 29.8% was for residential building, 56.2% for non-residential construction, and 14.0% for
additions, alterations, installations and repairs. The corresponding percentages for Chicago were 20.8, 68.3 and 10.9; for the suburban cities
39.9, 42.9 and 17.2, and for the cities outside the metropolitan area 46.9,
32.8, and 20.3. This distribution of building activity shows several pronounced contrasts with the figures of a year ago. In April 1929, 56.8%
of the estimated expenditure for all cities was for residential building,
36.6% for non-residential building. and 6.6% for additions, alterations,
Installations and repairs. For Chicago, the corresponding percentages
were 56.9, 38.7 and 4.4; for the suburban cities 66.2, 24.4 and 9.4, and for
the cities outside the metropolitan area 45.9, 39.2 and 14.9.
A marked decrease in the present Importance of residential as compared
to non-residential building is evident in Chicago, when these percentage
figures are examined. The same trend, somewhat less pronounced, is
observable in the suburban cities. An increase in the percentage of total
expenditure for additions, alterations, installations and repairs Is also
observable when the April 1930 figures are compared with those of a year
ago.
In the 45 cities, 487 permits were issued during April for residential
buildings, providing for 622 families and estimated to cost $3,582,815.
One hundred and fifty-five of these permits were issued in Chicago, to provide for 233 families and to cost $1,543,700. In the suburban cities 72
residential permits were issued, to provide for 77 families, with an Estimated cost of $759,050. In the other cities 260 permits were issued for
residences which are estimated to cost $1,280,065 and which will provide
for 312 families.
The average cost for new residential construction for each family Provided for was $5,720 for all cities, $6,625 for Chicago, $9,728 for the group
of suburban cities, and $4,055 for the group of cities outside the metropolitan area.* The tendency to erect more expensive dwellings in the
546,200
129,011
918,788
673,500
110,395
91,250
168,898
114,915
191,928
99,900
254.900
137,785
27,605
81,035
817,780
401,400
264,550
25,622
34,900
259,050
206,150
3,049,301 1,923
5,016,877
199,804
114,225
6.700
40,500
15,433
11,500
41,520
83,005
147,605
48,862
60,800
39.400
133,290
18,650
464,509
74
139
8
16
10
5
23
134
141
110
35
5
78
26
116
182.250
433,408
13,712
122,200
8,425
8,000
84,890
473,950
200,547
150,232
273,700
18,000
484,000
97,490
214,232
14,500
335.645
51,120
140,495
238,685
191,028
652,025
16
146
45
245
285
172
94
41,250
249,343
94,245
714,580
291,892
550,781
309.750
a These revised totals nclude the figures for Kankakee, not reported heretofore,
and corrections In the figures for Maywood and Alton.
3450
FINANCIAL CHRONICLE
TABLE 2.
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES FROM JANUARY
THROUGH APRIL 1930, BY CITIES.
Cities.
Jan.
-April 1930.
No. of
Bides.
Estimated
Cost.
Jan.
-April 1929.
No. of
Bldgs.
Estimated
Cost.
Total all cities
7,418 $38,758,728 al0,949 a$98,493,171
Metropolitan area
4,316
30,357,202
7,162
86,803,592
Chicago
3,106
24,756,646
5,347
70,477,045
Metropolitan area excluding Chicago__ -
1,210
5,600.557
1,815
323,300
96,320
429,909
1,616,000
47,645
247,750
224,043
94,409
230,105
122,978
127,350
320,248
69,169
173,354
616,880
250,211
108,790
31,576
56,800
98,140
315.580
276
76
153
216
77
49
46
81
79
18
65
68
40
113
179
71
38
19
14
66
72
1,318,600
206,756
1,364,273
2,396,500
742.129
420,700
296.118
470,987
523,768
301,520
469,250
908,972
94,023
335,110
3,756,535
595,050
476,404
30,072
67,600
597,555
954,625
the condition of the building and petroleum industries on general business
at this time is considerable.
Trade at retail in Los Angeles during April 1930 was in a larger volume
than during March 1930. Contradictory reports were received concerning
the condition of trade during April 1930 as compared with April 1929,
some stores reporting a small increase, and other reporting either no
change or a small decline. The relatively favorable condition of retail
trade during April, however, was due largely to the late date of Easter
this year. Sales of new passenger automobiles have increased steadily
during each of the first three months of 1930 (figures for April are not
yet available), although the total sales for the first quarter of 1930
were 21% less than during the corresponding period of 1929.
16,326,547
146
70
84
174
69
31
17
65
63
13
25
46
15
82
100
85
21
13
19
34
38
[VOL. 130.
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Reduction in Tire and General Merchandise Prices
Announced by Sears, Roebuck & Co. and Montgomery Ward & Co.
Reductions in prices of tire and general merchandise were
announced this week by Sears, Roebuck & Co. and Montgomery, Ward & C/o., Chicago advices May 15, in the New
York "Journal of Commerce" had the following to say regarding the price changes of the first named concern:
Average price reduction in the Sears, Roebuck & Co.'s midsummer sale
catalogue exceeds 10%. The company states that prices in the catalogue
are based on the lowest commodity prices of 1930. Reductions affect
practically all kinds of merchandise.
The catalogue states the company is discontinuing the payment of freight
charges. However, during the life of the sales catalogue, on articles selected
Total outside metropolitan area
8,396.526 3,787 11,689,579 from general catalogue for the spring and summer of 1930, Sears, Roebuck
3.102
Alton
136
526.457
161
510,320 will pay freight wherever the description so states.
More than 10,000,000 copies will be mailed to Sears' customers throughAurora
170
260,196
239
820,837
Batavia
17,000
11
8
22,412 out the United States. It is the same size as last summer's catalogue, but
Bloomington
148,200
40
30
295,200 contains eight
more color pages. For the first time it contains two pages
Canton
32
48,663
11
8,925
Centralia
6
27,500
10
109,500 near the front featuring dollar merchandise. These dollar items consist
141,823
Danville
41
55
227,895 of women's stockings, boys' play suits, roll screens, curtain sets, men's
153
257,755
Decatur
299
1,955,625 trousers, work
shirts, cold pack canners, watches, bedspreads, ferneries and
East St. Louis
216
437,828
327
701,099
165
171,057
Elgin
226
429,290 Coty sets, including face powder, perfume and puff.
Freeport
62
257,785
52
338,402
The catalogue points out that the present price of $5.55 for a Ford
28
Granite City
206,500
22
61,150 balloon tire compares with the price of $11.25 in 1926.
165
Joliet
530,600
192
798,252
Sale prices as usual will be in effect from the date the catalogue is
30
65,090
Kankakee
41
143,340
302
621,140
Moline
233
440,142 received by customers until August 31. They will be in force at Sears'
1
2,000
Murphysboro
1
4,500 ten mail order houses and 320 retail stores.
31
62,800
55
Ottawa
142,750
Latest cut brings Sears' All-State tire prices to the lowest levels in their
350
992,975
292
Peoria
621,898
68
Quincy
139,700
83
135,095 history. In 1926, when the company sold 1,000,000 All-State tires, the
348
824,640
Rockford
452
1,938,025 Ford size sold for $11.25. Sales were 1,750,000 in 1927, 3,500,000 in
345
Rock Island
534,734
463
564,107 1928 and
'5,000,000 last year, while prices have been reduced steadily as
310
Springfield
1,173,258
330
798,425
105
Waukegan
948,825
192
622,390 sales increased. The company states that current decrease reflects larger
the figures for Kankakee, not reported heretofore sales volume, lower production costs and a new drop in cost of raw
a These revised totals include
and corrections in the figures for Maywood and Alton.
materials.
The "Wall Street Journal" of May 15 reported the following from Chicago
Reported Increase in Texas Failures.
reductions
From the "Wall Street Journal" we take the following onMontgomery Ward's mid-summer sale catalogue shows pricefrom $6.79,
all tire sizes. The Ford size Riverside tire is cut to $5.55
from Austin, Texas:
a reduction of 4.1%.
There was an increase in the number of commercial failures in Texas
Catalogue shows price reductions in more than 2,000 items selected from
during April, compared with the preceding month. The increase Is re- company's general catalogue and contains also several hundred special
garded as significant, because it came at a time of normal seasonal decline. offerings. Total number of items in sale catalogue is about 10% of
The upward trend is in sympathy with a similar movement for the entire company's complete line as shown in general catalogue.
United States. During April, 52 failures with liabilities of $1,795,000
We also take from the same paper, May 15, the following
were reported in the state. This is the largest number of defaults in any
from Akron, Ohio
April since 1926, while liabilities were the highest since 1923.
The reduction of 4.1% to 6% in tire price made by the two large mail
In April 1929, 37 bankruptcies having liabilities of $414,000 were recorded. Moreover, failing companies last month were larger, liabilities order houses probably will have little if any effect on the tire prices of
per insolvency averaging $34,500 against $14,000 in March and $11,200 the leading manufacturers. It seems certain that in no way will it affect
In April 1929. The fact that larger companies are failing is an unfavor- the standard line tires of the principal companies.
The mail order houses establish a sale price on tires during the summer
able development. Two bank failures occurred in April, making five so
far this year. There were but two banks closed in the state in the first months and this price must be met by the manufacturers as in the case of
a sale by any local dealer. However, any decline in price will only affect
four months of 1929.
the lines in immediate competition with the mail order houses, notably the
Goodrich, the Anchor of Firestone
Conditions in Pacific Southwest as Viewed by Security- Pathfinder of Goodyear, the Cavalier
and the Peerless of
States Rubber. The standard brand of tires
First National Bank of Los Angeles
-Slight Im- produced by the four United companies will remain unchanged. The lower
ading
price on the second lift will remain in effect only for the duration of the
provement in Business Activity.
sale.
The Security-First National Bank of Los Angeles reports
under date of May 1 that "business activity in Los Angeles Canadian Motor Output Doubled Since January
and Southern California during April may be said to have
Survey by Canadian Bank of Commerce Finds
shown some slight improvement over that of the preceding
Newsprint Also Increasing But Steel Declining
month, although it cannot be stated that any tendency to a
Building Operations.
revival of activity has as yet appeared." In part, the bank
Regarding the automobile industry, General Manager S. H.
also has the following to say regarding business conditions Logan, of the
Canadian Bank of Commerce, in his mbnthly
In the Pacific Southwest:
survey of Canadian business conditions, states that the rate
Such improvement as is evident is reflected in an increased volume of of
production of motor cars and trucks has practically
check transactions (bank debits) as well as in some of the individual
reports of representative business cpncerns in thia region. Increases in doubled since January. The output of newsprint also has
check transactions in recent weeks compared with a corresponding period 'increased during the past two months, but the quantity of
one month ago were recorded in Los Angeles, San Diego, Santa Barbara steel
imported and produced shows a decline.
and San Bernardino. Despite this favorable factor, the total volume of
The exports of Canadian wheat in March, according to
production and trade for the fourth consecutive month of this year has
been under that of the corresponding period of 1929. Check transactions the survey, were 37% of the total shipments of the four
In Los Angeles during April 1930 were 8.2% less than in April 1929, and a major
exporting countries, compared with 31% in February.
similar comparison of the combined check transactions of the seven
Southern California cities for which the data are available showed a In the first three weeks of April Canadian wheat exports
decline of 6.6%. However, the percentage decline in Los Angeles during were about of the same proportion, slightly exceeding those
April was the smallest reported for any of the preceding months of 1930 of Argentina
and being more than double those of the
compared with the corresponding months of 1929.
Manufacturing activity in the aggregate showed no fundamental change United States and Australia.
during April compared with March. Most lines of manufacturing and
Discussing Canada's construction program, Mr. Logan
Industrial activity operated at lower levels than in April 1929. Building says:
measured by the value of
operations in Los Angeles during April 1930, as
permits issued, were approximately equal to those of March 1930, but
declined 28.6% as compared with April 1929. The petroleum industry
in this district operated at lower levels during April than during either
March 1930 or April 1929, due to the voluntary restriction of production
under the curtailment program now in effect. Although Southern California
industries are well diversified, it cannot be denied that the influence of
"Residential building in the first part of 1930 is following much the
same course as in 1929, when it reached a lower level than in 1928. BustMSS building (stores, warehouses,.kc.) has fallen off in comparison with 1929
and 1928, but is greater than in 1927. There is a strong progressive trend
in Canadian industry, and one survey made by the Bank a few months
ago showed that about $40,000,000 would be spent this year for industrial
FINANCIAL CHRONICLE
MAY 17 1930.]
3451
were reported 16% less than production, which totaled
374,010,000 feet. A week earlier 913 mills gave new business
10% less and shipments 7% less than a total production
of 388,532,000 feet. Unfilled softwood orders at 497 mills
on May 10 were the equivalent of 18 days' production,
which may be compared with an equivalent of 19 days
reported at the end of the previous week by 517 mills.
As compared with last year, 467 identical softwood mills
reported production 14% less, shipments 24% less and orders
26% less than for the week a year ago; for hardwoods, 204
identical mills gave production 11% less, shipments 24%
less and orders 23% under the volume for the same week
last year.
Lumber orders reported for the week ended May 10 1930
by 608 softwood mills totaled 265,381,000 feet, or 19%
below the production of the same mills. Shipments as
reported for the same week were 277,523,000 feet, or 15%
below production. Production was 328,313,000 feet.
Reports from 291 hardwood mills give new business as
Consumption and Imports of Crude Rubber of All 36,387,000 feet, or 19% below production. Shipments as
Classes in April Below Figures of a Year Ago.
reported for the same week were 34,580,000 feet, or 23%
Consumption of crude rubber of all classes by manu- below production. Production was 44,697,000 feet.
facturers in the United States in the month of April is
Unfilled Orders.
estimated at 40,207 long tons, according to statistics comfeet
Reports from 497 softwood mills give unfilled orders of 917,893,000
piled by The Rubber Manufacturers Association. This on May 10 1930. or the equivalent of 18 days' production. This Is based
compares with estimated consumption of 35,914 long tons upon production of latest calendar year-300-day year—and may be comin March and 47,521 long tons in April 1929. Consumption pared with unfilled orders of 517 softwood mills on May 3 1930 of 1.002.19 days' production.
of reclaimed rubber is estimated at 17,321 long tons for 895,000 feet, the equivalent ofmills report unfilled orders as 796.990.000
The 354 identical softwood
April as compared with 15,616 long tons in March and feet on May 10 1930, as compared with 1,154,371,000 feet for the same
mills
week a year ago. Last week's production of 467 identical softwood
21,574 long tons in April 1929.
was 346,281,000 feet; shipments
was
Imports of crude rubber of all classes into the United were298,649,000 feet, and a year ago it334,028,000. and orders received
respectively 255.513.000 feet and
States during the month of April totaled 49,927 long tons 238,021,000 feet and 320,667,000. In the case of hardwoo5, 204 identical
and
according to estimates issued by the Association. This mills reported production last week and a year ago 36,055,000 feet 29.37.506.000, and orders
40,640,000;
compares with imports of 45,430 long tons in March and 482,000 feet shipments 28,363,000 feet and
and 38.200,000.
with 54,171 long tons in April 1929.
West Coast Movement.
The Association estimates total domestic stocks of crude
The West Coast Lumbermen's Association wired from Seattle that new
rubber on hand and in transit overland on April 30 at 148,272 business for the 211 mills reporting for the week ended May 10 totaled
long tons compared with 141,843 long tons as of March 31 154,268,000 feet, of which 54,910,000 feet was for domestic cargo delivery
59,375.000
and 107,658 long tons as of April 30 1929. Crude rubber and 27.580,000 feet export. New business by rail amounted tofeet moved
feet, of which 49,083,000
afloat for United States ports on April 30 is estimated at feet. Shipments totaled 154,988,000
coastwise and intercoastal, and 31,935,000 feet export. Rail shipments
63,261 long tons as against 63,646 long tons on March 31 and totaled 61,567,000 feet and local deliveries 12,403,000 feet. Unshipped
orders totaled 571.043,000 feet, of which domestic cargo orders totaled
65,790 long tons a year ago.
216.366,000 feet, foreign 204,452,000 feet and rail trade 150,225,000 feet.
purposes, for buildings as well as machinery, but at present the volume
of this work is comparatively small. Engineering, in the matter of power
development, road-building, harbor improvement, and work of a like
nature, Is the outstanding feature of the 1930 construction program, as
it was in 1929.
"Taking all four main classes of construction, the value of contracts
awarded for the first four months of the current year was $139,035,000,
as compared with $140,842,000 for the corresponding period in 1929,
an insignificant decline from the record level of a year ago. The value
placed by the Bank on work actually in progress, taking into account
uncompleted contracts let in 1929, is $168,000,000 as compared with
$152,000,000 a year ago, an increase of about 10%. From the two last
statements it may be judged that construction at the present time is a
stabilizing factor In national economy.
"Mortgage money is not so free as a year or two ago, but there is no
-evidence of scarcity, while the floating of bonds in respect of large
projects soundly based is a comparatively easy task; it is a fact, however,
that investment in building is being made with exceptional care, and,
therefore, that there is but little opportunity for undue speculative
building. It may be concluded that there is an absolute demand for
housing accommodation which could quickly be turned into an effective
demand by a return to strong home-making habits, and by easy access
to the sources of investment funds."
Production and Shipments of Pneumatic Casings and
Inner Tubes in March Below Figures of a Year Ago.
According to estimates by the Rubber Manufacturers'
Association, Inc., there were produced in the month of
March, 1930, a total of 5,187,970 pneumatic casings, 5,270,-560 inner tubes and 25,772 solid and cushion tires, while in
the same month there were shipped 5,031,820 pneumatic
casings, 5,042,385 inner tubes and 31,935 solid and cushion
tires. This compares with an output of 4,859,475 pneumatic casings, 4,942,755 inner tubes and 29,736 solid and
cushion tires in the previous month and 7,519,234 pneumatic casings, 7,466,356 inner tubes and 29,736 solid and
cushion tires in March 1929. Shipments in February last
amounted to 4,474,459 pneumatic casings, 4,626,559 inner
tubes and 28,007 solid and cushion tires, and in March last
year 6,708,134 pneumatic casings, 7,466,382 inner tubes and
53,607 solid and cushion tires. Inventories of pneumatic
casings and inner tubes increased during the month of March
1930.
Statistics relating to the tire industry for March as compared with previous periods compiled by the Rubber Manufacturers' Association are as follows:
Pneumatic Casings
-March
1930
February 1930
March --1929
Inner Tubes—
March
1930
February 1930
March
1929
Solids and Cushions—
March
1930
February 1930
March
1929
Production.
5,187,970
4,859,475
7,519,234
Inventory
Shipments. (End of Mo.)
5,031,820
13.468,970
4,474,459
13,238,451
6,708,134
16.351,750
5,270,560
4,942.755
7,466.356
5,042.385
4,626,559
7,466,383
14.057.360
13.905.291
17,750,180
25.772
29.736
47.250
31,935
28,007
53.607
164.238
170.391
189,200
The Association's estimates are based on reports furnished
by manufacturers who produce approximately 75% of the
total for the United States but which have been adjusted to
100% in the above tables.
Dull Week in Lumber Demand Reported.
Lumber demand for the week ended May 10 declined,
reaching a point about 19% less than the cut, it is indicated
in reports from 878 hardwood and softwood mills to the
National Lumber Manufacturers Association. Shipments
Weekly capacity of these mills is 243,947,000 feet. For the 18 weeks
ended May 3 139 identical mills reported orders 8.8% below Production
and shipments were 5.5% below production. The same mills showed
an increase in inventories of 9.1% on May 3, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
140 mills reporting shipments were 8% below production and orders 15%
below production and 7% below shipments. New business taken during
the week amounted to 50,421,000 feet (previous week 57,939,000 at 141
mills; shipments 54.201,000 feet (previous week 58.884,000), and production 59,142,000 feet (previous week 62,130,000). The three-year
average production of these 140 mills is 69,181,000 feet. Orders on hand
identical
at the end of the week at 110 mills were 149,982,000 feet. The 119
mills reported a decrease in production of 15% and in new business a decrease of 16%. as compared with the same week a year ago.
The Western Pine Manufacturers Association of Portland. Ore., reported
production from 88 mills as 52,694,000 feet, shipments 35,558,000 and new
business 32,516,000 feet. Sixty-four identical mills reported a 5% decrease
In production and a 26% decrease in new business, when compared with the
corresponding week of last year.
San
The California White & Sugar Pine Manufacturers Association of
Francisco reported production from 17 mills as 15,639.000 feet, shipments
re13,480.000 and orders 11.500.000 feet. The same number of mills
ported a decrease of 24% In production and a decrease of 41% in orders
in comparison with 1929.
,
The Northern Pine Manufacturers Association of Minneapolis. Mimi.
reported production from 8 mills as 6,741,000 feet, shipments 3,334.000
decrease
and new business 3,042,000. The same number of mills reported a
with a
of 19% in production and of 29% in new business when compared
year ago.
of
The Northern Hemlock & Hardwood Manufacturers Association
Oshkosh, Wis., reported production from 21 mills as 2,000,000 feet, shiprements 1,872,000 and orders 2,371,000. The same number of mills
comported a 2% decrease in production and a 9% decrease in orders, in
parison with the same period of 1929.
The North Carolina Pine Association of Norfolk, Va., reported Production from 110 mills as 8,638,000 feet, shipments 8,577,000 and new
business. 5.984.000. Forty identical mills reported production 17% lees
and new business 42% less than that reported last year.
The California Redwood Association of San Francisco reported Production from 13 mills as 7,298,000 feet, shipments 6,233.000 and orders
4,559,000. The same number of mills reported a 10% decrease in production and a 50% decrease in orders, in comparison with a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 270 mills as 38,690,000 feet, shipments 31,060.000 and
new business 34,205,000. Reports from 183 identical mills showed production 9% less and new business 21% less than that reported for 1929.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported production from 21 mills as 6,007,000 feet, shipments 3,520,000 and orders 2,182,000. The same number of mills reported
a decrease in production of 20% and in orders of 39%, when compared
with last year.
3452
FINANCIAL CHRONICLE
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED MAY 10 1930 AND FOR 19 WEEKS
TO DATE.
Association.
Produolion
M Ft.
ShipmetUs
M Ft.
F. C.
of
Prod.
Southern Pine
Week-140 mill reports
59,142
54,201 92
19 weeks
-2,704 mill reports
1,158,233 1,074,360 93
West Coast LumbermensWeek-211 mill reports
176,161
154,268 88
19 weeks
-4,060 mill reports
3,080,349 2,839,299 92
Western Pine Manufacturers
Week-88 mill reports
52,694
35,558 67
19 weeks-1,636 mill reports
691.177
641,917 93
California White & Sugar Pine
Week-17 mill reports
15,639
13,480 86
19 weeks
-481 mill reports
216,087
386,805 179
Northern Pine Manufacturers
Week-8 mill reports
6,741
3,334 49
19 weeks
-157 mill raports
57,702
78,518 136
N.Hemlock dz Hardwood(softwoods)
Week-21 mill reports
2,000
1,872 94
19 weeks
-611 mill reports
67,269
40,037 60
North Carolina Pine
Week-110 mill reports
8,638
8,577 99
19 weeks-2,109 mill reports
189,342
175,142 93
California Redwood
Week-13 mill reports
7,298
6,233 85
144,728
19 weeks
127,464 88
-278 mill reports
Orders
M Ft.
P. C.
of
Prod.
50,421
1,078,908
85
93
154,988
2,889,694
88
94
32,516
639,785
62
93
11,500
403,023
74
187
3,042
74,740
45
130
2,371
43,182
119
64
5,984
150,160
69
79
4,659
128,971
62
89
[VOL. 130.
Agricultural Department Report on Winter Wheat,
Rye,- &c.
The Department of Agriculture at Washington on May 9
issued its crop report as of May 1 1930. This report estimates the abandonment of winter wheat at 11.0%, leaving
the acreage remaining to be harvested at 38,676,000 acres
as compared with 40,467,000 acres harvested last year. The
May 1 condition is placed at 76.7% of normal, compared
with 83.6% a year ago and 83.8% the 10
-year average. On
the present condition the yield per acre is placed at 13.6%
bushels, making a total production of 525,070,000 bushels,
against a yield per acre of 14.4 bushels and a production of
578,336,000 bushels in 1929.
The condition of rye on May 1 was 84.0% of normal with
an average yield per acre of 13.3 bushels, and the production
is estimated at 46,831,000 bushels. This compares with a
yield of 12.6 bushels per acre a year ago and a total production of 40,629,000 bushels. Below is the report in full:
Winter Wheat.
-The condition of winter wheat in the United States on
May 1 is reported at 76.7% of normal compared with 83.6% on May 1 1929
and a 10
-year average condition of 83.8% on May 1. The abandonment
85
265,381
81
96 of acreage to May 1 is reported at 11.0% of the sown acreage, compared
96 5,408,463
with 6.5% for the 1929 crop and a 10
-year average abandonment of 11.7%.
34,205
88
80
The condition of 76.7% on May 1 indicates a crop of 525,070,000 bushels.
91
624,052
91
compared with 578,336,000 bushels produced in 1929 and a 5
-year average
2,182
38 production of 550,636,000 bushels. The yield per acre indicated is 13.6
59
91,261
53 bushels, compared
58
with 14.4 bushels in 1929 and a 10
-year average yield
of 15.0 bushels.
Hardwoods total
The acreage of winter wheat remaining for harvest on May 1 is estimated
44,697
Week-291 mill reports
36,387
81
34,580 77
860,526
724,906 84
-5,346 mill reports
716,313
83 to be 38,676,000 acres, as compared with 40,162,000 acres harvested in
19 weeks
1929 and a 5
-year average of 35,585,000 acres. The revised estimate of
Grand total
373,010
312,103 84
Week-878 mill reports
301,768
81 acreage sown in the fall of 1929 for harvest in 1930 is estimated at 43.6,465,413 6,088,448 94 6,123,776
-16,771 mill reports_
19 weeks
95 434,000 acres.
During the month of April winter wheat prospects declined markedly
In Texas, Oklahoma, Kansas and the Pacific Coast States, and improved
West Coast Lumbermen's Association Weekly Report. considerably in Nebraska. In other States more moderate changes
occurred.
According to the West Coast Lumbermen's Association,
Considered by classes, the probable crop of hard red winter wheat In
reports from 214 mills show that for the week ended May 1930 is indicated at about 323,000,000 bushels, which is about 5;5% less
3 1930, orders were 2.02% below production, while shipments than the 342,000,000 bushels of this class produced in 1929; the probable
production of soft red winter wheat is 165,000,000 bushels, which is about
exceeded output by 0.23%. The Association's statement 13Si% less than the 191,000,000 bushels produced in 1929; and the probable
crop of fall-sown types of white wheat at about 37,000,000 bushels compared
follows:
with 45,000.000 bushels produced in 1929, including all of the California
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
and Arizona white wheats.
214 mills report for week ended May 3 1930.
The condition of winter wheat as reported on May 1 relates to the condi(All mills reporting production, orders, and shipments for last week.)
tion of the crop remaining for harvest and is not strictly comparable with the
Production
178.976,318 feet (100%)
condition reported on April 1, which related to the entire sown acreage.
Orders
175,353,338 feet (2.02% under production)
Rye.
-The acreage of rye remaining for harvest on May 1 is 3,521,000
Shipments
179,396,242 feet (0.23% over production)
acres, or 109.2% of 3,225,000 acres harvested In 1929. The revised estiCOMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY mate of the acreage of rye planted in December is 3,824,000 acres. The
OPERATING CAPACITY (302 IDENTICAL MILLS).
abandonment of 7.9%, or 303,000 acres, on planted acreage was chiefly
(All mills reporting production for 1929 and 1930 to date.)
due to the adverse winter and cold or dry spring conditions.
Actual production week ended May 3 1930
The condition of rye on May 1 was 84.0% of normal, against 87.6% on
200,394,415 fee
Average weekly production 18 weeks ended May 1930
183,449,206 feet May 1 1929 and the 10
-year average of 86.8%. North Dakota, which has
Average weekly production during 1929
206,523,977 feet about 31% of the total acreage, reports a condition of 79%. The yield
Average weekly production last three years
per acre Indicated by the May 1 condition of 84.0% is 13.3% bushels,
213,855,524 feet
Weekly operating capacity'
288,048,281 feet against 12.6 bushels in 1929 and the 10
-year average of 13.4 bushels.
*Weekly operating capacity is based on average hourly production for the 12 last
The rye production outlook is for 46,831,000 bushels compared with
months preceding mill check and the normal number of operating hours per week.
40.629.000 bushels produced last year and the previous 5
-year average of
50,851,000 bushels. Previous to the upturn in rye acreage this season, the
WEEKLY COMPARISON (IN FEET) FOR 213 IDENTICAL MILLS
-1930.
acreage of rye had declined steadily since 1922.
(All mills whose reports of production, orders, and shipments are complete for
Oats -The May 1 condition of the oats crop in the South is reported at
the last four weeks.)
62% of normal. This compares with the 5
-year average condition of 74%
May 3.
April 26.
Aprs1 19.
Week EndedApril 12.
on May 1 and is the lowest May figure since 1925. Conditions were lowest
178,451,318 178,215,659 179,120,356 186,519,044 in the South
Production
they averaged below 60, being above 70
Central States, where
175,244,638 161,788,168 154,688,452 176,790,030 in the South
Orders
Atlantic group. The extreme dryness this spring over much
63,625,233
59,939,530
62,932.790 64,910,379 of the South is
Rail
mainly responsible for the low condition of the growing crop.
51,044,841
53,247,531
49,602,239
Domestic cargo
60,071,998 Owing to the severity of the winter temperatures, there was considerable
37,963,979
38,890.448
30,672,966
Export
40,508,913 loss in acreage of fall-sown oats, which this year amount to 31% of the total
12,839,818
19,481,426
11,480,457
Local
11,298.740
oats for harvest in the South. Last year 43% were fall sown. Ordinarily
177,973,722 159,876,725 155,198,195 161,885,840 from hataeg is
Shipments
s:two-thirds .f the oaop in the South Atlantic and Gulf
lfo
oats crop
all gowno
66,829,507 65,805,977
66,933,089
70.059,322 Coast
Rail
55.183,952 48,194.391
47,684,537 51,494.494
Domestic cargo
Early Potatoes, Ten Southern States.
-The condition of the early potato
30,227,224
32,013,009
36,375,255
29,033,284
Export
crop in ten Southern States was 74% on May 1, declining slightly during
12,839,818
11,480,457
19,481,428
11,298,740
Local
April as a result of exceptionally dry weather. The condition of the crop
577,041,226 586,173,202 586,666,575 590,345,560 on the same date last
Unfilled orders
year was 78% and in 1928 76%. The commercial
155.100,817 160,799,216 168,582,643 172,553,236 early crop, which includes about one-third of the total early
Rail
potato acreage
211,895.409 217,045,413 215,078,096 214,099,384
Domestic cargo
in these States shows a trifle better condition than the general farm crop.
210,045,000 208,328,573 203,005,836 203,692,940 but has been quite generally affected by lack of rainfall during April.
Export
Continuation of dry weather might materially alter present yield prospects
185 IDENTICAL MILLS.
on the commercial acreage. Expected yields now indicate a commercial
(All mills whose reports of production, orders and shipments are complete for
early potato crop only about 4% larger than in 1929, although the acreage
1929 and 1930 to date.)
Average 18
Average 18 is 16% larger.
Weeks Ended
Weeks Ended
Week Ended
Peaches, Southern States.
-The condition of peaches in ten Southern
May 4 1929, States
May 3 1930.
May 3 1930.
was reported on May 1 at 44.5% as compared to 67.4% last year
151,324,541
164,484,674
165,924,119
Production (feet)
and 73.8% two years ago on May 1. The present condition indicates a
140,345,519
165,552,643
175.095.835
Orders (feet)
142,609,016
166.820,106 crop of about 11,700.000 bushels, which would be about equal to the short
165,562,840
Shipments (feet)
crop produced in 1929 and about 35% smaller than the 5
-year average
DOMESTIC CARGO DISTRIBUTION WEEK ENDED APR.26 1930(110 Mills) production. The indications now point to a larger crop than last year
In the five coastal States from North Carolina to Alabama, In the remaining five States further west the prospects are for a crop below that of
Unfilled
Orders on
Orders
ShipCancelOrders
Hand Be1929. Of the more important States, Arkansas was the most seriously
silents. Week /faded damaged
( legions.
gin', Week Received
during the past winter, very little commercial production now
Apr. 2630.
Apr.26 '30
being anticipated in this State. Georgia prospects are for a larger crop than
last year, but still about 32% below the 5
-year average for that State.
Washington & Oregon
Feet.
Feet.
Feet,
Feet.
Feet.
Pastures.
(91 Mille)-Condition is reported at 77.3% compared with 86.9% a
254,000 13,450,802 60,728,922 year ago
60,415,705 14,018,019
California
and the previous 10
-year average of 82.3%. Dry spring con583,382 20,138,063 99,256,729
101,250,122 18,728,052
Atlantic Coast
117,099 5,188,867 ditions largely account for pasture conditions being below average every88,749
647,599
4,747,116
Miscellaneous
where, except in the Western States and in Nebraska, South Dakota and
926,131 33,705,964 165,174,518 Florida.
Total Wash.& Oregon 166,412,943 33,393,670
Tame Hay.
-The condition of tame hay on May 1 was reported at 79.9%
Bin.Col.(19.91St,)407,537 1,463,651 of normal compared with 87.8% a year ago and an average of 87.1% during
None
400,000
1,471,188
California
115,000 5,587,773 15,401,882 the previous 10 years. The condition now reported is below that of any
15,328,655 5,776,000
Atlantic Coast
77,000 9,646,015 recent year except 1926.
None
6.260,516 3,462,500
Miscellaneous
Plant growth is backward over a large portion of the country, due chiefly
115,000 6,072,310 26,511,548
9,638,500
Total British Co1__ 23,060,358
to deficient moisture, prospects being particularly poor in the South and
Total domestic cargo_ 189,473,301 43,032.170 1,041,131 39,778,274 191,686,066 East and up to average only in the West.
Softwood total
328,313
277,523
Week-608 mill reports
19 weeks
5,604,887 5,363,542
-12,036 mill reports
Hardwood Manufacturers Institute38,690
31,060
I,. Week-270 mill reports
687,598
624,356
19 weeks
-4,735 mill reports
No. Hemlock dr Hardwood
6,007
Week-21 mill reports
3,520
172,928
100,550
19 weeks
-611 mill reports
3453
FINANCIAL CHRONICLE
MAY 17 1930.]
The Crop Reporting Board of the United States Department of Agriculture makes the following forecasts and estimates from reports and data furnished by crop correspondents, field statisticians and co-operating State Boards (or
Departments) of Agriculture and Agricultural Colleges:
on May I was the best in years and winter killing amounted to only 0.1%
of the acreage sown. The crop in Poland has also come through the winter
in good condition and the outlook is satisfactory.
BREAD
-WINTER ACREAGE IN SPECIFIED COUNTRIES;
GRAINS
AVERAGE 1909-1913, ANNUAL 1927-1930.
Harvest Year.
Winter Wheat.
Rye.
Crop and Countries Reporting,
1930
Crop.
10-Year
Average.
1929
Crop.
1930
Crop.
Acreage:
For harvest--1,000 acres a35,585 40,162 38,676 a3,766
3,225
3,521
Sown preced. fall do
a41.889 42,820 43,434 a3,911
3,456
3,824
11.0
____
Per ct. aban. to May L.
11.7
6.5
4.0
7.9
Condition May 1:
83.8
Per cent of normal
83.6
76.7
86.8
87.6
84.0
Production:
Harvested - - _1,000 bus. a550,636 578,336
__-- a50,851 40,629
__Indicated by condition
do
____
___ 525,070
May 1
--------48,831
Yield per acre (for harbus
15.0
14.4
513.6
13.4
vest)
12.6
513.3
11,159
10.5
12,497
10.9
Oats.
82.3
86.9
77.3
Peaches.
1928. 1929. 1930. 1928. 1929. 1930. 1928. 1929. 1930.
Condition May 1:
Per cent of normal
76.3 77.61 74.2 67.5 78.7 62.3 73.81 67.41 44.5
a5
-year average. 1024-1928. b Indicated by condition May I. c Condition of
tame hay. d Includes all potatoes for harvest before Sept. 1 in 10 States.
Area Condition Slay 1.
Production.
Per
Cent RemainHarvested, Subject to Reing
of
vision in December.
10to Be
Area
divan- liar- Year
doned. vested. avr. 1929. 1930. Average 1929. '30fore19241919cast by
1928.
1928.
May
Coed n.
Winter WhealNew York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
%
8.0
1,5
2.5
15.0
12.0
10.5
3.0
5.0
8.0
1.8
7.0
5.0
2.5
7.5
1.0
1.5
1.3
1.5
4.5
4.0
6.0
3.5
4.5
4.0
50.0
5.0
18.0
20.0
15.0
6.0
9.0
26.0
20.0
1.0
3.0
2.5
40.0
6.0
12.0
United States
11.0
1,000A.
267
65
1,116
1,676
1,510
2,020
828
40
150
429
1,500
120
3,550
11,735
100
541
670
411
390
46
49
245
340
3
2
28
3,547
2,400
653
448
95
1,158
276
47
170
2
782
842
69'
%
85
87
86
77
79
80
83
85
83
88
83
83
84
83
89
86
85
83
88
79
80
83
83
82
84
83
83
75
83
92
90
83
74
91
94
95
88
94
84
1, 000 Bus hels.
% %
5,431 4,448 4,406
73
87
87
1,215 1,178 1,332
93
87
92
20,375 20,016 20,646
71
27,219 33,696 26,816
90
75
25.199 27,659 21,895
89
75
84
32,078 33.369 30,300
81
17,138 16,740 14,904
82
84
1,357
94
936
820
80
3,024 3,150 2,550
93
90
7,552 8,018 8,366
90
77
19,906 17,200 18,000
86
91
88
1,361
1,316 1.800
92
87
52,456 53.664 65,675
81
73 135,180 137,712 2134.95
86
1,885 1,919 1,700
90
89
9,638 9,468 10,550
91
86
9,373 8,960 8.710
89
89
1,826 1,782 1,833
91
79
5,211 5,347 4,290
87
71
78
723
768
515
72
1,101
78
850
441
83
2,773 2.832 3,062
91
86
77
4,635 3,645 3,400
82
83
70
40
30
62
92
76
68
26
75
84
350
312
308
60
50.566 44,478 30.150
80
68
78
20,944 37,800 24,000
79
9,489 7,308 9,142
85
89
10,253 11,440 9,408
90
86
84
777 1,066 1,378
80
83
13,289 11,994 14,475
79
1,826 4,734 3,588
85
95
90
1,015 1,134 1.222
92
92
2,940 3,403 3,281
91
95
100
104
44
68
76
24,306 27.830 14,076
82
83
16,150 19.712 15,998
80
71
11,830 12,240 10,981
38,676 83.8 83.6 76.7 550,636 578.336 525.070
Foreign Crop Prospects.
The latest available information pertaining to cereal
crops in foreign countries, as reported by the Foreign Service
of the Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington and given out
on May 9 is as follows:
Wheat.
-The acreage sown to wheat for the 1930 harvest in the 15
foreign countries reporting to date is 89,052,000 acres as compared with
90,397,000 acres for the 1929 harvest, according to reports received by the
Foreign Service of the Bureau of Agricultural Economics.
Seeding is about completed in Canada and the acreage is likely to be
about 5 to 7% less than last year. Precipitation has been general and
moisture supply is sufficient for germination, but rainfall will be needed
through the summer as the subsoil moisture is not sufficient to carry the
crop to harvest time.
Conditions in Europe are, on the whole, favorable. The acreage seeded
In 8 countries is slightly below last year, but weather conditions during
the past winter have not been as severe as during the previous winter and
the abandonment probably will be small. A summary of the weather
conditions during April indicates that precipitation was above average
in western, about average in central, but somewhat below average in
eastern Europe. Drought had threatened the latter region, but rains
during April improved conditions. The official report of the condition of
winter wheat in Germany as of May 1 was the highest since 1918 and
winter killing the lowest since 1925. Conditions in Italy are very good.
Conditions in France are favorable, but not quite equal to last year.
Reports from North Africa continuo favorable and indicate a crop equal
to last year. The Indian crop has been officially estimated at 368 million
bushels, an increase of more than 50 million bushels over the 1929 crop.
Rye.
-The rye acreage in 8 European countries is 21,868,000 acres,
against 22,016,000 acres in 1929. The condition of the crop in Germany
29,401
16,500
9,547
11,793
2,409
09,515
3,350
211
85
8
38,702
12,976
10,826
12,295
2,633
7,017
2,599
173
106
27
37,246
12,802
10,479
12,263
2,782
7,281
3,302
272
120
25
41,047
12.673
10,478
11,802
2,590
7,462
3,340
346
96
27
39,485
12,608
10,531
11,752
2,875
6,753
3,530
405
120
30
Total Europe (9)
Morocco
Algeria
Tunis
53,418 48,652 49,326 48,814 48,604
(1,700) 2,304 2,665 2,843 2,757
3,521 3,469 3,656 3,722 3,608
1,310 1,377 2,011 1,730 1,730
Total Africa (3)
Syria and Lebanon
India
6,531 7,150 8,332 8,295 8,095
(900) 1,224 1,024
899 1,076
29,224 30,952 31.678 31,504 30,468
30,124 32,176 32,702 32,403 31,544
Total Asia(2)
119,474 126,680 127,606 130.559 127,728
Total above countries (16)
Rye
United States
Canada
•
•
Total
France
Spain
Bulgaria
Rumania
Poland
Lithuania
Latvia
Finland
2,353 4,216 4,079
• 3,095 1,921 1,900
• 1,988 1,818 1,384
•
542
428
458
• a1,286
638
637
• 12,127 12,008 14,652
• 1,749 1,240 1,161
888
627
631
589
563
563
2,236
117
3,648
568
3,480
599
3,225
687
•-•
79.9
Southern Stales.
State.
1930.
Total
France
Spain
Italy
Bulgaria
Rumania
Poland
Lithuania
Latvia
Finland
4.:COODIZ
87.8
Early Potatoes. d
1929.
•
•
•
•
•
28,382 37,723 36,213 40,162 38,676
a1,019
979 1.033
885
809
Pastu e.
Hay.
Condition May 1_c;
Per cent of normal
87.1
Stocks on farms May 1:
Quantity.- - _1,000 tons 013,706
Per cent of crop
12.4
1928.
Wheat
United States
Canada
C.4 Crt CO NW 00
1929
Crop.
$-•
10-Year
Average.
Itn wit"
United States.
Average
1909-13 1927.
3,521
818
4,339
1,909
1,446
541
888
14,701
1,196
631
556
22,264 19,243 21,386 22,016 21,868
Total (8)
24.617 23.459 25.465 25.928 26.207
Total above countries(10)
* 1,000 acres. a Four-year average.
Transactions in Grain Futures During April on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of April, together with monthly
totals for all "contract markets" as reported by the Grain
Futures Administration, of the U. S. Department of Agriculture, were made public May 8 by the Grain Exchange
Supervisor at Chicago. For the month of April this year
the total transactions at all markets reached 1,917,843,000
bushels, compared with 1,940,373,000 bushels in the same
month last year. On the Chicago Board of Trade the transactions in April 1930 totaled 1,610,109,000 bushels, as
against 1,617,392,000 bushels in the same month in 1929.
Below we give details for April, the figures representing
sales only, there being an equal volume of purchases:
VOLUME OF TRADING.
Expressed in Thousands of Bushels. i.e. (000) Omitted.
April 1930.
1
2
3
4
5
8 Sunday
7
8
9
10
11
12
13 Sunday
14
15
16
17
18 Holiday
19
20 Sunday
21
22
23
24
25
26
27 Sunday
28
29
30
Wheat.
37,732
38,158
66,508
61.767
53,885
Rye. Barley. Flax. Total.
Corn. Oats.
923 1,314 --------51,574
11,605
8,764 1.222 2,638 --------50,782
14,774 1,735 3.826 --------86,843
14,889 1,541 3.457 --------81,654
6,401 1,057 1,455 --------62,799
54,148 8,603
52,964 13,748
39,603 7.808
54,137 8.814
43,820 9.365
47,561 10,806
1,197
1,274
1,099
1,345
859
1,403
2,028
2,338
1,035
1,84
73
81
--------65,976
--------70,324
--------49,545
--------68,142
--------54,783
--------60,586
63.525 10,128
58,261 9,468
48,577 8,419
42,189 5,924
2,634
2,060
1,218
1,217
2,13
1,81
1,141
1,116
--------78,418
--------71,604
--------59,355
--------50,446
4,450
1,368
1,784
--------45,133
47,138 14,491
56,599 9,822
47,941 8,943
46.965 7.839
43,717 8.477
34,451 11,429
1.573
2,257
1.538
1,645
2,031
1,921
2,240
797
2,750
2,395
1,290
1,866
--------65,542
--------69,475
--------61,172
--------58,845
--------55,515
--------49,667
71,394 13,122
49,366 12,976
61,099 11,282
3,822
4.782
6,743
2,157
1,806
5,380
--------90,495
--------68,930
--------84,504
37,533
Chicago Board of Tr .1,259.039 252,347 48,563 50.160 --------1.610,109
35.856 6,025
290
90 ____
____
43,161
Chicago Open Board...
11,720 4,530 10,455
88.628
825 116,158
Minneapolis C. of C.-75.441 20,606
96.047
Kansas City Bd. of Tr_
4,905
84 1,122
39,650
Duluth Board of Trade- *33,539
2,695
480
3.175
St. Louis kferch. Exch.
2,925 2,668 1,018
426 --------7,037
Milwaukee C. of C___1,073
1,073
Seattle Grain Exch--__
1,433
Each..
1,433
Portland Grain
Los Angeles Grain Each
San Francisco C.of C_
Tot.all markets Apr.'30 1,500,629 283,026 61,591 60,111 10.539 1,947
843
Tot.all markets Apr.'29 1,361,453 466,314 67,710 34,223 7,425 3,248 1.940,373
1,917,
Tot. Chic. Bd. Apr. '29 1.106.146 426.574 57.378 27.294 ____
1 A17100
•Durum wheat with the exception of 500 Wheat.
FINANCIAL CHRONICLE
3454
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR APRIL 1930 (BUSHELS).
(Short side of contracts only, there being an equal volume Open on the"long side.)
Wheat.
April 1930
1
2
3
4
5
6 Sunday
7
8
9
10
11
12
13 Sunday
14
15
16
17
18 Holiday
19
20 Sunday
21
22
23
24
25
26
27 Sunday
28
29
80
-Average
April 1930
April 1929
March 1930
February 1930_
January 1930._
December 1929
November 1929
October 1929_
September 1929_
August 1929
July 1929
June 1929
May 1929
Total.
Rye.
Oats.
Corn.
al69,469,000 a53,112,000 a27.644,000 19,015.000 a269,240.000
168.735,000 52,703,000 27,417,000 *18,707,000 267.562.000
167,105,000 51,334,000 27,290,000 19 763.000 265,492,000
188,461,000 50,249,000 26,964,000 20,079.000 265,753,000
168,279,000 50,646,000 26,940,000 19,918,000 265,781,000
166,382,000
165,679,000
166,799,000
166.185,000
165,812,000
164,236,000
50.545.000
50,238,000
49.723,000
50,091,000
50,267,000
50,511,000
26,872,000
26,761,000
26.487,000
26,448.000
26,321,000
26,192,000
20,366,000
20,625.000
20,776,000
21,219.000
21,250,000
21,295,000
264,165,000
263,303,000
263,785,000
263,943,000
263,650,000
262,234,000
165,137,000
164,599,000
164,097,000
161,450,000
50,228,000
49,607,000
49,521,000
49,378,000
25,990,000
25,673,000
25,480,000
25,406,000
21,187.000
21,352,000
21,422,000
21,458,000
262,542.000
161,575,000 49,499,000 25,401,000
160,064,000
157,295,000
155,773,000
156,458,000
155,060,000
153,066,000
49,449.000
49,435,000
49,257,000
49,171,000
48.856,000
48,862,000
261,231.000
260,520,000
257,692,000
21,722,000 258,197,000
25,094,000
24,533.000
24,397.000
23,899.000
23,620,000
23,281,000
21,599,000
21,513,000
21,809.000
21,577,000
21,740,000
22,309.000
256,206,000
252,776,000
251,236,000
251.105,000
249,276,000
247,518,000
148,910,000 49,005,000 23,055.000 22,840,000 243,810,000
147,830,000 49,004,000 22,574,000 a23,213,000 242,621,000
*140,323,000 *48,347,000 *21.506,000 21,993,000 *232,169,000
161,151.000
146,314,000
172,168,000
194,850,000
196,559,000
185,959,000
202,549,000
238,356,000
227,863.000
218,044,000
172,889,000
129,161,000
128.261,000
49,962,000
68,315,000
49,827,000
43,440,000
34,348,000
34,283,000
35,650,000
42,787,600
46,419,000
46,998,000
48,567.000
51,210,000
54.897.000
25,410,000
25,671,000
30,327,000
35,322,000
38,795,000
40,762.000
44.710,000
47,666,000
47,772,000
42,208,000
23,220,000
15,376,000
19.095,000
21,150,000
8,971,000
15,512,000
18,996,000
18,894,000
22,298,000
24,615,000
19,395,000
15,000.000
12,377,000
7,975,000
9,334.000
8,696,000
257,672,000
249,271,000
267,834,000
292,608,000
288,596,000
283,302,000
307,524.000
348,204,000
337,054,000
319,627,000
252,851.000
205,081,000
210,949,000
• Low. a High
Census Report on Cotton Consumed in April.
Under date of May 14 1930 the Census Bureau issued it
[Vol.. 130.
Note.
-Linters exported, not included above, were 9,953 bales during April in
1930 and 18,719 bales in 1929: 93,663 bales for the 9 months ending April 30 in
1930 and 151,858 bales In 1929. The distribution for April 1930 follows: United
Kingdom, 242; Netherlands, 355; Belgium, 1,500; France, 1,465; Germany, 4,565;
Italy, 310; Canada, 1,464; Mexico, 2; New Zealand, 50.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters, grown
in 1928. as complied from various sources, is 25,611.000 bales, counting American
in running bales and foreign in bales of 478 pounds lint, while the consumption of
cotton (exclusive of linters in the United States) for the year ending July 31 1929 was
approximately 25,782,000 bales. The total number of spinning cotton spindles.
both active and idle, Is about 164,000,000.
New York Cotton Exchange Service Finds Fall and
Spring Average Price of Cotton Lower Than Any
Corresponding Period in Any Recent Year Except
1926-1927.
In an effort to clarify ideas as to the 1930 cotton crop
acreage, the New York Cotton Exchange Service on May 13
issued the following bulletin on prices of farm products during
the harvesting and planting periods, and also figures on
fertilizer sales:
The average prices of cotton in the South during the harvesting season
last fall and during the planting season this spring to date were below those
in the corresponding periods in any other recent season except 1926-27.
However, average prices this season, both in the fall and in the spring,
have averaged well above those in the same periods of 1926-27. Prices
of all farm products were above average last fall, and they have been below
average during this spring, but the average level during this spring has not
been materially below the low points reached in other recent years.
Fertilizer tag sales to the end of April for 1930 crops were larger than those
for the crops in any recent past year except for 1928 crops, but they were
27.9% above those for 1927 crops. Fertilizer sales this season and last
season were greatly delayed on account of credit and general business conditions and hence they have run very large in April in these two seasons,
whereas during the winter months they were relatively small.
Atlanta Millmen Curtail Production-3,000,000 Spin-No Night
-45
dles Estimated on 40 -Hour Week
Work.
From the New York "Journal of Commerce" we take the
consumed in the United States, cotton following Atlanta dispatch May 15:
report showing cotton
in the doldrums. That is the
The cotton
on hand, active cotton spindles, and imports and exports of conclusion textile business in Georgia isvarious prominent textile execuarrived at after interviews with
cotton for the month of April 1930 and 1929. Cotton con- tives. While a few mills are able to run full time during the day and at
sumed amounted to 532,382 bales of lint and 66,951 bales night, the majority are struggling to maintain an average of three to four
week.
of linters, compared with 508,576 bales of lint and 63,976 days athe whole mills in Georgia-Georgia has more than 3,000,000 spinOn
linters in March 1930 and 631,802 bales of lint and dles-are running at from 40 to 45 hours per week. That is, based upon
bales of
79,543 bales of linters in April 1929. It will be seen that the best information available.
estimated to-day that Georgia mills are
One prominent
there is a decrease under April 1929 in the total lint and operating at from mill executive days a week, with practically all mills
three to four
of 112,012 bales, or 15.8%. The following operating on orders for immediate delivery.
linters combined
"There is no future business," he said. "The uncertainty concerning
is the complete official statement:
APRIL REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
!Cotton in running bales, counting round as half bales, except foreign, which Is in
-pound bales.1
500
Cotton on Hand
Apt/ 30
Cotton Consumed
During-
Yeerr
J 1930 532,382 4,855,999 1,667,394 3,636,296 28,860,382
1 1929 631,802 5,305,836 1,606,412 2.524,821 30,911,416
United States
1930 413,039 3,764,076 1,226,486 3,381,381 17,800.400
1929 477,940 4,047,161 1,145,642 2,240,946 17.941,948
9,799,032
1930 101.385 917.806 373.085,
1929 131,819 1,071,696 394,126 102,542 11,668,304
67,823 146,174 1,260,950
1930 17,958 174,117
66,844 181,133 1,301,164
1929 22,043 186,979
Cotton-growing States
New England States
.
All other States
-Included Above
Egyptian cotton
1930 18,087
1929 20.159
1930 9,366
1929 7,336
985
1930
1929 1,263
165.097
67,131
29,871
173,519
74,089
55,635
9.766
8,969
62,806
39,424
31.054
5,862
5,287
37,859
22,313
16.013
4,989
1,546
11930 66,951
618,534
641,642
238,509
233,231
103,066
81,690
Other foreign cotton
-Egyptian cotton
Amer.
Not Included Above
Linters
Cotton
In Con- In Public Spindles
Nine
Active
Storage
Months sumino
Ended Establish- & at Corn- Dwino
April
presses.
April April 30 ments.
(bales) (bates) (Number)
(bales) (bales)
1929 79,543
Imports of Foreign Cotton (500-15. Bales),
Country of Production.
1930.
Egypt
Peru
China
Mexico
British India
All other
Total
9 Mos. End. Apr. 30.
April.
1929.
1930.
I
1929.
50,512
2,169
4,727
1,656
8,222
111
69,534
1,335
913
1,780
10,932
127
176,390
15,315
37,842
34.989
44,954
1,577
237,172
12,831
33,350
51,440
30,624
2,419
67,397
84,621
311,067
367,838
Exports of Domestic Cotton Excluding Linters
-See Note for Linters).
(Running Bates
,
Country to Which Exported.
April,
1930.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
42,375
24,488
32,339
68.666
37.778
99,557
46,559
349.762
1929,
9 Mos. End, Apr. 30.
1930.
1929.
101.956 1,179,208 1,742,370
730,029
768,544
28,529
589,753
602,382
56,830
1,546,251 1,666,647
66,646
844,450
703,061
73,817
941,352 1,182,708
64,125
379,728
437,955
55,935
447,838 6,120,526 7,193,942
May and July cotton deliveries is causing considerable apprehension among
mill owners.
"A number of mills of the largest size are operating on orders only. It
can be safely estimated that Georgia mills are operating at from 40 to 50
per cent capacity." Millmen state that they have never known of such
a condition to exist in the last two decades at this season of the year.
In Atlanta, where there are several large mills, one of the largest, with
more than 150,000 spindles, is operating full daytime, while one with
100,000 or more is running three days and another with 50.000 or more Is
practically idle. No mills in Georgia except a few with urgent orders are
operating night shifts.
Production, Sales and Shipment of Cotton Cloth
Production in Four Weeks of April 257,243,000
Yards Compared with 261,403,000 Yards in Four
Weeks of March.
Statistical reports of production, sales and shipments of
standard cotton cloths during the month of April 1930 were
made public May 12 by the Association of Cotton Textile
Merchants of New York. The figures cover a period of
four weeks. Production during April amounted to 257,243,000 yards, or at the rate of 64,311,000 yards per week,
compared with 261,403,000 yards In the four weeks of
March. Shipments during the month of April were 253,360,000 yards, equivalent to 98.5% of production. Sales
during the month were 223,225,000 yards, or 86.8% of production, says the Association, which adds:
Stocks on hand at the end of the month amounted to 444,736,000 yards,
representing an increase of 0.9% during the month.
Unfilled orders on April 30 were 357,328,000 yards, representing a
decrease of 7.8% during the month.
These statistics on the manufacture and sale of standard cotton cloths
are compiled from data supplied by 23 groups of manufacturers and
selling agents reporting through the Association of Cotton Textile Merchants of New York and the Cotton-Textile Institute, Inc. The groups
cover upwards of 300 classifications or constructions of standard cotton
cloths and represent a large part of the production of these fabrics in
the United States,
-Apra 1930.
Production Statistics
The following statistics cover upwards of 300 classifications or constructions of standard cotton cloths, and represent a very large part of
the total production of these fabrics in the United States. This report
represents all of the yardage reported to our Association and the Cotton.
Textile Institute, Inc. It is a consolidation of the same 23 groups covered
by our reports since October 1927. The figures for the month of April
cover a period of four weeks:
FINANCIAL CHRONICLE
31.n- 17 1930.]
Apr.'30(4 weeks)
257,243,000 yards
223.225,000 yards
86.8%
253,360,000 Yards
98.5%
440,853,000 Yards
444,736.000 yards
Increase 0.9%
387,463,000 yards
357,328,000 yards
Decrease 7.8%
Production was
Sales were
Ratio of Sales to Production
Shipments were
Ratio of shipments to production
Stocks on hand April 1, were
Stocks on band April 30, were
Change in stocks
Unfilled orders April 1, were
Unfilled orders April 30, were
Change in unfilled orders
Less Cotton Acreage Advocated in Arkansas.
A reduction of about 15% in cotton acreage is required to
assure reasonable prices for cotton and cottonseed next fall,
according to a statement issued by the Commissioner of
Agriculture, Earl Page. Little Arkansas advices May 13
to the United States "Daily" indicating this added:
If all cotton growers and all interests identified in any Way with cotton
production would co-operate actively to such an objective. Mr. Page said, it
would be accomplished without a doubt and the cotton farmers could anticipate a fair price for their crops.
Policy of Buying Cotton at Fixed
Prices.
Cairo (Egypt) advices May 13 to the New York "Times"
said:
Egypt Continues
The Egyptian Government's policy of buying all the cotton offered it
at fixed prices appears to have been successful despite prophecies of dia,ster.
It is understood that it has disposed of practically all the cotton stored and
Is now prepared to continue buying June futures.
Cotton Ginned from the Crop of 1929.
The Department of Commerce will shortly distribute
the annual bulletin on Cotton Production in the United
States from the crop of 1929. The statistics were compiled
by the Bureau of the Census from the individual returns collected from 14,868 active ginneries located in 945 counties in
19 States. The final figures of cotton ginned are 14,548,861
running bales, counting round as half bales, equivalent to
14,825,949 bales of 500 pounds each.
The total as shown in the bulletin is 4,277 running bales
in excess of the preliminary figures issued on March 20.
At the March canvass the ginners reported the number of
bales ginned and furnished an estimate of the number, if
any, that they expected to gin thereafter. These estimates
totaled 33,479 bales, for some ginneries amounting to as
much as 200 bales. In order that the final figures of cotton
ginned might represent the actual condition, the Bureau
made an additional canvass of the ginneries showing considerable quantities remaining to be ginned. While in some
instances the ginners fell short of their expected ginnings,
in many cases they reported a larger number of bales.
The bulletin shows the ginnings by States and by counties.
It also shows the ginnings to specified dates throughout the
season by counties. These detailed figures are of local interest and permit of a closer analysis of the statistics. The
following tabular statement shows the final figures of cotton
ginned by States for the last three crops. The quantities
are given in both running bales, counting round as half
bales, and in equivalent 500-pound bales.
COTTON GINNED FROM THE CROPS OF 1929, 1928 AND 1927
(Linters are not Included).
Alabama__
Arizona-Arkansas _California__
Florida_ - _ _
Georgia....
Louisiana__
Mississippi.
Missouri....
New Mexico
No.Carolina
Oklahoma....
So. Carolina
Tennessee__
Texas
Virginia
All other
States a_
Running Bales
(Counting round as half boles).
Equivalent 500 Pound Bales.
1929.
State.
1929.
1,307.664
149.467
1,395,889
255.196
29,849
1,339.835
797,727
1,875,979
220,907
86,296
767,043
1,125,614
833,054
504.282
3,803.211
47.991
1928.
1,096.624
145,731
1,218,241
171.042
20,053
1,053,205
685.868
1,462.021
146,921
82,177
869,248
1,187,042
744.390
423,471
4.941,545
44.764
1927.
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
1,341,550
152.839
1,434.660
259.647
28.578
1,342,643
808.825
1,915,430
219,932
88,45
747.20
1,142,66
830,05
515.77
3,941,626
47,527
1928.
1927.
1,109.126
149,458
1,245,982
172,230
19,203
1,029,499
690,958
1,474.875
148.909
83,544
836,474
1,204.62
726.03
429,284
5,109.93
43,71
1,192.392
91.656
999,983
91.177
16,496
1,100,040
548,028
1,355,252
114,584
65,294
861,468
1,037,141
730.013
359.059
4,356,277
30,609
8,877
8,676
6,206
8,539
6,018
6,576
U. S--- •14,548,861 *14,296,549 *12,783,112 14,825,949 14,477,874 12,956,043
a Includes Illinois, Kansas and Kentucky.
* Includes 88,970 balm 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 88,761 and 162,283
bales of the crone of 1928 and 1927.
3455
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Maas
Crushed
Aug. 110 Apr. 30. Ass;. 1 to„Apr. 30.
On hand at Milts
Apr. 30.
State.
1930.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other Stake
lInfterl States
1929.
1930.
1929.
339,188 265,951 327,288 258.043
62,369
61,668
62,452
61,628
422,568 397.293 396,108 379,104
118,849
88,241
98,478
80,683
462,700 400,527 453,406 396,760
225,330 205.810 223.407 196,047
786,925 613,641 714,887 553,420
282.068 303,700 259,189 294,711
350.941 386,528 354.045 378,278
206,109 206.800 203,720 204,802
329,816 313.900 308,426 291,894
1,247,361 1,689,765 1,255,579 1,665,389
70,172
71,311
70.302
71,052
4 RR4 2514 8 0n4 ona 4.728 287 4.821_811
1829.
1930.
13,089
80
27,542
22,484
9,891
6,349
77,910
8,330
751
2,982
22,466
11,724
8,021
140
18.422
7,796
4,241
9,680
84,220
8,191
5,977
2,163
24.875
37,170
259
105 508
101.165
•Includes seed destroyed at mills but not 41,606 tons and 21,972 tons on hand
Aug.1, nor 92.984 tons and 99,129 tons reshipped for 1930 and 1929, respectively.
COTTON SEED PRODUCTS MANUFACTURED. SHIPPED OUT, AND
ON HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Shipped
Aug.1-Apr 30 Aug. 1-Apr30
On Has
Apr.30.
62.184,052
Crude oil, pound 1929-30 *19,181,886 1,475,703,247 1,446,594,151
80.493.838
1928-29
20,350,682 1,523,620,650 1,480,433,433
516,700,334
Refined oil, lbs_ 1929-30 a338.819,933 bl 276697 310
1928-29 335,993,223 1,329.518,161
570.716.847
Cake and meal, 1929-30
2,058,159
2,101,750
120,258
76,667
226,210
1,981.593
2,175,155
tons
32,648
1928-29
Hulls, tons
66,315
1,301,376
1,303,774
1929-30
63,917
124,122
1,210,692
1,305,523
1928-29
29,291
Linters, running 1929-30
823.941
222,460
975,547
70.8.54
167,375
bales
1928-29
907,136
43,994
1,030,517
Hull fiber. 500- 1929-30
65,464
538
86,776
1,848
pound bales
66.391
2,436
1928-29
66,730
2,775
Grabbots,motes,
18,424
&c..500
-pound 1929-30
42,996
33,025
8,453
balm
12.706
1928-29
44,139
33,336
1.903
•Includes 4,02 ,958 and 7.725,628 lbs held by refining and manufacturing establishments and 4,186,570 and 14,375,970 lbs. in trans t to refiners and consumers
Aug. 1 1929 and April 30 1930, respectively. a Includes 5,508,928 and 7,275,351
lbs. held by refiners, brokers, agents and warehousemen at places other than refbieries and manufacturing establishments and 9,727,216 and 10.482.282 lbs. in
transit to manufacturers of lard substitute, oleomargarine. soap. &c., Aug. 1 1929
and April 30 1930, respectively. b Produced from 1,398,572,694 lbs. of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR EIGHT MONTHS ENDING
MARCH 31.
Item-1929.
1930.
Oil crude, pounds
21,840.032 18,045.517
Refined, pounds
3,721,217 6,350.184
Cake and meal, tons of 2,000 pounds
157.321
268,660
Linters,running bales
83,710
133.139
American Woolen Company Advances Prices 2 to 10 Cents
on 23 Men's Wear Cloths
-Women's Wear Broadcloth
Also Increased in Price.
The American Woolen Co. on May 14 advanced prices
on twenty-three men's wear fabrics 2c to 10c per yard.
The new prices go into effect immediately. Earlier in the
week the company lifted quotations on women's wear
broadcloths Sc to 7c per yard. The New York "Journal of
Commerce" reports this, and adds:
The announcement was unexpected and created a stir in the wool
goods market and among clothing manufacturers late yesterday. In
some quarters It was predicted that other mills will follow the lead
of the big company and advance prices similarly.
The advance is attributed to the higher prices being asked for raw
wool. The London sales, which are the barometer for wool prices,
opened Tuesday with values ranging 754 to 10% above March sales.
So closely did mills figure prices on fall fabrics that a number are
faced with the prospect of selling goods below production costs. Mills
entering the Boston market last week found it almost impossible to
obtain wools at the prices they used in figuring fabric costs at the
beginning of the season.
The price advances include fabrics in departments one, two and
three. Five staple suitings are 2c per yard higher, two outstanding
fancy worsteds are Sc a yard higher and twelve woolen suitings, topcoatings and overcoatings have been lifted Sc. Four woolen fabrics
have been pegged up 10c per yard.
The following fabrics were lifted 2c per yard: Department one, Washingt2n No. 414, No. 3631, No. 3753; Champlain Nos. 406 and 412.
All are staple suitings.
In department two National & Providence No. 3001 and No. 3003
were advanced 5c per yard.
Department three price changes include the following: Norwich No.
3449, twist fleece overcoating; Assabet Nos. 2533, 4516, 7224 and
7228; Pioneer Nos. 3511 and 3512; Vassalboro Nos. 3560, 3561, 3569
and 3753, mostly tweed suitings; Mascoma, No. 3784. All ot tin
above fabrics are Sc higher.
Fabrics raised 10c a yard follow: Webster, Nos. 3460, 3461 and 3469,
fancy topcoatings; Hartland No. 3705.
The price advances are expected to have a far-reaching effect.
Manufacturers are not expected to resist higher prices, a number of
leading cutters having frequently expressed the belief that a general
advance in price would restore confidence in the market and stimulate
business.
-Pennsylvania Crude
Petroleum and its Products
Again Reduced 25c. per Barrel-Oklahoma City
Operators Seek Increased Pipe Line Runs
Further Production Reduction at Darst Creek
Cottonseed Oil Production During April.
Agreed Upon-California Situation Critical.
On May 12 the Bureau of the Census issued the following
Overproduction of Pennsylvania crude oil has brought
statement showing cottonseed received, crushed and on hand another reduction of 25, a barrel, announced Friday, May
and cottonseed products manufactured,shipped out, on hand 16, by the Joseph Seep Purchasing Agency, at Pittsburgh,
and exports during the month of April 1930 and 1929:
for the South Penn Oil Co. Postings on Pennsylvania crude
[VOL. 130.
FINANCIAL CHRONICLE
3456
in New York Transit Co. lines and Bradford district crude
in National Transit Co. line have been eliminated by this
company, as little of this oil is being offered for purchase.
It is announced, however, that a price will be quoted for
such oil as is offered, such price to be based on that paid by
Bradford Transit Co. pipe line, which South Penn owns.
The new prices obtaining following Friday's reduction are:
National Transit Co. lines outside Bradford district, $2.30
a barrel; South West Pa. lines, $2.25; Eureka lines, $2.15,
and in Buckeye lines, $1.95.
The attempt of oil operators in the Oklahoma City field
to obtain increased pipe line runs has not met with favor
of the pipe line companies or of the proration committee of
the Midcontinent Oil & Gas Association. It is believed by
the latter group that an increase in the allowable output
from this field at the present time would be unwarranted in
view of the present unsettled condition in the oil industry.
It is reported from Houston that effective as of May 15
and continuing until June 1,the allowable daily production
of Darst Creek oil field in Guadulupe County, Texas, is
set at 22,295 barrels, a reduction of 1,534 barrels from the
basis of the first half of the month. It was not necessary
for a proration order to be issued by the Railroad Commission as the allowable figures were arrived at by mutual
agreement of the field's operatiors. The potential production
is 245,864 barrels daily.
The situation in California has become very serious, with
the announcement on the part of large purchasers that the
crude price would be sharply reduced if operators did not
come to a workable arrangement on conservation. The
recalcitrant producers are being urged to join the Statewide co-operative movement in an effort to avoid a general
breakdown of the west coast crude price structure.
For the first time in many months daily average production held practically unchanged for the week ending May 10
as compared with the previous week. There was a variance
of only 50 barrels daily, production for the week averaging
2,595,150 barrels daily.
Crude price changes follow:
-Joseph Seep Purchasing Agency, Pittsburgh, announces
May 16.
reduction of 26c. per barrel in Pennsylvania crude oil. New prices are:
National Transit Co. lines outside Bradford district, 12.30 a barrel; South
West Pa., lines, $2.25; Eureka lines, $2.15; Buckeye lines, 11.95.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P. I. degrees are not shown.)
$2.30 Smackover, Ark., 24 and over
Bradford, Pa
1.76 Smackover. Ark., below 2
Corning. Ohio
1.35 Eldorado, Ark., 34
W. Va
Cabell,
1.45 Urania, La
LUInois
1.53 Salt Creek. Wyo.. 37
Western Kentucky
1.23 Sunburst, Mont
MidcontLnent, Okla., 87
.80 Artemis, N. M
Corsicana, Texas, heavy
.87 Santa Fe Springs, Calif.. 33
Hutchinson. Tem.35
1.00 Midway-Sunset, Calif., 22
Luling. Texas
1.20 Huntington, Calif.. 26
Spindietop, Texas, grade A
1.05 Ventura, Calif., 30
Spindletop, Texas, below 25
.65 Petrolia, Canada
Winkler. Texas
11.90
.76
1.14
.90
1.23
1.06
1 08
1.45
1.05
1.34
1.13
1.90
-MARKETS STRONG AS GASOLINE CONREFINED PRODUCTS
-PRICES STEADY
SUMPTION REACHES NEW RECORDS
-HEATING OILS
KEROSENE REMAINS ONE EXCEPTION
CONTINUE FIRM.
Marine fuel oils are steady, with spot buying active on
the basis of $1.15 per barrel for grade C bunker fuel oil, at
refineries. Diesel is firm at $2 per barrel, at refinery.
Leading companies are making strong moves toward
securing more aviation business, and one of the outstanding
features of the week was the successful culmination of the
transcontinental round trip flight of Frank Goldsborough,
19-year-old flier, who was fueled with Richfield products
throughout his record trip, and who has served as an excellent advertisement for the Richfield products. Richfield
and other companies are planning similar aeronautical events
for the coming months.
Price changes of the week follow:
May 12.
-Standard Oil of Ohio advanced tankwagon gasoline 1 cent
and service station prices 2 cents per gallon in Columbiana County, except
East Palestine; in Saline Township, Jefferson County, and throughout
Darke County. These areas now up to state-wide basis of 19 cents Per
gallon tankwagon and 20 cents per gallon, service station.
Gasoline, U. S. Motor. Tank Car Lots, F.O.B. Refinery.
.09
Los Angeles.export_
Beacon Oil
N.Y.(Bayo'n)5.090.10
.0934 Gulf Coast.export-Carson Pet
Stand .
.09
North Louisiana.-.09
Crew Levkk
Stand 011.NY. .10
.0634 North Texas
West Texas
Tide Water Oil Co .09
0934 Oklahoma
Chicago
Richfield 011 Co__ .10
.0734 Pennsylvania
New Orleans
Warner-QuInTnCo .10
.0634
Pan-Am Pet Co__ .0934 Arkansas
.0834
California
Shell Eastern Pet_ .10
.0734
.0334
.0734
0634
.08
.0934
Gasoline. Service Station, Tax Included.
1133
Minneapolis
$.19
$.183 Cincinnati
195
.16 New Orleans
Denver
.21
.21
.188 Philadelphia
.22 Detroit
251
.18 San Francisco
.20 Houston
195
24 Spokane
15 Jacksonville
.16
.179 St. Louis
City
15 Kansas
Kerosene. 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
16.0714
1.0531 New Orleans
NY.(Bayonne).07340.07K Chicago
.0634
North Texas
.0534 Los Angeles, export- .0534 Tulsa
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Fuel 011, 11-22 Degree, F.O.B. Refinery or Terminal.
5 851Gulf Coast
New York (Bayonne)$1.151Le• Angeles
.951Chicago.
Diesel
2.00INew Orleans
Gas Oil, 32-34 Degree, F. 0. B. Refinery or Terminal.
$.031Tulsa
N. Y.
(Bayonns)-$.0534!Chicago
2.75
55
$ 03
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,515,900 barrels, or 95.6% of the
3,678,900 barrel estimated daily potential refining capacity of
the plants operating in the United States during the week
ended May 10 1930 report that the crude runs to still for
the week show that these companies operated to 75.7% of
their total capacity. Figures published last week show that
companies aggregating 3,518,400 barrels, or 95.6% of the
3,678,900 barrel estimated daily potential refining capacity
of all plants operating in the United States during that week,
but which operated to only 73.4% of their total capacity,
contributed to that report. The report for the week ended
May 10 1930 follows:
CRUDE RUNS TO STILLS. GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED MAY 3 1930.
(Figures in Barrels of 42 Gallons.)
District.
Per Cent
Potential
Capac'y
ReportMe.
Crude
Runs
to
Stills.
PerCeni
Opel.
of Total
Capac'y
Report,
Gasoline
Blocks.
Gas
and
Fuel
OS
Hods.
Gasoline markets throughout the entire country are in a East Coast
6,906.000
78.5
3,327,000
9,248,000
100 0
760,000
80.3
641.000
1,788,000
Appalachian
89.1
basically strong condition as consumption reports indicate Indiana,
89.0
2,344.000
3,751.000
Illinois, Kent'ky,
exceeded and new total Okla.. Kansas, Missouri_ 99.5 2,127,000 73.8 8,553.000
4,183,000
4,455,000
89.1
that all earlier estimates are being
88.1
4,413,000
10,132,000
7,942.000
90.8
consumption records being made. Recent statistics showed Texas na-Arkansas
65.4
1.985,000
1,199.000
2,615.000
Louis's
96.8
42.6
415,000
2,743,000
1,083.000
93.6
of taxed gasoline in 43 States for the Rocky Mountain
that the consumption
66.6 16,861,000 108,149,000
99.3
4,156,000
California
first two months of this year increased 14.6% over the lame
Total week May 10_ 95.6 18.622.000
76.7 63,203,000 136,949,000
2,600.300
period last year, and unofficial reports for the period since Daily average
73.4 63,826,000 136,015,000
Total week May 3
95.6 18,073.500
show as great or greater gains.
2,581,900
Daily average
A steady improvement has been noted in the New York Texas Gulf Coast
90.9
7.413,000
3,350,000
6,725.000
100.0
79.6
1.111.000
822,000
2,221.000
market for spot shipments, and the contract business has Louishum Gulf Coast.-- 100.0
firming of U. S.
exceeded expectations. Since the recent
Note.
-All crude runs to stills and stocks figures follow exactly the present Bureau
motor gasoline prices in this market, dealers have operated of Mines definitions. In California stocks of heavy crude and all grades of fuel oil
are
the heading "Gas and Fuel
confidence. , It is rumored that both stillsincluded underforeign and domestic crude. 011 Stocks." Crude oil runs.to
with considerably more
include both
tank wagon and tank car prices here are due for another
upward turn shortly. Prices for bulk gasoline range from Crude Oil
Output in United StatesShowsSmall Change.
tables
9 to 10 cents per gallon, at refinery, as shown in
The American Petroleum Institute estimates that the daily
herewith.
it average gross crude oil production in the United States,
Kerosene has failed to emerge from the slump in which
for the week ended May 10 1930, was 2,595,150 barrels,
past weeks. Prices are fairly easy, ranging
has been for the
volume, for 41-43 water as compared with 2,595,200 barrels for the preceding week,
from 7% to 7% cents per gallon, in
the low a decrease of 50 barrels. Compared with the output for
white, but actual sales are being made at less than
understood that quotations will the week ended May 111929, of 2,624,750 barrels per day,
figure, it is reported. It is
gallon shortly. the current figure represents a decrease of 2,624,750 barrels
be marked to a general level of 73 cents per
division of the market continues daily. The daily average production east of California was
The domestic heating oil
good, 1,960,350 barrels, as compared with 1,962,100 barrels, a
satisfactory. Movement of goods against contracts is
decrease of 1,750 barrels. The following are estimates of
well booked for deliveries throughout the
and refiners are
daily average gross production, by districts:
year.
MAY 17 1930.]
FINANCIAL CHRONICLE
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks Ended
May 10 '30. May 3'20. Apr.26'30. May 11 '29
Oklahoma
653,350
658,800
662,050
671,600
Kansas
127,150
125,450
125,900
114,050
Panhandle Texas
102,850
103,550
95,300
69,450
North Texas
80,100
79.900
79,800
83,500
West Central Texas
59,950
59,250
61.550
50,450
West Texas
317,350
318,300
318,800
350,950
East Central Texas
39,150
36,700
36,400
18,050
Southwest Texas
63,850
63,500
60,550
73,900
North Louisiana
41,150
40,900
42,000
35,350
Arkansas
57,850
58,050
57,900
71,250
Coastal Texas
183,050
179,000
183,050
135.350
Coastal Louisiana
22,100
22,100
20,850
19,350
Eastern (not including Mich.).127,000
128,000
129,000
106,700
Michigan
11,200
11,400
11,900
6,300
Wyoming
52,300
48,000
50,550
50,500
Montana
9,200
9,200
8,700
10,950
Colorado
4,550
4,600
4,400
6.550
New Mexico
11,150
12,450
10,600
1,700
California
633,100
634,800
630,800
758,800
3457
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS,IN APRIL 1929 AND 1930(IN THOUSANDS
OF BARRELS).
District.
April
Production.
1929.
1930.
April
Shipments.
1929.
1930.
Stocks at End
of Month.
1929.
1930.
Eastern Pa., N.J.& Md
3,005 3,067 3,164 3,155 6.781 6,941
New York
900
999
732
857 2,242 1,839
Ohio, Western Pa.& W.Va
1,401 1,458 1,274 1,375 3,777 3,965
Michigan
964
562
897
702 2,659 2,595
Wis.. Ill., Ind. & Ky
1,903 1.366 1,608 1,265 4,343 4,679
Va., Tenn., Ala., Ga., Fla. & La- 1,117 1.262 1,251 1,239 2,114 1,750
East. Mo.,Ia., Minn.& S. Dak._
1,150 1,415 1,086 1,231 4,362 4,046
West. Mo., Neb., Kans., Okla &
Arkansas
953 1,180 1.034 1,265 1,416 1,836
Texas
622
757
625
775
443
825
Colo., Mont..Utah, Wyo & Ida_
307
286
266
262
492
542
California
1,085
838 1,058
921
921 1,104
Total
2,595.150 2,595,200 2.590.100
2,624,750 Oregon and Washington
343
351
330
340
601
585
The estimated daily average gross production for the Mid-Continent
Total
13.750 13.521 13.325 13.387 30 151 30 607
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
East Central and Southwest Texas. North Louisiana and Arkansas,
-The statistics above presented are compiled from reports for April from
for the week ended May 10, was 1,542,750 barrels, as compared with allNote.
manufacturing plants except two for which estimates have been included in lieu
1,544,400 barrels for the preceding week, a decrease of 1,650 barrels. The of actual returns.
Mid Continent production, excluding Smackover (Arkansas) heavy oil,
was 1,502,500 barrels, as compared with 1,504,150 barrels, a decrease of
1,650 barrels.
Copper Prices Advance to 13 Cents.
The production figures of certain pools in various districts for the current
After declining 5% cents a pound in less than a month,
week,compared with the previous week,in barrels of 42 gallons,follow:
-Week Ended-Week Ended- the price of copper was marked up a half cent a pound on
OklahomaEast Central Texas- May 10. May 3.
May10. May 3.
Allen Dome
18.950 19,500 Corsicana-Powell
6,100 8,000 May 12 in two advances of a quarter cent each, the domesBowlegs
Southwest Texas
14,400 19,000
tic quotation becoming 13 cents a pound. This is noted in
Bristow-Stick
16,050 16,150 Dust Creek
19,750 20,000
Burbank
16,500 16,600 Luling
9.500 9,650 the New York "Times" of May 13, from which the followCarr City
22,300 21,250
9.900 8,700 Salt Flat
ing is also taken:
Earlsboro
North Louisiana
40,750 40,000
East Earlsboro
36,250 36,100 HainesvIlle
4,500 4,450
More than a year ago prices rose sharply to 24 cents. Subsequently
Little River
32,100 37,800 Urania
5,400 5,200
they declined to 18 cents, where they held exactly a year, and then worked
East Little River
Arkansas
15,500 18,550
Maud
5,900 5,500 Champagnolle
4,100 4,600 lower.
Mission
5,300 5,250
13,050 12,600 Smackover, light
The first advance of a quarter cent yesterday was made in the morning
Oklahoma City
113,250 116,450 Smackover.heavy
40,250 40,250
and was followed by the heaviest domestic and foreign buiyng of copper
Con/tat Texas
St. Louis
43.700 36,600
Sasakwa
18,200 19,600 that has been done since last September, when 90,000,000 pounds where
10,800 10,500 Barbers Hill
Searight
9,350 9,050 sold in a few days. The rise placed the domestic price at 12,i cents. It
8.950 10,000 Pierce Junction
Semirole
12,000 10.100 was hailed by copper producers as an indication that the long reactionary
15,450 19,600 Raccoon Bend
3.700 3,500 Spindlet®
East Seminole
16,200 17,100
Sugarland
Kansas11,850 10,200 trend in the metal had been ended.
Sedgwick County
Coastal LouisianaCopper buyers, who had deferred placing orders until there were signs
21,200 21,000
Voshell
2,200 2,300 that the price had been stabilized, hastened to place large orders. This
17,850 19,350 East Hackberry
Panhandle TexasOld Hackberry
1,300 1,300 resulted in another
advance of a quarter cent early in the afternoon.
Gray County
68,250 70,900 Sulphur Dome
5,900 5,800
Hutchinson County.- 24,300 22,150 1VyotninyDomestic Sales Are Large.
North TexasSalt Creek
26,100 31,750
Archer County
No estimates of the amount of domestic orders placed yesterday were
18,550 18,100 MontanaWM:ismer County
24,050 24,100 Sunburst
5,600 5,600 obtainable, but several copper companies said wire and brass manufacWest Central TexasCalifornia
Brown County
10,000 9,800 turers had been heavy buyers all day. Domestic buying had hitherto
7,600 7,600 Dominguez
Shackelford County-- 6,650 6,550 Elwood-Goleta
45,300 47,800 lagged behind the foreign demand.
Young County
18,800 18,550 Huntington Beach
28,300 28,200
Indications of firmness in the price of copper appeared at the end of
West TexasInglewood
17,400 17,200 last week, when large orders for domestic and foreign delivery were received.
Crane & Upton Counties 44,300 42,000 Kettleman Hills
15,000 15,300
Howard County
38,000 39,050 Long Beach
99,800 98,900 Export sales on Thursday, Friday and Saturday amounted to more than
Reagan County
16,400 16.600 Midway-Sunset
68,000 68,000 50.000,000 pounds, and, in addition, domestic business was fairly large.
Winkler County
77,800 78.450 Santa Fe Springs
114.500 132,200 Since the beginning of May purchases for shipment abroad totaled more
Yates
113,500 115,000 Seal Beach
23,500 24,000 than 75,000,000
pounds.
Bal. Pecos County- 4,800 4,600 Ventura Avenue
49,090 47,700
Yesterday's sales for export were 24,000,000 pounds, the largest single
day's business since last September. In the morning Copper Exporters,
Portland Cement Output and Shipments Higher
- Inc., advanced the price of the metal for export a quarter of a cent to
13.05 cents, c.i.f. base ports. In view of the large foreign sales of the
Inventories Increase.
last few days and the heavy domestic sales yesterday, part of which were
The Portland cement industry in April 1930 produced made at 13 cents a pound, it was predicted that the export price would
13,521,000 barrels, shipped 13,387,000 barrels from the be advanced another quarter cent today, making the price 13.30 cents,
c.i.f. base ports, and restoring the customary differential.
mills, and had in stock at the end of the month 30,697,000
Stocks of Copper Are Heavy.
barrels, according to the United States Bureau of Mines, Owing to
the large stocks of blister and refined copper, which exceeded
Department of Commerce. The production of Portland 1,000,000,000 pounds at the end of March, copper prices have shown percement in April 1930 showed a decrease of 1.7% and ship- sistent vulnerability to the business depression and to the sluggish demand
reduction last month from 18
cents failed
ments an increase of 0.5%, as compared with April 1929. for the metal. The buying, and subsequent cuts to 14cents and to
stimulate sufficient
to 13
1234
Portland cement stocks at the mills were 1.8% higher than cents were made. Yesterday's advance was regarded in Wall Street as
evidence that lower prices should not be expected.
a year ago.
It was
In the following statement of relation of production to pounds in estimated that stocks of refined copper increased 90,000,000
April.
capacity the total output of finished cement is compared
The drop in the price of copper to 123. cents was noted
the estimated capacity of 165 plants at the close of in our issue of May 10, page 3266.
with
April 1930 and of 159 plants at the close of April 1929.
In addition to the capacity of the new plants which began
operating during the 12 months ended April 30 1930 the Refined Copper Stocks Higher-Production and Shipestimates include increased capacity due to extensions and
ments Lower.
improvements at old plants during the period.
According to the American Bureau of Metal Statistics,
RELATION OF PRODUCTION TO CAPACITY,
stocks of refined copper were 301,338 short tons May 1
in the hands of North and South American producers and
Apri11929. April 1930. Mar.1930. Feb. 1930. Jan, 1930.
refiners, compared with 256,020 tons on April 1, an increase
The month
51.5%
67.1%
64.0%
41.5%
38.8%
of 45,318 tons, or 90,636,000 pounds. Blister stocks on
66.1%
- 71.1%
The 12 months ended
65.6%
66.0%
65.5%
May 1, in process and transit, were 268,675 tons, compared
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND with 266,561 tons on April 1 an increase of 2,114 tons.
CEMENT BY MONTHS,IN 1929 AND 1930(IN THOUS. OF BARRELS),
Total copper above ground in producers' hands to blister
stage and beyond May 1 came to 570,013 tons compared
Shipments.
Production.
Stocks at End of
Month.
Month.
with 522,581 tons April 1, increase of 47,432 tons, says the
1929.
1929.
1930.
1930.
1929.
1930.
- "Wall Street Journal", which further reports:
January
February
March
April
May
June
July
Anglia
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
metal
170.198
a Revised:
8,498
8,162
11,225
13,521
5,707
5,448
10,113
13,225
16,706
18,949
20,319
23,052
19,950
18,895
11,222
5,951
169.437
4,955
7,012
58,905
13,387
26,797
29,870
29,724
30,151
29,624
27,505
24,625
20,056
17,325
15,381
18,213
23,550
27,081
a28,244
30,563
30,697
Refined copper stocks compare as follows with a year ago:
1930.
1929.
1929.
1930.
203,404
62,749
Apr. 1
Feb. 1
256,020
52,968
233,123
55.213
May 1
Mar. 1
301,338
57,494
Surplus stocks were at their low point at the end of October 1928 at 45,648
tons.
Production of refined copper by North and South American mines and
refineries, including imports of cathode copper in April, came to 124,531
tons, a daily average of 4,151 tons,compared with 127,064 tons, a daily average of 4.099 tons, in March and 121,195 tons, a daily average of 4,328
tons. in February.
Shipments by North and South American producers and refineries in
April came to 79.213 tons, compared with 104.167 tons in March and 91.476
3458
FINANCIAL CHRONICLE
In February. Of the April total, 50,017 tons were foreign and 29.196 domestic, compared with 73,644 and 30,523 tons, respectively, in March and
61,879 and 29,597 tons, respectively, in February.
Blister production of copper in North America during April, including
direct-cathode output,came to 88,787 tons, compared with 91.780 in March
and 85,501 tons in February. Blister production by South America, including direct-cathode copper in April was 21,037 tons, compared with
21,367 tons in March and 21,120 tons in February.
Mine production of copper for United States in April came to 60,338
tons, compared with 61,216 tons in March and 59,196 tons in February.
Daily average in April was 2,011 tons, compared with 1,975 in March,
2,114 in February and daily average for first four months this year of 2,072
tons. Daily average in 1929 was 2,757 tons.
OUTPUT OF UNITED STATES MINES, BLISTER COPPER PRODUCTION
OF NORTH AND SOUTH AMERICA. AND STOCKS OF COPPER FOR
NORTH AND SOUTH AMERICA, GREAT BRITAIN..4e. (In short tons).
Nov.
1929.
Dec.
1929.
Jan.
1930.
Feb.
1930.
Mar.
1930.
April
1930.
Production
Mines, United States
75,934 74,772 67,838 59,196 61,216 60,338
107,024 103,025 97,571 85,501 91,780 88,787
x Blister, North America
27,007 27.228 23,967 21,120 21,367 21,037
x Blister, South America
Refined, North de South America_ 145,376 138,203 132,374 121,195 127,064 124,531
170,585 185,728 154,252 139.229 146,905
Y
World, blister basis
Stocks End of Month
North and South America:
Bllster (including "in process") 258,192 268,406 270,209 264,249 286,561 268,675
126,919 171,320 203,404 233,123 256,020 301,338
Refined
Total North & South America 385,111 430,728 473,613 497,372 522,531 870,013
2,522 3,240 3,942 4,003 2,651 3,922
x Great Britain-Refined
4,408 4,044 4,253 5,520 5,267 5,536
Other forme
6,923 7,284 8,195 9,523 7,918 9,458
4,814 5,165 4,960 5,174 6,213 7,684
12 522 14.109 10.513 10.175
9
Y
x Includes direct-cathode copper. y Not yet available. a Official warehouses
only.
SHIPMENTS AND PRODUCTION OF REFINED COPPER BY NORTH AND
SOUTH AMERICAN PRODUCERS AND REFINERIES (in short tons).
Total Great Britain
Havre
Tuna,.
Shipments.
Production.
&rap
Primary
1930.
January
February
March
April
Total 4 months
1929.
January
February
March
April
May
June
July
August
September
October
November
December
Daily
Rase
Total
Erport a
Domes
tic
Toted
123,193 9,181
109,826 11,369
114,899 12,165
113,758 10,773
132,374
121,195
127,064
124,531
4,270
4,328
4,099
4,151
30,358
29,597
30.523
29,196
69,932
61,879
73,644
50,017
100,290
91,476
104.167
79,213
461,676 43,488
505,164
4,212 119,674
255,472
375,146
6,895
5,960
7.059
10,885
10,487
9,055
11.093
9,826
6,738
12,529
13,358
11,361
154.472
141,385
163,561
161,285
181,784
156,447
153,513
148,648
134,343
152.840
145,876
138,203
4.983
5,049
5,276
5,376
5,219
5,215
4,952
4,795
4,478
4.930
4.846
4,458
100,135
98,771
105,860
99,051
93,743
95,258
98,720
96,970
98,043
105.720
58,979
58,150
157,189
148,921
165,806
156.759
148,868
143,719
138,924
142,005
143,984
159,190
106.858
93,802
147.777
135,425
156,502
150,400
151,297
146,492
142.420
138,822
127,605
140,311
133.020
126,842
Total 1929.... 1,698,913 114,944 1,811,857
57,054
50.150
59,946
57,708
55,123
48.461
40,204
45.085
45,921
53.461
37,879
35,652
4,964 588,594 1.119.409 1,706,003
1928.
JantISTY
February
March
April
May
Jima
July
August
September
October
November
December
6,478
7,060
5,810
5,736
6.498
5,948
7,374
5.986
6,131
5,575
7.076
7.126
116.245
117,788
123,162
117.088
122,738
125.065
127,718
137,574
130.897
143,824
148.373
140,779
122.723
124,848
128,972
122.824
129,236
131.024
135,092
143,560
137,018
149,199
155,448
147,905
Total 1928- 1,851,062 76,787 1,627,849
3,959
4,305
4,160
4,094
4,169
4,307
4.358
4.631
4,587
4.813
5,182
4.771
56,721
60,803
55,970
64.989
56,738
57,067
56,785
60,240
51,292
54,992
49,121
49.703
4,448 574,221
64,824
73,789
72,642
72,234
79,103
81,436
82,245
83,398
88,707
100,371
99,822
84,889
121,545
134,392
128,612
137,223
135,841
138,503
139,030
143,638
139.999
155,363
148,943
134,592
983,480 1.657,081
1,418,815 57.691 1,476.506 4.045 641,865 824.844 1,466,709
1927
1,383,604 56,850 1.440,454 3,946 525.861 902,174 1,428,035
1926
1,299,832 52,477 1.352,309 3,705 584,553 831.171 1,415,724
1925
1,267,810 32,522 1,300,332 3,553 586,395 753,389 1,319,783
1924
1136.624 27,281 1,163,885 3,189 521,872 735,521 1.157,393
1923
a Beginning 1926 includes shIpmen 1tfrom Trail Refinery in British ColumLia.
OUTPUT IN SHORT TONS OF MINES IN TITS UNITED STATES FOR
THE PAST SIX MONTHS.
Nog,
1929.
Dee.
1929.
Jen.
1930.
Feb.
1930.
March
1930.
April
1930.
28,912
8,105
31,214
6,803
28.615
7.292
31.999
6,866
25.014
8,894
213.8437
6,223
22.137
6.885
24.325
5,849
23.339
6,533
25.519
6,325
22,337
7,357
24,944
15,700
.r.e.: eemie oroduction_ 75.934
74.772
67.838
59,196
61,216
80,338
Porphyry mines
Lake mines
Vein mines
Custom ores
:Partly estimated.
American Brass Quoting Advanced Prices.
The Boston "News Bureau" of May 13 stated:
[VOL. 130.
RecordVonnage ofLCoppergSold in Week-Domestic
and Export Bookings Total 196,000 Tons
-Lead
Active and Higher-Zinc Unsettled.
Domestic sales of copper during the past week totaled
136,700 short tons, the largest weekly tonnage ever sold in
the history of the industry, reports "Metal and Mineral
Markets." A very active foreign business brought the combined bookings to the tremendous total of 196,000 tons. The
buying wave, which started Wednesday a week ago attained
ts peak on Monday of the current week, just before most
sellers advanced their quotations to 13 cents, delivered
Connecticut. The publication referred to makes the following additional observation:
The unfavorable April statistics came out too late to influence the situation. The activity of last week is expected to mark the turning point in the
accumulation of stocks in the hands of producers. The huge sales total of
the week more than offset the unfavorable statistics.
Lead sales, amounting to approximately 9,000 tons for the week,recorded
the largest seven-day period in eight months. Prices advanced to 5.60
cents, New York. The greater demand was due partly to the activity in
copper and partly to higher prices in London. Nearly half of the sales
booked were for prompt or May shipment, with about the same amount for
June and 12% for July. Cable manufacturers were the most active buyers.
Demand for zinc was more active than in the week preceding, but total
sales were disappointing. Sales during the week went through at quotations
ranging from 4.60 to 4.65 cents for Prime Western, East St. Louis basis.
At the close, however, there were sellers at 4.60 cents.
Tin touched a new low for the current movement into last week when it
dropped to 31
cents for prompt Straits. This was the lowest quotation
since 1922. An excellent demand, attracted by the low prices, soon
evaporated, and the market closed quietly at about 3331 cents.
Steel Output Again Recedes
-Pig Iron Price Lower.
In a market characterized by price weakness, intermittent
specifications, fluctuating mill operations and apathetic
buying, raw steel output has declined from 77 to 75% of
capacity, the "Iron Age" of May 15 says. The Steel Corporation rate remains at close to 80%, but further curtailment by independents has brought down the general average,
adds the "Age," which further reports:
A further slight gain in releases from the automobile industry, improvement in fabricated structural steel awards, increasing demand for line pipe.
a growing volume of civil engineering work and sizable contracts for ships
and barges are favorable developments. On the other hand,railroad equipment orders are light, rail mill backlogs are steadily being reduced, tin plate
output has receded to a 75% rate and output of farm implements shows
signs of tapering.
Prices have given further ground, with declines reported among all classes
of products from finished steel to scrap and coke. Old material markets
are uniformly sluggish or weak, and heavy melting scrap has receded 25c.
a ton at Pittsburgh, Chicago, Cleveland and Cincinnati and 50c. a ton at
St. Louis. Foundry pig iron is off 50c. a ton at eastern Pennsylvania
furnaces and has been marked down an equal amount by Cleveland producers for outside shipment. Finished products that have undergone price
reductions include galvanized sheets, fender stock, large rivets and bolts
and nuts.
Orders for steel pipe placed by the Sun Oil Co.for a gasoline line from
Philadelphia to Cleveland now total 20.000 tons. Several hundred thousand
tons of large-diameter line pipe are expected to be placed within the next few
months. The Columbia Gas St Electric Corporation plans to lay a 400
-mile
24-inch gas line from West Virginia to Washington and Baltimore and the
Phillips Petroleum Co. will build a 350
-mile gasoline line from Texas to
Kansas City.
These and ether projects, together with contracts already placed,account
for the recent prediction of President Farrell of the Steel Corporation that
pipe mills will soon be fully booked until the end of the year. While the
outlook in line pipe is favorable,demand for other forms ofsteel pipe remains
quiet. Consumption of standard pipe is estimated at 20% below that of
last year.
A decline of 50c. a ton at Philadelphia brings the "Iron Age" composite
Dig iron price down to $17.58 a gross ton, the lowest figure since July.
1928. Last week it stood at $17.67. The finished steel composite is unchanged at 2.228c, a lb., as the following table shows:
Finished Steel.
ag0
May 131930, 2.238c. a Lb.
One week
2.2280.
One month ego
2.2640.
One year ago
2.412e.
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.
High.
Low.
1930_2.362o, Jan. 7 2.228e. Apr. 29
1929.-2.412c. Apr. 2 2.362c. Oct. 29
1928-.2.301c. Dec. 11 2.314e. Jan. 3
1927_2.453c. Jan, 4 2.2980. Oct. 25
l9262
. 0g
ay
4 ilso 2: . 1.:
1
192.81- .860: Jen
. .
.2
. a.
.
.
May 13 1930,1 117rone Gross Ton.
P 4 1 58
.
One week ago
317 67
One month ago
One year ago
17 76
8..71
Based on average of basic Iron at Valley
furnace and foundry irons at Chicago.
Philadelphia. Buffalo, Valley and BlumIngham.
High.
Low.
1930-418.21 Jan. 7 $17.50 Apr, 29
1929-- 18.71 May 14
18.21 Dec. 17
1928.- 18.59 Nov. 27
17.04 July U
1927.- 19.71 Jan. 4
17.54 Nov. I
4126...._ 21
13 I::: 1: 1:::: l'ul 'I
Steel plates and shapes have been reduced to 1.70c., base,
Pittsburgh, and steel bars to 1.75c., the second cut of $1
American Brass Co. has withdrawn prices on rolled and drawn products. per ton within a month, states the "Iron Trade Review."
Advanced prices are now being named upon receipt of inquiries.
Cleveland, on May 15. Plates and shapes, now the lowest
A reduction in prices by the American Brass Co. was noted since 1915, have declined $4 a ton this year, and bars $3,
continues the "Review," adding:
in our issue of April 26, page 2880.
Bolts and Rivet Prices Reduced.
Large makers of nuts and bolts have reduced prices 10%,
says Pittsburgh advices to the "Wall Street Journal" of
May 14. It is stated that this takes formal recognition of
some of the price concessions recently made. Prices of large
rivets have been reduced $4 a ton to 2.90 cents per pound.
There are indications that if those levels, with which other districts
undoubtedly will conform, do not represent bottom, producers will move
swiftly to ascertain it. The new prices will not apply to extremely small
buyers nor will they be retroactive, if producers can avoid it.
Bolt and nut prices are off 10%,and rivets 81 per ton. Beehive furnace
coke, unchanged since December, is down 10 cents a ten. More shading
Is reported on pig iron and sheets, especially in the West. Further unsteadiness has developed in scrap. Concrete bars are softer, and warehouse quotations may soon reflect the new mill levels. Semi
-finished prices
are not strong.
MAY 17 19301
FINANCIAL CHRONICLE
Considering that pipe and wire products received substantial shakedowns
and that the flat-rolled lines have steadily been declining, practically all
steel products have been adjusted in the past 60 days. Barring the customary midsummer quietness, producers believe the worst in demand is
past, and are now endeavoring quickly to liquidate whatever weakness
remains in prices.
In point of demand the steel markets continue to show a mild but steady
drift downward. Automotive requirements, which have been gaining
slightly, appear less vigorous. Structural steel awards,following last week's
burst of activity, have settled back to the year's mediocre average. The
railroads continue to shun the equipment market, and are spreading their
track material deliveries unusually thin. Western implement and tractor
plants are reported curtailing.
Plates at Chicago are an outstanding line. Mills have backlogs of 30
days on sheared and 30 to 45 days on universal. Fifty thousand tons of
Western tank inquiry is expected shortly. Railroad car builders' specifications continue broad. In the East, five ships placed by the United Fruit
Co.require 16,250 tons,chiefly plates, while three for the Eastern Steamship
Co. will release 10,000 tons.
Although there is nothing in open inquiry to substantiate it, the forecast
of the President of the United States Steel Corp. that within 30
days Pipe
mills will book sufficient business to carry them into 1931 is accepted as an
earnest of nearby heavy awards. Over the past few weeks the backlogs
of pipe mills have been gradually lengthening. Activity in cast-iron pipe Is
more pronounced at Chicago.
Hot-rolled strip continues the most active flat-rolled line, due in large
measure to automotive bookings. Pittsburgh finds sheet orders from all
classes of users, including automotive, somewhat lighter. Tin plate is
dropping further into a seasonal pocket, although still averaging mill operations of 80 to 85%. Shipments of wire products in most districts exceed
new business.
Both shipments and booldngs of pig iron approximate the April average.
Automotive foundries are taking in slightly more iron. A cargo of 7,000
tons of boat iron, part of which is offered $1 below the market, has been
unloaded at Chicago, where the $19 furnace price is being shaded. Beehive furnace coke now sells at $2.50. As scrap prices recede, country collection dwindles, and smaller offerings are forecast.
Steelmaking operations are little changed, but the tendency is midlY
downward. Ingot operations hold with difficulty at 90% for Chicago and
75 for Pittsburgh. Youngstown mills are a shade stronger this week at
70% with more sheet and strip capacity engaged. Cleveland is off 3 points,
to 76%. Buffalo is up 2 points to 70%. Steel corporation subsidiaries still
average 80%. One steel-works blast furnace at Cleveland has been
dropped, with one scheduled for lighting June 1.
Market conditions in the Pacific Coast States continue spotted.
In
California only cast iron pipe business shows an increase over last year.
Sellers in the Pacific northwest are endeavoring to strengthen the market
on plates. Seattle takes bids June 17 on 12,000 tons of structurals for a
bridge.
In Europe as in the United States weak prices have been a concomitant
of low demand, and fixed prices of the Continental Steel entente have been
circumvented by the waiving of freight charges and other sub rosa concessions. There is some opinion that the entente faces a real test. European
markets, both domestic and export, are dull.
Bar, plate and shape price reductions lower the "Iron Trade Review"
Index 12 cents this week, to $33.84. The average for April was $34.44,
and last May $37.10. It continues at the lowest point since April 1922.
The "American Metal Market" this week says:
Steel production has been slipping slightly during the last three weeks.
In this respect it makes a favorable comparison with the average of all years
up to last year, the regular thing having been a pronounced decrease, beginning about April 1. With last year it makes an unfavorable comparison,
neak production fell in May last year, with June only a trifle lower.
Unfilled Steel Orders Show Decrease.
The United States Steel Corp. reports the unfilled orders
on the books of its subsidiaries as of April 30 1930 at 4,354,220 tons. This is 216,533 tons less than the amount
reported on March 31 1930 and compares with 4,427,763
tons unfilled on April 30 1929. Below we show the monthly
figures back to 1925. For earlier dates see "Chronicle" of
April 17 1926, page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
End of Month. 1930.1928.
1926.
1927.
1925.
January
4.468.710 6.109487 4,275.947 8.800,177 4.882,739 5.037,323
February
4,479.748 4,144,341 4.398.189 3.597,119 4.616.822 5.284.771
Marsh
4570,653 4,410,718 4.335,206 3.553.140 4.379.935 4.863.504
Argil
4,334,120 4,427,763 3.872,133 3.458.132 3.867,976 4.446.568
May
4,804,167 3,416,822 3,050.941 3,649,250 4.049.800
June
4,256,910 3.837.009 3,053.246 3.478,642 3,710.458
July
4,088,177 3.570.927 3,142.014 3,602.522 3.539.467
August
3,658,211 3,624.043 3,196.037 3,542.335 3.512,803
September.
8,902,581 3,698,368 3,148,113 3.593,509 3,717.297
October
4.086,562 8.751,030 3,341,040 3,683.661 4,109,183
November.
4,125,345 3,643,000 3,454.444 8,807,447 4.581.780
December
4.617.198 3.976.712 8,972.874 3.960.969 5.033.364
New York Chapter of Institute of Scrap Iron & Steel
Names Committee to Confer With Steel Corporations with View to Stabilizing Scrap Iron Industry.
A committee was appointed May 6 at a meeting of the
New York chapter of the Institute of Scrap Iron and Steel
in the Pennsylvania Hotel to confer with James A. Farrell,
President of the United States Steel Corp.; Eugene G. Grace,
President of the Bethlehem Steel Corp., and L. E. Block,
Chairman of the Inland Steel Corp., on a plan to stabilize
the scrap iron industry. We quote from the New York
"Times" of May 7, which likewise said:
3459
Production of Bituminous Coal at Lower Rate Than a
Year Ago, but Exceeds That of Previous Week
Output of Pennsylvania Anthracite Higher.
According to the United States Bureau of Mines, Department of Commerce, there were produced in the week
ended May 3 1930 a total of 8,330,000 net tons of bituminous
coal, 1,726,000 tons of Pennsylvania anthracite and 63,700
tons of beehive coke, as compared with 8,191,000 tons of
bituminous coal, 1,404,000 tons of Pennsylvania anthracite
and 67,800 tons of beehive coke produced in the previous
week and 8,898,000 tons of bituminous coal, 1,633,000 tons
of Pennsylvania anthracite and 120,800 tons of beehive coke
in the week ended May 4 1929.
For the calendar year to May 3 1930, the output of bituminous coal totaled 164,598,000 net tons as compared with
181,022,000 tons in the calendar year to May 4 1929. The
Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended May 3. including lignite and coal coked at the mines, is estimated at 8,330,000 net tons.
Compared with the output in the preceding week this shows an increase of
139,000 tons, or 1.7%. Production during the week in 1929 corresponding
with that of May 3 amounted to 8,898,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
19301929
Cal. Year
Cal. Year
Week Endedto Date.
Week.
Week.
to Date.a
April 19
8,103,000 148.077,000
8,766.000 162,885,000
Daily average
1,351,000
1.591,000
1,461.000
1,751.000
April 26b
8,191,000 156.268.000
9.239,000 172,124,000
Daily average
1,365.000
1,577,000
1.540,000
1,739,000
May 3 c
8.330,000 164,598,000
8,898,000 181,022,000
Daily average1,388,000
1,566,000
1.483,000
1,724,000
a Minus one day's production first week in January to equalize number
of days in the two years. b Revised since last report. e Subject to re.
vision.
The total production of soft coal during the present calendar year to
May 3 (approximately 105 working days) amounts to 164,598.000 net tons.
Figures for corresponding periods in other recent calendar years are given
below:
181,022,000 net tons11927
1929
205,189,000 net tons
167,368,000 net tons11926
1928
191,832,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended April 26 is
estimated at 8.191,000 net tons. Compared with the output in the preceding week, this shows an increase of 88,000 tons, or 1.1%. The following table apportions the tonnage by States and gives comparable figures
for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
Apr. 1923
Apr.26'30. Apr. 1930.Apr.27'29. Apr.28'28. Average.a
State,
Alabama
342,000
298,000
290.000
342,000
412,000
12,000
Arkansas
13,000
26,000
16,000
21,000
83,000
74,000
Colorado
164,000
193,000
184,090
845,000
Illinois
877.000
877,000
470.000 1,471,000
272.000
265,000
Indiana
286,000
209.000
514.000
54,000
Iowa
50.000
69.000
59.000
100,000
28,000
Kansas
d39.000
37.000
21,000
79,000
Kentucky
800.000
Eastern
800,000
729.000
833,000
620,000
152,000
Western
225,000
139,000
327,000
188.000
39,000
45.000
Maryland
39,000
46.000
52.000
8,000
Michigan
14,000
13,000
10.000
22.000
55,000
65,000
57,000
53,000
Missouri
59.000
50.000
30.000
33.000
Montana
42,000
47.000
51,000
30,000
33,000
New Mexico..
59,000
53,000
16,000
15,000
19,000
21,000
22.000
North Dakota--223,000
419,000
380,000
335.000
Ohio
766.000
46.000
29,000
49.000
41.000
24.000
Oklahoma
Penna. (bitum.)- 2,340,000 d2,336,000 2,693,000 2,416,000 3,531.000
121.000
108,000
101,000
104.000
99.000
Tennessee
20,000
20,000
17.000
9,000
8.000
Texas
70,000
67.000
66,000
45,000
40,000
Utah
205.000
241.000
249,000
211,000
202,000
Virginia
44.000
41,000
Washington
35,000
31,000
32,000
West Virginia:
Southern b_.... 1.639,000 1,571.000 1,798.000 1,651,000 1,256.000
721,000
675,000
778.000
Northern c
628,000
670,000
105,000
103.000
116.000
92,000
67.000
Wyoming
6,000
2,000
6.000
1,000
2,000
Other States__ _ _
Total bitum. coal 8,191,000 8,103.000 9,239.000 8.325,000 10.836,000
833,000 1.886.000 1.855,000 1,974.000
Penna.anthracite 1.404,000
Total all coal__ 9,595,000 8,936,000 11325,000 10.180,000 12,810.000
a Average weekly rate for entire month. b Includes operations on the
N. & W.; C. & O.; Virginian; and K. & M. c Rest of State, including
Panhandle. d Revised.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
May 3 is estimated at 1.726.000 net tons. Compared with the output in
the preceding week,this shows an increase of 322,000 tons, or 22.9%.
Production during the week in 1929 corresponding with that of May 3
amounted to 1,633,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1930192.3
Week. Daily Aver.
Daily Aver.
Week.
Week Ended833,000
1,424,000
138,800
237,300
April 19
1,404.000
234,000
1,885,000
314,200
April 26
1,726,000
287.700
1,633,000
272,200
May 3
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended May 3 1930 is estimated at 63,700 net tons. This shows
a decrease of 4,100 net tons as compared with 67,800 tons in the corresponding month last year and 67,800 tons in the week ended April 261930.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1929
1930
to
May 4
May 3 Apr. 26
to
Date.a
Date.
1929.
1930.
1930.b
Region.
Pa., Ohio and W.Va___ 54,900 60,000 111.600 1,075,400 1.769,400
5,000
6,400
104,700
115,800
Ga., Tenn. and Va_ ___ 7,000
4,200
1,400
45,300
99,900
Col., Utah and Wash__ 1.800
Benjamin Schwartz, Chairman of the Committee,said that in the interest
of the industry plans would be discussed for preserving the trade in scrap
iron for members of the institute. They are dealers who buy the product
from railroads, building wreckers and small factories to supply foundries
and steel mills.
J. L. Spitzer of Now York was elected President of the chapter to succeed
Thomas Kelly, also of this city. Charles 0. Macintosh of Hartford, A. A.
Gerson of New York and George Modell of New Haven were elected Vice.
67.800 120,800 1,225,400 1,985.100
United States total-- 63,700
20,133
11,300
10,617
Presidents; Louis Fisher, New York,Treasurer, and Frank Fry, New York, Daily average
11,560
18,727
Secretary. Directors also were elected. The chapter affirmed its merger
a Minus one day's production first week in January to equalize number
with the Southern New England chapter to form the metropolitan chapter. of days in the two years. b Subject to revision.
[VOL. 130.
FINANCIAL CHRONICLE
3460
Current Events and Discussions
The Week w*th the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 14, made public by the Federal
Reserve Board, and which deals with the results for the 12
Reserve banks combined shows decreases for the week of
$27,000,000 in holdings of discounted bills and $4,200,000
In bills bought in open market. Member bank reserve
deposits increased $29,900,000 and cash reserves $6,100,000,
while Government deposits declined 821,000,000 and Federal
Reserve note circulation $28,100,000. Total bills and
securities were $31,100,000 below the amount reported a
week ago. After noting these facts, the Federal Reserve
Board proceeds as follows:
The principal changes in holdings of discounted bills for the week were
decreases of $26,900,000 at the Federal Reserve Bank of New York,$3,900.000 at Chicago and $2.500,000 at San Francisco, and increases of $4,600,000
at Boston and $2,000,000 at Cleveland. The System's holdings of bills
bought in open market declined $4,200.000, of U. S. bonds $2,700,000 and
of Treasury bills and certificates $4,300,000, while holdings of Treasury
notes increased $7,100,000.
Federal Reserve note circulation was $28,100,000 less than a week ago,
all Federal Reserve banks except Cleveland reporting decreases for the
week. The principal changes by Federal Reserve banks were decreases of
$8.900,000 at Chicago, 84,900,000 at New York, 83,600,000 at Boston and
$2.400,000 at Atlanta, and an increase of $2,400,000 at Cleveland.
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 3498 and 3499. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended May 14 1930, follows:
Increase
Total reserves
Gold reserves
May 141930.
$
3,248,259,000
3,074,082,000
1+)
or Decrease (—)
During
Year.
Week.
$
$
+6,135,000 +236,736,000
+5,913,000 +235,959,000
920,023,000 —31.072,000
U.S. Government securities
Other securities
1,091,000,000 1,099,000,000 1,062,000,000
876,000,000 872,000,000 795,000,000
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
760,000,000
49,000,000
726,000,000
54,000,000
741,000,000
47.000,000
5,444.000.000 5,384,000,000 5,167,000,000
1,372,000,000 1,370,000,000 1,181,000,000
18,000,000
44,000,000
18,000,000
Due from banks
Due to banks
112,000,000
942,000,000
100,000,000
824,000,000
28,000,000
Borrowings from Federal Reserve Bank-
141,000,000
949,000,000
166,000,000
Loans on scour, to brokers & dealers;
For own account
1,618,000,000 1.611,000,000 860,000,000
1,069.000,000 1,123,000,000 1,725,000,000
For account of out-of-town banks
For account of others
1,320,000,000 1,341,000,000 2,979,000,000
Total
On demand
On time
4,007,000,000 4,074,000,000 5,565,000,000
3,376,000,000 3,450,000,000 5,213,000,000
631.000,000 623,000,000 352,000,000
Chicago.
Loans and investments—total
1,863,000,000 1,866,000,000 1,881,000,000
Loans—total
1,482,000,000 1,493,000,000 1,488,000,000
On securities
All other
874,000,000
608,000,000
879,000,000
614,000,000
813,000,000
676,000,000
381,000,000
373,000,000
393,000,000
167,000,000
214,000,000
161,000,000
213,000,000
173,000,000
219,000,000
Reserve with Federal Reserve Bank—. 183,000,000
Cash in vault
13,000,000
175,000,000
13,000,000
167,000,000
14,000,000
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
1,251,000,000 1,246,000,000 1,187,000,000
540,000,000 539,000,000 539,000,000
2,000,000
2,000.000
11,000,000
Due from banks
Due to banks
115,000,000
336,000,000
115,000.000
334,000,000
Borrowings from Federal Reserve Bank_
139,000,000
311,000,000
24,000,000
—304,326,000
210,486,000 —26,962,000
Bills discounted, total
Secured by U.S. Govt. obligations_ 83,543,000 —23,077,000
126,943,000 —3,885,000
Other bills discounted
May 141930. May 7 1930. May 151929.
1,967,000,000 1.971,000,000 1,857,000,000
Investments—total
—704,113,000
—429,294,000
—274,819,000
Total bills and securities
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
+24,928,000
171,035,000 —4,168,000
As explained above, the statements for the New York and
Bills bought in open market
527,902,000
+58.000 +372,076,000 Chicago member banks are now given out on Thursdays,
U. S. Government securities, total
+2,031,000
52,431,000
—2,714,000
Bonds
193,816,000
+7,067,000 +103,206,000 simultaneously with the figures for the Reserve banks themTreasury notes
281,655,000
—4,295,000 +266,839,000 selves, and
Certificates and bills
covering the same week, instead of being held
Federal Reserve notes in circulation 1,464,897,000 —28,097,000 —181,761,000 until the following Monday, before which time the statistics
+55,322,000 covering the entire body of reporting member banks, in 101
2,420,830,000
+7,821,000
Total deposits
+59.473,000
2,379,360,000 +29,914,000
Members' reserve deposits
—841,000 cities, cannot be got ready.
12,837,000 —20,957,000
Government deposits
In the following will be found the comments of the Federal
Member Banks for New York and Chicago Reserve Board respecting the returns of the entire body of
Returns of
reporting member banks of the Federal Reserve System for
Federal Reserve Districts—Brokers' Loans.
the week ended with the close of business May 7:
Beginning with the returns for June 29 1927, the Federal
The Federal Reserve Board's condition statement of weekly reporting
Reserve Board also commenced to give out the figures of the member banks in leading cities on May 7 shows decreases for the week of
New York Federal Reserve District, $108,000,000 in loans and investments, $254,000,000 in net demand demember banks in the
posits and
as well as those in the Chicago Reserve District, on Thurs- in time 245,000,000 in Government deposits, and increases of $24,000,000
deposits and 85,000,000 in borrowings from Federal Reserve banks.
simultaneously with the figures for the Reserve banks
days,
Loans on securities declined $95,000,000 in the New York district,
of waiting until $15,000,000 in the San Francisco district, $11,000,000 in the Boston disthemselves, and for the same week, instead
trict
and increased $8,000,000 in
the following Monday, before which time the statistics cover- the and $122.000,000 at all reporting banks,increased
Philadelphia district. "All other" loans
$14,000,000 in the
ing the entire body of reporting member banks in the dif- Chicago district and $10,000,000 at all reporting banks.
Holdings of U. S. Government securities declined $13,000,000 in the
ferent cities included cannot be got ready.
New York district and $15,000,000 at all reporting banks, and increased
Below is the statement for the New York member banks $7.000,000 in
the Minneapolis district, while holdings of other securities
and that for the Chicago member banks thus issued in Increased $16,000,000 in the New York district and $18,000,000 at all
advance of the full statement of the member banks, which reporting banks.
The principal changes
borrowings from Federal Reserve banks for the
latter will not be available until the coming Monday. The week were an increase ofin
$15,000,000 at the Federal Reserve Bank of New
New York statement, of course, also includes the brokers' York and a decrease of $5,000,000 at San Francisco.
A summary of the principal assets and liabilities of weekly reporting
loans of reporting member banks. The grand aggregate of
member banks, together
changes during the week and the year ended
these brokers' loans the present week shows a decrease of May 7 1930, follows: with
Increase (+) or Decrease (—)
$67,000,000, the total of these loans on May 14 standing at
Since
May 71930. Apr. 30 1930.
$4,007,000,000 as compared with $5,565,000,000 on May
May 8 1929.
15 1929. The present week's decrease of $67,000,000 follows Loans and investments—total____22,645,000,000 —*108,000,000 +551,000,000
a decrease of 8200,000,000 last week but comes after an in- Loans—total
16,852,000,000 —112,000,000 +595,000,000
crease of 8785,000,000 in the nine weeks preceding. The
On securities
8,259,000,000 —122,000,000 +1,018,000,000
All other
8,593,000,000
+10,000,000 —423,000,000
loans "for our account" increased during the week from
loans "for account Investments—total
81,611,000,000 to $1,618,000,000 while
5,792,000,000
+*3,000,000
—44,000,000
of out-of-town banks" decreased from $1,123,000,000 to
U. B. Government securities__-_ 2,837,000,000
—15,000,000 —142.000,000
Other securities
2,955,000,000 +*18,000,000
+97,000,000
$1,069,000,000 and loans "for account of others" from
Reserve with Federal Res've banks 1,727,000,000
+45,000,000
—47,000,000
$1,341,000,000 to $1,320,000,000.
CENTRAL
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN
RESERVE CITIES.
New York.
May 14 1930. May 7 1930. May 15 1929.
Loans and investments—total
7,832,000,000 7,840,000,000 7,194,000,000
Loans—total
5,865,000,000 5,870,000,000 5,337,000,000
On securities
A II other
3,407,000,000 3,409,000,000 2,641,000.000
2,458,000,000 2,461,001,000 2,696,000,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
•April 30 figures revised.
218,000,000
+4,000,000
—19,000,000
13,327,000,000
7,079,000,000
51,000,000
—254,000,000
+24,000,000
—45,000,000
+341,000,000
+308,000,000
—57,000,000
1,181,000,000
2,924,000,000
—7,000,000
—6,000,000
+143,000,000
+342,000,000
79,000,000
+5,000,000
—605,000,000
MAY
171930.]
FINANCIAL CHRONICLE
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 May 17 the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business for the week ended May 9 continued to be dull, with slightly less
pessimism, owing to the peso exchange recovery and continuance of rains
which are favorable to the agricultural and livestock industries of the country. As compared with the corresponding period of the previous year,
the tonnage and value of exports during the first quarter of 1930 decreased
35% and 33% respectively. The annual show is somewhat increasing
sales of radio but those and the attendance at the show are not equal to
last year's record. The demand for carded yarns is good, prices low,
and the outlook fair. The knitting mills are now pushing the sale of winter
underwear stocks. The demand for mercerized yarn is steady, and prices
standard.
AUSTRALIA.
Improvement in wool prices, together with moderate rains in wheat and
pastoral areas, is creating better feeling throughout the Commonwealth.
Prices for finer grade wools have increased approximately 5% from last
week's quotations. The Parliament of New South Wales is considering a
bill which rations employment, provides for a 48
-hour week, and permits
wages to be based on results in certain industries. Less cargo arrived during
the week, reflecting the effect of the recent emergency tariff measure. Attendance at the Melbourne Automobile show is larger than last year,
and light model cars proving popular. Twenty-four more exhibitors are
participating in this year's show.
3461
opinion that construction and expansion will proceed only at a slow pace.
Interest in the road-building program is considered responsible for the
optimistic trend. Work has been started on a new road and hydro-electric
plant near Ciudad de Maiz, Tamaulipas, giving employment to 500 men.
The irrigation program is progressing in a satisfactory manner. Collections have shown a slight improvement.
NETHERLANDS EAST INDIES.
The past week's bazaar markets show slight improvement, with stocks
gradually diminishing, but money is still scarce and the credit situation is
bad. There is a possibility of income taxes and import duties being increased due to the unfavorable financial position of the Government. A
large number of European rubber estates in Java have stopped tapping,
In keeping with the plans for May.
The Department's summary also includes the following
with regard to the Island possessions of the United States:
PHILIPPINE ISLANDS.
Philippine business continues depressed. Provincial ordering of -textile
and hardware is poor. Textile trade in general shows no improvement, but
there is some activity in the cheaper Japanese lines. Credits and collections are difficult and stocks of import lines are considered abundant.
Despite dulness in the automotive trade. April sales of tires held up well.
Copra prices are unchanged at 10.625 pesos per picul of 139 pounds for
warehouse grade resecado f.o.b. Cebu; Manila, 10.50; and Legaspi and
Bondage, 10.125. (Peso equals $0.50.) Two oil mills are operating.
Receipts of copra at Manila from the let to the 6th of May totaled 36,419
sacks, and arrivals at Cebu the first two days of the month amounted to
20,956 sacks. The Insular Bureau of Plant Industry reports the presence
of Floride red scale on coconut trees in Iloilo. Owing to the absence of
trade demand, the abaca rnarkrt is quiet, with little if any local disposition
to sell at London and New York offers.. Receipts during the week ended
May 1 were 26,261 bales and stocks at export ports on May 5 totaled
142,676 bales, compared with 204,363 a year previous.
BRAZIL.
The general business situation remains unchanged, although there is still
optimism concerning the early improvement of conditions. Coffee shipments have been light and the prices for futures weakened considerably
after last week's rise. Official trade figures for 1929 show that imports Salaries of Officials of Bank for International Settlements
declined £4,000,000 and exports £2,600,000. Imports of American goods
—Gates W. McGarrah, President, to receive $50,000
increased 8% over the 1928 trade, however, while the British and German
a Year.
goods fell 15 and 3%,respectively. The American share of the total import
Associated Press advices May 13 from Basle, Switzerbusiness amounted to 27% in 1928 and to 30% in 1929, while the British
share amounted to 22% and 19%, respectively, and the German share to land, said:
respectively.
12 and 13%,
The Bank for International Settlements today fixed the salaries of
CANADA.
its heads. Gates W. McGarrah, President, will receive $50,000 a year;
Business conditions are improved generally although tariff readjustments Leon Fraser, Deputy Chairman, $40,000, and Pierre Quesnay, General
have disturbed importations and the announcement of a general election to Manager, $30,000 a year.
be held this summer has had an unsettling effect, according to telegraphic
information. The Ontario Provincial Government has passed legislation
setting aside $2,000,000 for loans to farmers to buy electrical appliances
International Settlements Formally Brought Into
and equipment. General sales of such equipment are reported to have been Bank for
Existence at Basle, Switzerland—Offering of Bank
excellent during the first quarter of the year, particularly in appliances,
ranges and refrigerators. The volume of orders from the industrial field
Shares in France and Other Countries May 20—Probwas also considered satisfactory. Nickel business is reported to be about
lems and Differences of Principals awaiting Adjust25% under 1929 volume, at this period.
ment.
CHINA.
The Bank for International Settlements, under the presPractically all Shanghai markets, both import and export, are weak,
with no signs of any early improvement. Continued stalemate and general idency of Gates W. McGarrah, of New York, was officially
lack of improvement in the internal situation extends small hope for any
expansion in business to upcountry areas, and prevents normal delivery brought into existence at Basel, Switzerland, May 12, the
from stocks held in Shanghai. Moreover, the lower silver rates registered Associated Press accounts from there on that date stating:
In the past week made buyers reluctant toward making commitments.
The directors confirmed this afternoon the provisional decisions they
Canton trade was very dull during April, with large stocks of imported had taken at previous meetings, before Italy and Great Britain and
goods still on hand. The raw silk market continued depressed, with prices finally ratified the Young Plan.
tending downward. It is reliably estimated that only 110 of the 170 filaAt a second meeting of the directors later in the afternoon, the contures in the Canton area started the new season. Scarcity of rice in Canton ditions under which the $300,000,000 reparations loan will be issued
appears imminent, with forecasts indicating a fair first crop. April ship- were discussed.
ments to the United States totaled only $588,658,compared with $1,128,852
An official statement afterward announced that if the Reparations
In that month last year. General business conditions in Manchuria conCommission formally stated the Young Plan to be in force before May
tinued unchanged, with retailers buying for immediate need only. The
17, the issue of bank stock and payment of capital would take place on
market for export commodities is also quiet. Weather conditions continue
20.
favorable for planting and growth of new crops. According to an official May
The board of directors was advised today that the banks of issue in
bulletin issued by the Mukden Government, the directors of the Chinese
Eastern Ry. divided 1929 net profits on April 29 with Diable and Russia Switzerland, Holland and Sweden had agreed to take a share of the
each receiving a dividend of 500,000 Russian gold rubles (approximately capital, each subscribing to 4,000 shares. The bank agreed to act as
trustee for the 1924 Dawes Plan loan.
$257,000).
FINLAND.
On the same date (May 12) a Basel cablegram to the
There were no outstanding changes in the Finnish situation during April,
New York "Times" said:
with business remaining generally slack. Further adjustments to the
At the first official meeting here today the board of directors of the
present conditions are evident, but no marked improvement is expected in
the immediate future. The paper, pulp and lumber industries recorded Bank for International Settlements once more encountered the old
familiar difficulties and referred them back for solution to the comgreater exports during the first quarter than for the same period of 1929,
due to easier transportation facilities. In the domestic industries, leather, mittee of bankers which met at Brussels and which will reassemLle
shoes, and textiles are still depressed. Advanced sales of lumber, mainly here on Thursday.
of special dimensions, were estimated at 500.000 standards (990,000.001)
Among the questions sent back for explicit decisions were those conboard feet) at the end of April, against 660,000 standards (1,306,800,000 cerning the reparation of the reparations annuities, Germany's guaranboard feet) a year ago. The lower sales correspond somewhat to the re- tees for the initial slice of the mobilization loan and the powers and acduced output for 1930, which, as in the Scandinavian countries, is expected tivities of the world bank outside reparations.
te stabilize prices in spite of Russian competition. The number of unAll the details regarding the proposed $300,000,000 international bcnd
employed was further reduced to 10,062 at the end of March. against 10,800 issue remain unsettled, the board demanding specific decisions by tl.e inthe close of February. Imports for the first quarter were valued at vestment bankers.
at
953,900,000 marks, against 1,187,700,000 marks during the some period
In a six-hour session tonight the board only took routine acti:n. All
of 1929, while exports reached a total volume of 844.200,000 marks, com- the decisions made at previous meetings here regarding the e!ecticn of
pared with 686,800.000 marks for the first three months of last year, and officers of the bank and other similar questions were made ctlicial.
743,800,000 marks in 1928. March imports alone were valued at 348,000,
In a communique issued to the press it is stated the board agreed
000 marks, compared with 296,900,000 marks in February, and exports the bank should become the trustee for the Dawes loan of 1924, and
rose to 266.000,000 marks from 258.800,000 marks during the previous that, provided the Reparations Commission and the Kriegsk-ten Commonth.
mission announce the Young Plan effective on schedule, the bank's
INDIA.
capital shares should be sold in ten countries, including Holland,
India's foreign trade activities, both import and export, are largely at a Switzerland and Sweden, and the original seven, on May 20. The
standstill, due to widespread riots, strikes and boycotts.
communique made no mention of the difficulties, but added that henceforth statements could not be issued to the press after every meeting of
JAPAN.
The present Diet session is proceeding smoothly and most of the Gove-n- the board.
The points of contention, however, were apparent. Britain, it is
rnent measures are expected to be passed before adjournment on May 12.
remains steadfast in refusing to accept a larger part of the
The Sino-Japanese tariff treaty has been formally signed. The silk in- understood,
than is allotted to her from the annuities. Some
dustry has decided to continue the 20% production curtailment for another Young Plan loan issue
charge the British with deliberate obstructionism,
year. Owing to the low state of commercial activity, certain leading com- French commentators
while the British say they have finished with concessions and demand
panies have been forced to reduce dividends and it is quite probable that a
their due.
number of others will take similar cation.
They have even gone so far as to decline to permit the appointment
MEXICO.
of Mr. Siepman, of the Bank of England, as liaison officer between the
The business trend is gradually improving. The outlook is somewhat world bank and the central banks of issue, taking the position that the
Improved over recent months, but business men generally seem of the world bank should confine its activities for the present to handling
3462
FINANCIAL CHRONICLE
reparations. The French reply the British are withholding their collaboration and refuse to approve the increase of the British share in
the bond issue from $26,000,000 to $50,000,000 until the banking experts have reached a definite bargain with the treasuries.
Another difficulty is the former Allies' demand for an additional
guarantee from Germany for the extra $100,000,000 flotation which
The Hague conference permitted Germany to make for the benefit of the
railroads and the postal service. There is discord also with regard to
the issue price and interest rates of the Young Plan bonds. The Americans want at least 6% interest and the Europeans want the bonds
issued at a low figure.
Unless the bankers' meeting on Thursday brings a speedy understanding the flotation of the Young Plan bonds, expected this month,
may be seriously delayed.
As an outcome of the first official meeting, however, the world bank
is now a working institution. The trusteeship of the 1924 Dawes loan
will constitute its first official business.
A further cablegram May 13 to the "Times" from Paris
had the following to say regarding the problems to be
adjusted:
The bankers and treasury agents who have been summoned to meet
at Basle on Thursday to solve the difficulties which impeded the initial
session of the board of the Bank for International Settlements will
face an impressive array of such complications and suspicions as constituted the very problems the Young Plan aimed to eliminate.
When the Young Plan protocol was signed at The Hague last January it was thought an official signal had been given for the burial of the
rivalries and discords left over from the peace conference at Versailles. Then came the naval conference in London, leaving a bitter
taste for some nations.
This, coinciding with France's re-entry as the dominating Continental monetary center, and Britain's empire difficulties, together with
general European resentment against the American tariff policies, is
generally admitted to have impaired the good feeling preceding the
founding of the world bank.
Germany has been assured by Dr. Schacht that she has been imposed
upon, and she is seeking every loophole to diminish her burdens. In
France there is much doubt about the advisibility of hastening the
Rhineland evacuation, which was promised as a sequel of The Hague
accords. Britain, under the stress of financial pressure and irritated
by the repeated concessions demanded by the Continent, has cooled in
enthusiasm for the objects of the world bank.
Witnessing London's elimination as the site of the bank and seeing
the bank's organization oriented in a way which looks to the British
like dangerous competition have done nothing to improve matters.
Taking all these contingencies, together with Belgium's discontent
over the loss of the bank site for Brussels, and Italy's general lack of
approval for things international, it would appear that the nations have
drifted a long way from the situation at the time when Owen D.
Young outlined his scheme for liquidating the war. Added to this
many nations in Europe, in face of the American tariff action, show
but slightly veiled hostility to American predominance in the direction
of the world bank.
It was the smoke from this smoldering accumulation of bitterness
that prevented the first meeting of the bank's board from making headway and which makes a decisive return to the spirit of the Young
plan urgent in the deliberations which are to follow.
As matters now stand, all progress appears to be blocked. Germany
has failed to forward the certificate of indebtedness and the railway
covering certificate as the guarantee for reparation payments. These
documents will not arrive here before Saturday. The Reparations Commission and the Kreiglasten [war burdens] Commission will not proclaim the Young plan operative until these certificates have been
received. Until this difficulty is solved the board of the world bank
will not be able to take action on the Young plan loan, and so long
as the international reparations bonds have not been launched, France
will have a reason for remaining in the Rhineland.
A special committee of the bank's board conferred with German
delegates and with some treasury experts at Basle today in an effort
to assure the necessary action. These conversations will continue tomorrow and it is hoped the bankers meeting on Thursday will remain in session until effective decisions have been made, permitting the
board of the world bank to proceed with its primary purpose of serving
as trustee for the administration of German reparations upon a
commercial and not a political basis.
An Associated Press cablegram from Paris May 13 said:
The Bank of France today announced that it would offer to the
public on May 20 the 16,000 shares of the Bank for International
Settlements allotted to France. The notice stipulated one-quarter of
the value of the shares must be paid in cash upon subscription. The
French financial market is eager for the shares of the new reparations
bank. Indications are that the issue will be oversubscribed.
As was reported in these columns May 10, (page 3272)
the protocol putting into effect the Young reparations plan
was signed at Paris May 9. The "Times" in its Paris
cablegram that date said:
The Young plan for the settlement of German reparations became
effective today when the Ambassadors of Britain, Belgium and Italy
formally deposited at the Quai d'Orsay The Hague protocol accords
as officially ratified by their governments. Foreign Minister Briand
presided and deposited the French ratification.
• ••
Its immediate consequences will be the permanent withdrawal of
the occupation troops still in the Rhineland and the putting into
operation of the Bank for International Settlements at Basle, which
will henceforth handle the distribution of reparations on a commercial basis.
In accordance with Premier Tardieu's announcement in the French
Parliament and with the understanding reached with Germany at The
Hague, the last troops will quit the Rhine by June 30. A resumption
of the occupation in the event of the breakdown of the Young plan
can only be accomplished if The Hague court determines Germany
has wilfully defaulted and allows the creditor countries to resume
liberty of action.
• ••
The accords deposited today included, first, the final definite agreement and accounting with Germany regarding reparations payments;
[VoL. 130.
second, the arrangement approved at The Hague by which the former
allied governments agree to permit Germany to benefit by any future
ameliorations in the war debt settlements, and, third, The Hague ar.
rangement between the creditor nations with regard to repartition of
the future annuity payments.
To these accords will later be added those included in the Eastern
European reparations agreement recently signed in Paris but not yet
ratified.
Washington Reported as Having 0.K'd German Reparation Loan—Opposition to $85,000,000 Issue Here Subsides, Since Powers Are Concerned.
The following from Washington May 15, is from the
New York "Evening Post":
Rumblings of official opposition to the sale in this country of a part
of the $300,000,000 German reparation bond offering seems to have
died down and it can now be said with assurance that the American
Government will offer no objection to flotation of the securities here.
The statement was made in high official quarters today that while
the Washington Government is watching the progress of the plans for
sale of the issue closely, the State and Treasury Departments see no
reason to offer opposition to sale of the bonds in this country.
The official expression, which was tantamount to an announcement
of this Government's position, was made after further reports respecting
the character and purposes of the issue had been received, and after
it was ascertained that there will be a distribution of the securities
among at least five nations.
51As at 95 Predicted.
It was explained that this Government's supervision of what governments offer securities for sale here has not thus far been stretched to
cover a program that is fostered by several nations instead of a single
Power.
Washington's information is that the issue will be brought out before
July 12.
Preliminary plans that have been allowed to leak out indicate that
something like $85,000,000 of the $300,000,000 issue will be offered in
this country.
There is a likelihood that the rate will be about 51h%, which,
according to the view here, will necessitate bringing out the issue at
about 95.
See Morgan as Syndicate Head.
It is taken for granted in official circles that the Morgan interests
will head the American syndicate. This view was based on the knowledge that the Morgan group has been recognized as having the inside
track on the offering due to the part that J. P. Morgan had in framing
the Young settlement plan. There has been word from abroad also
that was said to indicate a Morgan syndicate would handle the bonds
in the United States.
In addition to the $85,000,000 which it is said the United States
is scheduled to receive, the indications are that France will be given
a like amount, with about 60,000,000, or possibly $70,000,000, allotted
to England. There will be an allottment of something
man investors and about the same that will be offered in Belgium. The
remainder will be parceled out to underwriters in several countries,
including Holland.
Rate of Interest on German Reparations Bonds Fixed at
514%.
The directorate of the new Bank of International Settlement on May 16 definitely fixed the interest rate of the
2 0
German reparations loan at 5r/7 according to Associated
Press advices from Basel. It is added that the issue price
will be determined at another session of the board.
Bankshares Corporation of the United States, New York,
Permanently Enjoined by Vice-Chancellor Backes in
Newark—Samuel I. Kessler Named Statutory Receiver.
John 11. Backes, Vice-Chancellor in Newark, issued a
permanent injunction on May 12 restraining the Bankshares Corporation of the United States, with offices at
11 West 42nd St., New York, from exercising its corporate
functions, and named Samuel I. Kessler, a Newark lawyer,
statutory receiver for the company under $10,000 bond. In
Its report of the matter, the New York "Times" of May 13,
said in part:
At the conclusion of testimony taken in four days Mr. Backes said
he found the company had been doing business at a great loss and to
the prejudice of the stockholders' interests. He instructed the receilthr
to supply a transcrip of the testimony to the prosecutor of Essex
County.
The court permitted William Harris, Newark lawyer, who founded
the company in April, 1928, to take the stand to reply to a charge
made against him yesterday by Frank C. Thomas of New York, now
President of the company. The charge was that Harris had been
cognizant of the deal whereby Thomas financed acquisition of the
voting stock in the company by a New York group headed by Thomas.
Telling Harris that as a member of the bar he was getting "a chance
to clear your skirts," Mr. Backes said: "Up to now it appears that the
deal was nothing short of criminal conspiracy and grand larceny."
In denying the charge by Thomas, Harris went at length into the details of his negotiations with Thomas in December, 1929, after meeting
him through a broker named Simpson. He sought to introduce an affidavit by Aaron Shapiro, Chairman of the Board of the Bankshares Corporation under the Harris regime, and one-time complainant in a libel
suit against Henry Ford. The court refused to allow the document to be
placed in evidence.
The deal assailed by Mr. Backes was described by Thomas on the
stand Thursday. He admitted that purchase of the Bankshares voting
stock by himself and associates had been financed largely from resources of that company itself and its underlying concern, the Bankstocks Corporation of Maryland. He said that of the purchase price of
MAY 17 1930.]
FINANCIAL CHRONICLE
3463
-$278,600 due Harris and other voting stockholders, he paid $50,000 on French tranche is expected to amount to $75,000,000. Germany's share
account by borrowing that amount from the Chatham Phenix Bank of may be fixed at 3% of the total; that of Belgium at 1.5%, and that of
Holland at $25,000,000, or about 8% of the total amount.
New York.
Thomas then obtained $147,000 more to pay Harris by having the new
Details regarding each country's share are tabulated hereunder:
directors of the Bankshares and the Bankstocks companies, named
after the change in control, vote to buy 7,000 shares in the KnickerDawes Loan.
Young Loan.
bocker National Corporation of New York, a concern controlled by
Issuing Country.
Per Cent
Amount
Per Cent
Thomas, he said. He testified that each concern was made to buy
Amount.
in
of
of
3,500 shares at $21 and the proceeds were paid to the Harris group as
Total.
Dollars.
Totals
part of the purchase price.
110.000,000
90,000,000
30.0
50.5
Thomas said yesterday this deal was known to Harris and to the United States (dollars)
Great Britain (pounds)
21,680,000
50,000.000
15.5
43.3
broker, whom he described only as "Mr. Simpson."
Switzerland (Swiss francs)
15,000,000
1.2
15,000,000
7.6
*
Sweden (Kronor)
25,200,000
3.0
25,000.000
8.0
100,000,000
2.0
1.5
5,000.000
Harris had testified that control of Bankshares Corporation virtually Italy (lire)
France
76.000.000
25.0
gave control of the Journal Square National Bank of Jersey City, the Belgium
5.000.000
1.5
Cheshire National Bank of Cheshier, Conn., the Midtown National Netherlands
25,000,000
8.0
3.0
10,000,000
Bank of New York and the First National Bank and Trust Company Germany
of Philmont, N. Y.
Thomas, who also controls the Bankshares National of New York
and the Knickerbocker Corporation of Delaware, paid $15 a share for Exchange on Far East Now Lowest in Years—Decline
the stock he bought from Harris, though its market value was only
in Silver Currencies Culminates in Heavy Break—
about $4, Harris admitted.
Bar Metal Holds Up.
Mr. Kessler placed in evidence yesterday letters just received by
The following is from the New York "Times" of May 16:
Thomas from the Journal Square National Bank and the Midtown National Bank calling loans to the Bankshares corporation of about
Silver currencies of the Far East, which have been declining steadily for
$120,000 each. Mr. Backes sought to obtain from Thomas an admission some time in the foreign exchange markets of the world, broke badly here
that he had inspired the bank's action, but this Thomas denied. He yesterday when a decline of % cent an ounce was quoted by New York
said the letters appeared to result from the company's difficulties.
bullion dealers. All Chinese exchange rates fell to the lowest levels in
Reference was made to the affairs of this corporation recent years.
The Hongkong tael dropped 25 points to 36.06 for checks, and the Peking
in last week's issue of the "Chronicle", page 3283.
and Shanghai rates 37 points each to 46.25 and 44.94, respectively. The
Indian rupee, however, held unchanged at 36.06. The silver market in
T. W. Lamont and Thomas Cochran of J. P. Morgan London was also reported weak, with the quotations yesterday off 1-16
to 19d.
& Co. Return from Abroad.
While exchange rates on silver currencies are at new low marks, bar
silver is still selling slightly above the low quotation for the year to date,
According to the "Wall Street News" of yesterday (May
was quoted at 39% cents,
16), Thomas W. Lamont and Thomas Cochran, members reached on March 4, when silver in New York
against yesterday's price of 40%. London then was quoted at 18%d.
Morgan & Co., returned from a pleasure compared with 19d. yesterday.
of the firm of J. P.
trip to Europe on the steamer Mauretania. Neither would
Irish Loan Terms—Offered at 9334, with 432% Interest.
say anything for publication.
The following (copyright) from Dublin, May 10, is from
China Places Embargo on Gold Exports—Imports of the New York "Evening Post:"
Silver Coin Banned.
Finance Minister Blythe has issued his third national loan on terms that
State
From Shanghai the "Wall Street Journal" yesterday speak eloquently of the stability of the Free returnregime. Bearing interest
to subscribers of slightly
at 4%%,it is issued at 93%,representing a
(May 16) reported the following:
over 4%%.
From the Government's standpoint this compares favorably with recent
similar issues in the London market. Another satisfactory feature is that
the whole issue of six millions sterling is being offered within the Free State
itself, where it is confidently believed it will be oversubscribed.
At one time it was expected that Minister Blythe would be obliged to
place a portion of the issue in New York, as he did two years ago, owing
"trustee
to the refusal of the British Treasury to register Free
Regarding the embargo on Silver coin, the Brooklyn securities," unless the British Government was given State loans asfinancial
a veto on the
"Daily Eagle" of last night (May 16) said:
legislation of the Free State Parliament. Easier money conditions on this
According to cable advices received by Equitable Eastern Banking Corp., side rendered this unnecessary.
the Chinese Nationalist Government has placed a ban on import of silver
coin in addition to embargo on export of gold bars. Both of these decrees
Bill Introduced in House Proposes Embargo on Imapply to all China. No action has been taken regarding import of silver
ports of Silver.
bars, and it is believed the step was taken as a defensive measure against
flooding the Chinese silver market with Saigong dollars from Indo-China
A bill proposing an embargo on silver imports was introfollowing adoption of gold standard by that country.
An embargo has been placed on export of gold at Shanghai. After the
announcement price of gold bars on the Shanghai exchange decreased 4%
from yesterday's closing quotation. Immediate result of the embargo
was to firm silver prices, although the long-term significance is minimized
by the negligible amount of bar gold in China. Embargo is the first in
the history of the country.
Max Winkler Computes Profit to Investors in Dawes
0
Bonds of 14 to 337—Success of Young Loan
Anticipated.
Incident to the flotation in the near future of the Young
loan, It is pointed out that investors in the Dawes loan
who have retained their original investment since bonds
were first offered in the fall of 1924 can point to an enhancement in principal varying from 14% to 33%, according to a
computation by Max Winkler, of Bertron, Griscom & Co.,
Inc. This gain, it is stated, is exclusive of the return on
the Original investment, amounting to over 7% per annum.
Mr. Winkler also says:
The Dawes bonds were officially offered in five leading markets, including New York, at a price yielding over 7.70%, as compared with then
prevailing rediscount rates varying from 3% in New York to 5%% in
Stockholm and Milan, or an average rate for the five centers of 4.40%.
On the basis of present quotations, the original investor in the American
portion of the Dawes loan has a profit on his principal of 17.39%. The
investor in the Swiss tranche has a profit of 16.30%, and a gain through
the appreciation in the value of the Swim franc of 5.93%, or a total gain
of more than 22%. The investor in the British portion benefited to the
extent of 25.40%, of which 15.22% represents capital gain, the balance
representing gain through enhancement in the value of the pound. The
largest gain was scored by the holder of the Italian portion, amounting to
almost 33%, of which 13.04% represents increase in principal. The
Swedish issue is not quoted as such, since bonds were taken up by the
Svenska Obligationskredit A. B., which issued against them its own
obligations.
Inasmuch as the rediscount rate in the nine centers where the Young loan
is expected to be sold averages 8.83%, it is not unlikely that the Young
bonds will, in order to correspond to their predecessor, the Dawes loan,
be placed on the market at a price to yield 6.70%. In other words, a 6%
issue at about 91 may reasonably be anticipated, and judging by the marked
profit registered by the investor in the Dawes bonds, a cordial reception
and prompt absorption of the Young issue appear more than likely.
According to latest advice, the United States is expected to take up the
major portion of the loan, viz., 30% of the total, as compared with more
than half of the total Dawes loan. Great Britain's share is expected to
be reduced to less than 16%, from over 43%. Switzerland may take as
much as 7.5%, as against only about 1%. Sweden's share is increased
to 8% from 8%, while Italy's portion is expected to be slightly reduced.
Due to the recent decision to increase England's share to $50,000,000, the
duced in the House of May 9 by Representative Arentz, of
Nevada (Republican). In presenting the bill he said:
"The other day we disposed of the so-called silver tariff items in the
tariff bill, placing a tariff of 30c. an ounce on silver. The House refused
to accept this schedule. I think something should be done to help the
silver mining situation in America, and I hope this can be brought about
by a bill which I placed in the basket this morning, which places an
embargo upon the importations of silver into the United States. Those
in the New England States who voted against the tariff on silver can
very easily agree to the proposition which I have presented to them to-day.
We can use our own silver, of which we produce a surplus. By flooding
this country with foreign silver it logically follows that the price of
domestic silver will be depressed. We wish to further prevent this."
The following is the text of the bill:
That from and after the passage of this Act silver from any foreign
country shall not be entitled to entry at any of the ports of the United
States, and the importation thereof into the United States is hereby prohibited: Provided, however, that silver bearing ores, matter, base bullion,
silver dross, reclaimed silver, scrap silver and all alloys or combinations of
silver imported into the United States for the purpose of processing,
refining, or minting for export to a foreign country and not for use, sale
or disposition within the United States or any of its possessions, may be
imported for such purpose upon the execution of a bond given in double
the amount of the estimated value upon such silver contents so imported,
conditioned that such silver contents will not be used, sold or otherwise
disposed of in the United States.
Sec. 2. The Secretary of the Treasury is hereby authorized and empowered, and it shall be his duty, to make the necessary orders and regulations to carry this law into effect or to suspend the same as herein provided and to send copies thereof to the proper officers in the United States
and to such officer and agents in foreign countries as he shall judge
necessary.
Mexico Prohibits Silver Imports to Stabilize Money—
Ortiz Rubio's Order Supplements Ban on Exportation on Gold.
Under date of ,It:ty 10, copyright advices from Mexico City
to the New York "Evening Post" said:
In addition to prohibiting exportation of gold, Mexico now has banned
the importation of silver. No gold coins, either Mexican or foreign, can
be taken out of Mexico and no silver coins, no matter if coined in Mexico,
can be brought into the republic.
The regulation forbidding importation of silver has just been made
effective by decree of President Pascual Ortiz Rubio. His decree annuls
3464
FINANCIAL CHRONICLE
one issued Aug. 22 1928, which provided for free silver importation.
Penalty for attempting to smuggle silver into Mexico is to be confiscation
of the silver.
It is believed that by prohibiting the importation of silver and the
exportation of gold Mexico's monetary system will tend to become equalized.
At present gold money is worth more in Mexico than silver money, 10 pesos
gold being worth about 10.30 pesos silver at existing exchange. This
difference occasions much inconvenience, since payrolls are met with
silver coin and employees must carry the silver home in bags.
Because no gold coins legally can be taken out of Mexico, foreign gold
money is worth only what its actual gold content is worth. Thus, while a
premium is paid on American and Canadian currency in Mexico, American
or Canadian gold coins are worth less than par here. The United States
Consulate finds itself confronted with the problem of whether or not to
refuse American gold money. So far, this money always has been accepted
at its face value, but at a loss.
Accounts in Mexican banks may be in either gold or silver as the
depositor desires. There also are innumerable accounts in foreign currency.
The variety of the currency makes the bookkeeping at banks here a complicated matter.
Since the comparative value of gold and silver in Mexico fluctuates many
persons speculate with money, buying silver when it is low, exchanging it
for gold when it rises, and then back again when the change is profitable.
Such exchanges can easily be made by changing silver accounts to gold
accounts and back again.
[Vol.. 130.
killing. Communist excesses were reported at Pingkiang on the Kiangsl
Hunan border, which is a particularly bad spot. Serious riots were reported
at a town near Huchowfu, Chekiang Province, 70 miles from Shanghai.
There a hungry mob looted rice shops, resulting in troops' firing and
killing 29 and wounding scores of persons who were carrying away rice.
This food has reached the highest price in years and is out of reach of the
poorer Chinese. Troops are now in control, but further riots are expected.
Brazil Floods—Government Rushes Aid to Homeless—.
1,000,000 Bushels of Wheat Surrounded by Water.
A Buenos Aires Cablegram as follows, May 12, appeared
in the New York "Times."
The Government to-day sent three naval vessels to assist in rescue work
in the floods in Rio Province and also ordered the Third Cavalry Regiment,
stationed at Gualeguay, to co-operate in the work. The State Railway
Administration is rushing tents, food and supplies to the areas affected.
The Uruguay River and its tributaries are still rising. The River
Gualeguay is six feet higher than it was in 1914, when a record was set.
More than 1.000.000 bushels a wheat and flaxseed, stacked in bags at the
port of Concepcion del Uruguay awaiting shipment are surrounded by
water and it is doubtful if they can be saved. About 20,000 head of fine
cattle on an estancia near Concepcion are believed to have been lost.
No deaths so far have been reported, but hundreds of families have been
forced to leave their homes.
Silver Imports of India Show Sharp Decrease.
The following, issued by the Department of Commerce at
Chile to Own Half of Nitrate Combine.
Washington, appeared in the "United States Daily" of
In its Issue of May 15 the New York "Journal of ComMay 13:
merce" reports the following special correspondence from
Silver Imports into India during the seven days ended May 7 totaled London May 6:
515,000 ounces, of which amount 390,000 came from London and 125,000
from Marseilles, says a cable dispatch to the Department of Commerce
from its Bombay office. During the seven days ended Apr. 30 imports
totaled 4,182,000 ounces.
Currency in reserve on Apr. 30 totaled 1,072,200,000 rupees, as compared
with 1,066,400,000 on April 22. Bullion reserves on April 30 was the
same as on April 22, namely, 33,800,000 rupees.
Silver stocks on May 7 were estimated at 2,700 bars, as compared with
3,000 bars on Apr. 30. The total offtake for the five days was 800 bars,
as compared with 1,400 for the seven days ended Apr. 30. The market
Is quiet, with little activity. The exchange was closed due to the hartel
(sympathetic strike).
Silver Stocks in Shanghai 231,300,000 Taels May 8.
Department of Commerce advices published in the "Wall
Street Journal" of May 14, state:
Silver stocks in Shanghai on May 8 totaled 231,300,000 taels, of which
113,400,000 taels were held in native banks, says a radiogram to the
Department of Commerce from its Shanghai office. The corresponding
figures for May 1 were 232,300,000 taels and 113,000,000 taels respectively.
Syeee and silver bars were valued at 110,200,000 taels on May 8, as
compared with 110,000,000 tads on May 1. The total number of silver
dollars in Shanghai on May 8 was 169,000,000, as compared with 170,000,000
on May 1.
Exchange weakened on May 6, dropping from 46% to 46 cents for
telegraphic transfers on New York.
Further details of the gigantic program for rationalization of the
Chilean nitrate industry have become available. Don Pablo Ramirez,
former Chilean Minister of Finance, in view of the misunderstanding
growing out of conflicting and unverified reports following in wake
of the first announcement, has issued a statement outlining the proposed consolidation and the organization of a Chilean corporation to
be known as Compania Salitrera Nacional ("Cosana").
One-half of the stock in the new company will be owned by the
Chilean Government. Four of its twelve directors will be named by
the Chilean President and eight by the shares appertaining to the absorbed producers. The Government will deliver to the company adequate nitrate reserves and the balance at some later time at an agreed
price.
"In commenting upon the plan Aikman, Ltd., foremost nitrate authority, brings out one point which should go far of itself toward influencing the producing companies to favor it. Most of the companies, it is
stated, have a life of only ten to fifteen years, whereas "Cosana"
will from its inception have reserves of caliche for at least sixty years.
The duration of the company is, in fact, to be sixty years, with power
to extend this period if necessary.
The statement of Senor Ramirez follows:
"For some time past the Government of Chile has been considering
methods of strengthening its nitrate industry through the conservation
of its nitrate reserves by more economical methods of production and
by the sale of the product throughout the world on an efficient basis.
Aids Less Efficient Producers.
"Some of the companies now operating in Chile are efficient and prosperous, others less so, and the Government has concluded that the wel1,712,000 Idle in Britain—Number Greatest in Eight fare
of all will be promoted by the consolidation of all interests into
Years, Largely Due to Trade Depression.
one company. Within the near future there will accordingly be introThe following cablegram from London May 13 appeared duced in the Chilean Congress a bill for the creation of a Chilean corporation to be known as the Cornpania Salitrera National. One-half of
In the New York "Times."
the stock of the new company will be owned by the Government; the
other half will be issued in exchange for stocks of the various private
For the first time in 8 years unemployment figures in Britain soared
companies now operating in Chile, in proportion to the relative values
above 1,700,000 to-day, when the Ministry of Labor announced that
contributed by the different companies to the consolidated company.
1,712,000 persons were out of work.
"The Government will deliver to the national company adequate
Since the beginning of this year there has been an increase of 233,000 in
the number of registered unemployed. Most of the increase is due to trade nitrate reserves, and will also allocate to the company the balance of
the national nitrate grounds at an •agreed price to be utilized and paid
depression, which is now more severe in all branches of British industry
for as the company may require them.
than at any time since the post-war crisis of 1921.
"The Government will cancel in favor of the new national company
the present
and iodine, and
Japanese Labor Outlook Critical—Government De- will receive export duties upon nitrate a stockholder in lieu thereof
its proportionate share as
of the dividends
partment Head Describes It "Worst in History."
declared by the national company.
"The national company will conduct the nitrate industry of Chile on
The following United Press advices from Tokio appeared an efficient
basis, utilizing existing economic plants, improving others
In the "Wall Street Journal" of May 13.
and building new capacity on modern lines in substitution for present
That the present labor situation in Japan is the worst in its history was inefficient plants and only to the extent required by world demand.
admitted by Mika Tomita, Chief of the Labor Department of the Home The plan will provide an adequate credit base for any new capital requirements that the company is likely to face in this connection.
Ministry.
"There seems to be little hope of the present financial depression abating
More Satisfactory Basis.
future," Tornita told the United Press,"and as a result industrial
In the near
"'It is expected that the operation of the national company will place
disputes are increasing at an alarming rate. Industry is in a bad way and both the
manufacture and sale of Chilean nitrate upon a much more
the only apparent method of relief is through the consolidation of many
satisfactory basis than has been the case in the past, and that effective
companies, the installation of more modern machinery and the reduction of
development through the national company of the world market for
costs wherever possible.
Chilean nitrate will result in substantial benefits both to the Govern"Such a policy has resulted In a severe blow to the workers, for thousands
ment and to the private companies who will merge their interests with
have been replaced by machines, thousands of others have lost their jobs
the new company.
•
through consolidation, and those remaining on the job are threatened by a
"The owners of the more important companies in Chile have been
growing tendency to reduce wages and abolish special allowances granted
consulted by the Government in reference to this plan, and they recogyears.
during more prosperous
"Consequently the workers, and the thousands of unemployed, are nize the mutual benefits to be derived from carrying it out. The
fighting for their very lives and the resultant situation is extremely ominous" national company will become operative as soon as the Congress of
Figures compiled by the Labor Department show that 1929 was to date Chile has given its sanction to the plan."
the worst year for labor disputes in the nation's history.
Costa Ricans Urged to Overcome Crisis—Republic's PresiFood Riots in China—Banditry Unchecked-29 Killed
dent in Message to Congress Asks Mutual Aid in
in Town Near Huchowfu in Wholesale Rice StealMeeting It—Drop in Exports Cited—Measures to Ening—Yangtse Area Looted.
courage New Banana Planting Considered.
Under the above head the New York "Times" reported the
President Cleto Gonzalez Viques asks for patriotic cooperation, in his message to Congress now in session, in
following from Shanghai May 12.
The reign of banditry and lawlessness in Yangtze provinces denuded of order that means may be found for obtaining relief from
troops to meet the menace of northern forces continues unchecked.
the present economic crisis which confronts the governChinese reports say bandits attacked a village near Pingkiang on the
special
north bank of the Yangtse, a hundred miles from Nanking, looting and ment and people of Costa Rica. This is stated in
MAY 17 1930.]
FINANCIAL CHRONICLE
advices to the New York "Times," published in its issue
of May 11, which also gave the following additional information:
The message calls attention to the fact that in 1929 in trade totaling
153,500,000 colones ($38,375,000) there occurred an unfavorable balance of 3,275,000 colones ($818,750) compared to a favorable balance
of 7,000,000 colones ($1,750,000) in 1928. The change is explained
in part by the importation of materials for public works.
Costa Rica's imports from the United States in 1929 were valued at
$9,661,771, from Germany, $3,531,852, and $2,553,708 from England.
Nicaragua ranked fourth with $708,948 principally for cattle. These
four countries furnished 80% of the total imports.
Three countries, the United States, England and Germany, took 85%
of Costa Rica's exports, which amounted to $14,731,598 to the United
States, $12,845,379 to England and $5,511,232 to Germany. The total
value of coffee exported in 1929 was $12,225,000, compared to $12,375,000 in 1928, although the quantity was 834 tons greater in 1929.
The drop in the price of coffee is expected to reduce materially the
total value of the exports for the current year. England is Costa
Rica's best market for coffee, taking 14,134 tons, which is more than
60% of the crop.
Big Drop in Banana Exports.
Bananas were exported to a total of 6,112,170 bunches, a decrease
1,211,311 compared to 1928. There was a slight gain in the exporof
tation of cocoa, with 5,906 tons • in 1929, compared to 5,769 tons in
1928. However, due to lower prices, the total value for 1929, $895,269,
was $129,275 less than for 1928.
President Gonzalez calls attention to the decrease in banana production, and says the situation will not improve unless conditions affecting
that industry are changed in a manner that will permit "the United
Fruit Company, which today has almost a complete monopoly of this
business, to increase plantings and assist private planters to increase
their plantations."
The last Congress passed a special banana law to become effective
Oct. 1, 1930, that is so exacting that practically no new plantings of
bananas have been made and many plantations have been abandoned.
A commission appointed by the President to study this question will
make recommendations to Congress for changes in the law that it is
hoped will be acceptable to both the government and the banana planters.
The general receipts of the treasury in 1929, amounting to $8,848,997,
were the highest in the history of the country. The customs duties
produced 70% of this revenue. The expenses were also the highest
in the history of the country, amounting to $9,055,016, which includes
public works especially authorized as well as the ordinary expenses of
the government.
3465
shops which will be absorbed by those in the larger centres. He is said to
have remarked that wages would not be reduced nor concessions to labor
abated.
The callers are said to have suggested adding revenue by creating new
sources of production and economy by cancelling many orders now placed
in the United States for railway material. They said there were sufficient
Mexican workmen in railway workshops capable of manufacturing all
material, such as spare parts, needed for the system.
General Calles is said to have promised to study the suggestions carefully.
Argentine Bank of the Nation Selling Dollar Drafts on
$50,000,000 Loan Placed in United States—Fixes
Exchange at 112—Move to Aid Small Importers—
No Indication Given of New Loan Operation Now,
Although Rumor of Move Is Current.
According to a Buenos Aires cablegram May 10 to the New
York "Times," the Bank of the Nation has begun selling
dollar drafts against a loan of $50,000,000 recently placed in
New York. This will assist small importers as long as the
funds are available in New York, says the cablegram, which
continues:
The Bank has arbitrarily fixed the exchange rate at 112 Argentine gold
pesos for 8100 and is also selling sterling drafts at 43 15-16 pence per gold
peso. While these rates therefore appear as the official exchange rates,
all other banks are selling dollars at 114.5 and sterling at 43%.
The Bank of the Nation is confining the sales of dollars and sterling
to small importers, who are required to present proof that they have dollar or sterling bills coming due.
The Bank will not sell more than $50,000 to any one buyer and will
not sell to banks. Other operations are active through the other banks
at the higher rates already quoted. So the Bank of the Nation is saving
the small importers $2.50 on every $100.
Although the Bank of the Nation is not publishing the amount of its
operations and is refusing to discuss them for the newspapers, well-informed bankers say $18,000,000 of the recent loan has been retained by
the Government to meet services on the foreign debt now falling due and
that part of this amount will be brought to Buenos Aires to be put in the
Caja de Conversion in order to increase the circulating currency.
Under the Argentine monetary law two paper pesos and 27 centavos are
issued for circulation every time the equivalent of one gold peso is deposited
In the Cala de Conversion. The currency will be increased two pesos and
35 centavos for every gold dollar which the Government decides to bring
from New York.
Thirty-seven Per Cent on Public Works.
Bankers estimate the Bank of the Nation in three days has sold someDue to the activities in the building of roads, schools, paving and thing over $12,000,000 from the 832.000,000 which it thus has available
installation of sewer and water systems, the Department of Public in New York, which indicates the funds will be exhausted Thursday or
Works used 36.93% of total expenditure; service on the public debt, Friday if the selling continues at the same rate next week. There would
13.96; public education, 13.32; national treasury, 12.05, and public then be no further curb on the dollar exchange, and the peso is expected
security 7.36%. The remaining 16.38% was used for legislative, judi- to decline further. Although vague rumors of new loin operations are a
daily feature in banking circles, there has been nothing definite this week
cial and other activities of the government.
It may be noted that expenditures for public education are almost to indicate an immediate operation.
The six-month loan of £5,000.000 placed in London the first of the year
doubt those for public security, upholding Costa Rica's boast of havcan be renewed at once. The New York loan has nearly five months to
ing more school teachers than soldiers. President Gonzalez calls attenrun. Bankers expect both to be absorbed into the larger long-term loan
tion to the fact that the budget for public security was 40,000 colones
before the end of the year.
($10,000) less than in 1928 and adds:
"The purely military expenditures were scarcely 1.60% of the total
expenses of the government. I take this opportunity to repeat with
great pleasure that the country's expenses in this respect are hardly Bonds of Municipality of Medellin Retired Through
worth mentioning, while such expenses greatly weaken and often ruin
Sinking Fund.
other countries. We spend practically nothing on soldiers and arms
Hallgarten & Co. and Kissel, Kinnicutt & Co. announce
and I hope we shall never be obliged to change this line of conduct."
President Gonzalez recommends continuing public works, especially that they have retired for the sinking fund 896,000 principal
road-building and sanitation, within the limits of the government's amount of Municipality of Medellin external 63/2% gold
financial resources and proposes certain electoral reforms.
outstanding $8,646,500
bonds of 1928, due 1954, leaving
par value of bonds.
Process of Presenting Mexican Government Claims of
British Subjects Against Mexico.
Uruguay Noted by Paul
The British Embassy at Washington, has issued under Increase in Foreign Trade of
M. Atkins of Ames, Emerich & Co.—Country's
date of May 7, the following notice:
Financial Situation.
His Majesty's Government are in process of presenting to the Mexican
Uruguay has shown a marked gain in foreign trade, for
Government claims of British subjects against Mexico arising out of events
which took place before the renewal of diplomatic relations between Great the total exports of the country have shown an increase of
Britain and Mexico on Aug. 28 1925.
tigAny British subject possessing such a claim and desiring that it shall be approximately 117% during the past year over the 1921
presented to the Mexican Government by Ills Majesty's Government is figure, while total imports show an increase of better than
requested to notify the Under-Secretary of State for Foreign Affairs, 52%,says Dr. Paul M.Atkins, economist of Ames, Emerich
Foreign Office, Downing Street, S.W. 1,forthwith to that effect, furnishing
him at the same time with full particulars of his claim, unless these have & Co., in the company's most recent "Current Economic
already been communicated either to the Foreign Office or to His Majesty's Brief." It is pointed out that Uruguay, with a population
Legation in Mexico City. British claimants resident in the United States
of less than 2,000,000, imports more goods than Peru with
however, should communtrate particulars of their claims to His Majesty's
over 6,000,000. Uruguay, it is stated, shows an increase
Legation at Mexico City.
i,Special attention is drawn to the fact that this announcement does not in her wheat production during the past year of 57.7% over
refer to claims arising from revolutionary acts (as defined in the Angloaverage, an increase of 60% in the production
Mexican Special Claims Convention of Nov. 19 1926) which took place in the pre-war
Mexico during the period comprised between Nov. 20 1910 and May 31 of oats, and 33.2% in the production of corn for the same
1920. No further action is required In regard to such claims provided they period. Linseed, which plays an important part in the
e
do in effect fall within the scope of the Anglo-Mexican Special Claims
foreign trade of the country, has increased 51.5% over the
Commission which is at present considering them.
1913 average, says Dr. Atkins. Another index of the
progress made by this country, continues Dr. Atkins, is
Railway Economics Planned in Mexico—Calles Says found in the strengthening of her Government finances durSome Departments Will Be Eliminated in Re- ing recent years. Her external debt has shown a downward
organizing the National Lines.
trend in recent years, while her internal debt has increased
The following account from Mexico City under date of substantially in every year since the pre-war period, thus
May 14 is from the New York "Times:"
indicating her growing ability to meet her own financial
Former President Canes,in a speech to railway employees and representa- requirements and her increased economic stability.
tives who called at his home yesterday, gave the first intimation of the plans
In summing up the Uruguayan situation. Dr. Atkins said,
of the committee he 18 heading for the reorganization of the Mexican
National Railways.
Uruguay is the smallest country in area and one of the smallest in popuGeneral Canes is said to have outlined the condition of the railways lation in South America. Its inhabitants are almost exclusively of white
revealed by the commission's study and to have said that several depart- blood and are among the most energetic and progressive of the Latin
ments considered superfluous will be eliminated, including some repair American peoples. Substantial quantities of grain are raised, but the
3466
FINANCIAL CHRONICLE
major products are beef, wool, mutton and hides. Extensive public improvements have been carried on, partly out of current revenues and partly
by means of bond issues. The national finances are now in a healthy
condition. Uruguay apparently has before it a sound and prosperous
future.
Japanese Government Loan of $71,000,000 Issued In U.
Public Offering $50,000,000-$21,000,000 Issued in Exchange For Earlier Issue-£12,500,000 Placed in London.
Out of a total of $71,000,000 issued in the United States,
an issue of $50,000,000 Imperial Japanese Government external loan of 1930, 35
-year sinking fund 514% gold bonds
was publicly offered in this country on May 12 by a syndicate headed by J. P. Morgan & Co., Kuhn, Loeb & Co., the
National City Co., First National Bank and the Yokohama
Specie Bank, Ltd. The bonds were offered at 90% and
accrued interest, to yield 6.20% to maturity. In addition
to the $50,000,000 publicly offered, $21,000,000 bonds were
offered in exchange for bonds of the Japanese, Government
4% Sterling loan of 1905, due January 1, 1931. Simultaneous with the offering in the United States, 112,500,000
bonds of the 5%% loan of the Japanese Government were
Issued in London on May 12 of which £2,500,000 are to be
exchanged for bonds of the 4% Sterling loan of 1905. On
May 14 a cablegram from London to the New York News
Bureau stated that the 5%% loan was heavily oversubscribed. The syndicate in New York announced the closing
of the books at 12:30 P. M., May 12.
Juichi Tsushima, Esq., Financial Commissioner of the
Imperial Japanese Government in London, Paris and New
York, under date of May 9, 1930, in a letter to the syndicate
said in part:
The Imperial Japanese Government is issuing in the United States
of America $71,000,000 of its External Loan of 1930 Thirty-Five Year
Sinking Fund 5%% Gold Bonds, and contemporaneously is issuing
in London £12,500,000 Bonds of its 55's% Conversion Loan of 1930.
The Bonds of these Loans are to be direct external obligations of the
Imperial Japanese Government. Of the $71,000,000 Bonds of the
United States issue, $50,000,000 Bonds are to be offered for public
subscription and $21,000,000 Bonds are to be exchanged for bonds of
the Imperial Japanese Government 4% Sterling Loan of 1905, due
January 1, 1931, now under control of the Japanese Government. Of
the £12,500,000 Bonds of the Sterling issue, £2,500,000 Bonds are
to be exchanged fdi. bonds of the Imperial Japanese Government 4%
Sterling Loan of 1905, due January 1, 1931.
Principal and interest of Bonds of the United States issue will be
payable in New York City at the office of The Yokohama Specie Bank,
Limited, in United States of America gold coin of the standard of
weight and fineness existing on May 1, 1930, or in London at the office
of The Yokohama Specie Bank, Limited, in pounds sterling at the fixed
rate of $4.8665 to the pound sterling, in either case without deduction
for any Japanese taxes, present or future. Principal and interest of
Bonds of the Sterling issue will be payable in London in pounds
sterling or in New York in dollars at the fixed rate of $4.8665 to the
pound sterling. Payment of the principal of the United States issue
in Sterling or of the Sterling issue in dollars shall not be obligatory
unless at least one month's written request shall have been made and
the holder shall have complied with the reasonable regulations of the
Government to assure presentation for such payment.
The proceeds of such of the Bonds of these Loans as are not exchanged for bonds of the Imperial Japanese Government 4% Sterling
Loan of 1905, due January 1, 1931, will be applied to their payment
at maturity. The 4% Sterling Loan of 1905 was originally issued in
the amount of £25,000,000, of which £1,553,680 bonds have been
retired, and £23,446,320 bonds are now outstanding in the hands of
the public or under control of the Japanese Government.
[vol.. 130.
construction, purchase, and improvement of the State Railway System.
The State Railways, comprising, as of March 31, 1930, 8,793 miles of
line (out of the total railway mileage in Japan of 12,819 miles), represent a total capital investment of over $1,526,900,000. In each of
the past 15 years, the State Railways have earned substantial profits
after the payment of all expenses and interest charges on the Govern..
ment's debt contracted for railway purposes. The net profits after
such charges for the fiscal year ended March 31, 1929, amounted to
$111,024,257.
By statutory provisions a sinking fund in an amount equivalent to
1.16% of the debt outstanding at the commencement of the preceding
financial year plus a sum equivalent to at least 25% of the Government's net budget surplus in the second preceding year must be applied
annually to the redemption of debt. The amount of debt redeemed by
sinking funds in the fiscal year ended March 31, 1930, was $49,980,430.
Appropriations to the sinking fund for 1930-31, including the sums
which Japan is to receive under the New Plan for the final settlement
of German reparation payments, and the balance which was on hand
April 1, 1930, is estimated to furnish over $69,000,000 which will be
available for redemption of debt in the present fiscal year.
Restoration of the Gold Standard.
•
!japan adopted a gold monetary standard in 1897, with a unit of currency, the gold yen, equivalent to 49.85 cents in United States currency.
In September, 1917, an embargo was imposed upon the export of gold
from Japan, following a similar measure taken by the United States.
The severe earthquake in 1923 added to the economic disturbances of
the post-war period and delayed the contemplated removal of the embargo. After a period of careful preparation during which time the
Government and the Bank of Japan accumulated funds abroad and
forward contracts aggregating over $150,000,000, and after The Yokohama Specie Bank, Limited, with the support of the Government and
the Bank of Japan had arranged for external stabilization credits in
New York and London amounting to approximately $50,000,000, the
Government in November, 1929, announced that the embargo on the
exportation of gold would be removed on January 11, 1930. On the
latter date Japan returned to the gold standard, thereby following the
policy adopted in recent years by the other leading countries of the
world, including the United States of America and Great Britain, and
re-established the external value of her currency at its pre-war level.
The attainment of this objective was effected contemporaneously with
the present world wide recession in commerce and trade, and has been
attended by deflation and accompanying depression in general business
It is believed that the present policy of strict economy and retrenchment in public finance adopted by the Government should, in due course,
lead to improvement in the economic condition of the nation.
The Bank of Japan has the sole power of note issue in Japan proper,
and on April 30, 1930, held gold reserves in Japan totaling $443,339,000
against its outstanding note circulation of $629,683,000 and demand
deposits of $70,648,000, resulting in a reserve ratio of 63.3%.
The proposed Japanese Government financing was referred to in these columns May 10, page 3273.
Nicaraguan Bank Plan-President Approves Administration by Manhattan Trust Co.
The following Associated Press advices from Managua
(Nicaragua) May 10, are from the New York "Times":
Evaristo C. Morales, Secretary of the Nicaraguan Legation at Washington, to-day told the Associated Press that the negotiations between the
Manhattan Trust Co. and the international acceptance banks of New
York and his Government, by which the banks are to administer the
Nicaraguan National Bank and the Pacific RR., had been approved by
President 1.VIoneadal
Secretary Morales indicated that the new financial agreement included
the new mortgage bank. He said that no political interference would be
permitted in the administration of funds under the new arrangement.
Public Offering of 5%% Participation Certificates in $6,000,000 Gold Note of Province of Cordoba (Argentine).
A
Public offering was made May 14 of 51 % certificates of
participation in the $6,000,000 Province of Cordoba (Argentine Republic) six months external United States Gold
Note, which has been purchased by The First National
Old Colony Corporation, Hallgarten & Co. and Kissel, Kinnicutt & Co. The participation certificates which are issued
against the note by the First National Bank of Boston are
dated May 10, 1930 and will mature November 10, 1930.
They were offered at 100 and interest to yield 51 %. They
A
are callable as a whole, at any time prior to maturity, upon
20 days' notice by the Province at par and accrued interest.
It is stated that principal and interest will be payable in
United States gold coin of the present standard of weight
and fineness at the principal office in New York of The
First of Boston Corporation without deduction for any
Argentine National, Provincial or Municipal taxes. The
announcement regarding the offering also says:
The new 5V% gold bonds will be dated May 1, 1930, and
will mature May 1, 1965. A cumulative semi-annual sinking
fund, with payments beginning May 1, 1935, and calculated
to be sufficient to redeem the entire issue on or before
maturity, is to be applied to the purchase of Bonds if obtainable at or below 100% and accrued interest, or, if not so
obtainable, to the semi-annual redemption, commencing
November 1, 1935, at 100% and accrued interest, of Bonds
called by lot. The bonds are not redeemable prior to May 1,
1940 except for the sinking fund. Redeemable, at the option
of the Government, on May 1, 1940, or on any interest
payment date thereafter, upon three months' published
notice, at 100% and accrued interest, but, except for the
sinking fund, only as to the entire issue. The bonds will
be in denomination of $1,000. In addition to the advices
In the event of any external financing by the Province prior to maquoted above, Juichi Tsushima, in his letter to the synditurity, the Note will be immediately due and payable at par and accrued
cate said:
interest.
Debt of the Imperial Japanese Government.
The Province covenants that if, while the Note is outstanding, it
After giving effect to the retirement of the above-mentioned 4% shall create, issue or guarantee any loan secured by charge on any of
Sterling Loan, due January 1, 1931, and to the issuance of the Bonds its revenues, the Note shall be secured equally and ratably with such
of these Loans, the gross direct debt of the Japanese Government as other loan or such guarantee. The Province further covenants that
of March 31„ 1930, amounted to $3,009,669,061, of which $738,901,804 while the Note is outstanding it will not create or guarantee any internal
was external debt. The Government's contingent debt, represented by or external loan the interest and sinking fund requirements of which,
its guaranty of loans of the South Manchurian Railway Company, the together with those of said Note and all other loans outstanding, exceed
Oriental Development Company, Ltd., the Industrial Bank of Japan, , 25% of its average annual general revenues during the three years
Ltd., the City of Tokio, and the City of Yokohama amounts to preceding.
The revenues of the Province have increased from an average of
$129,193,091.
Over one-quarter (about $800,000,000) of the Government's total $9,130,000 during the five year period, 1920 to 1924 inclusive, to $12,debt is self-supporting, as it has been incurred in connection with the 400,000 in 1928 and $14,500,000 in 1929.
MAY 17 1930.]
FINANCIAL CHRONICLE
The total funded indebtedness of the Province as of March 31, 1930
amounted to $26,977,600. It is provided by the Provincial constitution that the funded debt of the Province must be limited to an amount
the annual service of which shall not exceed 25% of the revenues.
All conversions of Argentine pesos into United States dollars have
been made at par of exchange.
Books on the offering have been closed. It is expected
that these Certificates of Participation will be available for
delivery at the office of the First of Boston Corporation,
100 Broadway, New York, about May 20.
3467
of its members and will be in a position to finance grain and facilities in
any and every way that such financing may be safely done. Out of all
of which we return to the original thought that the Farmers' National
Grain Corporation will Succeed only in the measure that its co-operative
members give it their support. It cannot live unless it has a source of
Income and that income shall be the customary charge and source of revenue
derived from handling grain. It cannot exercise any influence upon the
market unless it has volume and that volume must COM from the patronage
of its members. The law itself limits the amount of non-member grain
that can be handled and those limits may be easily reached by the member
co-operatives so that the central sales agency will have little leeway in
handling non-member grain."
Supplementing the above the Board issued the following
Federal Farm Board in Letter to Grain Co-Operative statement summarizing the declarations enunciated in the
Explains Policies of Control by Farmers National foregoing letter:
Grain Corporation of Co-operatives Borrowing From
Co-operatives financed with Federal Farm Board funds through the
Farmers National Grain Corporation are required to market all of their
Corporation.
under the supervision of that
and controlled central
Indicating the exercise of control by the Farmers National grain sales agency. The purpose is tofarmer-owned and facilitate financing
grain
assure volume
Grain Corporation over Co-operatives borrowing or using the consolidated marketing of grain gathered co-operatively so that the
funds of the Corporation, the Federal Farm Board made Farmers National, which, under the law, cannot handle more grain for
non-members than
public May 3 the following letter in response to an inquiry service to farmers. for members, will be in position to give the fullest
from a grain co-operative relative to marketing agreements
The Board's policy can be complied with easily by the co-operatives and
among grain growers and co-operatives using Federal Farm their farmer members. The marketing agreements between the Farmers
National and the co-operatives and the co-operatives and their members
Board Funds:
gives them the advantage of the competitive market at all times. They
"The sticker in the case of your commission company seems to be the
marketing agreement which requires full delivery to the Farmers' National
Grain Corporation by those who use funds of the Federal Farm Board.
We wonder if you are aware that this requirement has been imposed by some
of the private commission companies for years.
Right now in your own
State, one grain concern boasts that it has 50 co-operative elevators tied
up under a 5
-year binding contract to deliver to it, in return for financing.
This policy is going to become more and more prevalent among private
interests.
"We think you overlook the larger purpose of this program; namely, to
give co-operatives for the first time a central sales agency through which
they can consolidate the marketing of grain. The very existence of such
an agency on the market, in competition with private traders, will have a
constant salutary effect, but the only thing that will enable it to be there
and render the maximum service is the patronage of the co-operatives that
created it and own it. If co-operatives insist on playing fast and loose
with their own sales agency, patronizing it when they like and deserting it
when the occasion seems to warrant, this undertaking is doomed to failure.
We know you and other co-operative groups will point to the progress
You have made under such a plan of operation as you suggest, but you must
admit that if your progress had been sufficient and everything was lovely,
there would have been no need for an Agricultural Marketing Act. We
had here this week a life-sized illustration of how organized business sticks
together when their common interests are at stake. The United
States
Chamber of Commerce, dominated largely, we should say, by the organized
grain trade, was able to marshal its voting strength in the passage
of a
resolution, which if carried to its logical conclusion would render the Agricultural Marketing Act and the Federal Farm Board wholly impotent.
When
farmers see things like this, it would seem to us conclusive evidence of what
It is necessary for them to do if they are to cope with conditions
imposed
upon them by organized industry and labor.
"During the time that the Federal Farm Board loans money to the
Farmers' National Grain Corporation and its subsidiaries, we feel the
responsibility of exercising some control over the management and policies
of those borrowing agencies. This control and supervision is
exercised
with extreme caution, leaving to the co-operatives the utmost reasonable
management of their own affairs, but to say that we could leave them entirely alone would be to admit our dereliction in the use of public funds.
"The policy we have invoked of requiring full delivery of grain to the
Farmers' National Grain Corporation by co-operatives borrowing through
that corporation is a reasonable one and not difficult to comply with.
It
Provides that from the farmer throughout, every necessary option is given
In marketing the grain.
First, the farmer or his co-operative may market the grain for cash in
the competitive market on the day of delivery and the price
received shall
be the highest bid.
Second, the grain may be stored by the farmer or his co-operative
and
sold only at the option of either. Meanwhile, an advance may
be received
on this grain in a public warehouse, such money to be
used by the owner
pending ultimate sale.
Third, the farmer may enter his min in a common pool and
borrow on
it in public warehouses; the final settlement to be based
upon an average
price for the period of the pool.
Under all of these options the Farmers' National Grain Corporation
exercises a supervisory control and acquires the grain only by
purchase in the
competitive market. In order to carry out these provisions and
options
It is necessary to have a marketing agreement setting forth
the provisions
and options and to facilitate making advances where loans
are required.
Such marketing agreements contain a further provision
that the grower or
his co-operative will have a reasonable period each year,
during which they
may waive delivery of their grain for that year. Delivery
the
all that is required. A clause providing a nominal penalty first year Is
for failure to
deliver by a borrower is essential or the marketing contract
means nothing.
It would be like passing a law defining an offense and
failing to include a
penalty if the law were violated.
"You understand, of course, that such marketing agreements
are not
required unless the farmer or his co-operative borrows or uses
funds of the
Farmers' National Grain Corporation.
"We presume that much of the confusion regarding this results
from these
marketing agreements not having been determined upon in
detail by the
Farmers' National Grain Corporation. An earnest effort has
been made to
get them out but there are so many features relating to the
practical handling
of grain in the many regions and among the several types of
co-operatives,
that it has taken a good deal of time to arrive at something
that would
cover all of these circumstances. We are assured that
these marketing
agreements will be in readiness shortly and believe that when
they have
been agreed upon and passed along to the co-operatives and their
members,
much of the opposition born of misunderstanding will fade out.
"The Farmers' National Grain Corporation is in good hands. Its officers,
Executive Committee and Board of Directors are members of the cooperatives that compose it. Its manager is a thoroughly experienced grain
man and its personnel in the principal departments are individuals who are
experienced in the branches of activity engaged in by the Corporation.
The Corporation is making splendid progress in getting ready to handle
the forthcoming crop of wheat and other grains. It is establishing branches
at the principal markets, providing adequate warehousing for the grain
provide:
(1) The farmer or his co-operative may market the grain for cash in the
competitive market on the day of delivery at the highest price bid;
(2) The farmer or co-operative may store grain in a public warehouse and
borrow money on that grain pending ultimate sale which can be made only
at the option of the owner;
(3) The farmer may enter his grain in a common pool and borrow on it
In public warehouses; the final settlement to be based upon an average price
for the period of the pool.
It should be clearly understood that marketing agreements are required
only where Federal Farm Board funds are used for financing grain or
facilities.
The Farmers National Grain Corporation exercises a supervisory control
under all of these options and acquires the grain only by purchase in the
competitive market. The marketing agreements provide that after the
first year the grower or his co-operative will have a reasonable period each
year during which they may waive delivery of their grain for that year.
Some of the private commission companies for years have required cooperatives borrowing money from them to sign a binding marketing agreement. In one State where some opposition has been voiced to signing a
marketing agreement with the Farmers National Grain Corporation a
private commission company is boasting that it has 50 co-operative elevators
tied up under a 5
-year binding contract to deliver grain to it in return for
financing.
President Thompson of America Farm Bureau Federation Urges Members to Support Agricultural
Marketing Act—Says "Great Speculative Groups"
Openly War on Act and Policies of Federal Farm
Board.
In a message to the 1,837 County Farm Bureau units
composing the American Farm Bureau Federation, Sam H.
Thompson, President, issued an appeal for "a united front
against the forces which are seeking to undermine the effectiveness of the Federal Farm Board's activities." We quote
from a Chicago dispatch May 11 to the New York "Times"
which also said:
His message is inspired, Mr. Thompson says, by the recent action of
grain exchanges and other trade groups in attacking the marketing act
"individually and through the Chamber of Commerce of the United States."
This he declares is a "serious challenge to organized agriculture."
The law which created the Farm Board, Mr. Thompson adds,"represents
the result of seven years of toil, sacrifice and bitter battle on the part of the
farm people of this country."
Text of the Appeal.
Mr. Thompson's letter follows:
May 9. 1930
To All State and County Farm Bureau Officers:
Organized agriculture faces a serious challenge.
Great selfish, speculative business groups have joined forces to secure
repeal or nullifying amendment to the Agricultural Marketing Act.
The Agricultural Marketing Act, which became a law of the land on
June 15 1929, represents the result of seven years of toil, sacrifice and
bitter battle on the part of the farm people of this country. It is the
first step in the adoption of a national policy that will enable farm people
to live and earn on the same basis as the other economic groups of this
country.
This Agricultural Marketing Act declares as the national policy the
promotion of "Effective merchandising of agricultural commodities— so
that the industry of agriculture will be placed on a basis of economic
equality with other industries, and to that end to protect, control and stabilize the currents of interstate and foreign commerce in the marketing of
aggricultural commodities and their food products."
Says Opponents Declare War.
The act further declares that the development of producer-owned and
controlled co-operative enterprises as a means of carrying out this objective
is a further policy of the Federal Government.
Under this Act, the Federal Farm Board has been created and has been
functioning for less than a year, but already great speculative groups that
have, year by year, profited at the expense of agricultural through the
fluctuation in the price of the produce of the farm, see the handwriting
on the wall. They have openly and definitely declared war on this policy.
It is up to the organized farmers of the nation whether this policy shall
stand or whether it shall be destroyed.
I address this letter to all officers of the Farm Bureau, National, State
and County, to urge that the full force of the Farm Bureau be mobilized
and that this organization present a solid front to our economic enemies.
Therefore I urge that at once you take every step to set in operation
the machinery of the unit for which you are responsible. See to it that your
representatives in Congress be not confused, that they know beyond misunderstanding that the declared policy of the Agricultural Marketing Act
3468
FINANCIAL CHRONICLE
[VOL. 130.
Own Several Million Bushels.
One of the problems in connection with the wheat to be in the hands of
the Grain Stabilization Corp. at the end of this month will be its transporation to marketing centers if any attempt is made to dispose of It in large
bulk at that time. A warning has been issued by the Northwest Shippers
Urges Wider Co-operation.
Advisory Board that serious congestion may result if any large movement
It is wise, too, to hasten with all possible dispatch the completion of is
attempted.
the organization of co-operative groups to take advantage of the Marketing
The stabilization corporation and the Farmers National Grain Corp.
Act and the facilities available through the Federal Farm Board. Your own
several million bushels of grain outright, bought in a short period on the
American Farm Bureau has and is co-operating to the fullest extent with
Minneapolis exchange and now stored in terminal elevators here. In adthe Federal Farm Board in the development of co-operative marketing dition,
loans on more than 14,500,000 bushels of wheat in the northwest
machinery.
have been made and ownership of that grain will pass to the stabilization
It is also wise to utilize the publicity machinery of the Farm Bureau
corporation.
to the fullest extent in telling the farmer's side of the story. Use your
Helped Farmer Unwittingly.
publications, radio, the newspapers, the farm press and every available
Representatives of the Stabilization corporation said they could not
source to solidify agricultural sentiment on this vital economic issue.
And, finally, increase the membership of your farm bureau. Every reveal the plans of the farm board agency for the marketing of that wheat.
In the meantime, A. J. Olson, Renville, President of the Minnesota
additional recruit to our ranks increases the effectiveness of this great army
Farm Bureau Federation, declared to-day the United States Chamber
fighting for economic justice for American agriculture.
of Commerce "unwittingly helped the farmer when it adopted a resolution
In the words of the immortal Lincoln:
"Let us have faith that right makes might; and in that faith let us to the demanding repeal of the agricultural marketing act."
The National Chamber, in voicing openly its stand against "the only
end dare to do our duty as we understand it."
attempt at farm relief the Government has ever made," has created a
Very truly yours,
"wave of resentment in farm circles that is certain to unite the farmers
AMERICAN FARM BUREAU FEDERATION.
into more closely knit organizations than have ever existed up to the present
S. H.Thompson, President.
time," he said.
"With these powerful organizations in the field campaigning aggressively
receive the
Chairman Legge of Federal Farm Board Predicts Fair for justice for agriculture, the Farm Board will effectively. co-operation
The farmers
it must have if its program is to be carried through
Prices for Wheat.
who thus far have been lukewarm to the Farm Board will now champion
Confidence in the wheat situation and in a fair price for its cause aggressively."
arallels the demand of American agriculture; that they know, if any
mendment is to be made to this Act, that it must be an amendment
tesigned to further facilitate the carrying out of the policy and not an amendment.which will in any way hamper or obstruct this work.
farmers was expressed, on May 15, by Alexander Legge,
Chairman of the Federal Farm Board, with an oral statement
to Put Co-Operatives in
that there will be an adequate but not excessive crop. The Federal Farm Board Seeking
"Strait Jacket"—Says Livestock Marketing Groups
"United States Daily" reports this and adds:
Declining to Become Members of National CoCanadian acreage, Mr. Legge pointed out, has been reduced by a small
percentage. As to wheat exporting, Mr. Legge said that while the Farm
Operative Livestock Marketing Association—Refuse
Board has no machinery for contact with buyers in other countries, it May
to Surrender to Washington Authority.
be found that the Farmers National Grain Corp. has such facilities.
"The Federal Farm Board, with the tremendous power of
Organization of the national livestock marketing association has been
deferred, Mr. Legge said, until after June 10, when another meeting of the Government behind it," apparently is seeking to put
the co-operatives in this field is to be held at Chicago. Groups not reproa group
sented in a meeting on May 12 will take part in the June 10 conference, the co-operatives of the country in a straitjacket,
aecording to Mr. Legge's expectations.
of major livestock co-operatives declared in a statement
issued May 8 following the organization meeting of the
American Farm Federation Bureau Opposes Resale National Co-operative Livestock Marketing Association at
Price Fixing—Measure Unfair, Chester Gray Writes Chicago last week, says the Minneapolis "Journal," which
House Committee.
in further reporting the stand of the various groups, also had
Claiming unfairness to farmers, the American Farm the following to say in its May 8 issue:
When the Agricultural Marketing Act was under discussion, certain
Bureau Federation has announced its opposition to the resale
members of Congress expressed the fear that it meant the creation of an
,
price maintenance bill (H. R. 11) according to a letter filed agency which would "straight jacket" the co-operatives, the statement
May 8 with the House Committee on Interstate and Foreign said, "and unless the Board changes the attitude it has assumed in the
well founded."
Commerce. The "United States Daily" notes this and says: present instance, it would appear this fear was Co-operative Association,
Central
The statement was signed by the
This measure has been reported to the House, and the Committee has
St. Paul; Farmers Union Livestock Commission, Kansas City; Farmers
asked for a rule allowing its consideration. In a statement by Chester H.
Co., Denver; Farmers Union Livestock ComGray, Washington representative of the Federation, it was claimed that Union Livestock Commission
mission, St. Joseph, Mo.; Farmers Union Livestock Commission, Omaha;
the Committee had not given adequate consideration to the measure.
Farmers Union Livestock Commission Co., Chicago; Farmers Union LiveHe declared that "neither proponents nor opponents had an opportunity
Paul; Farmers Union Livestock Commission
to present their views properly," and also that,in view of the Federal Trade stock Commission Co., St.
Livestock Commission Co., National Stock
Commission's investigation of resale price maintenance, no action on a Co., Wichita, Kan.; Farmers
Yards, Ill.; Equity Co-operative Association, Milwaukee; Missouri Farmers
matter of this character should be taken until the Commission has reported
Association Livestock Commission, Springfield, Mo.
its findings.
These organizations refused to become members of the new Farm Board
Pointing out the size of the buying group represented by farmers, and that
Marketing setup because "the Farm Board has insisted upon dictating the
prices of farm products are subject to changes, "too many of which are plan
of the present organization which we believe to be fundamentally
downward," the letter of the Federation declares, "It is obviously unfair to
unsound," the statement said.
compel farmers to pay a price over the retail counter for many necessities
It urged the Farm Board has assumed powers denied by the Agricultural
of life in regard to which the retailer has no option other than to charge his Marketing
Act and declared "if in the inception of a marketing agency
customer whatever the manufacturer has determined upon in the way of set up
under Its auspices, we are denied certain fundamentals by the Farm
price.
Board, which in our opinion constitute the very heart of co-operative
marketing, and which seek to safeguard the rights of the producers out at
Farmers National Grain Corp. Faced with Problem of the crossroads, as Congress intended they should be, what may we exMillion Bushels of Wheat—Repre- pect in time to come_"
Disposing of 15
of the livestock marketed
more
Co-operatives
sentatives Deny Reports That Large Quantities co-operatively in representingin 1929than 65% Chicago meeting to make
voted at the
the country
Market—Federal Farm Board Seeks fundamental changes in the organization but the Farm Board refused to
Are Reaching
been called to organize
make
Barges for Cargoes—J. D. McCaull Indicates More the any changes and declared "the meeting hadit," the
statement said.
corporation upon the plan last submitted by
Serious Effort to Dispose of Wheat Is Planned.
Although the problem of disposing of 15,000,000 to 20,000,000 bushels of spring wheat is before officials of the Farmers' National Grain Corporation, only a small quantity of
the grain has been offered for sale so far, representatives
declared on May 9 according to the Minneapolis "Journal"
of that date which went on to say:
IA There have been reports in grain circles that grain purchased with Fed-
Reject Washington Authority.
Reviewing the development of livestock co-operatives in the middle
and northwest in the last 15 years, the statement declared "now when we
are brought face to face with the question as to whether we shall surrender
the control of these splendid agencies to a great centralized authority in
Washington, or whether we shall continue to operate them as best we can
In the interest pf the man upon the farm, we choose the latter alternative.
"And if this be treason, let those who will make the most of it."
The Farm Board has "absolutely disregarded" the recommendations of a
co-operative committee, the statement said.
"The plan submitted to the Farm Board provided that the management
of the affairs of the National Marketing Association were to be placed
in the hands of a sales board of three, one of whom was to be the manager
of the National Producers Order Buying Company."
"At this meeting the new Farm Board plan was approved by vote of
38 to 24, every person at the meeting being permitted to vote regardless
of whether he represented a marketing agency and regardless of whether a
particular agency had one representative or five at the meeting.
"Under the new plan, every agency owning stock in the National Association and which marketed 2,500 carloads of livestock a year, was to have
a representative on the board of directors and no agency could have more
than one director. The result was to give an agency handling 2,500 carloads the same voice in the management as one handling 20,000 carloads,
a complete failure to give the actual producer of livestock representation.
Also, the form of contract approved required each agency to give the
National Marketing Association complete control of its affairs.
eral Farm Board funds, or on which loans have been made,is being disposed
of inconsiderable quantity.
Losses Would Reach Millions.
On the basis of low prices now prevailing, losses on the spring wheat
Purchased would run into several million dollars, grain men say.
country
Grain on which loans mature the end of this month is still held in
elevators, it is understood, and reports are that efforts will be made to get
rid of much of it before the new crop starts moving.
representatives of the
A small quantity only has been offered millers,
corporation said.
Small Quantities Offered.
associated
John D.McCann,Minneapolis grain man who recently became
yesterday from a conferwith the Grain Stabilization Corp., returned late
serious attempt
ence at Chicago which was believed to presage a more
elevators. He declared
to market the wheat stored here and in northwest
been offered or sold.
to-day, however, only "small quantities" have as yet
inquiries for
The Farm Board, through co-operatives here, has made
Definite Bank Loan Limits.
export by the Mississippi
bottoms for shipment of wheat to New Orleans for
"Another objection we had to the plan was based on the fact that the
barge line,
barge line, but as yet it has completed no arrangements. The
Board plan contemplated that all funds loaned to producers must
to Farm
however, will ship approximately 23,000 bushels of wheat to-morrow
the first be borrowed from Intermediate Credit Banks. This would mean no
New Orleans, consigned to it by a private grain firm. It will be
Government funds would be loaned to producers and that producers would
grain to move downstream by barge this year.
MAY 17 1930.]
FINANCIAL CHRONICLE
3469
have to pay the intermediate credit bank interest rate, plus a handling
For the Farm Board to attempt to finance everything would mean the
charge.
junking of the Intermediate Credit Banks, private banking facilities, and
"We believe this plan directly contravenes the spirit and intent of the other sources of credit, Mr. Legge said. He
declared that some of the
Agricultural Marketing Act. That Act contemplates the lending of Farm livestock groups only wanted the
money available through the National
Board funds to co-operative agencies at not to exceed 4% per annum. The Agency for this commodity and did not
care to co-operate in the National
new plan means they will have to pay practically commercial rates of program in any other way. The low money
rate available from the Farm
interest for funds to be loaned to producers.
Board is the main selling point to some co-operatives, Mr. Legge answered
"Following a preliminary meeting, every effort was made to Induce In reply to a question.
the Farm Board to modify its plan and to induce the National Producers
Prices of wheat at seaboard and interior points are now on a parity for the
Association to consent to some slight changes in the hope that a plan could first time in months, Mr. Legge announced.
He said that there is pracbe prepared which would have the united support of all co-operative mar- tically no other change in the wheat
situation at present.
keting agencies.
Set Forth Terms.
"Despite meetings with representatives of the Farm Board and the Senate Passes Bill Calling for Payment of Major Portion
National Producers Association, nothing was accomplished. Under date
of Salaries and Expenses of Federal Farm Board
of April 23, the undersigned agencies, the Indiana Farm Bureau and the
by Government—Expenses Now Met by Farm Loan
Indianapolis Producers Association, the latter a member of the National
System.
Producers Association, wrote the Farm Board and the National Producers
Association, stating that if the plan were modified so as to do four things—
A return to the original policy of the Government for the
(1) make the order buying company a wholly owned subsidiary of the
National Marketing Association (or such a change as would give the national payment of salaries and expenses of the Federal Farm
association control of the order buying company and insure all members of Loan Board by the United States, is provided in
a bill
the National Marketing Association becoming a part of it;(2) placing control
passed by the Senate May 12,says the"United States Daily,"
of the National Marketing Association in its directors instead of in a socalled sales board; (3) changing the contract so as to insure to the various which states that the committee report on the bill (S. 4028)
marketing agencies control of their own affairs, at least in the first year; amending the Federal Farm Loan Act
says in part:
and (4) providing for the election of directors of the National Marketing
The original Farm Loan Act provided that the salaries and expense of
Association upon a volume basis—they would join the National organization,
the Federal Farm Loan Board and of loan registrars and examiners shall
but that these changes were essential if they were to join.
be paid by the United States. However, in 1923 — seven years afterward
Suggestions Disregarded.
—the law was amended whereby the Farm Loan system was required to
The suggestions made in this letter were disregarded by the Farm Board bear these charges. It is now desired that the Government return to its
and the National Producers Association, although the Farm Board did original policy.
If this bill is enacted, about 58% of the operating expenses will be borne
subsequently require the National Order Buying Company to become a
member of the National Association, and to sign a contract agreeing to by the Treasury and 42% by the Banks themselves. There has been consubmit certain policies to the National Association for approval. There- siderable additional expense in connection with the reorganization of the
Federal Farm Loan system, in order to put it on a more permanent and
after the Farm Board called the final meeting.
"At this meeting, resolutions were presented providing for the modi- satisfactory basis,and the enactment of this bill will be of material assistance
fications requested by this group. There were 26 agencies represented, along these lines.
with one or two exceptions all the co-operative livestock marketing associations in the country. Each was given one vote, regardless of its size.
Chairman Legge of Federal Farm Board Intimates
All Resolutions Rejected.
Board Will Enter Export Market.
"Each resolution was voted down. The Farm Board announced that no
Chairman Legge of the Federal Farm Board stated that
changes could be made in its plans, except by unanimous vote of all present,
the effect of which was that no changes would be accepted, notwithstanding the Farmers National Grain Corporation would undoubtedly
its repeated assertion that it wanted the co-operative organizations ot
enter the export market. Announcement of this was made
make their own organizations.
"Thereupon, this group, believing the only kind of an organizaton, in the "Wall Street Journal" of May 15, which further
which would be worth anything to the producers of live stock, was one of observed:
which all co-operative livestock agencies were a part, stated that if
He said, however, that the plans were not sufficiently advanced to be
the plan were modified so as to place full control of the affairs of the National
Marketing Association in its own board of directors, doing away with the discussed.
Chairman Legge's comment followed the suggestion that the Farm Board
sales board; provided for the election of the directors of the Association
according to the stock, ownership and volume and modified the contract has not set up machinery for exporting grain.
"While the Farm Board has no machinery, the Farmers National Grain
between the National Marketing Association and its members so as to
insure the maintenance of the identity of the individual agencies, they would Corp. really has some machinery for handling exports," he said.
He also stated that foreign buyers had a great many representatives in
join the National Organization."
the United States and that Farmers National could deal directly with them.
Voted for Change.
"Notwithstanding the Farm Board's statement that only a unanimous
vote could change the plan, this proposition was submitted to the meeting President Moves to Aid Federal Farm Board—Submits
and 14 of the 26 agencies present, representing more than 65% of the livePlan to Congress for Obtaining Data Throughout
stock marketed co-operatively in the counrty in 1929, voted in favor of
World.
making the changes. Thereupon the Farm Board stated the meeting had
been called to organize the corporation upon the plan last submitted by it,
On April 25, President Hoover transmitted to Congress
and the meeting proceeded to do so, this group not participating in the
the outline of a plan designed to aid the Federal Farm Board
further proceedings.
"Before leaving the meeting, this group advised those present that it to obtain more accurate data on
agricultural conditions
co-operate with the Farm Board and to participate in the organdesired to
ization of the National Marketing Association but it believed the proposed throughout the world. Associated Press accounts from Washplan unsound, impractical and unfair to the producers of livestock, unless ington regarding this added:
modified as it had suggested and that in the absence of such modification
The Chief Executive presented a plan to have the Board utilize the
it could not become a part of the organization."
foreign commerce service of the Bureau of Foreign and Domestic Commerce of the Commerce Department for the collection of information. The
immediate necessity for this was ascribed to the need
More Livestock Groups Are Expected to Join National for more complete information relative to foreign of the Farm Board
crops, live stock and
Livestock Marketing Association—Chairman Legge markets.
Since only a shifting of appropriations of funds available for salaries
of Federal Farm Board Believes Objectors to Proand expense allowances would be necessary to put the plan in operation,
gram May Soon Reach Agreement.
the proposal was referred to the House Appropriations Committee.
Although some livestock groups are still protesting about
a proposed national program for this commodity, they may M. H. Rawlings of Nebraska Sees Dangers in Powers
soon be in agreement and in position to come into the
Exercised by Federal Farm Board—Says Board
National Livestock Marketing Association that is now being
Threatens Farmer with Forced Socialistic Co-set up, the Chairman of the Federal Farm Board, Alexander
operation.
Legge, stated orally May 13. This is noted in the "United
M. H. Rawlings, farmer and stockman of Archer, Neb.,
States Daily" of May 14, which also contained the following in a statement published in the May 1 issue of the "Central
advices:
City Republican" of Central City, Neb., charges "the FedHe added that groups handling a majority of co-operatively merchandised eral Farm Board with disloyalty to
the American farmer by
livestock had already come into this central sales agency.
With one exception there is no major point of disagreement among the threatening him with a forced Socialistic co-operation that
various groups. Mr. Legge said. He pointed out that this point of con- robs him of the right to market his product in independence."
tention is the method of voting. The custom, Mr. Legge recalled, has According to the publisher
of the paper in which Mr. Rawlgrown up of one member having a vote, no matter how little of the commodity he handles. Some livestock groups dissent from this practice, and ings's statement appears, the latter's ideas "are indicative
it might be better to have voting on a quantity basis, Mr. Legge declared. of the general trend of thought at this time as to
so-called
The rule could have been changed if the dissenting groups had come in
farm relief along the lines of Farm Board co-operatives."
and the National co-operative considered it desirable to make changes, Mr.
Legge pointed out. Either method of voting would have been satisfactory Mr. Rawlings in publishing his criticisms against the Federal
to the Farm Board. for it has no objection to changes made in the organiza- Farm Board gives them the caption "Easy to Get the United
tion of the National Central Sales Agency for its betterment, and has never States into Business, but
Harder to Get It Out." In part
tried to tell the co-operatives how they should establish their set-ups, he said.
Some of the livestock groups objected to joining the live stock National he says:
Agency because they pointed out that they could not get the desired amount
of funds from the Farm Board, but would have to go to Intermediate
Credit Banks, Chairman Legge stated. He pointed out that it would not
be feasible for the Board to attempt completely to finance an industry
such as agriculture with a valuation of from $13,000,000,000 to 815,000,000,000. It would be inadvisable, said the Chairman, for the Government
to take over the whole financing of any one of the National Agricultural
co-operatives.
As an American citizen I accuse-1. The Federal Farm Board of sacrificing the American Farmer in the
interest of the world's market for the industrial East, while throwing out
a restricted acreage co-operative marketing plan for agriculture that
possesses every phase of inevitable failure in crude Socialism.
2. The Federal Farm Board of being headed by an internationalist as
far as his business interests are concerned. That the greatest future of
his business lies in the development of Increased acreage in Russia,
Argen-
3470
FINANCIAL CHRONICLE
[Vol,. 130.
Northeastern Section.
tina, Australia and other foreign countries rather than anything now possiHoward P. Gilmore, Wes oro, Mass., Nashoba Apple Packing Associable in the United States.
3. The Federal Farm Board of attempting to shift responsibility for the tion.
Paul Judson, Kinderhook, N. Y.
continued American agricultural debacle onto co-operatives, helpless as
M. C. BurrIn, Hilton, N. Y., Western New York Fruit Growers' Coagainst foreign agricultural importations ($2,000,000,000 annually), and
operative Packing Association.
over-salaried as to competency.
4. The Federal Farm Board of disloyalty to the American farmer by
South Central Section.
threatening him with a forced Socialistic co-operation that robs him of the
Hon. Harry F. Byrd, Winchester, Va., large commercial grower.
right to market his product in independence.
Purcell McCue, Greenwood, Va., large grower—connected with a loca
5. The Federal Farm Board of Inflicting onto American agriculture their
-the-wisp semi-co-operative association.
advice in the form of constant, inconceivable, changing will-of
D. Gold Miller, Gerardtown, W. Va., Inwood Fruit Growers Co-operaplans, which are diametrically opposed to the fundamentals of American
tive Association.
business and extremely disastrous to stabilization, If that Is their aim.
Chester J. Tyson, Gardners, Pa., large commercial grower.
6. The Federal Farm Board personnel of not answering the brief and
Lester Collins, Moorestown. N. J., large commercial grower.
arguments of the Amalgamated Chain Stores, as signed by the powerful
Eastern food distributors, for the continued right to import agricultural
Central Section.
products unhampered by higher tariffs. If they were the logical appointees
Dr. E. L. Beal, Republic, Mo., Republic Horticultural Association.
for the serving of agriculture faithfully, where were they then?
W. S. Perrine, Centralia. Ill., large commercial grower.
7. The Federal Farm Board of being too willing to force agriculture down
Forrest Steimle, Eau Claire, Mich.. Eau Claire Farmers' Co-operative
into the dregs of Socialism; more abhorrent to the American farmer than Association.
slavery and known by the self-willed individual agriculturist as the pilferer
Western Section.
of his birthright.
Victor C. Follenius, Hood River, Ore., Gen., Mgr., Hood River Apple
As an American farmer I demand the immediate repeal of any law or any
Growers Association.
possible authorization of the Farm Board's misuse of power against the
J. W. Hebert, Yakima, Wash., Gen. Mgr., Yakima Fruit Growers
American farmer and American business, based on American agriculture.
Association.
L. M. Tignor, Wenatchee, Wash., Pres., Wenatchee District Co-operative Association.
E. C. Merritt, Sebastopol, Calif,. Mgr., Sebastopol Apple Growers Union,
Federal Farm Board Approves Application Loan of
The Apple Committee Is not an Advisory Commodity Committee as
$1,900,000 to Co-operative Pure Milk Association
Provided for in the Agricultural Marketing Act, but rather a general comof Cincinnati.
mittee to work with the Farm Board in the development of a national proThe Federal Farm Board on May 8 announced that it gram for co-operative efforts among apple rcrowers.
had approved an application of the Co-operative Pure Milk House
Passes Measure to License Fruit Dealers—Bill
Association, Cincinnati, Ohio, for a loan of not exceeding
Requires Federal Permit for Commission Merchants.
$1,900,000. The Board says:
All commission merchants, brokers and dealers handling
The association will use this money for the acquirement of physical facilities needed in the more effective merchandising of milk delivered by pro- perishable fruits and vegetables would be required to obtain
ducer members.
a Federal license under the terms of a bill passed by the
The loan will be secured by a first mortgage on all of the properties
learned from a Washington disacquired. Repayment will begin one year from the date the loan was made House on May 14. This is
at a rate of not less than $175,000 annually and be completed within 10 years. patch to the New York "Herald-Tribune," which added:
California Grape Growers Near End of Drive to Administer Federal Farm Board's Program for Grape
Industry—Control of Large Percentage of Tonnage
Campaign Goal.
San Francisco advices published in the "Wall Street
Journal" of May 12 stated:
The California Grape Control Board, which is administering the Federal Farm Board's program for the grape Industry, hopes to complete
soon the signing up of a large percentage of California growers to support
the plan. Dr. Theodore Macklin, special representative of the Board,
is completing a tour of the principal juice and table grape growing areas,
during which he has addressed thousands of growers.
An official of the California board summarized the situation, from the
board's standpoint as follows: "There is no question that powers of the San
Joaquin Valley have come to a realization of the objects that will put us
over the top, with the tonnage control required by the Farm Board. This
realization is that the plan is the most comprehensive ever offered to the
industry; that it is the most amply financed of any, having the Farm Board
funds behind it, and that it represents their last chance at an organized
industry effort to control the surplus, to obtain stability and to retain
grower control.
Plan Offers Stability.
"It is this, the best plan that can be devised by Government experts to
embrace every type of grower and every factor in the industry, or it Is
chaos, disorganization and individualism rampant, which means the survival
of the fittest."
are only a few
Nearly 3,000 acres in the Dinuba district, where there
large vineyards, were represented by growers' contracts signed last week
In the current week.
and picked committees hope to double this figure
Negotiations are in progress for bringing into the picture, this week,
large tracts, either corporately or individually controlled. These aggregate
about 45,000 acres.
Large Group to Enroll.
approxi.
It Is believed likely that a group of grower-shippers representing
devoting
mately 15,000 cars of fresh grapes, will sign up this week, after
action.
several weeks to considering some other course of
of the acreage
The holdings of several large banks, aggregating about 5%
been signed and these institutions are
In the raisin belt, have Governmentally administered contracts. advising
their clients to sign the
to be reflected
Within the next day or two the attitude of the packers,
concerns, will be known.
by a referendum of more than 20 raisin packing
that covering the vineOne of the first large acreages to be signed was
owned by a corporation of
yards on the so-called Hoover farm at Wasco,
stockholders.
which President Hoover is one of the largest
The bill was a substitute for a Senate measure sponsored by Senator
William E. Borah, Insurgent Republican, of Idaho. A provision which
would have included handlers of eggs and live and dressed poultry, not
Included in the Senate bill, was stricken from the House bill before passage.
Supporters of the bill contended it would serve to eliminate handlers
unfair to farmers by refusal of a license for unfair business practices.
Farm organizations supported the measure, and It is estimated that approximately 40.000 commission merchants will be affected, providing the
bill becomes law. The bill was passed on a viva voce vote after a motion
to recommit it to the Committee on Agriculture was defeated, 223 to 64.
National Livestock Marketing Association Incorporated Under Delaware Laws.
The following is from the Chicago "Tribune" of May 13.
Incorporation of the $1,000,000 National Livestock Marketing Association under Delaware law was announced yesterday by representatives of
four co-operative marketing associations meeting here to perfect the organization sponsored last week by the Federal Farm Board.
E. A. Beamer, Blissfield, Mich., was named temporary President and Dr.
0. 0. Wolf, Kansas City, temporary Secretary, during formative sessions
where Farm Board attorneys explained the provisions of the constitution and
by-laws. C. G. Randall, livestock specialist of the Farm Board,represented
the Board.
Chicago advices, May 6, regarding the organization of the
Association are taken from the New York "Times."
The fourth national commodity marketing organization of the Federal
Farm Board was approved by live stock producers In Chicago to-day. Steps
taken during the day ironed out differences between existing co-operatives
sufficiently that the $1,000,000 corporation will be incorporated immediately, It was announced. Chairman Alexander Legge and Vice-Chairman
James C. Stone of the Farm Board attended the meeting of representatives
of 17 livestock co-operative marketing associations, Mr. Stone presiding
during the morning sessions.
During the session two large farmer's livestock agencies withdrew from
the meeting, declining to join the new corporation. They are the Farmers'
Union and the Central Livestock Producers' Association.
The incorporating co-operatives signing up for stock are expected to
handle about 52% of the co-operative live stock business. Incorporation
will be made under Delaware laws this week. E. A. Beamer of Blissfield,
Mich.; J. R. Fulkerson of St. Louis, and 0.0. Wolf of Kansas City are the
incorporating producers.
Livestock Co-operatives Name Advisory Commodity
Committee.
The Federal Farm Board stated May 13 that it had been
advised by the livestock co-operatives that they, on inFederal Farm Board Calls Meeting of Apple Growers vitation of the Farm Board as provided by the Agricultural
Call of Federal Farm
in Washington May 14 At
Marketing Act, have selected the following to be members of
Board to Develop Plans for Co-Operative Organiza- the Livestock Advisory Commodity Committee:
tion.
R. M.
Iowa, member board of directors, National
growing LivestockGunn, Buckingham,member Marketing Committee Iowa Farm
and Meat Board,
A committee of 15, representing the various apple
Washington, D. C., Bureau Federation, and livestock feeder and breeder. T. C. Halley,
regions of the United States, will meet in
C. A.
Scottsbluff,
develop a feeder, and Neb., lamb feeder. directors Ewing, Decatur, Ill., livestock
Chicago Producers Commission
member of board of
May 14, at the call of the Federal Farm Board to
co-operative efforts among Association. H. L. Kokernot, San Antonio, Texas, cattle ranchman:
plan of procedure to further
themselves of President, Texas Livestock Marketing Association, and member executive
apple producers in order that they may avail
Act. The committee American National Livestock Association. Thomas E. Wilson,
Chicago, Ill., President, Wilson & Co.; Vice-Chairman, National Livethe provisions of the Agricultural Marketing
stock and Meat Board, and Chairman, American Institute of Meat Packers
Board's announcement May 8 says:
recommendations made
The committee was appointed in accordance with
vegetable co-operatives held
at a conference of representatives of fruit and
state colleges of
with the Farm Board in January. Grower co-operatives, apple growing
different
agriculture and state horicultural societies of the
of the comdistricts were invited to submit nomination. The membership
mittee follows:
Committee to confer with livestock producers. R. M.Hagen,San Francisco,
Calif., managing director, Western Cattle Marketing Association and Secretary, California Cattlemen's Association.
Mr. Wilson and Mr. Hagen were certified as "processors or handlers."
The seventh member of the committee will be selected later. The committee held its first meeting in Chicago on May 14.
MAY
17 1930.]
FINANCIAL CHRONICLE
Real Estate Financing Reported as Ove - Billion Dollars
Year By T. F. Clark of Mortgage Bankers' Association.
More than a billion dollars a year—without pause through
the past three-year period—is the record of real estate
financing reported by Thomas F. Clark, Director of the
Mortgage Bankers' Association of America, in an interview
at the annual meeting of the United States Chamber of
Commerce, held in Washington the first week in May. Mr.
Clark said:
"Such colossal figures, based upon a country-wide survey just made
among members of the Mortgage Bankers' Association come as a surprise
to the man on the street who has attributed lessened real estate and
building activity to a curtailment of loans by mortgage bankers. Due
to the fact that the survey was confined to the conservative institutions
that have qualified under the strict membership standards of the Association, we can infer from the figures that companies of this type have
regularly supplied mortgage money for sound projects even during this
last three-year period when real estate activity as a whole has been at a
low ebb. Forty per cent, of the reporting members actually showed an
increased business in 1929 over 1928."
3471
2. Questionnaire to Be Executed by Customers' Men.—Every applicant
for employment as a customers' man, and all individuals at present so
employed, must fill out a questionnaire in the form prescribed by the
Committee on Quotations and Commissions.
3. Experience of Customers' Men.—Individuals without previous experience in the brokerage or financial Liminess will not be approved for employment as customers' men. They may be employed, however, as clerks
or in some such capacity at a salary commensurate with the position occupied
in order to gain some experience and knowledge of the business, for from
three to six months as the Committee may determine, as far as possible
in the main office of the applying member. At the expiration of that time
the Committee on Quotations and Commissions may approve them as customers' men, after giving consideration to their training and qualifications.
4. Salaries of Customers' Men.—When customers' men are employed by
members, their salaries shall not be changed within six months after the
date of their employment, and any subsequent changes In their salaries
may not be permitted more frequently than every six months.
5. Bonuses.—The payment of bonuses at any time which adjust the compensation of customers' men may be considered by the Committee on
Quotations and Commissions as a violation of Article XX of the Constitution. Members may adopt profit-sharing plans providing for proportionate
participation in a fixed percentage of the profits by all employees based
on salary and length of service, etc. This plan may be varied according
to groups of employees, but not to fluctuate with individuals— all plans to
besubject to the approval of the committee on Quotations and Commissions.
6. Discretionary Accounts.—Customers' men and all other employees are
prohibited from handling discretionary accounts. Discretionary power in
the handling of an account may be vested only in partners. A partner
may delegate such discretionary power to a customers' man to a reasonable
extent, provided the consent of the customer in writing is first obtained.
Such delegation of discretionary power by a partner to a customers' man
doe not relieve the partner of responsibility.
7. Customers' Men to Have No Other Employment.—No customers' man,
nor any other employee of a member, will be permitted to be employed by
any other firm or individual,or to serve as an officer of a corporation without
the prior written approval ofthe Committee on Quotations and Commissions.
8. Nothing contained in the foregoing rules shall be construed as superseding or modifying any of the provisions contained in the Constitution
and the rules adopted by the Governing Committee, especially as contained
in Chapter XVI of the Rules.
ASHBEL GREEN,Secretary.
Two hundred leading members of the Association, located
In practically every State of the Union, submitted figures
in the survey showing sales of mortgages and bonds secured
by city real estate to the extent of 676 millions in 1927, 727
millions in 1928, and 691 millions in 1929. An estimate of
from a billion to a Milan and a half dollars annual volume
could be assumed on the basis of a full report from all of
the Association's members. Building and loan associations,
private investors, insurance companies, trust companies and
savings banks negotiating directly with borrowers, rather
than through mortgage bankers, are not included in the
survey. Mr. Clark further observed:
Mr. Green, in a notice to members calling attention to
"it must be remembered that in the last two or three years we have the above rules, says:
seen the gradual withdrawal or failure of many so-called 'high-pressure'
real estate security houses whose loans were, through intention or lack
of experience, made along speculative lines. As such houses are gradually
being eliminated from the field it is only natural that builders and
developers should feel the shortage of funds from those sources.
"While one section of the general public is bewailing the supposed
'tightness' of mortgage money another section is bound to feel satisfaction over the present conservative trend of mortgage banking, and in
the knowledge developed by these statistics, that sound mortgage institutions are furnishing an uninterrupted service to borrowers and investors.
"Judging from the figures shown, high grade real estate securities are
still being sold and being accorded their rightful honored place in the
investment field. Such securities must not be made the tool of the wildcat
promoter—the speculator unwilling to risk his own funds. Level-headed
home-owners, realtors and builders who are more concerned with sound
development than temporary profits will find mortgage funds as plentiful
as ever in 1930."
With reference to paragraph No.2, members are directed to make written
application to the Committee on Quotations and Commissions for the number of questionnaires they will require.
Ruling of New York Stock Exchange Requires Collection of Buying and Selling Commission at Time
Transfer Is Made of Securities Involving Change
in Ownership.
The following notice has been issued to members of the
New York Stook Exchange by Ashbel Green, Secretary of
the Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Quotations and Commissions.
May 10 1930.
To the Members of the Exchange:
I am directed to inform you that inasmuch as the Constitution of the
Exchange provides that in any transaction In securities listed on this Exchange in which a change of ownership is involved, a buying and selling
commission must be charged together with the necessary transfer tax, the
Committee on Quotations and COMMIsSIOILS has ruled that such commissions
must be charged and collected when listed securities are transferred from
one customer to another customer of the same firm,or a change of ownership
Is otherwsie effected.
ASHBEL GREEN, Secretary.
Sixty members making farm loans in all of the principal
agricultural States were shown to have varied their annual
volume less than 3% over the three-year period. Total
farm mortgages sold were 84 millions in 1927, 86 millions in
1928, and 87 millions in 1929. A full report from all members making such loans would probably show an annual
total of between 100 millions and 150 millions. The survey
did not include Federal and Joint Stock Land Banks, nor
private investors, insurance companies, trust companies and
Richard Whitney Elected President of New York Stock
savings banks negotiating directly with borrowers.
Exchange—Allen L. Lindley Elected Vice-President
—Other Officials Elected,
New Rules Adopted by New York Stock Exchange
Richard Whitney was elected President of the New York
Governing Customers' Men—Experience Required
and Employment in Any Other Capacity Restricted. Stock Exchange on May 12, succeeding E. H. H.Simmons,
The rules governing Customers' men, adopted May 7 who retires from the presidency after a term of six consecuby the Committee on Quotations and Commissions of the tive years as head of the Exchange. Mr. Whitney, who is
New York Stock Exchange were made public on May 12, head of the firm of Richard Whitney & Co., had been Vicethe date when they became effective. In an item in our President of the Exchange for the past two years. Mr.
issue of May 10, page 3282, with respect to the report adopted Simmons will continue as a Governor of the Exchange,
May 7 limiting the powers of customers' men, it was noted having been elected May 12 to the Governing Committtee
that the latter are employees who deal directly with customers for the term of four years
Other officers of the Exchange elected May 12 were:
and who by the nature of their duties often give advice in
Warren B. Nash, Treasurer, for the term of one year.
regard to the purchase and sale of securities, and in some
James C. Auchincloss, Edward E. Bartlett Jr., Oliver C. Billings, Arthur
instances are authorized bycustomers to exercise discretionary F. Broderick, Jay F. Carlisle, Goerge U. Harris, L. Martin Richmond,
powers over their accounts. The new rules, according to Charles S. Sargent, and Herbert G. Wellington, as members of the Governyears.
the "Journal of Commerce" are in furtherance of the efforts ing Committee for the term of four the Governing Committee for the term
Raymond Sprague as a metaber of
to eliminate undesirable conditions respecting the indis- of two years.
Andrew Varick Stout Jr. and Robert W. Keelips as members of the
criminate employment of customers' men by members of
Committee for the term
the Exchange. Secretary Green of the Exchange makes Governing Lindley and E. H. H.of one year.
Simmons were elected trustees of the
Allen L.
known the new rules as follows:
Gratuity Fund for five and four years, respectively.
None of the candidates were opposed in the election.
NEW YORK STOCK EXCHANGE.
Committee on Quotations and Commissions.
There were 596 ballots cast.
Supplementary Rules Governing Customers' Men.
On May 13 Allen L. Lindley was elected Vice-President
Adopted May 7 1930.
of the Stock Exchange at the organization meeting of the
1. Customers' Men.—The term "customers' men" shall be construed to
include all employees who are regularly engaged in the solicitation of Governing Committee of the Exchange.
marginal business or the handling of customers' accounts, or who advise
Mr. Lindley's first business association was with the Stock
with customers about the purchase and sale of securities. All branch office Exchange firm of Post & Flagg. He later became
associated
managers, and also securities salesmen who more than occasionally advise
customers in regard to the purchase and sale of securities on margin, or with the firm of Henderson, Lindley & Co., of which his
who handle marginal accounts, shall be considered as customers' men.
father was a member. On Oct. 9 1902 Mr. Lindley pur-
3472
FINANCIAL CHRONICLE
[VoL. 130.
chased a membership in the Stock Exchange, becoming a
The application of David Adler for a receiver pendente llte for the Celotex
partner in the firm of Henderson, Lindley & Co. The name Co., which caused a sensational decline in Celotex common shares on the
New York Stock Exchange a week ago, was dismissed to-day in Chancery
of this firm was changed to Lindley & Co. on July 29 1907. Court.
Mr. Lindley was elected a member of the Governing ComThe motion for dismissal was made by counsel for Adler over the protest
mittee of the Exchange in Dec. 1916, resigning in Oct. 1917 of counsel for the Celotex Co.. S. Randolph Hicks, who contended the action
had been filed for ulterior purposes. Celotex he said, was anxious for
to join the Reserve Officers Training School where he was an immediate hearing on the application.
commissioned Captain and assigned to the 77th Division,
Mr.Hicks declared that the 50 shares of stock owned by Adler were transthe first combat unit of the National Army to set foot on ferred to him from another party some time after March 20 and that the
Information upon which the receivership action is founded was contained in
French soil. He served over-seas as a Captain in the 308th a financial report made available to stockholders on Feb.3. The Chancellor
Infantry returning in May 1918 with the commission of said that under the rules of the court he could do nothing other than grant
Major, attached to the same division. Following his return the motion for dismissal of the application.
The chancellor said whether the bill was filled with an ulterior design and
he was re-elected a Governor of the Exchange on July 2 1919. to alter the market in the stock, he did not know. He added he read the
Mr. Lindley has served on several standing committees papers and he knew stockholders had been hurt by the decline in the stock.
After the
of the Exchange, including the Committees of Admissions, a date for a motion was granted, the chancellor asked both sides to agree on
hearing on the application for a permanent receiver. Celotex
Arbitration and Business Conduct. He was for several said it was ready for an immediate hearing, but would agree on an early
years a member of the Board of Trustees and of the Execu- date fixed by Adler. The chancellor said that if counsel did not agree he
would entertain a motion for the expediting of the case.
tive Committee of the New York Stock Exchange Building have filed affidavits May 14 supporting his application for Adler was to
a temporary
Company, and is a Trustee of the Stock Exchange Gratuity receiver, but failed to do so.
Fund. Mr. Lindley's grandfather, Cyrus W. Field, laid
the first trans-Atlantic cable in 1866. His father, D. A. Real Estate Exchange Reported as Meeting Public
Lindley, was a member and a Governor of the Stock Exchange
Demand For Barometer on This Type of Securities.
for many years, and his son, Daniel A.Lindley, Jr., has been
"The increasing interest of the investing public in real
a member since March 1 1929, making the third generation
estate securities during the last few years, and the large
of the family to be represented in the membership of the
scale building developments which have taken the place of
Exchange.
small property transactions, have created the definite need
New York Stock Exchange Issues Questionnaire Calling for a ready market for the buying and selling of this
for Information as to Dealings by Memebers in type of security," a review in booklet form, issued by the
Common Stocks of Celotex Co. and Manhattan New York Real Estate Securities Exchange, states. The
Electrical Supply Co.
economic reasons which have brought about the need for
With regard to questionnaires issued this week by the an established, permanent market for real estate securities—
New York Stock Exchange seeking information as to dealings the organization of the Real Estate Securities Exchange—
by members in the common stocks of the Celotex Co. and its purpose, operation, structure, and services are outlined
the Manhattan Electrical Supply Co., the "Journal of in this survey. The Exchange is seen as meeting the very
Commerce". of May 15 said:
definite demand of the public for a barometer to establish
Steps to ascertain the facts behind the recent spectacular actions of the just what the prices and yields of American real estate
stock of the Celotex Co. and of the Manhattan Electric Supply Co.,Inc.,
securities should be. The point is stressed that the Exwere taken yesterday by the Committee on Business Conduct of the New
York Stock Exchange. This is the first inquiry made by the Exchange change is organized, operated and financed upon a basis of
since the attempts to trace short sellers in last fall's break in the market.
permanence and now includes in its operations real estate
The stock of the Manhattan company had risen steadily some 25 points
to about 53 as a result, according to reports, of concentrated action by a securities based upon real estate located in every section
pool operating in the issue. The stock failed to appear on the tape for of the country. Under the heading "The World's First," the
almost a week, and when it did broke sharply to 14, a loss of 29 points. rievew
comments as follows:
Celotex common stock broke suddenly from 43 to 20 on reports of an application for a receivership. The managements of both companies have issued
statements, indicating that the positions of the companies did not warrant
any such liquidation as had occurred.
Follows Legal Check.
The inquiry of the Stock Exchange seeks all details of transactions in
both issues since May 7. Orders and actual purchases or sales, together
with the names of the principals, are to be submitted to the committee
by noon to-day in the Celotex incident, and by noon next Wednesday on
dealing in the stock of the Manhattan company. This investigation
closely follows announcements that the Deputy Attorney's office was
making inquiries into the Manhattan company situation with a view to
finding whether there were any illegal actions involved in the transactions
in the stock.
The following is the information called for by the Exchange:
NEW YORK STOCK EXCHANGE
Office of the Secretary.
May 13 1930.
Green, Secretary.
Ashbel
To Members of The Exchange:
The Committee on Business Conduct directs me to ask you to please
supply it with the following information in regard to the securities named
below, excluding odd lot positions, orders and transactions:
The Celotez Company Common Stock.
1. The long or short position of each person interested in this stock
through your office at the close of business on Tuesday, May 6 1930.
2. A statement of all borrowings, and of whom, and of all loans, and to
whom,outstanding in this stock at the same time.
3. A list of your open orders in this stock,and for whom,at the same time.
4. A list of all orders in this stock entered by you on Wednesday, May 7
1930, at what time, and for whom.
5. A list of all transactions had by you on May 7 1930,giving the volume,
the prices, the names of the members or firms with whom the transactions
were made and of the persons for whom you acted.
Manhattan Electrical Supply Co., Inc., Common Stock.
1. A list of all transactions had by you between March 1 and May 7
1930, inclusive, giving the volume, the prices, the names of the members or
firms with whom the transactions were made and of the persons for whom you
acted. Kindly use trade dates and not blotter dates.
2. A statement of all borrowings, and of whom, and of all loans, and to
whom,outstanding in this stock at the close of business on each day during
this period.
3. The long and short position of each person interested in the stock at
the close of business on each day during this period.
The committee desires the information regarding the Celotex Co. common stock submitted to it at Room 609 by noon on Thursday, May 15
1930, and that concerning the Manhattan Electrical Supply Co., Inc.
common stock at the same hour on Wednesday, May 21 1930.
Respectfully yours.
ASHBEL GREEN, Secretary.
An investigation into the market situation of the Celotex
Co. by the New York Deputy Attorney-General was referred to in our issue of May 10, page 3284.
With regard to the receivership proceedings, a dispatch
yesterday(May 16)from Wilmington, Del., to the New York
"Evening Post"said:
"More than a decade ago some of the leading minds in the real estate
world were working on the problems surrounding real estate securities.
Here, from the viewpoint of the investing public, was a sound investment.
Yet it had no active market. It had no stabilized collateral value. It
lacked the liquidity which every investor desires for his investments.
What could be done to give investors in real estate securities the same
facilities for buying and selling and the liquidity that is enjoyed by
other types of securities listed on established exchanges? What could be
done to assist in the distribution of sound real estate securities upon a
more economical basis so that future issues be marketed with greater ease?
"The answer to these questions was found in the inauguration of the
world's first Real Estate Securities Exchange on Dec. 16 1929.
"To-day, for the first time in the history of the world, here is an
authoritative public source of information as to the character of real
estate securities. Here is an established place in which investors may buy
and sell with confidence. Here is a market in which prices are established
and real estate securities are made more acceptable to banks for collateral
on a no less favorable basis than other high-class securities. And, of
inestimable value to both investor and operator, the ten billion dollars of
real estate securities sold annually may here be made as liquid as the
most marketable securities."
.
W. D. Gradison—Elec
—led President or
Stock
Exchange.
Willis D. Gradison, of W. D. Gradison and Company,
was elected President of the Cincinnati Stock Exchange
at a meeting of the Board of Trustees May 12. We quote
from the Cincinnati "Enquirer" which said:
Mr. Gradison succeeds L. R. Ballinger, whose term as President
and member of the Board of Trustees has expired. Mr. Gradison
was formerly Vice-President of the Exchange. He is one of the
younger members of the Exchange.
George W. Beiser, of the Well, Roth and Irving Company, was
chosen to fill the vacancy on the Board at the annual election preceding the Board meeting. Mr. Beiser, the floor trader for his firm,
has been Treasurer of the company for 20 years. He is a member
of the Cincinnati Chapter, American Institute of Banking.
Other officers elected at the meeting of the Board were John L. Barth,
Vice-President; Joseph B. Reynolds, Treasurer, and Richard Seving,
re-elected Secretary.
Creditors of Mandeville, Brooks & Chaffee (Providence,
R. I.), Accept Composition Offer—M-B-C Corporation
Formed to Carry on the Firm's Business.
Incident to the affairs of the failed brokerage firm of
Mandeville, Brooks & Chaffee of Providence, R. I., the
suspension of which on Nov. 18, 1929, was noted in our
issue of Nov. 23, page 3252, unanimous approval of an
offer of composition presented to the creditors on April 25
by the firm, was announced by United States Referee In
MAY 17 1930.]
3473
FINANCIAL CHRONICLE
Bankruptcy, George J. Sheehan in the Federal Court, Providence, R. I., on May 8, according to the Providence "Journal" of May 9, from which we quote further as follows:
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3,400,896,836
1,297,716,796
4,579,159,767
536,535.462
2,898,804,296
3,216,569,207
345,494,489
615,996,844
545,539,550
142,882,202
2,086,133.801
2,167.075,699
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10,189.921,230
3,150,235,028
235,956,595
3,833,426,781
3,476,039,886
3,755,027.577
305,214,976
250,035,375
535,736,184
78,200,190
70,080,768
177,168,383
331,175,325
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borrowings on security collateral amounted to $4,656,302,339. The ratio of security loans to market values of all
listed stocks on that date was 6.12%. In the following
table, covering the nine months, listed stocks arc 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 $75,304,607,812.
March 1 1930.
I 70.806.703,327
As of May 1 1930 New York Stock Exchange member borrowings on
security collateral amounted to 85.063.131,359. The ratio of security
loans to market values of all listed stocks on this date was therefore 6.72%.
April 1 1930.
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$76,075,447,469 on April 1-Classification of Listed
Stocks.
As of May 1 1930 there were 1,322 stock issues, aggregating 1,199,303,428 shares, listed on the Now York Stock
Exchange, with a total market value of $75,304,607,812.
This compares with 1,316 stock issues aggregating 1,178,736,324 shares listed April 1 on the New York Stock Exchange, with a total market value of $76,075,447,459. In
making public the May figures the Exchange said:
May 1 1930.
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A decree winding up the State court receivership will be entered in
Herbert M. Sherwood of Sherwood,
Superior Court this morning.
Heltzen & Clifford, counsel for the three receivers, Frank H. Swan,
Everett L. Walling and Patrick H. Quinn, was in conference with
Mr. Sherwood
Judge Baker last evening until nearly 5:30 o'clock.
said the decree providing for the removal of the assets of the firm
from the State to the Federal court will be entered this morning, prior
to the hearing on the composition offer in the Federal court.
Appointment of a Federal receiver will not in any way hinder a
judgment on the amended plan of composition of creditors' claims
presented by the firm to the Referee in Bankruptcy on April 25, according to Mr. Sheehan, who added that the duties of the Federal receiver
would not terminate at least until confirmation of the offer of composition.
Eggap..c... ,s;
75,304,607,812
In its issue of May 8 the Providence "Journal" stated
that John H. Slattery of the Providence law firm of McGovern & Slattery the previous day was appointed Federal
reeciver for the failed brokerage house by United States
Referee in Bankruptcy George J. Sheehan. Announcement
of the passing of the Jurisdiction of the case from State
to Federal hands was made by Mr. Sheehan after a conference with attorneys representing the Mandeville creditors. The "Journal" furthermore said in part:
,
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The announcement, which was made before an official tabulation of
the number of acceptances and the amount of funds involved, came
after a hearing on the composition offer, which was given over principally to examination of claims and acceptances.
Referee Sheen stated that an application will be filer shortly in
Federal Court for confirmation of the approval, after which a date
will be set for hearing upon the confirmation.
The M-B-C Corporation, which under the plan of composition will
take over the assets and business of Mandeville, Brooks & Chaffee, will
begin business operations as soon as possible after confirmation has
been obtained from the Federal Court, according to Alexander Hindmarsh, partner of the brokerage firm. He said that not only was the
company legally bound to open its offices as soon as the composition plan
becomes operative, but that members of the firm were desirous of an
early reopening.
Acceptance of the composition offer, as determined by Referee Sheehan
yesterday, not only means that the plan will become operative upon
Federal Court confirmation, but that the duties of the Federal receiver
who was appointed Wednesday (May 7) will terminate following such
confirmation.
Yesterday's hearing before Referee Sheehan followed entry of a
decree in Superior Court by Judge Hugh B. Baker allowing the three
State receivers, Frank H. Swan, Patrick IL Quinn and Everett L.
Walling. $22,500 each for their service since December 19, 1930.
Herbert M.
The same decree awarded counsel fees as follows:
Sherwood, $17,500; Daniel H. Morrissey, $7,500; Greenough, Lyman
$5,000.
The three State
& Cross, $5,000 and Alfred G. Chaffee,
receivers reported to the Superior Court that they had delivered assets
to John H. Slattery, the newly appointed Federal receiver.
of the firm
The hearing before Referee Sheehan opened with a statement by
Ernest A. Berg, auditor, of a list of assets and liabilities of the
brokerage firm based upon market values of securities held November
18, 1929; Mr. Berg placed total assets, as of that date, at $4,030,552.32
and net total liabilities at $3,357,896.66, leaving an equity of $672,655.66.
Questioned by Isadore S. Horenstein of counsel for certain creditors
Mr. Berg said that he could give no idea of the present market value
of the securities held by the brokerage concern, but added that there
probably had been an increase of from $250,000 to $300,000 in total
values.
A short recess was taken at this point for examination of the statement of assets and liabilities and also for an examination of the
acceptances of the brokerage firm's offer of composition to its creditors.
Following the recess, announcement was made regarding the acceptance of the composition plan by creditors and the partners of the
brokerage firm were asked to take oath as to the correctness of assets
and liabilities as previously listed.
The hearing was attended by a large number of creditors.
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3474
FINANCIAL CHRONICLE
Temporary Injunction Issued Against General Industrial Bancshares Corp.
An order temporarily restraining the General Industrial
Bancshares Corp. of 67 Wall St., this city, and three of its
officers from dealing in securities, was issued by Justice
Mitchell May in the Supreme Court, Brooklyn, on May 10.
The order was given on motion of Mackey Rackow a Deputy
Attorney General attached to the Bureau of Statistics, and
is returnable on May 20. The officers of the corporation
enjoined were Julius H. Reiter, of the Pickwick Hotel,
Greenwick, Conn., listed as Manager; Herbert Boyce, 143
West 96th St., New York, Treas., and Bertha Jacobs,
3456 73rd St., Jackson Heights, Queens, Asst. Sec. The
New York "Herald Tribune" of May 11, from which the
above information has been otbained, went on to say:
In addressing the court, Mr. Rackow accused the firm of bucketing and
"falsely representing itself as an investment trust." He declared that
under these representations $307,000 worth of stock was sold to the public,
chiefly to subscribers of small means.
He also charged that the firm, in addition to selling its own stock, ran a
department for purchase of securities on a part payment plan and, he said,
in the majority of instances they merely sold these stocks short.
The General Industrial Bancshares Co. was incorporated in Maryland
with 350,000 shares of class A stock and 150,000 shares of class B stock, of
no par value. The class A stock was sold under the representation that the
corporation was an investment trust "dealing in stocks of well established,
reliable corporations, as well as government, state and municipal bonds,
shares of banks, trust companies, insurance companies and railroads," said
Mr. Rackow. This stock was sold from $18.50 to $21.50 a share, with
commissions ranging from $1 to $3 a share, he added.
In an examination of the company's books, said the attorney, it was revealed that the company owned no stocks of this caliber and that it held
only low priced stocks,such as Ford of England, and these were on margin.
"Bulk of the corporation's funds was used in their partial payment department," declared Mr. Rackow yesterday. "In reality, this was nothing but a
bucketshop. They also maintained their own stock would be listed on an
exchange in New York City when, in reality, no preparations for such a
course had been made. There was no market for their stock but, when some
of their customers became irate, they would loan money against the shares
to pacify these objectors.
"In this department they sold low-priced securities on the partial payment plan but the prices charged usually exceeded the market value from
$1 to $3. The customer paid a deposit of 25% and weekly or monthly
payment thereafter.
"If he defaulted in payments, he was closed out at the market price and
charged 6% on the unpaid balance. He often lost his deposit and what
over payments had been made."
Officers of the corporation could not be reached yesterday for a statement. The corporation has a bank account at the Empire Trust Co. and,
it was said at the Bureau of Securities, margin accounts with two brokerage
houses with memberships on the New York Stock Exchange.
The order of Judge May is said to have tied up approximately $50,000 of
the company's funds.
[VOL. 130.
deposited as collateral on loans, and from sale of customers' securities,
the proceeds of which were not accounted for to the customers.
Accountants found the records were so incomplete and confused it
was impossible to determine the condition of the company.
Many of the accounts receivable can never be collected.
The books showed W. H. Young & Bros. owed H. J. Kattelman Company, a brokerage house in the Central National Bank Building, $134,801.20, while that company's books shows the liability to 5e only
$27,316.30.
H. J. Kattelman, head of the Kattelman Company, which, according
to the audit, has a credit balance of $134,023.74 with Youngs, said last
night he did not care to make any statement without consulting his own
records. He said his records showed the Youngs owed his company
something like $30,000.
"I have no idea how the Youngs kept their books," Kattelman said.
"I cannot explain the item showing they owe me $134,000. We had
an open brokearge account with the Youngs, and they cleared securities
through us just as many other brokerage firms did."
The books showed $45,258.76 due from officers of W. H. Young &
Bros. when the failure occurred.
The company's own books showed a deficit of $205,455.07
on March
22, 1930. That was just two days before the company failed
and only
a few days after it sought the registration of its
preferred stock by
notification.
The failure of this firm was noted in the "Chronicle" of
March 29, page 2126 and our last reference to its affairs
appeared in our issue of April 12, page 2511.
George W. Egbert Appointed New York State Deputy
Superintendent of Banks—Additional Deputies
Named in Accordance with New Law.
The appointment of George W. Egbert as Deputy Superintendent of Banks, effective May 1, was announced by
the New York State Banking Department April 30. At
the same time J. A. Broderick, Superintendent of Banks,
stated:
Mr. Egbert hag been connected with the State Banking Department
since 1910 serving in various important capacities, and since 1924 has been
the chief examiner of the department. He will be in charge of the general
administration work of the New York office, have supervision of all examination work and continue his present duties as chief examiner.
Under the recent law, the department is to have five deputies, the
numerical designation being discontinued. For your information, the
official staff of the department is as follows:
New York Office, 51 Chambers Street.
Deputy Superintendents—
ge W. Egbert
General administration and supervision of examination work.
August Ihlefeld Jr.
Investigations, investments and
small loan companies.
Reginald W.Pawling
Bank relations and reports.
Opinion Clerk—
James T. Hennehan
Law and opinion
Albany Office.
Deputy Supertruendent—
George A. Coleman
Administration
Senior Examiners.
New York District:
H.S. Andrews
G. M. Aldrich
S. I. Chitteoden
F. G. Crane
L. H. Geser
E. W. Irving
J. S. Love
C. E. Natlusway
F. W.Piderlt
Rochester District:
J. H. Zweeres, examiner in charge, 149 Milton St., Rochester, N. Y.
Buffalo District:
E. J. Bangert, examiner in charge, 35 Woodette Place, Buffalo, N. Y.
Syracuse District:
H. J. Young, examiner in charge, 203 W. Beard Ave., Syracuse, N. Y.
Albany District:
W. D. Navin, examiner in charge, 1052 Waverly Place, Schenectady, N. Y.
Kempner Bros., Chicago, Temporarily Suspended From
Chicago Stock and Curb Exchanges—Action of the
Father, Adolph Kempner.
In addition to being suspended from the Chicago Stock
Exchange for a period of five days last week, as indicated
in our issue of May 10, page 3284, the brokerage firm of
Kempner Bros., was also suspended from the Chicago Curb
Exchange for a period of ten days, according to the following contained in a dispatch from Chicago on May 9 to Findings of Committee Which Investigated Mississippi
the New York "Times":
Banking Department—Work of Department Held
Chicago financial circles turned today from cold and unsentimental
Constructive.
figures and percentages to tell how Adolph Kempner, president of the
Jackson (Miss.) advices May 13 to the "United States
Chicago Curb Exchange, played the role of the Spartan father in compelling the temporary suspension of the brokerage firm of Kempner Daily" state:
Brothers, owned by his sons, Ralph and Gene.
When the firm, with which he had no business connection, appeared
in shaky condition early this week, the elder Kempner summoned a
conference of the Curb business conduct committee. A decision
reached, Mr. Kempner called his son Ralph, who was on the Curb
floor, and informed him he had been suspended for ten days.
Mr. Kempner next telephoned to his other son, Gene, who was on
the Stock Exchange floor. He ordered Gene to go at once to the
business conduct committee of the Exchange and report his firm's financial condition. Gene did so, and the Exchange imposed a five-day
suspension.
The committee, appointed by the Mississippi House of
Representatives
to investigate the State Banking Department, has reported
that their
inquiry "did not disclose any fraud, corruption or wrongdoing
on the
part of the State Banking Department or its Superintendent,
Mr. J. S.
Love." Viewing the matter as a whole, the committee
continues, "in
our opinion, the work of the department has been constructive."
More rigid examinations were urged by the committee, and strict
compliance with the law which requires that each bank be
examined at least
twice a year.
Reporting on the method of selection of the Banking
Superintendent,
the committee stated that there had been criticism of the
banks being permitted to select the person who is to supervise and regulate
them. Under
present law, it was added, "the qualifications of the
Superintendent are
such that only a first-class bank executive can hold the
office." The committee made the recommendation that after the expiration
of the term
of' office of the present incumbent, "the executive
committee of the Mississippi Bankers Association submit a list of five names,
from which the
Governor, Secretary of State and the Auditor select the
Superintendent."
W. H. Young & Bros., Inc., (St. Louis) Failure—Audit
Shows Losses to Creditors and Stockholders Will Exceed
$2,000,000
The following summary of the audit of the bankrupt firm
of W. H. Young & Co., Inc., of St. Louis, which failed the
latter part of March 1930, appeared in the St. Louis State Banking Head Indicted in Kentucky—Accused
of Failing to Take Effective Action in Insolvencies.
"Globe-Democrat" of May 10:
Certified accountants from Price, Waterhouse & Co. found that $1,According to Associated Press advices from Frankfort,.
703,350 of the now valueless stock of W. H. Young & Bros., Inc., and Ky.,0.S.Denny,
State Banking Commissioner of Kentucky,
its subsidiaries is held by the public of Missouri and other states. They
was on April 25 indicted by the Franklin County Grand Jury
also report:
Losses to creditors and stockholders will aggregate more than $2,000,- on two counts of "failure to take charge of a bank promptly
000, the exact amount not being determinable before claims arc pre- and effectively after having
knowledge of the bank's insented.
solvency or unsafe condition." These advices appeared in
Money for the huge drawing account of officials, to cover losses in
operation, and meet other expense was derived almost entirely from the St. Louis "Globe-Democrat," which further said:
the sale of preferred stock of W. H. Young & Bros., Inc., and stocks
and notes of subsidiaries; from cash received to pay for securities
which were never delivered to the purchaser, from sale of securities
The indictments resulted from his action in connection with the
Hargis
State Bank at Jackson and the Grayson County Bank at Leitchfield,.
which recently failed
MAY 17 1930.]
FINANCIAL CHRONICLE
Denny, who is a Republican, is from Marion, By., and was appointed
State Banking Commissioner in 1928 by Governor Flem D. Sampson.
The indictment was the sixth brought against State officials or former
officials in the last two years in a series of Grand Jury investigations of
charges of criminal offense. Governor Sampson was indicted last summer
on charges of accepting gifts of sample text-books from publishers. He
was cleared on instructions from the presiding judge. The others were
acquitted or charges dropped,save for James A. Wallace,former Treasurer,
charged with altering primary returns, who will be tried May 8.
G. E. Roberts of National City Bank Tells City College
Audience Business Declines Are Inevitable—Sees
Gains in Corrections—"Delusive" to Curb Repression—Reduction of Hours of Labor Fallacy.
Business depression and business booms merely reflect the
instability inherent in human nature, and the theory that
industry and trade may be so regulated as to do away with
them is a delusive idea, George E. Roberts, Wee-President
of the National City Bank, said in a talk on May 15 before
the College of the City of New York on "Business Cycles."
The New York "Times" in indicating this, added:
Mr. Roberts quoted authorities to the effect that there have been in
the United States since 1800 fifteen crisis years, no two precisely alike,
yet all marked by an indefinite resemblance indicating that they are a
more or less inevitable feature of business life.
"It is characteristic of good times," said Mr. Roberts, "that a great
body of indebtedness is created to be paid in the future. The expenditure
of these capital sums is one of the factors of good times, but if the
Investments prove unprofitable the pace of expenditures cannot be maintained
and reaction follows.
"A boom period commits errors which have to be corrected and paid
for and the period of recession that follows is a period of readjustment
and reorganization. This country is passing through that process at the
present time.
"It is not at all certain that if all the irregularities of industry and
business were smoothed out and all uncertainties were removed, that we
would be, on the whole, any better off or any happier. There is reason
to believe that there are gains not only from periods of elation when all
energies are turned loose and tend to run wild, but also from corrective
periods.
"The changes that are incidental to progress and whatever temporary
costs they involve must be accepted for the benefits that result, and since
the benefits are shared by all, all should be prepared to share their part of
the risks and costs as an unavoidable charge."
Reduction of working hours so that labor may be distributed among
more people is a fallacious idea, Mr. Roberts declared, and he maintained
that the theory that people need more leisure to find ways of spending their
Income likewise is false, because the growth of instalment selling indicates
that the opportunities for spending are well ahead of the average income.
3475
Bankers Acceptances Decline $125,568,520 in Month—
Total Volume Now $1,413,717,278, Reduction of 18%
Since Jan. 1.
The volume of outstanding bankers acceptances, which
has been declining since the first of January, reached a new
low for the year of $1,413,717,278 on April 30, according to
the American Acceptance Council in its survey report released May 15. The reduction for the month of April was
$125,568,520 or only about 8%, which was considerably
less than had been anticipated in some quarters where the
scarcity of bills seemed to indicate a record reduction.
Robert H. Bean, Executive Secretary of the American
Acceptance Council, in reviewing the month's developments,
further comments as follows:
Since Dec. 31 the volume of dollar acceptances has declined $318.719.000
or 18% against a reduction of 1331% for the same period a year ago. The
present volume of bilk; is, however, $302,875,796 in excess of the total
outstanding on April 30 1929.
There is much satisfaction in such a substantial and orderly retirement
of domestic and foreign trade indebtedness in this quarter of the year.
This is the pay season for acceptance credits and the extent to which the
obligations of four or six months ago are met by the liquidation of the credits
at this time shows the care with which these credits have been selected
and is furthermore an indication of the clean, self-liquidating character of
the bankers acceptance. It is certain that in another two months a strong
demand will again appear as new crop financing is announced and the
seasonal upward swing in volume will then continue through the fall and
early winter.
On the basis of the present total of retired bills per month it is not now
expected that the low volume for the year will be below 81,250,000,000.
which would be a very satisfactory amount with which to begin a new season.
The current survey of the Council shows the volume created for the
purpose of financing goods stored abroad or shipped between foreign
countries, to be greater than for any of the other purposes, taking up
31% of the total outstanding volume of bills.
This type of acceptance fell off 824,000.000 in the month, imports went
off $18.000,000, exports went off 836,00,000, while domestic warehouse
credits declined $48,000,000. Since Jan. 1 more than $114,000,000 of
warehouse acceptance credits have been liquidated.
As in the previous month, the greatest reduction was in the New York
Federal Reserve District, which total dropped $91,000,000 from 81,121,000,000 at the end of March to 81,030,000,000 on April 30. This is a
reduction of $246,000,000 for New York City banks since the first of
January out of a total decline of 5319,00,000 for all banks.
The reduction in the volume of available bills has had a direct effect on
the bill market, where, notwithstanding the low yield rate, the demand
for bills has been remarkably good throughout the month.
The bill portfolios are now consdierably below the volume held two
months ago, while the Federal holdings of bills for their own account have
declined to $175.000,000 which demonstrates the extent of outside buying
of bills even in a period of 2;4% yield.
There is nothing in sight at this time to encourage the belief in higher
bill rates for some weeks; on the contrary, with the promise of continued
ease in general rates for money and credit, it is not unlikely that still lower
levels in bill rates may be reached before July 1.
Should this condition prevail, history would be repeating itself, as a
similar situation occurred in the summer of 1924 when bill rates dropped
to a yield of 174% on 30
-day bills and 2% on bills of 80 and 90
-day maturity.
Since 1924 rates have never been as low as at present.
Representative Sabath Urges Action to Stop Short
Selling of Securities—Stock Speculators Declared
to Be Responsible for Failure of Efforts to Revive
Business.
Representative Sabath (Dem.), of Chicago, in a speech in
The survey for the month is made available as follows by
the House May 6, advocating enactment of a bill (H. R. Mr. Bean:
12171) he has introduced to prohibit short selling on stock TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
exchanges, said the country is looking to Congress to prevent
future manipulations of that character. Advices to this
Federal Reserve District.
April 30 1930. Mar. 31 1930. April 30 1929.
effect appeared in the United States Daily of May 8, which 1
$123,240.076
$151,069.262
$144,514.108
2
1,030,282,719 1,121,040,708
835,775,806
went on to say—
22,208,331
11,049.397
23,930,082
3
The House took no action, the Illinois Member being 4
27,520,618
14,270,274
29,227,725
8,466,368
10,483,703
5
9,067,078
granted permission to extend and revise his remarks in the 6
17,243,408
17,553,193
13,540,595
84,316,711
53,100,511
95,196,215
7
Congressional Record. The speech was made under the 8
849,132
2,098,474
1,636,736
1,894,742
7,324,281
5,600,995
latitude of general debate on the legislative appropriation 9
10
383,343
1,028.058
bill (H. R. 11965).
11
3,758,915
5,191,799
4,902.613
12
Formerly Sought Tax Levy
"Some months ago," Mr. Sabath told the House, "I introduced in the
House a bill placing a tax of 5% on all short sales on the stock exchanges
Failing to secure consideration. I again yesterday introduced a bill (H. R.
12171) prohibiting short selling on stock exchanges.
"I am of the opinion that it is manifestly unjustifiable for us and for
the Nation to permit a few gamblers, safety gamblers, to bring destruction
to the business of the Nation. No one who is familiar with conditions tad
knows anything about the present situation, can deny the fact that the
short selling on the stock exchange brought about the damage created by
the crash last November, because within a few days after the stock exchange
sent word to its members to temporarily desist, conditions improved.
"Now, again, the gamblers, feeling themselves secure and when the
country has started rehabilitating itself and with conditions righting themselves, within the last few days, have again started a crusade, undoing all
the good that honest financiers and honest business men of the Nation have
tried to bring about.
Termed Unjustifiable Gambling
"I feel that it is the duty of the House to see that short selling, this
unjustifiable gambling, should cease. We have it in our power In bring this
about.
"Are we going to be courageous enough to legislate against the few
gamblers in the interest of the Nation, to bring about prosperity and confidence in the Nation, or are the gamblers powerful enough to stop any
action on our part?
"The country is looking to the House for action. I feel that legislation
should be enacted which will preclude or prevent in the future these
unjustifiable, yes, criminal manipulations on the part of a few men against
the interests of the entire Nation."
The text of the Sabath bill was given in our issue of May 10, page 8288.
67,567,659
Grand total
Decrease
75,431,484
43,079,439
$1,413,717,278 51,539,285.798 $1,110,841,482
$125,668,520
$302,875,796
Increase
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
!April 30 1930. Mar. 31 1930. April 30 1929.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
S295,685,571
429,191,029
18,139,204
170,865,700
56,563,495
$313,674,496
465,533,358
15,037,946
219,496,816
58,206,456
$324,090,639
376,864,088
16,159,905
99,461,661
45,051.171
443.272.279
467.336.726
240.214.018
hptarean fnrnIcrn rmintrIes
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'ACt....n.ri ANCES
APRIL 14 TO MAY 14.
Days—
30
so
an
Dealers'
Dealers'
Buying Rate. Setting Rate,
2.935
2.935
2013
2.810
2.810
2 785
Dart—
Dealers'
Dealers'
Matins Rate. SUMO Rate,
120
150
2.967
3.125
2.842
3.000
IRO
3 125
5000
Governor Horton of Tennessee Appoints D. D.Robertson as State Bank Superintendent.
Governor Horton on April 21 named D. D. Robinson of
Memphis, former bank examiner under Superintendent
S. S. McConnell, as State Bank Superintendent, succeeding
Homer L. Grigsby of Dickson, who was appointed to the
position July 6 1927 to fill out the unexpired term of Mr.
3476
FINANCIAL CHRONICLE
McConnell. The Nashville "Banner" states that Mr
Grigsby's term expired Jan. 1 1930, but he had continued
to act pending decision by the Governor on his successor.
The same paper said:
Mr. Robertson is a member of the firm of Robertson & Co., Memphis
stock and bond dealers. He was active in the organization of the Madison
Bank in Memphis,shortly after leaving the employ of the banking division
as an examiner. His appointment, which became effective immediately, is
for a four-year term. He is 37 years old, and is a former Vice-President
and Cashier of the Fidelity Bank & Trust Co. at Memphis.
Selection of a State Bank Superintendent is made from a list of five
names submitted to the Governor by the Tennessee State Bankers Association, and Mr. Robertson's name was selected from such a list.
W. C. Durant Renews Attacks on Federal Reserve
Board—Charges its Policies Brought About Trade
Depression.
William C. Durant, spectacular bull market operator, who
is a frequent critic of the Federal Reserve Board, renewed
his attack cn May Gin cablegrams from Paris, applauding the
news that Congress will investigate the Federal Reserve
Board. We quote from the New York "Herald-Tribune"
of May 7,from which the following is also taken:
Mr. Durant one night last year called on President Hoover at the White
House to advise him that the Federal Reserve Board's policy would destroy
the values of stocks. He advised that the deflated stocks of well managed
companies could now be bought for investment.
Mr. Durant's statement follows:
"I notice by the morning dispatches that Congress has voted to investigate
the Federal Reserve Board, which by its unwise and unwarranted policies
forced the retirement of constructive leadership and turned the security
market over to the wreckers of values and the gamblers of Wall Street,
resulting in the greatest financial panic in history.
"Hopeful that the investigation, for which I have for many months been
earnestly working, will result in a most needed correction of the present
deplorable situation and that investors and business interests will be afforded
the protection to which they are entitled. I propose to immediately organize
a constructive group for the purpose of offering a measure of relief and a
reasonable market control. I now wish to go on record that stocks of well
managed companies of recognized value, regardless of the temporary business depression brought about by ill advised Federal Reserve policies, can
now be purchased for investment."
Bill Passed by Senate Amending Federal Reserve Act
Would Clarify Election of Reserve Directors.
A bill to amend the Federal Reserve Act to clarify the
method of counting ballots in elections of class A and class
B directors of Federal Reserve banks was passed on May 12
by the Senate and sent to the House. This is reported in a
Washington dispatch to the New York "Journal of Commerce" which added:
The measure amends the 28th paragraph of Section 4 of the act to read
as follows:
Any candidate having a majority of all votes cast in the column of first
choice shall be declared elected. If no candidate have a majority of all
the votes in the first column, then there shall be added together the votes
cast by the electors for such candidates in the second column and the votes
cast for the several candidates in the first column.
The candidate then having a majority of the electors voting and the
highest number of combined votes shall be declared elected. If no candidate
have a majority of electors voting and the highest number of votes when the
first and second choices shall have been added, then the votes cast in the
third column for other choices shall be added together in like manner, and
the candidate then having the highest number of votes shall be declared
elected. An immediate report of election shall be declared."
Such textual changes were considered urgent in a view of one of the
unsuccessful candidates for office contending that he had been improperly
eprived of election because of highly technical considerations in existing law.
Analysis of Proposed Plans to Share Earnings of Federal
Reserve Banks—Study of Senate Bills Providing
Extra Dividends for Member Banks Based on Past
Results.
From the "United States Daily" of April 27 we take the
following Richmond advices:
The practical results of current proposals, if adopted, for sharing with
member banks the earnings of Federal Reserve Banks, are the subject of
analysis by the Federal Reserve Bank of Richmond. The study applies
the provisions of the bills introduced into the Senate by Senators Fletcher,
of Florida, and Glass, of Virginia, to the earnings of the last six years,
and the forecast earnings of the years 1930-1935.
The study of the Richmond Bank follows in full text:
For some time there has been a growing sentiment that the present
method of disposing of the net profits of Federal Reserve Banks after the
payment of dividends should be altered, to the end that member banks may
enjoy a larger share. This is proposed partly in the interest of equity and
partly for the avowed purpose of "making membership in the system
more attractive."
A number of different proposals have been made and several bills dealing
with the subject have been introduced into Congress, but as far as we
know no attempt has been made to ascertain or to estimate what the
practical results would be, and this study has been made for the purpose
of making such an estimate.
Analysis Based On Past Results.
The general plan of the study is by an examination of the results
obtained in a number of past years to forecast the probable results for
the next few years, and the first step was, of course, to determine what
past years should be taken as a basis of the estimate.
To this end a table was prepared for each Federal Reserve Bank, showing
the following figures for each of the years 1917 to 1929, inclusive:
Capital Jan. 1; surplus Jan. 1; gross earnings; expenses, including depreciation and other chargeoffs; net earnings; dividends paid; remainder;
[VOL. 130.
portion of the remainder applied to surplus; balance of the remainder
paid as franchise tax. From these 12 tables (one for each bank) a
recapitulation sheet, representing the entire system, was prepared, and a
study of these tables furnishes some interesting information.
The following tabulations show the amount of franchise tax paid by
each Federal Reserve Bank and the amount paid for each year during
the 13 years under review, which constitutes the total amount of franchise
taxes paid, none having been paid prior to 1917:
Amount Paid by Each Federal Reserve Bank Amount Paid for Each Year by .411 Federal
for the Years 1917 to 1919, Inclusive.
Reserve Banks,
Boston
$7,111,395 1917—Boston
51,134,234
New York
68,006,262 1918—New York
Philadelphia
5,558,901 1919—Philadelphia
2,703,894
Cleveland
4,009,701 1920--Cleveland
60,995,131
Richmond
6,200,189 1921—Richmond
63,104,139
Atlanta
8,950.561 1922—Atlanta
7,450,543
Chicago
24.222,013 1923—Chicago
3,613,056
St. Louis
2,755,629 1924—St. Louis
113,648
Minneapolis
5,107,511 1925—Minneapolis
59,300
Kansas City
6,939,100 1926—Kansas City
818,150
Dallas
550,971 1927—Dallas
249,591
Ban Francisco
7,697,341 1928—San Francisco
2,584,659
1929
4,283,231
Total
5147,109,574 Total
5147,109,574
This tabulation shows that of the above total amount paid, $124,099,270
was paid for the two years 1929 and 1921. For the two following years,
1922 and 1923, the total franchise taxes paid were $11,063,699, indicating that the effects of 1920 and 1921 extended over into the two
following years. Since $135,162,869, or 92% of total franchise taxes was
paid during the four abnormal years 1920-1923, it was felt that a more
accurate estimate of the future could be obtained by basing our calculation on the results of the last six years from 1924 to 1929, inclusive.
For each Federal Reserve Bank the following calculations were made:
First, the average increase or decrease in capital during the six-year
period. Second, the average amount of net earnings after the payment
of net earnings after the payment of expenses, &c., but before the payment
of dividends. Then a new table was made for each Federal Reserve Bank
similar to those already described but forecasting the six years 1930 to 1935,
inclusive.
The capital stock as of Jan. 1 1930 was taken as a beginning, and each
year increased or decreased by the average increase or decrease for the
previous six-year period. The surplus as of Jan. 1 1930 was taken at
the exact figures on Dec. 31 1929. In the column headed "net earnings"—
that is, earnings after expenses, &c., had been deducted—the average net
earnings for the previous six years were taken as the probable net earnings
for each of the subsequent six years.
Dividends paid were calculated on the basis of capital on Jam. 1 of each
year, and the remainder to be disposed of was obtained by deducting the
dividend paid each year from the net earnings figured as has alreatty
been described.
Two of Distribution Plans Were Used.
Two of the proposed plans of distribution of the remainder
were used.
No. 1 is the distribution proposed in Senate Bill 3664,
introduced by Mr.
Fletcher of the Banking and Currency Committee on Jan.
6 1930. This
bill provides that after the regular 6% dividends
have been paid by a
Federal Reserve Bank the amount remaining, if any, shall
be added to
the surplus fund of the bank until that fund amounts
to 100 per centum
of the subscribed capital of the bank, and
thereafter 10 per centum shall
be added to the surplus and the balance
distributed among the stockholders.
In this study we have ignored the additional 10% to
be added to surplus
and have based our calculations upon the division among
the stockholders
of all that remains after the surplus reaches 100%
of subscribed capital
or 200% of paid-in capital.
Distribution scheme No. 2 is that embodied in Senate Bill 5723, introduced by Mr. Glass of the Banking and Currency Committee
on Feb. 4
1929. This bill provides that after regular 6% dividends
have been paid,
one-half of the remainder shall be paid to the member banks as an
extra
dividend, one-fourth of the remainder paid to the Government as
a
franchise tax, and the remaining fourth divided as follows:
First, by
addition to surplus of the bank until such surplus reaches
100% of subscribed capital, or 200% of paid-in capital, and the
balance as an
additional franchise tax to the Government.
Neither of the two bills makes it at all clear whether the extra
dividends
are to be paid by each Federal Reserve Bank to its own
member banks
or are to be put into a common fund for distribution
among the members
of all Federal Reserve Banks. Consequently, we
have endeavored in
this study to show the effect of both methods of distribution.
After arriving at results for each of the 12 Federal Reserve
Banks under
the method described for the six years from 1930 to
1935, inclusive, the
columns were added and divided by six to obtain an
average, and these
averages were tabulated and added for the purpose of
obtaining a picture
of the results for the system as a whole, which
an average year •of the next six years under each would fairly represent
of the proposed plans of
distribution.
Under plan No. 1, as modified in this study—that
is, the payment of
regular dividends, the application of the remainder to
surplus until that
fund amounts to 100% of subscribed capital, and
then the payment of the
balance as extra dividends to stockholders within the
district—it is found
that there would be no extra dividends in the
following districts: Boston,
New York, Philadelphia, Cleveland, Chicago, and
San Francisco; while the
remaining six Federal Reserve Banks would be able to
pay to their members extra dividends at the following rates:
Richmond, 6.08%; Atlanta,
4.09%; St. Louis, 3.50%; Minneapolis, 9.51%;
Kansas City, 5.48%, and
Dallas, 4.83%.
If the net earnings available for extra dividends
are pooled and paid
out uniformly to all members in all districts,
extra dividend of .78%, or about three-fourths members would receive an
of 1%.
Second Plan Provides Larger Dividends.
Under plan No. 2—that is, the payment of regular
dividends and the
division of the remainder, one-half as extra
dividends, one-fourth as a
franchise tax, and the division of the remaining
one-fourth between surplus
and franchise tax—the extra dividends paid in each
Federal Reserve District
would be as follows: Boston, 2.51%; New
York, 48%; Philadelphia,
2.05%; Cleveland, 2.09%; Richmond, 3.26%; Atlanta,
4.67%; Chicago,
3.20%; St. Louis, 2.02%; Minneapolis, 4.75%; Kansas
City, 2.74%;
Dallas, 3.31%, and San Francisco, 1.87%•
If all amounts available for extra dividends are pooled and
distributed
as an extra dividend uniformly to all member banks in all Federal
Reserve
Districts, the result would be an extra dividend of 1.73%.
Considering the system as a whole, under plan No. 1 no franchise tax
would be paid, $5,252,255 would be added to surplus each year, and extra
dividends amounting to $1,627,333 per annum would be paid. Under
MAY 17 1930.]
FINANCIAL CHRONICLE
plan No. 2 the system would pay a franchise tax of $1,941,996 per annum,
would add to surplus $1,432,323 per annum, and declare extra dividends
amounting to $3,405,269 per annum.
In order to check these conclusions a similar analysis was made to
-1924
ascertain what the results would have been in the last six years
to 1929, inclusive—had either of the two plans been in operation. The
period, of course, was started with the capital of each Federal Reserve
Bank as of Jan. 1 1924, and the actual capital on Jan. 1 in each subsequent
year was used. The actual net earnings in each of the six years was used;
dividends actually paid were used; and the remainder disposed of according
to the provisions of each plan.
Under plan No. 1 no extra dividend would have been paid in the
following districts: New York, Philadelphia, Cleveland, and San Francisco. The remaining eight Federal Reserve Banks would have paid extra
dividends averaging the following per annum: Boston, .09%; Richmond,
4.99%; Atlanta, 5.77%; Chicago, .66%; St. Louis, 1.94%; Minneapolis,
8.43%; Kansas City, 7.22%, and Dallas, 2.25%; or, if these extra dividends had been put into a common fund and paid to all member banks,
the extra dividend would have been 1.14%.
Under plan No. 2 the extra dividends each year would have averaged
the following: Boston, 4.95%; New York, 4.43%; Philadelphia, 4.61%;
Cleveland, 4.05%; Richmond, 3.37%; Atlanta, 6.36%; Chicago, 5.03%;
St. Louis, 2.95%; Minneapolis, 4.22%; Kansas City, 3.61%; Dallas,
3.71%, and San Francisco, 4.01%; or, if these extra dividends had been
put into a common fund and paid to all member banks, they would have
been 4.40%.
Present Law Provided 6% Dividends.
Under the practice provided in the present law all member banks
received dividends of 6%. The system as a whole paid to the Government
franchise taxes averaging $1,351,429 per annum, and added to surplus
an average of a little more than $10,000,000 per annum. Had the
earnings been distributed under plan No. 1, no franchise tax would
have been paid, the additions to surplus would have averaged $9,290,033
per annum, and extra dividends amounting to $1,481,211 per annum would
have been paid.
If paid uniformly to all member banks, the extra dividends would have
been 1.14% per annum. Under plan No. 2 an average franchise tax of
$3,023,217 per annum would have been paid, additions to surplus would
have been $2,035,994 per annum, and extra dividends amounting to
$5,712,033 per annum would have been paid. If paid uniformly to all
member banks, the extra dividends would have amounted to 4.40% per
annum.
The reason that the figures are uniformly smaller for the next six
years than for the last six is due to the fact that the last six years started
with a paid-in capital of $110,145,000 and ended with a paid-in capital
of $170,973,000, while the next six years start with the latter figure
and increase at the same rate as in the previous six years.
The difference in the amounts distributed in the two periods will be
represented by the difference in the amount of the regular (6%) dividends
paid due to differences in capital in the two periods.
In deciding whether or not a more generous distribution of earnings
among member banks would make the system more attractive, the following
facts should not be lost sight of: If a member bank has deposits of a
$1,000,000 and capital and surplus of $200,000, it holds stock In the
Federal Reserve Bank (based on capital and surplus) amounting to $6,000.
On this it receives an annual 6% dividend amounting to $360. Therefore, the addition of each 1% to the Federal Reserve dividend rate would
mean an additional income of $60 per year to such a bank.
3477
The Secretary of the Treasury gives notice that tenders are invited
for Treasury bills to the amount of $100,000,000, or thereabouts. The
Treasury bills will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve Banks, or the branches
thereof, up to 2 o'clock p. m., Eastern Standard time, on May 15 1980.
Tenders will not be received at the Treasury Department, Washington.
The Treasury bills will be dated May 19 1930, and will mature on
Aug. 18 1930, and on the maturity data the face amount will be payable
without interest. They will be issued in bearer form only, and in amounts
or denominations of $1,000, $10,000, and $100,000 (maturity value).
It is urged that tenders be made on the printed forms and forwarded
In the special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on
the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in Investment securities. Tenders from others must be accompanied by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guarantee of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on May 15 1930,
all tenders received at the Federal Reserve Banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof. Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve Banks in cash or other immediately available
funds on May 19 1930.
The Treasury bills will be exempt, both as to principal and interest
(discount), from all taxation, except estate and inheritance taxes. The
amount of discount at which the Treasury bills are originally sold by the
United States shall be considered as interest for tax exemption purposes.
Department Circular No. 418, dated Nov. 22 1929, and this notice as
issued by the Secretary of the Treasury, prescribe the terms of the Treasury
bills and govern the conditions of their issue. Copies of the circular
may be obtained from any Federal Reserve Bank or branch thereof.
The Federal Reserve Bank of New York, in its notice
regarding the offering, calls attention to the fact that payment for Treasury bills cannot be made by credit through
the War Loan Deposit Account. Payment must be made in
cash or immediately available funds. Treasury Department Circular No. 418, referred to in Secretary Mellon's
announcement, was published in our issue of Nov. 30, page
3410. The bills issued in December of last year were
referred to in these columns Dec. 14, page 3733 and Dec. 21,
page 3902; the bills issued in February were referred to
In our issues of Feb. 15, page 1061, and Feb. 22, page 1210,
while those put out in April were noted in our April 19 issue,
page 2701.
Offering of $100,000,000 of 90
-Day Treasury Bills.
Tenders of $275,674,000 Received—Bids of $104,- U. S. Senate Passes Bill to Change Composition of
600,000 Accepted—Average Price 99.356.
Federal Power Commission—Measure Replaces
Cabinet Officers With Three Commissioners.
Tenders for a new issue of 90
-day Treasury bills, to the
A reorganization of the Federal Power Commission is
amount of $100,000,000, or thereabouts, were Invited this
week by the Treasury Department, bids therefor having authorized in a bill which was adopted by the Senate on
been received at the Federal Reserve Bunks and their May 12 without debate. A dispatch from Washington to
branches up to 2 p. in., Eastern Standard time, Thursday, the New York "Times" regarding the new legislation said:
It was proposed by Senator Couzens of Michigan and will provide, if
May 15. Acting Secretary of the Treasury, Ogden L. Mills,
replacing
announced May 15 that bids totaling $275,674,000 were re- adopted by the House, for it, with the three Cabinet officers who now
automatically hold office in
three full-time commissioners devoting
ceived in response to the offering, and that applications for all their efforts to problems in connection with the leasing and maintenance
$104,600,000 at an average price of 99.356 had been accepted. of power sites.
The Commission is composed now of the Secretaries of the Interior, of
The announcement follows:
War and of Agriculture, but a Senate committee designated to consider the
Acting Secretary Mills announces that the tenders for $100,000,000, or
thereabouts, of Treasury bills dated May 19 and maturing Aug. 18, which
were offered on May 12, were opened May 15. The total amount applied
for was $275,674,000. The highest bid made was 99.400, equivalent to an
interest rate of about 2%%, on an annual basis. The lowest bid accepted
was 99.331, equivalent to an interest rate of about 2%%, on an annual
basis. The average price of Treasury bills to be issued is 99.356, and the
average rate on a bank discount basis is about 2.54%. The total amount
of bids accepted was $104,600,000.
new measure reported that they are so burdened with the tasks of their
immediate departments that they have not had the time necessary for the
work of the commission.
Thus it was found that the Executive Secretary of the Commission
had almost sole responsibility and "regardless of what the causes of the
present conditions are, the facts are that the present conditions are very
bad." The report continued:
"Serious charges were made before your committee against the Executive
Secretary by employees of the Commission and counter charges were made
ixriginal issuance of these 90
Since the ,
-day bills last by the Executive Secretary. No one can doubt after hearing the evidence
that a lack of harmony exists within the Commission and the work has
December there have been in all, including the present suffered thereby. These charges have induced an atmosphere of suspicion
offering, four issues put out by the Treasury Department. until has become imperative that Congress act to appoint a full time Commission which will have the opportunity and the
the
Secretary Mellon's announcement of the latest offering was existing situation and to permit the carrying out authority to right act.
of the water power
issued May 11. These bills, as we have heretofore indi- Once the full time Commission is appointed, responsibility can be placed
cated, are issued under the authority of the amendment upon its members and there can be no reason for failure to act."
Under the bill the three Commissioners who will be appointed by the
to the Third Liberty Loan Act, signed by President Hoover President will receive $10,000 salary each a year and traveling expenses.
June 17 1929. The bills bear no interest and are sold on a
discount basis to the highest bidder. They are issued In
bearer form only, and in denominations of $1,000, $10,000,
and $100,000. The present issue will be dated May 19 1930,
and will mature Aug. 18 1930. No tender for an amount
less than $1,000 will be considered, says the Treasury announcement, which likewise states: "Each tender must be
in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places
(e.g., 99.125). Fractions must not be used." The following
is Secretary Mellon's announcement:
Conferees on Tariff Bill Deadlocked—Senator Smoot Introduces Resolution Seeking to Relieve Senate Conferees from Promise Not to Drop Debenture and Flexible Tariff Provisions.
A deadlock has existed this week between the conferees
on the tariff bill; in indicating their attitude on May 10,
special advices that day from Washington to the New
York "Times" said:
The Republican conferees on the tariff bill are still at odds over
the Senate amendment providing a change in the flexible policy that
3478
FINANCIAL CHRONICLE
would take from the President the power to change rates upon report by the Federal Tariff Commission.
The House conferees takes the position that the flexible amendment, the amendment relating to debenture payments and all other
items now in dispute should be voted upon en bloc by the Senate.
Chairman Smoot of the Finance Committee refused today to recede
from the position that the Senate conferees are committed to make a
report that will give the Senate opportunity to vote separately on the
provisions in controversy. He also declined to agree to a proposal by
the House conferees that the Senate be asked to release its delegates on
the flexible clause and debenture.
The conferees expect to straighten out the tangle next week. They adjourned subject to call by Senator Smoot, who plans to assemble the
committee on Tuesday or Wednesday. Indications are that Mr. Smoot's
view that the Senate shall be permitted separate votes will prevail.
Debate in the Senate on the conference report probably will run at
least a week. With the approach of midsummer weather, the leaders do
not believe that the Senate will consent to give any more time to the
tariff.
The principal attempt in conference during the day was to reach a
compromise on the flexible provision, but it did not meet with any success. None of the rate issues was discussed; but on the question of
the Tariff Commission organization, Mr. Smoot said opinion tended
toward the Senate's plan for a bi-partisan commission of six, as at
present, instead of the House's seven-commissioner proposal.
With the deadlock continuing all week, a resolution
asking the Senate to relieve its conferees from promises
not to abandon the debenture and legislative flexible provision was introduced yesterday (May 16) by Senator
Smoot (Rep.) Utah, Chairman of the Senate conferees. He
said he would bring it up on Monday. The Associated
Press accounts from Washington (yesterday) indicating
this continued:
Senator Smoot proposed the resolution after Democrats had contended that House Republican conferees had no desire to see the bill
pass.
Democrats and Republican independents are prepared to fight the
Smoot proposal. If it fails, party leaders agree that the tariff bill
will die in conference.
A charge that the House Republican conferees "do not care to have
the tariff bill passed" was made in the Senate later by Senator Simmons, a Democratic conferee.
Senator Smoot was being questioned at the time as to how and when
the bill was to be reported back to the Senate. Mr. Smoot said the bill
probably would be brought up in the Senate on Monday, that the
House conferees had refused to negotiate further until the Senate
freed its conferees of pledges not to abandon the debenture and legislative flexible provisions, and that it remained for the Senate conferees to decide the method of reporting back.
Senator Harrison, Democrat, Mississippi, also charged that "certain
Republicans who were enthusiastic for this bill have heard from the
country and now are trying to kill it."
Senator Smoot said after the conference that the question still to be
decided was how the bill could be returned to the Senate for action
without forcing another House vote on provisions in disagreement.
A statement to the effect that there would be no further
conference between the House and Senate on the tariff bill
until the Senate passes upon the flexible clause withdrawing the President's power to change rates as well as
the debenture provisions, put in the bill by the Senate and
rejected by the House was contained in a dispatch May 14
to the "Times" which added:
Such was the ultimatum delivered to the Senate Conferees today,
and as a result Senator Smoot on Friday will report to the Senate
the disagreement on the two subjects and ask to be relieved of the
promise to insist in conference on the Senate position. There is an
absolute deadlock between the conferees which, it is said, can be
broken only if the Senate permits its conferees to negotiate for a
compromise.
Our last reference to the bill appeared in the Chronicle
May 10, page 3290.
Senate Passes Bill Restricting Immigration of Mexicans
to U. S.
Regarding the bill passed by the U. S. Senate on May 13
restricting immigration from Mexico to the United States,
a Washington dispatch that date to the New York "HeraldTribune" said:
By an unexpected maneuever, the Senate today was forced to take
up again the Harris Mexican immigration bill and to pass it in modified
form. As passed, it would apply the quota to Mexico. In its original form, it would have applied the quota to all Latin American
nations. The bill will meet opposition in the House, and is not expected
to become law. The Administration is thought to be opposed to it.
Some days ago, after long debate, the bill was recommitted to the
Immigration Committee. Senator Royal S. Copeland, Democrat, of
New York, filed a motion to reconsider. Today he called up this
motion and the Senate voted by 46 to 27 to take it up. The motion
to reconsider was then passed.
Senator William J. Harris, Democrat, of Georgia, author of the bill,
then proposed a substittue for his original measure and explained that
it would apply the quota to Mexico alone. He declared it would reduce Mexican immigration from 58,000 a year to 1,200 or to 1,900.
He further explained it was important, in view of labor conditions,
and unemployment, that it be passed. Senator William E. Borah,
insurgent Republican, of Idaho, and chairman of the Foreign Relations Committee, said that while he sympathized with the purpose,
he was not willing to single out Mexico alone for action. He thought
the effect would be bad.
With only brief debate, the Senate then voted, 51 to 16, to substitute
the new proposal by Senator Harris for the original bill. It was then
passed without a record vote.
[vol.. 130.
Only 540 immigration visas were issued to natives by Mexico during April, 1930, the State Department announced today, citing a decrease of 76.7% in immigration from that country since March, 1929,
as the result of stricter measures for administration of the itnmigration laws. In contrast to the 540 visas issued last month, the number for April of 1929 was 6,334. Last month's figure, when added
to the number of visas permitted in the nine previous months, shows
that only 11,023 Mexicans have emigrated to the United States during
that period.
Problem of Tariff Never Before So Serious and Dangerous
to U. S. According to P. M. Mazur, of Lehman Brothers.
"Never before in the history of the country has the problem of tariff been so serious, even dangerous to the well
being of the United States," Paul M. Mazur, author, economist, and partner in Lehman Brothers, New York bankers,
told an audience in Boston, of New England business men
Interested in exporting, on May 14.
Mr. Mazur was a
speaker on the evening program of the first All-New England Export Conference, held under auspices of the New
England Council and 28 co-sponsoring organizations. The
speaker said:
"'Common sense demands the transference of tariff from the realm of
politics into the hands of a body of business-economists who will study
the subject from the point of view of national well-being and not from
that of compromising sectional interests for the immediate advantage
of a few but the eventual harm of all.
"America has become a creditor nation—a creditor that counts the
obligations due it by tens of billions and the annual interest charges
owing to it in billions. America possesses half the gold supply of the
world. Foreign nations can purchase goods from the United States
only through loans or the sale of their own products. Loans can not
continue at a sufficiently rapid rate to offset the inevitably increasing
interest charge. Finally, therefore, America can sell abroad only if
she buys from abroad.
"Every dollar by which the imports of America are reduced means
a dollar decrease in exports.
"For ten years we have maintained a surplus of exports because we
were willing to finance that surplus through foreign loans. That formula
is fast growing obsolete. In the future, imports will govern exports.
"Those who live in hope that America can exclude foreign goods
through prohibitive tariff and maintain an export surplus through skill
in production and zeal in selling, live in a false paradise. To them a
rude awakening is coming.
"Those who believe that domestic markets can be protected for home
industry through prohibitive tariffs dwell in ignorance of the interrelationship between the consumers of the products of industries servfnghome marfo. and the produrs of products of industries supplying
io
producers
morke ts
markets
foreign
"We have just seen a decade of marvelous business prosperity come
to end in ruins of a stock market crash. We have lived for seven
months in a period of serious business recession. We are entering a
new decade without the full benefit of many of the factors that contributed so greatly to the past ten years.
"Two possibilities stand in relief. One, the solution of the Farm
Problem, and two, the potentialities available in world trade. Both of
these are great, but world trade is the greater.
"The possibilities—even the probabilities of world trade are tremendous. Our participation in those possibilities is directly dependent
upon our treatment of the tariff problem.
"Both the farm and tariff problems are within the control of official
Washington. Never before has American business been so closely
interlocked with the decisions and acts of the government. It is essential for both business and Washington to understand the essence of
the problems and the validity of the solutions suggested. Tariff is a
two-edged sword and must be handled gingerly. Though framed to
keep foreign goods out of America, it can be equally effective in keeping American goods out of foreign lands. A weapon that cuts both
ways should not be forged upon an anvil of compromise or bickering,
nor can it be safely tossed from hand to hand. It is an industrial
instrument and should be built and used by those who know its ecorump no aiie
eo tsib n
nomic
"We have been the possessors of a tariff barrier and an export surplus for 75 years. But then we were a debtor nation. Now we are
a creditor nation of huge amounts. That represents not evolution but
revolution. We can not with safety use precedent as a basis for future
conduct. Export surpluses and tariff barriers take upon themselves
new aspects. The walls of tariff protection can wall us in just as
well as wall the others out. The attempt to maintain an export surplus
can mean the loss of participation in world growth.
"It is a critical period in American industrial history. It is a time
for the destruction of opportunism and haphazard thinking, and for
the adoption of careful analysis and well considered acts."
Australia Ends Prohibition of Imports of Ales, Spirits,
Tobacco and Matches.
Canadian press advices from Canberra, Australia, May
14 to the New York "Times" said:
The Government of Australia today announced many articles had
been exempted from the long list of prohibitions announced along with
drastic increases in the customs duties some weeks ago.
The prohibition of importation of ale, spirits, manufactured tobacco
and matches is rescinded. These classes of imports, however, will be
rationed to the extent of 50% of the normal importations.
Spanish Producers Protest Against U. S. Cork Tariff—
Want Favored Nation Treaty Abrogated.
According to Madrid advices to the New York "Times"
the President of the Cork Association on May 10 called
on the Duke of Alba, the Minister of State, to inform him
that a crisis existed in the cork industry because of the
MAY 17 1930.1
FINANCIAL CHRONICLE
high United States tariff and asked that the present favorednation treaty with the United States be terminated. The
message to the "Times" went on to say:
The Council of Ministers several weeks ago voted to take up other
items in the tariff with the United States through the Ambassador at
Washington, threatening reprisals if no results were obtained.
Greece Increases Tariff On Wheat and Wheat Flour.
Under date of May 14 a dispatch from Washington to
the New York "Journal of Commerce" stated:
Tariff rates on wheat and wheat flour imported into Greece were
increased May 10, according to a radiogram to the Department of
Commerce today from Commercial Attache Frederick B. Lyon, at
Athens, wheat from the United States now being subject to a rate of
six metallic drachmas per 100 kilos, against the former rate of 4.30
drachmas. Wheat flour is dutiable at 10.70 drachmas per 100 kilos,
against 8.82 drachmas. A surtax equal to 75% of the import duties
is added to the tariff.
Cuba Raises Meat Tariff—President Machado Acts in
Response to Plea of Cattle Men.
Havana advices, May 13, to the New York "Times" state:
Cattle men of Camaguey and Oriente Provinces won a victory this
morning when President Machado, upon recommendation of the Secretary of Agriculture, signed a decree increasing the import duties on
foreign meats and by-products.
For some time the cattle men of Cuba have been facing competition
from the import of dried beef, which has been sent to Cuba in large
quantities from Spain and Argentina.
Protest United States Tariff—Thirty-three Foreign
Governments Take ExcePtIon to Proposed Levies.
United Press advices in the "Wall Street Journal" of
May 15 state:
Thirty-three foreign Governments have protested to the United States
over provisions in the Hawley-Smoot tariff bill, it was learned at the State
Department. The protests are still coming in.
Within the last two weeks three protests have been received from France
on separate items of the bill, three from Switzerland and one each from
Germany, Spain, Czechoslovakia and Egypt.
Counting the separate protests on individual items from individual
nations, the number of protests total nearly 100.
3479
A declaration to this effect was communicated to-day to the Reichstag's
Budget Committee by Dr. Hermann R. Dietrich, the Minister of Economy,
who announced that no change in the existing practice could be made until
the treaty between the United States and Germany expires in 1935, after
which Germany will be forced to adopt a procedure which win insure her a
free hand. This official declaration was made in the course of a debate
by the Budget Committee over the Government's industrial and foreign
trade policies.
Others Expected to Follow Suit.
In view of the altered German attitude as now predicated by Dr. Dietrich,
assumed in industrial and export circles that the pre-war principle of
it is
most-favored nation treatment will be abandoned by other Powers also, as
no longer meeting the requirements of modern reciprocal trade relations
between exporting nations.
During to-day's committee debate Dr. von Raumer, a leading member
of the People's Party and former Minister of Economy, said: "Our commercial policy has demonstrated that we can make no progress with prewar methods. The orthodox system of most-favored nation treatment
can be carried out in a practical manner only when it is supplemented by
contingent agreements in the nature of monopoly laws. Under these conditions it will not be possible for us to adapt ourselves to the tariff truce
program initiated at Geneva."
A Nationalist member of the committee declared Germany could not
participate in a tariff truce because her existing economic depression could
be relieved only if Germany retains freedom of action in her commercial
policies.
Referring to the Government's program for promoting export, Dr. Dietrich stated that the system of export guarantees by which the Government
agrees to protect exporters against financial risks would be continued in
connection with German trade in the Near East and that the German
Government would seek to enter into closer commercial relations with the
Succession States. especially Poland and Rumania. As for overseas export
markets, he believed these would have to be exploited through active
promotional campaigns.
Calls Idleness the Crux.
The question of unemployment he believed constituted the crux of the
existing crisis in the German industrial situation.
"It is an intolerable state of affairs," he said, "when we continue to pay
out 1,000.000,000 marks annually for doles with the sole effect that the
recipients only become still more dependent."
He also opposed governmental subsidies to ailing industrial plants,
which he branded as a species of corruption destined to affect adversely
the prosperous concerns with which those subsidized are placed to competition.
In the course of the committee's deliberations, which touched on all
aspects of the existing economic situation in Germany, Dr. Reichert, a
leading Nationalist Deputy, declared one of the chief causes of the current
depressions is forcibly reflected in the fact that 12.000,000 persons,one-fifth
of the nation's population, now are receiving annually moneys out of the
Reich's exchequer to the total of 13,900.000.000 marks or 83,310,000,000
under various relief categories comprising unemployment doles, sick and
social welfare benefits, provident funds, war and civil pensions and disability annuities.
Europe Again Hints at a Tariff War—Economic Writers
Revive Idea of Conference to Decide on Combative Tariff Reprisal Urged—Uruguayan Paper Seeks International Boycott of United States Goods.
Measures—President Hoover Called Only Hope.
In a cablegram from its Paris correspondent, May 9,
A cablegram from Montevideo (Uruguay) May 14 to the
the New York "Times" said:
New York "Times"reports that the newspaper"La Manana"
As the moment approaches for the final adoption of the Hawley-Smoot is conducting an active editorial campaign for the formation
tariff bill in the United States, European business opinion is concerning
an international economic bloc to boycott imports from
Itself more and more with the effect of the new duties upon exports and the of
means which the Continent should take to "defend itself" agains., the the United States until such time as the United States tariff
menace of American protectionism.
is modified to permit easier entrance of foreign products.
In France, where agitation against the American tariff builders has been
adds:
almost continuous from the day the new measure was introduced in Con- The cablegram
gress, economic writers in the daily press again are openly discussing the
probability of a bitter tariff war between the Old World and the New.
The idea of a European tariff conference to consider ways and means of
combating American protection has been revived, and the response to the
suggestion has been especially enthusiastic in those countries which feel
they will be hard hit by the new American rates
Belgium, Holland, Switzerland, France and half a dozen other countries
appear to welcome consultation on the question of defensive action, and
it will be very surprising if such a meeting does not materialize after the
new duties become law.
In the minds of some commentators, President Hoover stands forth as
"the sole hope" of Europe, since in the Chief Executive they see one big
man in American public life who is sufficiently acquainted with the European
mentality to anticipate the dangers which the new tariff holds for American
trade abroad.
"La Journee Industrielle." leading organ of French business, comments
to-day on "the apathy" of Congress in the face of European protests. Its
members, the paper observes, do not seem afraid of reprisals, which are
sure to follow, especially in the ease of American automobiles, but, on the
contrary, seem to feel that the menace is added reason for standing firm
for the new tariff. Those who are responsible for the new rates must
come up for re-election in November, the newspaper goes on to say, and
they are convinced the electors will be more favorably disposed if they do
not weaken before European criticism.
"Members of Congress know well that the masses of American workmen,
reinforced by the troops of disappointed speculators, are strongly in favor
of protectionism," concludes the paper. "Decidedly, Mr. Hoover is the
only hope of Europe."
In a leading editorial in "Le Quotidien," entitled, "Can Mr. Hoover
Limit the Catastrophe which the American Protectionists Are Preparing?"
the writer concludes with this warning:
"If the Yankees, abusing their strength and present wealth, apply
integrally their program of protectionism, there will be nothing for us to
do but resor' to reprisals, and that would mean war."
Germany to Adopt New Tariff Policy—Will Abandon
Most-Favored Nation Plan in 1935, When Treaty
With Us Expires—Freedom of Action Is Aim.
Germany will abandon her present system of mostfavored nation commercial treaties and tariff policy after
Oct. 1 1935, when the existing trade pact with the United
States will officially expire. According to Berlin advices
May 9 to the New York "Times," which said:
The Uruguayan Rural Federation is studying what steps it might be
advisable to take in Uruguay, but "La Manana" argues that the United
States tariff is aimed at the commerce of the whole world and that reprisals
would be ineffective unless taken in unison.
"Only by means of an international combination will it be possible to halt
the advance of the northern Republic's economic imperialism," says the
newspaper. "We must oppose the ultra-nationalism of the United States
with the co-operative formula of 'Buy our goods' if you expect us to buy
yours.'"
The newspaper urges that steps be taken to form a combination of neighboring South American republics as a first move toward its proposed
international combination.
Teapot Dome Settlement of $2,906,484 Approved by
President Hoover.
Final settlement of the case of the United States against
the Sinclair Crude Oil Purchasing Co. now pending in the
Federal District Court for the District of Delaware for the
sum of $2,906,484.32 is provided for in a joint resolution
passed by Congress and approved by President Hoover on
May 14. Noting this, a dispatch from Washington to the
New York "Journal of Commerce" stated:
This was a suit brought by the Government to recover from the Sinclair
Crude Oil Purchasing Co. for oil taken from Teapot Dome and the amount
for which settlement is to be made represents a compromise.
The $2,906,484.32 had been deposited in escrow pending approval by
Congress of the settlement. Former Senator Atlee Pomerene of Ohio,
and Owen J. Roberts, recently nominated by Presidnet Hoover to be an
Associate Justice of the United States Supreme Court, special counsel for
the Government in the prosecution of the naval oil cases, are authorized
by the resolution signed today to settle the case.
34 Industrial Companies Having Aggregate of $2,601,054,000
Net Worth Report 21.6% Increase in First Quarter
Earnings Acording to Clark, Dodge & Co.
Thirty-four industrial companies engaged in lines of
business which have not been seriously affected by trade
depression have been grouped together in an analysis prepared by Clark, Dodge & Co. for the purpose of illustrating
3480
FINANCIAL CHRONICLE
that the units which have resisted the downward trend of
trade represent a large earning power. These 34 companies
report for the first quarter of 1930 net earnings available
for the stock of $92,021,000, as compared with $75,699,000
for the first quarter of 1929, an increase of 21.6%. These
companies at the end of 1929 had a net worth of $2,601,054,000.
The analysis made public May 12 shows that specialty
companies, rather than those operating in basic industries,
are the ones which have been able to make the most favorable showings. It reveals further that a few companies
as a result of new policies or expanding lines of business
have been able to show greater progress than older established units in the same group. The average percentage
of earnings to net worth of the companies under consideration, which many regard as the true measure of earning
power, it is noted, increased from 3.4% in the first quarter
of 1929 to 3.5% in 1930, or at the annual rate of 13.6% and
14% respectively.
[Vol.. 130.
assisted in arrangements by Miss Eleanor Cavanaugh,
Standard Statistics Company, New York, Miss Ethel
Baxter, American Bankers Association, New York, Miss
Marguerite Burnett, Federal Reserve Bank of New York
and Miss K. Dorothy Ferguson, Bank of Italy, NT & SA,
San Francisco.
C. G. Shull, Oklahoma Bank Commissioner, Advocates
Unit Banking Methods Before House Committee
Inquiring Into Chain and Branch Banking—Cites
Advantages Over Branch System—Losses From
Failures of Financial Institutions Exaggerated,
He Asserts.
The unit banking system has not broken down in the
United States and it is not in the process of breaking down,
but, on the contrary, is making great strides in the direction of better management and improved service, as well
as in volume of resources, according to C. G. Shull, Ste te
Banking Commissioner of Oklahoma, who appeared May 13
before the House Banking and Currency Committee in its
hearings on branch, group, and chain banking. Information
Sees Wages Rising As Prices go Down—C. G. Stoll of
Western Electric Says Company Pay Has Advanced to this effect is contained in the "United States Daily" Of
May 14, which further reports, as follows, Mr. Shull's state115% Since 1919—Puts Price Gain at 20%.
ments before the Committee:
A rising wage scale while prices are being lowered in the
Nation•Witle Branch System.
Western Electric Company, the manufacturing subsidiary
The question before the Committee, in the opinion of the witness, is
of the Bell Telephone System, was reported on May 14 by
whether this country is to have branch banking or unit banking. If
C. G. Stoll, Vice-President in charge of operations of the branch banking is permitted, all banks will ultimately convert to that
subsidiary, who spoke at the closing session of the annual type, he predicted, and, moreover, the system will be nation-wide in
Spring convention of the American Management Associa- Its scope.
He disagreed with the Comptroller of the Currency, J. W. Pole, whose
tion in the Hotel Astor, New York. The foregoing is from testimony before the Committee has been to the effect that branch banking
in trade areas is necessary to conserve the national banking system and to
the New York "Times", which likewise stated:
Mr. Stoll said that wages in the Western Electric Company were at
present 215%, considering the 1914 wage scale at 100%. Prices on
the products of the company, he said, are only 20% higher than
in 1914.
"Economic conditions account for part of this desirable condition,"
be said, "but a contributing factor has been the fact that the Western
Electric Company is organized for progress in management. The only
way to achieve progress is to organize for it. The question is, 'Is
there a better way?' is constantly being applied to all operations in all
departments in this company, which does a business well in excess of a
million dollars a day.
"Not only are studies looking toward the discovery of a 'better
way' made in the manufacturing, installation, merchandise and distributing departments but in the so-called 'white collar' groups as well.
During the past year 248 clerical, accounting and office methods cases
were studied with changes in methods brought about as a result which
made possible a saving of almost $1,500,000."
Mr. Stoll skowed graphically that the savings resulting from development work in the manufacturing department during 1929 were in one
year double the cost of development.
Book and Magazine References to Investment Trusts Compiled By Newark Public Library.
Books on investment trusts and magazine references to
the subject have been compiled by the Business Branch of
the Newark Public Library, which makes available a list
of the same.
Financial Group of National Special Libraries Association
Plans Diversified Program at Association's Annual Convention in San Francisco June 18-21.
Leading bank and investment librarians, members of
the Financial Group of the National Special Libraries
Association, have planned a diversified program of activities for the twenty-second annual convention of that organization to be held in San Francisco, June 18th to 21st. The
Financial Group is well known to commercial and investment bankers through its annual display of a "model financial library" at the American Bankers Association and
Investment Bankers Association Convention, and through
its distribution at these conventions of literature on the
formation and selection of books for bank and investment
libraries. A feature of the Financial Group session on
Wednesday afternoon, June 18th will be an address by
Howard Whipple, California banker and author of magazine articles on banking subjects. Another speaker at the
same meeting will discuss aids in investment research with
particular emphasis on Western sources of research material.
The second group meeting will be confined to a study of
the everyday problems of financial libraries. A review
will be made of magazine articles and books in the field
of finance, appearing during the past year. Other subjects
which the group will consider are handling of newspaper
clippings and placing of magazine subscriptions. Plans for
the group program are in the hands of Miss Dorothy
Watson, Bankers Trust Company, New York, who is being
furnish rural communities with adequate banking facilities.
Banking is the safest business from the standpoint of creditors of any
that the United States has, Mr. Shull stated. Risk cannot be entirely
eliminated from any business, he pointed out.
Small Losses From Failures.
The figures on numbers of banks failing in recent years and deposits
involved, furnished by the Comptroller of the Currency, were used by
Mr. Shull to substantiate his statement that the average deposits of the
7,000,000 depositors in the 6,000 banks that have failed in the last 10
years was approximately $234, and that nearly 80% of that had been
recovered through liquidation proceedings.
"The losses resulting from bank failures have been exaggerated," he
asserted. "The American people have lost more money in land and in
stocks than they have in bank failures."
He referred also to the fact that many persons had suffered losses on
Liberty bond purchases.
Ninety-five per cent, of the bank failures of the past 10 years, Mr.
Shull asserted, have been due to the abnormal inflation and deflation
during the war years and after. The banks that are now failing and
those that will fail for some years yet to come can trace their difficulties
directly to war causes, in his opinion.
The banks which have organized since 1920 in Oklahoma show a small
percentage of failures, he stated. Many of those which were organized
earlier and have failed were in better shape at the time they failed, he
said, that at any other time in the last 10 years.
There are advantages to unit banking which offset any possible greater
safety of branch banking, even admitting that there is any greater safety
In that type of organization, Mr. Shull contended. The one big reason,
in his opinion, why there might be greater safety in a branch system is
that the banks would then be such colossal institutions that the Federal
Government could not let them fail, and would come to their support if
difficulties arose.
"That way lies paternalism," he said, "and around the corner is
socialism."
Diversification, which he said is claimed as an advantage in chain and
group banking, is now being achieved by the unit country banker in his
bond account.
Increase in Resources of State Banks Explained.
Increase of the resources of State banks at a greater rate than those of
National banks was ascribed by Mr. Shull to the conversion of large city
banks from National to State charter. That movement, he declared, is
spasmodic, and cannot be expected to continue.
The Federal Reserve System has not been involved, he said, because the
banks have remained members. The resources of the system have shown a
healthy growth.
There is little real distinction between National and State banks, in the
opinion of Mr. Shull. Both are owned by the citizens of the State.
The Federal Government can depend upon the State banks in time of
war or other emergency to as full an extent as they can upon the
National banks.
The Federal Reserve Banks, he said, are the real fiscal agents of the
Federal Government, and not the National banks.
"It is clear from the previous testimony before these hearings," Mr.
Shull said, "that there are those who believe in one banking system,
and that under the supervision of the Federal Government," in his opinion,
both systems are needed.
He compared the dual system to our dual system of State and Federal
Government, saying that, as in government, so in banking, one served as a
check on the other. The State banks have the advantage, he declared,
of having a more personal understanding type of supervisory relationship,
while the National system has the advantage of unity and uniformity.
The Federal Reserve System has raised the standards of all banks, both
State and National, in Mr. Shull's opinion. The competition of State banks
has had the salutary effect of keeping banking closer to the people, he
stated. State banks have prevented National banks from becoming too
autocratic, while National banks have kept State banks from too loose
methods of operation.
Improvement in Methods of Banking Desirable.
Earnings of unit banks in Oklahoma have been good, Mr. Shull declared.
In 1929 the average net earnings on capital stock of State banks In
MAY 17 1930.]
FINANCIAL CHRONICLE
Oklahoma were 16.6%. Based on capital stock and surplus they were
12.6%.
Dividends paid on capital averaged 11.2%. Ability to pay dividends
in his State, just as bank failures, he declared to be chargeable to war
conditions and not to management or local conditions.
"What is needed is not a change in the system of banking," Mr. Shull
said, "but an improvement in present banking methods."
Branch banking would not stop bank failures, he continued. The weak
banks would not be taken over as branches, and the failure of some
would result from the institution of branch banking. Others would be
driven out by competition of branches of large city banks.
The people do not want either branch or group banking, Mr. Shull
declared. The unit banks are more responsive to the needs of both
borrowers and depositors, he said, as they encourage local independence
and self-development. The establishment of branch banking would bring
about a great concentration of money and credit, in his opinion, and
would be the greatest stride that could be taken toward the elimination
of the middle class from this country.
If branch banking were to be established, according to Mr. Shull, it
would be more logical to set it up on a nation-wide basis than within
trade areas. There would be greater diversification and greater safety
in the nation-wide system, he continued. Attempting to define trade
areas would lead to much conflict and confusion, in his opinion.
If Congress permits branch banking beyond State lines, Mr. Shull
believes the State will follow suit on some basis of reciprocity, one State
permitting the banks of another State to establish branches within its
boundaries for a reciprocal privilege.
Misleading Statistics on Branch Banking Resources.
In referring to the figures which have been furnished to the Committee
showing the volume of banking resources that are now included in branch
systems, Mr. Shull stated that they were somewhat misleading. Great
New York City banks that operate branches within that city are in reality
unit banks, he stated. They are serving one community, and the same
community that they have always served.
That is not the type of branch banking which is under consideration,
he said. Some of the banks in the chains, he added, are in reality unit
banks and operated as such.
In response to questions from Representative Luce (Rep.), of Waltham,
Mass., Mr. Shull stated that the Federal Reserve System could hardly be
expected to bring about a uniformity of rates on loans throughout the
country. They have, he continued, lowered the rate somewhat, and have
made Eastern capital more available to the West.
Representative Pratt (Rep.), of New York City, asked Mr. Shull if he
thought trade area branch banking would result in a decentralization of
credit. He stated that he doubted it. That has been done now by the
Federal Reserve System about as far as it is possible or necessary,"
he said.
"It is inevitable in every country that there shall be one important
financial center," he said.
In response to a query from Representative Brand (Dent), of Athens, Ga.,
Mr. Shull told the Committee that he thought branch banking would tend
to monopolize the money and credits of the country. Whether or not that
monopoly would become absolute is difficult to say, he added.
Unit Banking System Said Not to Have Failed.
Nation-wide branch banking would snake the Federal Reserve System less
and less important, Mr. Shull told Representative Dunbar (Rep.), of
Indiana. Eventually, he stated, we will not have any more Federal
Reserve System than they have in England and other branch banking
countries.
The unit banking system has not failed, Mr. Shull reiterated. There are
strong, safe, and profitable banks, he asserted, in towns in Oklahoma of
only 300 or 400 population.
3481
These examinations would supplement those of the State and Federal
Banking Departments, and the organization examiners would be authorized
to co-operate and confer with the examiners of these departments on matters
of mutual interest.
In the examinations the operations would be similar to that of city
clearing house association examinations which have proven to be of such
great value to the safety of banks and the protection of depositors, that the
Chicago Clearing House Association, for one, points with much pride to the
fact that for more than 20 years no depositor has lost any money by reason
of the suspension of any of its members.
It may be said that city bank methods can not be applied to the
country banks. Why not? With the entry of the chain store in the smaller
communities the independent merchant has learned his lesson. He now
adapts the best features of the' chain store to his own business and allies
himself with others of his kind to form his own chain, and at the same
time retains his individuality. Surely the banks can profit by the independent merchant's experience.
Banks, generally speaking, may at first react unfavorably to the plan
of organization and mutual examinations because of additional expense, but
the expenditure of money to insure a sound banking structure is an
investment which is returned many times, not only in safeguarding deposits,
but in increased profits and compensating dividends to the stockholders
with the added security of their holdings and an increased confidence
of the public.
I have the highest regard for those having charge of the bank supervising departments, both National and State, but it appears that the
system of examinations, as provided by law, is not sufficiently efficient
to ward off bank failures. It is up to the bankers, themselves, by means
of independent examinations to provide the stabilizing influence necessary
to a good banking situation. In such an organization as proposed there
may be occasions when the condition of a member may become precarious,
but because of the knowledge and information previously obtained by the
mutual supervision, action can be taken to tide over the temporary
trouble or liquidation or consolidation can be brought about, either of which
courses will prevent loss to the depositors and disturbance to the community. That has been the experience in a number of instances in city
clearing house associations.
In organizing, every bank in the territory should be required to submit
to an examination before being admitted to membership, and if any can
not pass muster they of necessity should be given a period of six, eight
or 12 months, whichever is deemed proper, to so readjust their affairs that
they may be eligible for admission later. It should be the effort of the
organization to assist such banks to that end. At the end of the probationary period, the purpose of the organization would be given publicity
with a list of the member banks.
Within the manager's office extensive facilities favorable to all members
could be Metalled. Credit information and investment data could be
gathered for the use of those desiring it. Purchases for secondary reserves
could be more advantageously made through the central office and with
the knowledge of security values thus obtained the members could profit
by safely supplying the investment needs of their customers.
There will also be the advantage of co-operative buying of equipment
and supplies, collective advertising and the establishment of a research
department. Many other uses will probably be found, once such an organization is thoroughly functioning.
Again, it should be quite obvious that with all of these advantages,
which can be likened to the mass production of the modern manufacturing
concern and the consequent reduction in costa, the investment represented
by membership in such a federation would return handsome profits.
The unit banking system can be preserved and maintained by applying
to the smaller banks the same remedy that has made city banking practically
safe. I realize that it may be a difficult task to induce those in charge
of many of the smaller banks to forget differences and competitions that
have caused hesitation and delay in bringing about co-operation so necessary
to the adoption of the reforms and practices which stand for sound banking.
But does it not seem to be worth all the trouble?
The public has suffered greatly in the numerous bank failures of the
past and is beginning to wonder where it is to end. Once it begins to
understand that in most instances these failures are avoidable, it will
take a hand by legislative measures to apply the remedy.
Group banking is a development of the clearing house idea over a wider
territory through stockholding and control by a central organization to
which every member bank sells its proprietary rights. The plan of "cooperative banking union," as I have tried to explain, is a development of
the clearing house idea over a smaller and contiguous territory without the
surrender of stockholdings, without sacrifice of local enterprise and control,
but with voluntary affiliation and co-operation.
Looking to the future, with the adoption of this plan throughout the
State I see an increased public confidence, increased deposits, increased
earnings and the ascendancy of the unit banking system. The time is
here, the opportunity is at hand. It is up to the independent banks to
determine what use they will make of it. Are they to be forced out of
business or absorbed by branch or group systems, or are they to remain
independent through co-operation and unity of action in alliance for a
just and noble cause and for self-preservation?
M. A. Graettinger of Illinois Bankers' Association Proposes That Unit System of Banking be Maintained
Through a Co-operative Banking Union.
According to M. A. Graettinger, ,Secretary of the Illinois
Banking Association, "there is only one way to meet the
entry of group or branch banking in Illinois." That is, he
says, "to put the banks in such a position that they themselves will 'render 'remote the possibility of bank failures, by
,solidifying their ranks, by young forces, and forming compact organizations for mutual helpfulness through wise
and intelligent co-operation." In the May issue of the
Illinois Bankers' Association "Bulletin," Mr. Graettinger,
who stated that "the proponents of branch and group banking are making use of the mortality among the small banks
as material for their propaganda," said that unit banking
can "provide a safe and sound system if its adherents will
apply modern business principles, and also cut along the
pattern of successful cleatring house form." He went on President Hoguet of National Association of Mutual Savings Banks at Atlantic City Convention Tells Mutual
to say:
This is proposing a so-called Regional Clearing House Association with
Executives They Must Meet Increased Competition—
all that the name implies, but since that presupposes the clearing of
Cites Growth of Trusts—Suggests Forming an Assochecks, which is not practical in the organization in mind, I would avoid
ciation Similar to Federal Reserve System.
that reference in its title, and "Co-operative Banking Union" is suggested,
instead, as more indicative of its purpose. With proper rules and regula"Latest reports available seem to indicate that an intions, with mutual supervision and examinations, correct policies and
creasingly large part of the savings of the country is
practices would he enforced for the promotion of sane and safe banking
and for the protection of depositors and stockholders- Membership should taken by institutions other than mutual savings banks,"
he composed of banks within the territory of one or more adjacent counties Robert L. Hoguet, President of the National Association of
and comprise from 60 to 75 banks. The administration should be in Mutual Savings Banks, told 200 bankers at the opening of
the hands of a board of nine directors, elected from the membership,
which should be divided into three classes according to amounts of resources. the association's convention at Atlantic City, May 14. The
Officers would be elected by the board, and it would also appoint a staff correspondent of the New York "Times" thus quoted
manager. He would have direct charge of the operation of the organization, Mr. Hoguet, and made known his further comments as
assisted by such other employees as may be found necessary. The board
of directors would provide for examinations of member banks by the follows:
"During the past few years our banks have been confronted with a
manager or under his supervision.
In the event of an unfavorable report on the examination of a bank, new form of competition," he declared.
"The investment trust idea was imported from England and offered
the board would act within its power to correct the situation.
The expense would be pro-rated among the members and the cost of to our people in diverse aspects and forms," he pointed out. "Many
examinations would be assessed against each bank proportionately.
of the great commercial institutions of the country are appealing to the
3482
FINANCIAL CHRONICLE
public generally to contribute their savings to composite funds and
other devices for pooling savings. One of these institutions the other
day was bold enough to make the statement that very little, if anything, had ever been done in the United States for the $5,000 a year
man.
"The early mutual savings banks were philanthropic institutions, conceived as a charity to assist the provident poor whose savings were
apparently beneath the notice of any then existing form of commercial
enterprise. Today human ingenuity is constantly devising ways and
means of making a profit out of the savings of the multitude, and what
once could not be started except as a pure philanthropy has become
an extremely profitable business.
Stresses Sharing of Profits.
"It stands to reason that a mutual savings bank in which all of the
earnings belong to the depositors is, or should be, more profitable for
such depositors than a commercial banking institution in which some
of the earnings of the funds are paid to the depositors and the balance
goes to stockholders in the form of dividends."
Mr. Hoguet considered the possibility of recovering for the mutual
savings banks their past share of the savings of the nation. He did not,
however, make a definite proposal to the convention.
"Mutual savings banks did nothing but a savings business in the
beginning," he said, "and that is substantially what they still do.
"It may be that they are not economically run. I believe this can be
relatively easily remedied if the mutual, will have the courage to
establish branches and to embark in other forms of banking. If we
look at the commercial banks we cannot fail to be impressed by the
fact that there has been a continuing diversification of function on the
part of such institutions—disscounts, trusts, mortgages, safe deposit,
investments—until today the banks of the country are running what
Charles E. Mitchell once characterized as financial department stores.
"Finally, and not of the least importance, is the fact that the mutual
savings banks do not belong to the American banking family as it is
now organized. The passage of the Federal Reserve act in 1913 brought
the great bulk of American banking institutions into one organization.
No method has yet been devised for bringing the mutual savings banks
into this picture.
"It has been suggested that the savings banks could set up a cooperative clearing house similar to the Federal Reserve Board, but
joining the existing system would simplify these solutions. Events of
last Fall have shown that the Board is the best banking device ever
created to bring about stability. Without the Board we might have
had a panic last October unequaled in the financial history of the
United States. The steadying influence of the Federal organization
saved the situation."
The idea of a savings bank organization similar to the Federal Reserve appeared again later in the report of a committee appointed to
consider how much surplus in addition to deposits should be kept undisturbed in order to safeguard the deposits. After two hours' discussion
of the ratio of surplus proposed, the convention decided it could not
agree and that the savings bankers must proceed for another year according to their best undivided judgment.
•
A council resolution, ratified during the day by the convention, asked
Congress to write into the Federal banking law a prohibition against
the use of the word "savings" in any advertising in States where such
use was forbidden.
Mr. Hoguet likewise said "it also should be made possible
for savings banks to combine at will, as other banks combine. Increasing competition from commercial institutions
has gravely hampered some of our smaller banks." This
is noted in the "Herald-Tribune" account which also reported Mr. Hoguet as saying:
"I recently suggested to the savings banks in one state that all of
them should be merged into a big bank, which would maintain branches
where the small banks now operate. This suggestion was regarded as
radical by many of those concerned, but it was merely in line with the
practices of commercial banks.
"Another urgent need is the right to open branches as required. In
most cases, the privilege is restricted to one or two branches, while
commercial banks may have ten or a hundred.
"All of these things place us at a disadvantage, but despite such
handicaps, we have more than 12,000,000 depositors and about $9,000,000,000 of deposits. And it is for our depositors that we speak in
seeking an extension of our usefulness."
Savings Banks No Longer Paying Out Money to Depositors
to Protect Margins in Stock Dealings According to
Robert Hoguet of National Association of Mutual Savings Banks—Deposits In New York Increasing.
"The savings banks have stopped paying out money to
protect margin accounts and deposits are on the increase,"
said Robert L. Hoguet, President of the National Association of Mutual Savings Banks, on leaving New York May 13
for the tenth annual gathering of that organization in
Atlantic City, which opened on May 14. Mr. Hoguet stated:
"If it is true that we are not likely to see another great bull market
in the near future, it also is true that the period of liquidation following the break seems to have reached a normal end. For a while the
mutual savings banks, with their 12,000,000 depositors, were called
upon to shoulder a heavy part of the burden. But we see signs, day
by day, that the burden grows lighter. For the first four months of
1930 the savings banks in the state of New York have increased their
deposits by $77,500,000. A similar gain has been made in other states.
The rate of increase is higher than last year at this season, and sound
and satisfying in the face of conditions.
"The public is returning to a conception of saving that almost disappeared in the boom period. The proposition that wealth results from
thrift regularly practiced is more convincing in the spring of 1930.
A year ago stocks could be bought at random, to yield 5 to 10% a
month. The rates paid by savings institutions became unattractive to
many persons of small capital. Since it was easier to buy stocks upon
margin than to pay for them outright, and always with the chance of
[Vol.. 130.
rapid appreciation, savings accounts were drawn upon to finance stock
purchases.
"We saw the tendency before the break. When the inevitable happened, our banks were the immediate source of funds to carry on.
During October and November we paid out millions every day for this
purpose, but December saw a change that is continuing steadily. It
has been a principle in our institution that savings increase when
times are hard. These are not exactly hard times, but there has been
a pinch and we see the principle justified. I believe that
business is
well on the way to normal and look for a substantial increase in savings accounts this year."
Mr. Hoguet is Vice-President of the Emigrant Industrial
Savings Bank in New York. The mutual institutions, like
mutual insurance companies, are operated for the benefit
of depositors. Mr. Hoguet pointed out that the assets
of
these institutions, amounting to more than $10,000,000,000,
make up the largest accumulation of small capital ever
gathered together by one class of banks. These $10,000,000,000 of assets and 12,000,000 depositors are about equal
to the population and national wealth of the country when
the first of the banks was established a century ago. Mr.
Hoguet said that the psychology of the American people
had altered greatly since the savings bankers met last year,
stating:
"The over-optimism of the spring of 1929 has passed, and with it
has gone the extreme pessimism observed in certain quarters last fall.
Now we have reached a basis of sound thinking. We are not spending
so freely and look more to the necessity of a cash reserve. Reports
from our banks show that unemployment is not gaining but decreasing
in centers where it had been extensive. The advent of spring and
naturally increased activity should see an end of any idleness that
endures. I believe that we can put a red mark on the calendar for
1930 and call it a good year."
Report of Economic Policy Commission of A. B. A.
Sees Serious Disadvantages In Proposal to Broaden
Rules for Rediscounting Borrowing at Federal
Reserve Banks.
Contraction and uneven distribution in paper eligible at
the Federal Reserve Banks has produced a demand for
liberalizing the present rules, says the Economic Policy
Commission of the American Bankers Association, but following a detailed analysis of the facts and economic factors involved the Commission has prepared a report declaring
that "we question whether the sound remedy is to be found
in easier eligibility."
In its report presented to the Executive Counsel of the
Association, the Commission says:
We do not mean to minimize the seriousness of this problem nor the
disadvantages under which it has placed many banks, especially in the
country districts, but we do feel that there are serious disadvantages involved
In the proposal to set up an easier basis of access to Federal Reserve Bank
credit. We believe such action at this time would be hasty and that time
should be allowed to show whether natural forces are not at work which
will within a reasonably short time correct the present situation. We are
not prepared to recommend that the Council go on record against broadening
the rules for rediscount, but we do suggest that the subject be given further
study before any stand is taken.
The members of the Commission are:
Rudolf S. Hecht, President Hibernia Bank and Trust Co., New Orleans,
La., Chairman.
George E. Roberts, Vice-President National City Bank. N. Y. City,
Vice-Chairman.
Nathan Adams, President First National Bank, Dallas, Tex.
Leonard P. Ayres, Vice-President Cleveland Trust Co., Cleveland, Ohio.
Frank Blair, Chairman of Board Union Trust Co., Detroit, Mich.
Walter IV. Head, President Foreman-State National Bank, Chicago, Dl.
W. D. Longyear, Vice-President Security-First National Bank, Los
Angeles, Calif.
Walter S. McLucas. Chairman of Board Commerce Trust Co., Kansas
City, Mo.
Max B. Nahm, Vice-President Citizens National Bank, Bowling Green,
Kentucky.
Melvin A. Traylor, President First National Bank, Chicago, Ill.
Paul M. Warburg, Chairman of Board International Acceptance Bank,
N. Y. City.
0. Howard Wolfe, Cashier Philadelphia National Bank.Philadelphia, Pa.
Gnrden Edwards, American Bankers Association, N. Y. City, Secretary.
In addition to the paragraph quoted above, the report
submitted at the meeting of the Executive Council at Old
Point Comfort, Va., May 5-8, said:
There has been referred to the Economic Policy Commission of the
American Bankers Association the question raised by various proposals
aiming toward liberalizing the rules governing the eligibility of paper for
rediscount or borrowing at the Federal Reserve Banks so as to Include other
types of paper than those recognized by the present rules.
The basic source of these proposals is the marked shrinkage that has
taken place in recent years in the volume of the various classes of paper
now eligible. A few fundamental facts will illustrate this.
Sound Federal debt retirement policies have resulted in a contraction in
the United States Government securities at the rate of almost a billion
dollars a share. In 1924 the volume of Federals was $21.000,000.000. In
1929 it was down to $16,600,000,000. This Is a shrinkage of $4,400,000.000
in five years or almost 21%.
As to open market commercial paper there has also been a great contraction. In 1924 there was outstanding in the New York market, which
represents about 90% of the national total, $925.000.000 in commercial
paper. In Sept. 1929 it was down to $265,000,000. Here is a shrinkage
in five years of $660,000.000 or over 71%.
As to eligible paper in the hands of Federal Reserve Bank members, in
1926, when their total loans stood at 622,000.000.000, this was reported at
MAY 17 1930.]
FINANCIAL CHRONICLE
$4.900,000,000. That is, about 22% of their loan portfolio was composed
of eligible paper. Last December when their total loans stood at about
$26,200,000,000, eligible paper amounted to only $4,400,000.000 or about
16.7%. Here was a drop of half a billion dollars, or 10% in the volume and
over five points, or 24%, in the ratio.
These changes in commercial credit instruments reflect in part at least
the driving out by chain store and other direct merchandising methods of
large numbers of middlemen, who formerly created considerable volumes of
commercial paper; and also the rise of the practice of large corporate units
to replace bank loans with security issues.
The only class of eligible paper that has shown an expansion in this
period has been bankers' acceptances. In Dec. 1924 the volume outstanding was reported at $821,000,000. In Dec. 1929 it reached a point of
81.730,000,000, an increase of nearly a billion. However, due to the low
rate of yield this form of paper has not been expedient for banks to carry
in any great volume. The total bills and acceptance; held by the member
banks in Dec. 1929 amounted to only about $290,000,000. This, therefore,
has not materially helped the situation.
There is no question, therefore, that there has been a very serious contraction in available instruments eligible for rediscount or borrowing at the
Federal Reserve Banks. On the other hand there has been considerable
expansion in this period in the volume of non-eligible credit instruments.
It has been estimated that the volume of finance company paper arising
from installment selling now in the hands of tbe banks is more than $1,000.000,000. During the past four years also there has been an annual output
of municipal issues in excess of $2,000,000,000 annually and a large increase
In the volume of this class of security in the hands of the banks has been
noted. In 1925 member banks held about $1,030,000,000 in city, county
and municipal bonds, and last December they were reported as holding
$1.220,000,000 in these issues. Also there has been a very large increase in
recent years in collateral loans by member banks. In 1925 this item
aggregated $6,720,000,000 and last December it stood at about $10,150.
000,000, an increase of $3,430,000,000 or 51%.
So, all in all, there have been these distinct changes in the field of banking
credit which have led some to feel strongly that a change in the eligibility
rules was called for.
There is still another aspect of this subject that we have subjected to
analysis with interesting results and that is the actual use of eligible paper
for rediscounting and borrowing by the member banks. In December all
member banks held loans eligible for rediscount to the amount of $4.397.
000,000, United States Government securities to the amount of $3,863,
000.000 and municipal warrants to the amount of $169,000,000. or a total
of $8,429,000,000 in eligible instruments. However only about $879,000.
000 or not much more than one-tenth was being used at the Federal Reserve
Banks.
As a general proposition, therefore, it would appear at first blush that
the banks as a whole have no need for an enlarged supply of eligible paper
since they are now using so small a proportion of what they have at the
Federal Reserve banks. There seems to be ample leeway in case of need.
These general figures, however, are deceptive since they do not reveal the
important fact that these ample supplies are not at all evenly distributed
among the banks. It is an abundance, in other words, that is not enjoyed
by all.
Due to general economic conditions that obtain in the rural districts,
the country State banks appear to be especially deficient in eligible paper.
Federal Reserve reports show that country State bank members of the
Federal Reserve System in December held almost 9% of the total loans
of all member banks but they held less than 6% of the eligible paper.
Only about 11% of their loans were of this class. The city State bank
members representing about 33% of the total loans of member banks held
almost 27% of the eligible paper. Over 13% of their loans were of this
class. The National banks as a whole are in better position in this respect
than State banks. The Nationals held about 58% of the total loans and
over 67% of the eligible paper. The proportion of National bank loans
classed as eligible was 19.5%.
This is a spotty condition that is further accentuated in respect to many
particular localities and individual banks. The gradual disappearance of
the middleman has been especially marked in some places. Also the extension of chain store systems into hundreds of small towns has transferred
large volumes of the financing of commercial business away from them to
the larger cities of the head offices of these systems, and there it is like as
not done by the flotation of new securities instead of bank loans. The city
bank often has had to keep its money busy in investments or collateral
loans. These are conditions over which the banker has no control but from
which he has suffered severely.
The facts seem to indicate, therefore, that while member banks as
whole appear to have an ample volume of eligible paper and securities,
uneven distribution has been created, and while the stronger banks have an
excess supply many banks, especially in the country but sometimes in the'
cities as well, are in a much weaker position in this respect.
The foregoing facts, we believe, indicate the source of the demand for
broadening the eligibility rules and also present a large measure of justification for this demand. However we question whether the sound remedy
Is to be found in easier eligibility.
Specifically it has been suggested that the rules be broadened to include
such other credit instruments as finance company paper arising from
Installment selling, municipal securities and railroad bonds, RO that banks
shall have wider avenues of access to the Federal Reserve banks from which
many of them are almost disfranchised by the present restrictions.
The argument made in favor of railroad bonds and municipal issues is
that they are almost as good as FederaLs from the point of view of security.
For finance company paper It is argued that this reflects a large volume of
actual trade evidenced by the underlying installment notes and that the
endorsements of sound, well
-managed, discriminating finance corporations
specializing in this type of business insure the safety of this class of paper.
In this connection it Is pertinent to consider for a moment the economic
theory back of the present rules of eligibility. The theory is that
the paper
of the designated character is fundamentally sound since it is created by
responsible bank customers engaged in productive enterprise and is further
reinforced by a bank's endorsement; that the volume of this type of paper
rises and falls in accordance with seasonal changes in business and with the
longer business cycles; and that it is inherently liquid both in respect to
maturity and to the self-liquidating character of the transactions underlying
It, since these involve the production and distribution of goods,the proceeds
of whose sale at each turnover supply the funds to pay off the original
notes. Eligible paper, therefore, so far as it serves member banks to obtain
currency or to expand deposits created by commercial loans to customers
tends to keep the expansion and contraction of credit and currency in step
with the rise and fall of current business activities.
Neither railroad bonds, municipal issues, nor finance company installment paper quite qualify under this theory as classes of credit instruments
suitable for eligibility.
As to railroad bonds and municipal issues it may be true that, as collateral
security, they are almost as good as Federals, but Federal securities themselves are distinctly an anomaly as a basis for loans at the Federal Reserve
3483
Banks. They were admitted only as a war finance measure. They do not
tend to keep member borrowing coordinated with the expansion and
contraction of trade.
As to installment paper it must be remembered that it represents consumer credit that is not based on productive transactions, but is wholly
dependent upon extraneous factors for Its liquidation, such as the ability of
the purchaser of the goods involved to hold his job and make his payments
out of wages. The value of the underlying goods themselves rapidly
disappears through consumption or depreciation. This is in distinct contrast with the notes covered by the present rules for eligibility which
represent producer, not consumer, credit and are strictly self-liquidating
out of the increased value produced by the underlying commodities and
transactions.
Our feeling therefore in respect to these proposals for admitting certain
other types to eligibility is that such action may tend to make our reserve
credit structure less liquid, throw its workings out of step with fundamental
business changes, and also increase the task of preventing the Federal
Reserve System from being employed as a facility to inflation.
We believe this latter point is especially important. The increase in
credit which these added instruments would facilitate would not necessarily
reflect and respond to the enlarged productive requirements of commerce
and industry for supplies of currency and credit at going price levels. They
would rather be liable to tend to create easy money in advance of those
requirements and thus stimulate over-trading, rising prices and finally
over-production. They would tend to create a volume of credit that would
not be automatically extinguished after it had served its designated function. We feel that the original impulse for credit expansion should come
not from easy money but from actual increased consumer demand which
Is the channel along which the present rules tend to guide our credit
economy.
We feel also that there are important changes developing in credit conditions which will Increase the supply of paper eligible under the present
rules. For instance, we cited that in September 1929 the volume of open
market commercial paper outstanding in New York had fallen to only
$265,000,000. Since then there has been a steady improvement in the
commercial paper market and in March the supply was reported at $529,000,000, a gain of $264,000,000 or virtually 100% in only 6 months. We
find indications also that many corporations are returning to the practice
of financing their current operations by means of bank loans instead of
by the issue of securities.
C. B. Hazlewood, Former President of American
Bankers Association at Executive Council Meeting
Proposes That Holding Companies of Banks be
Made Subject to Examination by Banking Authorities—Resolution Approved by Council.
Craig B. Hazlewood, former President of the American
Bankers' Association, at the Executive Council meeting at
Old Point Comfort, last week, called attention to the question whether companies affiliated with banks should be
made subject to examination by the constituted banking
authorities. This, he said, was a fundamental matter that
would probably be dealt with sooner or later In Federal
legislation, and he suggested that the Council go on record
as approving such examination, "so that the public might
see that we have nothing to hide, and we believe that such
examination would be proper and right." He then offered
as a resolution "that the Council approve and favor examination by the constituted authorities of all investment,
security and holding companies In which member banks'
capital or deposit funds are invested." This resolution
was passed without dissenting voice by the Council.
rt of Economic Policy Commission of American
Bankers' Association Takes No Definite Stand on
Question of Distribution of Excess Earnings of
Federal Reserve Banks—Recommends Further
Study of Subject—Other Proposals Considered by
Commission.
At the meeting of the Executive Council of the American
Bankers' Association, at Old Point Comfort, Va., May 5-8,
R. S. Hecht, Chairman of the Economic Policy Commission,
reported on the following subjects assigned to the Commission: The development of group, chain and branch banking; proposals for distributing a larger share of Federal
Reserve Bank earnings for member banks; the question of
liberalizing the rules governing eligibility of paper for
rediscount at the Federal Reserve Banks. He said that
the Commission had gathered information indicating 269
groups or chain systems, comprising 1,922 banks and $15,285,000,000 in aggregate resources, pointing out that the
failure of several small groups and consolidations among
other groups had slightly reduced the number of banks in
this field as reported in the previous compilation of the
Commission, although the total banking resources comprised
In group or chain banking have considerably increased.
The Commission, he said, is now studying the operating,
administrative and economic factors involved in this type
of banking organization.
As to Federal Reserve earnings, Mr. Hecht's report said
the argument against a larger distribution to Federal Reserve member banks was that there is considerable danger
lurking in any proposition that tends to turn the Federal
Reserve Banks into institutions conducted in any sense with
3484
t
,1
1
FINANCIAL CHRONICLE
the idea of profit in view, declaring that if 'the principle
is set up of making an attractive rate of return on the
stock a lure for membership, we might give room for the
temptation to conduct the banks with their policies conceivably tinged with motives other than those of pure
Reserve banking functions." The present distribution of
earnings, it was declared, was designed for the very purpose of removing the profit-making motive from Federal
Reserve policy. The report agreed with the proposition
that only 25% of earnings, after provisions for present
dividends and additions to surplus have been taken care
of, should be paid to the Government, instead of the whole
excess after these allocations, but the Commission was not
prepared yet, due to difference of opinion among bankers
which it had found, to make a recommendation as to the
distribution of the excess earnings. It recommended further study of this subject before the Association adopted
any definite attitude. As to the rules governing eligibility
of paper for rediscount, the Commission also recommended
that this subject be given further study before any stand
Is taken by the Association, expressing merely the opinion
that natural economic forces appeared to be working toward
a correction of the shortage in paper eligible under the
present rules which now exist.
Over 2,000 National Banks Possess Trust Powers,
According to J. W. Barton, President of National
Bank Division of A. B. A.—Council Approves Proposal that Study of Change Confronting Banks Be
Undertaken by Economic Policy Commission.
President John W. Barton, National Bank Division, reported at the annual meeting of the Executive Council of
the American Bankers' Association at Old Point Comfort,
Va., May 5-8, that more than 2,400 National banks now
hold trust powers and the assets under administration by
these banks show an increase of $1,000,000,000 in a year,
and the division was promoting the development among its
members of the technique of trust department management.
Referring to the fact that the loss of resources to the
National Bank system has been marked in recent years,
he reported that a special committee appointed to study
the causes had gathered and analyzed material which will
be presented with definite recommendations for constructive
legislative proposals at the convention of the Association
In the fall. The division heartily supports, he said, the
measure prepared by the Special Committee on Section 5219,
U. S. Revised Statutes, enlarging somewhat the latitude the
States now have in taxing National banks, which seems
necessary under modern conditions, with limitations safeguarding the interests of the banks and preventing the
extension of unfair taxation. He also said that the 'banking
business is subject to laws from 49 jurisdictions—the Federal Government and the 48 States, "creating a lack of uniformity and many elements of conflict. We are in an era
of profound banking change. Is it not the time to consider
a fundamental attack on this situation in the interest of
economic efficiency and sound banking uniformity which
possibly involves the question of bringing all banking under
a single jurisdiction?" He proposed that this question be
referred to the Economic Policy Commission for study and
report, and this action was voted by the Council.
Membership of American Bankers' Association 19,564,
According to Report of Membership Committee at
Executive Council Meeting.
At the annual meeting of the Executive Council of the
American Bankers' Association, held May 5-8 at Old Point
Comfort, Va., Chairman C. E. McCutchen, of the Membership Committee, reported that the total Association membership stood at 19,564, a slight decrease, but at a less rate
than the decrease in the total number of banking institutions in the country. A year ago, he said, the total nonmembers numbered 8,535, and at present they number 7,925,
adding that the "reduction in prospects continues to make it
extremely difficult to secure new members." Three jurisdictions, namely, Arizona, District of Columbia, and New
Mexico, have a 100% membership, while Nevada, Utah, and
Wyoming each have only one non-member. Twelve other
States have a membership between 90 and 100%; New York
leads in numbers, with 1,520 members, Pennsylvania next
[VOL. 130.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were reported made this week for the
transfer of a New York Stock Exchange membership for
$465,000, a decrease of $14,000 from the last preceding sale.
The New York Cotton Exchange membership of Leon B.
Lowenstein was reported sold this week to Pierre J. La
Condury for $20,000. The last preceding sale was at the
same figure.
Arrangements were reported made this week for the sale
of a Chicago Stock Exchange membership for $37,000. The
last preceding sale was for $36,000.
Two Chicago Board of Trade memberships were reported
sold this week for $18,800 and $20,000, respectively. The
last preceding sale was for $17,500.
The Chemical Bank & Trust Co. of New York, one of the
oldest financial institutions in New York and the first bank
on Broadway, opens its thirteenth branch at University
Place and Ninth St. May 15. Founded in 1824, the Chemical Bank's first home was at 216 Broadway, opposite St.
Paul's Church. When it began business the population of
New York City was 124,000. A statement published by the
Chemical in 1829 showed total assets of $922,394. The
statement of Jan. 1 1930 shows assets of over $423,000,000.
Percy H. Johnston, President, was elected in January 1920
and is the ninth President of the bank. The history of the
Chemical is romantic and colorful. For years it was affectionately dubbed "Old Bullion," deriving its nickname
from the fact that during all periods of financial stress it
was the only bank that never suspended specie payment.
On May 3 1929 the name was changed from Chemical
National Bank to Chemical Bank & Trust Co. On June 29
1929 the Chemical merged with the United States Mortgage
& Trust Co. The Chemical's main office is at 165 Broadway.
At a meeting of the board of directors of the Chemical
Bank & Trust Co. on May 15 Arthur W.Loasby was elected
a director.
The offices of Roosevelt & Son, private bankers at 30
Pine St., will be closed to-day (May 17) out of respect to
the memory of W. Emler Roosevelt, a partner in the firm
since 1878 who died in his sleep at his home, this city, on
May 15. Mr. Roosevelt was 73 years of age. He was a
cousin of the late President Roosevelt. Mr. Roosevelt was
active years ago in building up the Mexican Telegraph Co.
and the Central and south American Telegraph Co., which
later were merged into the All America Cables, Inc., of
whose board Mr. Roosevelt was Chairman. In 1927 he
participated in the merging of All America Cables with the
International Telephone and Telegraph Corp. Mr. Roosevelt was a member of the board of the Central Hanover
Bank and Trust Co. and the Bank of New York & Trust Co.
He was a trustee of the Union Square Savings Bank. He
was Chairman of the board of the All America Cables Co,
and a director of the International Telephone & Telegraph
Co., the Mobile & Ohio Railroad, the Third Avenue Railway and the Fidelity and Casualty Co.
Detroit advices May 14 to the New York "Journal of
Commerce," said:
Reports that the Fords have recently increased their interest in the
National City Bank of New York were denied to-day in a statement issued
from the Ford offices at Dearborn. It was denied that either Henry Ford
or Edsel Ford have been acquiring such stock.
"We rarely deny rumors and we do not intend to begin the practice
now," it was declared, "but this report was disseminated so widely as to
call for denial. The Fords are not buying any bank stock anywhere."
Jules E. Brulatour, President, Treasurer, and director of
J. E. Brulatour, Inc., has been elected a member of the
advisory board of the 44th Street & Broadway office of the
Chemical Bank & Trust Co. Mr.Brulatour is also a director
of the Paramount Famous Lasky Corp.
The Central Hanover Bank & Trust Co. of New York
will open a new office in the near future in the new Chrysler
Building. A lease has been signed for space on the 43d St.
and Lexington Ave. corner, 6,300 feet to be occupied on
the first floor; 3,700 feet in the basement and 3,000 feet
on the second floor. Equipment will include a safe deposit
department and the office will."provide complete banking
and trust services.
Completion of the steel work of the Irving Trust Co.'s
with 1,355, Illinois third with 1,098, California fourth with building at 1 Wall Street was celebrated May 12, when
1.096, and Texas fifth with 1,007.
steelworkers performed theTancient ceremony of "Planting
MAY 171930.]
FINANCIAL CHRONICLE
the bush" on the topmost column of the new structure more
than 50 stories above Broadway. According to Dan Webster,
of Mare Eidlitz & Son, general contractors for the building,
the custom of planting a bush at the top of a new house or
building, dates back to prehistoric days and is part of the
folk-lore of many countries. "As far as we know," said
Mr. Webster, "the custom is oldest in those Northern
European countries where Woden was the supreme deity.
Originally, a sheaf of corn was attached to the top of a new
house as a feast offering to Woden's horse. In some countries
the occasion was marked by the solemn pouring out of a
libation to the horse or to Woden himself. As time passed,
the sheaf of corn gave way to the bush and the bush to the
flag pole of to-day." Mr. Webster said the steel work had
been erected without the loss of a single life and without a
serious accident of any kind. It is expected that the building
will be ready for occupancy early in 1931.
The Irving Trust Co. of New York, opened on May 12,
its sixth banking office in Brooklyn, at 681 Nostrand Ave.
This office, which will be known as the Nostrand Avenue
office, is in the heart of the Bedford section. It will be under
the supervision of H. A. Mathews, Vice-President, and
Stanley T. Wratten, Assistant Vice-President, with Charles
W. Kittelberger in direct charge. It was announced May
13, that the Irving Trust Co. has received permission from
the State Banking Department to open a banking office at
311 Kings Highway, Brooklyn, in a growing business and
residential section. The work of remodeling the premises
has already been started, and the office will be opened
about May 26. It will be under the supervision of H. A.
Mathews, Vice-President and Stanley T. Wratten,Assistant
Vice-President, with John D. Newhouse in immediate
charge. When the office is opened, the Irving will have
seven banking offices in Brooklyn, four of which will have
been established in the last two months. The other offices
are at Court and Livingston Streets, Flatbush Ave. at
Linden Blvd., New Utrecht Ave. at 53d Street; 444 86th
Street, 27-28 Newkirk Plaza and 681 Nostrand Avenue.
3485
The Supreme Court for the State of New Hampshire on
May 14 approved the merger of the Second National Bank
of Nashua and the Old Guaranty Savings Bank of that
vices from Concord,
city, according to Associated Press adi
N. H., on that date, printed in the New York "Herald
Tribune" of the next day. The merger, the dispatch said,
will be the first of a National and a savings bank in New
Hampshire, and will result, it is claimed, in the largest
bank in the State. The dispatch furthermore said that an
opinion on the consolidation had been asked by Arthur B.
Dole, Bank Commissioner for New Hampshire.
That controlling interest in the Chapman Bank & Trust
Co. of Portland, Me., one of the largest banks in that city,
with resources of $9,000,000, has been obtained by Leonard
F. Timberlake of the investment banking firm of Timberlake, Estes & Co., Portland, and a group of associates, was
reported in advices by the Associated Press from Portland
on May 13, printed in the Boston "Transcript" of the same
date. Mr. Timberlake has been appointed President of
the acquired institution to succeed Philip F. Chapman, who
issued a formal statement announcing the disposal of his
interest in the bank. Bay E. Estes and Vernon F. West
have been made Vice-Presidents.
The proposed consolidation of the three Newark, N. J.,
banks—the Fidelity Union Trust Co., the North Ward
National Bank and the Equitable Trust Co. (the last two
affiliated institutions)—was ratified by the stockholders of
the first named bank on May 14, according to the New York
"Herald Tribune" of the next day. Shareholders of the
other two banks had already approved the merger. Uzal H.
McCarter, President of the Fidelity Union Trust Co.,
announced that officers of the North Ward National Bank
and the Equitable Trust Co. would be appointed officials
of the enlarged Fidelity Union Trust Co. at a meeting of
the directors on May 19, and that the union of the institutions would become effective at the close of business May 20.
The combined resources of the three institutions, as shown
by their statements as of March 27, aggregate $162,270,978
and their deposits $143,690,281. The approaching union
of these banks was noted in our issue of Dec. 21, 1929,
page 3908.
The Irving Trust Co. on May 15 announced the appointment of Dr.John .1. Hogan of 15 West 23rd St., as a member
of the advisory board of its lower midtown group of banking
offices. Dr. Hogan is President of the John J. Hogan
Optical Co., a member of the Central Merchants AssociaCyrus Baldwin Crane, Chairman of the Board of Directors
tion and Merchants Association of New York, and also a
Bank & Trust Co. of Caldwell,
of the executive and legislative committees of the of the Citizens' National
member
City and State of New York. N:J., died on May 12 at the age of 86. Mr. Crane, who was
Optometrical Societies of the
one of the founders of the Citizens' National Bank & Trust
The Fitrust Corp., affiliated with the Fidelity Trust Co. Co., became President of the institution in 1913 and held
of New York, has devised and copyrighted a common stock that office until Jan. 1 of this year, when he was made
price indication chart which is being mailed monthly to Chairman of the Board. For six years he was President of
customers. The chart is in three sections, one listing 25 the Essex County Board of Agriculture. He was also a
leading industrials, the second, ten leading railroads, and member of the Board of Managers of the Montclair Savings
the third, ten public utilities. Opposite each listing is Bank, Montclair, N. J.
shown the dividend rate and the current price. A percenThe Bankers' Trust Co. of Philadelphia is using electric
tage chart shows graphically the ratio of dividends to price
to price. The indicator will be bookkeeping machines. A communication in the matter
and the ratio of earnings
revised monthly.
received this week from the bank says:
Winfield R. Sheehan, Vice-President, General Manager
and Director of the Fox Film and Fox Theatres Corp., for
many years directing head of the Fox production forces, was
ented a director of the Harriman National Bank & Trust
Co. of New York, at a meeting on May 13. Mr. Sheehan
will continue his activities in the development and expansion
of the Fox interests. At the same meeting, J. Fletcher
Farrell, Vice-President, Treasurer and Director of Sinclair
Consolidated Oil Corp. and Vice-President, Chairman of
Finance Committee and director of Venezuelan Petroleum
Co., was also elected a director of the bank. Mr. Farrell
is also a director of the Continental Illinois Bank & Trust
Co., Chicago; Importers & Exporters Insurance Co. of New
York; Mohawk Fire Insurance Co.; William H. Wise & Co.,
Merchants & Manufacturers Securities Co. of Chicago; Real
Silk Hosiery Mills, Inc., and other corporations.
Buffalo advices on Thursday of this week, May 15, to
the New York "Times" reported that the Marine Midland
Corporation that day appointed as directors Frederick Beers,
President of the National Biscuit Co., James G. Blaine,
President of the Fidelity Trust Co., New York, and David
G. Wakeman, Vice-President of Crum & Forster, New York.
Recently Mr. Beers was made a director of the Fidelity
Trust Co. of New York. The dispatch furthermore stated
that stockholders of the Marine Midland Corporation now
total more than 20,000.
A battery of electric bookkeepers—almost human in their operation—is
being installed by Bankers' Trust Co. in its 11 offices.
This is the largest installation of machines of this type in Philadelphia,
both
and the first time that automatic posting machines will be used m
savings and Christmas Club accounts.
machine—
Three records are made automatically, and at one time by this
audit
in the depositor's pass book, on the bank's ledger card, and on the
as are
sheet. All misunderstandings, misread figures and mistakes such
printed
frequent with pen and ink figures, are done away with, and the
also means
figures in the pass book provide unchangeable receipts. This
for
quicker service for the depositor and much saving in bookkeeping
the bank.
these
Although 90% of the New York banks have already installed
have
machines, Bankers' Trust Co. is one of the first in Philadelphia to
Bankers' Trust Co.
this service. The number of machines arranged for by
entire
equals nearly one-third the total number of machines in the
Philadelphia area.
are in the main offices at Walnut and
The first machines installed
be
Juniper Streets, and at 713 Chestnut Sreet. Other offices will
equipped as rapidly as the machines can be delivered.
Melville G. Baker, President of the Penn National Bank
of Philadelphia, and a well known banker of that city,
died of heart disease at his home in Germantown on May 3
after a few hours' illness. Mr. Baker, who was 54 years
of age, was born in Philadelphia. He entered the employ
of the Penn National Bank as an office boy during a school
vacation and liked the banking business so well that upon
his graduation from the Central High School he decided
to forego a college course at the University of Pennsylvania
for which he had won a scholarship and continue with the
bank instead. He was rapidly advanced from one position
3486
FINANCIAL CHRONICLE
to another during the years until 1919, when he was appointed President of the institution, the office he held at
his death. In 1928 Mr. Baker was elected Chairman of
Group Q of the Pennsylvania Bankers' Association. For
years he had been active in the affairs of the Union League
Club of Philadelphia, and last December was elected President. Mr. Baker was also at the time of his death Treasurer of Senator Joseph R. Grundy's Campaign Committee.
With reference to the proposed merger of the Kensington
Trust Co. of Philadelphia and the National Security Bank
& Trust Co. of that city, indicated in our issue of Apr. 5,
page 2334, the respective stockholders of the institutions
will vote on the consolidation on June 29 next, and if approved, the union will go into effect June 30. The new
organization will be known as the Kensington Security
Bank & Trust Co.
[VOL. 130.
latter two concerns being also headed by M. S. Daugherty.
We quote furthermore from the dispatch as follows:
Superintendent Gray ordered the closing of the bank which had capital
!Mock of $200,000 and on March 27 reported resources of $2,626.890.
The Midland National Bank was prominently mentioned in connection
with the Government inquiry into the Teapot Dome and Elk Hills oil
reserve leases which were made by the Harding Administration at a time
when Harry Daugherty was Attorney-General. Part of the lease funds
was alleged to have been deposited in the Midland Bank here.
A charter was issued on May 6 by the Comptroller of the
Currency for the First National Bank & Trust Co. in
Alton, Ill. The new organization Is capitalized at $500,000.
C. A. Caldwell is President, and E. W. Joesting, Cashier.
Stockholders of the Midlan- d National Bank of Chicago
at a special meeting on May 12 approved a proposed reduction in the par value of the bank's shares from $100 to $20
a share, according to the Chicago "Journal of Commerce"
on May 13. The stockholders also voted to increase the
According to the Philadelphia "Ledger" of yesterday capital by an additional 2,500 shares of the par value of $20
to
May 16, Charles L. Gilliland, Treasurer of the Aberfoyle a share ($50,000), all of which has been subscribed for at the
Manufacturing Co. and President of the Cotton Products price of $60 a share, it was stated
Co., has been made a director of the Commercial National
A meeting of the shareholders of the Ogden National Bank
Bank & Trust Co. of Philadelphia.
of Chicago has been called for May 21 to vote on a proposed
The Farmers' National Bank of New Holland, Pa., on five-for-one split-up of the bank's shares (reducing the par
May 10 changed its title to the Farmers' National Bank & value from $100 to $20 a share), according to an announcement by C. R. Corbet, Vice-President of the institution,
Trust Co.
reported in the Chicago "Post" of May 13.
Supplementing our item of April 26, page 2905, with referFred A. Allwardt, a Vive-P- resident of the City National
ence to the closing, on April 22, of the People's Bank Co. of
Bank & Trust Co. of Battle Creek, Mich., and a pioneer
Alliance, Ohio, and the arrest of W. A. Thompson and his
son, A. D. Thompson, Cashier and Vice-President, respec- resident of that city, died on May 10 after a prolonged
illness. Mr. Allwardt was born in Germany 78 years ago
tively, of the institution, advices by the Associated Press
and came to this country when 6 years old. His banking
from 'Canton, Ohio, on May 12, appearing in the Boston
connections extended over a period of 59 years.
"Herald" of the next day, reported that a Stark County
grand jury had indicted both men on May 12 for the alleged
Further referring to the new Northwestern National Bank
embezzlement of $93,500 of the bank's funds. The dispatch Building of Minneapolis, the completion of which was
furthermore said:
noted in our May 10th issue, page 3298, the following comes
Bank examiners charged that the two men covered the shortages through to us this
week from the Northwestern Bancorporation:
forged notes. They said the defalcations started Nov. 1 1929.
Immediately after the shortages were discovered recently. State bank
officials took charge of the institution, which is still closed.
The Central Trust Co. of Cincinnati, Ohio, announces the
appointment of Alfred M. Cressler as Vice-President and
Investment Officer.
Work on the new building, which is the largest financial structure
north or west of Chicago, has been in progress for a year. The building
Is 16 stories above the street level, and is conspicuous for its massive
character rather than for height, the ground covered being 330 by 132 feet.
The frontage covers an entire block from Sixth Street to Seventh Street on
Marquette Avenue.
Above the building proper and in the rear is a pent house of unusual
size or equal to a building of four full stories.
To the right of the Northwestern Bank Building Is the Rand Tower,
one of the new tall buildings of 26 stories, and in the extreme right of
the picture are two buildings of five stories and three stories that are
now in the process of being torn down to make way for the new building
of the Northwestern Bell Telephone Co., which will be 24 stories in height.
The banking room in the new Northwestern Bank Building is the longest
In the entire country, and five feet longer than the largest in Chicago,
extending 305 feet from end to end.
Three banks joined the BancOhio Corp. of Columbus,
Ohio, recently. According to the "Ohio State Journal" of
May 9, announcement was made on May 8 that the First
National Bank of Chillicothe and the Valley Savings Bank
& Trust Co. of that city had become affiliated with the
banking group. Addition of the resources of these banks to
the BancOhio Corp. gives the latter total resources aggregatOn April 14 the National City Bank of St. Louis, St. Louis,
ing more than $90,000,000. No change in the directors or
officials, it was announced, would be made at either bank. Mo., capitalized at $1,000,000, was placed in voluntary
Julius F. Stone, President of the BancOhio Corp., in com- liquidation. As indicated in the "Chronicle" of April 19.
page 2714, the institution was marged with the Franklinmenting on the acquisition of the Chillicothe banks, said:
Banking In the economic area of which Columbus is the centre is in line American Trust Co. of St. Louis.
with the highest development of banking trend, which has its best expression
in a group of banks large enough and strong enough to facilitate the growing
business activities of this area.
Acquisition by the holding company of the third institution—the Columbus Morris Plan Bank, Columbus, with
resources of over $1,000,000—was announced on May 10,
according to the "Ohio State Journal" of the next day. The
affiliation of this bank makes eight institutions composing
the BancOhio Corp. at present. In commenting on the
acquisition of this institution, John A. Kelley, Executive
Vice-Presilent of the holding company, was reported as
saying:
Banks associated in BancOhlo feel It is their duty to the community
to provide loaning facilities to thousands of our worthy citizens whose assets
are not of a strictly commercial, bankable type, but who constitute the best
of moral risks. It is contemplated that all the banks in Columbus associated in BancOhlo, including their branches, will serve the Morris Plan
Bank by taking applications for their loans and receiving payments on
their loans in order to bring the service of the Morris Plan Bank as near to
the people in their respective neighborhoods as possible.
0. C. Gray, State Superintendent of Banks for Ohio,
on May 12 took over the affairs of the Ohio State Bank at
Washington Court House, 0., which was closed at noon on
that day after depositors had made heavy withdrawals,
according to Associated Press advices from Washington
Court House on the same date, appearing in the New York
"Times" of May 13. The closed institution was headed
by M. S. Daugherty, brother of the former United States
Attorney-General, Harry Daugherty, and was formed three
years ago by the consolidation of the Fayette County Bank,
the Midland National Bank and the Commercial Bank, the
From the Milwaukee "Sent- inel" of May 9 it is learned
that the Potosi State Bank, Potosi, Grant Co., Wis., has
decided to join the Wisconsin Bankshares Corporation, Milwaukee, making the fifth within a week and bringing the
total number in the group to 31. The four other banks
which had joined previously within the week were given
as the First National Bank and its affiliate, the Central
Wisconsin Trust Co., of Madison, Wis., the First National
Bank of Portage, Wis., and the Black Earth State Bank,
Black Earth, Wis. The Potosi State Bank, which was
founded in 1904, is capitalized at $50,000, with surplus and
undivided profits of $23,429, and deposits of $594,457. Adam
Schumacher is President, Andrew Bode, Vice-President,
C. J. Ragatz, Cashier, and W. A. Schumacher, Assistant
Cashier. Leo T. Crowley, President of the State Bank of
Wisconsin, Madison, Wis., and representative of the Wisconsin Bankshares Corp. in that area, was reported as
saying:
"Patrons of the Potosi State Bank may well feel gratified at the results
of the audit which qualified this bank for membership in the Wisconsin
Bankshares, and which revealed the bank to be in excellent condition and a
worthwhile member of the group."
The Commercial National B- ank of Corydon, Iowa, with
capital of $40,000, was placed in voluntary liquidation on
Feb. 24. It was absorbed by the Corydon State Bank.
A final dividend totaling $29,838.93 was forwarded on
May 10 to depositors of the'defunct Douglas County State
MAY 17 1930.]
FINANCIAL CHRONICLE
Bank of Alexandria, Minn., by A. J. Veigel, State COIDHalsslouer of Banks, according to the St. Paul "Pioneer
Press" of May 12. The dividend amounted to 7.25% bringing the total realized by the depositors to 87.25%. Four
previous dividends were paid. The bank closed May 21, 1926.
3487
The proposed acquisition of control of these Memphis
banks by the Fourth & First Banks, Inc., was noted in our
issue of April 19, page 2710.
The Merchants' Bank & Trust Co. of Jackson, Miss., has
increased its Ciapital from $600,000 to $750,000 through the
sale of 1,500 shares of new stock, par value $100 a share,
As an aftermath to the recent closing of several Nebraska
at the price of $275 a share. The capital resources of the
hanks forming part of a chain of banks in which F. J.
bank are new as follows: Capital, $750,000; surplus,
Kirchman, Sr., held the controlling interest, the banker
$862,500, and undivided profits (approximately), $300,000.
named on May 3 in the District Court at Wahoo, Neb.,
before Judge L. S. Hastings pleaded "guilty" to 11 counts
On May 9 the Comptroller of the Currency approved an
of an indictment charging misappropriation of funds and application to convert the Citizens' Bank, Marietta, Ga.,
was immediately sentenced by the Court to five years on Into a National institution under the title of the First
each count of the first 10 counts and ten years on the last National Bank in Marietta. The hank is capitalized at
count (the sentences to run consecutively), or an aggregate $100,000.
of sixty years, in the Nebraska State Prison, according to
The First National Bank of Minden, La., was placed in
Associated Press advices from Wahoo on May 3, appearing
In the Omaha "Bee" of the following day. The former voluntary liquidation on April 29. The institution was
banker, It was said, the previous week had given a $5,000 absorbed by the Bank of Webster, Minden.
bond on Federal charges growing out of the closing of the
Albert S. May,a Vice-President of the California National
Saunders County National Bank, Wahoo, the key bank of Bank of Sacramento, Calif., committed suicide on May 9
his group. In the Federal Court he was charged with false while suffering from acute melancholia due to a nervous
entry and misapplication of $48,800 of the bank's resources. breakdown. Mr. May went to the bank building early in
We quote further from the dispatch as follows:
the morning and shot himself, dying six hours later in the
According to Deputy Attorney General Irvin Stalmaster of Omaha, who
Sutter hospital while doctors were performing an emergency
with County Attorney Galloway drafted the complaint, the Kirchman bank
operation to save his life. His accounts were found to be in
mess is the worst he has ever witnessed.
"It seems incredible," said Mr. Stalmaster, "that such large gums excellent condition. The deceased banker was 4.5 years
could disappear in such short time.
of age.
"We have only scratched the surface back to last October.
that time
In
we found that the banker sold mortgages to private parties, giving receipts
for the cash but holding the mortgages in the bank for safe keeping.
"Then the mortgages wene sent to large city banks as collateral for
loans, and have now been seised by the city banks as collateral. The
persons who bought the mortgages have nothing but their receipts.
"We found where thousands of dollars of notes and mortgages, long
satisfied, and recorded as satisfied on court files, were still listed in the
bank as assets.
"Of course, these deals may all have been used to cover up shortages
dating farther back, and cancel earlier like arrangements. Only a deeper
search of the bank records will show."
W. H. Kirchman, cashier of the Nebraska State Savings bank and
nephew of F. J. Kirchman, Sr., was accused in the same complaints. He
is ill in a hospital.
Kirehman's attorney, A. Z. Donato, pleaded for leniency because of
Kirchman's age.
Kirchman said he will do all he can to help depositors get their money.
The judge said the pardon board might consider modification of the
sentence if restitution is madet
At the close of the directors' meeting Friday, May 9,
Herbert P. Ivey, President of the Citizens National Trust &
Savings Bank, Los Angeles, announced the appointment of
Prank R. Alvard as Vice-President-Cashier, and of Val. J.
Grund and Horace Dunbar as Vice-Presidents. Mr. Alvord,
who has been with the Citizens since 1906, advancing
through the various ranks to the position of Vice-President
in January 1029, is promoted to increased responsibility in
taking over the additional duties a Cashier. He is well
known among bankers throughout the West, having been in
charge of correspondent relations for the Citizens. Mr.
Grund joined the institution as eomptroller in 1925, going
from the Federal Reserve Bank of Dallas, Tex., of which he
had been Deputy Governor. Since January 1929 he has been
Reference was made to the closing of the Kirchman banks Cashier and Vice-president, and now assumes duties as a
In our issues of Apr, 19 and 26, pages 2714 and 2906, senior loan officer. Mr. Dunbar joined the Citizens
respectively.
recently, taking charge of the department of business
de velopment.
As of April 30 last, the First National Bank of Chinook,
Effective May 3, the Bearden National Bank, Reardon,
Mont., capitalized at $80,000, went into voluntary liquida•was taken over by the Farmers' Wash, capitalized at $50,000, was placed in voluntary
tion. The Institution
liquidation oti ld.ay 3. The institution ha§ been SUcceeded
National Bank of the same place.
by the First N4tiousa Baa ef Reardan.
'That the Sullivan County Bq.nk, Milan, Mo., was closed
Ross H. McMaster, Presiden- t of the Steel Co. of Canada,
on May 12 by its directors and turned over to the State
Std., was made a director of the Bank of Montreal on
Finance Department, was announced by S. L. Cantley,
May 9 to fill the vacancy on the Board created by the
State Finance Cornissioaer, according to a jeffexsou City
death of his father, the late William McMaster, according
dispate.h by the Associated Tress on that day, printed in the
"Gazette" of May 10. Other organizations
St. Louis "Globe-Democrat" of May 13. The failed bank to the Montreal
In which My. McMaster is ft director include the fallowing:
had total resourcesof $220,800. The dispatch wenton to say:
Canadian Industries, Ltd.,
No reason for the closing was siren. but •Cantley said slow loans and Canadian Pacific Railway Co.,
Northern Electric Co„ Dominion Rubber Co., Canadian
frozen assets probably were the cause.
The bank's last statement showed it lms $20.000 capital, $10,000 surplus, Bronze Co, the Royal Trust Co., Dominion Glass Co., and
$140,870 deposits, $164,144 loans and $'i4.000 bills payable.
Sun Life Assurance Co. of Canada.
F. A..Oulles, State Bank Essminer, has beep directed to take charge.
Incident to the acquisition of control of the Union Planters' National Bank & Trust Co. of Memphis, Tenn., and the
Manhattan Savings Bank & Trust Co. of the same city (an
institution under joint management with the former) by
the Fourth & First Banks, Inc., of Nashville, Tenn., the
Nashville "Banner" of Alay 7 stated that James E. Caldwell,
President of the Fourth r& First Banks, Inc., had announced
that actual control of the Memphis institutions would pass
to his organization within the next week or 10 days. The
paper mentioned went on to say:
.Preliminary legal formalities have been completed, he (Mr. Caldwell)
said, and only clerical details remain to be worked out And delive,ries of
stock made.
Stockholders have approved the xecent action of the board of .directors
recommending the acquisition .of control of the two Memphis institutions.
Securities will be exchanged on the basis of approximately one share of
Fourth & First stock for three of the Union Planters, which controls the
Manhattan bank.
Mr. Caldwell said the deal was a $0,000,000 transaction. Acquisitkal Ard
control of the Memphis banks will give the Fourth & First Banks, Inc.,
additional deposits of approximately $40,000,000, and additional resources
of around $50,000,000, making total deposits of the holding company about
$100,000,000 and total resources $150,000,000.
Sir Henry W. Thornton, President of the Canadian
National Railways, has been made a director of the Union
Guardian 'Trust Co. of Detroit, according -to advices from
"
that city on May 14 to the , Wall Street Journal."
A booklet showing in au in- teresting form some bistorical
and pictorial details of the old business of Cox and Co. of
London, and their successors has been issued, and copies
may be had by intending travellers upon application to
J. H. Fea, at 67 Wall St., New York representative of
During the World War
Lloyds Bank, Ltd. of London.
the old firm of private Bankers, Cox & Co., acted as agents
for any officers of the American Bxpeditiousay Force and
it is stated, 1111.1nerons contracts thus made have been continued. In 1923 Cox & Co. was merged into the Lloyds
Bank and their office is now known as Lloyds Bank, Ltd.,
6, Pall Mall, S. W. 1. In recent years the Pall Mall branch
has served en increasing number of visitors from this country
to London, and it has made available for visitors use convenient waiting and writing rooms. At the same place
Travellers Chequescan be exchanged and drafts under Letters
of Credit issued by most of the leading American banks
may be cashed.
3488
FINANCIAL CHRONICLE
[Vol,. 130.
THE WEEK ON THE NEW YORK STOCK EXCHANGE. closing at 121 with a gain of nearly 3 points, Electric Power
& Light was up over a point and Standard Gas & Electric
The New York stock market has been generally unsettled improved 33i to
1189/8. American Can gained more than 2
during the most of the present week and though the tendency points as it closed at 1453 and General Electric, Westinghas been toward lower levels there have been several upward house and Radio Corp. each gained about a point. Vanadireactions during which the trading was fairly strong. On um Steel rushed up about 10 points to 115 or better and an
Saturday, and again on Wednesday, the market moved advance of 4 points was recorded by United Aircraft.
The market turned downward on Thursday, the volume of
briskly upward under the leadership of the public utilities.
trading sinking to the lowest level touched in two months.
Profit taking, and short selling had a depressing effect on Prices were
under considerable pressure, particularly in the
the trading on Monday and for a short time the market late trading and sharp declines were recorded throughout the
drifted into the doldrums. On Thursday the movement list. There were, however, a few issues that stood out
was to lower levels, while on Friday prices showed little against the trend, Columbia Gas, for instance, displayed
change. Public utilities have been in fair demand at slightly considerable strength and reached its top price at 86% with
higher prices and during the early part of the week copper a gain of 3 points. Radio-Keith-Orpheum closed at 453
with a net gain of 1% points. United States Steel, Amer.
stocks were moderately strong. The weekly report of the Tel. &
Tel., Consolidated Gas and numerous other active
Federal Reserve Bank, made public after the close of business speculative stocks were under pressure and dipped from 2 to 4
on Thursday, showed a further reduction of $67,000,000 in points. Motor shares were weak and there was little activity
brokers' loans, bringing the total down $267,000,000 in apparent in the railroad stock, copper shares or oils. The
the past 10 days. Call money renewed at 3% on Monday, stock market continued quiet on Friday, in fact so much so
continued unchanged at that rate on each and every day that at times the tickers were at a standstill. Prices were
mixed, though the tone of the market was steady. Some
during the week.
of the more active speculative issues displayed moderate
The market was strong and active during the abbreviated strength and while gains ranging from one to three points were
session on Saturday, public utilities, steel stocks and copper recorded in various parts of the list, the bulk of the adshares moving briskly upward to higher levels, followed by vances were confined to fractions. Some good buying was
a goodly number of the more active shares in various divisions apparent among the so-called specialties like J. I. Case, Coca
of the list. United States Steel surged forward 3 points and Cola and Vanadium Steel. United Aircraft closed at 71
with a gain of 23/2 points. The final tone was weak.
crossed 172, while Bethlehem Steel and many of the indeTRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
pendent issues moved forward somewhat more sedately.
DAILY, WEEKLY AND YEARLY.
Public utilities bounded forward under the guidance of Electric Power & Light which scored a gain of 6 points as it
Total
State,
Stocks,
Railroad,
Untied
Week Ended
Municipal &
Number of
States
&c.,
Bond
May 16.
topped 90, closely followed by American & Foreign
Porn Bonds.
Shares.
Bonds.
Sales.
Bonds.
Power which ran upward 3 points and closed at 81. Other Saturday
1.880,450 $3,629,000 81,950,000
852,000 $5,631,000
Monday
2,134,000
3,026,890
5,376,000
164,000
7,674,000
strong stocks in this division were American Power & Light Tuesday
2,697,290
5,952,700
173,000
8,132,700
2,007,000
Wednesday
3,179,950
8.242,000
148,000 10,793,000
2,403,000
which improved 4 points, Standard Gas ez Electric which Thursday
2,675,470
2,033,000
6,947,000
200,000
9,180.000
2,086,800
5,786,000
1,158,000
160,000
7,104,000
closed at 117% with a gain of 23 points, Consolidated Gas Friday
Total
15.546.850 835.932.700 811.685.000
8897.000 848.514.700
which closed at 1273/i with a gain of 2 points, Brooklyn
Union Gas Co. which advanced to 1525 with a jump of
%
Sales at
Week Ended May 10.
Jan. 110 May 16.
New York Stock
29.'points and Pacific Gas & Electric which moved up nearly
Exchange.
1929.
1930.
1930
1929.
2 points at the close. United Aircraft scored a sharp advance
-No, of shares_
Stocks
15,546,850 20,367,020
392,892,870
431,144,530
of about 6 points to 70, Radio Corp. had plenty of strength
Bonds.
Government bonds_ _
$49,118,050
$897,000
and activity and closed above 50 with a gain of 4 points. State & foreign bonds_ 11,685,000 $1,322,500 $44,944,000 239,269,150
10,426,000
267,117,500
The copper group developed considerable strength and such Railroad & misc. bonds 35,932,700 35,103,000 844,577,100 679,174,500
stocks as Anaconda, Kennecott, Calumet & Arizona and
Total bonds
848,514,700 $46.851,500 81,156,638,600
8967,561,700
Inspiration Copper displayed gains of from 1 to 3 or more
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
points.
BALTIMORE EXCHANGES.
Short selling and more or less profit taking accounted in a
measure for the unsettled condition of the trading on MonPhiladelphia.
Baltimore.
Boston.
Week Ended
day, nevertheless the general tone of the market was strong
May 16 1930.
Shares. Bond Safes. Shares. Bond Soles. Shares. Bond Sales.
and some good gains were recorded in the early transactions
$1,000
•19,779
5886
$9,000 6118.060
$1,000
The strong stocks of the day were the motor shares and ac- Saturday
Monday
52,443
30,000
14,000 6144,050
*40,329
4,500
14,000
*28,591
36.0006 108,446
52,830
14,600
cessories, with General Motors leading the advance and cross- Tuesday
Wednesday
9.500
30,000 6126,017
51,456
*29,261
4,000
Thursday
14,000
*30,465
25,000 6153,646
ing 49 at its top for the day. Chrysler improved 1% points Friday
51,134
12,500
32,600
4,000
18,000
2,254
26,379
4,000
and Hupp, Hudson, Packard and Pierce-Arrow were fracTotal
$72,500
174,800 $132,000 682,819
11,003
$40,600
tionally higher at the close. Copper shares were stronger
with Anaconda 2 points up as it closed for the day. Amuse- Prey. week revised 326 780 8128.000 1.182.632 889.600 18.071 8175 nnn
ment shares were moderately strong in the morning but sold
* In addition, sales of rights were: Saturday, 1,188; Monday, 3,515; Tuesday,
down as the day advanced. Quiet strength was the chief 4,977; Wednesday, 11,207; Thursday, 4,745.
amn addition, sales of rights were: Saturday, 3,300; Monday, 3,700; Tuesday,
characteristic of the stock market on Tuesday, most of the 4,700; Wednesday, 9,500; Thursday, 8,700.
representative market leaders displaying moderate gains at Sales of warrants were: Saturday, 1,200; Monday, 1.500; Tuesday, 1,000; Wednesthe close. United States Steel closed at 1737's with a gain of day, 800: Thursday, 500. rights were: Saturday, 384;
b In addition, sales of
Monday, 1,987; Tuesday,
over two points, though most of the independents such as 1,422; Wednesday, 359; Thursday, 921.
Bethlehem, and Republic Iron & Steel were inclined to heaviness and closed somewhat below the preceding day. The
THE CURB EXCHANGE.
bright spot of the public utility group was Columbia Gas &
Dullness was the chief characteristic of Curb Exchange
Electric which gained about 4 points and crossed 85. Other
strong stocks in the utilities were American & Foreign Power, trading this week with prices following an irregular course
American Power & Light, Electric Power & Light and Con- and changes generally unimportant. Activity was confined
solidated Gas of New York, all of which closed with sub- to few issues. Electric Bond & Share, com. was conspicuous
stantial gains. Standard Oil of N. J. moved up 4 points to for an advance from 1013,4 to 106 though it reacted and
above 80 following rumors that a stook dividend would be finished to-day at 1043g. Amer. & Foreign Power warrants
8
.
voted in the near future. Montgomery Ward improved advanced from 54% to 629/ Amer. Gas & Elec. com, sold
about 2 points to 44 and Sears, Roebuck crossed 84 with a up from 144 to 148% and receded finally to 1443.. Com%
gain of 2 points, and substantial gains were made by Allied monwealth Edison was up from 3173 to 3219(, the final
Chemical & Dye, International Harvester and Warner Bros. transaction being at 3209g. United Light & Power, corn. A
%
Public utility issues were the principal attractions in the was active and rose from 473 to 54%. Oils show few
greater part of the session on Wednesday and advances changes of importance. Humble Oil & Ref. gained about 6
ranging from 2 to 3 or more points were recorded in many points to 108 but reacted finally to 1053. Cosden Oil from
active stocks before the session closed. American & Foreign 503 reached 58 and reacted finally to 56. Gulf Oil of Pa.
Power for instance, gained 23', points and closed at 83, Con- sold up from 1499 to 155% and ends the week at 157.
solidated Gas Co. was also in demand and touched 127, Industrials and miscellaneous show few changes of moment.
FINANCIAL CHRONICLE
MAY 17 1930.]
3489
Deere & Co. new corn. eased off at first from 1473. to 143,
ENGLISH FINANCIAL MARKET
-PER CABLE.
recovered to 148% and closed to-day at 1443 . Driver%
The daily closing quotations for securities, cte., at London,.
Harris corn. advanced from 86 to 88, and fell back to 817s as reported by cable, have been as follows the past week:
.
/
Industrial Finance gained 5 points to 283( and ends the week
scrt..
Tues.,
Mon..
Thurs.,
Wed.,
Frt.,
at 28. Lily-Tulip Cup. corn. sold up from 233j to 30% and
May 10. May 12. May 13. May 14. May 15. May 10.
at 283 finally.
Silver, p. oz.d_ 19 5-16
19 3-16
19 1-16
1931
19
1931
84s.1131d. 848.1134d,
A complete record of Curb Exchange transactions for the Gold,p.fine oz. 84s.I1 h'd. 848.1131d. 84s.1131d. 348.11
Consols,2h %_
5554
555
,
1
5531
5554
554
week will be found on page 3519.
British, 5%
10134
102
10131
10134
10131
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
May 16.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(Number of
Shares).
506,700
811,500
675,200
803,700
865.600
819,900
4.482,600
Bonds (Par Value).
Rights.
Foreign
Domestic. Government.
10.300 $1,731,000
31,600 2,188,000
32,600 2,514,000
41.000 2,966,000
102,200 2,727,000
92,700 2,061,000
$183,000
255,000
358,000
393,000
357,000
291,000
Total.
$1,914,000
2,443,000
2,872,000
3.359,000
3,084,000
2,352,000
310,400 $14,187,000 $1,837.000 $16,024,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Apr. 30 1930:
British, 434%_
French Rentes
(in Paris).fr_
French War L'n
(In Paris)_fr-
9734
9711
86.80
86.55
87.65
101.60
101.20
101.30
9731
9754
87.85
101.45
9754
88.25
101.30
The price of silver in New York on the same days has been:
saver In N.Y., per oz.(as.):
4134
413-4
Foreign
4131
4154
4034
4154
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
May 10 May 12 May 13 May 14 May 15 May 16
Bonds
Francs. Francs. Francs. Francs. Francs. Francs.
French Rentes 3% Perpetual___
86.80
86.70 87.60 88.00 88.40
French Rentes 4% 1917
102.05 102.05 102.10 102.40 102.25
French Rentes 5% 1915-16
101.70 102.55 101.45 101.55 101.50
Banks
GOLD.
Banque de France
24,050 23,945 24,090 24,400 24,200
The Bank of England gold reserve against notes amounted to E162.887.487 Banque de Paris et des Pays Bas.
3,000 2,975 2,995 3,040 2,990
on the 23d instant (as compared with £159,822,774 on the previous Wednes- Credit Lyonnais
3,150 3,145 3,190 3,240 3.200
day),and represents an increase of £16,927,403 since Jan. 1 last.
Canal
18,300 18,355 18,495 18,650 18,560
Gold from South Africa to the value of £712,000 was available in the Canal Maritime de Suez
Railroadopen marketFeatliaii. There irtrieen competition and the prineW7sIge7d
- 2,425 2,425 2,460 2,490
2,490
was 84s711 Yid. per fine ounce. Germany secured £350,000 and 1272All Chemin defer du Nord
Mines
was
"taken for a destination not officially disclosed. ut rumored to be for Mines de Courrieres
HOLY- 1,520 1,517 1,528 1.554 1,525
Beliiuin.
--Indiairrequirements absorad E50,000,,and the Home and Mines de Lens
DAY
1,220 1,222 1,239 1,255 1,245
Soc. Milner° and Metallurgique_
1,046 1.052 1,064 1,060 1,050
Continental trade £40,000.
Union des Mines
------____
---910
Receipts of gold by the Bank of England "totalled £460,539, which
Public Utilities=
iThliuled £150900 sovereigns "released"and withdrawals £10744 a net
--4,
Cie. Generale d'Electricite
3,560 3,535 3,595 3,640 3,600
nflux of7i150,095 d7ilig the week under review.
Soc. Lyommise des Eaux
3,520
3,450 3,510 3,545 3,505
the following were the United Kingdom imports and exports of gold Cie. Francais° des Proe,edes
Thomson-Houston
1,038 1,029 1,055 1,068 1,046
r134tered from
on the 19th Instant to mid-67
,
157trir
28th instant
: Union d'Electricite
1,399 1,405 1,405 1,420 1.406
Imports-ExportsIndustrialsiU. S. A
£18.403 Germany
£302,620 Trefilerles dc Laminoirs du Havre
2,190 2,180 2,200 2,235 2,215
British South Africa
708,065 France
133.679 Societe Andre Citroen
950
950
968
978
963
Australia
2,050,000 Switzerland
519,140 Ste. Francalse Ford
307
317 • 312
308
306
Other countries
7,091 Austria
15,020 Coty S. A
1,044 1,040
1.030 1.048 1,050
British India
35.553 Pechiney
3,335 3,330 3,385 3.435 3,375
Other countries
2,905 l'Air Liquide
2,005 2,010 2,030 2,075
2,045
Etablissements Kuhlmann
1,039 1,644 1.041
1,057 1,045
4.783.559
../
!: ,
, emt.i.
,--•t
£1.008.917 Galeries Lafayette
110
140
178
180
178
According to a report in to-day's issue of the "Times." the Japanese
Oil
4,135 4,100 4.150 4,185 4,155
Finance Minister, in his Budget speech, made the following statement Royal Dutch
regarding exports of gold from Japan:
"The shipment of gold specie from Japan amounted to more than 195.000,000 yen since Jan. 11 last, but thirMin ter stated that the shipment;
COURSE OF BANK CLEARINGS.
Were due partly to the withdrawal of foreign specullvefihicliTliT
flowed into the country before the removal ofttrrE oii 'teMhargo, and partici
Bank clearings this week will show a decrease as compared
- i.
to the paymentof the normal external financial otiagations and cost of
with a year ago. Preliminary figures compiled by us, based
seasonal imports. Since money rates in H
1=cion and-New Yor'kill3ts
upon telegraphic advices from the chief cities of the country
had declined the gold shipments had decreased gradually, and lately
occasional and small shipments had been
irrils outflow of gold was, indicate that for the week ended to-day (Saturday, May 17)
stated the Minister,BUrelya seaional henomenon, and wouleThMlos
- 7A bank exchanges for all the cities of the United States from
either by an inflow of gold or by an Increase in Japanese funds held ai
rrc7Za
which it is possible to obtain weekly returns will be 18.4%
In the later part of the year, when the export season came."
airday
-
SILVER.
Prices have undergone very little change since our lastletter, and for four
working - ays remained unchangedti9ITT.6d. and 19 9-16a. for cash anil
d
delivery,respectively. Demand for Floik- -beettainma
thes
.
ed
arid purcliaiies have been made fl7r iihipment by
Fwic's steamer althTnigh
-WiEtri
-Bazaar orders v" emirrilted to raterillieFt1767137 tliOle
w
quoted. China has been more disposed to sell, as have American operators
who have shown more willingness to offer than
-Taa lately een the caseSupplies have again been augmented ST moderate offerings from the
- Continent.
"The premium on silver for cash delivery increased to Md. on the 24th
Instant, but narrowaii iriPM- 1-16Cinar.
ro
The following weTrtha
-Unitlid Kingdom imports and exports of silver
rT3gis=from mi=7cintiher9tIrliastant to raid-day on thentrinstant:
PkImports-Exports
Germany
£38,955 China (incl. Hong Bong)--£180,713
France
85.102 British India
98,345
Other countries
6,940 Other countries
5,772
Ria months'
-
£130,997 7 ‘ ‘787: ,. c• a„,..s....us,.:1. 484,830
,7INDIAN CURRENCY„RETURNS.
riff(In lacs of rupees)Apr. 22. Apr. 15. Apr. 7.
Notes in circulation
17332
17366
.
17415
Silver coin and bullion in India
11003
11037
11084
Silver coin and bullion out of India
Gold coin and bullion in India
3227
5§'i
522
-7
Gold coin and bullion out of India
Securities (Indian Government)
3072
Rir i
i
56§§
Securities (British Government)
30
30
15
The stocks in Shanghai on the 26th instant consisted of abou 97L__t
600,000
sycee, 144,000,000 dollars, 18.100,000 Saigon dollarsuTd cf,9875
ounces in
silver bars, as compared with about 96,400.000 ounces in sycee, 143,000,000
dellars, 19,300,000-Saigon dellaMid-16.200 silver bars on the 22d instant.
Statistics for the month of April are appended:
-Bar Silver Per Oz. Std.- Bar Gold Per
Cash.
2 Mos.
Oz. Fine.
Highest price
19 13-16d.
84s. 1131d.
Lowest price
191i 6d.
-1.
19 3-16d.
84s. 10d.
Average price
19.554d.
19.478d.
84s. 11.02d
Quotations during the week:
19;0.
April 24
1931d.
84s 103(d.
.
19 11-16d.
19 9-16d.
25
84s. 1134d.
1911-16d.
199-16d.
26
848. 1131d.
19
28
19 11-16d.
•
84s. 1131d.
19 946d.
29
19 1146d.
84s. 113(d.
19 9-16d.
30
19%d.
848. 1134d.
Average
19.666d.
19.552d.
84s. 11.29d
The silver quotations to-day for cash and two months' delivery are each
3-16d. below those fixed a week ago.
below those for the corresponding week last year. Our
preliminary total stands at $10,735,941,413, against 313,159,921,010 for the same week in 1929. At this centre there
is a loss for the five days ended Friday of 20.4%. Our
comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending May 17.
1930.
1929.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detorit
Cleveland
Baltimore
New Orleans
35,574,000,000
510,421,797
444,000,000
364,000,000
107,292,280
112,600,000
171,851,253
175,164,000
148,360,647
159,306,063
124,708,028
82,390,183
48,174,015
36,999,000,000
604,588,055
495,000,000
407,000,000
121,185,184
124,200,000
186,029,000
207,048,000
173,348,436
205,859.187
155,579,815
87,190,448
46,434,463
-20.4
-15.6
-11.4
-10.6
-11.5
-9.3
-8.1
-15.4
-14.4
-23.6
-19.8
-5.5
+3.7
Thirteen cities, 5 days
Other cities, 5 days
$8,022,268,266
924,349,745
$9,812,462,588
1,125,769,425
-18.2
-17.8
Total all cities, 5 days
All cities, 1 day
$8,946,618,011 $10,938,232,013
1,789,323,402
2,221,688,997
-18.2
-28.5
210735041413 213150021 Ain
--1R 4
Total all eltlea tar orpolr
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 eases 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 May 10. For
that week there is an increase of 0.3%, the aggregate of
clearings for the whole country being $12,197,626,860 against
$12,150,571,739 in the same week of 1929. Outside of this
city the decrease is 1.3%, while the bank clearings at this
centre record a gain of 3.0%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that in the New York
Reserve District, including this city, the totals show a gain
•of 3.0%,and in the Boston Reserve District of 14.7%, but in
the Philadelphia Reserve District there is a loss of 8.3%.
In the Cleveland Reserve District the totals are smaller by
8.5%, in the Richmond Reserve District by 1.7%, and in
the Atlanta Reserve District by 7.5%. In the Chicago
Reserve District, the falling off is 4.6%, in the St. Louis
Reserve District 8.6%, and in the Minneapolis Reserve
District 5.7%. The Kansas City Reserve District suffers a
loss of 18.5%, the Dallas Reserve District of 21.6%, and the
San Francisco Reserve District of 2.6%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended May 10,
1928.
1927.
$
%
584,661,716
+14.7
+3.0 8,039,089,752
617,726,460
-6.3
411,673.926
-8.5
189,586,049
-1.7
181,878,470
-7.5
-4.6 1,107,472,701
221,054,088
-8.6
122,803,137
-5.7
204,595,563
-18.5
71,288,628
-21.6
661,622,715
-2.6
567.861.490
5,657,607,600
574,684,133
410,870,596
198,113,804
191,287,815
1,076,459,330
220,426,219
112,420,025
211,290,418
68.831,148
646.639,632
126 cities 12,197,628,860 12,150,571,739 +0.3 12,413,453,205
Total
2,958,941,313 4,012,015,995 -1.2 4,374,363,453
Outside N. Y. City
9,836,282,218
4,178,674,618
euil UK 14.5
*10340.096
21 nitlan
6117 ill 510
I
5
492055,481
8.138,555,744
602,733,896
423,983,664
172,385,754
174,187,489
949,437,051
207,033,865
123,131,404
205,734,441
72,371,798
588,961,152
n1,12. inn
.-..i 0
3
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended May 10.
Clearings at
1930.
1929.
First Federal Reserve Dist rIct-Boston
751,034
852,523
3/faille-Bangor.
3,857,897
4.056.727
Portland
465,089,414 431.760,478
-Boston
Mass,
1,302,759
1,183,998
Fall River.-1,334,828
1,049,495
Lowell
1,149,886
912,638
New Bedford
5.903,771
4,909,496
Springfield_
4,129,896
8613,105
Worcester.-18,587.594
15,212,664
-Hartford
Conn.
8,802,368
New Haven_ _ _9,021,085
-Providence 12,695,200 14,499,200
31.1.
792,561
802,565
N.H.-Mancluts'r
Total(12 cities)
519,909,699
Inc. or
Dec.
1928.
1927.
+13.5
+5.0
+7.7
-9.2
-21.4
-20.6
-16.8
-8.3
-18.1
+8.7
-12.4
+1.3
672.606
3,922,878
15,000.000
2.493,190
1.389,167
1,169.684
6,084,681
4,082.607
24,267,860
9,783,164
15,039,200
756.679
828,591
4,001,519
512,000,000
2,010,081
1,427,161
1.606.650
5,430,521
4,039,516
14,834.412
7,843,861
13,086,100
743,087
492655,481 +14.7
584,661,716
567,851,499
York
+20.8
Second Feder a/ Reserve D lstrlot-New
5,893;687
7,152,767
-Albany..
Y.
1,258,699
1.669,115
Binghamton-.
60,532,079
57,123,558
'Buffalo
977,411
1,175,342
Elmira
1,322,881
1,297,549
Jamestown_
8.238,682,577 8,000637.071
New York
13,035,839
15,218,886
Rochester5,778.021
7,699;950
Syracuse
4,485687
4647,711
Conn.-43tamford
900,437
826.507
-Montclair
N. J.
39.431,826
litorthern N..1. .48,220,479
5,896,879
5,881,418
1,213,142
, 1,888,467
52,899,788
-5.6
54.337.678
1,155,601
-17.9
1,305,995
1,332,825
1,425,640
-1.9
+8.07,903,697,799 5,882656,958
14,185,341
15,642,579
-14.3
8,479,853
13;578.680
25.0
8,732.978
-3.1
4,096,698
834,696
857,876
--8.2
86698,559
+22.3
44,100,102
'Total(11 cilia° 8,379,005,584 .188.555,744
+8.:08; 39689,752 53357,607;600
eserre Dist riot-Philad elphia1,763.860
1,468,137 +0.8
1,480,254
5444.966
4.567,952
4.380.740
1,151496
1617,040 -9.4
1,193,515
2:132,866
2,104,664 -6.5
1,967,844
571,000,000 -8.1 585,000,000
525.000.000
4,239,527
4644,665 -16.4
3,799.786
7,345,925
6,435,865 -26.6
4,724,609
4,188,999
3,964,684 -12.3
3,477,210
2.090,889
2,361,34.4 -11.7
2,109,122
4,368,631
4,969,525 -2.7
4,885,000
Third'Federal
-Altoona
Pa.
Bethlehem-Chester
'Lancaster
Philadelphia_
Reading
Scranton
Wilkes-Barre.York
-Trenton..
26.3.
Total(10011195)1 552,968,0110
602,733,896
-8.3
617.726,4.110
6.386,000
4,818,829
75,236,076
119.976.705
18,906,000
1,681,546
5,614,144
179,154;626
-8.5
1,673.926
887,755,279
423,983,664
Fifth Federal Reserve Dist rict-Richm ond1,199,737 -0.5
1,194.045
W.Va.-11unt'g'n
4,815,978 -16.6
4,022,931
Va.-Norfolk__
87,935,000 +12.3
Richmond- 42.587,221
2,110,590 -2.9
2,049,000
S.C.-Charleston
96,789,813 -4.8
92,155,652
Md.-Baltimore _
29,534,636 -7.6
27,305,717
D.C.-Washing'n
1930.
1;600651
4,2283387
1,403,997
2,243,139
540,000,000
6,006,842
6,503,362
5.173,319
1,995,216
6,529,020
574,684,133
6,307,000
6,036,632
73.443.371
128,209,763 .
18,541,100
2,348,134
6,339,626
170,644,969
410,870,595
1.206,095
1,227.260
4,966,771
5,326,082
46,260,000
41,755,000
2,017,999
.2,000,000
09,883,450 114,488,592
29.195.347
29,393,457
-1.7
189,586,049
108,113,804
Sixth Federal Iteserve.Dist rict-Atlant a3,004,000 -10.1
2,700,000
-Knoxville
Tenn.
22,906,346 -5.8
21,683.024
Nashville
52,625,310 -14.5
44,984,365
Ga.-Atlanta...
1,875,767 -13.2
1.628.859
Augusta
1,721,048 -11.3
1,527,367
Macon
15,381,227 -3.3
14,882,004
Fla.-Jack'nvIlle
2,942,000 +3.
9
3656.000
Miami
23,250,619 -13.2
20,178,304
Ala.-Birming'm
1,795,703 -1.1
1,778,273
Mobile
2,585,110 -28.0
1,862,418
MIss.-Jackson
322,157 -30.4
224,162
Vicksburg
+1.9
45,777,402
46,620.933
La.-NewOrleans
3,092,606
.22,325,958
.48,859,456
1.775.595
.2,034,012
17,304,706
3,371,000
23,651,609
1,816,101
2,297.463
457,254
54,892,710
3,578.609
23,625,454
52,970,343
2,028,437
2.002,252
21,213,670
6,433,000
24.990,412
2,128,042
1,648,000
387.280
50,081,316
-7.5
181,878,470
Total(12 cities)
161,125,809
172,385,754
174,187,489
905,375,318
949,437,051
Eighth Federa 'Reserve Dis trIct.-St. L
6.108.533
6,750,647
Ind.
-Evansville
Mo.-St. Louis- _ 116,200,000 129.700,000
36,459,606
34,467,562
N.V-Louisville.455,730
330.324
Owensboro..
19,081,847
17,750,730
Tenn.- Memphis
13,216.808
12,153.997
Ark.-LittleRock
503.787
226,819
Ill.
-Jacksonville
1,507.553
1,401,001
Quincy
207,033,865
Total (8 cities)
185.07
Dec.
1928.
Tenth Federal
Neb.-Fremont _
Hastings
Lincoln
Omaha
-Topeka _ _
Kan,
Wichita
M0,
-Kan. City.
St. Joseph _ _ -Colo.
-Col. Spgs.
Pueblo
251,804
1,212,072
174.462.389
7.787,594
2,494,000
2.881,752
25.354,000
3,361,800
5,154.930
46,937.473
2643,867
10,824,669
8,236,266
1,558,327
1,512,619
7139643,472
1.720,531
5,389,052
3,909,929
2,942,884
-4.6 1,107,472,701 1,076,459630
-55.0
-7.0
5,645,152
140.900.000
37.855,877
383,958
20,445,504
13,829,678
424,641
1,569,278
7,122.281
140,600.000
36,745.275
338,199
20,486,000
13,120.311
422.076
1,592,077
-8.6
+10.5
-10.4
-5.5
-27.5
-7.0
221,054,088
220,426,219
6,418.570
71,011,170
28,341,586
2,008,986
1,190,238
628.475
2,821,000
122,803,137
112,420,025
trier-Kensas CityReserve
592,549
443,272 +18.5
525,101
596,841
-16.8
658.
548,189
4,894,163
4,699,263 -24.2
3,564,509
46,353,440
45,943,391 -7.9
42,297.488
3,679,012
3,969,884 --6,4
3,714.712
8635.705
8,061,957 -18.4
6,579,7651
120,467,836 131,579,905 -8.4 129.172.527
7,554.384
7,250,090 -21.2
5,715,500,
1,486,232
1,319,629 -0.1.
1,319,0641
1,370,710
1,808,595 -8.6
1,658,425
536,410
560,059
5,321,974
40,129,757
3,284,114
7,790,494
144.549,925
6,516,502
1,188,162
1,413,021
116615,936
Total(7 cities)-
283,810
898.391
180,277.801
8.083,003
2,900,786
3,498,232
25.273,000
3,491,600
5.238.949
42,221,603
2,994,387
11,035,196
7,281,684
1639,731
1,720,182
798,986.523
1,469,499
5.638.946
3,763,636
2,875,742
1927.
Reserve Die tent-Minn eaPolis7,968.709
8,222,592 -32.7
5,531,580
80,423.867
84,179,936 -47
80,192,158
26.942.799
23.220.672 +1.2
23,490,119
2,042,274
2,138,931 -9.3
1,939,179
1,350,039
1,249,347 -25.2
933,552
692,449
696,926 -2.4
679,948
3,383,000
3.423,000 -5.2
3,249.400
189,281,080
Ninth Federal
Minn.
-Duluth
Minneapolis...
St. Paul
No. Dak.-Fargo
S. D.
-Aberdeen
Mont.
-Billings _
Helena
123,131,404
-5.7
Dill
186,885,5391 205,734,441 -18.5
204,595,563
211,290.418
-Da Has
Eleventh Fede al Reserve District
2,184,272 -25.3
1,830,966
Tex.
-Austin- _-38.138,9991 47,835,539 -20.3
Dallas
13,293,484 -23.0
10,230,807
Fort Worth.,,.
4.086,000 -37.1
2,571000
Galveston4.972,4108 -16.4
4,159,291
La.
-Shreveport.
1,591,386
47.717.190
11,996,672
4.015,000
5.988.880
1,350,258
44,982,768
11,025.448
6,004,000
5.208674
72,371.798 -21.6
71,288,628
68.631,148
Total(10 cities)
56,732.063j
Tota1.(5eitiest)
Twelfth ceder al Reserve Is Astriot-San Franc!
51,439,877
47,635647
39 549 646
Wash.-Seattle...
12.359,000
11,641,000 -28.5
19,966.000
SPokane_ _ _ _
1.310,994
1,370,835 -30.4
954,194
Yakima
41,367.928
40,601,714 +0.1
40.060,759
-Portland__
Ore.
16.774.302
17,590,327 .17.000.000 +3.5
Utah.
-8.L.City
8.695.612
3,661,621
.3.015,872
Cal.
-Fresno ___,
9,016,730
8,1151,008 -19.3
7,146,128
Long Beach_
193,167.000 208,596,000 -7.4 241,993.000
I.os Ang62..
19,918,153 -47.9 23,001,026
14.350,887
Oakland
7.796.070
8.139,849
6,335;694
Pasadena
8,0.52,602
7,517.393 +4.7
8,622,932
Sacramento
6,445,337
6,806,642 --1.2
6.724,068
San Dlego
San Francisco_ 2.04,131.15a 196.595,929 +3.9 225.778,643
4,774.871
3,437,883 -17.0
2,876.201
San Jose
2,131,092
2.020,928 +17.6
2,375,888
Santa Barbara_
'2,467.925
1,214,550 -1.6
'2,179,408
Banta Monica_
3,217,700
2.922,000 -27.8
2,11.1,800
Stockton
673,757.957
Total(17 citia)
Grand total (126
588661,152
-2.6
661,622,715
45,350.834
12,469,000
1,586,246
43.247,181
16.109,150
3.583,571
7,810,954
186.707,000
19,238,262
7,764,996
7,802,346
6.678,054
178,714,000
2.711,577
1,779,909 •
2,689,852
2,407.200
546.639,632
12197;620.
000 12150,571,730
12418,453,205 9,836682618
Outside N.Y._ 3,958,944,283 4,012,015,995
-1.3 4,374,363,453 4,178;674,618
Week Ended May ft.
Clearings at
1929.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regitut
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
_
Fort William
New Westminster
Medicine Hat
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert-- Moncton_
Kingston
Chatham
Sarnia
181,741,436
139,024.986
61,326,204
19,887.380
10,685,482
10,072,156
4,104,915
7,003.621
9,259,594
3,404,281
2,907,477
4,039.890
6,966.564
4,769.631
598,410
661,736
2,639,980
1,248.907
1,318,013
921,402
960,811
372,140
1,022,833
1,227,948
1,379,221
5,167,215
485,391
1,280,998
1,054,179
708,725
980,603
166,994,1.71
158,447;648
71,441,248
25,600.768
10.620.074
6,940.877
4,693.316
7.122.040
12,806,983
3,438.243
3.382.401
3,641,669
7,193.727
6,244.609
730,577
61.2,551
3,042.232
1,331,376
1,394,358
1,082,062
940.175
465,191
Total(31 cities)...
487,121,639
191,287,815
- 169,314,506
Total(6 cities)
1920.
$
i
Seventh Feder al Reserve D IstrIct.-Chl cago.302,254 +12.6
Mkti.-Adrian - 240,462
937,836 -11.2
836,394
Ann Arbor_ 166,382,398 201,495,729 -17.4
Detroit
6,723.998 -8.7
6,138.593
Grand Rapids.
+4.6
3,670,000
Lansing
4.264.703 -1.4
' ,
Ind.-Ft, Wayne
26,300,000 -9.2
23,885,000
Indianapolis_3,271.015 -6.1
3.103.713
South Bend__ _
5,312,150 +1.0
5,365,959
Terre Haute_
34,983,996 -12.0
30.785.052
Wis.-Milwaukee
2,941,605 +1.7
2,992,005
Iowa-Cad,Rap.
10,532.200 +12.7
11,872,886
DesMoines7,327,026 -11.
6,482,505
Sioux City.
1,785,644 -21.7
1,398,193
Waterloo
1,721,621 -O.
1,712,567
Ill.-Bioomlng'n_
624,104.983 622.929.936 +0.2
Chicago
1,182,619 +9.5
1,294,588
Decatur
7.073,828 -27.8
5,104,742
Peoria
4,085,893 -22.
3,174.109
Rockford
2,623,859 • 2,757,998 -4.9
Springfield.
1930.
Fourth Feder al Reserve 13 lstrict-Clev eland
8,143,000 -48.6
4,187,000
Ohio-Akron.-- _
4,640,556 -1.7
4,560,121
Canton
67.022,058 -9.9
60,366,703
Cincinnati
118,620,860 140,849.844 -15.8
Cleveland
17,2.51.600 -22.8
15,020,500
Columbus
1,884.547 +6.8
2,013,622
Mansfield
4,663,619 +11.6
5,201,114
177,784,359 179,528,440 -1.0
YoungstownPlttsburgh
Total(8 cities).
-
Wert Ended May 10.
Clearings at
Total(20 citlea)--
Inc.or
Dec.
1929.
1934.
8
Federal Reserve Dists.
519,909,699
Boston_ _ _ _12 cities
let
8,379,005.534
2nd New York_11 "
552,968,080
lird Philadal 'is 10 "
387,755,279
ith Cleveland__ 8 "
169,314,566
Richmond _ 6 "
6th
161,125,809
0th Atlaata____12 "
905,375,318
7th Chicago ___20 "
189,281,080
8th St. Louis... 8 "
116,015,936
Ptb Niton689098 7 "
186,385,539
10th RansaaCity 10 "
56,732,00
5 "
11th Dallas
573,757,957
12th San Fran 17 "
Mkniiils
[VOL. 130.
FINANCIAL CHRONICLE
3490
•Estimated&
Inc. or
Dec.
1928.
2927.
.1,068,177
1,457,866
6,505,308
538,045
930,784
931,146
823,465
775,629
+8.9
-12.2
-14.2
-22.3
+0.6
+45.1
-1.2.5
-1.7
-27.7
-1.0
-14.0
+19.4
-3.2
-23.6
-18.1
-18.4
-13.3
-6.2
-5.5
-14.9
+2.1
-20.0
-5.4
+15.1
-5.6
-20.6
-19.9
+36.3
+12.1
-13.9
+26.4
196,891,092
169,870,115
68,224,526
21.906,122
10,704,860
7,012.255
4,378.911
6,553,113
10,693,839
3,799,726
2,470,267
3,932,813
6,700,857
4,943,382
582,751
786,739
2,396,144
1,257.688
1,480,754
1,708,620
878,777
452,852
961,825
1,114,974
1,569,302
4,976,599
329,405
875,324
1,190,847
790,126
701,140
141,788,999
130,005,922
51,007,459
19,790.810
8,038,735
8,648,110
3,171.363
6,070,083
6,338,574
2,737.186
2.458.246
8,115,327
4,663,353
5,530,459
494,258
506,369
1,899,908
1,114,624
1,158,387
810,572
897,981
245,122
1,022,752
983,284
1.195,084
5,054,635
407,296
888,036
851,475
851,622
599.034
512,284,830
-4.9
541,195,745
412,340,065
1.0a1,314
FINANCIAL CHRONICLE
MAY 17 1930.]
gonmerciaiand WisceilatteratsBalls
Breadstuffs figures
brought from
page
3575.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
figures collected by the New York Produce Exchange.
from
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-
Wheat.
Flour.
Corn.
Rye.
Barley.
Oats.
bls.1961bs. bush.60/Ds.bush.56 lbs.bush. 32 Ms.bus.48 WS.bus.56 lbs.
199.000
Chicago
114,000 1,015,000
556.111
103,111
10,000
141.111
110,111
867,000
Minneapolis90,000
48.000
Duluth
29,11 i
25,1i I
449,000
57.000
22,111
Milwaukee...
35,111
5,000
122,000
250,000
139,000
Toledo
16,1 i 1
142,000
303,001
23,111
18.111
30,111
Detroit
10,000
172,111
Indianapolis
176,000
327,001
118,
St. Louis_ _ _ _
14.111
388.111
364,001
337,001
43,iiI
Peoria
84,iii
98,18i
20,000
318,011
182,111
Kansas City
822,000
418,611
230,111
Omaha
151,000
241,1 i $
St. Joseph_
23,000
50,000
204,000
Wichita
2,000
30,000
60,000
Sioux City8,' II
45,000
20,000
4,000
Total week'30
Same week '2
Same week '28
382,111
460,000
498,000
3,048,000
4,033,i 1 i
6,703,001
2.194,111
2,187,i i i
3,240,111
3,250,111
3.106.111
6,546,111
594,001
702,111
586,i i 1
207.000
274,000
287,000
Wheat,
bush.
1,104,000
120,000
On Lakes
On Canal
Receipts at
-
Flour.
Wheat.
Oats.
Corn.
I
Barley.
bbls.196lbs. bush.6010s.bush.56 Os bush.32 lbs.bus.48 lbs. us.56 lbs.
New York_ _ _
265,13001 1,368,0
2
27,000
41,000
10,000
4,000
37,000
1,000
83,000
Philadelphia 13,000
Baltimore
16,000
174,000
-17,000
1,
Norfolk
16,000
I
New Orleans *
66,00
51.000
15,000
45.01 1
12,111
Galveston_
2,000
772,111
17,000
St.John, N.B.
30,
Boston
1,000
Total week '30 429,0001 2,478,000
Since Jan 1'30 8,998,0001 25,621,
11,000
151,000
Week 1929..
503.0001 4,701, II
100,
Since Jan 129 10,068,0001 56,038,000 14,072,000
1,129,0001 705,000
4,000
7,007,
10.904,000 2,195.000
Total May 10 1930_
Total May 3 1930
Total May 11 1929
Summary
American
Canadian
Corn.
Oats.
Elmo.
Bee.Borley
•
Bushels. Lesshds, ayimaj.
Bushels. Bushels. Barrels.
New York
1,092,000
237,620
Boston
107,000
12,000
320,111
Philadelphia
Baltimore
465,000
10,111
Norfolk
1,
New Orleans369 1 11
30,000
12,000
Galveston
129 II I
24,000
Montreal
919,11 1
79,000
SC John, N.B
772,011
17.
Houston
16,000
Total week 1930.. 4,244,000
Same week 1929.- 3,873 1+1
12,000
106,000
•
S.
29,
34,000
175,000
400,628
235,098
8
26,000
8.00
28,000
25,000
599.000
The destination of these exports for the week and since
July 1, 1929 is as below:
P IOW
.
Exports for Week
Week I
and Since
May 101
July Ito1930.
Since
July I
1929.
vr nun.
IVeek i
May 10 I
1930. j
Since
July 1
1929.
,Q1
-11.
Week
May 10 j
1930.
Since
Ads 1
1929.
I
Barrels.1 Barrels.
Bushels. Bushels. Bushels.
Bushels.
United Kingdom. 94.5871 3,212,319 1,477,0001 40,889,0001
34,000
I
Continent
86,0891 3,537,298 2,746,0001 73,929,000
0.000
$o.& Cent. Amer- 101,1001 844,300
666.0001
20,0001
51,000
West incites
98,1001 879,900
39.0001 12
1
,0001268,000
13rit. No.Am.Col. 3.000L
39,100
Other countries... 17 750
568,853
832.
.
I
1
Total 1930
Total 1929
400,6261 9.081,770 4,244,(300 122,355.000
235,0981 9,636,124 3,873,000'247,539.418
12,000
359,000
106,000 28.603.322
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 10, 1930 were as follows:
United StatesNew York
Boston
Philadelphia
BaltImore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
..
afloat
Toledo
Detroit
Chicago
afloat
Milwaukee
Duluth
MinneaPolls
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St.JosePh. Mo
Peoria
Indianapolis
Omaha
GRAIN STOCKS.
Wheat,
Oats,
Corn,
bush.
bush.
bush.
bush,
854,000
24,000
49,000
55,000
154,000
5,000
1,000
390,000
114.000
5,000
25,000
31,000
1,038,000
52.000
22,000
726,000
234,000
134,000
75.000
4.000
590,000
2,664,000
08,000
142,000
8,000
5,378,000 2,628,000 1,440.000 1,038,000
559,000
294,000
1,245,000
399,000
14,000
3,000
153,000
19,000
44,000
12,000
18,446,000 3,037,000 1,678,000 6, 32 0
316 2
:0
657,000
28.373,000
27,018,000
300,000
3,009,000
21,585,000
2,296,000
1,818,000
3,122,000
5,000
430,000
4,307,000
69.542,000
73,499,000
76,688,000
5,520,000 6,225,000 14,807,000
5,738,000 6,164,000 15,199,000
8,793.000 2,932,000 8,315,000
126,310,000 17,056,000 14,251,000 12,402,000 6,307,000
69,542,000
5,520,000 6.225,000 14,807,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, May 9, and since July 1 1929 and 1928,
are shown in the following:
Wheat.
Exports
-
Week
May 9
1930.
Corn.
Since
July 1
1929.
Since
July 1
1928.
219,000
83,000
107,000
377,000
2,000
3,000
234,000
650,000 1,710,000
16,000
130,000
347,000 2,208,000 2,872,000
933.000
244,000 5,217,000
863.000 3,755,000
446,000
83,000
9,000
1,225,000
298,000
11,000
15,000
2,104,000
37,000
22,000
106,000
140,000
33,000
1,267,000
91,000
29,000
21,000
128,000
,1493,000
107.000
14,000
2,493,000
218,000
4,000
128,000
Since
July 1
1929.
Since
July 1
1928.
I
Total
12,082.
537,329,000 794,672,00000209,637,111 276;935.000
-Changes in Totals of, and in Deposited
Bank Notes
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:
Amount Bends
on Deposit to
Secure Circuitsfor N
Bank Notes.
Apri130 1930
Mar.311930
Feb. 2.8 1930
Jan. 111 1930
D410. 91 1929
Nov.30 1929
Oct. 31 1929
Sent. 20 1929
Aug. 31 1929
Ally 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. so 1928,--.
Mar. 31 1928.....-.
Feb. 29 1928
Jan. 31 1928
Dec. 31 1927
Nov.30 1927
Bonds.
$
667,650,750
667,251,240
667,108,740
667,464,790
667,774,650
667.635,650
666,730,100
667,093,770
666.864.280
666.407,040
666,199,140
666,233,140
668,221,390
666,630,890
666.432.090
667,013,340
667.508,440
667.168,440
667,318,040
666.732c.700
666,641..200
665,658.610
867,491,900
666,196,460
666.864,710
667,011,210
666,230,710
667,127,710
886.830.210
$
685,974.780
665,107,343
664,928,197
864,488,092
663,823,167
664,115,977
681,822 047
652,823,980
649,297,990
657,764,443
662,773,570
663,328,203
662,364,517
661,924,472
659,651,580
662,904,627
663,931,957
662,706.675
660,463.912
660.518,182
658,463.423
658.732,988
661,522,450
861,127,600
662,412.992
661,481,322
659.332,017
662,380,082
663.340.675
National Bank Circulation,
Afloat on
Legal
Terukos.
$
31.225,248
31,066,745
31.669,548
32,115,298
34,118,073
37,465,128
38,506,768
39,564,685
38,652,573
39,707,550
41.520,872
39,651,731
28,720,772
36,750.627
35,231.759
35.877,502
36,248,602
37.446,779
37.688.747
38,299.802
38,926,224
40,887.664
39,757,992
38.814.500
36,802.227
38,250,372
38,407,617
38,623,507
39.060.424
Total,
S
697.200,028
696,174,088
606,597.745
696,983,390
697,941,240
701,581.105
700,328.815
691,388.665
687.950,583
697,471.999
704,294,442
702.979,934
702,085,289
698,675,099
694.983,331
698,782.121
700.180.750
700,152,454
698,152.651
698.817,984
697,389,641
699.620.651
701.280.449
699,942.161
699,215,211
699,731,694
697,739,534
701,003,581
702.401.091
93,323,022 Federal Heserve bank notes outstanding May 1 1930, secured by
lawful money, against 93,711,131 on May 1 1929.
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 Apr. 30 1930:
U.S.Bonds Held Mar.31 193010 Secure
Bonds on Deposit
May 1 1930.
Barley,
bush.
34,000
1,000
128,000
Week
May 9
1930.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 6,537,000271,398,000476,504,000
60,000 3,237,000 33,117,000
208,000 23,515,000 2,464,000 1,157,000 22,926,111 1,827,000
Black Sea...
Argentina... 2,465,111 147,496,000 174,427,00g 3,331,000 157,184,000214,853,000
Australia - _ 1,904,000 56,421,000 100,409,00
320,000 1,112,00
India
968,000 38,316,000, 39,756,00g629,0001 27,290 111 27,188,000
0th. countr's
The exports from the several seaboard ports for the week
ending Saturday, May 10 1930, are shown in the annexed
statement:
Wheal.
Barley,
bush.
Rye,
bush.
Oats,
bush.
300,000
Total May 10 1930...195,852,000 17,056,000 19,771,000 18,627,000 21,114,000
Total May 3 1930
206,357,000 19,986,000 21,980,000 19,564,000 21,680,000
Total May 11 1929
185,142,000 22,827,000 19,027,000 9,338,000 15,130,000
• Receipts do not Include grain passing through New Orleans for foreign ports
on through 1011a of lading.
Exports from--
Corn,
bush.
50,000
52,000
Total May 10 1930-126,310,000 17,056,000 14,251,000 12,402,000 6,307,000
May 3 1930
132.858,000 19,986,000 16,242,000 13,410,000 6,481,000
May 11 1929
108,454.000 22,827,000 10,234,000 6,406,000 6,815,000
Note.
-Bonded grain not included above: Oats
-New York. 189,000 bushels:
Baltimore, MOO; Buffalo, 83,000: Duluth, 5,000: total 281.000 bushels. against
710,000 bushels in 1929. Barley
-New York. 454,000 bushels: Buffalo, 2,170,000:
Duluth, 76,000; total. 2,699,0(10 bushels. against 2,387,000 bushels in 1929. Wheat
-New York, 1,129,000 bushels; Boston, 1,457,000: Philadelphia, 3,021.000; Baltimore, 3,525,000; Buffalo, 6,549,000; Buffalo, afloat, 1,636,000: Duluth, 124,000:
on Lakes, 629,000: Canal, 981,000: total 18,051,000 bushels, against 27,898,000
bushels In 1929.
Canadian
Montreal
6,591,000
1,035,000
306,000
440,000
Ft. William & Pt. Arthur 49,265,000
2,444,000 4,589,000 13,983,000
Other Canadian
13,686,000
2,041,000 1,330.000
384,000
Since Aug.11929
17,380,000 319,397,111217,130,i i i 116,054,111 59,198,1 1121,517,000
1928
19,578,000427,309,000229,982,000 121,070,00085,989,00023.692,000
1927
19.547.000403.445.001 263.656.000132.088.00064,973.000133.327.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday May 10, 1930 follow:
3491
2e, U. S. Consols of 1930
2s, U. S. Panama of 1936
2s, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
593,219,850
48.664.700
25,786,200
593,219,850
48,664,700
25,768,200
667,650,750
687.650,750
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Apr. 1 1930
and May 1 1930 and their increase or decrease during the
month of April:
-Total Afloat
National Bank Note*
Amount afloat April 1 1930
Net Increase during April
Amount of bank notes afloat on May 1
Legal Tender Notes
Amount on deposit to redeem National bank notes Apr11 1
Net amount of bank notes issued in April
Amount on deposit to redeem National hank notes May 1 1930--
5696,0
1 12 1,9T
697,200,028
931,066,745
158,503
931,225,248
3492
FINANCIAL CHRONICLE
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
Month.
Imports.
1
Customs Receipts
.at New York.
Exports.
1929.
1928.
1929.
1928.
I
$
1
$
1
$
$
July
166,19E360349,390,965 168,829.7251147.613,519
August __ _1168,71E834]154,359,944 143,450,0601139,961,583
Sept
176,246,040,150,470,783 149.465.106103,008,757
October
208.743,489 175.624,878 155,187,632 170,708.717
November 172.556,5431158.599,826 136,372,089 169,850,612
December- 157,091.012168,359,838 133,176,017 157.285,530
1930.
1929. 1
1929.
1930.
January _ _1152.812.382171,501,300 158.679,252176.430.924
February _1138,999,034388,138,049 143,659,2981187,045,251
March_ _ _ _1139,891,390387,708,168 143,299,606 209,690,385
1929.
1928.
$
29,419,142
30,684,237
31,741,943
35,436.544
26,103,378
21,949,691
1930.
24,678,913
20,705,240
23,765,513
$
26.130,127
s0.315,887
31,188,728
34,691,171
27,651,679
25,823,112
1929.
27,286.733
28,274,931
29,352,388
Total_ _ _I 1479243484 1502153549' 1332098765'1461445258 244,484,601 260,694,756
Movement of gold and silver for the nine months:
Siker-New York.
Gold Movement at New York.
Month.
Imports.
1929.
1928.
Exports.
1929.
1928.
Imports.
Exports.
1929.
1929.
[VoL. 130.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ Per 85. Shares. Stocks.
Shares. Stocks,
$ per Sh.
100 Library Sq. Rlty. Co., par 35.5500 lot 1,000 Gen. Silk Corp., 7% pret_-_- 1744
50 Association Realty Co
56 lot 900 Gen.Silk Corp.,6% partic. pref 745
By H. L. Day & Co., Boston:
Shares, Stocks.
$ Per Sit.
5 per Sh. Shares. Stocks.
100 Haverhill G. L. Co., par $25.-- 5034
119
3 First Nat. Bank, par $20
25 First Nat. Bank, par 320
25 Mass. Bonding & Ins. Co.,
119
130
par 825
15 Boston National Bank
153
1-400 participating interest Unicorn
100
8 United States Trust Co
350
25 Beacon Trust Co., par $20
Real Estate Trust
53
50 Old Colony Trust Associates...._ 4244
100
5 U. S. Trust Co., par $25
6 units First Peoples Trust Co
5 Bay State Nat. Bank, Lawrence_248
2034
5 Mass. Bond. & Ins. Co., Par 525-130
5 Farr Alpaca Co
74
2234 1 Lynn Gas & Elec. Co., V. t. c.,
50 Arlington Mills
5 Ludlow Mfg. Associates
par $25
136
16834
Bonds,
Per Cent.
23 Naumkeag Steam Cotton Co_ _ _ 84
3 Farr Alpaca Co
7344 $1,000 Wladikawkas Ry. 55. coin,.
Jan. 14 1920 on (as is)
.85 lot
31 Naumkeag Steam Cotton Co.._ _84-88
$1,000 G B Theatres Corp. 7s, May
7 Greenfield Tap & Die Corp.,
79 & int.
1946
102 & div.
8% preferred
200 National Service Co., pref
29-33 51,030 North Packing & Provision
95 & int.
1 Collateral Loan Co
Co. 5s, Jan. 1945
160
By Wise, Hobbs & Arnold Boston:
.
.
.
.
4 Exchange TrustCo220 21 Maiden St Melrose Gas Light
40
10 Boston National Bank
Co., par $25
153
50 Boston Herald-Traveler Corp.-- 2634
50 Federal Nat. Bank. par 320_ _ _ _100
20 Boston National Bank
25 Eastern Util. Assoc., cony. stk. 1634
153
15 Boston Woven Hose & Rubber
119
15 First Nat. Bank, par $20
84
Co., common
2344
98 Arlington Mills
7544 12 New Bedford Gas & Edison
16 Continental Mills
January _
114
Light Co.. par 325
95 Arlington Mills
February _
2234
30
23 units Invest. Assurance Trust
79
10 Pilgrim Mills
March
25 Ritz•Carlton Hotel Co.,corn_ _ _ _ 751.
Cotto Co_ -- 88
.IaS
$1 lot 15 units New Hampshire & Ver11 Hamilton
106.079,284 98,336,325 122,017,0311 12,147,373 13,335,294 28,487,396 51gau k e Is teamg fg
Total
20
mont Power Co
04
66 Pepperell Mfg. Co
1834
38X 1 unit First Peoples Trust
8 Stevens Mfg. Co
New York City Banks and Trust Companies.
2044 2 Special units First Peoples Trust_ 3
6 Indian Orchard Co
(All prices dollars per share.)
3Thompson's Spa,Inc., pref
7734 90 Boston Herald-Traveler Corp-- 2634
1834
3Thompson's Spa,Inc., cons
834 2 units First Peoples Trust
Trust Companies.
Banks.
12 Springfield Gas Light Co.. v.t.c.,
5 Greenfield Tap & Die Corp.,
New York (Concl.)- Par Bid Ask
Par Bid Ask
New York6045
par 325
102 & div.
8% Preferred
25 133 135 Bank of N Y dv Trust_ _100 780 780
America
11444 200 United Securities Tr. Asso.37 ca-div.
10
100 114 124 Bankers
10 16612 16712 1 U.S. Envelope Co., pref
American Union*
5 Clyde SS. Co., corn., par $50:
Boston Athenaeum, par $300-725
73
20 68
Broadway Nat Bk dr Tr_100 109 120 Bronx Co Trust
50 Laconia Car Co., corn.; 95
100 Hyannis Beach Association_ _ _$10 lot
52 Cent Hanover 13k & Tr_ _ _20 394 399
20 47
Bryant Park*
Wickwire Spencer Steel Co.,
3 3-5 Suburban Elec. Secur., 2d pf _ 2
57
4
25 54
20 1683 16912 Chelsea Bank & Trust
Chase
528010$
common v, t. c
5 Cape Cod & New Bedford SS. Co. 3
79
Chat Phenix Nat 13k dr Tr 20 139 141 Chemical Bank & Trust 10 77
10 3712 3812
100 500 525 Continental Bk & Tr
Philadelphia:
Commercial Nat Bk &'Fr
By Barnes & Lofland,
100 3350 3550 Corn Exch Bk & 'Frust- _ _20 216 218
Fifth Avenue*
$ per Sh.
$ Per sit. Shares. Stocks.
Shares. Stocks.
100 5950 6050 County270
First
10 Equitable Bonded Mtge. Co.,
6 18-40 Amer.Commonwealth Pow.
)
30
11 ( 2, i2 93
Empire
100 600
Grace
series A pref.; 10 corn., no par_ ..$3 lot
$140 lot
Corp., cl. A com., no par
20 134 135
Harriman Nat Bk & Tr_100 500 1600 Equitable
200 Goldfield Consol. Mines Co.,
5 Amer. Natural Gas Corp.. $7
100 620 660
100 185 200 Fulton
Industrial
$69 lot
Par 310
89
pref.. no par
100 771 775
Lefcourt Nat Bk & Tr _ 100 133 143 Guaranty
3 50-100 U. S. Acceptance Corp..
Transit
16 1-10 Brooklyn & Queens Tra
Hibernia
100 178 188
Liberty Nat I3k & Tr100 128 138
134
v.1. c., no par
$825 lot
Corp.. pref., no par
20 55 58
20 203 204 International
National City
5 Landover Holding Corp., class A.$1 lot
40 Brooklyn Sc Queens Transit
48
100 97 105 Internat Mad Bk &'Fr_ 25 43
Penn Exchange•
$425 lot $25,000 income note, Warwick Hotel
Corp., common, no par
53
20 52
10 43 53 Interstate
Port Morris*
to Nathan J. Taube,dated Feb.9
10 units Mason Tire & Rubber Corp.
63
10 61
25 147 150 Irving
Public Nat Bk & Tr
1927, series No. 1, due July 15
Unit consists of 1 pref., par $100,
100
Seward Nat Bank dv Tr_100 124 129 Lawyers
1931: 20 Warwick Hotel Co.;
$1 lot
and 2 common,no par
52 Manhattan
20 13512 13612
Sterling Nat Bk &'17_25 45
$10 lot
no par
18 Metropolitan Tr. Co., par $50- 50
25 136 138
Straus Nat Bk & Tr_ _100 270 290 Manufacturers
137
10 Phila. Nat. Bank, par $20
10 Central Trust & Savings Co,
67 Mutual (Westchester)_ _100 375 425
25 66
United States.
2544 20 Adelphia Bk.& Tr. Co., par sio. 11
Par $10
25 302 305
_ 200 N Y Trust
100
Yorkville
22 Guardian Bk.& Tr. Co., Dar $50 70
10 Real Estate Land Title & Trust
100 180 190
100
- 100 Pacific
Yorktown*
41 X 500 Penn Valley Coal Mining Co_455 lot
Co., par $10
Plaza
100 105 115
21 Constitution Indemnity Co., par
33 Northwestern Tr. Co.. par 510-.195
69
Brooklyn
Times Square
100 62
12X
$10
70
150 Bankers Tr. Co.. par $50
20 155 159
Brooklyn
50 123 127 Title Guar & Trust
9 Catawissa RR.. lot pref, par $50- 15
5 United Security Life Ins. & Tr.
1004350 4500
100 475 600 United States
Peoples
100 Wolfe-Heide Photo Chemical
250
Co
100 1000 1100
Westchester
2
Corp., common, no par
20 Broadway Merchants Tr. Co.,
Brooklyn
200 Wolfe-Heide Photo Chemical
58
Camden, N. J., par $20
100 825 845
Brooklyn
Trust Companies.
1
Corp., common
10 Broadway Merchants Tr. Co..
Par
Globe Bank & Trust---.100 190 205
New York2034
4 Bourse, common
55
Camden, N. J., par $20
100 3200 3400
100 349 355 Kings Co
American
57
75 Franklin Trust
10 Philadelphia Record, common__ 35
100 215 240
Bence Commerciale Ital_100 352 362 Midwood
4
113 Plaza Trust
10 Philadelphia Record, common__ 34
$ per Right.
Rights.
•State banks. t New stock. z Ex-dividend. it Ex-stock div. t. Ex-rights.
80 Philadelphia Record, common__ 30
100 Phila. Record, common
of int. for 1 40-100 shares
t.
toe
Per Cent.
Bonds.
lot
com
Mason
National Banks.
-The following information regarding Scrip ctf.Tire & Rub. Corp.Tire --$1
$2,000 Waterloo Cedar Falls & Nor.
&
70-100 sh. Mason
Ry.late.!. 5s, 1940, ctf. of dep. 27
$1 lot
banks is from the office of the Comptroller of the
Rubber Corp., pref
national
$100 Olean Bradford & Salamanca
Mo
5n
an Electric Shares Corp..
Currency, Treasury Department:
Ry., lot & ref. 7s, Sept. 1 1951,
$10101
par
elf, of dep. ($25 initial payment
Capital.
APPLICATION TO CONVERT APPROVED.
10 20-40 Missouri
-Kansas Pipeline
1
ad
me)
20lot
$100,000
-Citizens National Bank In Marietta. Ga
May 9
Co., common, par $5
$500 Drexel Theatre 1st M. 8s,
Conversion of the Citizens Bank, Marietta, Ga.
8 Oklahoma Natural Gas Corp..
81
Feb. 15 1932
8534
844% preferred
CHARTER ISSUED.
$1,000 Kent Theatres, let M. Os,
com monradford & Salamanca RY•
$500.000 12 Olean l3
-First National Bank & Trust Co. in Alton, Ill
May 6
8134
Dec. 161932
$1101
President, C. A. Caldwell: Cashier, E. W.Joesting.
$1,000 Stanley Theatre, Bridgeton,
5 Olean Bradford &Salamanca Ry.
CHANGE OF TITLE.
N. J., 1st M.6s, Nov. 1 1933._ 80
$1 lot
pref
-The Farmers National Bank of New Holland, Pa., to
May 10
By A. J. Wright & Co., Buffalo:
"The Farmers National Bank & Trust Co. of New
Bit.
$ per Sit. Shares. Stocks.
Holland."
77'
Shares, Stocks,
10 Labor Temple Assn. of BuffSalpoar
100 Thermiodyne Radio Corp., no
VOLUNTARY LIQUIDATIONS.
and Vicinity, Inc., par $5___255. lot
$2 lot
par
80,000
-The First National Bank of Chinook, Mont
May 5
6o.
1,000 Bidgood Cons. Mines, par V. lc. 1,000 Area Mines, par $1
Effective April 30 1930. Liquidating Committee:
Chris D. Miller, D. L. Blackstone and G. W.
Roberts, Care of the liquidating bank.
DIVIDENDS.
Absorbed by the Farmers National Bank of Chinook.
No. 10053.
Dividends are grouped in two separate tables. In the
50,000
-The First National Bank of Minden, La
May 5
first we bring together all the dividends announced the
Effective April 29 1930. Liquidating Agent, Board
current week. Then we follow with a second table, in
of Directors of the liquidating bank.
Absorbed by Bank of Webster, Minden, La.
dividends previously announced, but
Minn
25,000 which we show the
-The First National Bank of Madison,
May 6
which have not yet been paid.
Effective April 28 1930. Liquidating Agent: N. F.
Soderberg. Madison, Minn.
The dividends announced this week are:
Absorbed by Lac qui Parle County Bank and Madison
State Bank, both of Madison, Minn.
Books Closed
When
Per
25,000
Williamsburg, Ind
-The First National Bank of
May 8
Days Inclusive.
Cent. Payable
Name of Company.
Effective May 6 1930. Liquidating Agent: The First
Greens Fork, Ind.
National Bank of
Railroads (Steam).
Absorbed by the First National Bank of Greens Fork,
1
•
July 1 *Holders of rec. June 14
Boston & Maine, corn, (guar.)
No. 7124.
1 *Holders of rec. June 14
134 July
'
1,000,000
Prior preference (quer.)
-The National City Bank of St. Louis, Mo
May 8
*1,44 July 1 *Holders of rec. June 14
6% preferred (guar.)
Effective April 14 1930. Liquidating Agent: W. M.
•13,i July 1 *Holders of rec. June 14
First preferred, class A (quer.)
Franklin-American Trust Co.,
Stone, Care of
July 1 *Holders of rec. June 14
*2
First preferred, class B (quer.)
•15.i July 1 *Holders of rec. June 14
St. Louis, Mo.
First preferred, claw C (guar.)
Absorbed by_ the Franklin-American Trust Co.,
234
' July 1 *Holders of rec. June 14
First preferred, class D (guar.)
fli July 1 *Holders of rec. June 14
•
St. Louis, Mo.
40,000
First preferred, class E (guar.)
-The Commercial National Bank of Corydon, Iowa
May 9
75c June 4 May 21 to June 3
Chestnut Hill RR.(quer.)
1
• 34
June 5
Effective Feb. 24 1930. Liquidating Agent: T. W.
& North Western, cons. (guar.) • ,1 Juno 30 *Holders of rec. June 5
Chicago
1
Miles. Corydon, Iowa.
June 30 *Holders of rec.
Preferred (quer.)
Absorbed by Corydon State Bank. Corydon, Iowa.
.
50,000 Cin. New ON. dr Tex. Pao., pref. (qu.)- 4 1X June 2 *Holders of rec. May 15
Reardan, Wash
-The Reardan National Bank,
May 9
May 20 Holders of rec. May 14
2
Delaware & Bound Brook (quer.)
Reardan
•gyi Aug. 11 *Holders of rec. July 15
Effective may 3 1930. Liquidating Agent:
Louisville & Nashville
June 3
Investment Co., Reardan, Wash.
Phila. Germantown & Nor. (guar.).- $1.50 June 4 May 21 to May 250
rec.
Succeeded by the First National Bank of Reardan,
Pittsb. Youngst. & Ashtabula, pf. (nu.) 13( June 2 Holders of
No. 13444.
1927.
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25
Public Utilities,
•134 June 2 *Holders of rec. May 31
Va.
Amer. Telegraph & Cable (quar.)
-Norfolk Nat'l Bk.of Commerce & Trusts, Norfolk,
May 7
Holders of rec. May 31
Associated Gas & Eiec., $7 pref. (qu.)-- $1.75 July 1
Location of Branches: 201 Granby St; 38th St. and
8744c July 1 Holders of rec. may 31
(All located In
Original series preferred (quer.)
Hampton Blvd.; 1-A View Ave.
Norfolk, Va.)
July
August- Sept
October
November
December_
3
30,949,736
14.178,797
14,920,507
10,813,977
2,950,395
3,562.520
1930.
7.201,382
14,593,919
7,108,051
$
$
604,267 4,040,003
706,269
863,544
780,940
2,895,149
12,723,677 3,730,667
28,078,532 30,191,332
72,289,793
419.7
1930.
1929.
8,772,302 8,874,560
158,467
22,368,701
21,610,389
285,000
$
3,401,081
781,074
3,417,972
526,726
429,048
.
1929.
721,008
1,038,867
1,001,252
1.013,326
2,202,311
891,724
2,054,407
1,655.353
. .
1930.
1.530,940
1,213,537
1,515,527
773,959
3,990.222
2.198,462
3,855,968
5,175.001
3,270.641
1930 .
3,537,176
2,789.904
2,896,063
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
'l 14 July 1 *Holders of rec. June 10
Boston Elevated, corn.(guar.)
July 1 *Holders of rec. June 10
*4
First preferred (guar.)
s3g July 1 *Holders of rec. June 10
Preferred
*51.25 July 1 *Holders of rec. June 2
Brooklyn Union Gas (quar.)
Connecticut Lt. de Pow., 634% pt.(au.) *1% June 1 *Holders of rec. May 15
*62tic June 2 *Holders of rec. May 15
Connecticut Power, corn. (quar.)
*3
June 2 *Holders of rec. May 14
Connecticut River Power, pref
Empire Power Corp. $6 pref. (quar.)- $1.50 July 1 Holders of rec. June 18
$3.04 July 1 Holders of rec. June 16
'
Participating stock
600. July 1 Holders of rec. June 17
Engineers Public Service, corn.(quar.)
Federal Light & Traction
July 1 Holders of rec. June 13a
Common (payable in common stock) fl
General Gas & Elec., pref. A & B (au) $1.50 June 16 Holders of rec. May 15a
1% July 1 Holders of rec. June 12a
Indianapolis Water, pref. A (quar.)
Intercontinents Power, $7 pref. (quar.).. $1.75 June I Holders of rec. May 15
Keystone Water Wks. & Elec.. A (qu.)_ *750. May 15 *Holders of rec. May 10
Lexington Water Co., pref. (quar.)-- 1% June 2 Holders of rec. May 20
Monongahela W. Penn Public Service
435ic July 1 Holders of rec. June 16
7% preferred (guar.)
National Power & Light, $7 pref. (qu.). $1.75 July 1 Holders of roe. June 14
National Public Service, corn. A (guar.) *400 June 15 *Holders of ree. May 27
New Rochelle Water Co., pref. (quar.)- 114 June 2 Holders of rec. May 20
114 June 2 Holders of rec. May 20
Northern States Power, pref. (quar.)*114 June 2 *Holders of rec. May 8
Ohio Power Co.,6% pref. (031ar.)
Ohio Pub. Serv.,7% 1st pl. A (mthlY.) * 58 1-30 June 1 *Holders of rec. May 15
1% July 1 Holders of rec. June 14
Ohio River Edison, 7% pref.(guar.)
Oklahoma Gas & Elec. pref. (quar.)-- 1% June 16 Holders of rec. May 31
Pennsylvania Gas & El. Corp., A (qu.)- •37tio June 1 *Holders of rec. May 20
$1.75 June 2 Holders of rec. May 20
Penna. State Water Co., pref. (quar.)
July 1 Holders of tee. June 12a
3
Peoples Gas Co., preferred
Southern Colorado Power, pref.(guar.)- 1% June 16 Holders of rec. May 31
'Fri-State Tel. dr Tel., 6% pref. (quar.). *15c. June 1 *Holders of rec. May 15
75c. July 1 Holders of rec. June 5
United Corp., $3 pref. (Quar.)
Williamsport Water Co.,$6 pref.(guar.) $1.50 June 2 Holders of rec. May 20
Trust Companies,
Chelsea Bank & Trust Co. (quar.)
6214c. July
1 Holders of rec. June 6
Fire Insurance.
$1.25 May 15 Holders of rec. Apr. 30
Bronx Fire Insurance
June 2 *Holders of rec. May 20
*El
Importers dc Exporters (quar.)
May 26 Holders of rec. May 7
Merchants Fire Assur., corn. (in stock) 132
Miscellaneous.
750. June 1 Holders of rec. May 20
Allen Industries, pref. (quar.)
Amer.British & Continental, 1st pf.(qu.) $1.50 June I Holders of rec. May 15
15e. May 24 Holders of rec. May 10
American Cash Credit, corn. A (quar.)12c. May 24 Holders of rec. May 10
Common A (extra)
Common B (guar.)
1314c May 24 Holders of rec. May 10
American Chain, pref. (guar.)
114 June 30 Holders of rec. June 20
June 15 *Holders of rec. June 5
*2
American Fork & Hoe, corn.(quar.)
Amer. St Gen. Securities, $3 1st pf.(qu.)
750. June 2 Holders of rec. May 15
.
June 30 *Holders of rec. June 13
Amer. Locomotive, corn,(quar.)
*51
•114 June 30 *Holders of rec. June 13
Preferred (guar.)
Amer. Pneumatic Service, 1st pref.(au.) *87340 June 30 *Holders of rec. June 20
Second preferred (guar)
575e. June 30 *Holders of rec. June 20
Amer. Sugar Refg., corn. (quar.)
134 July 2 Holders of rec. June Sc
1% July 2 Holders of rec. June Sc
Preferred (Ouar.)
Amer. Utilities & Gen. Corp., 01. A (qu.) 3234c June 2 Holders of roe. May 23
Class B (quar.)
10e. June 4 Holders of rec. May 23
Preferred (guar.)
750. June 2 Holders of rec. May 23
134 June 2 Holders of rec. May 16
Anticosti Corp., pref. (quar.)
Associates Investment, common (guar.) *SI
June 30 *Holders of rec. June 20
Preferred (guar.)
*51.75 June 30 *Holders of rec. June 20
Associated Laundries, com.-Dividend passed
Atlantic Refining. cons. (guar.)
250. June 16 Holders of rec. May 21
Common (extra)
25c. June 16 Holders of rec. May 21
Atlas Stores, corn. (quar.)
250. June 2 Holders of rec. May 16a
Common (payable in common stock)_ fl)i June 2 Holders of rec. May 16a
Austrian Credit Anstalt, Amer. shares_ *$3.80
Barker Bros., cons. (guar.)
*500. July 1 *Holders of rec. June 15
$6.50 preferred (quar.)
• $1.625 July 1 *Holders of rec. June 15
Bawlf (N.) Grain Co., pref. (quar.)---- 134 June 2 Holders of rec. May 15
Boston Wharf
334 June 30 Holders of rec. June 2
134 July 2 Holders of rec. June 1
Brandram-Henderson, Ltd.. Pref.(qu.)_
British Match Corp., Ltd.
May 21 *Holders of rec. May 6
5w4
Amer. dep. rots. ord. reg. shares
Brookside Mills
-Dividend passed
*25e. June 30 *Holders of rec. June 10
Budd Wheel, corn. (quar.)
*134 June 30 *Holders of rec. June 10
Preferred (quar)
*750. June 30 *Holders of rec. June 10
Preferred (extra)
*20
Burma Oil, Ltd. (final)
400. June 2 Holders of rec. May 15
Canadian Vinegars, Ltd
June 30 Holders of rec. June 9a
$1
Chesebrough Mfg. Cons.(guar)
500. June 30 Holders of rec. June 9a
Extra
*250. July 1 *Holders of rec. June 20
Chicago Yellow Cab (monthly)
*250. Aug. 1 *Holders of rec. July 21
Monthly
*250. Sept. 2 *Holders of rec. Aug. 20
Monthly
*500. July 1 *Holders of rec. June 16
Consolidated Dairy Products (quar.)
Consolidated Rook Products, pf. (qu.)_ *4334c June 1 *Holders of rec. May 10
.
Corn° Mills (guar.)
500. June 2 Holders of rec. May 20
Crown Cork International, pref. (quar.) *25c. July 1 *Holders of rec. June 10
*134 June 2 *Holders of rec. May 12
Crows Nest Pass Coal (guar.)
*51.25 July 2 *Holders of rec. June 14
Dominion Textile, corn.(guar.)
Preferred (guar.)
*131 July 15 *Holders of rec. June 30
Eisler Electric Corp
37340 June 14 Holders of rec. May 28
pref
1140 Fifth Ave.,
June 2 May 16 to June 2
3
pref.
Empire Corp., $3 Inc.. (quar.)
(b) June 1 Holders of rec. May 20
Equitable Office Bldg. common (quar.)75e. July I Holders of rec. June 14
1% July 1 Holders of rec. June 14
Preferred (quar.)
Essex Company
June 2 Holders of roe. May 10
$3
Federal Mining & Smelt. pref. (quar.)_.. *134 June 16 *Holders of reo. May 26
Federal Theatres, 1st pt.(au.)(No. 1).._ El
June 2 Holders of rec. May 20
Federated Capital Corp. CAM. (quar.)
200. May 31 Holders of rec. May 15
May 31 Holders of rec. May 15
Common (Payable in corn. stock)..._ 11
Preferred (guar)
37340 May 31 Holders of rec. May 15
Fifteen Park Ave., Inc., preferred
June 2 May 16 to June 2
3
Fifth Ave. Bus Securities (quar.)
*160. June 30 *Holders of rec. June 13
Fitz Simons & Connell Dredge & Dock
Common (Payable in common stock)_ *f234 June 1 *Holders of rec. May 21
Foote-Burt Co. common (guar.)
*650. June 16 *Holders of rec. June 5
Ford Motor Co. of France
Amer. der. rots, for bearer shares.--- (
,
1
) June 2 *Holders of rec. May 15
Fox (Frances) Laboratories, Inc.
Participating 7% 1st pref. (quar.)
1754c June 1 Holders of rec. May 20
French (Fred F.) Investing pref
33.4 June 16 June 1 to June 16
French (Fred. F.) Security Co. prof.... 3% June 14 Holders of rec. June 4
*500. June 2 *Holders of rec. May 20
General Bronze (guar.)
corn. (guar.)
*50o. July 1 *Holders of rec. June 18
Glidden
*1% July 1 *Holders of rec. June 18
Preferred (quar.)
Co.,
Grand (F. de 517.)-Silver Stores, Inc.
June 25 Holders of rec. June 2
Common (payable in common stock)_ fl
575c. June 2 *Holders of rec. May 20
Great Northern Paper (quar.)
45e. July 1 Holders of rec. June 24
Harbauer Co. common (guar.)
*5
Hibernia Coal (Germany)
Hutto-Engineering, pref.-Dividend de tossed
Securities (quar.)
50e. June 14 Holders of rec. May 8
Hydro-Electric
15e. June 15 Holders of rec. May 31
Insuranshares Certificates (quar.)
June 2 *Holders of rec. May 20
*51
Internat. Arbitrage. corn. (quae.)
25c. July 1 Holders of rec. July 16
Internat. Carriers, Ltd. (No. 1)
Internat. Harvester Common (quar.) _ *62340 July 15 *Holders of rec. June 20
1% June 2 Holders of rec. May 20
Internat. Mtge. & Invest. pref. (quar.)_
250. June 30 Holders of rec. June 2
Internat. Nickel, Corn. (quar.)
75e. June 2 Holders of rec. May 15
Internat. Securities Corp. corn. A (au.).
12%0 June 2 Holders of roc. May 15
Common B (guar.)
114 June 2 Holders of rec. May 15
7% preferred (quar.)
1% June 2 Holders of rec. May 15
64% preferred (guar.)
134 June 2 Holders of rec. May 15
6% preferred (quer.)
Inter. Sleeping Car & European Express
Trains Co. Am.dep. rots. ord. bearer_ (k) May 21 Holders of rec. May 15
*50c. July 1 *Holders of rec. June 16
Investors Equity (quar.)
3493
FINANCIAL CHRONICLE
MAY 17 1930.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Johnson-Stephens-Shinkle Shoe (au.)___ 6234e June 2 Holders of rec. May 15
Kaufman Department Stores pref.(qu.). *134 July 1 *Holders of rec. June 10
July 1 *Holders of rec. June 21
Kuppenhelmer (B.) dc Co., common-- *El
*134 June 2 *Holders of rec. May 24
Preferred (quar.)
*43340 June 1 *Holders of rec. May 15
Leonard Customs Tailors corn. (qu.)
*250. June 1 *Holders of rec. May 15
Common (extra)
*334 July 1 *Holders of rec. June 13
Libby, McNeil dr Libby, pref
Lily-Tulip Cup Corp., corn. (quar.).... *37340 June 16 *Holders of roe. June 6
*51.75 June 30 *Holders of rec. June 6
Preferred (guar.)
Lindsay Nunn Publishing pref.(au.)___... *50c. June 1 *Holders of rec. May 20
*20c. June 2 *Holders of rec. May 12
Loblaw Groceterlas A & B (guar.)
134 Aug. 15 Holders of rec. Aug. 10
Louisiana Oil Refg. pref. (quar.)
*37340 June 14 *Holders of rec. June 4
Lunkenheimer Co. common (quar.)
*30e. June 30 *Holders of rec. June 2
Marine Midland Corp. (guar.)
*tic. May 25 *Holders of rec. May 15
Mascot Oil (monthly)
June 1 Holders of rec. May 20
$1
May Hosiery Mills pref. (quar)
McCahan (W. J.) Sugar Refg. &
134 June 2 Holders of rec. May 16a
Molasses Co. pref. (guar.)
$1.50 May 31 Holders of rec. May 6
Merrimack Mfg. common
81340 June 1 Holders of rec. May 20
Metal Textile Corp. partic. pref. 00.5
50c. June 1 Holders of rec. May 15
Metropolitan Paving Brick corn.(MO
134 July 1 Holders of rec. June 15
Preferred (guar.)
500. July 1 Holders of rec. June 20
Miller (I.) & Sons, Inc., corn.(quar.)
134 June 2 Holders of rec. May 23
Preferred (guar.)
Monarch Royalty Corp. of. A (mthly.)- 12340 June 10 Holders of rec. May 31
1%c. June 10 Holders of rec. May 31
Preferred (monthly)
June 16 Holders of rec. May 31a
3
Montreal Loan & Mtge.(guar.)
81.10 June 14 Holders of rec. May 24
Morrell (John) & Co., Inc. (quar.)
75e. June 10 Holders of rec. May 20
Motor Wheel Corp. IMM.(quar.)
40e. June 2 Holders of rec. May 22
Murphy (G. C.) Co. common (quar.)
50e. June 1 Holders of rec. May 15
National Container Corp. pref.(quar.)
Manufacture & Stores
Nat.
*S1.75 July 1 *Holders of rec. June 14
Class A and Prof. stoat((quar.)
50c. July 1 Holders of rec. June 2
Nat. Sugar Refining (guar.)
1% June 30 Holders of rec. June 20
(guar.)
Nat. Supply pref.
3234c June 2 Holders of rec. May 16
Nehl Corp. common (ouar.)
$ 1.313.4 July 1 Holders of rec. June 15
First preferred (guar.)
Newberry (J. J.) Co. common (gust.).. *27340 July 1 *Holders of rec. June 16
400. July 15 Holders of rec. June 20
Now York Transit
*500. June 28 *Holders of rec. June 15
New York Transportation (guar.)
*100. June 28 *Holders of rec. May 20
North Amer. Oil Consol. (monthly)..
July 1 Holders of rec. June 13
$2
Northern Pipe Line
•20c. May 15 *Holders of rec. May 6
Oahu Sugar, Ltd. (monthly)
1% June 2 Holders of rec. May 22
Ogilvie Flour Mills, pref.(guar.)
July 1 •Holders of rec. June 13
*2
Omnibus Corp. pref. (quar.)
•700. June 30 *Holders of rec. June 14
Pacific Commercial Co.(guar.)
July 1
75c. July 1 June 21 to
Paragon Refining class A (guar.)
June 28 Holders of rec. JIM 6a
$1
Paramount Publix Corp. corn. (auar.)
Parmelee Transportation corn.(mthly.)- *12340 June 10 *Holders of rec. May 29
• *250. June 17 *Holders of rec. June 5
Penick & Ford, Ltd.. corn.(quar.)
*154 July 1 *Holders of rec. June 13
Preferred (guar.)
*37340 May 31 *Holders of rec. May 20
Perfection Stove (monthly)
1% June 1 Holders of rec. May 170
Phoenix Hosiery pref. (ouar.)
*500. July 1 *Holders of roe. June 10
Pittsburgh Plate Glass (guar.)
*50c. June 30 *Holders of rec. May 31
Prairie Oil St Gas (quar.)
*75c. June 30 *Holders of rec. May 31
Prairie Pipe Line (guar.)
*50c. June 30 *Holders of rec. May 31
Extra
July I *Holders of rec. June 16
Pratt & Lambert Co. common(cm)._ *51
I% June 14 Holders of rec. May 24a
Procter & Gamble 5% prof.(guar.)
-D lvIden d ornftt ed.
Propper-McCallum Hosiery common
July 15 *Holders of rec. July 1
*$1
Quaker Oats Co. corn. (guar.)
*154 Aug. 30 *Holders of rec. Aug. 1
Preferred (gust.)
*37340 June 15 *Holders of rec. June 1
Rapid Electrotype. corn. (quar.)
Recklinghausen Coal(Germany)
*14
Royal Dutch (final)
- *40c June 2 *Holders of rec. May 26
Russek's Fifth Ave., common (031ar.)
50c June 15 Holders of rec. May 31
Schiff Co., COMM011 (guar.)
154 June 15 Holders of rec. May 31
Preferred (guar.)
*El
(Germany)
Schueckert & Co.
Selfridge Provincial Stores, Ltd.
*to334 June 7 *Holders of rec. May 16
American deposit receipts
*25e. July 10 *Holders of rec. June 20
Shattuck (Frank G.) Co.(guar.)
Shell Transport & Trad. Am.shares..-. *51 46
350. June 30 Holders of rec. June 4
Oil Corp. corn. (guar.)
Shell Union
134 July 1 Holders of rec. June 10
Preferred (quar.)
550c. July 16 *Holders of rec. June 14
Sinclair Consol. Oil common (quar.)
June 2 May 16 to June 2
3
16 Park Ave., Inc., pref
July 1 Holders of rec. June 16
$1.
South West Pa. Pipe Lines (guar.)
Specialized Shares Corp., corn.(quar.)-- *250. June 2 *Holders of rec. May 20
*750. June 2 *Holders of rec. May 20
Preferred A & B (guar.)
50C. June 16 Holders of rec. May 24a
Standard Oil (Kansas) (guar.)
common (No. 1)..-. *25e. June 1 *Holders of rec. May 20
Standard Utilities,
*11e. June 1 *Holders of rec. May 20
Common (extra)
*250. June 2 *Holders of rec. May 19
Stromberg-Carlson Telep. Mfg.(qu.)
*12540 June 2 *Holders of rec. May 19
Extra
750. July 1 Holders of rec. June 20
Stroock (S.) & Co. (guar.)
*Hold. of warrant No. 1
*$3.21
Swedish Ball Bearing Amer. shs. B
25e. June 16 Holders of rec. May 31a
Tennessee Copper & Chem.(guar.)
June 16 *Holders of rec. June 2
*$1
Texas Gulf Sulphur (guar.)
June 2 May 16 to June 2
3
39 Broadway, Inc., preferred
131 June 1 Holders of rec. May 20
Thompson Products pref. (guar.)
Trinidad Leaseholds, Ltd.
Is. 6d. May 28 *Holders of rec. May 9
Amer. dep. rots. ord. reg. shares
Underwrit's & Participat'ns-Cl. A (qU.) *750. June 2 *Holders of rec. May 15
*500 June 2 *Holders of rec. May 15
Union Mills common (guar.)
*134 June 2 *Holders of rec. May 15
Preferred (guar.)
400 June 2 Holders of rec. May 20
Union Tank Car (oust.)
July 1 Holders of rec. June 2
El
United Fruit (guar.)
United Hellenic Bank Shares, Inc.
100 July 1 Holders of rec. May 31
Corn. & pref. (guar.) (No. I)
U. S. Dairy Products corn. A (oust.)... $1.25 June 2 Holders of rec. May 10
$1.75 June 2 Holders of rec. May 20
First preferred (quar.)
June 2 Holders of rec. May 10
$2
Second preferred (guar.)
*400 June 30 *Holders of rec. June 14
U. S. Gypsum common (guar.)
*134 June 30 *Holders of rec. June 14
Preferred (guar.)
*500 June 16 *Holders of rec. June 5
Walworth Co. common (ouar.)
*750 June 30 *Holders of rec. June 20
Preferred (guar.)
37340 June 1 Holders of rec. May 15
Wagner Electric common (guar.)
Walker (Hiram)-Gooderham &
*250 June 16 *Holders of rec. May 23
Worts (guar.)
154 May 31 Holders of rec. May 15
Welch Grape Juice pref.(quar.)
'
55e June 15 *Holders of rec. May 31
Wellington 011 (guar.)
*5c June 15 *Holders of rec. May 31
Extra
West. Maryland Dairy Prod. p1. (qu.)- - *51.50 July 1 *Holders of rec. June 20
*87340 Sept. 1 *Holders of rec. Aug. 20
Prior preferred (guar.)
*50e June 6 *Holders of rec. May 20
Western Pipe & Steel (guar.)
*154 Aug. 15 *Holders of rec. Aug. 5
West Va. Pulp & Paper pref. (Quar.)-*134 Nov.15 *Holders of rec. Nov. 5
Preferred (quar.)
July 1 *Holders of rec. June 18
*51
White Rock Mineral Spgs. corn.(qu.)_
*134 July 1 *Holders of rec. June 18
First preferred (quar.)
July 1 *Holders of rec. June 18
*5
Second preferred (guar.)
July 1 Holders of rec. June 2
2
Will & Baumer Candle pref. (quar.)__
156 June 2 Holders of rec. May 15
,
Windsor Hotel (Canada) pref. (quar.)
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.
Books Closed
Per
TVhen
Days Inclusive.
Cent. Payable.
Name of Company.
Railroads (Steam).
Alabama Great Southern ordinary
Ordinary (extra)
Preferred
Preferred (extra)
Atchison,Topeka & stints Fe,corn.(qu.)
Atlanta & West Point
AtIsntle Coast Line RR., corn
Common (extra)
June 28
$2
51.50 June 28
Aug. 15
$2
51.50 Aug. 15
254 June 2
4
June 80
334 July 10
134 July 10
Holders of rec. May
Holders of rec. May
Holders of rec. July
Holders of rec. July
Holders of rec. May
Juno 21 to June
Holders of rec. June
Holders of rec. June
24
24
11
11
2a
30
12a
12a
3494
Name of Company.
Railroads (Steam) (Concluded).
Baltimore & Ohio, common (guar.).--Preferred (guar.)
Bangor & Aroostook. Coro. (guar.)
Preferred (guar.)
Canadian Pacific common (guar.)
Catawlssa preferred
Chesapeake dr Ohio, preferred
Chic. It. I. & Pao. common (guar.)
6 preferred
%
7% Preferred
Cleveland & Pittsburgh guar.(oust.)
Special guaranteed (guar.)
Delaware & Hudson Co.(guar.)
Georgia Southern & Fla., let & 2nd prof.
Hudson& Manhattan, common
Illinois Central, corn. (guar.)
Leased lines
Maine Central, corn.(guar.)
Preferred (guar.)
Missouri
-Kan.
-Texas pref. (guar.)
New Orleans Texas & Mexico (guar.).
N. Y. Chic. & St. L., corn. & pf.(N.).
Norfolk & Western, corn. (guar.)
Adjustment pref. (guar.)
Pennsylvania RR.(guar.)
Pitts. Bessemer & Lake Ede. pref
Pittsb. Ft. Wayne az Chic. coin.(qu.)..
Preferred (guar.)
Reading Co.,first pref. (guar.)
St. Louis-San Francisco common (on.)..
Preferred(guar.)
Preferred (Qum.)
Southern Pacific Co.((Nan)
Union Pacific common (guar.)
United N. J. RR.& Canal Cos. (oil.)..
Quarterly
Quarterly
Wabash fly., pref. A (guar.)
Western Railway of Ala
Public Utilities.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
11d June 2 Holders of tee. Apr. 19a Pennsylvania Power,$6.60 pref.(mthly.)
55o. June 2 Holders of rem May 20
1
June 2 Holders of roe. Arc. 190
$6.60 preferred (guar.)
$1.50 June 2 Holders of rec. May 20
870. July 1 Holders of reo. May Ma Philadelphia Suburban Water, pf.(N.). 134 May 31 Holders of reo. May 120
1% July 1 Holders of roe. May 310 Public Service of N.J.$6 pf.(mthly.).50e. May 31 Holders of reo. May la
214 June 30 Holders of rec. May 294 Rochester Gas & Elec. 7% pref. B (gu.). 154 June 2 Holders of rem Apr. 30
$1.15 May 22 Holders of reo. May 126
6% Preferred series C (guar.)
114 June 2 Holders of rec. Apr. 80
33' July 1 Holders of ree. June 70
6 Preferred series D (guar.)
%
134 June 2 Holders of tee. Apr. 30
.
51% June 30 *Holders of rec. June 6
Seaboard Public Service, prof. (qual.).. $1.50 June 1 Holders of rec. May 15
.11
Sou. Calif. Edison, pref. series A (guar.) 4354e. June 15 Holders of tee. May 2
June 30 *Holders of rec. June 6
0
Preferred series B (guar.)
*315 June 30 *Holders of rec. June 6
3734e. June 15 Holders of rem May 20
87140 June 2 Holders of rec. May 10a Southern Calif. Gas coin.(guar.)
*2543. May 31 *Holders of reo. Apr. 30
50c. June 2 Holders of rec. May 10a
$6.50 preferred (guar.)
*154 May 31 *Holders of roe. Apr. 30
234 June 20 Holders of rec. May 28a South. Cities UM.$6 pr. pf.(qu.)
$1.50 June 2 Holders of rem May 1$
2% May 29 Holders of roe. May 15
Southern Colorado Power cons. A (qu.).
50e. May 24 Holders of rec. Apr. 30
1% June 2 Holders of rec. May I50 Southern N. E. Telep.(guar.)
*2
July 15 *Holders of reo. June 30
1% June 2 Holders of reo. May fla Southwestern Power & Light, pf.((NJ._
134 June 2 Holders of rec. May 15
2
July 1 Holders of rec. June Ile Stand.Pow.& Lt. corn.& cons. B.(qu.). 50e. June d2 Holders of rem May 10
Tennessee Electric Power Co.
134 July 1 Holders of rec. June 16
5% first preferred (guar.)
134 June 2 Holders of roe. May 15
114 July 1 Holders of reo. June 14
6% first preferred (guar.)
1% June 30 Holders of rec. June 14a
134 July 1 Holders of rec. June 14
1% June 2 Holders of rec. May 16a
7% first preferred (guar.)
154 July 1 Holders of tee. June 14
134 July 1 Holders of rec. May 15a
7.2% first preferred (guar.)
$1.80 July 1 Holders of rem June 14
234 June 19 Holders of rec. May 3I0
6% first preferred (monthly)
50e. June 2 Holders of rem May 15
1
6% first preferred (monthly)
May 19 Holders of reo. Apr. 3041
500. July 1 Holders of rem June 14
51
7.2% first preferred (monthly)
May 31 Holders of tee. May la
1300. June 2 Holders of rem May 15
$1.50 June 1 Holders of roe. May 15
7.2% first preferred (monthly)
60e. July 1 Holders of reo. June 14
July 1 Holders of reo. June 104 Union Natural Gas of Canada (guar,)
544400. June 10 *Holders of reo. Apr. 15
154 July 8 Holders of reo. June 104 United Gas Improvement corn.(guar.)-30e. June 80 Holders of rec. May 3
10
50c June 12 Holders of rec. May 220
Preferred (guar.)
51.25 June 30 Holders of rec. May 3
11
2
July 1 Holders of roe. June 2a Western Continental UM.corn. A (oil.). *3214c June 1 *Holders of rec. May 10
114 Aug. 1 Holders of reo. July la WesternPower Corp., prof.(guar.)
154 July 15 Holders of rec. June 30
134 Nov. 1 Holders of roe. Oct. le West Ohio Gas, Prof. A (guar.)
led June 2 Holders of rem May 15
134 July 1 Holders of rec. May 28a
234 July 1 Holders of rec. June 2a
Banks.
*MS July 1 *Holders of rec. June 2(1
Prise° State (guar.)
234 June 1 Holders of tee. May 1 51
$
*234 Oct. 1 *Holders of tee. Sept. 20
*234 Jan l'31 *Holders of rec. Des.20'30
Trust Companies.
1),( May 24 Holders of ree. Apr. 19
0 Continental Bank & Trust(guar.)
5,300. June 16 *June 8 to June 15
4
June 30 June 21 to June 30
Fire Insurance.
North River Insurance (guar.)
50e. June 14 Holders of roe. June 4
500. Sept.15 Holders of rec. Sept. 5
Quarterly
Alabama Power $7 pref.((war.)
$1.75 July 1 Holders of rec. June 14
$6 preferred (guar.)
51.50 July 1 Holders of rec. June 14
51.25 Aug. 1 Holders of reo. July 15
$5 preferred (guar.)
Amer. Power az Light common (guar.)
25c. June 2 Holders of reo. May 15a
Common (one-fiftieth sh, corn. stk.)._ (1) June 2 Holders of roe. May 150
Amer. Water Wks. & El. $8 pref. (qu.) 51.50 July 1 Holders of rem June 120
Associated Gas & flea., $8 pref.(Wan) 11.50 June 2 Holders of rec. Apr. 30
86.50 preferred (guar.)
$1.625 June 2 Holders of reo. Apr. 30
$5 preferred (qum%)
51.25 June 16 Holders of rec. May 15
Blackstone Valley Gas & Elea., pref.-. 3
June 2 Holders of rec. May 15a
Brazilian Tr.. Lt.& Pow., corn.(qu.)....
50c. June 2 Holders of rec. Apr. 30
Brooklyn Edison Co.(guar.)
2 June 2 Holders of rem May 90
Canadian Hydro-Eleetrie, lst pf. (:111.). 1% June 1 Holders of rec. May 1
Cent. Ark. Pub. Serv.. pref. (guar.).
- 1% June 2 Holders of rec. May 15a
• 51.825 June 1
Central Gas & Elec.. pref.(guar.)
*Holders of rec. May 16
Central Indians Power, prof. (oust.).-. 134 June 2 Holders of rec. May 20
Central Pub. Sere.. clam A (guar.)
*433(c June 15 *Holders of rec. May 26
$4 preferred (guar.)
5
11
July 1 *Holders of rec. June 11
*51.50 July 1 *Holders of rec. June 11
$6 Preferred (guar.)
$7 preferred (guar.)
*81.75 July 1 *Holders of reo. June 11
Central & South West Utilities
Common (payable in coin.stock)
1% July 15 Holders of rec. June 30
Central States Elec. Corp., corn.(qu.)..
100. July 1 Holders of reo. June 5
Common(payable in common stock). / % July 1 Holders of reo. June 5
2
154
7% preferred (guar.)
Holders of rec. June 5
1% July 1 Holders of rec. June 5
6% preferred ((oar.)
Cony. pref. series of 1928 (quar.)
(0) July 1 Holders of reo. June 5
Cony. pref. series of 1929 (quar.)
(x) July 1 Holders of reo. June 5
Chic. Rapid Transit, pr. pref. A (qu.).. .650. June 1 *Holders of tee. May 20
5
Priorpreferred B (guar.)
*60e. June 1 *Holders of reo. May 20
Chicago South Shore& South Bend RR
Preferred class A (guar.)
154 June 2 Holders of tee. May 15
Cleve. Elec. Illuminating, pref. (guar.). 134 June 1 Holders of rec. May 15
Columbia Gas & Electric, corn
(1) June 30 Holders of rec. May 24a
Commonwealth & Sou. Corp.,corn.(N.) 15c. June 2 Holders of rec. May. 50
$6 preferred (guar.)(No. 1)
$1.50 July 1 Holders of rec. June 9a
Community Water Service, 1s1 pf.(q.) $1.75 June 2 Holders of rec. May 20
Consolidated Gas of N. Y.corn.(guar.)
-$1
June 16 Holders of rec. may 90
Consul. Gas Utilities. class A (guar.)...
55e. June
Holders of tea. May 15
Consumers Power, $5 prof.(guar-)
11.25 July 1 Holders of reo. June 14
6% preferred (guar.)
1% July 1 Holders of roe. June 14
6.6% preferred (guar.)
1.65 July 1 Holders of reo. June 14
7% preferred (guar.)
134 July 1 Holders of reo. June 14
5013. June 2 Holders of tea. May 15
6% preferred (monthly)
6% preferred (monthly)
50e. July 1 Holders of reo. June 14
6.6% preferred (monthly)
June 2 Holders of reo. May 15
6.8% preferred (monthly)
55e. July
Holders of ree. June 14
East Kootenay Power, Pref. Mara
1% June 16 Holders of roe. May 31
Empire Gas & Fuel,6% pre!. (monthly) *50e. June 2 *Holders of rec. May 15
634% preferred (monthly)
54 1-6e June 2 *Holders of rec. May 15
• 58 1-3c June 2 *Holders of rec. May 15
7% preferred (monthly)
•66 2-3c June 2 *Holders of reo. May 15
8% Preferred (monthly)
Federal Light & Tract., corn.(gust.)... 37%0 July 1 Holders of rec. June 130
Preferred (guar.)
134 May 31 Holders of ree. May 15a
Federal Water Service, corn. A (qual.).. o80c. June 1 Holders of rec. May 29
Common B (guar.)
10c. June 1 Holders of rec. May 31
Gary Railways, pref. A (guar.)
$1.80 June 2 Holders of rec. May 20
Gulf Power, pref. (guar.)
$1.50 July 1 Holders of rec. June 20
Hackensack Water, corn
75e. June 1 Holders of rec. May 16a
Preferred
8710 June 1 Holders of rec. May 16a
Havana Electric fly.. pref. (guar.)
1% June 2 Holders of Teo. May 12
Indiana Service, 7% pref. (guar.)
114 June 2 Holders of roe. May 15
6% preferred (guar.)
134 June 2 Holders of rec. May 15
Intercontinents Power, corn. A (guar.).
500. June 1 Holders of reo. May 1
Kentucky Utilities, pref. (guar.)
*8714c May 20 *Holders of ree. May 1
June 2 *Holders of rec. May 21
Keystone Telephone of Phila.. N.
(qu.).'$1
Lone Star Gas,corn.(in com.stk.)
Hold.of rec. Feb.2 1931
(1)
Louisville Gas & Elec.. corn. A & B (4111.) 43340. June 25 Holders of rec. May 31e
Middle Western Telep.. corn. A (oil.)... *43% June 15 *Holders of rec. June 5
Common A (guar.)
*485de Sept.15 *Holders of reo. Sept. 5
Common A (guar.)
*43)40 Dee. 15 *Holders of reo. Deo. 5
Montreal Light, Heat & Power Cons.
New no par corn. (guar.)(No. 1).... *37)ic July 31 *Holders of reo. June 30
NationalPower & Light. corn. (gust.)..
25c. June 2 Holders of reo. May 10a
National Public Serv., corn. B (qual.)..
40e June 1 Holders of reo. May 15
$3.50 preferred (guar.)
87140 June 1 Holders of ref). May 15
7.50. June 1 Holders of roe. May 15
$3 preferred (guar.)
Nebraska Power, 7% pref. (guar.)
134 June 2 Holders of rec. May 15
134 June 2 Holders of rem May 15
6% preferred (guar.)
Newark Telephone (guar.)
5
.$1 June 10 *Holders of tee. May 31
Sept. 10 *Holders of tee. Aug. 29
Quarterly
Quarterly
*el Don. 10 *Holders of roe. Nov.30
North American Co., corn.(guar.)
42% July 1 Holders of ree. June 5a
75c. July 1 Holders of ree. June 5a
Preferred (guar.)
North American Edison, pref.(oust.).. 51.50 June 2 Holders of reo. May 15a
North American L. dr P.. pref.(gust.).. $1.50 July I Holders Of tee. June 20
North Amer. Utility Scour., let pfd.(qu.) $1.50 June 16 Holders of ree. May 81
114 June 2 Holders of ree. May 15
Ohio Edison Co.. 6% pref. (guar.)
1.65 June 2 Holders of roe. May 15
8.6% preferred (guar.)
7% preferred (guar.)
1% June 2 Holders of reo. May 15
5% preferred (guar.)
134 June 2 Holders of reo. May 15
500. June 2 Holder, of reo. May 15
6% preferred (monthly)
55e. June 2 Holders of rem May 15
6.6% preferred (monthly)
Ohio Telephone Service, pref.(guar.)... *1% June 30 *Holders of rec. June 23
Preferred (guar.)
*1% Sept.30 *Holders of rec. Sept.23
Preferred (quar.)
5
.15d Dee. 31 *Holders of reo. pea. 24
Peninsular Telephone. corn.(guar.)
.
035e. July 1 *Holders of rec. June 14
Common (guar.)
0350. Oct. 1 *Holders of tee. Sept. 15
Common (guar.)
*350. Jan 1'81 *Hold. of reo. Dee. 15 '31
[VOL. 130.
FINANCIAL CHRONICLE
1
Miscellaneous.
Abbott Laboratories (guar.)
*82340 July 1 *Holders of reo. June 16
A. B. C. Cigar (monthly)
*le. May 20 *Holders of roe. Apr. 30
Agnew-Surpass Shoe. pref. (guar.)
134 July 1 Holders of rec. June 18
Ainsworth Mfg., corn. (gust.)
*62340June 2 *Holders of roe. May 20
Common (payable in stock) (oust) *el
June 2 *Holders of rec. May 20
Allegheny Steel, common (monthly)-...
15e. May 17 Holders of tee. Apr. 3011
151. June 18 Holders of reo. May Ile
Common(monthly)
Preferred (guar.)
1
.194 June 2 *Holders of rec. May 15
*134 Sept. 1 *Holders of tee. Aug. 15
Preferred (guar.)
Preferred (guar.)
*154 Dee. 1 *Holders of reo. Nov. 15
Alliance Realty. pref. (gust.)
134 June 1 Holders of roe. May 20
134 Sept. 1 Holders of Teo. Aug. 20
Preferred (guar.)
114 Dee. 1 Holders of reo. Nov.20
Preferred (guar.)
Aluminum Mfrs., Inc.. corn. (guar.).
.
5500. June 30 *Holders of rec. June 14
Common (guar.)
*50e. Sept. 30 *Holders of rec. Sept. 15
Common (guar.)
5
.500. Dee. 31 *Holders of rec. Deo. 15
Preferred (guar.)
*134 June 30 *Holders of tee. June 15
Preferred(guar.)
*134 Set*.30 *Holders of rec. Sept. 15
Preferred (guar.)
*134 Dee. 81 *Holders of reo. Dee. 15
American Book (guar.)
•134 Apr. 19 *Holders of reo. Apr. 14
American Capital Corp., common A.... 5
.50c. June 1 *Holders of reo. May 15
5
.50c. June 1 *Holders of rec. May 15
CommonA (extra)
• 51.375 June 1 *Holders of rem May 15
Preferred (guar.)
1% June 1 Holders of reo. Mar. 14
American Colortype, pref.(guar-)
Amer. Home Products (monthly)
35e. June 2 Holders of roe. May 14a
American International Corp.Oct. 1
Common (payable in common etock)-- f2
American Laundry Machinery (qua?.).. *31 June 1 *Holders of ree. May 20
American Manufacturing. rom•( "' 1
July 1 June 16 to June 30
qua
1
Oct. 1 Sept.16 to Sept.3
Common (quer.)
0
1
Dee, 31 Dee. 18 to Dee. 30
Common (guar.)
114 July 1 June 18 to June 30
Preferred (guar.)
Preferred (guar.)
134 Oct. 1 Sept.16 to Beet.80
Preferred (guar.)
114 Dec. 31 Dee. 18 to Doe. 30
750. June 2 Holders of rec. May 21e
American Metal, corn.(gear.)
134 June 2 Holders of roe. May 21e
Preferred (guar.)
62140 June 1 Holders of rec. May 16
Amer. Multigraph, com.(guar-)
Amer. Radiator & Stand. Sanitary Mfg.
37140. June 30 Holders of rec. June lla
Common (guar.)
Preferred (guar.)
134 May 31 Holders of rec. May 150
*500. July 15 *Holders of rec. June 30
American Rolling Mill (guar.)
July 30 *Holders of rec. July 1
Stock dividend
le5
.300. June 1 *Holders of rec. May 15
American az Scottish Invest.(Quar()
154 June 2 Holders of roe May 20
Amer. Smelt. & Ref., pref. (gust.)
American Tobacco, corn. & corn. B ONJ 52 June 2 Holders of rec. May 100
.250. July 2 *Holders of reo. June 14
Atnoskeag Mfg., common (gum.)
5
.250. Oct. 2 *Holders of reo. Sept. 13
Common (guar.)
$1.75 May 19 Holders of rec. Apr. 12e
Anaconda Copper Mining Co.(qu.)
*20c.July 15 *Holders of rec. July 5
Angle Steel Stool (guar.)
$1.75 June 1 Holders of reo. may 15a
Artloom Corp., pref. (guar.)
Associated Dry Goods, 1st prof.(guar.). 134 June 2 Holders of tee. May 190
154 June 2 Holders of rec. May 10e
Second preferred (gust.)
Atlantic Coast Fisheries (guar.)
*30e. June 2 *Holders of rec. May 22
Atlantio Gulf az W.1.8.8. Linea. com
31
May 31 Holders of rec. May 64
134 June 30 Holders of roe. June lie
Preferred (guar.)
Preferred (guar.)
134 Sept. 30 Holders of reo. Sept. be
134 Dee. 31 Holders of reo. Don. 11
Preferred (guar.)
Atlantic Securities Corp.. prof.(qua"' *75o.June 2 *Holders of rec. May 15
Atlas imp. Diesel Eng., A az B
*50o.June 2 *Holders of rec. May 20
$1
Atlas Powder, corn. (guar.)
June 10 Holders of reo. May 291
Balaban & Katz, corn.(guar.)
*75e. June 28 *Holders of rem June 18
(0154 June 2A *Holders of roe June 115
Preferred (gust.)
Bamberger (L.) & Co., pref.(quar()---- 154 June 2 Holders of tee. May 1451
Bastian Blessing Co., corn.(guar.)
*750. June 1 *Holders of tee. May 15
Beaton & Caldwell Mfg.(monthly)
*250. June 2 *Holders of re0. May 81
Monthly
*250. July 1 *Holders of reo. June 80
Beech-Nut Packing, corn. (guar.)
75e. July 10 Holders of tee. June 25e
Bendix Aviation Corp.(gust.)
050o. July 1 *Holders of reo. June 10
Best & Co.(guar.)
50e. June 113 Holders of rem May 23.
Bethlehem Steel, common (Oust.)
$1.50 Aug. 15 Holders of roe. July 180
Preferred (guar.)
134 July 1 Holders of tee. June 641
Blaw-Knox Co.(guar.)
3714c June 2 Holders of ree. May 17a
Bloch Bros., common (gear.)
*37140 Aug. 15 *Holders of tee. Aug. 9
Common (guar.)
•37340 Nov.15 *Holders of reo. Nov. 10
Preferred (guar.)
'134 June 80 *Holders of roe. June 25
Preferred (guar.)
.
5134 Sept. 30 *Holders of rec. Sept. 25
Preferred (guar.)
.
5114 Deo. 31 *Holders of reo. Dee. 28
Blue Ridge Corp.,cony. pref.(qu.)
s75c. June 1 Holders of reo. May 5
Bobbs-Merrill Co.(guar.)
*5614 June 1 *Holders of rec. May 20
Borden Company, com.(quar.)
750 June 2 Holders of rec. May 150
Brach (E.J.) & Sons,corn.(guar.)
*500. June 1 *Holders of reo. May 17
Brill Corp., pref.(guar.)
.
5154 June 2 Holders of rec. May 19
British TM* Investors el. A (bi-mtIsly)_
9c. June 2 Holders of rec. May 1
Brockway Motor Truck Corp., pf.(qu.) *led July 1 *Holders of rec. June 10
Brown Fence & Wire, A and B (qual.)..
60c. May 31 Holders of rec. May 15
Brown Shoe, corn. (guar.)
75e June 2 Holders of rec. May 20e
Buckeye Pipe Line (guar.)
June 14 Holders of res. Apr. 28
$1
Bueyrue Erie Co.. common (guar.)
250 July 1 Holders of reo. May 270
Preferred (guar.)
lei July 1 Holders of rec. May 270
Convertible preferred (qual.)
62140 July 1 Holders of tee. May 270
Bulova Watch,cons.(guar.)
750. June 1 Holders of rec. May 15a
Preferred (guar.)
*8714c June 1 *Holders of reo. May 15
Burger Bros.. Prof. (guar.)
:
2
July 1 *Holders of rec. June 18
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 15
Burroughs Adding Mine (gust.)....
25e. June 5 Holders of rec. May 90
Byron Jackson Pump
.
525e. June 1 *Holders of rec. May 15
Stock dividend
*el
Sept. 1 *Holders of rec. Aug. 15
California Packing, core.(guar.)
51
June 16 Holders of rem May 310
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
50e. June 1 Holders of rec. May 15a
Campbell. Wyant & Cannon Fdry.(qu.)
June 15 Holders of rec. May 31
Canada Wire & Cable, class A (quar.)___ $1.
44e. May 30 Holders of rec. May 15
Canadian Car & Fdy., ordinary (qu.)--750. May 31 Holders of rec. May 15a
Caterpillar Tractor (guar.)
250. May 31 Holders of rec. May 15a
Extra
Celluloid Corp. 1st pf. panic.stk.((pi.). $1.75 June 2 Holders of rec. May 10
$1.80 June 2 Holders of rec. May 10
lot pref. (partic. div.)
$1.75 June 2 Holders of rec. May 10
$7 preferred (guar.)
Central Cold Storage. common (quar.)-- 0400 June 30 *Holders of rec. June 25
15e. Aug. 15 Holders of rec. Aug. 5
Centrifugal Pipe Corp.(guar.)
150. Nov. 15 Holders of rec. Nov. 5
Quarterly
Century Ribbon Mills, pref. (quar.)---- 15 June 2 Holders of ree. May 20a
Chartered Investors, Inc.. pref. (guar.). *$1.25 June 2 *Holders of rec. May 1
350. June 2 Holders of rec. May 15a
Checker Cab Mfg. Corp.(monthly)_ _
350. July 1 Holders of rec. June 18a
Monthly
*75c. June 1 *Holders of rec. May 15
Chicago Corporation, pref. (guar.)
Chicago Flexible Shaft, corn. (guar.)... *300. July 1 *Holders of rec. June 20
•30e. Oct. 1 *Holders of reo. Sept. 20
Common (guar.)
•75c. June 1 *Holders of rec. May 20
Chicago Investors, pref. (guar.)
250. June 2 Holders of rec. May 20a
Chicago Yellow Cab (monthly)
60c. June 10 Holders of rec. May 23a
Childs Co., corn. (guar.)
June 10 Holders of rec. May 230
1
Preferred (guar.)
75e. June 27 Holders of rec. June 13a
Chili Copper Co.(guar.)
•75c. June 30 *Holders of rec. June 2
Chrysler Corp.(guar.)
*244c June 2 *Holders of rec. May 15
Cities Service, common (monthly)
Common (payable in corn stock) _ _
f 34 June 2 *Holders of rec May 16
*50c. June 2 *Holders of rec. May 15
Preference and pref. BB (monthly)_
050. June 2 *Holders of rec. May 15
Preference B (monthly)
90e. May 31 Holders of rec. May 15a
City Ice & Fuel, corn.(guar.)
Common (payable in common stock)_ f1)4 Aug. 31 Holders of rec. Aug. 15a
144 June 1 Holders of rec. May 150
Preferred (guar.)
750. June 16 Holders of rec. May 290
Clark Equipment, corn. (guar.)
July 1 *Holders of rec. Jan. 20
Claude Neon Elea. Prod., stock div---- 03
750. June 1 Holders of rec. May 15
Cleveland Quarries (guar.)
250. June I Holders of roe. May 15
Extra
0250. July 15
Coca Cola Bottling Sec. (guar.)
•25o. Oct. 15
Quarterly
$1.50 July 1 Holders of rec. June 12a
Coca-Cola Co.,com.(guar.)
$1.50 July 1 Holders of rec. June 12a
Class A (semi-annual)
July 1 Holders of rec. June 12a
$3
Coca-Cola Internat., cons.(guar.)
July 1 Holders of rec. June 120
Class A
$3
Colgate-Palmolive-Peet Co., corn.(qu.). 6244c July 15 Holders of rec. June 20a
144 July 1 Holders of rec. June 10a
Preferred (guar.)
Collins & Alkman corp., pref. (quar.)_. 144 June 2 Holders of rec. May 20a
Colorado Fuel & Iron, corn. (guar.)50c. May 26 Holders of rec. May 10a
May 26 Holders of rec. May 10a
2
Preferred (guar.)
Columbia Pictures, corn. (qu.) (No. 1). 3744c July 2 Holders of rec. June 19a
Common (payable in common stock)_ f244 Oct. 2 Holders of rec. Sept. 3a
750. June 2 Holders of rec. May 19a
Convertible preference (guar.)
50e. June 1 Holders of rec. May 17
Columbus Auto Parts. Pref. (quar.)...
Community State Corp., class A (quar.) •1234c June 30 *Holders of roe. June 26
•1241c Sept. 30 *Holders of rec. Sept 26
Class A (guar.)
•1244c Dec. 31 *Holders of rec. Dee 26
Class A ((uar.)
•1254c 3131131 *Hold of roe. Mar. 2631
Class B (guar.)
•1244c June 30 *Holders of tee. June 26
Class B (guar.)
•1244e Sept. 30 *Holders of roe. Sept. 26
Class B ((uar.)
•1244c Deo. 31 *Holders of roe. Dec. 26
Class B (guar.)
Consolidated Cigar Corp.. pref. (quar.)_
1.44 June 2 Holders of rec. May Me
Continental Chicago Corp., pref. (gu.)70. June 1 Holders of rec. May 15
Continental Securities Corp.. pi. (qu.). .$1.25 June 2 'Holders of rec. May 15
Corporation Securities Co. of Chicago
Corn.(3-200ths share corn. stk.)
(f) June 20 Holders of roe. June 2
Coty. Inc., stock dividend
June 30 Holders of tee. June 18a
53
Crowley. Milner AC Co., common (guar.) *50c. June 30 *Holders of rec. June 20
Crown Zellerbacb Corp.
Cony. pref. and pref. A & B (nuar.)_ _ $1.50 June 1 Holders of rec. May 13
Crum & Forster, pref. (guar.)
June 30 Holders of rec. June 20
2
Crum & Forster Ins. & Shares Corp.
234 May 31 Holders of rec. May 15
Common (guar.)
Common (payable in class B corn.). _ _
May 31 Holders of rec. May 15
5
141 May 31 Holders of rec. May 15
Preferred (guar.)
141 Aug. 30 Holders of rec. Aug. 20
Preferred (guar.)
144 Nov. 29 Holders of rec. Nov. 19
Preferred (guar.)
Cumberland Pipe Line ((uar.)
$1 June 16 Holders of rec. May 31
Extra
814 June 16 Holders of rec. Slay 31
*j)4 June 15 'Holders of rec. June 1
Cuneo Press. pref. (guar.)
Curtis Publishing, corn. (monthly)
50c. June 2 Holders of rec. May 20a
$1.75 July 1 Holders of rec. June 20a
Preferred (guar.)
June 1 'Holders of rec. May 15
0$1
Cushman's Sons. corn. (guar.)
141 June 1 Holders of rcc. May 15a
7% Preferred (guar.)
June 1 Holders of rec. May 150
2
8% preferred (guar.)
Decker (Alfred) & Cohn, corn.(quar.)._ 0500. June 14 *Holders of rec. June 5
•141 June 2 *Holders of rec. May 20
Preferred (guar.)
•141 Sept. 2 *Holders of rec. Aug. 20
Preferred ((uar.)
Deere & Co., new corn.(qu.)(No. I)._
30c. July 1 Holders of rec. June 14
Common (payable in common stock). f134 July 15 Holders of rec. July 14
141 June 2 Holders of rec. May 15a
Preferred tquar.)
Dennis Brothers, Ltd.
Amer. dep. eels. for ord. reg. she_ __-* gpence May 31 "Holders of rec. May 2
Denver Union Stoek Yards.corn.(qu.) - .41 July 1 *Holders of rec. June 20
Common ((uar.)
*$I Oct. 1 *Holders of tee. Sept. 20
Common (guar.)
081 Jan 1'31 *Hold. of roe. Dee. 2030.
Common (guar.)
31
4
11 Ap.1 31 *Hold. of tee. Mar. 20.
Dexter Co.((uar.)
0350. June 2 *Holders of rte. May 15
Diamond Match (guar.)
June 16 Holders of rec. May 31a
2
Dictaphone Corp., corn. (quar.)
•75c. June 1 "Holders of rec. May 16
Preferred (quar.)
*2
June 1 *Holders of tee. May 16
Di Giorgio Fruit Corp.. pref. (quar.)... 0141 July 15 *Holders of rec. June 14
Dome Mines, Ltd. (guar.)
250. July 21 Holders of rec. June 300
Dominion Stores. oom.(guar.)
300. June 30 Holders of roe. June 170
Common (Payable in corn. stock) _
_ /2
June 30 Holders of rec. June 17a
Drug, Inc. ((uar.)
June 2 Holders of rec. May 15a
31
Eastern Utilities Investment-.
$8 Preferred (guar.)
$1.50 June 2 Holders Of tee. Apr. 30
$7 Preferred (guar.)
$1.75 June 2 Holders of rec. Apr. 30
$5 Prior preferred ((uar.)
$1.25 July 1 Holders of rec. May 31
Eastman Kodak common (guar.)
$1.25 July 1 Holders of rec. May 316
Common (extra)
75e. July 1 Holders of roe. May 31a
Preferred (guar.)
144 July 1 Holders of rec. May 31a
Edison Brothers Stores. Ore!. (guar.)._
141 June 14 Holders of rec. May 31
,
Elec. Shareholdings, corn. (quar.)
250. June 1 Holders of tee. May 5
Common (payable In common stock)_ 11
June 1 Holders of roe. May 5
Prof.($1.50 cash or 1-20th eh.com.stk)
June 1 Holdens of rec. May 5
Ely Walker Dry Goods corn.(quar.)
50c. June 1 Holders of rec. May 21
Emporium Capwell Corp. ((uar.)
50e. June 24 Holders of rec. May 31
60e. Aug. 1 Holders of rec. July 216
Fair (The) common (guar.)
Preferred (guar.)
141 Aug. 1 Holders of rte. July 21a
Fairbanks, Morse & Co.. ooM.(quar.)..
75e. June 30 Holders of rec. June 12a
Preferred (guar.)
144 June 2 Holders of rec. May 12a
Federal Screw Works ((uar.)
*75c. July 1 *Holders of reo. June 15
Finance Service, Bait., corn. (quar.)
400. June 1 Holders of tee. May 15
Preferred (guar.)
1744c June 1 Holders of rec. May 15
Firestone Tire & Rubber. 6% pref (qu.) 145 June 1 Holders of rec. May I5a
First Trust-Bank Stock Corp. (guar.)._ •1234c June 10 *Holders of rec. Apr. 30
Preferred (guar.)
•141 June 10 *Holders of rec. Apr. 30
Fitz Simons dr Connell Dredge & Dock
Common ((uar.)
0500. June 1 *Holders of rec. May 21
Florsheirn Shoe, class A (qu.)(No. 1)--750. June 2 Holders of rec. May 170
Class B (guar.)(No. 1)
037440 June 2 *Holders of tee. May 17
Preferred (guar.)
144 July 1 Holders of rec. June 18a
Follansbee Bros. Co. common (quar.)..
75c. June 14 Holders of rec. May 31a
Preferred (guar.)
144 June 14 Holders of roe. May 31
Formica Insulation (guar.)
.500. July 1 *Holders of tee. June 15
0500. Oct. 1 *Holders of Tee. Sept. 15
Quarterly
Quarterly
*50o. Jan1'31 *Holders of rec. Dee. 15
$1
May 20 Holders of rec. May 12a
Fox Film, corn. A & B (quar.)
0144 July 1 *Holders of reo. June 15
Frank (A. B.) Co., pref. (guar.)
M41 Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
Fuller (Geo. A.) Co., pr. prof. (quar,).._ 31.50 July I Holders of rec. June 10a
Participating second pref. (quar.)._
$1.50 July 1 Holders of rec. June 10a
141 June 1 Holders of roe. May 15
General Box Corp., pref. (guar.)
3495
FINANCIAL CHRONICLE
MAY 17 1930.]
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Si
June 1 Holders of rec. May 13a
General Cable, class A ((uar.)
131 June 2 Holders of rec. May 210
General Cigar Co.. Prof. ((uar.)
25o. June 30 Holders of rec. June 16
General Development
75c. June 12 Holders of rec. May 106
General lalotors, corn. (far.)
141 Aug. 1 Holders of rec. July 76
7% preferred ((uar.)
145 Aug. I Holders of rec. July 76
6% preferred (guar.)
134 Aug. 1 Holders of roe. July 70
6% debenture stock ((uar.)
May 26 Holders of rec. May 10a
$1
General Refractories (guar.)
25e. May 28 Holders of rec. May 106
Extra
*3744c June 1 *Holders of rec. May 15
Gerrard (S. A.) Co.(guar.)
*85c. July 1 *Holders of rec. June 20
Gibson Art, common ((uar.)
.20c. July 1 *Holders of rec. June 20
Common (extra)
.650. Sept. 1 'Holders of rec. Aug. 20
Common ((uar.)
•650. Dec. 1 "Holders of rec. Nov.20
Common (quar.)
•65e. AprE31 'Hold, of rec. Mar. 20 '31
Common ((uar.)
.25e. June 30 *Holders of rec. June 18
Gilbert (A. C.) Co.. corn. ((uar.)
$1.25 June 2 Holders of rec. May la
Gillette Safety Razor (guar.)
Globe-Democrat Pub. Co., pref. (guar.) 141 June 1 Holders of rec. May 20
$3
June 1 Holders of rec. May 20
Godnaan (H. C.) Co. 1st prof
81.75 June 10 Holders of rec. June 1
Second preferred
250. June 16 Holders of rec. June 2
Goldberg (S. M.) Stores, corn. ((ear.).$1.75 June 16 Holders of rec. June 2
Preferred ((uar.)
*52.6 June 30 'Holders of rec. May 15
Golden State Milk Prod.(In stock)
$1
June 2 Holders of rec. May 190
Goodrich (B.F.) Co.common((arl_
141 July 1 Holders of rec. June 144
Preferred (guar.)
141 July 1 Holders of rec. May 31a
Goodyear Tire AZ Rubber, pref.((uar.)
500. June 2 Holders of rec. May 1
Gorham Manufacturing, corn. ((uar.)-June 2 Holders of rec. May 1
Corn.(stock dly. 1-20th sh. corn.stk.)Gramophone Co.. Ltd.
*455
May 21 *Holders of rec. Apr. 21
Amer. dep. rcts. ord. shs. cog
"250. May 20 "Holders of rec. May 0
Grand Rapids Metalcreft ((uar.)
•17340 Aug. 1 "Holders of rec. July 20
Grand Rapids Stores Equip. pf.
*1744e Nov. 1 'Holders of tea. Oct. 21
7% preferred (guar.)
*25e. July 1 *Holders of rec. June 20
Grand Rapids Varnish ((uar.)
75e. June 1 Holders of rec. May 196
Grand Union Co., cony. pref.(quar.)Grant(W. T.) & Co.. corn. (guar.). - - *25c. July 1 *Holders of tea. June 12
.
Great Atlantic & Pao. Tea corn.(quar.). $1.25 June 1 'Holders of roe. May $
•14
, June 1 *Holders of rec. May 5
4
Preferred (guar.)
Greenfield Tap az Die,6% prof.(quiz.). 134 July 1 Holders of rec. June 14
2
July 1 Holders of tea. June 14
8% Preferred (quar.)
*50c. June 1 "Holders of rec. May 20
Gruen Watch, common ((uar.)
•50c. Sept. 1 "Holders of ree. Aug. 20
Common ((uar.)
•
500. Dec. 1 *Holders of rec. Nov. 20
Common ((uar.)
•
50e. Marl 31 'Hold. of rec. Feb. 20'31
Common ((uar.)
•142 Aug. 1 *Holders of rec. July 20
Preferred ((uar.)
.
141 Nov. 1 'Holders of rec. Oct. 20
Preferred ((uer.)
•141 Feb 1 31 *Hold,of rec. Jan. 20'31
Preferred (guar.)
*37440 July 1 *Holders of rec. June 20
Gulf Oil Corp.(guar.)
•37440 Oct. 1 'Holders of tee. Sept. 20
Quarterly
'37340 Janl 31 •Hold, of rec. Dee. 20 '30
Quarterly
141 July 1 Holders of rec. JUDO lea
Gulf States Steel, lot pref.((uar.)
1% Oct. 1 Holders of rec. Sept. 154
First preferred (guar.)
141 Jan2'31 Holders of reo. Dec. 156
First preferred ((uar.)
"250. June 1 *Holders of rec. May 15
Hale Bros. Stores (guar.)
30c. May 31 Holders of rec. May 20
Hamilton Watch common
144 June 2 Holders of rec. May 104
Preferred. (quar.)
IN June 20 Holders of rec. June 54
Hanna (Ial. A.) Co., 1st pref. ((uar.).
$1.75 June 20 Holders of roe. June 55
$7 preferred ((uar.)
Hanes(P. H.) Kral..com.& com B (qu.) *15c. June 2 *Holders of rec. May 20
*141 July 1 *Holders of rec. June 20
Preferred (quar.)
50c. June 2 Holders of rec. May 23.
Harbison-Walker Refract., corn. (guar.)
250. June 2 Holders of ree. May 296
Common (extra)
144 July 19 Holders of rec. July 95
((oar.)
Preferred
O250. June 10 *Holders of rec. June 1
Hart-Carter Co., corn.(quar.)
•50c. Juno 1 'Holders of rec. May 15
Preferred ((uar.)
50c. June 2 Holders of rec. May 196
Hartman Corp. class A (guar.)
30c. June 2 Holders of rec. May 196
Class B ((uar.)
$2
May 31 *Holders of rec. May 15
Hart Schaffner & Marx. Corn.(guar.) .
75c. June 2 Holders of roe. May 15
Hathaway Bakeries,class A ((uar.)
141 June 2 Holders of rec. May 15
Preferred (guar.)
500. May 31 Holders of rec. May 15a
Hawaiian Pineapple ((uar.)
Hayes Wheels & Forgings, corn.(guar.). *50e. July 1 *Holders of rec. June 20
•50e. May 31 *Holders of rec. May 15
Hazeltine Corp.(guar.)
O25e, June 15 *Holders of rec. May 15
Heels Mining ((uar.)
35c. May 29 Holders of tee. May 23
Hibbard. Spencer, Bartlett & Co.(mthly)
35c June 27 Holders of rec. June 20
Monthly
Higbee & Co., first preferred (quar.)..... *141 Aug. 1 *Holders of rec. July 20
*141 Nov. 1 *Holders of rec. Oct. 19
First preferred ((uar.)
2
June 1 May 21 to June 2
Second preferred ((uar.)
*2
Sept. 1 *Holders of roe. Aug. 20
Second preferred (guar.)
*2
Dee, 1 *Holders of ree. Nov. 21
Second preferred ((Oar.)
50e. June 2 Holders of rec. May 154
Hires (Charles E.) Co.,com.A ((uar.)._
"6244e June 1 *Holders of rec. May 17
Hobart Mfg.common (guar.)
8244e July 1 Holders of rec. June 166
Holland Furnace ((uar.)
Sc. May 20 Holders of rec. May 6
Hollinger Consol. Gold Mines(mthly.)
"45c. June 1 *Holders of rec. May 10
Holt(Henry)& Co., panic. A (qu.)
50c. May 26 Holders of rec. May 206
Homestake Mining (monthly)
'8734c June 1 'Holders of rec. May 23
Horn (A. C.) Co. lot pref.(guar.)
s June 2 Holders of rec. May 126
Horn & Hat dart(N. Y.) pro!.((uar.)
•800. July 15 *Holders of tee. July 3
Illinois Brick (qum.)
•60c. Oct. 15 *Holders of tee. Oct. 3
Illinois Pipe Line (adjustment dividend)- *$4.50 June 14 *Holders of rec. May 22
Imperial Chemical Industries
4455
June 7 *Holders of roe. Apr. 15
American deposit receipts
Imperial 0110!Canada reg.stock ((uar.) 1244c. June 2 May 16 to June 1
1234c. June 2 Holders of coup. No.25
Bearer stock (quer.)
180. Slay 31 Holders of rec. May 25
Imperial Royalties pref. A (monthly)
144 May 31 Holders of rec. May 25
Old preferred
144 June 2 Holders of rec. May 20
Indiana Limestone, pref.(guar.)
Industrial Finance Corp
Common (payable in common sleek)-- f244 Aug. 1 Holders of refl. Apr. 18
Common (Payable in common stock) 1234 Nov. 1 Holders of rec. Apr. 18
Common (Payable in common stock).- f234 Febl'31 Hold. of rec. Apr. 18'30
Industrial & Power Securities, coin.(au) n25c. June 1 Holders of tee. May 1
S1 June 2 Holders of roe. May 94
Ingersoll-Rand Co.,corn.((uar.)
$1 June 2 Holders of roe. May 96
Common (extra)
$1 June 2 Holders of tee. May 15a
Inland Steel ((uar.)
Instill Utility Invest., corn. (In stook) - 41144 July 15 *Holders of res. July 1
.
Oct. 15 'Holders of roe. 001. 1
Common (payable in common stock)_
$1.50 June 2 Holders of roe. May 15
Second series preferred (guar.)
25e. June 25 Holders of rec. June 106
Interlake Iron (guar.)
141 June 2 Holders of rec. May 154
Internatl Agri°. Corp.. Pr. Pref. (Clu.).Holders of coupon No.8
I. G. Farbenindustrie
*12
*2
Holders of coupon No.8
Bonus
141 June 2 Holders of tee. May 56
Internat. Harvester pref.((uar.)
60c. June 2 Holders of rec. May 15a
Internat. Safety Razor, class A ((uar.).
50c. June 2 Holders of rec. May 156
Class B ((uar.)
500. June 1 Holders of ree. May 15
International Shoe, pref. (monthly)
144 June 1 Holders of rec. May 154
International Silver, corn. (guar.)
250. July 1 *Holders of rec. JUDO 14
Interstate Bakeries,001n.(qu.)(No. 1).... .
•25c. June 1 *Holders of rec. May 15
Iron Firemen Mfg.(guar.)
62 410 June 1 Holders of rec. May 15
Jaeger Machine, corn. (guar.)
75e. July 15 Holders of ree. July 1
Jewel Tea, Inc., Corn.((uar.)
June 16 Holders of rec. June 2
Common (extra)
(
131 June 2 "Holders of rec. May 13
Jones & Laughlin Steel Corp.. corn. qu.) •
144 July 1 Holders of rec. June 134
Preferred ((uar.)
$1.50 June 1 Holders of rec. May 106
Kendall Co. panic. prof. (qtutr.)
37c. June 1 Holders of rec. May 10a
Partie. pref.(Participating div.)
56310 Aug. 1 *Holders of rec. July 17
Kidder Participations, Inc.. COramon__ _ •
Kidder Participations No. 2, pref.(extra) 0250. Oct. 1
25c. July 1 Holders of rec. June 16a
Kinney (G.R.) Co.,corn.(guar.)
2
June 2 Holders of rec. May 186
Preferred ((uar.)
•144 June 10 *Holders of roe. May 31a
Kirby Lumber ((nat.)
•151 Sept. 10 *Holders of rec. Aug. 30
Quarterly
•144 Doe. 10 *Holders of roe. Nov. 29
Quarterly
Klein (D. Emil) Co.(guar.)(No. 1)---- •250. July 1 *Holders of tee. June 15
25c, June 2 Holders of rec. May 106
Kroger Grocery & Baking, corn.((uar.).
"144 July 1 *Holders of rec. June 20
First preferred ((uar.)
Aug. 1 *Holders of rec. July 21
Second preferred ((uar.)
el
June 2 Holders of rec. May 10a
Stock dividend
el
Sept. 1 Holders of rec. Aug. 116
Stook dividend
*AA
'134
3496
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (CotsUntied).
Kleinert (I. B.) Rubber Co. corn.(qu.)- 624e June 52 Holders of roe. May 15
Knox Hat,corn.(guar.)
•$1 June 15'Holders of rec. May 15
Lake of the Woods Miffing, corn.(guar.) 80e. June 2 Holders of rec. May 17
Preferred (guar.)
1;1 June 2 Holders of rec. May 17
Landis Machine, common (guar.)
*750. Aug. 15 *Holders of rec. Aug 5
Common (guar.)
*750. Nov. 15 *Holders of reo. Nov. 5
Lanston Monotype Machine (quar.)
*1% May 31 *Holders of rec. May 21
Extra
•250. May 31 *Holders of rm. May 21
Leath & Co., common (guar.)
•250 June 30 *Holders of roe. June 20
Common (guar.)
•250. Sept.30 *Holders of rec. Sept. 20
Lehigh Coal & Navigation
New no par common (guar.)(No.1)-350. May 31 Holders of rec. Apr. 300
Lehigh Portland Cement, pref. (quar.)134 July 1 Holders of rec. June 140
Lehn ds Fink Products corn (quar.)---75c. June 1 Holders of roe, May I50
Libby-Owens Glass, corn.(guar.)
250. June 1 Holders of rec. May 16a
Liberty Share Corp., stook dividend
'el
Dec. 31
Liggett Is MyersTob.com..kcom.B.(gu.) El June 2 Holders of rec. May 15
0
Lindsay(C.W.)dr Co.,corn.(guar.).
- 25e. June 1 Holders of rec. May 15
134 June 1 Holders of rec. May 15
Preferred (guar.)
Lindsay Light. corn. (guar.)
•15e. May 17 "Holders of roe. May 3
'Sc. May 17 *Holders of rec. May 3
Common (extra)
Link Belt Co.. corn.(quar.)
85e. June 1 Holders of rec. May 16
London Canada Investment, pref. (qu.) 14 June 2 Holders of rec. may 16
134 June 2 Holders of rec. May 170
Lord & Taylor, 1st pref. (guar.)
Ludlow Mfg. Associates (guar.)
$2.50 June 2 Holders of rec. May 10
Lunkenheirner Co., pref.(qua?.)
'134 July 1 *Holders of rec. June 21
al% Oct. 1 'Holders of rec. Sept.20
Preferred (guar.)
"14 Jan 1'31
Preferred (guar.)
Magnin (I.) Co., pref. (guar.)
"134 Aug. 15 *Holders of rm. Aug. 5
•
Preferred (guar.)
134 Nov.15 *Holders of roe. Nov. 5
14 June 1 Holders of rec. May 20a
Mengel Storm,Prof.(guar.)
500. June 2 Holders of rec. May 15a
Manhattan Shirt, corn. (guar.)
Manisehewitz (B.) Co.
June 1 "Holders of roe. May 20
Common (pay.in corn.stook)(guar.)- *11
*13( July 1 *Holders of rec. Mar.20
Preferred (guar.)
June 2 Holders of rec. May 190
Marmon Mot.Car,com.(pay.in com.stk.) .1'2
-- 6240 June 1 Holders of rec. May 15a
Marshall Field & Co. (qu.) (No. 1)
•50c. June I *Holders of rec. May 15
Material Service Corp.(guar.)
500. June 2 Holders of rec. May 150
May Department Stores, corn.(qua?,)
Common (payable in common stook). 1134 June 2 Holders of rec. May 150
Common (payable In common stock). 1134 Sept. 2 Holders of roe. Aug. 154
Common (payablein common stook). 11/4 Doe. 1 Holders of reo. Nov. 150
•500. June 15 *Holders of rec. June 3
Mayflower Associates (guar.)
*el
June 15 *Holders of rec. June 3
Stock dividend
15o. June 15 Holders of rec. May 15
McColl-Frontenac 011, corn.(quar.)--McCrory Stores Corp.
50o. June 2 Holders of rec. May 20a
Common and common B (guar.)
25e. June 2 Holders of rec. May la
McIntyre Porcupine Mines (guar.)
McKesson & Robbins, pref. A (quar.) 874c.June 16 Holders of rec. June 2a
500. June 1 Holders of rec. May 20
Medart (Fred.) Mfg..corn.(guar.)
50c. July 1 Holders of rec. May ara
Mengel Co., corn. (gnat.)
Preferred (Guar.)_
134 June 1 Holders of rec. May 15a
2
July 1 Holders of rec. June 17
Merck Corporation, pref. (guar.)
40e. June 1 Holders of rm. May 15
-Chapman &Scott Corp.,com(qu)
Merritt
134 June 1 Holders of rec. May 15
Preferred (guar.)
Metro-Goldwyn Pictures, pref.(qu.) -- 4734c. June 14 Holders of rec. May 290
el July 21 Holders of rms. June 300
Michigan Steel (extra in stock)
Miller & Hart, Inc.. cony. pref.(guar.)_ "874e July 1 'Holders of rec. June 15
Mississippi Val. Utilities Investment
$1.75 June 2 Holders of rec. May 15
$7 preferred (guar.)
$1.50 May 31 Holders of rec. Apr. 30
Mohawk Mining
Morison Elec. Supply, corn.(quar.).__ .25e. June 1 *Holders of reo. May 15
Common (payable in common stook). 1134 June 1 *Holders of roe. May 15
50c. July 1 Holders of rec. Juned2la
Motor Products Corp. corn.(guar.).75e. June 1 Holders of rec. May 16a
Munsingwear, Inc. (guar.)
•500. June 1 *Holders of rec. May 20
Muskegon Motor Specialties A (guar.)
•114 May 31 *Holders of rec. May 10
National Baking, 7% pref.(guar.)
750. June 1 Holders of reo. May 15
Nat. Bearing Metals, corn. (guar.)
134 June 1 Holders of rec. May 21a
Nat. Belles Hess Co., pref. (guar.)
70e. July 15 Holders of rec. June 20a
National Biscuit. new corn.(No. 1)- --154 May 31 Holders of rec. May 1Sa
Preferred (quar.)
50e. July 1 Holders of rec. June 3a
Nat. Dairy Products, corn.(guar.)
Corn.(payable in corn. stook)
July 1 Holders of me. June 3a
/1
Oct. 1 Holders of roe. Sept. 3a
(payable In corn.stock) (Guar.). 11
(quar.)Com
Preferred A ds B (guar.)
"154 July 1 *Holders of rec. June 3a
National Dept. Stores, 2nd pref. (qu.).._ •134 June 1 'Holders of rec. May 15
•40 .Jane 1 'Holders of rec. May 20
0
Nat. Family Stores, corn. (guar.)
*50c. June 1 *Holders of rec. May 20
Preferred (guar.)
254 July 1 Holders of rec. June 10
National Investors Corp., pref
National Lead pref. A (guar.)
134 June 14 Holders of roe. May 29a
*50c. July 1 'Holders of rec. June '20
National Screen Service (guar.)
- 400. July 1 Holders of rec. June 14a
Nekaser Bros., The., common (guar.).
40e. Oct. 1 Holders of roe. Sept. 15a
Common (guar.)
40o. Jan 1'31 Holders of reo. Dec. 150
Common (guar.)
*I 54 June 1 *Holders of rec. May 16
Newberry (J. J.) Co.. pref. (quar.)..
2
June 10 Holders of rec. May 21
New Jersey Zinc (extra)
*50e. June 2 *Holders of rec. May 23
Newport Co.(guar.)
750. June 2 Holders of rec. May 23a
Class A (guar.)
-Bement
-Pond. 00Innion (quar.)_ *500. June 30 *Holders of roe. June 20
Niles
•500. Sept.30 *Holders of rec. Sept.20
Common (guar.)
•500. Doe, 31 'Holders of roe. Doe. 20
Common (guar.)
-- •014 July 1 *Holders of rec. June 20
Noblitt-Sparks Industries (in stock).
*el% Oct. 1 *Holders of rec. Sept. 20
Stock dividend
Northam Warren Corp., cony. pref.(qu) *750 May 31 *Holders of rec. May 15
North American Investment, com.(qu.)_ *$1.25 May 20 *Holders of reo. Apr. 30
150. June 2 Holders of rec. may 10
North Central Texas Oil (guar.)
Northern Disc., pref. A (monthly).--'662-30 June 1 *Holders of roe. May 15
•68 2-30 July 1 'Holders of roe. June 15
Preferred A (monthly)
88 2-3e Aug. 1 'Holders of rec. July 15
Preferred A (monthly)
86 2-30 Sept. 1 *Holders of roe. Aug. 15
Preferred A (monthly)
66 2-3 Oct. 1 *Holders of rec. Sept. 15
Preferred A (monthly)
66 2-30 Nov. 1 *Holders of roe. Oct. 15
Preferred A (monthly)
•682
-Se Dec. 1 *Holders of roe. Nov. 15
Preferred A (monthly)
•2c. May 26 *Holders of rec. May 18
Oceanic Oil (hi-monthly)
*S1.50 Aug. 1 *Holders of roe. July 20
Ogglesby Paper. Preferred (guar.)
•$1.50 Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
.$1
June 14 *Holders of roe. May 15
Ohio Oil common (guar.)
*$1.50 June 14 'Holders of rec. May 22
New preferred (guar.)(No. 1)
*3734c May 25 "Holders of rec. May 15
Orange-Crush Co.(guar.)
.
0500. June 1 *Holders of rec. May 22
Oshkosh Overall, pref.(guar.)
134 July 15 Holders of reo. June 300
Otis Elevator. pref.(guar.)
154 Oct. 15 Holders of rm. Sept. 30a
Preferred (guar.)
150 an15'31 Hold, of rec. Dee.31'304
Preferred (guar.)
"45c. June 2'Holders of rec. May 19
Outboard Motors Corp., el. A (quar.)
154 July 1 Holders of rec. June 15
Owens Illinois Glass, pref.(guar.)
*500. June 1 *Holders of rec. May 15
Pacific American Fisheries(guar.)
25e. June 12 Holders of rec. May 154
Packard Motor Car (guar.)
"6240 May 20 *Holders of rec. May 10
Parker Rust Proof, corn. (guar.)
Common (payable In common stock)_ 110 May 20 *Holders of rec. May 10
*35e. May 20 *Holders of rec. May 10
Preferred (guar.)
50c. June 1 Holders of rec. May 15
Patterson-Sargent Co.. corn.(qua?.)_
Fender(D.) Grocery Co.,cl. A (qu.)
8754c. June 1 Holders of rec. May 20
25c. June 1 Holden of rec. May 515
Pepper (Dr.) Co
May 20 *Holders of rec. May 12
.$1
Penn-Mex Fuel Co
624c. June 2 Holders of rec. Apr. 30a
Pennsylvania Investing Co. cl. A
500. June 2 Holders of roe. Apr. 30a
B
(qu.)Clas
1 4 June 1 Holders of rec. May 10a
Pierce-Arrow Motor Car, pref. (quar.)-50c. June 2 Holders of rec. May 15a
Pillsbury Flour Mills, corn.(guar.)
*25e. June 1 "Holders of rec. May 15
Pines Winterfront Co.(guar.)
June 1 'Holders of rec. May 15
"e2
Stock dividend
I% June 1 Holders of rec. May 100
Pittsburgh Steel pref. (guar.)
50c. June 1 Holders of rec. May 150
Poor & Co.. class A and B (guar.)
Powdrell & Alexander, Pref. (quar.)--- •14 July 1 *Holders of rec. June 15
Pressed Metals of Amer. corn. (quar.)_ _ *250. July 1 'Holders of rec. June 14
25e. June 2 Holders of rm. May 15
Prince & Whitely Trading, corn.(No.1).
750. June 2 Holders of rec. May 20
Preferred (guar.)
250. June 16 Holders of roe. May 15
Public Investing Co. (quar.)
100. June 18 Holders of rec. May 15
Extra
Pure Oil Co., corn. (quar.)
3740 June 1 Holders of rec. May 90
June 1 Holders of rec. May 150
$1
Purity Bakeries Corp., corn. (guar.)
"14 May 31 *Holders of rec. May 1
Quaker Oats, pref. (guar.)
[VOL. 130.
FINANCIAL CHRONICLE
•
•
•
•
Name! of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Radio Corp. of Amer., pref. A (qua?.) 874e. July 1 Holders of rec. June 20
Preferred B (quar.)
$1.25 July 1 Holders of rms. June 2a
Railroad Shares Corp.(guar.)
9
124c June 18 Holders of rec. May 1
Ry. dr Utilities Investing, 7% pf.(qu.)_ 874c June 2 Holders of rec. May 15
6% convertible preferred (quar.)
75e. June 2 Holders of rec. May 15
Ranier Pulp & Paper, class A (quar.)_
*50c. June 1 "Holders of reo. May 10
Class B (quar.)
•25c. June 1 *Holders of rec. May 10
Rapid Electrotype, stock dividend
July 15'Holders of roe. July 1
•e5
Remington Rand, Inc., corn,(quar.).__
400. July 1 Holders of roe. June 76
First preferred (guar.)
134 July 1 Holders of roe. June 7a
Second preferred (quar.)
2
July 1 Holders of roe. June 76
Republic Iron & Steel
-See note (es)
Republic Supply (guar.)
*750. July 15 *Holders of roe. July 1
Quarterly
"750. Oct. 15 "Holders of roe. Oct. 1
Revere Copper & Brass, class A (quar.)_ $1
July 1 Holders of roe. June 106
Preferred (guar.)
$1.75 Aug. 1 Holders of reo. July 10a
Reynolds Metals (guar.)
600. June 2 Holders of roe. May 150
Rubber Plantations Invest. Trust
"ta714 May 19 *Holders of rec. Apr. 25
Amer. dep. rcts. ord. reg. shares
Ruud Manufacturing Mar./
*65o. Aug. 1 'Holders of reo. July 20
St. Joseph Lead Co.(guar.)
50e. June 20 June 10 to June 20
25e. June 20 June 10 to June 20
Extra
50e. Sept. 20 Sept. 10 to Sept. 21
Quarterly
25e. Sept. 20 Sept. 10 to Sept. 21
Extra
50c. Dec. 20 Doe. 10 to Dec. 21
Quarterly
250. Dec. 20 Doe. 10 to Doe. 21
Extra
50c. June 2 Holders of rec. May 150
Savage Arms. corn.(guar.)
•13.4 Aug. 15 *Holders of rec. Aug. 1
Second preferred (guar.)
el
Aug. 1 Holders of rec. July 15a
Sears, Roebuck & Co.,stock My.(qu.)
Cl
Nov. 1 Holders of rm. Oct. 154
Stock dividend (guar.)
Second National Investors, pref. (guar.) $1.25 July 1 Holders of rec. June 10a
Sheaffer (W. S.) Pens, common
•$1 Sept. 15 *Holders of me. Aug. 25
(quar.)Shewin
Williams Co., pref. (quar.)-- - 14 June 1 Holders of res. May 15
50c. May 31 Holders of rec. May 16
Shippers Car Line, class A (quar.)
194 May 31 Holders of rec. May 16
Preferred (guar.)
400. June 14 Holders of roe. May 29a
Simms Petroleum (guar.)
134 June 2 Holders of rec. May 16a
Simon (Franklin) & Co., pref. (quar.)- Simon (H.) dr Sons, Ltd., corn.(quar.)_ 62340. June 1 Holders of roe. May 20
Proferred (guar.)
134 June 1 Holders of ree. May 20
500. June 16 Holders of rec. May 150
Skelly Oil (guar.)
Smith (Howard) Paper Mills, pref.(qu.) 154 June 2 Holders of roe. May 21
*750. June 15 *Holders of roe. June 10
Southern Acid & Sulphur(quar.)
50c. July 15 Holders of rec. June 30a
Spalding(A. G.) dr Bros., corn.(quar.)-First preferred (quar.)
134 June 2 Holders of roe. May 17a
2
June 2 Holders of rec. May 17
Second preferred (quar.)
134 June 2 Holders of roe. May 15a
Spear & Co.. pref. dr 2nd pref.(quar.)
Spencer Trask Fund (No. 1)(qua?.)___ .25e. June 30 *Holders of rec. June 19
Square D Co., corn. B (guar.)(No. I)__ *50c. June 30 "Holders of roe. June 20
*2 June 30 *Holders of roe. June 20
Common B (payable in stock)
*15o. June 1 'Holders of rec. May 15
Standard Dredging, corn. (guar.)
Corn.(1-80th of one share of corn.)-- (f) June 1 Holders of rec. May 15
62140 June 16 Holders of roe. May 15a
Standard 011 (California)(guar.)
•6214c June 16 *Holders of roe. May 16
Standard Oil (Indiana) (quar.)
8234c,June 20 May 25 to June 20
Standard Oil(Nebraska) (qua?.)..
25e. June 20 May 25 to June 20
Extra
250. June 16 Holders of rec. May 17a
Standard Oil Co.(N. J.) $25 par (guar.)
25c. June 16 Holders of rec. May 170
$25 par (extra)
1
June 16 Holders of rec. May 17
$100 par (guar.)
1
June 16 Holders of rec. May 17
$100 par (extra)
400. June 16 Holders of ree. May 90
Standard Oil(N. Y.)(guar.)
I% June 2 Holders of roe. May fl
Standard Oil (Ohio), pref.(quar.)
•1 8 2-3c. May 31 *Holders of rec. May 21
Stearns (Fred.) Corp.(monthly)
750. June 2 Holders of rec May 150
Sterling Securities,cony. 1st prof.(qua?.)
30c. June 2 Holders of rec. May 15a
Preferred (guar.)
Stlx, Baer de Fuller. common Mar./
-'37540 June 1 *Holders of rec. May 15
'37540 Sept. 1 *Holders of reo. Aug. 15
Common (guar.)
•3710 Dec. 1 "Holders of roe. Nov. 15
Common (guar.)
Stone(H.0.) at Co.
July 1 *Holders of rec. June 18
15
Common (1n corn. stk.)
$1 June 2 Holders of rec. May 10a
Studebaker Corp., Win.
(guar.)
154 June 2 Holders of roe. May 10a
Preferred (guar.)
25e. June 16 Holders of rec. May 26a
Sun Oil Co., corn.(guar.)
14 June 2 Holders of rec. May 10a
Preferred (guar.)
"274c June 1 'Holders of rec. May 23
Superior Portland Cement(qua?.)
"4354c June 3 *Holders of rec. May 15
Swan-Finch 011 Corp., pref.(qu.)
"20o. June 1 *Holders of rec. May 20
Telephone Corporation (monthly)
•200. July 1 *Holders of roe. June 20
Monthly
*200. Aug. 1 'Holders of rec. July 20
Monthly
*20c. Sept. 1 *Holders of rec. Aug. 20
Monthly
•200. Oct. I *Holders of rec. Sept. 20
Monthly
*20e. Nov. 1 'Holders of rm. Oct. 20
Monthly
•200. Dec. 1 'Holders of rec. Nov.20
Monthly
July 1 Holders of rec. June 10a
Third National Investors Corp., com- $1
-annual300. Aug. 15 Holders of rec. July 3Ia
Tide Water Associated OIL semi
Timken-Detroit Axle. pref. (quar.)-- -- 194 June 2 Holders of rec. May 20a
750. June 5 Holders of rec. May 206
Timken Roller Bearing (guar.)
•03 July 25 *Holders of me. July 5
Transamerica Corp.stock dividend
Traung Label & Lithograph, el. A (qu.) •374o June 15 *Holders of rec. June 1
'37540 Sept. 15 *Holders of rec. Sept. 1
Class A (guar.)
*3710 Doe. 15 *Holders of rec. Dee. 1
Class A (quar.)
300. July 1' Holders of ree. June 26a
Truscon Steel, corn. (guar.)
134 June 2 Holders of rec. May 21
Preferred (oliar.)
Underwood-Elliott-Fisher Co.
$1.25 June 30 Holders of rec. June 12a
Common (guar.)
154 June 30 Holders of rec. June I2a
Preferred (guar.)
•82540 Aug. 15 *Holders of rec. Aug. 1
Union Storage Co. (qua?.)
•624e Nov. 15 "Holders of rm. Nov. 1
Quarterly
United Amer. Utilities, Inc.
June 10 Holders of ree. May 15
Corn.(1-40th share corn. stk.)(No. 1)
212 June 1 Holders of roe. May 9
-Se
Class A, first series (No. 1)
400. June 1 Holders of rec. May 17a
United Biscuit,corn.(quar.)
154 Aug. 1 !folders of rec. July 176
Preferred (guar.)
"34 July I *Holders of rec. June 13
United Carbon, preferred
*15c. June 2 "Holders of rec. May 20
United-Carr Fastener (quar.)
United Chemicals, Inc., pref. (quar.)--- "750. June 1 'Holders of reo. May 15
*50c. June 1 *Holders of rec. May 15
United Milk Crate, Cl A (quar.)
- 50o. Aug. 1 Holders of rec. July 154
United Piece Dye Works, corn.(quar.)
500. Nov. 1 Holders of reo. Oct. 15a
Common (guar.)
134 July 1 Holders of too. June 206
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
4
134 Jan2'31 Holders of rm. Doe. 200
Preferred (guar.)
500. June 1 Holders of roe. May 210
U. S. Hoffman Machinery (guar.)
U. S. Pipe & Foundry, corn.(quar.)--- 23.4 July 20 Holders of rec. June 306
234 Oct. 20 Holders of roe. Sept. 206
Common (guar.)
24 Ja20'31 Holders of rec. Dee. 316
Common (quar.)
300. July 20 Holders of rm. June 30a
First preferred (guar.)
300. Oct. 20 Holders of roe. Sept. 306
First preferred (quar.)
30c. Ja20'31 Holders of roe. Deo. 316
First preferred (quar.)
1300. July 20 Holders of rec. June 306
Second preferred (quar.)
Second preferred (quar.)
1300. Oct. 20 Holders of roe. Sept. 306
l30c. Ja20'31 Holders of roe. Dee. 31a
Second preferred (guar.)
U. S. Playing Card (guar.)
'Si
July 1 *Holders of roe. June 20
U.S. Print.& Lithograph., corn.(qu.).. *50c. July 1 *Holders of rec. June 20
*75c. July I 'Holders of rec. June 20
Preferred (guar.)
U.S.Realty dr Impt.(guar.)
$1.25 June 16 Holders of roe. May 160
U.S.Steel Corp., corn.(qua?.)
114 June 28 Holders of roe. May 29a
114 May 29 Holders of reo. May 30
Preferred (guar.)
U.S. Stores Corp., let pref.(quar.)
$1.75 June 1 Holders of rec. May 190
Utility Equities Corp. priority stk.(qu.) $2.75 June 2 Holders of ree. May 15
Utility & Industrial Corp.. prof.(quar.) 374c. May 20 Holders of rec. Apr. 30
Vacuum Oil (quar.)
$1
June 20 Holders of rec. May 31
Vapor Car Heating, pref. (quar.)
"134 June 10 *Holders of reo. June 1
Preferred (guar.)
•154 Sent. 10 *Holders of rec. Sept. 1
Preferred (guar.)
•154 flee. 10 *Holders of rec. Doe. 1
Victor Welding Equip., A dr B (quar.) •3740 May 25 *Holders of rec. May 14
Vulcan Detinning, corn. & com. A (qu.).
1
July 21 Holders of rec. July 50
Preferred and preferred A (quar.)
134 July 21 Holders of rec. July 50
Walluku Sugar (monthly)
*10e. May 25
Waltham Watch, pref. (guar.)
•13; July 1 *Holders of rec. June 21
Preferred (guar.)
*14 Oct. 1 *Holders of rec. Sept.20
Ward Baking,pref.(guar.)
134 July 1 Holders of rec. June 170
MAY 17 1930.]
Per
When
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
Warner Bros. Pictures, corn.(quar.) ____
Preferred (quar.)
Warren Bros., new corn. (cm.)(No. I)
New first pref.(quar.)(No. 1)
New second pref.(quar.)(No. 1)
Wayne Pump Co., Pref. (guar.)
Welch Grape Juice corn. (quar.)
Common (extra)
Wesson Oil & Snowdrift Co., pf.(qu.) _ _ _
Western Auto Supply, corn. A & B (qu.)
Western Dairy Products, cl. A (qua
Western Reserve Investing 6% pf.(qu.)_
6% partic. pref.(quar.)
Western Tablet & Stationery, corn.(qu.)
Preferred (quar.)
Westvaco Chlorine Products, corn. (qu.)
Wheatsworth, Inc. (quar.)
Wheeling Steel, corn.(guar.)
White (J. G.) & Co., Inc. pref.(quar.)_.
White(J. G.) Engineering, pref.(qu.) _ _
White Motor Co., corn. (quer.)
White Motor Securities, pref. (quar.)_ _ _
Willys-Overland Co., pref.(quar.)
Winsted Hosiery (quar.)
Extra
Quarterly
Extra
Winton Engine, corn. (quar.)
Preferred (quar.)
Wolverine Tube. Pref.(quar.)
Woolworth (F. W.) Co. (quar.)
Wrigley (Wm.) Jr. Co.(monthly)
Monthly
onite Products Corp.(quar.)
Books Closed,
Days Inclusive.
Correction. e Payable In stock.
IPayable in common stock. C Payable in scrip. ts On account of accumulated
dividends. jPayable in preferred stook.
Ford Motor of France dividend is 7.5993 francs per share less expenses of
depositary.
1c International Sleeping Car & European Express Trains Co. dividend is 20
Belgian francs less expenses of depositary.
tOne share Columbia Oil& Gasoline, corn.; vtc., for each five shares Columbia
Gas & Electric, corn.
m United American Utilities class A dividend unless notified on or before May 9
to the contrary, will be paid in class A stock.
n Industrial & Power Securities dividend is payable in cash or stock at option of
holder.
o Holders of Federal Water Service class A stock may apply 50c. per share of this
dividend to the purchase of additional class A stock at $27 per share.
g North American Co. corn, stock dividend is payable in common stock at rate of
one-fourth share for each share held.
s Blue Ridge Corp. pref, stock dividend payable in common stock at rate 011-32nd
share common for each share preferred, unless stockholders notifies company on or
before May 15 of his desire to take cash.
I Payments on 2d Prof. stock of U. S. Pipe & Fdy. Co. subject to discontinuance
in the event of the redemption of that stock before all dividends are paid.
u Union Natural Gas of Canada dividend payable either 40e. cash or 2% stock.
so Lees deduction for expenses of depositary.
z Central States Electric cony. pref. stock dividends will be payable in corn, stock
-64ths corn, for
at rate of 3-32nds corn, for each share optional series 01 1928 and 3
each share optional series 1929 unless holders notify company of their desire to
take cash, $1.50 per share.
y Lone Star Gas Stock dividend is one share for each seven held.
ee A dividend at rate of $4 per share per annum from March 1 1930 to date upon
which plan shall be consummated is payable 14 days after date of consummation
of plan to holders of record April 2.
Weekly Return of New York City Clearing House.
Beginning with Mar. 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. MAY 10 1930.
Clearing House
Members
• Capital
$
Bank of N. Y. A Tr. Co__
6,000,000
Bk.of Manhattan Tr. Co.
22,250,000
Bank ot Amer., Nat. Assn
36,775,300
National City Bank
110,000,000
Chemical 13k.& Ti'. Co_ _
.
15,000,000
Guaranty Trust Co
90,000,000
Chat.linen. N.B.&Tr.Co
16,200,000
B.&Tr.
Cent.Hanover.Co
21,000,000
Corn Exch. Bank Tr. Co_
12,100,000
First National Bank
10,000,000
Irving Trust Co
50,000,000
Continental Bk.& Tr. Co
6,000,000
Chase National Bank..._.... 105,000,000
500,000
Fifth Avenue Bank
Equitable Trust Co
50,000,000
25,000,000
Bankers Trust Co
. 10,000,000
Title Guar.& Trust Co_ _
6,000,000
Fidelity Trust Co
3,000,000
Lawyers Trust Co
12,500,000
New York Trust Co
7,000,000
Comml Nat. Ilk. & Tr.Co
2,000,000
Harriman N.B.& Tr. Co_
Clearing Non-Members
City Bank Farmers Tr.Co
Mech. Tr. Co., Bayonne_
10,000,000
500,000
1
*Surplus and Net Demand
Undivided
Deposits
Profits.
Average.
$
$
14,512,400
62,731,000
43,707,300 191,420,000
41,293,100 165,360,000
130,559,400 a 1033984,000
22,348,600 199,805,000
205,035,100 b829,315.000
19,492,800 198.185,000
84,128,000 364,004,000
23,115,300 183,022,000
105,614,300 220,823,000
84,197,900 354,993,000
11,345,700
12,574,000
138,568,700 c757,684,000
3,793,600
25,150,000
83,916,300 d483,000,000
84,295,800 e401,013,000
24,671,900
37,573,000
5,695.100
45,376,000
4,694,300
21,336,000
34,851,100 158,145,000
9,150,300
50,423,000
2,395,700
31,475,000
13,014,600
893.900
Time
Deposits
Average.
$
13,111,000
42,999,000
63,211.000
222,275,000
21,220.000
107,596,000
41,424,000
43,848,000
32,456,000
21,713,000
60,419.000
229,000
94.388,000
1,527,000
84,139,000
61,715,000
1,554,000
5,378,000
2,397,000
33,360,000
8,815,000
7,134,000
4,442,000
3,159,000
1,633,000
5,433,000
826.825.300 1.171.246.200 5.834 002 nnn
077 nun nnn
• As Per official reports. National, March 27 1930; State, March 27 1930; trust
companies, March 27 1930.
Includes deposits In foreign branches: a$321,163,000; b 8145,938,000; c $14,593,000; d 8130,937,000; e 878,806,000
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending May 9:
$1 June 2 Holders of rec. May I2a
55e. June 2 Holders of rec. May 12a
75c. July 1 Holders of rec. June 16a
25c. July 1 Holders of .ec. June 160
2918 c July 1 Holders of rec. June 16
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
87 e June 1 Holders of rec. May 20
25e. Mayd3I Holders of rec. May 15
FOR THE WEEK ENDED FRIDAY, MAY 9 1930.
$2.25 Mayd31 Holders of rec. May 15
31 June 1 Holders of rec. May 150
NATIONAL AND STATE BANKS
-Average Figures
75c. June I Holders of rec. May 20
$I June dl Holders of rec. May 12a
1% July 1 Holders of rec. June 13
OtherCash Res., Dep., Dep. Other
July 1 Holders of rec. June 13a
Gross
Including N. Y. and Banks and
*50c. Aug. 1 *Holders of rec. July 21
Loans.
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
*1% July 1 *Holders of rec. June 20
50e. June 1 Holders of rec. May 150
$
$
Manhattan$
$
$
$
*25e. July 1 *Holders of rec. June 20
Bank of U.9_ __ 219,706,000 20,000 4,011,000 31,383,000 2,142,000 216,383,000
.
*81 June 2 *Holders of roe. May 12
2,257,900
359.300
Bryant Park Bk. 2,757,000 59,500 108,500
1% June I Holders of rec. May 15
79,032 1,805,336 1,635,325 18,344,866
Grace National__ 20,495,985 3,000
June 2 Holders of rec. May 15
214,500
107,900 2,970,900
3,514,600 14,700 101,700
Port Morris
50e. June 30 Holders o; roe. 5June12
Brooklyn
1% June 30 Holders of rec. June 12
172,397,000
July 1 Holders of rec. June 180 Public National _ 150,800,000 30,000 1,826,000 9,453,000 39,497,000
1%
619,000
574,500 6,602,700
9,146,900 18,800 101,800
Brooklyn Nat'l
Aug. 1 *Holders of roe. July 15
*2
549,000
110,000 7,500,000
Peoples Nat'l_.. 7,500,000 5,000 122,000
*500. Aug. 1 *Holders of rec. July 15
*2% Nov. 1 *Holders of rec. Oct. 15
*500. Nov. 1 *Holders of rec. Oct. 15
June 1 Holders of rec. May 30
$1
TRUST COMPANIES-Average Figures
75c. June 1 Holders of rec. May 30
•1% June 2 *Holders of rec. May 15
60c. June 2 Holders of rec. Apr. 210
50e. June 2 Holders of roe. May 200
Res've Dep., Deyos.0ther
25e. July 1 Holders of ree. June 200
Gross
Cash.
N. Y. and Banks and
Loans.
25c. May 26 Holders of rec. May 15
Elsewhere. Trust Cos. Deposits.
*From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice.
The
New York Curb Exchange Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend.
b Empire Corp. pref. dividend is payable in common stock at rate of 1-16th share
common, or at the option of holder, 75c. cash.
Tntstla
3497
FINANCIAL CHRONICLE
h
$
$
Manhattan879,800
49,880,600 10,252,100
American
137,163
828,332
Bank of Europe & Ti'.15,691,391
675,068 1,863,426
25,064,618
Bronx County
1,448,000
22,127,000 1,294,000
Chelsea
84,504,400 *5,047,900 6,231,800
Empire
1,433,122
110,321
18,534,861
Federation
415,100
19,432,700 *2,279,900
Fulton
369,308,000 2,908,000 47,840,000
Manufacturers
75,557,560 3,700,000 11,583,569
United States
Brooklyn
121,096,000 2,959,000 25,971,000
Brooklyn
29,434,629 2,334,307 2,381,930
Kings County
Bayonne, N. J.la.nho n I no
R 0R1 245
941 Mt
833 260
$
$
20,700 49,271,700
14,992,124
25,100,047
20,045,000
4,451,000 84,462.100
138,177 18,408,216
16,790,500
2.507,000 343,372,000
62,035,586
128,943,000
27,381,136
344.427
9.007.619
•Includes amount with Federal Reserve Bank as follows; Empire, $3,392,0001
Fulton, $2,162,400.
-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.
May 14
1930.
Changesfrom
Previous Week.
May7
1930.
April 30
1930.
$
$
$
$
97,475,000
95,825,000
95,825,000 Unchanged
Capital
. 102,431,000 Unchanged 1,024,431,000 103,328,000
Surplus and profits
Loans. disc'ts & Investla 1,053,958,000 -12,059,000 1,066,017,000 1,105.372,000
649,212,000 -19,081,000 668,293,000 691,126,000
Individual deposits
144,300,000 -11,731,000 158,031,000 148,173,000
Due to banks
251,463,000
+1,611,000 249,852,000 269,478,000
Time deposits
8,084.000
5,357,000
4,341,000 -1,016,000
United States deposits_
33,835,000
31,799,000
22,900.000 -8.899,000
Exchanges for Clg. HOURP
87,200,000
88,134,000
84,106,000 -2,028.000
Due from other banks_ _
84,859,000
84,298,000
80,085,000 -4,213,000
Res've in legal depoeit'les
7,356,000
7,179,000
+54,000
7,233,000
Cash in bank _. ...
1,347,000
3,030,000
1.133.000 -1,897.000
Refeve in excess inF.11 JO
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending May.10, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended May 10 1930.
Two Ciphers (00)
omitted.
Members of
Trust
P.R.System Companies.
$
60,470,0
Capital
Surplus and profits_ __ _ 220,285,0
Loans. dIsets & invest. 1,092,310,0
36,245,0
Exch. for Clear. House
90,126,0
Due from banks
145,512,0
Bank deposits
615,346,0
Individual deposits
246,859,0
Time deposits
1,007,717,0
Total deposits
72,262,0
Res. with legal depos
Res. with F. R. Bank_
9,890,0
Cash in vault*
82,152,0
Total res. & cash held_
/
Reserve required
Excess reserve and cash
In onnit
7
May 3
1930.
Apra 26
1930.
Total.
$
$
$
$
67,930,0
67,634,0
7,500,0
67,970,0
16,714,0 236,999,0 236,999.0 237,294,0
63,841,0 1,156,151,0 1,154,700,0 1,153,133.0
39,981,0
31,670,0
36,545,0
300,0
97,947,0
95,928,0
13,0
90,139,0
1,859,0 147,371,0 150.024,0 147,602,0
28,301,0 643,647,0 650,576,0 643,237,0
16,043,0 262,902,0 265,352,0 264,389,0
46,203,0 1,053,920,0 1,085,952,0 1,055,228,0
72,262,0
72.810,0
72,166,0
4.034,0
4,034,0
4,614,0
4.078,0
11,439,0
1,549,0
11,257,0
11,680.0
87.735,0
5,583,0
88,681,0
87,924,0
7
7
7
1
7
7
7
• Cash In rains not counted as reserve for Federal Reserve members
7
3498
FoL.130.
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday atternoon, May 15,and showing she condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
u a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and rederal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 3460. 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 MAY 14 1930
May 14 1930. May. 7 1930. Apr. 30 1930. Apr. 231930. Apr.18 1930. April 9 1930. April 2 1930. Mar.261930. May 15 1929.
RESOURCES.
8
8
$
1,640,814,000 1,659.814,000 1,642,214,000 1,654.164,000 1.688,084.000 1,703,584,000 1,693.284.000 1,717,859,000 1,329,117,000
Golajwith Federal Reserve agents
40,722,000
Goldbrodemption fund with U. S. Treas.
41,097,000
41.097,000
41,142,000
65,071,000
42,245,000
41,245,000
51.851,000
51,865.100
Gold held exclusively agst. F. R. notes 1.681,536,000 1,700,911.000 1,683,311,000 1,695,306,000 1 729,329,000 1.745.829,000 1.745.135,000
1,394,188,000
Gold 'settlement fund with F.R.Board _ .. 597,981.000 598,889,000 634,847,000 615,295,000 592,097,000 587,240.000 588,864,000 1,769,724.060 654,848,000
587,321,000
Gold and gold certificates held by banks_ 794.565,000 768,369.000 754,502.000 735.799.000 710,065,000 704,212.000 687.710.000 693,957,000 789,087,000
3,074,082.000 3,068,169,000 3,072,660.000 3,046400000 3,031,491.000 3.037,281.000 3,021,709,000 3,051.002,000 2,838,123,000
Total gold reserves
174,177,000 173,955,000 178,937,000 178,376,000 177,413.000 184,069,000 187,167,000
Reserves other than gold
191,079,000 173,400,000
3,248,259,000 3,242,124,000 3,251,597,000 3,224,776,000 3,208.904,000 3.221,350,000 3.208,876,000
Total reserves
3,242,081,000 3,011,523,000
66,349,000
Non-reserve cash
63,890.000
62,607,000
66,357,000
65,027.000
83,981,000
67,460,000
67,422.000
72,366,000
Bills discounted:
83,543.000 106.620.000 105,979,000
Secured by U. S. Govt. obligations.-93,129,000
96.649,000 105,035.000 113,652.000
86.476.000 512,837,000
126.943.000 130,828.000 127.473,000 118,362,000 117.155,000 121.129,000 127.471,000
Other bills discounted
120,353.000 401,762,000
210,486,000 237,448,000 233,452.000 211,491,000 213,804,000 226,164,000 241,113,000
Total bills discounted
206.829.000 914,599,000
171.035.000 175,203,000 209,564.000 256,869,000 302,414,000 267.002,000 301,297,000 258,482.000 146,107,000
Bills bought in open market
U. S. Government securities:
52,431.000
Bonds
55,145,000 66,136,000
66,184,000
50,400,000
58.226,000
68,478,000
54,105.000
41,603.000
193,816.000 186,749,000 175,491.000 176,525,000 177,583.000 184,404.000 194.519.000
Treasury notes
90,610,000
281,655,000 285,950,000 287.882.000 284.679,000 289,332,000 284,666.000 281,765.000 192,520.000
Certificatesand Mlle
14,816,000
294.876.000
527.902.000 527,844,000 529,509.000 527,388,000 535,393,000 527.296,000 530,389,000
Total U.S. Government securities528,999,000 155,826,000
10,600,000
Other securities (see note)
10,600,000
9,700,000
9,215,000
7,817,000
9,865,000
8,780,000
8,780,000
8.780.000
Foreign loans on gold
Total bills and securities (lee note)._
Goln held abroad_
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
Total resources
LIABILITIES.
F.R.notes In actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
920,023,000
951,095,000
982,225,000 1.004.963,000 1,061,476,000 1,029.242.000 1,081,589.000 1,001,090,000 1,224,349,000
712,000
711.000
711,000
724,146.000 607,416,000 606,619,000
58,580,000
58.580.000
58,580,000
12,369,000
12,202,000
11.5420)0
711.000
649.170,000
58.580.000
11,499,000
711,000
736,580,000
58,509.000
11,006,000
711,000
722.000
688,014.000 645.994.000
58.507,000
58,507.000
12,304,000
12.195.000
724.000
582.194.000
58,501,000
11.479.000
723,000
847,343,000
58,761.000
8,361,000
5.030,438000 4,936,018.000 4,973,881,000 5.016,056,000
5,142,213,000 4,977.588.000 5,075,305,000 4,968,435,000 5,235,041,000
1,464,897.000 1.492,994.000 1,507,268,000 1,518,344,000 1,547,869.000 1,558.305,000 1.576,097.000 1.572.900,000 1,646,658,000
2,379,360,000 *2349446,000 2,384.721,000 2,363,314,000
2,380,128,000 2,344.643,000 2,375,348.000 2,339,844.000 2,319,887,000
12,837,000
33.794,000
22,674,000
35,200,000
13,678,000
25.683,000
36,736,000
20,418,000
38,922,000
5,526,000
5,337,000
5,365,000
5.775,000
6,106,000
5,730,000
6,371,000
6.610,000
8.128,000
23,107,000
24,432,000
21,173.000
17.897,000
25,837,000
20,538,000
18,779.000
20.077.000
22,187.000
2,420,830,000 *2413 009.000 2,433,933.000
Total deposits
2,422.186
2,365,508,000
674,399,000 *559,800,000 562.769.000 605,006,000 2,443,132,000 2,395,476.000 2,443,047.000 2,388,467,000 786,019.000
Deferred availability items
174,154,000 174.185.000 174.209,000 174,243,000 681,164,000 553,971,000 586.667,000 537,074.000 156,296,000
Capital paid in
276,936.000 276.936.000 276,936,000 276,936.000 174.153.000 174.217.000 174.246.000 174,266,000 254,398,000
Surplus
276,936,000 276.936,000 276.936.000 276.936,000
19,222,000
All other liabilities
19,094,000
18.766,000 19,341,000
26.162,000
18,959,000
18,792,000
18,683.000
18.312,000
5,030,438,000 4,936,018,000 4,973,881.000 5.016,056,000 5,142,213,000
Total liabilities
4,977,588.000 5,075,305.000 4,968,435,000 5,235,041,000
Ratio of gold reserves to deposits and
79.1%
F. R. note liabilities combined
78.5%
77.9%
77.8%
70.7%
75.9%
75.1%
70.8%
77.0%
Ratio of total reserves to deposits and
83.6%
F. It. note liabilities combined
83.0%
82.5%
81.8%
75.1%
80.4%
81.5%
79.8%
81.8%
Contingent liability on bills purchased
471,648.000 468,574.000 465.458.000 459,983,000
for foreign correspondents
459,446,000 469.571,000 475.524,'it 496.661.000 367,498,000
Distribution by Maturities
86,374.000
1-15 day bills bought in open market
99,090.000 110,370,000 147,584,000 190,529.000 171.421.000
75,980,000
172.731,000
124,065,000 153,260.000 149,986.000 133,350,000 141,044,000 151,547,000 205,190,000 132.180.000 739,927,000
1-15 days bats discounted
184.494.000
26.000,000
1-15 days U. S. certif. of indebtednese1,580.000
26,000,000
4,781,000
2,160,000
1,640.000
100,000
145 days municipal warrants
15,000
15,000
38.448.000
16-30 days bills bought In open market
32.293,000
44,260,000
33,176,000
54,041,000
28,487.000
41,454,000
39,178.000
47.760.000
19,154,000
16-30 days bills discounted
18,888,000
17.292,000
18,305,000
19.682.000
18,725.000
17,968.000 47,440,000
17.888,000
1.000
16-30 days U. B. certif. of indebtedness26,000,000
-30 days municipal warrants
16
30,000
30.000
36.375.000
81-60 days bills bought in open market_
29,864.000
39,864,000
35,084.000
25,732,000
40,634.000
40.996,000
47,492.000
48,709,000
30,082,000
81-60 days bills discounted
29,991,000
29,723,000
27,417,000
68,185,000
27,694,000
27,502.000
27,125.000
24,958.000
49,642,000
81-60 days U. S. certif. of indebtedness54,973,000
50,802.000
45,198,000
617,000
38,000,000
27.000.000
32,400,000
1,000
81-60 days municipal warrants
102,000
30,000
days bills bought In open market
9.417,000
01-90
12,082.000
11,913,000
16,158.000
9,108,000
13,277.000
13,977,000
8,690.000
12,370,000
16,254,000
61-90 days bills discounted
16.483.000
18,878,000
17,351.000
17,646.000
16,534.000
16.462.000 35,767,000
16,693,000
48.355,000
01-90 days U. S. certif. of indebtedness_
48.350,000
39,500,000
62,500,000
57.037.000
56.115,000
58,072.000
92.385,000
01-90 days municipal warrants
421,000
Over 90 days bills bought in open market
1,874,000
3.157,000
4,002,000
2,111,000
380.000
221,000
873.000
3.046.000
20,931.000
90 days bills discounted
Over
18,826,000
17.573,000
15,068,000
11.799,000
23,280,000
12,233,000
12,527.000
13.221,000
157,657,000 156,627,000 170,000,000 176,981,000
Over 90 days certif. of indebtedness
9,418,000
195.306,000 195.229.000 196,193.000 198,601,000
Over 90 days municipal warrants
300,000
F.R.notes received from Comptroller_ 3.071,992,000 3,090,606,000 3,100.743,000 3,112,259,000 3,140,246,000 3,146,693,000 3.131,407.000 3.142,406.000 3,055,800,000
1,271,117,000 1,275,416,000 1,273,756,000 1,265.917.000
H.R.notes held by F.R.Agent
1,275,751,000 1,252,741,000 1,231,271,000 1,226,728,000 990,877,000
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board By eligible Paper
1,800,875.000 1.815,190.000 1,826,987,000 1,846,342,000
402,108,000
402,108,000
402,108,000
1,864,495,000 1,893,952,000 1,900,136,000 1,915.680,000 2,064,923,000
402,108,000
402,028,000 402,028,000 402,028.000 402,239.000 378,295,000
80,710,000
1,238,706,000 1,257,706.000 1.240,106,000 1,252,056,000 1,286,056,000 1,301.556,000 1,291,256,000
870,112,000
367,661,000 405,267.000 430,807,000 460.096,000 494,433.000 469,807,000 514.028,000 1.315,620.000 1,017,200,000
451,956.000
2,008,475,000 2,065,081.000 2,073.021.000 2,114,260.000 2,182.517.000 21173.391.000 2,207,312,000
2.169,815.000 2,346,317.00
Total
* Revised figures.
NoTE.-Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances he d
abroad and amounts due
SO foreign correspondents. In addition, the caption, "AB other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
:"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total o
securities acquired under the provision of secs. 13and 1401 the Federal Reserve Act, which, It was stated,are the only items included
the discounts. aceePtances and
.herein.
WILEILLT STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 14 1930
Two ciphers (00) omitted.
Total.
Boston
New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Lands. Minneop. Kara.00y. Dallas. SanFraiii
Federal Reserve Bank ofRESOURCES.
$
$
$
$
$
$
$
$
$
3
0
0
0
;old with Federal Reserve Agents 1,040,814,0 174,917,0 355,594,0 140,000,0 180,550,0 73,000,0 112,000,0269,000.0 71,345,0 55.845,0 75,000,0 30,800.0 199.783.
0
15,174,0 2,882,0 2,385,0 1,896,0 2,542,0 1,814,0 1,886,0 1,922,0 1,635,0
40.722,0 1,298,0
;Old red'n fund with G.8. Treas.
912,01 8,378,0
Gold held ercLagst.F.R. notes 1,681,536,0 176,215,0 273,768,0 142,882,0 182,935,0 74,896,0 114,542,0 270,814,0 73,231,0 57,767,0 76,635,0 31.712,0 206,139,0
aold settle't fund with F.R.Board 597,981,0 27,715,0 102,722,0 30,289,0 68,974,0 12.245,0 13,097,0 118,595,0 25,611.0 12,061,0 28,763,0 13,259,0 45,850,0
9,119.01
;old and gold ctfs.held by banks. 794,565,0 36,693,0 477,105,0 34,943,0 53,430,0 8,968,0 8,341,0116,484,0 7,545,0 5,359,0 10,314,0
28,264,0
I
Total gold reserves
teserve other than gold
3,074,082,0 240,623,0
174,177,0 12,359,0
943,595,0 217,114,0 305,339,0 96,109,0 133,980,0 505,893.0106,387.0 75,187,0 115,712,0 54,090.0280,053,0
.57,769,0 10,692,0 11,503,0 7,157,0 14,682,0 16,614,0 13,646.0 4,028,0 8,023,0 7,387,01 10,917,0
3,248,259,0 252.982,0 1,001.364,0 227,808,0 316,842,0 103,286,0 148.862,0522,607,0 119,433,0 79,215,0 123,735,0 61,477,0 290,970,0
T000ireserves
11,380,0 3,970,0 4,357,0 4,205,0 5,076.0 10,085,0 6,092,0 2,073,0 2,348,0 4,461,0 5,508,0
ion-reaerve cash
66.349,0 7,796.0
Us discounted:
16,494,0 14,680,0 15,757,0 3,707,0 1,437,0 9,720,0 4,847,0
83,543,0 9,306,0
Sec. by U. EL Govt. obligations
685.0 2,910,0
869,0 3,131,0
13,810,0 13,839,0 7,217,0 13,100,0 23,498,0 8,247,0 9,659,0 3.268,0 11,808,0 6,907,0 5,318,0
126,943,0 10,272,0
Other bills discounted
Total bills discounted
11118 bought In open market
1,6. Goveassosent securities:
Bonds
!mammy notes
lertificAtes of indebtedness
210.486.0 19,578,0
171,035,0 14,675,0
30,304,0 28,519,0 22,974,0 16,807,0 24,935,0 17,967,0 14,506.0
35,307.0 5,549,0 13,947.0 9,004,0 18,405,0 17,393.0 10.437,0
52,431,0 1,190,0
193,816,0 12,888,0
281,655,0 26,245,0
670,0
978,0
12,806,0
85,182,0 17,508.0 22,939,0
99,875,0 27,639,0 26,387,0
'0110 17. R. CInv't sotenritlow
n27 002 n 50 222 n
3,953,0 14,718,0
6,943,0 11,678,0
7,776,0 8,449,0
8.412,0 23,285.0
1,299,0
3,730,0
7,611,0
136,0 20,564,0
366,0
645.0 4,791.0
707.0 8,279,0
4,568,0 16,554,0 11,576,0 8,211,0 5,172,0 7,073,0 18,415,0
4,129,0 33,531,0 7,047,0 10,446,0 10,546,0 10,285.0 17,914,0
177 $01:1 0 40.125.0 49.996.0 12.640.0
8.811.0 70 f14.0 0 10 2080 23.448,0 10.425.0 25.637.0 36.695_0
MAY 17 1930.]
tieSSOURCES ,
Concluled)Two Ciphers 00) orn-ied
Total
Boston.
$
10,600,0
Other securities
Foreign loans on gold
Total bills and securities
line from foreign banks
Uncollected items
Bank premises
kiloliter resources
Total resources
LIABILITIES.
3499
FINANCIAL CHRONICLE
New York
$
1,000,0
$
8,600,0
Phila.
Cleveland. Richmond Atlanta. Chicago. Si. Louis Minneap Kan.Cfty. Dallas. Ban Fran.
s
$
s
$
$
$
3
$
$
8
1,000,0
252,074.0 81.193,0 86,917,0 38,451,0 50,173,0 106,009.0 44,211,0 34,344.0 42.821,0 39,825,0 68,429,0
26,0
95,0
234,0
30,0
26,0
21,0
49,0
69,0
71.0
17.0
21.0
206,175,0 60.612,0 71,632,0 50,854,0 20.688,0 95,314,0 32,075,0 12,824,0 38,767,0 24,035,0 36,005,0
15,664,0 1,762,0 7,059,0 3,204,0 2,658,0 8,295,0 3,811,0 2,018,0 3,972,0 1,876,0 4,681,0
4,312,0
397,0
308,0
630,0 3.529,0
463,0
407,0
493,0
275,0 1,168,0
327,0
920,023,0 75,576,0
53,0
712,0
724,146,0 75,165,0
58,580,0 3,580,0
60,0
12,369,0
5,030,438,0 415,212,0 1,491,203,0 375,687,0 488,046.0 200,640.0 230,812.0 742,702,0 204,956,0 130,954,0 211,989,0 132,102,0 406,135.0
r. R. notes In actual circulation_
165,213,0 138,075,0 183,213,0 67,145,0 125,851,0 237,802,0 75,990,0 57,511,0 73,040,0 31,338,0 152,927,0
1,464,897,0 156,792,0
Depoeita:
Member bank-reserve acc'8- 2,379.360,0 149,724,0
Government
12,837,0
362,0
Foreign bank
5,526,0
397,0
Other deposits
23,107,0
85,0
972,566,0 137,964,0 185,421,0 64,386,0 64,465,0 350,724,0 77,012,0 50,210,0 89,520,0 61,520,0 175,848,0
2,469,0
770,0
898,0
667.0 1,024.0
356,0 1,266,0 1,098,0 1,061,0
1,232,0 1,634,0
1,927,0
193,0
719,0
193,0
123,0
225,0
161,0
161,0
370,0
521,0
536,0
683,0
248,0
152,0
11,307,0
92,0
98,0
165,0 1,460,0
89,0
31,0 8,699,0
Total deposits
Deferred availability Items
Xpltal paid in
lunges
LII other liabllitlea
988,269,0 139,006,0
181,661,0 54,133,0
69,766,0 16,738,0
80,001,0 26,965,0
6,293,0
770,0
2,420,830,0
674,399,0
174,154,0
276,936,0
19,222,0
150,568,0
74,104,0
11,672,0
21,751,0
325,0
188,683,0 65,801,0 65,815,0 352,896,0 78,351,0 51,152,0 90,794,0 62,944,0 186,551,0
69,496,0 48,323,0 20,717,0 88,809,0 32,817,0 11,142,0 34,279,0 23,721,0 35,197,0
15,899,0 5,902,0 5,382,0 20,315,0 5.373,0 3,089,0 4,330,0 4,360,0 11,328,0
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
917,0
384,0
804,0
618,0
973,0 2,190,0 2,786,0 1,548,0
1,614,0
Total liabilities
5,030,438,0 415,212,0 1,491,203,0 375,687,0 488,046,0 200,640,0 230,812,0 742,702,0 204,956,0 130,954.0211.989,0 132,102,0 406,135,0
Memoranda,
leserve ratio (per cent)
82.3
72.9
75.5
65.2
85.7
83.6
86.8
77.7
.77.6
88.5
77.4
82.2
85.2
)ontIngent liability on bills purchased for foreign correspondls 471,648,0 34,970,0 154,557,0 45,839,0 47,256,0 19,848,0 17,012,0 63,324,0 17,012,0 10,869,0 14,177,0 14,177,0 32,607,0
P. R. notes on hand (notes reed
from F. R. Agent lees notes In
Circulation)
115.478.0 32.417.0
60.168.0 21.2040 27 7n1) n 21007.0 20.822.0 41.031.0 14_262.0 5.889.0 10.919.0 10.318.0 55.022.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAY 14 1930.
Federal Reserve Agent at-
Boston.
Total.
New York.
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Kan.City. Dallas. SanFras.
Phila.
Two Ciphers (00) omitted$
F.R.notes see% from Comptroller 3,071,992,0 301,109.0
P.R.notes held by F. R. Agent__ 1,271,117,0 111,900.0
5
S
$
$
S
$
8
5
$
$
$
683,801,0 204,579,0 296,547,0 117,897.0 228,533,0 516,143,0 108,052,0 97,200.0 123,789,0 84,993,0 304,349,0
463,420,0 43,300,0 81,075,0 27,085,0 75,860.0 237,310,0 17,800,0 33,800,0 39,830,0 43,337,0 96,400,0
F.R.notes issued to F.It. Bank _ 1,800,875,01189.209,0
Collateral held as security for
F.R. notes issued by F. R. Bk.
I
Gold and gold certificates__ 402,108,01 35,300,0
Gold redemption fund
Gold fund-F.It. Board
1,238,706,0 139,617,0
Eligible paper
367,661,01 34,175,0
225,381,0 161,279,0 215,472,0 90,812,0 152,673,0 278,833.0 90,252,0 63,400,0 83,959,0 41,656,0 207,949,0
I
229,968,01 39,900,01 15,550,0
2,008,475,0 209,092,0
Total collateral
5,000,0
6,000,01
9,245,0 11.845,0
14,300,0 35,000,0
28,626,0 100,100,0 165,000,0 68,000,0 106,000,0 269,000,0 62,100,0 44,000,0 75,000,0 16,500,0 164,763,0
57,462,0 31,551 0, 36 299 0 25 547,0 40,925,0 35,186,0 23,987,0 10,747,0 26,253,0 13,987,0 31,542,0
i
. I"
!
316,016,0 171,551.0 216,849,0 98,547,0 152,925,0304,180,0 95,332,0 66,592,0 101,253,0 44,787,0 231,305,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and;liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the jigures for the latest week appears in our department of "Current Events and Discussions," on page 3460. immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and Include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve In not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting banks is now omitted; in its place the number of cities included (then 101) was for a time given, but beginning Oct. 9 1929 even this has been omitted.
The figures have also been revised to exclude a bank to the San Francisco district with loans and investments of $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 MAY 5 1930 (In millions of dollarst•
Federal Reserve DIstria-
Total.
Boston. New York
Cleveland. Richmond Atlanta. *Chicago. St. Louis. Minneap. Ran. City Dallas. Sass Fres
Philo
s
s
1,213
2,164
643
610
$
3,241
663
362
658
462
s
1,968
6,836
912
1,518
485
479
2,571
507
250
440
352
1,350
3,903
2,933
486
427
728
790
198
287
153
326
1,252
1,319
230
277
91
159
142
298
119
233
438
912
345
2,328
301
646
157
131
670
156
113
217
110
618
158
187
1,225
1,103
77
223
314
332
75
82
63
68
314
356
40
116
61
52
95
122
67
44
349
269
1,727
218
96
15
805
60
79
13
135
27
41
11
43
9
260
36
46
6
27
5
54
10
34
7
107
17
13,327
7,079
51
892
479
4
6,014
1,947
19
715
298
3
1,041
966
4
344
242
5
331
242
4
1,897
1,195
2
378
230
1
222
129
____
485
179
1
287
149
3
723
1,023
5
1,181
2,924
58
124
181
1,017
60
167
98
233
59
99
69
106
195
465
54
121
50
78
118
192
68
88
174
233
79
4
32
4
e
a
4
7
1
1
2
Wane and invostments-total__
S
22,645
$
1,498
9
9,164
Caans-total
16,852
1,153
8,259
8,593
520
633
5,792
2,837
2,955
On securities
All other
Ave00ments-total
U. S. Government securities
Other securities
Beeerve with F. R. Bank
Iteh In vault
Set demand deposits
rime deposits
3overnment deposits
Due from banks
Due to banks
3orrowings from F. R. Bank
S
$
$
$
$
2
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 May 14 1930
In comparison with the previous week and the corresponding date last year:
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasure-
May 14 1930. May 71950. May 15 1921,
$
258,594,000 258,594,000 261,034,000
15,174.000
15,257,000
10,664,000
Gold held exclusively agst. F.It. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
273,768,000
192,722 000
477,105.000
273,851,000
159,452,000
462,810,000
271,698,000
156,248,000
486,300,000
Total gold reserves
Reserves other than gold
943,595.000
57,769,000
896.113,000
55,590,000
Resources (Concluded)
-Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
May 14 1930 May 71930. May 151929.
$
$
:
234,000
206,175 000
15,664,000
4,312.000
234,000
163,975,000
15,664.000
4,149,000
217,000
251,653,000
16,087,000
1,326,000
914,246,000
50,293,000
Total reserves
1,001,364,000
Non-reserve cash
11,380,000
Bills discounted
Secured by U. S. Govt. obligations16,494,000
Other bills discounted
13.810,000
Tota lbills discounted
ma bought In open market
U. IL Government securities
Bonds
Treasury notes
certificates and billet
Total U.S. Government securitiasOther securities (see note)
Foreign loans on gold
'Total bills and securities (See Neue)
Tots resources
951,703,0(H) 964,539,000
12,646,000
36,895,000
43,678,000
13,507.000
171,324,000
83,048,000
30,304,000
35,307,000
57,185.000
37,011,000
254,372,000
35,115,000
12,807,000
65,182,000
99,874,000
15,745,000
64.626,000
112,492,000
155,000
17,279,000
5,295,000
177,863,000
8,600,000
192,863.000
8,600,000
22,729,000
1,915,000
252,074,000
295,659,000
1,411,203,000 1,444,030,000 1,584,848,001
Fede Reserve noted in actua circulation_
Deposits-Member bank, reserve acct._
Government
Foreign bank (See Note)
Other depoetta
165,213,000
972,566,000
2,469.000
1,927,000
11,307,000
170,107,000
947,990,000
9,811,000
1,737,000
10,825,000
277,973,000
931,019,000
3,007,000
1.379.000
9,365,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
988,269,000
81,661.000
69,766,000
80,001,000
6,293.000
970,363,000
147 700,000
69,715,000
80.001.000
6,135.000
944,770,000
227,523,000
56,048,000
71,282,000
7.252,000
Total liabilities
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1,491,203,000 1,444.030,000 1.584,848,000
86.8%
83.4%
78.9%
154,557.000 154,419.000 115,792,000
314,131,000
NOTE.- Begionitg with the statement of Oct. 7 1925, two new items were added in order to show separatelythe amount of balances held abroad and amounts due to
correspondents. In addition, the caption "All other earning assets." previously made tir! of Federal Intermediate Credit bank debentures was changed to
foreign
l'Otheraecuricles." sod the caption "Total earning assets" to •' Total SIllS ali,j .o.,,oritlea • Tne I ater torn tem odooted .
more accurate description of the total of the
dlsoount aceentauces and securities acaulred under the prOclaloos of SpetIons is and It of the Federal deserve Act. which It vas atsine. ere rN. Only It, ms included therein,
3500
FINANCIAL CHRONICLE
paiikers'
STOCKS.
Sales
Week Ended May 16. for
Par. Week.
azette.
Wall Street, Friday Night, May 16 1930.
Railroad and Miscellaneous Stocks.
-See page 3488.
Stock Exchange sales this week of shares not in detailed list:
STOCKS.
Week Ended May 16.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
Lowest.
Highest.
RailroadsPar. Shares. $ per share. $ per share. $ per share.$ per share.
Buff.4 Sus.; prof ctfs_70 84 May 15 84 May 15 84
Apr 88% Mar
Canadian Pac new w 1.- 16,900 51%May 15 52%May 14 5114 May 52g May
Caro Clinch & Ohio 100
10 90 May 13 90 May 13 864 Ap 92
Mar
Ctfs stamped__--100
Mar
Jan 101
20100 May 12100 May 12 96
Chic Rock Is & Pao rts 17,200 1%May 13 1%May 14
2M Mar
% M
Cuba RR prat
70
Mar
100
10 68 May 16 88 May 16 573 M
Det & Mack prat--100
20 35 May 14 35 May 14 35 May 60
Jae
Duluth SS As At1 100
Jan
100 1%May 1
13May 14 1% May 7
Erie es PIttsburgh___60
40 65%May 18 654May 16 63% Jan 65% May
Ill Cent leased line_100
50 783iMay 12 80 May 12 713 Jan 80 May
Hudson & Manh pf_ 100
400 81%May 13 81%May 13 75
Feb 82% Apr
Interboro Rap Tr Ms *
100 32%May 13 3214May 13 30)4 May 35M Apr
Manhat Elev Guar_100
20 58 May 13 58%May 13 513 Jan 683 Apr
Minn St P & SS Marie
Mar 5514 mar
Preferred
100
500 50%May 10 5214May 12 50
Northern Central_50
70 8714May 13 87MMay 13 853 Jan 87% Apr
Pacific Coast 2nd p1100
70 1816Mai 12 183May 12 15
Feb 193 Mar
Indus. & Miscall.
Apr
•
200 62 May 14 62 May 14 57 May 72
Allegheny Steel
Amalg Leather pref_100
100 25 May 12 25 May 12 20
Jan 25g Feb
American Chain
• 1,500 58%May 10 83 May 13 54 May 89% Apr
American Ice pref--100
100 8314MaY 1 83%May 15 83
AP 873
Jan
30115 May 12115 May 12 112
Jan 119,4 Apr
Am Mach es Fdy pf_100
Amer Piano pret__..iOOi
100 5 May 11 534May 10 3 May 934 May
Am Rolling Mill rts__- 4,800
MMay 10 5-18May 12
)4 May 2
Feb
150 24 May 10 25 May 13 23
Amer Tel & Cable 1001
Mar 27% Feb
Arch Daniels Mid pf 1001
20 108 May 1 109%May 13 103% M 110
Apr
Art Metal Construct_10
100 27 May 15 27 May 15 24( Jan 28% Feb
*1 10,100 3414May 11 37 May 15 31g M
Atlas Stores
37 May
Beech-Nut Packhig--2
800 80 May
Blaw-Knox Co
*1 1,200 38%May
470 3434May
BnitEmpsteellstptlool
Brown Shoe prof..__100I
40 11764May
Celotex Co pref _ _ _ _1
400 7114May
110 40 May
*I
City Stores class A
* 2, II 5934May
Colgate-Palm-Peet
100
100 99 May
Preferred
CoionlalBeaconolL__1 1,700 1734May
340 24 May
Comm Creel pref (7)_25
100 87 May
let pref x-warr
1001
200 98 May
CommlnTrpf6[,4%.100I
Commonw &South pf.• 4,900 102MMay
20 87 May
Consol Cigar pref (7)1001
20 93 May
Crown Willlmette pf-*I
600 1 May
Cuban Dominion Sug-5i
51 1 May
Dul Superior Trao-100
10 434May
Preferred
1001
1001
80 100 May
Duplan Silk pref
Eastman Kodak pf_100
30 127)4May
Fashion Pk Assoc pf 100
100 53 May
Fed Min & Smelt.... _1400145 May
Fourth Nat Invest'rs_* 2,700 42 May
Franklin Simon pf 1
11 94MMay
•
20 84 May
Fuller Co 2d pref
13 80 May 13 58
10 3714May 13 34M
16 404May 15 22%
1. 119 May 14 113%
15 73 May 13 71
16 41 May 14 37M
16 61 May 12 59
13 99 May 13 97
13 1834May 13 18M
16 2514May 14 2214
15 88 May 13 7734
10 9634May 13 89
16103%May 10 99
18 89 May 10 76%
16 93 May 16 93
12 134May 16 1
14 1 May 14 1
15 434May 15 3%
13101 May 10 97
13127%May 13120)4
14 553jMay 12 53
13150 May 13 145
15 44I4May 12 38
16 94),(May 18 94M
113 8434 May 12 80
May 70M
May 41%
Jan 41
Jan 119
Jan 84%
Feb 42
May 84%
Mar 100
May 20%
Jan 25g
Jan 94
Jan 100
Feb 10334
Jan 93%
Feb 9834
Ap
2%
Apr 2
Ap
8
Feb 102%
Feb 127)4
May 80
May 185
May 50
May 99
Jan 86
Jan
Apr
Apr
Mar
Apr
May
May
Mar
Apr
Apr
Apr
Mar
May
May
Apr
Jan
Apr
Apr
Mar
May
Mar
Mar
Apr
Mar
Feb
100 101)4May Is 101MMay 10 101M May 109)4
Gen Cable pref_..100
Gen'l Cigar pref--100
10 118 May 14118 May 14 11234 Jan 118
1.51 25 May 16 25 May 18 25 May 25
Gen Gas & El class B.*
Gen Italian Edison-- 1,516 3915May 16 40%May 10 3934 Apr 4434
*
Gen Printing Ink
300 383454ay 13 40 May 15 3834 May 4234
Preferred
*
100 90 May 18 90 May 16 8734 Apr 90
Gen Ry Signal pf-100
10 107)4May 1410734May 14 100)( Jan 110
Gen Realty & ULU---• 7,800 1534May 15 1634May 12 13% May 19%
* 1,411 92%May 10 9634May 12 91
Preferred
May 100
Gen Steel Cast pfd *
100 100 May 13100 May 13,100
Feb 101
Greene CananeaCop100
10 87 May 14 87 May 14 87 May 89
Hackensack Wat pf_25
230 273-4May 15 30 May 13 2734 May 30
Hercules Powder
*
211 80 May 13 80 May 13 7834 Feb 85
100
Preferred
40118)4May 16 120 May 13 117
Jan 120
Ingersoll Rand pref_100
10 122 May 11 122 May 10 112
Jan 122
Internal Carriers Ltd.* 8,900 1434May 10 1614May 14 13g May 19%
300 60 May 13 62 May 14 53
Int Comb Eng p11115....
Apr 62
Internal Nickel pf_100
500 12074May 1412114May 15 116
Feb 123
Inter Dept St pref_100
•5 74 MMay 13 74%May 13 7434 May 8234
Kan City Power & L
1st prof series B-..--5
20113 May 14 114 May 15 108
Jan 116
10 50 May 16 50 May 16 50
Kresge Dept Sts pf_ I 1 I
Mar 82
100 111 May 1211174May 13 10814 May 114
ECresge (88) Co pf_100
• 4,400 8434May Is 8834May 15 8034 May 9734
Lehman Corp
100 14274May 1. 1423-4May 15 138
Liggett & Myers pf_100
Jan 1427-4
Loose-WilesBislst 91100
40122MMay 14122%May 16 1187,4 Jan 128
21s 98 May 12 98 May 12 9234 Jan 99
Lorillard Co pref___111
MMay 10 1-84 May 1
Ludlum Steel rights___ 21.700 1-64May 16
Apr
Apr
May
Feb
Mar
Apr
Mar
Apr
Apr
Mar
Apr
May
Jan
May
May
Mar
May
Apr
Mar
Mar
Jan
Apr
Apr
May
Mar
May
Apr
Ind.& Misc.(Cone.)Par
Tri-Continental
Preferred
100
Truax-Traer Coal rights
United Bus Publishers•
U 8 Tobacco pref
100
Vadsco Sales prof....100
Va El & Pr pf (8) 100
Va Ir C & Coke___ _100
Walgreen Co pref_ _100
Warner Quinlan rights_
Webster Elsenl'r pf_100
Wells Fargo Co
1
WlIcox-Rich el B
Wrigley Co
Zenith Radio rights_-__
*
'ark es Tilford
'enick & Ford pref..100
'apple's Drug Store *
'Dila Co 5% pref___50
'hillips Petrol rights-'hoenix Hosiery Pf..100
'lance-Arrow Co pf_100
'itts Steel prat
100
'ills Terminal Coal 111
'ostal Tele & Cable
100
Preferred
tadio-Kelth-Orpheum
Rights
Land Mines
tepublic 1 es St pf_100
tevere Cop & Br cl A.*
100
Preferred
*
teynolds Metal
loss-Shef St es Ir pf 100
*
pear & Co
100
Preferred
25
land Oil of Kan_
pf100
0 Porto Rico Bug *
'hermold Co
'hind Nat Invest-- *
'hompson Products *
'hompson-Starrett-*
*
Preferred
2,000 27 May
30 108%May
2,100 54 May
30 49 May
34,900 134May
100 88 May
811 77%May
3 98%May
100 8 May
10 293-4May
18 109 May
10 58 May
15 49 May
15 114May
12 86 May
13 78 May
13100 May
10 8 May
12 71
Apr 80
Jan
15 53-4 Jan 103-4 Mar
14 43 May 48)4 Apr
10 83
Jan 9234 Feb
13 2334
14 90
14 14234
15 43
16 22
18 914
13 73M
12 43
10 53
Jan 2614
Feb 110
Jan 148
Jan 54
May 32
May 14%
Mar 83
Mail 66
JanI 72
Apr
Feb
Mar
Apr
Apr
Apr
Apr
Apr
May
12 2034 May 3514
Jan 110
1 107
12 54 May 60%
15 47
JaflI 50
15 134 May 1%
AprI 88
12 80
10 89% FebI 82
1. 9864 May 103
10 8 Mar 1534
Apr
Jan
Apr
May
May
Apr
Apr
Jan
Jan
200 1007jMay 12 10034May 16 97
55,000 1MMay
10 35 May
100113MMay
300 6614May
10100 May
22,400 3114May
50 60 May
2 I 714May
200 79 May
11,300 41%May
60 112 M May
22,311 24%May
1,700 38 May
4,600 3214May
5,900 1234May
2,200 43 May
10 16M May
13 35 May
14113MMay
12 663-4May
15100 May
10 3454May
15 65 May
13 734 May
16 Si May
18 43%May
14113 May
12 2834May
10 39 May
16 3534May
12 1334May
10 4414May
15 1
13 3334
14 107
12 61
15 100
16 28M
10 60
13 6
13 71
13 37M
14 112g
12 24%
12 37
12 30
14 11
13 40
Jan 103
Jan
May 2M,
Feb 3734
Jan 114%
Mayl 72
Apr 104
Mayl 3434
May 82
JanJ 1034
JanI 81
49
M
May 121
May 2834
May 48M
May 39%
Marl 187-4
Jan 4934
May
Jan
Mar
Jan
Mar
Apr
Mar
Feb
May
Apr
Jan
May
Apr
Apr
Mar
Mar
Range for Week.
Lowest.
10,100 153-4May
6,200 92 May
MMay
5,900
70 24 May
10 125 May
1001 69 May
6010274May
220 1334May
300,101 May
34,900' 1-84May
1501 61 May
100 2 May
400 22 May
800 6915May
8,700
%May
Highest.
Range Since Jan. 1.
Lowest. I Highest.
16 16)4May 12 14
10 93)4MaY 15 8934
M
1:3
MMay 10
10 24 May 10 24
15 125 May 15 122%
14 59 May 14 57
15 03 May 13 10034
16 13%May 13 12
13102%May 10 97
MMay 10 1-64
14
18 70 May 16 5134
10 2 May 10 2
10 23%May 16 22
10 70 May'18 8731
%May 10
34
13
Mayl 2034
AprI 9334
Mayi
34
Mayj 30
Mas1i2534
Feb 89%
Jan 104
Jan 1434
JanJlO3
May 134
Jan 70
Ap
3%
May 2334
Ap 73
May 1)4
Apr
May
May
Jan
May
Apr
Apr
May
Mar
Apr
May
Apr
May
Apr
Apr
* No par value.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a foot note at the end of the tabulation.
Daily Record of U. S. Bond Prices. May 10 May 12 May 13 May 14 May 15 May 18
First Liberty Loan
High
334% bonds of 1923-47_ _ Low(First 3)4)
Claw
Total sales in 81,000 units__
Converted 4% bonds of Higi
{
Close
Total sales Ito $1,000 units_
Converted 434% bond/High
of 1932-47 (First 61148) LOWClose
Total sales in $1,000 unitsSecond converted 4X % Hie;
{
bonds of 1932-47 (First LowSecond
Cloee
Total sales in 11,0015 units_
Fourth Liberty Loan
--1
rig1
414% bonds of 1933-38- Low(Fourth 414s)
Close
Total sales in $1,000 units_
{Mi_
Treasury
ls
4%s, 1947-52
Low_
Close
Total sales in $1,000 units_
--- 1001,
ss 100 ass 1001,
,
32 1001,
32 100oss
___- 1001ess 100% 100in 100en 100hs
---- 10010ss 100912 10011n 100en 100in
11
39
21
1
33
-------------------
----------------15
101",,101",,10Diss 1011i10 ,,10114n 1011931 101"ss
,,10115sr 1011 as
% 1011.
611 101",,10114
101
10115,, 1011012 10118ss 10114ss 1011112 101wss
31
33
1
26
4
5
------• - -------------------------102%
1022ss
102in
30
112
111elis
111wir
13
------------_--% 102
% 102its 102 sr
,
102411 102
102',,1021,1 10211, 102',, 102',,
,
1028,1 102% 1024u 1024n 102 is
136
54
85
78
68
__ 112
111",, 111",,
---11lion lliws
- ill",,----111wsr 11112
,
---- 112
13
3
10
__ _
0711 -
45, 1944-1954
Total sales a 11.000 units___
rah
-------
894s, 1946-1956
Total sales in 81,000 units_
---{
High 1012sr
Low_ 1011sr
Clow 101in
6
Total sales in 31,000 units_
---(High
35415. 1940-1943
Low_
---Clem
____
854,, 1943-1947
...v.. a.. el nowt .....s.
-------- 105ess
-26
101% 101',,101
-1s,
1012n 101231 101orr
101irt 1013ss 101in
49
1
____ 101iss
101•12
---- 1014n
1014n
101isr
____ 101in
It
-------
-------
----
--
't&
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
10113,2 to 10114ss
101issr to 102 is
,
10$7s: 10 105',,
6 181 434s
19 4111 4345
15 Treasury 3%s
New York City Realty and Surety Companies.
(AU prices dollars per share.)
Par Bid Ask
Pox Bid Ask
100 193 203
Alliance Realty
no par 102 105 Mortgage-Bond
Bond & Mtge Guar
25 95 100
20 105 108 U 8 Casualty
Home Title Insurance ___25 63 69 N Y Investors
100 98
lit preferred
Lawyers Mortgage
20 5112 53
100 97
Lawyers Title & Guar_ _100 277 285
2d preferred
Lawyers Westehen MesT100 200 250 Westchester Title & Tr____ 135 155
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
MoiertM.
30 71 May 12 71 May
1.1allInson Co pref-100
*
501 734May 13 814May
Maracaibo Oil
Harshall Field es Co_ _a 2,500 4334May 12 4434May
70 90 May 14 91 May
Henget Co pref---101
Metro Goldwyn Picture
27
300 2614May 13 2814May
Preferred
600 97 May 14 98 May
•11.1 St Prod 1st pf..100
300 147 May 10 14734May
qat Biscuit pref--100
*
200 5174May 12 5134May
,
relsner Bros
* 4,100 27 May 12 30 May
few York Invest
Worth Amer Aviation * 28,900 1014May 10 12 May
200 82 May 13 82 May
)mnibus Corp Pref_100
)PPenheins,CollIns&Co* 1,200 50 May 15 52%May
)utlet Co
*
30 72 May 10 72 May
[VOL. 130.
DU.
Rats.
Bid.
16 1930... 414% 100Mt
Sept.16 1930._ 334% 100112
Dee. 15 1930_ _ 334% 1007ss
June
Asked.
Maturity.
int.
Rats.
Bid.
100iss Sept 151930-32 834% 1007u
100To Mar. 151930-32 316% 1007n
100on Dee. 18 1930-82 334% 1007as
Asked.
100ers
100'sr
100ie
New York City Banks and Trust Companies.
-p. 3492.
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.8534@
4.85% for checks and 4.85 31-32@4.86 1-32 for cables. Commercial on
banks, sight, 4.8534 @4.85 11-16, sixty days 4.8334@4.8334; ninety days,
4.8234@4.8234, and documents for payment, 4.83©4.8334. Cotton for
payment, 4.85 1-16 and grain for payment, 4.85 1-1 .
To-day's (Friday's) actual rates for Paris bankers'francs were 3.92 3-16 @
3.9234 for short. Amsterdam bankers' guilders were 40.1934©40.21 for
short.
Exchange for Paris on London, 123.84; week's range, 123.91 francs high
and 123.84 francs low.
The week's range for exchange rates Mews'
Sterling ActualCables.
Checks.
High for the week
4.86 1-16
4.8574
Low for the week
4.85 9-16
4.85 13-16
Paris Bankers' Francs
High for the week
3.92 13-32
3.9234
Low for the week
3.92
3.9234
Germany Bankers' Marks
High for the week
23.87
23.86
Low for the week
23.86
23.83
Amsterdam Bankers' Guilders
High for the week
40.24
40.22%
Low for the week
40.2034
40.19
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 3488.
A complete record of Curb Exchange transactions for the
week will be found on page 3519.
Report of Stock Sales New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday.
May 10.
Monday.
May 12.
Tuesday.
May 13.
Wednesday. Thursday.
May 15.
May 14.
Friday.
May 18.
Bates
for
Site
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share tots
On baste of 100
Lowest.
Highest.
PER SHARE
Range for Pretties*
Year 1929.
Lowest.
per share $ per share $ per share 3 per share $ per share Shares
$ per share
Railroads
Par $ per share
Per share II per share
22414 225
22478 22512 22414 2282 225 22814 225 227
224 224
/
1
/ 6,000 Atch Topeka & Banta Fe-100 216 May 2 24212 Mar 29 19518 Mar
1
2
8
4
8
*10618 1063 10618 1063 10612 1063 1062 1063 106 10612 106 106
/
1
4
100 1025a Jan 8 107 May 7
99 May
1,500 Preferred
*168 1743 *16512 170 *16612 170
4
16614 16614 16514 166 '165 170
600 Atlantic Coast Line RR_ 100 16112May 1 17512 Mar 18 161 Nov
1153 116
4
115 11614 1147 1163 11412 1154 11412 11514 6,800 Baltimore & Ohio
*11412 115
8
8
100 11018May 5 12238 Mar 31 10514 Nov
83
83
83
*8212 83
83
8314 8412 8412 83
*83
8314
100 7814 Feb 10 8412May 14
75 June
900 Preferred
76
77
*76
7714 77
78
773 783
8
4 78
77
78
Oct
783
4 1,800 Bangor & Aroostook
50 63 Jan 3 844 Mar 29
55
13114 1141 "114 11412 *114 11412 11412 11412 *114 1141 *114 11412
100 109 Feb 28 11412May 14 1410314 Oct
20 Preferred
*95 100
*95 102 '98 100
'94 102
9612 961 *9612 10012
100 95 Apr 29 112 Feb 8
85 Apr
200 Boston Je Maine
*12
12
121 *12
12
12
1218 12
*12
121 *12
1218
/
1
4
200 Brooklyn & Queens Tr_No par 10 Jan 11 13 Jan 25
7 Nov
58
58
*60
*6012 61
631 *60
6114 6114 62
62
62
44 Nov
No par 53 May 3 6513 Mar 18
1,300 Preferred
7115 703 727
70
4
7112 6911, 693
8 71
717
4 683 70
8 70
4
40 Oct
7,800 Bklyn-Manh Tran v t e_No par 63 Jan 2 783 Mar 18
3
924 92
*9212 93
922 9234 92
/
1
9212 93
9218 921
9212 1,400 Preferred v t o
7612 Nov
/
1
No par 847 Jan 6 934 Mar 31
2
2112 231
22
23
212 2214 213 223
/
1
8
4 182 201
/
1
194 20
44 Oct
/
1
10,500 Brunswick Term dr Ry See_100 144 Feb 17 334 Apr 23
/
1
208 210
206 208's 20514 20812 205 20812 206 205
206 206
100 187 Jan 3 2263 Feb 10 185 Dec
4
/
1
4
8,600 Canadian Pacific
*213 217
21212 21314 213 21314 212 215 •214 215
216 216
100 20112MaY 5 24134 Mar 28 160 Nov
2,000 Chesapeake & Ohio
*6
/ 7
1
2
*612 7
3 71
'61 712
/
4
67
8 6
/
1
2
7
67
7
/
1
4
100
4 Nov
4 Jan 8 10 Apr 2
/
1
4
700 Chicago & Alton
*7Ia
73
74 714
7
7
714 7
3
*73
5 8
712 8
100
634 Jan 20 1053 Apr 11
3 Nov
12
2,000 Preferred
2184 211 211 2134 213 *1912 211 '194 2134
"18
22
•18
/
2
/
2
15 Dec
/
1
200 Chic& East Illinois RR_-100 144 Jan 7 28 Mar 26
*42
44
42
42
437
8 43
43 43
433 *43
43
44
100 36 Jan 2 527 Mar 26
363 Dec
4
a
900 Preferred
1414 143 14 1434 13 1414 1414 151 141 15
8
/
2
/
2
/
1
2
15
1614 20,400 Chicago Great Western-100 111
/
2May 5 1714 Mar 31
7 Nov
47
471
462 46s 46
/
1
/ 48's 4812 523 24,800 Preferred
1
2
48
/ 47
1
2
46's 46
8
100 34 Feb 25 523
,1May 16
17 Nov
/
1
4
2114 224
20 4 203
8
3
5
2012 20'2 207 223
4 204 21
18 May 3 263 Feb 7
16 Nov
Chicago Mllw St Paul & Pao_
s
18
333 333
4
/
4
3515 3614 3A18
34
342 3418 341 3412 37
/
1
Preferred new
311
/
2May 5 4614 Feb 10
2812 Nov
83
8212 8314 8212 8312 2,600 Chicago & North Western _100 7912May 1 89 Feb 8
*81 82
82
821
8212 82'z 82
75 Nov
/
1
4
*13612 140 *1362 139
/
1
139 14012 *1362 1404 "139 1403
/
1
139 139
100 13614May 2 14012May 14 134 Apr
4
300 Preferred
111 111 111 112 11214 1123 11234 1137 1134 11411 811338 1131 4,500 Chicago Rook 1st & Pacgio_100 109 May 1 12518 Feb 14 101 Nov
8
4
/
2
*108 109
1091 W914 *10712 1084
/
4
109 109
109 109
109 109
100 107 Jan 2 1103s Mar 20 100 Nov
400 7% preferred
8
*1024 1034 103 103 *103 1031 10234 1033 1037 10418
100 Mg Jan 6 108 Feb 7
8
900 6% preferred
947 Nov
*7618 82
"7134 82
*7618 82
"7618 82
*76'a 82
*7618 82
100 83 Jan 1
Colorado & Southern
884 Dec
95 Feb 13
1374
76
76
074
78 '76
77
76
7714 771 1376
78
100 683 Jan
150 First preferred
4
65 Oct
/
1
4
7712 Mar 29
69
69 "67
69
*67
*8513 69
69
69
"67
13 7
6
69
100 65 Jan 23 75 Apr 23
10 Second preferred
64 AP
60
62 '60
60 60
6012 61
*58
6014 6014 61
62
1,400 Canso'RR of Cuba pref-100 49 Jan
45 Nov
62 Apr 10
g
4
1713 17212 170 170
4
173 175
4
170 17012 1703 1733 1713 173
100 161 Jan
/
1
4
3,200 Delaware & Hudson
181 Feb 8 14112 Oct
128 128
012512 127 *12512 12812 12412 1254 127 131
12712 129
2,500 Delaware Lack & Western 100 121 May
153 Feb 8 12014 June
67
65 8 6618 6612 67
3
70
7112 7134 714 7112 70
71
49 Oct
80 Mar 28
2,900 Deny.& Rio Gr West pref _100 60 Jan
47
4814 4814 4712 48
4712 4912 48
477
8 4712 501
49
100 4312May
414 Nov
/
1
63 4 Feb 14
10,700 Erie
3
64
633 63
s
/ 6312 6312 6312 6312 632 632 6312 631
1
2
/
1
*62
/
1
100 61 May
673 Feb 19
1,000 First preferred
3
551g Nov
*5712 584 *5712 583
*574 59
4 58
5812 *5712 59
*5712 59
100 57 Jan
12
6212 Feb 19
52 Nov
1,000 Second preferred
94
9214 9214 9212 93 4 9312 94
9318 93 4 94
3
3
92
92
102 Mar 29
8514 Nov
2.700 Great Northern preferred-100 87 May
90 90
88 88
87
88
874 88
8814 89
88
99 Feb 21
/
1
4
100 83
12May
85 Nov
/
1
4
884 2,300 Prof certificates
3812 38
4
36
3714 3714 383 *37
4012 '38
40
*3812 39
/
4
18 Nov
1.300 Gulf Mobile & Northern--100 32 Apr 29 461 Feb 17
974 964 9618 *96
1396
9712 *96
97
96
96
*96
100 94 Jan 1
9712
9814 Mar 10
70 Nov
500 Preferred
3
/ 3
1
2
/
1
2
4
4
*4
7
4
4
*4
7
'4
7
3
/
1
2May 1
8 Jan 17
/
1
4
400 Havana Electrie Ry---No par
6 Dec
/
1
4
*57
58 "57
58 '57
58
"56
58
58
58
'58
59
100 53 May
65 Feb
72 Jan 2
20 Preferred
*465 480 *465 480 •466 480
480 480
468 468 '468 480
100 450 Jan 25 525 Mar 29 370 Nov
20 Hocking Valley
497 50
8
4912 50
/
1
2
/ 504 514 514 52 z49
1
2
493
4 49
4912 8,600 Hudson & Manhattan
100 463 Jan 16 533 Mar 25
3
3412 May
3
1273 129
12712 12712 12714 128
4
129 1293 128 129
4
12714 128
100 126 May 8 1364 Ayr 22 116 Nov
/ 3,700 Illinois Central
1
2
/
1
*75
7714 •76
77
77 77
*76
77
76
76
*76
77
70 Nov
40 1,RR:Beo Stock certificates.-- 70 Jan 2 77 May 13
/ 32
1
2
3112 324 33
31
323
4 3034 3114 303 303
/ 327
1
2
8 31
8
4 7,300 Interboro Rapid Tran v t 0.100 20 3 Jan 8 3912 Mar 18
15 Oct
3
"2712 28
*2712 ---- 28
"2712 28
28
*2712 28
274 2712
130 Int Rys of Cent Ameries_1110 2712May 7 8213 Jan 16
25 Nov
*6918 744 "694 7414 70
70
*721 7414 7212 73
73
73
10
4
60 Preferred
613 Jan 2 734May 7
6114 Dec
7412 7412 •73
72
/ 73
1
2
75
75
764 73
/
1
743 '71
4
76
100 7112May 3 853 Mar 29
2.400 Kansas City Southern
8
60 Oct
*6712 681
6812 683
8 6812 6812 70
*68
693 •68
70
6934
100 67 Jan 6 70 Apr 16
700 Preferred
/
1
4
63 Nov
7412 734 7334 734 733
*7312 74
73
/ 73
1
2
/ *72
1
2
/ 7312 73
1
2
4
50 7014 Jan 27 844 Mar 31
/
1
900 Lehigh Valley
65 Nov
0132 135 31132 135
135 135 "132 135
135 135
134 134
100 128 Jan 3 13812 Apr 4 110 Oct
500 Louisville& Nashville
33
32
34
33
32
33
1331
321
31
32
3012 31
3,700 Manhat Elev modified guar 100 30 May 5 40 Mar 18
/
1
4
24
Oct
2112 211
2112 211
21
21
23
23
22
221
*2212 25
1,100 Market St Ry prior pref-100 17 Jan 16 2512 Feb 13
1412 Nov
*112 13
•112 13
*112 13
•112 15
4
112 11
*112 13
4
100 Minneapolis & Bt. Louis
100
113 Feb 27
213 Apr 5
114 Nov
"25
"25
29
29
2712 287 .25
3125
29
29
•25
29
Paul & S S Marie_100 2712May 14 85 Feb 7
1,300 Minn St
35 May
55
*55
55
561 *55
55
*55
55
561
57
55
55
100 54 Jan 8 5911 Feb 21
140 Leased lines
51 Dec
54
547
5512 57
58i 563 5814 5618 57
/ 5614 571
1
2
8
57
/ 27,000 Mo-Kan-Texas RR----No Par 467 Jan 2 6653 Apr 14
1
2
2713 Nov
3
10414 10412 104 1041 104 1043 1043 1043 1044 10414 2,500 Preferred
104 104
4
4
100 103 Jan 3 108 Mar 27
/
1
4
93 8 Nov
7
83
*7414 847 *81
'79
83
83
80
80
7912 791
8
83
100 70 May 5 9812Mar 6
700 Missouri Pacific
46 Nov
12914 129'4 129 1292 130 130
13018 132'4 132 133
/
1
1311 1331
/
2
100 125 May 5 14512 Mar 6 105 Nov
5,200 Preferred
4
4
'8312 841 '823 861 '8238 841 "823 84 "823 8614 • 4 8614
4
823
Morris & Essex
50 813 Jan 20 84 Apr 11
4
75 Oct
/
1
2
119 120 13118 119 '118 119
119 120 *12114 126 "12112 126
190 Nash Chatt di St Louis__ _100 118 May 8 132 Mar 25 173 Nov
*7
8
I
*2 1
/
1
*2 1
/
1
*8
7
1
*7
8
1
*1 1
/
2
Nat Bps of Mexico 2d pref.100
34, Feb 5
1
114 Jan 11
Oct
174 175
174 1771 1733 1764 174 1762 13,000 New York Central
17312 175
174 175
4
/
1
100 167 Jan 8 1923 Feb 14 160 Nov
4
•110 116 114 114 *1124 118 116 116 *115 118 "116 118
300'N Y Chic & St Louis Co_ 100 11212May 5 144 Feb 10 110 Nov
1092 1093 1310812 1093 10914 1093 110 110 4 zno 110
/
1
8
3
109 109
4
1,500 Preferred
100 108 May
1104May 14 100 May
*220 244 "220 241 "220 240
241 270
247 259
255 255
250 N Y2.14 Harlem
50 180 Jan 6 824 Feb 3 155 Oct
113 11312 113 115 *11312 11412 11414 11612 115 11518 11518 117
/
1
2
13,400 N YA1 H dr Hartford
100 1053 Jan 20 12813 Mar 29
3
807 Jan
3
1217 1212 1212 122
8
/
1
/
1
122 12212 122 12212 1,900 Preferred
122 122
122 122
119 May 3 13513 Mar 21 11453 Jan
*122 13
/
1
121 13
/
2
*13
*123
4 14
14
14
14
14
1414 1,400 NY Ontario & Western___100 102May 5 1714 Mar 31
/
1
8 Nov
/
1
2
212 212 "212 2
214 2
/
1
2
2
/ 2
1
2
/ *214 21
1
2
4 "214 23
4
500 N Y Railways pref----No par
2 Jan 7
413 Jan 16
11 Dec
/
4
*214 112 *114 112
118 11
*118 114 *118 114 "118
114
110 NY State Rys
113 Jan 15
212 Feb 6
100
1
Oct
•16
22 '16
'17
23
22
22
22
"17
20
"16
20
100 Norfolk Southern
100 163 Jan 8 3312 Feb 14
1412 Dec
4
*232 236
236 236
239 239
23612 240 "236 240
242 242
Western
800 Norfolk dr
100 226 Jan 4 265 Feb 18 191
Jaa
/
1
85
/ 852 3187
1
2
0812 4186
881 1386
8812 "86
8812 •86
8812
10 Preferred
100 83 Feb 3 8712Mar 22
82 Nov
83
83
8314 84
834 831
8212 8414 834 83
/
1
/ 822 83
1
2
3,100 Northern Pacific
100 78 May 1 97 Feb 21
754 Nov
/
1
*8114 8238 811 812 811y 82
/
2
8012 82
8114 8114 8118 812 1,900 Certificates
/
1
100 7712May 1 9638 Feb 21
75 Nov
1612 16
1315
16
*15
161 "16
17
163 163 4116
4
4
1634
200 Pacific Coast
100
/
1
7 Jan 3 194 Apr 9
4 Dec
/
1
2
773 78
4
77
/ 7814 7714 777
1
2
8 78
7712 7918 784 787
783 15,800 Pennsylvania
4
50 724 Jan 8 86 Mar 31
/
1
4
7212 Mar
/
1
20
*17
•18
1317
20
20
*18
20 "18
20
•15
20
Peoria & Eastern
100 1714 Feb 28 2413 Mar 31
17 Dec
*135 145 *135 145 *125 140 *125 140 •130 140 *130 140
Pere Marquette
100 141141May 5 16412 Apr 10 140 Nov
99
984 9914 994 1001 *994 101
99
1003 1003 •10012 101
4
4
190 Prior preferred
100 94 4 Jan 81 100 4May 15
94 Nov
3
3
4
*964 973 '9618 973 *97
4
973 *97
4
973 *9618 973 •963 98
4
4
100 95 Jan 7 90 API' 15
Preferred
90 Nov
*983 100 '983 100
4
4
"984 100
100 10112 10100 105
"983 102
4
400 Pittsburgh & West Va
4May
100 983
121 Feb 11
/
1
2
90 Nov
0111 11712 *111 11712 •110 117
11712 11712 117 117
116 116
3,200 Reading
50 11018May
14112 Feb 6 101', May
*48
*48
50
50
"48
50
*48
50
4814 483 *48
8
491
300 First preferred
50 4418 Mar 11 53 Feb 21
4112 AP
*473 51
4
*473 51
4
*473 51
4
*473 51
4
*473 51
4
"48
51
Second preferred
50 473 Jan
4
57 Feb 6
43 ,4 May
3
*5218 557 *5218 551 *5218 5518 *5218 554 *5318 5338
8
'5218 60
Rutland RR prof
100 50183,Iay
673 Mar 5
4
497 Oct
8
1143 115
4
11412 115
11434 115
1143 1143 115 11514 115 116
4
4
4.900 St Louis-San Francisco--100 1075 Jan
8
1187 Mar 27 101 Nov
s
99
987 99
8
994 9812 991
994 992 994 993
/
1
4 9912 9912 2,2001 1st prof paid
100 92 Jan
101 Apr 2
87 Nov
6212 61
653
8 6478 66
62
/
2
66 663
4 661 73
70
763 12.500 St. Louis Southwestern
- 100 58 May 5 763
4May 16
50 Nov
*86
89
1387
89
88
88
884 884 8812 8934 90
90
1,500 Preferred
100 85 May 7 90 Mar 5
Oct
84
914 914
93
8 93
8 *814 93
938 10
912 10
92 97
/
1
4
2,600 Seaboard Air Line
100
87
8May 6 1212 Feb 15
94 Dec
4
203 2034 *194 2012 *1912 2012 203 21
13203 21
4
4
21
221
1,800 Preferred
100 203
161g June
4May 12 28 Feb 7
122 12212 12112 12212 12118 1217 12112 12212 12112 122
8
121 1211
3,200 Southern Pacific: Co
100 116 May 1 127 Feb 10 105 Nov
4
114 1153 113 11518 1107 113
8
11114 11434 112 11212 1134 115
8.200 Southern Railway
100 10118May 1 1365 Jan 13 109 Nov
4
*9812 99
9812 9812 '983 9918 994 9914 "98
4
9914 9914 993
4
100 9712May
600 Preferred
101 Mar 20
93 Jun
*130 145 *126 140 *130 140
135 135 *134 138 "134 140
200 Texas & Pacific
100 117 Jan
145 Apr 24 115 Nov
"1012 11
11
114 1112 1012 113 *1012 1114 •1012 11
"10
8
300 Third Avenue
100
64 Nov
/
1
812May 5 154 Mar 20
20
20
1934 193
19
19
•18
19
19
19
"1812 19
400 Twin City Rapid Transit _i00 19 Apr 17 311 Jan 29
/
4
2014 Dec
"6718 747 '66
74 '66
/
1
2
747 *66
8
747 *66
3
741 "66
Preferred
7412
100 643 Apr 17 79 Feb 3
75 Dec
4
/
1
2
4
8
2257 2257 225 2253 2253 2253 2244 2261 2242 2251 22434 226
4
/
4
/
1
2,600 Union Pacific
/
1
4
100 215 Jan 8 242 Mar 29 200 Nov
*8842 857
8512 857
853 86
4
8614 862 86
/
1
861
86
864 2,500 Preferred
80 Nov
100 8214 Jan 17 8612 Mar 29
50
503
493 493
4
*4912 501
49
5212 52
522 .511 52
/
1
/
2
40 Nov
3
100 47 May 5 673 Apr 1
4,100 Wabash
8514 851
83 4 8414 "8414 87
3
*8412 87
844 841 *84
86
82 No
800 Preferred A
100 83 Jan 7 8914 Apr 8
29
28
8 28
4
273 283
283
/
1
8 2814 302 30
31
3114 3314 53,900 Western Maryland
100 2114MaY 5 36 Mar 29
10 Oct
29
29
*2712 292 207 297
29
8
8 3012 301
*28
/
1
3112 33
143 No
100 2312May 3 38 Mar 28
8
1,400 Second preferred
211 *21
21
2434 *23
21
233
4 232 261
21
/
1
253 2618 2,500 Western Pacific
4
100 2014MaY 6 3012 Mar 29
15 Oct
8 45
/
1
/ 451
1
2
4512 452 453
*45
45
/ 467
1
2
8 462 511
/
1
4818 50
2.500 Preferred
100 4013 J1511 2 5312 Mar 19 3712 No
N 1:82
32
'81
32
/
1
2
83
3134 323
8 314 32
823 823 '81
4
4
83
*313 3212
4
*81
823
4
•Bid and asked prices; no sales on this day a
Industrial & Miscellaneous
No pa
1,000 Abitibi Pow & Pap
10
300 Preferred
e 60% stook dividend pald.
y Ex-rights.
2 Ex-dividend.
3212 321
8214 823
*314 32Is
*81
8212
22 Jan 18
644 Jan 17
/
1
424 Apr 9
/
1
8612 Apr 8
3414 Dec
69 No
Highest
Per sitars
29853 Aug
104 Dee
/
1
4
20912 July
14518 Sept
81
Dec
90 3 Sept
3
115 Sept
145 July
15 Dec
65 Sept
817 Feb
3
9253 Feb
444 Jan
/
1
2697 Feb
8
279 Sept
/
1
4
1934 Feb
25 4 Feb
3
43 Feb
667 Feb
s
23 8 Feb
7
63
53 Jan
44 Aug
/
1
4
6853 Aug
10811 Sept
145 Feb
14313 Sept
Oct
109
10314 Nov
135 July
80 Jan
7213 Mar
70 Jan
5a
226 July
1694 Sept
3
773 Feb
4
93 Sept
12
6614 July
63 3 July
7
1284 July
/
1
122 July
/
1
4
59 Feb
103 Jan
Ills Apr
7334 Dec
600
Oct
583a Jan
153 July
/
1
4
8018 Feb
68 Feb
/
1
4
Jan
69
S014 Jan
1087 July
8
7012 Jan
10214 Feb
1543 Sept
4
571/ Jan
/
1
4
39 Jan
334 Jan
61 Sept
/
1
4
Jan
86
65 4 July
3
10712 Apr
10138 July
Oct
149
3
865 Jan
240 Aug
3 Jan
53
25612 Aug
192 Aug
/
1
4
110 Dec
379 Jan
13212 011
134 Au.
/
1
4
32 Feb
9 Feb
/
1
4
144 Mar
/
1
4812 Feb
290 Sept
8714 May
118 July
/
1
2
11453 July
43 Feb
110 Aug
35 July
280 Aug
101 Mar
97
Jan
,4
1483 Jan
1475 Sept
4
50 Sept
60 4 Sept
3
744 Sept
133 4 Aug
3
9812 Feb
15 Feb
/
1
4
94 Apr
213 Mar
4
413 Oct
8
15713 Sept
1621 Sept
/
4
100 Dec
181 May
39 Pen
584 Jan
/
1
100
Jan
2975 Aug
3
/11512 Sept
/
1
10-4 Jan
1047 Jan
,
54 ran
5312 Feb
417 May
3
67 4 July
8
674 Aug
itR4
New York Stock Record-Continued-Page 2
3502
For sales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
May 10.
Monday.
May 12.
Tuesday.
May 13.
Wednesday. Thursday.
May 14.
May 15.
Friday.
May 16.
SatesPER SHARE
STOCKS
Range Since Jan. 1.
NEW YORK STOCK
for
On basis of 100-share lots
,
the
EXCHANGE
Week.
Lowest.
Highest.
Railroads (Cato
Par
$ per share $ per share S per share E per share $ per share V per share Shares
6314 "52
Abraham & Strauss____No par
*54
6012 *53
6013 *56
"62
60
6314 i;*51
6314
70 Preferred
100
4
109 109 *109 10912 10912 10913
•1073 109 "108 109 *108 109
3012 30
303
8 3018 3218 31
8 307 3118 14.400 Adams Express
8
No par
3014 3912 30
317
Preferred
4
*893 9314 *893 9314 *893 9314 *893 9314
4
100
*8912 9314 '893 93
4
4
4
5,500 Adams mule
29
30% 3018 303
8 3014 3012 30
4 31
32
No par
3014 3014 313
100
185 181
8
187 193
8
187 1912 1814 1818 1814 1918 *1814 183
s
4 3,000 Advance Rumely
2.500 Preferred
100
*31
35
35
363
4 33
34
33
33
33
347 '3212 34
8
1,200 Ahumada Lead
1
1
%
1
I
1
1
1
"8
7
1
1
7
8
1
24,500 Air Reduction,Inc
142 1433* 143 146% 14314 1467 1457 1467 143% 1463 1433 145
4
4
No par
8
8
*2812 2912 *2813 29
2812 2918 2834 287
8 2812 2812 2713 2814 2,600 AR-Way Elec ApplianceNo par
17
17
13
18
17
13
4 2,400 Ajax Rubber. Inc
17
17
153
17
No par
18
13
4
12,100 Alaska Juneau Gold M113_10
7
68 7
5
68
7
7
7
7
7
7
63
4 714
15
1518 133 143
4
1313 135
1313 3.400 Albany Pert Wrap Pap_No par
1314 1314 13
13
13
2612 267
8 2612 2733 2658 2718 267 28% 27
8
28
2714 283 66,200 Alleghany Corp
No par
100 100
997 100% 1003 1003t 10038 10012 1003 10012 997 10012 2.500 Pref A with 830 warr____100
8
3
1,600 Pref A with 840 warr____100
96
*95
9612 9518 9518 95
9518 96
95
*95
9512 95
Pref A without warr____100
*91
9313 *92
6312 "92
9312 "92
931 '9214 9313 *9214 9312
16,300 Allied Chemical & Dye_No par
31012 313
304 3143 31012 313
313 319
313 3193 318 319
41
700 Preferred
100
125 125 *124 1254 1255 12558.'124 1244 124 12414 124 124
8
61
617
61
4 6212 6434 6312 6414 38,900 AIM-Chalmers Mfg new No par
63
6214 643* 63 4 643
3
32
200 Alpha Portland CementNo par
32
*317 32
8
32
*3111 32
*3013 32
*3013 32
32
5,200 Amerada Corp
25
No par
2513 25
2513 25
2514 25
25
2514 25
2512 25
1.200 Amer Agricultural Chem__I00
8
8
8
8 18 *7
618 618
7
7
7 3
4 8
8
3314 *32
3313 2,400 Preferred
31
297 3112 30
8
100
*30
3314 32
3312 "32
900 Amer Bank Note
10
4 841s 8418 "84
8412 84% 8412 8412 *8414 8412 8412 853
85
30 Preferred
6431 *64
643
6414 6414
50
*63
633 *6212 633* 6414 6414 *64
8
*714 774
712 7 2 *714 7%
300 American Beet Sugar__No par
714
714
7% 718
*714 8
700 Amer Bosch Magneto__No par
39 "39
40
*40
39
39
39
4014 39
4012 *3912 41
*451 46
1,800 Am Brake Shoe & F__ _ _No par
4512 4512 453 4612 46
4614 45% 46
4
46
46
170 Preferred
124 124 *1203 124 *12012 124
4
1223 124
4
4
100
*1203 124 *1203 124
4
4
4
4
1878 1913 1813 1912 183 1912 183 1912 1814 1914 173 1814 21,000 Amer Brown Boverl El_No par
7512 75'z 75
7614 75 2 76
*7512 7614 *75
320 Preferred
76% 7618
76
100
14312 1463 142 14558 14318 145% 150,600 American Can
25
13758 1413 14014 1433 14012 143
8
4
500 Preferred
4
4
4
100
145 145 *1443 1453 14513 14512 1453 1453 146 14614 *1453 14614
4
4
1.100 American Car & Fdy __No par
55
537
53
5312 54
54
55
557
8 55
5212 5212 *53
1,100 Preferred
102 102
10038 1003* "101 104
101% 102
100
101 10112 10112 102
500 American Chain prat
96
96
96
96
97 97
*9514 97
97 3 973
4
4
100
"9014 95
45
4513 2.000 American Chicle
443 4513 454 4514 4514 4514 *44
4
45
No par
"4414 45
No par
2018 203
4 20
4 195 20
8
1911 21
203 21
8
2058 9,600 Am Comml Alcobol
195 193
8
400 Amer Encaustic Tiling_No par
257 *2412 257 "24
8
8
21
23
23
8
257
8 24
*2512 257 "24
1.600 Amer European Sec's_No par
497 5014 "4712 4912 49% 4912 493 497
47
50
4
498 497
No par
784 81
8118 834 8212 854 8414 864 181.300 Amer & Forn Power
77 8 814 77% 823
7
600 Preferred
1101____ *11012 11112 111 111 *111 11112 111 111
,3
1107 1107
8
No pa
1,100 2d preferred
99
99
99
99
9814 99
987 99
8
9814 9814 9812 99
No par
23% 24
25
233 24
4
231 2312 2314 2312 1,700 Am Hawaiian 0S Co
10
24
2412 24
"43
American Hide & Leather_100
5
8 5
*412 47
*412 5 4 *4
3
*4
5
*4
5
2512 '
12414 28 '233 26
700 Preferred
"24
8
"24
26
24
2418 2218 23
100
6318 63
63
1.500 Amer Home Products_No par
63% 64
6318 6313 x63
63% 63
6212 63
38
384 3814 3812 384 387
No par
385 39
8
8 383* 3812 384 3914 9,100 American Ice
4318 433 17,000 Amer Internat Corp__ _No par
4
8
43 8 4412 4312 44
7
42
43% 4314 44% 425 41
300 Amer La France & Foamits_10
*213 3
"212 3
*212 3
23
4 23
8
4
27
8 272
252 25
20 Preferred
303 303 *304 3212 303 303 *303 3212
4
4
100
"30 4 33
3
*3034 33
4
4
4
9.600 American LocomotIve_No par
67
"6618 663* 664 68
6618 6618 66
67
6814 6418 67
1,800 Preferred
105 105
10518 10518 105 1057 10513 106
100
"10318 105 "103 105
2,100 Amer Machine de Fdy _ _No par
268 266 "283 266
2683 2683 267 267
4
4
268 272 "268 270
7 437
4318 453
4 4413 451 *427 44
8
"4218 4312 8,100 Amer Metal Co Ltd-No par
43
42
43
100 Preferred (6%)
100
*112 117 "112 117
112 112 *112 115 "112. 115 *112 115
200 Amer Nat Gas pref____No par
90
4190
9012 *90
9012 *90
9012 9018 9018 90
9012 90
114 12,600 American Piano
Ps
112
112
13
8
118
13
1
No par
8
1
114
1
114
10212 1047 10518 1093 1063 10912 10913 11012 2106 108
4
8
No par
s
1053 1067s 18,200 Am Power & Light
4
700 Preferred
*10313 1043 "10313 1043 10414 1043 1045 1043 1045 1044 *10412 1045
4
8
4
4
8
No par
4
8
400 Preferred A
*82
8312 *8218 83
8214 8214 823 83
No par
4
*823 85
4
*8253 85
500 Pref A stamped
"8614 864 86% 874 "8613 87
No par
4
8
86% 867
8 86% 8712 *863 873
324 3318 323 3314 325 33
4
8
3212 34
3178 327 34.700 Am End &Stand San'ry No par
3214 33
s
8
5.000 American Republica-No par
254 257
8 255 27
2513 273
8 2614 27's 241s 28
*243* 26
7 7638
74
7412 73
7418 76 I 735 75
25
744 76
7312 743* 15,6001Amer Rolling Mill
8
1,000 American Safety Rasor_No par
'65
66
66 12 663
4 6614 6612 6614 6614 6614 6614 66
66
100 Amer Seating v t .3
"17
18
"16
18
16
16
"1613 1712 *1613 1712 *1612 1712
No par
2
23
8
23
8 2
3
2 8 238 "218 23
3
2
218
218 213 1,300 Amer Ship & Comm__ _No par
American Shipbuilding____100
*8213 90 '8212 90
*8413 90 '8212 90 I *8412 90
*8412 90
13,400 Am Smelting & Refining_100
71
7113 71
7212 713 723
7014 7213 69513 70
6912 70
13914 13913 *13914 13912 13914 1394 13914 13914 1,400 Preferred
13914 13914 *13914 140
100
42
42
*42
43
*4112 42
"42
43
43
1,200 American Snuff
25
*4214 43
*42
100 Preferred
"103 108 "103 108 "103 108
103 103
100
101 10112'10112 103
1412 1378 1412 137 14
2,900 Amer Solvents & ChemNo par
*14
1412 14
8
14
143
8 137 14
8
28
28
28 5 287
29
8
"27
4
4 27
No par
s 283 283
288 2713 2712 2.200 Preferred
4212 43
4212 4314 4212 4213 *43
700 Amer Steel Foundries_No par
*4214 43
4312
4312 *43
114 114
114 114 *113 114 1 114 11412 11412 11412
210 Preferred
*11312 114
100
4
200 American Stores
*48
5014 *473 4912 *48
50
49
49
*483 49
3
49
49
No par
614 62
6118 615 605 613
69
8
1,800 Amer Sugar Refining
62
4, 61
100
6112 *6112 64
800 Preferred
8
*109 10918 *109 10918 "109 10918 1087 1087 108 108 *10812 10912
8
100
15
4
15% 1514 1512 1514 155
No par
1312 143 *1512 16
8 1512 1512 2,600 Am Sumatra Tob
247 25018 24512 2503 24612 248
65.300 Amer Telep & Teleg
24614 21818 246 24818 24534 248
100
8
205 21
8
2012 207
8 2058 2114' 2053 2114 2012 203 109,300 Rights (expire Aug I)
2012 21
4
251 257
254 259 I 251 251
3,000 American Tobacco ocon____50
258 26312 *257 264 "258 262
4
259 265% 262 2663 263 26514 255 26012 2523 25812 25312 26312 41,600 Common class B
50
4
4
4
1.200 Preferred
12312 12312 *12313 1233 1233 1233 "12312 124 I 124 124
i
1235 124
100
134 134 "131 134 *130 134
300 American Type Founders-100
*130 134 I 13212 13212 "130 134
10 Preferred
*113 11312 "113 11312 "113 11312 11312 11312 *113 11312 *113 11312
100
33,500 Am Wat Wks & El____No par
11012 113
109 1123 10958 111
41
110 11358 11114 1143* 11112 113
800 1st preferred
8
10518 10518 10518 10518 *105 10518 "105 10518 105 10518 1047 1047
8
600 American Woolen
*1258 1314
13
100
4 13 4 1314 1314 1314 *121 1314 13
,
100
3634 377
3713 3712 363 3713 363 373
36
36
4
8 3613 3812 3,400 Preferred
72
2 73
73
4 772
734 73
4
goo Am Writing Paper ctfs.No par
4
814, *714 814
*7
814 *7
400 Preferred certificate
*40
41
40
40
*393 41
4
*39
40
40
40
39
39
100
1012 1034 1012 105 "1053 11
8
107 11
8
11
11
103* 1012 1,300 Amer Zinc, Lead & Smelt.__25
6912 *65
68
"65
68
6518 6518 .64
100 Preferred
"65
67
68
25
*65
8
6014 613
4 5958 61 194,700 Anaconda Copper Min new_80
59
60% 6214 633
4 623* 635s 605 63
40
4018 40
1,700 Anaconda Wire & Cable No par
40
40
374 3712 40
*38
3812 3818 39
507
8 5014 607
8 493 5018 4818 493
8
4 48
4812 5,600 Anchor Cap
4813 4812 50
No par
1141 11412 *113 117 *111 116 *11012 11614
100 Preferred
111012 116 *11012 116
No par
"2714 284 2618 27
*2614 27
*26
27
1,300 Andes Copper Mining_No par
2812 29% 27% 29
23
2,500 Archer, Dan'ki, Mid'Id_No par
4 2412 2412 2414 243* 23% 2338 23
"2212 2312 2314 243
755
8 7512 7512 753 753
7512 *75
500 Armour & Co (Del) pref___100
*75
7558 *75
753
4
4
4 75
57
55
8 54
3
5 8 57
5
54 58
3
7
7
618 61%
613 612 23,100 Armour of Illinois class A___25
3
3 18
3
3 18
318 34
34 33
25
4
338 33
312 312 16,100 Class B
56
55
55
56
1,700 Preferred
56
59
5612 55
5614 5612 57
"56
100
9
9
912 912
92
2 92
8
912 91
*9
93
4
95
500 Arnold Constable Corp_No par
938
4.15% 18
1513
1413 1415 1311 1313 *13
15
400 Arsloorn Corp
*1512 18
14
No par
1,300 Associated Apparel Ind No par
*35% 36
36
3612 367 367
s
a 38
38
37
3814 3712 38
44
46
23.000 Assoc Dry Goods
42
4218 44 4 4312 44
3
463
8 44
471s 45
42
No par
45 45
.4712 4814 *4712 48
120 test/elated 011
47% 47%
*4218 4912 *4212 49
25
603 60 4
4
*6012 62
600 AUG .4 W IBBLIne---No par
61
8
8 627 627 *61
3
63% 6314 634 633
600 Preferred
61
*60
6012
6012 60
100
*6012 6112 6112 6112 6112 6112 61
7
4212 4378 4318 43 4 4214 431
3
425 43
8
423 427 20,400 Atlantic Refining
8
42
43
25
85
86
"8518 87
85
*8518 88
85
841s 84% 1,000 Atlas Powder
84
82
No Par
60 Preferred
103 103 "103 1041 "101 10413 10414 1041
100
10514 10514 *103 105
200 Atlas Tack
*6
8
"6
8
*6
8
8
6
6
No par
*6
"6
8
33,600 Auburn Automob le
163 170
1864 19113 18512 19114 158 181
18514 194
185 195
No Pat
600 Austin, Nichols new
7
7
8% 7
7
7
No par
8 67
8
3
8 65
8 *63
6
*614 7
Preferred non-voting____100
35
*33
35 "3312 35
*33
*33
35
*3214 35
35
"32
k
500 Austrian Credit Anstalt
5638 563 *5612 58
"563 58 '563 58
8
"5638 58
"563 58
8
*514 512 *512 51
100 Autosales Corp
*513 53
No par
*513 51
6
614
6
*6
Preferred
"16
193 *16
"1312 20
193 *16
4
19
50
*14
20
*1312 20
7 553
3.000 Autostr Sat Razor A___No par
5 56
5518 553* 54
557
8 54
55
4 557 56
54
55
Aviation Corp
53
712 7
3
712 75
No par
712 7
8
75* 73* 16,200
7 3 74
,
5
2
5,900 Baldwin Loco Wks new No par
28 8 283 291
3
8
2814 2914 28% 281
283* 283
8 2818 284 28
100 Preferred
109 109
100
109 110
109 109
110 110 *____ 110
111 111
Munberger(L)& Co pref_100
4
'107 109 "107 109 "107 109 *1074 109 *1073 109 "107 109
210 Barker Brothers
171 *17
1712 1713 171
No par
1712 *17
17
1712 *17
"165 17
8
Preferred
871
100
871 "82
8712 "82
8712 *80
8712 "80
*80
8712 "82
Barnett Leather
No par
*35
8 5
5
* 7
3
5
*353 5
*37
5
*31
*413 47
272 26,600 Barnsdall Corp claw A
4
25
272
8
283
8 27'4 2
Ms 27
263 273
4
8 265 2814 28
8
*Bid and asked prices; no sales on this day,
2Ex-d1v. FBI
-441W
$ per share
45 Jan 2
104 Jan 11
2318 Jan 20
854 Feb 4
23 Jan 23
111k Jan 6
22 Jan 4
12 Jan 4
118 Jan 22
21 Jan 13
15 Jan 2
612May 5
814 Jan 21
23 Jan 8
9513 Jan 3
95 May 8
8914 Jan 27
2554 Jan 3
121 Jan 2
4914 Jan 3
2818 Mar 7
18 Jan 16
514May 5
26 Feb 20
77 Jan 2
61 Feb 3
7 Jan 4
34 May 5
81VIay 16
453
11814 Jan 14
838 Jan 16
6012 Jan 3
11714 Jan 2
1404 Jan 27
52 May 8
10014May 6
8
757 Jan 3
365 Jan 2
8
1614May 5
23 May 16
35 Jan 8
65 May 5
107 Jan 3
95 Mar 12
197 Jan 2
8
418 Jan 30
2218May 16
5538 Jan 11
3518 Feb 7
353* Jan 20
2 Jan 20
30 Jan 9
6418May 16
103 Mar 5
210 Jan 10
3914May 8
110 Feb 6
65 Jan 23
12 Feb 7
77 Jan 2
100 Jan 28
75 Jan 8
80 Jan 6
3018 Jan 3
2012 Jan 21
7013May 5
59 Jan 18
16 May 10
I 18 Feb 25
8212May 5
6514May 5
13312 Feb 6
41 May 3
10018 Jan 3
12 May
4May 5
243
4014May 5
11012 Jan 7
4614May 5
60 May 5
104 Jan 6
1218May 3
216 Jan 2
8May 5
195
197 Jan 8
197 Jan 8
120 Feb 3
125 Jan 22
106 Feb 5
88% Jan 2
99% Jan 4
7% Jan 2
1938 Jan 2
5 Jan 20
2912 Jan 17
8 May 3
56 Jan 6
5218May 6
35 May 5
35 Jan 2
105 Jan 2
213
4May 6
22% Mar 6
7414 Mar 14
54 Jan 18
253 Jan 20
55 May 5
63 Feb 8
8
1312May 15
33 8May 8
5
28 Jan 4
3212 Feb 27
5978May 9
59 Jan 7
3614 Jan 17
78 May 5
101 Jan 20
8 May 8
168 May 15
8 Apr 30
24 Jan 2
58 Jan 10
412 Jan 20
15 Jan 11
37 Jan 2
42 Jan 20
8May 5
245
109 May 14
107 Jan 3
1618 Jan 1,
73% V b 11
25 Feb 18
2
2012 Feb 15
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ per share $ per Shari
43 Dec 15912 Jan
66 Apr 21
110 Feb 11 10012 Nov 11213 Oct
375 Mar 31
20 Nov 34 Nov
Jan
84 Nov 98
92 Mar 27
7
19 Nov 35 3 Jan
32 Mar 31
8
7 Oct 1047 May
2314 Jan 24
15
Oct 119 May
4114 Jan 29
458 Feb
15 Mar 28
8
3 Dec
8
77 Nov 223% 0et
1503 Apr 9
8
36 Mar 24
181 Dec 487 May
8
1114 Jan
1 Dec
2 Jan 9
13
414 Nov
1014 Jan
918 Jan 7
Oct 25 Jan
1512 Feb 17
5
5612 Sept
3514 Mar 31
17 Nov
10712 Feb 11
90 Nov 1183 July
4
993 Apr 11
4
9614 Feb 24 --_-__ ---343 Apr 17 197 Nov 3543. Aug
4
12614 Apr 1 11812 Nov 125 Apr
68 mar 11
3518 Nov
75% Sept
4214 Mar 27
23 Nov 23 Nov
1712 Oct 425 Jan
8
293 Mar 28
4
103 Mar 31
8
4 Oct 235 Jan
8
18 Nov 73 4 Jan
39 Apr 1
3
65 Nov 157
Oct
973 Mar 27
3
57 July 65 4 June
4
3
663 Jan 31
514 Dec 2012 Jan
12 Jan 16
27 Nov
7613 Sept
547 Feb 14
54% Mar 20
4012 Nov 62 Feb
128 Feb 13 113 Nov 12612 Mar
21% Apr 25
4% Oct 343 June
4
3 Jan 104 June
80 Apr 9
49
86 Nov 18413 Aug
15612 Apr 16
14614May 15 13318 Nov 145 Dee
75 Nov 10612 Jan
82% Feb 6
116 Jan 4 11012 Oct 120
Jan
7014 May 9518 Oct
101 Mar 28
27 Nov 815 Sept
5114 Apr 3
8
33 Jan 16
20 Oct 55 May
7
1814 Nov
472 Feb
4
30 Mar 31
23 Nov 9812 Sept
.5912 Mar 31
1013 Apr 16
4
50 Oct 19914 Sept
11112 Apr 29 10112 Nov 10818 Feb
9912 Feb 19
8614 Oct103 Feb
1712 Dec 42 Apr
33 8 Mar 19
5
313 Dec 10 Jan
7 Apr 10
k
2314 Nov 524 Aug
347 Apr 11
5
693 Mar 20
4
40 Nov 85 8 Jan
417 Mar 27
8
29 Oct534 Aug
553 Apr 2
2912 Nov 963* Sent
7
212 Oct8 8 Jan
4 Apr 2
2712 Nov 75 Feb
35 Feb 14
105 Jan 6
90 Nov 136 J107
11812 Mar 1 1114 Nov 120 Dee
2843 Apr 30 142 Nov 279 4 Oct
4
3
5112 Feb 7
3112 Nov 8118 Feb
116 Feb 18 108 Nov 135 Feb
95 Mar 27
58 Nov 9814 Jan
1778 Jan
27 Mar 31
8
3 Dec
4
6414 Nov 1753 Sept
11938 Apr 1
4
9214 Oct 105 Feb
107 Mar 24
85 Mar 20
70 May 80 Feb
4
72 8 Nov 8418 Feb
7
883 Mar 21
28
Oct 55 * Sept
393 Apr 7
4
5
1212 Nov 64 4 Jan
3
37 Mar 25
8
60 Nov 144 8 Sent
1007 Feb 17
5
Apr 28
74 4 Jan
3
44 Nov
6738
17 Dec 417 Mar
8
2613 Fe1418
7 Feb
33
8May 6
3 Oct
8
98 Feb 14
70 Oct 11218 Aug
62 Nov 13014 Sept
7913 Apr 2
Jan
141 Apr 8 12318 Nov 138
38
Oct 49 July
2
437 Jan 27
Jan
98 Nov 112
4
1073 Apr 22
3314 Mar 5
524 Mar 20
116 Feb 25
5512 Apr 16
89% Mar 26
110 Apr 24
263* Feb 10
27414 Apr 17
225 Apr 17
8
26312May 10
4May 12
2663
1244 Mar 14
1414 Apr 1
160 Mar
160 Oct
1145s Nov
115 Nov
1143 Apr 4
s
1247 Apr 23
8
10612 Apr 15
2014 Feb 17
441 Feb 18
813 Apr 11
443 Feb 27
4
177 Feb 3
8
797 Jan 20
8112 Apr 2
5314 Feb 6
513 Apr 21
4
115111 Apr 14
3714 Apr 2
294 Apr 5
613* Jan 3
8% Mar 26
425Mer 26
64 Jan 9
133 Apr 21
4
2013 Apr 28
4618 Mar 10
5012 Apr 15
103
50
97
57
8
1512
4
28
7
493
4
6714
46
25
96
30
1812
75
512
23
4
57
614
163*
34
25
5014 Apr 9
80 8 Jan 30
3
6514 Feb 26
515 Apr 7
4Mar 21
1043
106 Mar 22
8 13 Mar 5
263 4 Apr 1
3
7 May 14
35% Apr 23
69 Jan 13
10 8 Mar 3
3
25 Mar 4
5852 Apr 28
9 8 Apr 15
7
38 Feb 18
1113 Jan 21
11011 Feb 4
20 4 Mar 5
3
91 Mar 31
712 Apr 11
34 Mar 28
1554 Oct - 7 79 Feb
110 June 114 Mar
,
0 Oct 85 Apr
94% Jan
511 Nov
99 Nov 111 Feb
18 Nov 60
Jan
19314 Jan 31014 Sept
Nov
Nov
Jan
Oct
Nov
Nov
Nov
Nov
Nov
Dec
Dec
Oct
Nov
Oct
Nov
Oct
Oct
Nov
Nov
Dec
Nov
Nov
Nov
3412 Dec
3218 Feb
2
45 Feb
30 Oct
67 Nov
90 Nov
5 Nov
120 Oct
18
4912
4
13
34
41
15
10912
9312
16
70
213
20
23212 Oct
235
Oct
12114 Jan
181 Sept
112 Apr
199 Sept
104 Jan
277 Jan
s
583 Jan
8
1618 July
46 Mar
49% Mar
11114 Mar
140 Mar
893 Sept
4
Oct
80
15413 Oct
683 Mar
8
4912 Mar
95 Jan
1818 Jan
1014 Jan
Jan
86
407 Jan
8
30 Feb
583 June
4
703 Ja„
4
4714 Apr
8612 Oct
627 Sept
8
771 July
140 Sept
10812 Jan
177 July
8
514 10601
4218 Jan
Nov Jan
Nov 65
Dec 3511 Aug
7
Dec 45 Aug
50 Jan
Nov
Dec 20 AIX
8
Oct 665 Aug
Nov 125 Apr
Nov 11013 Feb
54 Jan
Dec 33
Jan
97
Nov
Dec 2914 Jan
Oct 4918 May
New York Stock Record-Continued-Page 3
3503
For gale, during the week of stocks not recorded hem see third page preceding.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
May 10.
Monday.
May 12.
Tuesday.
May 13.
$ per share $ Per share $ per share
*59
64 .59
64
*59
64
*97
93 '97
98 .97
98
•78
Wednesday
May 14.
Thursday.
May 15.
S per share
64
*59
.97
98
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
per share
.60
64
93
98
Friday.
May 16.
PER SHARE
Range Since Jan. 1.
On basis of 100-sharelots.
Lowest.
Highes(.
PER SHARE
Range for Freebie
Year 1929.
Lowest.
Higlesl.
S per share Shares Indus. 8c allacel. (Con.) Par $ Per share
$ per share
per share $ per altars
.60
64
Bayuk Cigars, Inc
No par 5914May 5 88 Feb 4
4
55 Nov 1133 Jan
9718 9714
110 First preferred
100 97 Mar 3 99 4 Feb 21
3
Oct 106% Jan
95
Beacon 011
No par
13 Feb 18 205 Apr 9
8
1212 Dec 3278 July
-87T2 172 ;g3 17 2 '85
1871z 83
1
85
83
85
85
85
900 Beatrice Creamery
50 6712 Jan 18 92 Apr 14
69 Dec 131
Oct
•10512
*10512 ____ 10512 10512 10512 106 .106
- •10512
1,100 Preferred
100 10114 Mar 20 106 May 15 100 Dec 10812 Aug
5
5
47
412 434
8 4%
438 4% .412 5
5
5
1,700 Belding Ifem'svay Co__No par
4% Jan 3
83 Jan 17
8
412 Dec 17% Apr
•83% 8412 *833 85
4
*8312 85 .833 85
8418 8418 .84
4
8412
100 Belgian Nat Rye part pref____
80 Jan 3 8512 Mar 19
75 Nov 847 Jan
8
4018 41 2 42
,
43% 4118 423
4 41% 425
8 40% 4212 4014 423 25,600 Bendlx Aviation
4
No par 3272 Jan 18 571% Apr 7
25 Nov 104% July
4818 48% 473 51% 4912 50% 50 8 513
4
4914 50
,
2 4834 51
15,400 Best &Co
No par 3112 Jan 8 5614 Apr 25
25 Nov 12312 Sept
9512 96% 9614 98
96
96% 963 93
8
98
973
4 9618 06% 26,300 Bethlehem Steel Corp
100 91%May 5 11014 Apr 1
7814 Nov 14034 Aug
131 131 "131 13112 131 131
13118 13218 13112 13112 13114 13114
1,600 Beth Steel Corp Di(7%).--100 122% Jan 13 134 Mar 22 1185s May 128 Sept
*23
273 *2312 26
4
'2312 26
.2312 26.8 *2312 26
.2312 26
Bh)omingdale Bros.......No pa
23 Jan 4 207 Apr 24
8
2234 Dec 8172 Ayr
*98 100
99
99 .98 100 .98 1006 •98 100
•98 100
51) Preferred
100 99 May 12 103 Mar 8 100
Oct 111
Jan
.86
87 .86
87
*86
87 .86
86 2 •86
8612 *86
,
Blumenthal az Co pref
8612
100 74 Feb 7 90 Apr 7
7018 Dec 118
Jan
52
.51
5112 533
54
4 53
5412 54% 533 55
4
55
5614 4.700 Bohn Aluminum az fir__No pa
47% Jan 22 89 Apr 7
37 Nov 13054 May
80
•74
74
74
.71
76
.71
76
74 '71
74
75
No pa
200 lion Anil class A
70 Mar 7 78 Apr 5
Oct 8912 Jan
70
*312 3 4 *312 3% *312 3 4 .
3
4
3
4 *312 33
312. 33
4 *312 33
Booth Fisheries
No pa
312Nlay 5
5 Mar 26
113 Jan
3 Dec
4
•20
23 .20
25
.20
2212 .20
2214 .20
25
*20
25
let preferred
100 22 Mar 24 3314 Jan 3
18 Dec 63 4 Jan
3
8512 8614 85
8714 8512 8712 86 2 873 285
,
4
8612 84% 88% 89,700 Borden Co
25 6018 Jar/ 8 883
8May 16
53 Oct 10012 July
3714 3912 *3312 39
38%
331.4 3712 33% 3712 38,
4 6,500 Borg-Warner Corp
10 327 Jan 2 5012 Mar 27
2
26 Nov 143-34 May
*314 312 4.314 312 *314 3934 38
31
*324 312 *34 311 *314 3,
Botany Cons Mills class A__50
3 Jan 14
5 Mar 27
2
212 Dec 1512 Feb
1978 2112 20% 22% 2114 2228 21% 218 2012 217
8 2012 21% 68.803 BrIggS ManufacturIng_No Par
1312 Mar 6 227 Apr 21
2
812 Nov 6318 Jan
•2914 30
*2914 30
2014 2914 *2914 33 .2914 30
*2914 30
• 2114 Jan 2 3512 Apr 4
100 Briggs & Stretton
17% Dec 4312 July
.2% 212
212 222 .2
212
212 23
8 .212 2%
4 .258 27
400 British Empire Steel
100
4 Apr 8
112 Der
158 Jan 30
67 Jan
8
.5% 57
*512 612
57
9
61
8 68 *614 6% .5
612
100
500 20 preferred
418 Mar 10
814 Apr 10
131* Jan
3 8 Nov
7
.1812 1914 183 19
4
183 19
4
183 207
19% 21
4
2018 21% 12.200 Brockway Slot Tr
par 13 Jan 3 21% Apr 23
No 10o
14 Nov 73 8 Jan
7
*8212 91
.83
90
*83
90 .32
90 .83
90 .83
00
Preferred 7%
88 Jan 11 85 Apr 24
7114 Dec 145
Jan
152 15314 151 15512 155 15812 153 182
161 162% 15812 16012 16,100 Bklyn Union Gas
No par 131 Jan 8 17814 Mar 3
99 Nov 24812 Aug
*4912 41
.4012 41
4012 4034 *4014 41
.4014 41
•4914 41
'Jopar 40 Jan 3(1 42 Feb 18
230 Brown Shoe Co
38
Oct 51,2 Sept
•17312 1914 1834 19 .1814 187
8 1878 201 2 2012 2112 20
20% 3.900 Bruns-Balke-Collender_No par
1614 Nov 5514 Jan
1318 Jan 15 3058 Mar 31
.273 273
8
4 27
2778, .2912 2714 2714 2724 27
27% 25% 2718 1,900 Bucyrus-Erle Co
10 2218 Jan 24 317 Mar 24
8
14
Oct 42% Jan
407 407
8
8 403 407 *393 407
8
4
404 40% 403 40% 4018 4018
4
10 3318 Jan 7 43 Mar 25
900 Preferred
2612 Oct 50 Feb
115 115 *1133 115 i•11334 115 .1133 115 •l113 115 •1113 115
4
4
4
40 Preferred (7)
100 1073 Jan 3 115 Apr 15 107% Dec 117
4
Apr
11% 1134 12
1212' 12
1212 12
124 1212 12% 1212 1212 6,500 Build (E G1 Mfg
818 Jan 3 16% Apr 15
No par
8% Dec 227 Oct
3
1318 137
1334 1414 1313 14
1414 13% 137 31.200 Budd Wheel
14
1413 14
8
8% Jan 2 145 Feb 8
1 par
70
8
73 Dec 1212 Dec
4
35
3539 35
353
8 35
353
4 35% 3614 x335 35,2 3312 3412 30.200 Itulova Watch
8
2618 Jan 17 43 Mar 31
No par
2114 Nov 34 Dec
1 44
43
45
47
45
4412 3912 43% 39% 4014 6,400 Bullard Co
4634 44
No par 297 Jan 18 74 Apr 2
8
25 Nov
54% July
*103 106
1051s 1051s•104 106 .105 106 .104 10514 *104 106
100 Burns Bros new Cl AcomNo par 99 May 3 110% Apr 2
88 Nov 127 Jan
2412 25
2412 24781 2412 2412 "24
217
8 247 24% *24
8
25
No par
900 New class B corn_
17 May 5 35 Apr 2
22% June 39 Jan
*97
99
*97
99
96 .93
96
99
•97
99 .97
99
10 Preferred
100 93 Feb 1 100 Feb 19
83 Nov 10514 Jan
4112 4112 4114 42341 417 427
8
8 4114 413
407 41
41
8
4 41
3,100 Burroughs Add MaehNo par
37 May 3 517 Mar 1
3
29
Oct 329%May
4012 4012 41
41
*39
40
40
41
40 4 40% 40
,
40
800 Bush Terminal
No par 86 Jan 4 4812 Mar 5
3114 Nov 89% Feb
*103 106 .1025 108 .103 106 *103 106 *103 106 *103 106
8
Debenture
100 10014 Jan 2 110 Mar 15
9118 Nov 11012 Mar
"116 118 *116 118
117 117
118 117 .116 117
11518 11518
120 Bush Term 131dgs pref
100 10918 Feb 10 118 Apr 7 105% Nov 11812 Feb
.23
23
4 3
4 23
4 *238 3
.234 3
2% 2% .2% 3
200 Butte & Superior Mining___10
2585lay 5
438 Dec
514 Jan 6
123 Jan
8
3
3
27
8 3
3
3
3
3
3
*27
8 3
3
1,900 Butte Copper & Zinc
278May 12
5
2 Oct
4 4 Feb 20
,
912 Jan
.203 21% *203 213 '2034 213 .203 213
4
4
4
4
4 2012 21
.20
21
500 Butterick Co
100 1612 Jan 17 29% Feb 24
1712 Dec 41
Jan
863 9114 90% 933
4
4 9014 9212 9212 951 2 92% 96% 94
953 48,3001Byers & Co(A M)
3
No par 70 May 5 1123 Apr 28
8
50 Nov 192% Jan
*111
"111
____ .111
____ .111
.111
_- •111
Preferred
100 109 Jan 27 114 Jan 25 10.5 Apr 12114 Jan
8818 6818 69
69
*6938 699 694 698 693 693 "683 6912
4
8
4
800 California Packing__ No par 855
, 01nY 6 7712 Mar 5
8
8312 Oct 847 Aug
*28
29% •28
30 .28
30
.28
30
30 '28
.28
30
California Petroleum
25 IS Jan 22 295
8May 6
25 June 34% Aug
118
118
114
• 2
1,
118
118
1,
118
4
118 Ile
114
114 2,000 Callahan Zinc-Lead
10
1 Jan 2 2 18 Feb 3
4
1
Oct
Jan
6514 6514 f3514 68
66
683
64
4 6418 66
63
62% 63
2,400 Calumet dr Arizona Nlining_20 6011May 5 897 Jan 9
2
7312 Nov 1362 Aug
4
1914 1958 1912 2018 2012 207
8 2034 2114 20
20% 20
2014 16,900 Calumet dr Ueda
25 1818May 5 33% Jan 7
25
Oct 6178 Mar
23
23
237 24
24
24
.2312 2434 22312 2312 •23
2312
600 Campbell W & C Fdry_No pa
19 Jan
Mar
19 Dec 49 Aug
12
6112 63
6212 631
6218 6312 6312 8412 633 6412 6312 6512 17,700 Canada Dry Ginger Al* No par 5712May 2 30 Mar 25
4
10
45 Oct 983 July
4
7 75%
*2712 28
277k 2778 28
28
"28
29
273 28
4
*27% 28
No par 27 Jan 7 3414 Mar 18
700 Cannon Mills
27 Dec 48% Sept
.22
24
*2234 24
.23
24
23.
24 '23
24
23
24
200 Capital Adminia el A_No pa
183 Jan 18 283 Apr 4
2
4
17 Nov 6512 Oct
.37
*37
40
41
"37
41
*37
40 .37
.37
40
40
Preferred A
50 31 Jan 2 42 Mar 19
29 Nov 39% Oct
329 33412 323 33414 32712 3484 343 35212 326 342
331 34112 64,400 Case Thresh Machthe ctf3_1(10 19214 Jan 2 3621 Apr 23 130 Nov 467 Sept
.129 131) *129 130
130 130 .129 130
129 129 .129 130
4001 Preferred certificates_--100 115 Jan 16 132 Mar 25 113 Nov 12312 Dec
747 7514 7414 753g 7414 75
8
747 75
2733 75
7412 7612 14,200 Caterpillar Tractor_
4
.No par 54 Jan 2 79% Apr 28
5014 Dec 61 Dec
•718 g
*712 9
"712 9
*712 812 •713 8
*712 8
Cavannagh-Dobbs Ine_No par
8 May 7 137 Jan 11
s
6% Dec 4218 Feb
7312 .65
*70
70 .69
70
"69
70 .66
*66
70
70
Preferred
100 82 Jan 2 75 Jan 18
58 Dec 10512 Mar
32% 33% 25
345
28
313
4 2918 313
4 29% 31
293 37
3
58,000 Celotex Corp
No par 20 May 7 80 Mar 10
31
Oct 79% Feb
27
28
27
2812 *2612 2812 277 27% *2718 27% 2718 2718
8
600 Central Aguirre Asso No par 2312 Feb 19 3012 Mar 31
21
Oct 483 Jan
4
No par 30 4 Jan 2 35 Apr 16
Central Alloy Steel
3
2618 Nov
593 Oct
Preferred
100 10514 Feb 7 11053 Apr 10 105 4 Apr 11212 Jan
3
.434 512 .45
.45
8 6
8 5
4% 4% *43
8 53
33 Feb 4
4 *4% 512
100 Century Ribbon Mills_No par
8% Mar 27
3 Oct 2018 Jan
6712 .60
*55% 6712 *60
8712 .60
67 2 *60
6712 .60
,
6712
Preferred
100 Si Feb 27 6212 Apr 7
5014 Dec 82 Jan
54% 5612 56
58
5814 59% 57
5712 55% 56
55% 56
4,800 :err° de Pasco Copper_No par
5114May 8 6534 Jan
5214 Nov 120 Mar
9
9
9
9
87
8% 8%
9% 91s
8 8%
812 9 2 2,400 Certain-Teed Products_No pa
,
81251ay 16 1578 Feb 6
107 Dec 32 July
8
4312 4312 .4414 4412 4414 4424 45
*43
*43
45
45
45
No par 4018 Jan 3 49 Feb 4
600 City Ice & Fuel
3912 Dec 623 Jan
4
•9612 97
.9612 97
*9612 97
98
•9518 97 .95% 97
98
10 Preferred
100 96 Jan 15 983 Feb 11
4
96 Sept 10514 Jan
4314 4412 4312 443
4 4418 46
45
244
443 46
44
4
45 4 14,700 Checker Cab
,
par
No
38 Jan 2 677 Mar 27
8
18
Oct 80 4 Sept
3
6914 694 6918 893
12 70
4 6812 68
72
69% 70
70
7012 7.600 Chesapeake Corp
No pa
6312 Jan 3 8212 Mar 29
4218 Nov 112 July
2312 2312 2212 2212 2212 2234 2218 2212 22% 243
8
4 233 233
4 1,900 Chicago Pneumat Tool_No pa
1712May 5 37 Mar 31
.
1
8
217 Oct 47 Sept
.51
5112 51
51
5114 544 .5012 517 .51
3
51% .51
517
8
No pa
200 Preferred
5014May 1 557 Mar 14
8
47 Nov 61 Sept
2923 2912 *2812 2912 .28
2912 *2718 29 .271
-- "2718
100 Chicago Yellow Cals.--NO par
160 Feb 1 32 Mar 20
4
217 Oct 36 Jan
8
.26
2814 .26
2814 .251 2814 .26
.26
27
27 2 .26 8-,
27
Chickasha Cotton 011
10 243 Mar 28 3212 Apr 10
25 Dec 50
Jan
61
6172 61
62
61
63
6212 62
63
63% 63
647 10,400 Childs Co
8
No par 53 Slay 5 6712 Mar 3
4412 Nov 75 s Sept
7
5518 5523 *52
74
.52
74
74
.52
.52
70
"50
74
100 Chile Copper
25 Si Apr 30 65 Feb 6
53 Nov 12712 Mar
3212 33
327 353
8
4 3418 3614 347 36
8
33% 35% 33% 343 89.800 Chrysler Cory
4
No pa
3012May 5 43 Apr 11
Jan
26 Nov 135
7
10
103
8
9 8 1018
9% 10
9% 9%
93
8 9% 8,700 City Stores New
918 10
No pa
75 Mar 21 1314 A pr 25
8
7 4 Oct 27 Feb
,
.38
39
38
38
.37
3812 3812 3812 .38
3812 .38
3812
200 Clark Equipment
No pa
33 Jan 20 4412 Apr 21
25 Nov 617 Oct
2
45
45
45
45
45
'1212 45 "4212 45
45
45
45
500 Cluett Peabody & Co No pa
30 Feb 1 60 Apr 5
3412 Dec 7234 Jan
*10012 10412 .10012 10412 "100 10412 *96 104 *103 10412 *103 10412
Preferred
100 91% Jan 2 105 Apr 8
991 Dec 119 Jan
17534 1787 177% 18312 180 1847 18312 185
8
18118 1847 181% 18712 25,599 Coca Cola Co
3
No pa 13314 Jan 8 1877 Apr 21 101 Nov 15412 Aug
n
5112 51
*51
51
.51
5113 .51% 5112 5112 5112 5118 5112 1,000
No par
Class A
4812 Jan
53 Mar 21
4434 Oct 50 F,b
23% 23 8 23% 2512 24
7
25
2518 26
27
2514 2612 26
No par
6,200 Coins & Alkman
143 Jan 2 353 Feb 13
8
4
10 Nov
7214 Mal
*8614 90 .86% 90 .87
92
88
90
88
•88
88
88
Preferred non-voting..
300
._.J00 73 Jan 3 88 Slay 3
65 Dec 10312 Feb
5812 593
4 5818 60% 57
60
5612 597
6012 62% 32,500 Colorado Fuel & Iron
8 58% 6212
100 3612 Jan 2 77 Apr 8
2734 Nov
7312 Mat
149 15112 149 15212 14814 15012 150 155
4
15214 1563 15212 15712 7,200 Columbian Carbon v t eNo par 12812May 5 199 Mar 11 105 Nov
344
Oct
74% 79% 7814 8212 813 8514 83
4
8434 84% 86% 85% 863 603,200 Collins Gas & Elec
4
No par
69 May 5 87 Apr 10
*109 110
109 109
1093 10934 110 110 •1077 110
4
8
109% 109%
600 Preferred
100 10414 Jan 31 110 April
f(ii- :1;i;
2814 2914 277 2912 28
s
283
4 2814 29
2818 28% 273 283 83,500 Columbia Graphophone
.4
8
373 Apr 28
23141May 5
8
1818 Nov
88% Jan
3118 31% 3112 31% 3118 3134 3114 31% 31
3114 3018 31
6,000 Commercial Credit ____No par
23% Jan 2 40% Apr 1
18 Nov 62 8 Jan
3
38
3812 39
40
407 41
8
4018 4018 *38
41
.3812 41
Class A
50 31% Jan 2 443 Apr 1
3
28 Nov
51% Sept
.25
2512 .2514 2512 *25% 2512 2514 2514 •2514 2512 '2514 2512 1,200 Preferred
20
B
25 22 Jan 6 28 Apr 29
20% Nov
23 June
92
*90
92
92
91
91
90
90
90
90
90
90
220 let preferred (635%)_--100 7614 Jan 18 95 Mar 29
Oct 105 4 Jan
70
3
41
4114 4212 42% 4212 42% 42% .74113 4214 .41% 42
41
1.300 Corn Invest Trust
No par
3615 Jan 213 55 Mar 8
2818 Nov
79
Oct
85 .83
"83
85
*8312 85
8312 83 .83
85
,2
•8312 83%
500 Cony pref
No par 8212May 7 87 Mar 28
•1112 12
11
11% 1118 1112 •1118 1212 •11% 15 '11
13
Warrants
2.000
100
11 Jan 3 2314 Mar 3
9 Dec 191- 2 Sept
3214 33
3112 32% 313 33
4
313 32% 31% 32,
4
8 3118 317 70,400 Comm Solvents
8
No par
2518May 5 38 Apr 11
20% Oct 63 Oct
17
17% 1718 1712 17
1714 17
1714 17% 114.100 Commonwealth&Sou'rnNo par
17% 1714 18
123 Jan 2 2014 Apr 7
4
10 3
424 24 4 Oct
3
.48 2 52 .48% 52
4812 4812 .17
,
49 .4714 4912 .47
49
100 Conde Nast Publics__ _No par 44 Mar 8 57 Mar 27
35 Nov
93 Jan
1412 14% 14% 1512 15
153
8 15
1512 15% 16% 1512 16
31,500 Congoleum-Nairn Inc._No par
1318May 3 193 Mar 24
4
11
Oct
35 4 Jan
3
'38% 42% 4212 441s "41
4312 •38% 43 2 •4212 4312
4312 .40
,
900 Congress Cigar
No par 35 May 5 56% Mar 11
•12
43 Nov
a,
84
925 Feb
8
•t
8
*12
3
*12
2
4
•12
*12
Comley Tin Foil s190__No Dar
1 Mar 24
3 Jan 16
13
112 Fel
4434 44
14 Nov
4418 44% 44% 4414 4412 43% 45
.44
43
43
4214May 5 59% Mar 17
par
1,100 Consolidated Cigar
40
Oct 9614 Jan
74% 75
75
75
7412 7412 *7413 75 .7412 75
7412 7412
210 Prior preferred
100 67 Jan 22 80 Mar 25
83 Nov
98 Jan
2318 2312 24
11 23
23% 23% 23% 23% 2312 24
.23
2314 2.800 Consol Film Indus__ __No par
1513 Jan 3 273 Mar 11
3
10
Oct 25 3 Sep
3
23% 24
2 2212 23
233 23% 2312 2312 227 2312 22% 22% 4,400 Cortsol Film Ind pref__No par
8
8
18 Jan 3 2814 Jan 10
15% Oct 30 4 Ay
3
8
12534 12812 1263 129
127 12812 12712 131
12912 131% 1283 13012 54.000 Consolidated Gas(N Y)No par 983 Jan 2 1367 Apr 26
4
2
.2
8013 Nov 16314 Sep
102% 1023 102% 103
2
102% 1027 1025 103
8
8
102% 103
1027 1027
8
No par 9912 Jan 28 103 Mar 14
8 3.300 Preferred_
9212 Nov 10012 Dee
1%
1% 13
8
1%
13
8 138
114
1%
13
8
138
114 1% 1,600 Consolidated Texttle
No par
1 Jan 2
2 Jan 27
52 Dee
63 Jan
8
*1612 1614 17
16
16
173
4 17% 177 .1612 17
8
165 195
8
8
700 Container Corp A vol.. _No par
12 Jan 2 22% Feb 24
12 May
2312 Jan
*53
4 6
"53
4 6
53
4 5% *57
8 6
•5% 6
6
6
No par
4% Jan 2
200 Class B voting
812 Feb 20
1112 Jan
3% Nov
29% 29% 293 30
4
28% 2914 29
29% 29
2914 2912 2918 5,600 Continental Baking el ANo par 2712May 5 5212 Feb 17
2514 Oct 90 July
45
8 434
4% 4%
412 458
4% 45
8
412 458
45
8 4% 11,800 Class Et
4 May .5
No Par
7 Feb 17
4 8 Oct
5
1514 July
803 803
8
s 8012 8012 80, 8012 8014 8014 8014 8014 8012 80,2 1,200 Preferred
2
100 7812 Apr 24 94% Feb 17
7912 Nov 100 June
8 65
64% 65% 65 657
653
4 6512 86% 65
653
4 6512 6512 10,900 Continental Can Ine___No par 50% Jan 2 715 Mar 31
8
4012 Oct 92 Sept
2714 27
2734 2612 27
27
2612 27
2614 27
2614 26% 6,200 Cont'l Diamond Flbre_No par 237
8May 5 37% Apr 21
20% Nov
3312 Dee
63% 64
64
63% 6334 645 67
'63
8
6412 6634 6434 66
10 58 May 5 7734 M or 31
7,200 •Dontinental Ins
4678 Nov 110% Sept
534 53
4
512 5%
5% 53
4
53
3 513
8
,2 5%
43
4May 5
5% 5% 6,200 ::ontinentai Motors_ _ _No par
8% Feb 19
618 Dec 23 8 Jan
3
2512 26% 25% 2614 25% 2718 2718 2814 27% 2813 27% 2814 55,300 Continental 011
No par 1912 Feb 4 3012 Apr 24
18 Nov 373 Aug
4
31
31% 3214 31% 32
32
3013 31
3112 32
3138 31% 20,400 Continental Shares__ No par 27% Jan 21 40% Apr 1
2612 Dec 4572 Dee
1043 1083 10514 106% 1047 107
4
104 106
105 107
2
8
10412 10514 30,100 Corn Products RefInIng__25 8712 Jan 3 11133 Apr 23
70 Nov 1263 0 3
8 ,
14512 14512 14512 14512 14512 14512 •145 146
146 146 .145 146
100 140 Feb 10 147 Mar 21 137 Nov 14414
140 Preferred
287
8 27% 28
2712 275
8 28
2714 27% 271s 27% 2718 27% 10,600 Coty Inc
No par 24% Jan 2 33 Feb 3
1$ Dec 82% Jan
4 32
31% 33 4 3212 333
33% 33
,
33% 32
3314 •32
3
33
No par 2512 Jan 6 353 Mar 20
4,100 Cream of Wheat
24 Nov
31 NOV
18
16 .15% 1712 1512 1512 •1512 1612 *1512 1712
•1512 16
9 Jan 22 2913 Mar 5
100
200 Crag Carpet
15 Dec 57% Apr
18,
2 18
18
18
18
18
18
18 .16
18 2 •17
,
1,000 Greeley Radio Corp___No par 1014 Jan 17 22 Jan 2
18
15 Dec 125
Fan
1
• 1310 and asked pilaw; no sales on this day. s Ex-dividend, o Et-cl vidend and ex-rights.
New York Stock Record-Continued--Page 4
3504
For sales during the week of stocks not recorded here. see fourth page preceding
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
May 10.
Monday.
May 12.
Tuesday.
May 13.
Wednesday. Thursday.
May 15.
May 14.
Friday.
May 16.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Highest.
Lowest.
Per share 5 per share 3 Per Wry
Shares Indus. & Mice!.(Con.) Par 5 per share
$ per share $ Per share 3 per share $ per share $ per share $ per share
37ty Nov 79 Aug
4
/
900 Crown Cork dc Seal____No par 43 Jan 2 591 Apr 7
4512 444 4614 45
4518 4518 4514
*44
46
47
47 .
*46
Oct 25 4 Jan
3
17
15 May 5 1812 Feb 19
No par
4
1
/ 1,500 Crown Zellerbach
8
5
3
15 4 1538 15 8 1512 1512 *155 15
5
8 15 8 154 154 15
155
4
71 Nov 1213 Aug
5
2,500 Crucible Steel of America-100 7514May 8 93 8 Mar 25
77
2 77
4 7612 773
773
77
78
4
773 *77
1
/
764 773
4 77
4
Mar 13 103 Nov 1163 Feb
170 Preferred
100 1094 Feb 7 117
11312 11312 1144 1144
4
1133 114
115 115
115 115 *114 115
5 Nov 2412 Jan
4
par
9 Jan 2 173 Apr 1
8
167 10,600 Cuba Co
171z 16
16
*16
4
153 15
1518 17
4
1
/
8
163
15
15
312 Mar 26
7 Mar 3
No
600 Cuba Cane Products
4
1
/ *312 41z
4 3
33
4 412 *37
*33
8 412
4 4
3
*312 3 4 *33
e
No par
Jan 2
preforr d
Cuba Ca: Sugar
4
/
11 Feb 2
N Aug -11; -Si;
1
/
14 Dec 1878 Jan
4 Mar 3
2 Jan 7
100
Jan
17
4
1
/
6 Dec
612May 10
Cuban-American Sugar____10
9 Feb 4
4
/
4
1
/ *61 gh *612 6
4
1
/ 1,700
618 612 4.6i2 6
612 gh
64 612
56 Dec 95 Jan
8
150 Preferred
100 49 May 2 655 Feb 11
*4912 50
4914 50
*4912 50
*4912 50
*4914 50
4912 50
*
7
36 Nov 67 0 Jan
50 4112May 8 48 Jan 2
4 8.800 Cudahy Packing
444 443
1
/
444 44
4412
4218 4414 434 4414 4314 434 44
Oct
200 Curtis Publishing Co___No par 113 Jan 27 12514 Apr 26 100 Nov 132
124 12412 *124 12412 *124 1244 *124 1244 124 124
125 125 •
4
r 1147 Jan 29 1214 Mar 19 11218 Nov 1213 May
0
oo
800 Preferred
1
/
4
1
/ 11872 1184
4
11914 11914 1193 119
4
4
*119 1193 *119 1193 119 119
8
63 Dec 3018 Aug
1
/
4
1
/
6 Jan 31 144 Apr 7
No par
55,800 Curtiss-Wright
8
4
1
/ 1138 107 114
1114 10
114 107 113
8 11
g
5
10 8 1112 11
8
1314 Dec 377 Aug
4
8
100 133 Feb 1 193 Apr 2
143 1518
4
15
15
15
15
4
1
/ 1512 1412 15
14
1458 15
5
0 0
*7512 76Iz *754 7612 8, 00 Cutler-Hammer Mfg_ _-No Par 64 Jan 25 9012 Mar 31
77
77
*7512 78
3
777 78
78
78
2114 Oct -Wins Jan
5
No par 285 Jan 2 43 8 Mar 31
8
Davison Chemical
1
/
1
/
1
/
8 364 3812 3612 374 364 364 15,800
367
4
1
/ 36
354 36
35
35
8
20 Dec 467 Jan
55 22 Mar 25 30 Apr 14
2,700 Debenbam Securities
*2512 30
2612 27
30
*27
30
*27
30
*27
27
*
30
Jan
4
1
/
,
Deere & Co pref
100 117 Jan 4 127 Fe o 13 109 Nov 128
4
4
4
1
/ 124 12514 *1223 12372 1221z 1223
8
1247 124
1254 1253 125 125
4
Aug
3
1001 195 8 Jan 3 2554 Apr 23 151 Nov 385
3,400 Detroit Edison
240 240
241 243 238 242
235 23812 23712 241
*235 240
8
Nov 647 Feb
424 Mar 4
24
4
1
/
30 Jan 24
200 Devoe & Raynolds A__No par
39
*37
37
37
39
*3612 3812 *364 384 3612 3612 *37
4
100 1063 Jan 14 11412May 13 102 Dec 11512 Jan
let preferred
60
4
4
1
/
4
4
*11412 1143 *11412 1143 112 11412 *112 1143 *112 1144 *112 1143
4
1
/ Jan
,
Diamond Match
100 139 Jan 13 237 Apr 24 117 Nov 164
222 222
225 225
4
224 2283 226 229
228 228 225 229
1114 Aug
6 Nov
0
95 Jan 18
4
63 Jan 3
No Par
84 83
4 3,000 Dome Mines, Ltd
8':
2
8'
84 84
52
4
1
/ *
84 8
4
1
/ 8
*8
12
4
1
/
Oct 54 July
5
Na Par 20 Mar 28 30 8 Apr 5
8 4,200 Dominion Stores
4
1
/ 237
23
237g 237
8
8
4 2358 245 *2311 24
243
2312 2412 24
69 Nov 12618 Feb
No par 76 Jan 2 8758 Mar 10
8112 18,950 Drug Inc
5
83 8 8212 834 28112 8252 81
82
4 8114 83
8014 803
25 Oct 92 Jan
4May 5 4318 Apr 7
8.000 Dunhill International-No par 273
35
1
/
4
353 364 3312 3512 35
37
36
37
3512 35
33
8
10 Nov 287 Jan
par
200 Dupan Silkigot 1.5 prothl_o_ioo 15 Jan 4 1812 Apr 4
*1518 1712 *1518 1712 *154 174
1.54 18
16 .
1712 16
*16
1
/
4918 Jan 1004 Mar
100 Jan 7 103 May 15
300 Duquesne L
4
103 103 *1023 ---_ 1021z 10212 103 ____ *103
8
*1023
19
4
1
/
Oct 39 Sept
17 May 5 2518 Jan 31
.No par
600 Eastern Rol.ing Mill..
•1818 21
19
1918 19
1918
21
2012 *19
2312 20
*19
150 Nov 264 4 Oct
3
4
4
2434 2494 245 2483 54.200 Eastman Kodak Co.__No par 1753 Jan 9 25514 Apr 25
8
244 2483 2484 252
8
2423 247
24114 247
18 Nov 763 Feb
4
No par 24I2May 5 3714 Feb 20
2014 2818 284 4,700 Eaton Axle de Spring
8 29
2914 293
1
/
294 2812 29
28
28
28
Oct 231 Sept
80
4
1
/
20 112 Jan 11 1454 Apr 10
15,800 El du Pont de Nero
12812 131.
8
130 1333 13114 13314 12812 13114
128 132
128 129
4
Feb 4 121 May 15 10712 Nov 1193 Aug
100 11413
12012 12012 1,300 6% non-vol deb
1
/
8
0
*12018 1203 12014 12014 12012 1201 120 1205 1204 121
8
4 Dec 393 Jan
0
614May 14 107 Feb 6
refon Sch111%
No par
200 EllpIgorrod 8
64 614 *614 718 *614 718
4
4
1
/ *64 63
4
1
/ 6
6
4
*614 63
39 Dec 113 Jan
100 40 Apr 30 62 Feb 5
4312
4312 *40
4312 *40
431 *40
4312 *41
4312 *40
*40
Oct 174 July
50
8
81 Jan 7 1147 Mar 29
4
/
8 903 93
937
8
4
1
/ 894 911 35,700 Electric Autolite
92
94
942 92
4
1
/ 904 89
86
4
3
1064 Jan 8 110 4 Jan 7 1023 Nov 115 Apr
370 Preferred
4
1
/
4
4
4
4
1
/
4
4
1
/ 1094 1094 10912 1093 10912 1093 1093 1093 1093 109
3
109 4 109
8
314 Oct 183 Mar
94 Mar 31
412 Jan 4
4
1
/ 2,400 Electric Boat
54 5
8 54
55
4
1
/
4
1
/ 5
5
4
1
/
4 5
53
4
1
/
4 5
53
8
3
54 5 4
2914 Nov 865 Sept
2 103 Apr 23
0
NAT0
9214 884 911 88% 0014 273.900 Electric Power & Lt-N0 par 494 Jan
4
/
8 8714 913
4 884 904 89
3
85 8 907
98 Nov 10914 Feb
1
/
par 1064 Jan 3 112 Apr 25
1,100
11014 11084 11018 11018
1
/
1094 110
110 110
8
1097 110
110 110
Jan 9 153 Apr 4 106 Nov 14012June
12614
Certl icstee
Prefefred 60% paidNo
4
1
/ Oct
64 Nov 104
8.000 Elea Storage Battery_No par 66 May 16 794 Feb 10
70
714 66
4
/
4
/
4 714 711 711 7138 71
703
*7011 72
70
1012 Oct
318 June
4
1
/
5 Mar 24
24May 9
Elk Horn Coal Corp_-_No Par
4
1
/
*212 2
4
4
*212
*212 4
*212
*212 4
*212 4
14
3 Oct 2212 Feb
5
7 0 Jan 24
312 Apr 21
A _No par
Emerson-Brant class
412
41
412 *4
4
*
*4
41
412 *4
412 *
4
*4
8
4914 Nov 833 Jan
0
-Johnson Corp____50 50 May 12 595 Jan 22
500 Endicott
51
5118 *50
50
*50
50
50
.48
50
50
52
50
*
100 107 Jan 7 113 Apr 23 10814 Sept 1244 Feb
10
200 Preferred
4
1
/
112 112 *112 113 *112 113 *112 113 *112 113 *112 113
Oct 79 Aug
31
par 394 Jan 2 6718 Apr 7
6512 6218 6312 3,000 Engineers Public Serv_ _No
62
61
6012 601
60
60
60
60
60
80 Nov 12314 Aug
5
No par 94 0 Jan 8 107 Apr 21
1,000 Preferred $5
105 10512 105 105
105 105
103 103 *103 105
Oct
*102 103
0
844 Oct 109
No par 9418 Jan 2 1047 Apr 21
2,300 Preferred (5)4)
4
4
1
/
100 1021 1024 1021 10212 10318 1023 103
1004 101
41 May
8
*1003 101
8May 15
314 Jan
Jan 3 495
3
467
484 5,000 Equitable Office Bldg-No Par 39 4May 5 43 8 Mar 5
1
/
464 498 48
464 483
6
4612 4612 47
46
5
4
1
/
36 Dec 54 Feb
2.600 Eureka Vacuum Clean-No Par 21
27
27
4
273
2378 25
27
4
2312 2312 233 233
*2312 25
3
15 Nov 73 4 Mar
4
5 13I4May 9 303 Feb 18
1
/
4 2,100 Evans Auto Loading
1
/
1512 154 154 153
1512 151
3
15 4 153
151g 16
1512 16
2214 Jan 2712 July
20 Exchange Buffet Corp_No Par 22 Jan 2 264 Mar 3
2412 2412 *2412 25
*244 25 •244 25
244 25
*2412 25 •
3
13 4 Dee
4
1
/
9 Jan 6
8
3 4 Nov
4
1
/
4 Jan 28
25
Fairbanks Co
•312 5
*312 5
5l8 .312 518 *312 51
*312 51
Apr 35 Jan
11
3
100 12 May 6 39 4 Jan 20
260 Preferred
1412
*14
14
8 14
8
8 145 145
145
1312 •14
1314 1314 13
1
/
2934 Oct 544 Sept
8May 16
No par 8412 Jan 6 495
8
483 494 28.600 Fairbanks Morse
48
47
48
4
1
/ 46
4714 4614 47
4512 45
43
100 102 Jan 7 11118May 16 10112 Dec 11078 Jan
Preferred
10
_ *110
•1114
*110
*109
- *11112__ 1114 11112
22 Dec 7258 Mar
14
5 27 Feb 27
400 Fashion Park AesoeNo par 1418May
16
16
1511 *15 1534 16 16 •15 16 15 15 •7232 75
*15
4
1
/
60 Nov 109 June
0
15 595 Feb 6 904 Mar 18
200 Federal Light & Tree
714 7114 *7112 75
*7114 75
7114 75
*7114 75 .
4
90 Nov 104 Feb
No Par 91 Jan 13 983 Apr 22
10 Preferred
.9512 97
*97
971 *9512 97
974 97 97
4
1
/
4
/
97 971 *97
*
Oct 22 Feb
5
74 Jan 17 1214 Feb 20
600 Federal Motor Truck_No per
104 1014 104
104 •10
*1014 101 •10
1012
4 10
4 93
93
23 Nov 564 Sept
4
1
/
4 3,500 Fed'I Water Service A_No par 32 Jan 3 43 Mar 19
8
365 367
37
8 37
8
367 375
37
4 37
8
373 3712 364 373
4
1
/
25 Dec 33 Des
29 Jan 4 38 Apr 16
2,900 Federated Dept Stores_No par
*3014 36
34
354 34
341
35
3214 3212 3458 34
32
4
1
/
47 Nov 123 Sep;
4
2 893 Mar 31
4
1
/
4
1
/ 7714 75
7814 1,200 Fidel Phen Fire Ins N Y_-_10 65 Jan
7614 7714 7714 *76
75
75
7412 7412 *75
Oct 134 Mar
7 Feb 11 1012 Apr 4
No par
210 Fifth Ave Bus
4 9
*83
9
4
1
/
8
9
9
4
1
/ 9
*8
8
4
4
1
/ 83
4 9
*83
30 Dec 9812 Feb
4
1
/
No par 33 Apr 3 40 Jan 22
Filene's Sons
38
*31
38
*31
38
*31.
38
38
31
*31
36 .
*31
Jan
84 Dec 107
100 92 Mar 15 98 May 3
280 Preferred
97
97
97
97
063
1
/
964 97
4
963 *96
96
*
97
96
*
1
/
244 Dec 37 Dec
5 3318 Jan 7
234 234 2,300 Firestone Tire & Rubber10 2158May 16 87 Mar 24
7
2334 23
2312 24
*2334 241
2412 24
24
24
8
4
1
/
33 Dec 895 Dee
4
1
/
7958May
100
1,900 Preferred
8 794 81
823 *82
7 *8112 827
82
8218 823
4 82
4412 Nov 90 Sept
*8112 82
0 Jan 30
5
8 54
8
543 10,200 First National Stores-No Par 50 8 Jan 2 613 Apr 2
4
4
513 5333 534 554
511z 5212 5212 524 513 52
218 Dec 2018 Jan
512
3 Jan 2
No par
11,000 Fisk Rubber
4
1
/ 4
3
334 4
4
1
/ 4
3
4
1
/ 41
3
5
358 4 8
4
1
/
5
38 3
8 Dec 7212 Jan
Jan 2 21 Apr 2
100 13
720 lst preferred
4
1
/ *13Iz 14
1378 13
8
135 14
14
1414 14
14
1418 1418 •
8 Dec 8 / Jan
4
4
21
100 1212May 3 213 April
90 1st pref convertible
.1412 154 *141z 1512
1512 151
16
144 1612 *13
15
Jan
*14
38 Nov 54
8
A_No par 4218 Jan 4 527 Mar 21
Florsheim Shoe class
*44
454
451 *44
46
*44
451s *44
46
44
46 .
*44
9018 Oct 10218 Jan
100 9512 Apr 12 100 Feb 3
200 Preferred 6%
*9812 99
*9812 90
*9812 99
•9812 99
: 99
*981
99
3
99
3218 Nov 82 4 Aug
8
No par 3114MaY 6 507 Mar 25
200 Follansbee Brat
*3612 37
*364 38
4 35 4 353 •
4 364 38
*344 353
3
*3412 38
33 Nov 95 Sept
4
1
/
No par 60 Jan 3 99 Apr 30
8
4 904 934 9018 9212 0118 027 23,900 Foster-Wheeler
1
/
8612 8914 8714 903
8
4
125 Nov 695 Apr
1
/
864 89
4
No POT 1518 Jan 6 283 Apr 14
22 2214 1.900 Foundation Co
23
8
5
2012 2012 204 224 223 2314 2212 2234 22
194 Dec 105 8 Sept
8
1
/
164 Jan 3 573 Apr 25
No par
100,500 Fox Film class A
8
4 5112 53s 515 524
533
3
4
/
511 54 z524 5414 5212 53 4 53
3
23 4 Nov 5 0 Jan
47
Feb 25 554 April
4
/
32,900 Freeport Texas Co-No par 381
4
1
/ 49
4 49
1
/
504 47
8 481s 503
4
4
1
/ 473 4812 4734 485
824 Nov 10712 May
4
473 47
No par 85 Feb 14 9512 Mar 6
Fuller Co prior pref
92
•91
92
02
91
*91
92 .
*91
92
*91
92
5 Oct 337e Feb
91
4
*
5
5 5 Jan 2 113 Apr 9
400 Gabriel Snubber A.....No par
812
812
812 81
4
1
/ 10
*8
1
/
*84 10
8
*85 10
8
*85 10
4
1
/
69 Jan 7 80 Mar 28
654 Nov 8318 July
No par
Gameweli Co
72
*69
72
*69
72
72
*70
*70
72
*70
72
3 Dec
25 Jan
*70
3
7 4 Feb 18
15
3 Jan 16
5
3,900 Gardner Motor
4
4
459
4
412
4
414
414
4
4
18
418 414
1612
1318 1314 4,700 Gen Amer Investois___No Par 12 Jan 23 105 Feb
14
8
4
4
1
/ *124 1359 1212 1212 123 133 *13
*1212 13
Apr 25
100 90 Jan 23
300 Preferred
102 •100 10212 *100 10214 *100 10214
2
8
1023 1023 102
*100 103
75 Nov jiff:15;i
4
/
8
1
/ 12,000 Gen Amer Tank Car-No Par 993 Jan 2 1111 Apr 4
4
/
4
4
8
1043 10514 10412 10514 10514 1063 10612 1063 1051 1064 10512 1064
4214 Nov 9434 Aug
100 4918 Jan 7 7112 Apr 7
14.400 General Asphalt
594 5712 58
584 6014 57
8 564 59
8 564 575
563
56
4 125 Jan 15 121 Nov 140 Feb
110 Gen Baking prof
No par 105 Mar
118 118 *115 lilt *115 118
121 121
121 121
4
24 Nov 693 June
*115 121
4
1
/
No par 25 Jan 7 3812 Feb 15
4
1
/ 324 26,300 General Bronze
30
8
4
1
/ 324 3312 3212 3378 304 327
33
7
33 8 32
31
23 Nov 61 Feb
No par 171/4May 5 3412 Mar 7
900 General Cable
24
*23
24
2318 24
24
25
*23
2312 234 24
4
1
/
*23
4
1
/
63 Dec 120 Feb
4
No par 51 May 7 743 Feb 5
64
6014 604 1,300 Class A
64
64
26214 6214 6314
61
61
59
42
Oct 74 Feb
59
No par 5012MaY 5 61 Mar 7
5218 524 1,400 General Cigar Inc
53
7
53 8 *52
534 544 53
5312 54
53
4
1
/
53
8
No par 645 Jan 29 95 Apr 10 1684 Nov 403 Aug
4
1
/
8518 8214 8414 8214 83 376,600 General Electria
4
113 Feb
7912 8214 8012 8312 804 8318 83
11
Jan
8
8
10 113 Jan 2 117 Apr 5
4
/
8
115 111 3,100 Special
4
4
/
4 113 111
4
1
/
4
/
4 114 1134 113 113
114 114 111 113
35
Oct 77 s July
7
No par 4618 Jan 17 6114May 1
8 5812 583 47,000 Gen Foods
4
1
/ 503
9,
8
585 594 584 5 8 57
8
3
5812 5914 585 60
8
145 143 27,700 Gent Gas & Elea A new No par 1314MaY 5 18 8 Apr 10
4
1412 15
1412 15
4
1
/ 15
4
1
/ 1518 14
1
/
144 1518 14
No par 8534May 5 10612 Apr 18
900 Cony prat ser A
903
4
02 2903 9053 *90
8
4
1
/ 92
9412 921z 93
4
135 Feb
8
923 923 *94
No par 115 Mar 19 122 Apr 2
Preferred A (8)
4
/ *117 1243
4
4
99
Oct 11618 Jan
*117 1243 *117 122 *117 122 *117 1243 *117 1241 107 107
40 Preferred A (7%) No par 104 Feb 19 111 Apr 9
107
107
107 107
Oct 8918 Jan
8
50
*106 107 *106 107 *106 107
4518May 5 593 Apr 12
General Mills
No Par
1,800
8 484 49
487
48
49
*48
4718 48
Jan
4
1
/ 48
48
4
1
/
87 Dec 100
4
1
/ 4818 49
100 90 Mar 29 95 Mar 22
200 Preferred
01
4 91
913
4
913 *91
4
913 *91
4
/
911 *91
1
/ 91
914 *
*91
3312 Oct 914 Mar
4
1
/
10 37 Jan 16 5414 Apr 10
8
4
8 473 483 232,500 General Motors Corp
4714 487
4
1
/ 484 497
8 4812 49
4
1
/ 4714 493
47
47
4
1
/
117 Jan 24 13112May 8 112 Nov 12612 Jan
100
15,400 7% preferred
1294 130
12912 130
8
1295 130
4
1
/
4
Jan
8
4
/
13012 1307 1293 1304 1293 130
30 Oct 52
0
900 Gan Outdoor Ad, A---No Par 323 Apr 29 411 Apr 14
33
4 33
343
*33
33
3312 33
4 33
52 324 *324 333
4
32
1318MaY 5 213 Apr 3
No par
1,200 Common
4
1
/ 15
15
4
1
/ 1512 1512 1412 15
16
16
16
16
16
8
Jan 2 527 Apr 7 "26" Nov 98 Aug
*15
8
4512 8,800 Gen Public Service__ No par 323
1
/
454 45
45
4 45
453
4412 46
4314 45
1
/
4312 45
1
/
70 Oct 1264 Aug
15,800 Gen Ry Signal
No Par 8512MaY 5 1064 Mar 28
9312 94
95
92
97
4 9014 9714 94
903
00 Mar 28
54 Oct 8812 Aug
4
1
/ 90
90
90
4
1
/ 10,000 General Refraotories__No Par 67 Jan
4
1
/ 8312 84
4
1
/ 8312 84
4
1
/ 84
8 8312 8438 83
1
/
4
/ 843
8388 821
4
82
58,600 Gen Theatres Equip_ _ _No par 393 Jan 31 514 Apr 10
48
4772 47
47
4
1
/ 4852 47
48
474 4814 47
48
47
80 Nov 143 00
23,700 gillette Safety Itasor_No par 8018 Apr 24 10618 Jan 16
1
/
1
/
864 81.2 8618 844 884 844 87
4
1
/
104 Nov 4818 Jan
4 844 8514 84
84 .843
4
/
111 Jan 20 20 Apr 14
No par
184 1818 194 15,800 imbel Bros
4
8 164 1712 163 1712 1712 1812 18
1658 165
8212 Apr 25
56 Dec 94 Oct
8
100 667 Jan 30
Preferred
8
8 7912 8012 *7914 803 *7914 80
*7914 803 *
7912 81
26 Oct 6418 July
*794 8012 *
24,700 Glidden Co
No par 2312May 14 38 Mar 20
25
8 2412
4
/
8
95 Nov 1061 A p •
4
1
/ 263 2714 254 2614 234 2514 2438 253
2612 26
100 95 May 14 10518 Mar 27
560 Prior preferred
4
4
993 093
4
4
/
991 993 993
4
1
/
91g Nov 66 Feb
99 1004 *964 99
95
1
/
4
*1003 101
No par 13 Jan 16 19 Feb 7
1
/
1434 144 3,100 Gobel(Adolf)
4
1514 143 15
8
8 153 1512 15
3112 Oct 82 Jan
4
1
/
154 155
1
/
144 15
4
59,300 Gold Dust Corp vs e....No par 373 Jan 2 47 Apr 28
4414 454
4
/
4
454 45 451 4514 464 444 451
384 Dec 1053 Jan
8 44
445
44
No par 36 May 5 5812 Mar 25
4018 411i 404 4012 10,200 Goodrich Co (B F)
1
/
4112 424 4112 4214 y4114 42
9512 Dec 11518 Feb
42
*41
100 9558 Jan 7 1044 Mar 28
300 Preferred
90
991 *98
*98
4
1
/
8
973 09
Oct 154 Mar
8
60
62 Jan 2 967 Mar 31
*994 10112 9912 991 *99 100
21,300 Goodyear T & Rub____No Par
8
8 8214 8412 834 84
g
4
1
/ 884 843 863
87 Nov 1047 Feb
83
8318 857
4
1
/ 82
79
No par 90 Jan 3 10214 Apr 30
300 hat preferred
100 100 *100 101
8
14 Nov 60 Apr
8
8
*10014 10012 *1003 1001 1004 1003 *100 101
8 3,000 Gotham 511 Hoe new No par 18 Apr 24 287 Mar 8
4 1818 183
1812 183
18Is 181
68 Dec 10114 Jan
1812 187
Jan 10 8212 Apr 4
1812 19
1
/
1812 184
Preferred new
100 70
*7012 79
*7012 79
4 Oct 14 May
*704 79
704 80
4
1
/
7 Jan 2 1530 Apr 23
*704 80 •
*7012 76
No par
8
4 105 1114 3,700 Gould Coupler A
104 113
3
7 8 Oct 54 Jan
8 104 12
8
1012 105
4
1
/ 103
8's May 5 133 Apr 1
1012 104 10
4,100 Graham-Paige Motors_No par
0
9
014 912
9
4
1
/ 10
914 91
7 Nov 4912 Jan
5 ioN Apr 1
778May
93
9
No par
Certificates
8
*914 93
4
1
/
8
0
8 *8
87
*8
1
/
87
464 Nov 1027 Mar
4
1
8
/ *8
8
*8
9
8
912 *
*8
9,200 Granby Cows M Sm & Pr_100 27 May 6 597 Apr 2
3312
4 32
4
1
/
333
33
324 Dec 44 Dec
35
34
4
1
/ 35
4
1
/ 34
1
/
344 345g 35
Grand Silver Stores__ No par 3214 Jan 22 52 Apr 2
33
1
/
4
/
Dec 964 Mar
1
/
414 411 4518 4312 4414 4,900 Grand Stores
33
40
391a 40
40 •
4
1
/
1
/
100 33 Feb 5 4512 Mar 1
8
397 394 40
7
32 8 Jan
94 Nov
5
No par 13 8 Jan 18 2058 Feb 13
-fi" 700 Grand Union Co
3
•18'4 )71730 Oct 54 0 Jan
g
s 167 17
lit; 168 167
No par 37 Jan 2 4312 Apr 10
17 If -lira 500 Preferred
4118 4118
3
42
32 Nov 63 0 Sept
1
/
8
417 414 *4012
3
50 0 Apr 3
8
4
4134 413 *415 42
an
No par 37
42
40
*
800 Granite City Steel
4014 4014
4112 4014 41
*41
41
41
41
41
42
*4018
'lots. u 3 additional !Mares for each Shan held.
Ex-dividends 0 Ex-diVidend ex• Bld ana esLe priced: 230 sales on Vats day. 5
KJ;
3505
New York Stock Record-Continued-Page
For sales during the week of stocks not recorded here, see fifth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
May 10.
Monday.
May 12.
Tuesday.
May 13.
Wednesday. Thursday.
May 15.
May 14.
Friday.
May 16.
Sake
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On haste of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ per share $ per share $ per share
321 Dec 14428 Feb
3214May 5 43 Jan 9
Oct 3914 Feb
197 Jan 3 253 Mar 2.5
8
19
*
25 May 16 3412 Jan 16
28 Nov 44 Jan
11413 Jan 4 120 Mar 14 105 Nov 11912 Feb
1212 Jan 18 274 Apr 28
14% Nov 70 Sept
51 Jan
12 Mar 7
4 Feb 4
1 Nov
5178 Jan 2 80 Feb19
79 Mar
42 Nov
9812 Jan 17 109 Apr 30
993 Dec 109 Feb
2
2312 Nov
26 Jan 4 32 May 9
35 Aug
26 Jan 6 29 Apr 17
26 Jan 30 Aug
i
4
12
Oct 563 Jan
125 Jan 2 2314 Apr 17
1
713 Dec 115 Jan
4
71,Jan 3 8612 Apr 17
4
24 Mar 17 313 Mar 25
4
27 Dec 297 Dec
99 Nov 10528 Jan
99 Jan 7 10412 Apr 24
85 Jan 16 08 Apr 14
54 Jan - 8 Oct
55 Mar 12 7214 Apr 21 87713
Oct 417 Aug
133 Jan 15 20 Feb 5
4
,
167 Oct 31 Sept
201 Jan 17 2318 Apr 25
35 Dec 721* Aug
54 Jan 14 61 Feb 13
51 Nov 683 May
4
614 Feb 24 173 Apr 4
84 Nov 11812 Jan
81 May 3 92% Feb 19
211k Dec 331 Oct
22 Jan 3 31 Apr 11
45 Nov 1437 Oct
8
70 Jan 2 1077 Mar 25
6052 Nov 14314 Oct
8
831 Jan 2 1087 Mar 25
Jan 1063* Oct
10414 Feb 21 107 May 14 104
121 Dec 33 Aug
15 Jan 15 2514 Feb 27
21 Nov 51 Mar
2614 Jan 14 4114 Mar 28
1312 May 243* Aug
612 Feb 27 125 Jan 29
65 Nov 93 Aug
7412May 5 80 Feb 1
13 Nov
523 May
4
1712May 5 29 Feb 5
45 Aug 521 Sept
8
49 Mar 5 553 Mar 31
40 Oct 7912 Jan
5212 Jan 25 6112 Mar 10
Apr
26
Oct 109
5214 Jan 17 116% Apr 25
3
1
34 Nov 82 Mar
26121vtay 5 4178 Feb 7
38 Nov 931 Mar
8
4118SlaY 5 627 Jan 6
Jan
18 Nov 82
1718May 5 265* Apr 11
8
17 4 Oct 393 May
3
2014 Feb 19 32 Apr 7
31 Oct 321k Jan
5 Jan 3 17 Mar 4
3
25 Nov 95 4 Feb
30 Jan 6 8712Mar 3
1318 Oct 53 Aug
16 May 3 2338 Mar 22
1112 Oct 51% Aug
1518May 5 273 Mar 22
4
6812 Nov 135 Jan
90 Feb 11 124 Jan 10
15414 Jan 8 239 Apr 24 120 Jan 22313 Oct
71 Dec 113 Aug
70 8 Jan 6 98 Mar 11
8
22 Oct oolt Mar
8
1618May 6 307 Feb 7
12 Dec 16 Nov
8Mar 10
1314 Jan 3 173
73 Apr 1
1414 Jan
2 Nov
414 Jan 2
8
23 May 8 287 Apr 2
41 Jan 2
Jan
4 Oct
812 Apr 7
5112Mar 8 6714 Apr 9
40 Nov 881 Jan
15212 Jan 18 193 Apr 11 109 Nov 255 Oct
2
48 Nov 1025 Feb
553 Mar 6 753* Apr 2
4
5 Jan 2 1412 Mar 26
414 Dec 10313 Feb
1812 Dec 121 Feb
30 Jan 2 78 Apr 1
65 Nov 142 Aug
3
783 Jan 7 115 4 Apr 18
8
14012 Feb 10 14412 Mar 14 137 Aug 145 Jan
23 Nov 5912 Sept
3113 Jan 3 54 ADC 11
47 Nov 10212 Jan
6513 Jan 3 92 Apr 24
1818 Nov 3918 Oct
2412May 5 33 Apr 17
26 Nov 72% Jan
3014May 5 443 Apr 4
57 Dec 112
58 Jan 8 65 Mar 21
Oct
77 Nov 941 Jan
80 Jan 23 86 Apr 29
20 Nov 4414 Oct
26 jan 7 3118 Mar 22
7
12 Nov 33 Oct
4
1514 Jan 6 223 Apr 14
1218 Jan 7 18 Apr 14
9 Nov 2612 Oct
100 79 May 6 86 Mar 26
*80
77 Nov 95 Oct
*80
80
8014 80
80
80
8012
80
80
80
80
400 Preferred
4812 48's 1.800 hat Printing Ink Corp_No par 4614 Jan 17 533 Apr 5
49
*5018 51
40 Nov 883* Oci
4
*46
503 503
50
4
4 491 50
*49
1
100 93 Feb 7 101 Apr 12
917 Nov 106 Mat
*98
9812 973 98
963 9634 9612 9612 9613 9613 *9612 98
4
430 Preferred
100 69 Jan 30 1473
8May 13
12212 12612 1273 13712 139 1473 12814 142
4
3
5512 Jan 90 4 Feb
32,710 International Salt
1405* 1444 14012 143
*56
57
*5618 57
54
Oct 77% Sept
5612 57
*5618 563 *5614 5613 *5614 581
400 International Shoe____No par 5612May 13 62 Jan 15
100 95 May 8 119 Feb 1
95 Nov 1591 Aug
*9012 95
*89
97
95
96
*901 95
*89
97
95
95
400 International Silver •
100 105 Feb 26 11214 Feb 17 10314 Oct 119 Jan
107 107
*106 108 *106 108 *107 108 *107 108 *107 108
10 Preferred
53 Nov 14914 Sept
654 6418 65 118,300 Internal Talon & Teleg-No Par 5814May 5 773 Apr 24
8
63 644 6314 65% 627 6414 6314 65% 64
5
2514 2514 2514 278 271 2818 2818 2914 2713 28% *275 28
25% Oct 9312 Jan
2,800 Interstate Dept Stores_No par 24 May 5 40 Feb 4
100 70 May 9 7514 Feb 6
74 Dec 97 May
no 71 70 70 *7012 75 70 7012 *7012 73
*70
75
240 Preferred ex-warrants
No par 23 Jan 2 32 Apr 9
17 Nov
no 27 no 27 *26 27 no 27 *26 28 *26 263*
387 July
8
Intertype Corp
No par 17 May 5 29 Feb 19
2114 211a 3,700 Investors Equity
4
1914 1913 197 2013 2018 2012 203 22% 213 22
8
1212 Nov 72% Aug
8
1
1 343
4May 7 43 Mar 19
36
36
39
Oct 69 Mar
36
351* 3512 *3612 37
35
35
36
*3612 367
1,200 Island Creek Coal
No par 43 Jan 20 6612 Apr 30
58% 60
59
*58
59
39 Nov 16214 Feb
58
584 5812 5812 *58
597
1,400 Jewel Tea Inc
58
No par 98 May 5 1483 Feb 5
110 112
10818 112
8
10814 111%1095* 1143 109 11312 1117 114
90 Nov 2423* Feb
8
26,800'Johna-Manville
4
*12012___ *12012 122 *12012 122 *1203 122
100 11814 Feb 24 123 Mar 21 118 Nov 123 May
122 122 *122 1221
4
10 Preferred
70 Jones & Laugh Steel pref-100 11813 Jan 6 12312 Apr 11 117 June 126
*121 122 *12114 122
Oct
123 123 *122 123 *122 123
122 123
27
27
8 3
No par
3
112 Oct 1612 Jam
512 Apr 9
2 Jan 22
3
3
314
314 314 *3
3
3 18
1,600 Jordan Motor Car
*123 1314 *125 1314 *123 1314 *127 1314 *1278 13
4
1113 Mar 17 131 Jan 16
1212 1213
7
8
4
10 s Nov 13 8 Nol
100 Karstadt (Rudolph)
7
*1812 1912 19
19
"1812 19
*1812 183 *18
19
183
4 19
1714 Dec 3718 Feb
4
200 Kaufmann Dept Stores.$12.60 18 Jan 7 2012Mar 7
*29% 3012 30
293
4 29
s 29
30
8May
' 4112 Jan 2
293 297
4
30
30
29
30 Nov 5812 July
2,300 Kayser (J) Co v t c__ __No par 285
493
4
*40
493 .---- 493 *39
4
Keith-Albee-Orpheum _No par 21 Jan 8 45 Apr 23
493 *44
4
4
4
493 *42
493 .41
4
Jar
1512 Nov 46
*128 13478 *126 13914 *12512 135 *129 13914 1353 1354 13914 13914
4
100 85 Jan 7 150 Apr 24
Jar
70 Nov 138
200 Preferred 7%
*45
474 *454 43
414 5
414 412
414
412
412
4
3 Dec 23 8 Jar
618 Apr 10
3 Jan 2
14
7
412 4.700 Kelly-Springfield Tire_NO par
*2714 28
28
2812 2714 2714 *25
30
3018 313 32
30
4
16 Dec 9478 Jar
100 201* Jan 3 42 Jan 24
180 8% preferred
*3018 50
*3018 30
*301 40
*3018 40
*30% 40
53018 40
100 29 Jan 2 55 Jan 25
28 Dec 100 Fet
6% preferred
*333 332
8
8
8 333 34
3318 31
33
333
4 3212 323
4 3212 3214 4,700 KelseyllayeaWheel____ No par 22% Jan 3 3912 Apr 11
185* Nov 5954 May
23 8 243s 237 243
7
8
4 237 2112 21
No par
257s 244 25% 25
8
2512 118,900 Kelvinator Corp
5 Oct1914 Fet
7% Jan 2 262 Apr 25
*825* 86
*822 86
8
*8228 86
82% 822 825
*8228 85
8
823*
No par 82% Jan 4 89 Mar 21
75 Nov 96 Feb
20 Kendall Co pref
8
46
48% 4812 4912 4818 4914 47
No par 415
463 477
8
49
455 477 122,800 Kennecott Copper
8
8May 6 8234 Feb 7
493 Nov 1047 Mal
8
*5612 5714 5612 5612 56
*55
5612 5414 55
56
56
56
No par 49 Jan 7 59 Mar 31
451 May 573* Oct
500 Kimberley-Clark
*3912 40
397 40
393 397
397 4014 40% 4018 393 40
4
21 Nov 441 July
12
No par 20 Jan 29 4014May 14
1,200 Kinney Co
*92
9312 91% 9112 *921* 9312 9218 9218 9312 9312 8912 8914
80 Oct109 4 Mat
5
100 8618 Feb 26 97 Apr 17
50 Preferred
53
51
53
8 57
5% 514
Ws 5 4
3
4
512
538
3% Der 783* Jar
812 Apr 14
53
8 53
13 Jan 18
4
5,000 Eolster Radio Corp__No par
5214 524 52 14 5312 533 53% 5312 53 4 5312 533* 53% 535s 11,900 Kraft Cheese
8
3
27 Nov 7614 Ocl
7
No par 38% Jan 6 53 8May 13
110 11014 11014 11014 *1163 11114 *11012 111% 1103* 1105
110 110
8
100 98 Feb 6 11028May 16
9.5
Apr 1057 Oct
1,000 Preferred
3012 3012 303 317
8 305* 313
4 303 3114 31
s
3118 31
4
3118 4,700 Kresge(88) Co
28 Nov 57% Mai
4May 6 363 Jan 2
10 293
4
5712 5812 *58
*56
60
60
4
5912 *58
*5812 60
593 .58
No par 55 May 5 70 Jan 24
Jar
53% Nov 114
200 Kress Co
3314 3312 3314 3312 33
333
3314 33
33
3314 33
3314 44,400 Kreuger &Toll
8
2218 Nov 463 Mai
23 4 Jan 2 351 Apr 10
8
345 363
8 353 3712 35
4
357
345 3512 3412 3518 341 3412 19,900 Kroger Grocery & Bkg_No par 3018 Apr 30 48% Jan 23
3814 Nov 12212 Jar
2112 2412 2112 2412 2612 npz 2513 *2412 2512 *2412 2513
24
8
1612 Nov 383 June
900 Lago Oil & Transport_No par 2114 Jan 11 2612 Apr 7
8
100% 10012 10012 1013 10013 10314 102 104
9914 101
10014 101
No par 96 May 5 113 Apr 1
8018 Nov 15714 Mal
8.500 Lambert Co
*714 8
74 8
3
*712 8
*714 8
*7% 8
No par
*74 8
614 Jan 2 11 Mar 25
5 Oct25 Jar
600 Lee Rubber & Tire
,371e 39
3712 38
*3712 40
*3712 3912 .37% 3812 4
*3712 40
30 Nov 65 Fet
300 Lehigh Portland Cement___50 34 Jan 4 42 Apr 1
8
*10758 108% *1073 10814 107% 1072 .1072 108% *1075 108
.
8
8
103 108
s
100 105 Jan 2 1083 Apr 21 109 Nov 110 4M3y
8
3
20 Preferred 7%
1218 1178 13
114 113
4 12
12
1258 12
12
12
112
Oct
10 Oc.:, 32
8May 5 1712 Mar 17
1218 5.500 Lehigh Valley Coal____No par
3114 3114 3114 3114 *31
*31% 322 31
32
31
50 31 Slay 15 3713 Mar 19
*3013 32
31 Dec 44 2 July
3
500 Preferred
31
32
31
*3012 31
31
303 301 *3012 31
8
No par 28 May 5 36 Apr 14
30, 307
8
28 Nov 6812 Per
8
600 Lehn & Fink
2313 21
233 2331 235* 233
4
23 23
4 2312 2312 x2313 2312 1.900 Libby-Owens Gla.ss_ „No par 19 4 Jan 4 3112 Mar 29
3
17 Oct 43 Aui
109 110
10912 110
4
10914 1093 1083 10914 *107 10812 *10812 10913 1,900 Liggett & Myera Tobacco-25 09112 Feb 13 1133 Apr 1
Oct
8012 Nov 106
4
4
10914 11013 1083 110 x10714 1085 1073* 1093 51,400 Series B
1083 111
4
4
10814 1093
25 09112 Feb 10 1143 Apr 1
8
80 Nov 10814 Oct
4
3338 34
3112 3113 *
31
34
36
36
35
35
1,100 Lima Locoinot Works__No Par 3318May 5 4914 Feb 15
36
36
30 Nov
573* Ju 3
4112 4112 *1012 43
42
*41
*1012 42
No par 39 Jan 14 45 8 Feb 21
*40
43
3728 Nov 61 Fet
3
*40
43
100 Link Bell Co
70
68
3
697
8 69
6812 6912 63 - 68
697
6712 70 4 69
8
40
Oct 1137 Jan
3
No Par 52 4 Jan 3 817 Mar 28
12,700 Liquid Carbonic
5 923 9514 913 953
5 933
9218 933
92
8
4 9112 95
2
No par 421 Jan 2 953
9212 9412 86,700 Leew% Incorporated
32
Oct 3412 Feb
4May 14
,
8
8
10818 1084 1094 1093 1092 111% 1097 1103* 110 110
4May 16
No par 855 Jan 17 1113
80
Oct 110 2 Jan
3
11134 1113
4 2,200 Preferred
91
91,
s 91% 9214 92
91
4May 2
923
8 921* 9212 *92
91
80% Nov 95 Mai
9234 3,200 Preferred ex-warrantallo par 7828May 5 933
5
512
514 53
4
514 53
No par
518 514
8
8
312 Jan 27
3% Dec 1112 Apr
63 Feb 19
5% 514
5
7,100 Loft Incorporated
5
*1014 11
*1014 14
*1014 13
12 Dec 3213 Jan
4
*1014 13
*1014 14
Long Bell Lumber A-._No par 1014May 5 153 Mar 22
*1014 13
633
8 6113 64
25 501g Jan 4 7014 Apr 2
63
6418 631, 6328 6218 63
39% Nov 87% Sept
6212 62% 62
6,500 Loose-Wiles Biscuit
s 251g 26
2134 23% 257
25 1618 Jan 2 2818 Mar 3
2512 263
1414 Oct 3112 May
4 2428 257
24
247 253 99,300 Lorillard
4
97 10
97 10
8 Feb 28 12 Apr 28
Na par
10
93
4 93
4
1014
91 10
1
7 Oct 18
Jan
10
10
9,300 Louisiana 011
100 84 Jan 7 8912 Feb 6
*8238 90
*nig 90
*8238 90
*823g 00
80 Nov 10014 Feb
Preferred
*8218 90
8
*823 90
28
447 1614 4414 413
8 1412 45
4538 44% 453
Oct 723* Sept
44
19,700 Louisville0& El A____No par 3514 Jan 18 51% Apr 25
4412 45
No par 28 Slay 5 447 Mar 12
4 3118 3218 3112 33
2
3214 323
22 Nov 1037 July
3134 323
3212 33
4 317 33
10,900 Ludlum Steel
4
No par 86 May 9 993 Mar 18
*80
89
76 Nov
*82
90
90
*80
*80
18 June
Preferred
90
90
*82
*80
90
4
3014 Oct 413
29
29
*2912 3214 *2912 3012 *2912 3014 "2912 30
Jan
29
500 MacAndrews & Forbes_No par 28 Feb 28 393 Apr 3
29
No par' 651gMay 8 8812 Mar 27
69% 6713 697
8
55% Nov 114 Fet
673 68
683 70
68
68
67
8
673 674 12,300 Mack Trucks Inc
4
No var' 125 Slav 5 15914 Feb 3 110 Nov 2551, gi.r..
4
,
1313. 1R SI. a non Mao: Co
128 1281e 12812 1363 133 13712 1363.1 14014 135 137
Shares Indue. & Mace!.(Con.) Par
No par
40,500 Grant(W T1
4,800 Gt Nor Iron Ore Prop No par
11,700 Great Western Sugar_No par
100
10 Preferred
No par
33,400 Grigsby-Glrunow
100 Guantanamo Sugar__ _No par
100
3,300 Gulf States Steel
100
Preferred
25
560 Hackensack Water
25
30 Preferred A
No par
6,000 Hahn Dept Stores
100
Preferred
10
Hall Printing
100
Hamilton Watch pref
No par
240 Hanna pref new
3,000 Harbison-Walk Refrao_No par
2,300 Hartman Corp class B_No par
No par
400 Class A
20
Hawaiian Pineapple
No par
1
1028 115
8 107 117
16,600 Hayes Body Corp
8
8 11, 123
8 1114 11% 1013 123s1 1034 11
25
86
*82
87 I *85
87
87
88 88
874 873 *8512 88
4
300 !Telma(G W)
No par
28
*27
2712 2713 28
27
27
*27
28 I*27
*23
29
400 Hercules Motors
No par
4
1023 104141 1013 10234 10,300 Hershey Ch000late
4
*
4
4
8
8
10/ 1013 1012 1027 102 1023 1023 101
No par
4
4
4
*10012 1013 1013 1023 1023 1023 1033* 1033 103 10312 103 104
4
4
4
1,000 Preferred
100
__ *107
_- .107 _ __ *107
__
__ 107 107 *107
100 Prior preferred
No par
*15 -18
18
*15
18
*107*15 18
Hoe (R) & Co
*15 18
*15
*15 -18
Vapor
3112 32
4
3312 343
3112 3712 3612 37% 373 3912 6,900 Holland Furnace
323* 33
91
813 812 *813 912 1,600 Hollander & Sons (A) No par
83
8 8% *812 814 *813 9
913
100
*73
793 *73
4
Homestake Mining
793 *73
4
4
793 *73
4
793 *73
4
793 *73
793
4
,
2212 2338 2214 23% 2112 2214 218 2212 2118 223* 203 213 37,300 Houdaille-Hershey elB'No par
4
8
5412 5412 543 5158 543 547
55
4
4
4
4 543 513 *54
4
700 Household Finance Dart pf_50
8 543 5 43
__ __ _ Household Prod 1ne___No par
. 03 4 ,
- -Si; loo" 166 i.Oi.j2 1- -1-, 78- 900 Houston Oil of Tex tern etfs 100
56i8 io63- -51j4 iiiii lid fo
-4
-5- 8 57 13i- -.
No par
31
3118 32
3212 3212 3112 3113 2,800 Howe Sound
3112 334 3314 3112 32
44
4112 433 4512 413 4512 413 453
No Par
15,400 Hudson Motor Car
417 44
8
4
8 4418 45
4
4
10
19% 1912 19% 203
19
8 1912 1912 19
207
8 1912 203
8 20
10,700 Hupp Motor Car Corp
2514 2512 8,600 Independent Oil & Gas..No par
4
2 / 2614 258 2618 2512 268 253 2618 2514 26
5
1
4
No par
8
83
4 6,500 Indian Motooycle
83
8 812
82
8 8%
8% 84
812 87
8
83* 84
*501 57
100
*4114 543 *4414 543
4
4
*5018 513
50 Preferred
4 5018 5018 513 55
4
191 193
10
4 1918 193
4
4 1918 2014 193 2012 19% 2014 1918 1912 37,000 Indian Refining
10
18
1812 1818 183
8
193
8 183 18% 1818 1814 33,700 Certificates
4 1818 1914 19
Vo par
.101 106
101 101.
10114 10114 101 101
800 Industrial Rayon
101 101 *101 112
par
No
217 219
222 225 221 221
215 22213 220 223
214 215
4,000 Ingersoll Rand
*853* 87
No par
88
88
88
400 Inland Steel
*8714 89
8
8714 8714 *863 89 x88
8
4 1912 2018 195* 197 10,20 Invniration Cons Copper-- 20
2018 2114 2018 203
8
193 208 1912 21
No par
3 145* 1434
1413 1412 143 143
4
4
4 143 147
4
4 143 143
900 Insuranshares Corp
143 143
No par
4 5514 534 *514 53
"514 534
512 512 *514 53
*5% 5 4
3
100 Interconta Rubber
No par
22 23 *22 23 *23 24 23 23 *23 2378 400 Interlake Iron
23 23
No par
6
6
6'4
613 6% *6
613
6
1.900 Internat Agricul
4 6
53
4 53
4 *53
6314 63
100
*62
643
4 63 63
*62
*62
643 *61
64
200 Prior preferred
4
63
18634 18834 186 18634 185 18678 6,500 Int Business Machines-No par
185 186
180 18014 182 189
3,600 International Cement-No par
68
68
68 681
6912 6912 694 6914 6834 69
70
70
11
10
1018 1012 28,600 Inter Comb Eng Corp_No par
1012 105s 113* 1018 1138 1012 1118 10
10
*62
65
*62
*62
67
64
66
65
67
643 6734 65
4
3,000 Preferred
8
105 1073 22,700 Internal Harvester----NO par
8
8
105 1054 10312 1057 10414 1083* 10712 1093 10412 107
100
1423 1423 *14258 143
4
4
14318 1432 14318 14318 14312 1433 1433 1433
4
4 1,100 Preferred
8
46% 4634 41,800 Int Hydro-El Sys Cl A_No par
463 48
8
4612 47% 4718 48
4514 4614 4612 48
35
8314 84
83
4
8412 83
3,300 International Match pret
82
8112 8312 813 83
84
823
4
4,700 lot Mercantile Marine etfa_100
2712 2614 27
2712 267 2728 2634 2714 *27
263 263
4
4 27
3312 347
333 3514 3313 34
4
4
33
333
4 324 332 323 3314 162,900 Int Nickel of Canada-No par
*52
65
International Paper__ _No pa
*55
68
*55 68-- ---- --- -----100
*83
85 "83
*82 85
Preferred (7%)
85
*82 85
85
*83
85
*83 -27
27
"263 27
4
27
27
2712 2712 27
2612 27
27
1,000 Inter Pap &Pow el A__No par
No par
*1812 19
4
1918 205 *2014 2012 20
183 183
4
4 193 193
8
4 1,700 Class B
20
No par
*1412 14% 15
1512 1514 1514 15
4
1512 1514 1514 *143 15
2,900 Class C
$ per share $ per share 5 per share $ per share $ per share $ per share
4 36
4 3534 373
33
343
8 3114 353
3713
322 327
8
8 3258 35
4
21
2114 2118 2114 2118 2114 2118 2114 2118 2112 2112 213
2814 28
28
2818 25
4 2818 2812 28
2814 2814 2814 283
11514 11514 *11012 115 *11012 115 *11012 115
*11514 117 *11514 117
2112 223
8
8
8 207 214 202 21
8
8 2118 217
8 207 217
2113 22
11
*118
114 *118 114
118
118 "1
118
118 *1
*1
5412 57% 5412 56% *5412 5614
55
54% 543* 54
56
*55
*10514 10713 *10514 10712 *10514 10713 *10514 10713 *10514 10712 *10514 10713
2913 3012 2912 2912 *2912 30
293 293
4
4
*3014 3114 2912 31
*2614 28
2712 2713 2614 2614 *2614 2
*2713 28
*2614 28
613
k
1914 193*
1912 197
20
8
8 19
183 19% 187 193
4
187 19
8
*8314 84
*8314 81
*8314 84
*8314 84
*8314 84
*8314 84
*251 2612 *2512 2612 *2513 2612
*25
27
*25
27
*25
26
10312 106 *10312 106 *10312 106 *10312 106 *10313 106 *10312 106
96
96
96
96
*96
97
96
96
96
96
96
96
68
6214 6312 6312 6312 63
* 644 6718 6612 6712 67
643
153 1534
4
4
4
8
1514 161* 153 163* 1512 1512 153 1614 *153 16
2212 2212
8
4
*223 2314 *223 2314 *23
4
2314 227 23
2314 *23
593 *56
4
4
*5512 593 *5512 593
4
58
593 *56
4
*56
593 *56
* Bid and asked prices; no sales on this day. is Ex-dbl.-Ex-rights.
Tr;
3506
New York Stock Record-Continued-Page 6
For *ales dairtna the week of stocks not recorded bare, see sixth page preceding
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
May 10.
Monday.
May 12.
$ per share
*10 4 11 4
5
,
37% 37%
7% 8
*33
4 4
15 4 15 4
,
3
*13% 16
15
16
173 17%
4
*42
45
2112 2212
*412 412
43 4 4432
3
*12612 128
53 4 5414
3
*17
1814
*34
3434
ns
8312
*41 8 42
,
*63
6413
67
*60
*93
9514
*3612 41
*1813 1912
80
8212
*2812 29
*42
45
*14
147
2
39
3912
1614 163
2
3
2712 277
2012
20
6712 687
s
283 2812
2
13
3 13
3
34
34
$ per hsare
1015 107
8
371438
812
8
33
4 4
*1614 1712
*1334 1612
1458 20%
18
18
*4213 43
231z 24
*412 412
4414 45 4
3
127 127
54
55 2
3
1712 1712
34
34
*75
8312
*413 42
4
*63
66
6218 6218
*9314 9514
*3612 41
*1812 1914
81
8314
287 287
2
3
431z 4312
147 15
2
3732 38
1614 16 2
,
2712 28 2
,
217
2
21
683 6912
4
28
287
s
112 13
2
3472 35,
4
Tuesday.
May 13.
Wednesday. Thursday.
May 14.
May 15.
$ per share
Per share
11
11
4 113
4
377 3812 364 37%
2
/
1
8
8 12 *714 8
/
1
4
44 412
/
1
*3
3 4 414
1712 1912 •18
223
4
•133 16
4
•13 4 153
3
4
1912 21
1832 20
*18
20
1812 1812
4114 41, *42
45
4
2212 2314 2212 22 8
7
418 418 *4
41/
45
453
4 4512 463
2
127 127 *127 128
55
5512 5412 5512
1712 173
4 1712 1712
34
34
•3314 34
*75
8312 .75
8312
42
42
42% 42%
6412 63 63
*63
*60
62
62
*60
9314 9314 *93
9514
*3012 40
*3612 40
*18
19
1812 1812
83
81
82
82 3
7
2812 283
4 2812 29
*42
*43
45
45
145 14% *1414 14%
4
*37
Ws *35s2 38 3
,
1614 1612 16% 1713
2712 287
2 28% 2912
22
23
21% 23
6812 77
7512 77
2772 2812 2814 283
4
112 11
/
4
113
Vs
35
35
36
39
Friday.
May 16.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share iota
Lowest.
$ per share $ per share
*11
,
*11
11 4
3612 365
/
4
3 351 35%
54
813 812 '732) 8
472 472 *41 47
/
4
2
•1813 2234 *1812 223
4
•1334 16
*133 1512
4
17
18
1814 17
21812 1812 1812 1812
44
*42
*42
44
1912 22 4 19% 203
,
4
412 412
4
4
4412 4514 4412 45
12612 12612 *12612 12712
543
543
4 54
*54
2
163 1712 1713 173
4
2
*3314 34
3314 3314
8312
*75
8312 *75
42
4214 42
4212
641
63
63
*63
62
62
*60
*60
9514 •93
9514
*93
*3612 40
•3812 40
*18
187 *18
18%
8
8014 82
8018 8114
2818
2838 28% 28
*42
/
1
4312 *424 43
*1414 14% *1412 14%
3812 3812 *3812 39
163 163
4
4 1612 161
2712 283
4
2 273 29
2113 221
2112 22
2
75% 741z 75
74
28
28% 28
2812
11 1%
/
4
112
11
39
*36
39
38
Highest.
PER SHARE
Range for Preetous
Year 1929.
LOVIelt.
11(0*651.
Shares Indus. & Miseel. (Con.) Par
per Mare
per Oars
Per share
per share
300 Madison Sp Garden ___No par 10 4May 8 1418 Feb 14
3
1112 Nov 24 Feb
2,600 MarrIn a Cooper-------No par 3214May 7 52% Jan 7
35 Nov 8212 Mar
800 Malllson (IL it) at Co__No par
612May 5 12% Mar 18
6 Nov 39% Jan
150 Manati Sugar
3 4May 12
,
100
3 Dec 26 Jan
8 Jan 29
250 Preferred
100 1514May 7 50 Jan 2s
/
1
4
19% Dec 50 Jan
Mandel Bros
No par
13% Apr 12 15 Jan 14
Oct 38% Mar
14
25,300 Manh Else Supply
No par
14 May 9 5513May 1
4
19% Nov
373 Jan
600 Manhattan Shirt
25 17 May 5 24 8 Jan 10
1914 Dec 35% Jan
5
100 Marlin-Rockwell
No pa
397 Jan 2 55 Feb 28
8
Oct 89% May
30
7,100 Marmon Motor Car- No Pa
1714May 5 30% Apr 9
19 Nov 104 May
800 Martin-Parry Corp
No pa
Jan
18
3 Jan 6
5% Mar 31
212 Nov
7,000 Mathteson Alkali Workallo par 37 Jan 2 51% Mar 28
12
29
Oct 218 Feb
40 Preferred
100 115 Jan 24 127 Apr 24 120
Jan 125 Jan
3,000 May Dept Stores
25 49 Jan 15 61% Jan 31
4512 Dec 10812 Jan
1,500 Mteg Co
1618 Jan 2 23 Mar 26
No Par
15 8 Oct 2912 Aug
,
,
Preferred
No par 29 Jan 2 4012 Apr 7
/
1
4
2814 Dec 4914 Jul,
Prior preferred
p(to
N par 76 Jan 7 8413 Mar 28
75 Nov 9018 Jan
/
1
4
1,700 McCall Coro
No par 40 2 Jan 14 50 Apr 1
3
Oct
3914 Dec 108
140 McCrory Stores class A No par 63 Apr 22 74 Jan 2
4
74 Dec 1133 Feb
100 Class B
No par (10 Apr 10 70 Jan 16
w;
70 Dec 11512 Feb
100 Preferred
8012May 7 97 Mar 24
8612 Nov 120 Feb
McGraw-11M Publica's No par
35 Jan 15 44 Apr 7
30 Oct 48 Feb
100 McIntyre Porcupine Mines--5 143 Jan 2 1912 Apr 23
4
1211 Nov 2312 Jan
15.500 McKeesport Tin Plate_No Par 61 Jan 2 86 4 Apr 23
3
54 Nov 82 Jan
1,600 McKesson de Robbins-No Par 25 May 5 37 8 Apr 12
,
2118 Oct 59 Mar
300 Preferred
40 Oct 63 July
50 411 Mar 6 4914 Apr 8
/
4
500 McLellan Stores
1812 Dec 59 Aug
No par 14 May 5 2014 Jan 7
/
1
4
1,000 Melville Shoe
N paro
No
2614 Feb 8 42 Apr 16
Jan
261 Dec 72
/
4
3,500 Mengel Co (The)
par 15 Jan 15 23% Mar 10
9 Oct 34% Jan
/
1
4
75.900 Mexican Seaboard 011.-No Par 164 Jan 18 37 Apr 7
/
1
914 Oct 69% Jan
10,800 Miami Copper
20 Oct 5412 Mar
5 17 May 7 337 Feb 6
2
14.200 Michigan Steel
44 Dec 1227 July
No par 53 Jan 6 77 May 13
3
22,200 Mid-Coat Petrol
No par 2312 Feb 24 33 Apr 7
2218 Nov
39% Jan
4,200 Middle States Oil Corp etre78 Mar 4
212 mar 17
at Nov
3% July
2,200 Midland Steel Prod__ No par 3212Nlay 5 53 Feb 28
Miller Rubber
5% Apr 2
3 Dec 287 Mar
14
3% Jan 23
8
65 '60
'60
65
;t36wao- 65-- '60 65
Minn-lloneywell Regu_No "r 61 Jan 10 76% Mar 19
59 Nov 12314 Sept
N o par
223 2412 2312 24
4
233 2532 2533 283
4
2 2.51, 2712 25
2612 50,600 Minn-Moline Pow Imp'No Par 1218 Jan 10 287 Apr 17
Moline
err
10
8
Oct 43% July
*777 8312 *777 8312 8212 833
2
2
4 86
89
8912 1,200 Preferred
90
871 88
3
65 Nov 102 July
No par 72 Jan 7 90 May 14
2114 22
19
2112 1914 203
2 2013 2013 *2012 203
4
35 Nov 8014 Mar
4 2012 203 10,400 Mohawk Carpet Mills_No par
19 May 12 40 Jan 27
56
58
5712 587
583
2 58
5914 577 58'2 57
3 53
2
5358 18,200 Monsanto Chem Wks_ _No par 48% Mar 15 63% Apr 21
47 Nov 8013 Oct
413 42 2 413 4312 4312 44 4 44
3
4
,
45 8 4311 45
,
,
435 4412 135,600 Mont Ward &CoIll Corp No par 3514 Mar 28 697 Jan 2
4
42% Dec 1567 Jan
2
8
1114 1032 1034 1012 1012 104 1112 1118 1112 103 11
10
/
1
4,500 Moon Motor Car new-No Par
11 Oct
/
4
4
5 Oct
8% Jan 22 1612 Apr 2
66
6612 67
66
66
67
*6512 66
900 Morrell (J) & Co
*6512 66
6512 6512
/
1
Oct 813 Oct
42
8
No Par 584 Jan 7 72 Feb 5
128 134
132 13
132 13
2
112 13
012 mar
2
113 13
2
113 13
8 4,200 Mother Lode Coalition_No Par
11 Ott
/
4
112May 5
2 Jan 2
73
2 73
714 71
672 73
7
4
7
7
2.800 Moto Meter Gauge &FAIN° Par
7
7
7
4 Jan 16 115 Apr 10
/
1
4
8
3
14 Oct 3114 Aug
55
58
58
57
59
58
*60
61
61
1,100 Motor Products Corp No Par 50 Feb 15 81 Apr 7
63
63
631
36 Nov 206 Mar
30
3012 30
28
283
30
7
2 29
30
*2812 30 .2818 29
2,500 Motor Wheel
21 Nov 551s Aug
12
No par 26 Jan 2 34 Mar 19
167 167 *1534 163 *1612 163
2
4 1612 173
4 1512 1632 *16
900 Mullins Mfg Co
17
10
Oct 81% Jan
1
No Par 12 2 Jan 2 20% Feb 14
581
57
59
581
59
59
59
*5712 591 *5712 5912
150 Preferred
55 Dec 10214 Jan
No Par 57 May 12 6413 Jan 31
*47
*47
*47
49
49
49
*4712 49 .48
*48
49
49
MU11/31041Wear the
38 Nov 6154May
No Par 46 Jan 3 5312 Feb 10
2158 2114 2310 2218 223
21
4 2212 23
22
2234 217 2212 25,000 Murray Body
8
147 Nov 100 8 June
18 Jan 17 2514 Apr 11
4
No par
7
*42
44
461 •42
45
453
/ 45
1
4
4 43
4512 451
1,200 Myers F & E BrosNo Par 35 s Jan 2 49 Mar 25
44
44
/
1
4
5
30 Oct 67 Oct
12
4112 42% 41% 433
4314 4414 43% 45
14,700 Nash Motors Co
4272 433
4 42% 43
40 Oct 11873 Jan
No at 3912May 5 5812 Jan 6
1814 1912 18 2 19
183 181
2
3
•18 8 19
5
19
1,000 National Acme stamped----10 1678May 5 2614 Feb 14
19
19
19
14% Nov 41% July
217 24
223 23
2
4
7
23
2312 2312 2414 23 4 25 8 24
,
26% 11,400 Nat Air Transport
,
2
11 Jan 13 393 Apr 14
10 Dec 484 May
/
1
No Pa
15 3 15
3
1512 15
1512 15 4 15 8 16
7
3
3
5
1518 15 8 1518 1513 2,100 Nat Hellas He,,
,
9% Jan 13 20 Apr 7
91s Dec 71 Mar
NO Par
_
National Biscuit
,
25 177 Jan 2 225% Mar 21 140 Nov 236 4 Oct
86 161- -i&T4 863 -ii- 87
2
86
87
13,606 New
-i6T2 86
6514 Dec 73 Dec
10 71 Jan 2 9118 Mar 31
57
577
2 56
57
56
563
2 55 4 56 4 553 561
3
,
5514 553
4
4 8,700 Nat Cash Register A WINO Par 5318MaY 5 8312 Feb 3
51) Nov 14834 Mar
563 5712 5714 587
4
3 573 593
2
4 5813 5012 5812 5018 58
587 91.700 Nat Dairy Prod
2
4May 13
36 Oct 8612 Aug
No Par 4514 Jan 20 593
*2012 2113 *2013 2112 *2012 2112 •2018 21
500 Nat Department Stores No Par 20 Jan 15 2412 Feb 27
2012 21
.2012 2012
20 Dec 373 Mar
4
*8813 92
8812 8813 *8812 89
*8812 89
10 18t preferred
92
*88
•88
92
89 Det 96 lure
100 88 Feb 4 90 Jan 27
34
343
33 4 *3212 3312 3312 3312 33% 33% 3314 34
4 33
3
1,400 Nat D1s4111 Prod etfa-No Par 29 Jan 2 391 Feb 6
/
4
15 Oct 58 Jute
*25
*25
28
28
*25
2712 26
2614 2614 2614 *20
300 Nat Enam & Stamping.-l00 26 May 14 3312Mar 1
27
2512 Dec 6214 Jan
146 157
149 151 *14712 151
149 15014 *14711 150 *14712 150
1,200 National Lead
/
1
4
100 137 Jan 2 18012 Feb 7 129 Nov 210 Oct
*142 143
142 142
143 143
142 142
200 Preferred A
142 142
141 141
100 13818 Jan 3 143 May 13 138 Nov 14112 Feb
117 117
118 118
118 118 •118 1197 *118 119% *118 1197g
3
70 Preferred B
100 116 Jan 17 119 Apr 2 115 Oct 123% Apr
4512 473
4 4658 4814 4653 471
8 4714 483
4 46% 4812 4712 48 2 115.800 National Pr & Lt
3
3
23 Nov 713 Aug
4
No par 32 Jan 2 158 Apr 24
5214 23
4 '214 25
8
212 212 *214 212 *214 21
100 National Radiator
4 Jan 15
/
1
4
112 Dec
*214 212
17 Jan
I% Jan 7
No Par
*578 6
*51z 6
512 512
*5
54 6
500 Preferred
112 De
*57
*512 53
2 6
41
Jan
4 Jan 2 11 Jan 15
No par
*112 114 *112 114
114 115
11234 11234 111 1121 101 11114 4,800 National Supply
9811 Nov 144 Jan
4
50 101 May 16 1243 Apr 7
88% 88% 89% 895
8 8814 8854 *873 89
4
500 National Surety
/
1
4
89
7014 Dec 155 Feb
8814 8814 •87
50 30 Jan 7 98% Mar 22
30
3114 31
3014 30
3014 31
31
3114 •3054 3114 1,800 National Tea Co
3118 Nov 91% Mar
8
No Par 30 May 5 417 Feb 4
4 2218 2318 *3°34 22 4 21
20% 21 8 2134 222
,
2114
217
2314 Nov 627 Mar
205 2112 36.100 Nevada Consol Copper_No Par 17 May 6 32% Jan 7
8
8
,
70
*65
*60
70
*60
70
100 Newport Co class A
70
70 .60
43 Mar 103 Sept
7012
*65
75
50 51 Jan 9 85 afar 25
48
493
4 50
502 50
50
50
50
48
493 493
35 Dec 113 July
4
49% 2,100 Newton Steel
No Par 40 Jan 2 58 Apr 14
*4112 4312 .4112 43
*4112 431 *4112 4312 *4112 44
N Y Air Brake
*4112 4312
354 Oct 49% Mar
/
1
8MaY 5 47 Feb 19
No Par 415
*38
42
42 .40
*38
42
42
42
100 New York Dock
42
42 .40
"38
33 Nov 58% Feb
100 35 Jan 9 48 Apr 25
89
.84
*86
8012
89
*86
*86
89
*86
89
89
*86
82 4 July 90 Apr
Preferred
4
100 80 Feb 8 8812 Apr 24
*103 10312 10312 103'2 103 104
103 103
320 NY Steam pref(6)____No par 100 Jan 2 104 May 13
103 103 *103 10312
93 Nov 103
/
1
4
Jan
4
*1123 1137 1123 1131 *11312 1137 *11312 1137 *1123 11372 •1123 1137
4
2
2
8
60 151 preferred (7)
4
4
2
No par, 110 Feb 5 11612 Mar 13 107 Nov 115 Aug
4
11714 1193 1183 121
2
11812 11912 1195 1217 11912 12138 1183 12012 28,200 North American Co
8
8
4
66 Nov MA Sept
12
No Par 93% Jan 18 1327 Apr 11
5512 5512 5512 5512 5512 5512 55% 55% 55
48 Nov 5414 Jan
5512 5512 1,800 Preferred
55
54) 61 Jan 13 55 May 14
104 10414 104 10414 104 104
104 104 *10212 1033* 1037 10372 1,200 No Amer Edison pref__No Par 10038 Jan 23 104114 Mar 19
2
98 Nov 103% Jan
*543 557
4
8 547 547 *5414 55
54% 55
700 North German Lloyd
55
•5472 55
5.)
4112 Dec 64
45 Jan 7 55 May 14
/ Jan
1
4
*44
4712 •4612 4712 . / 4712 4612 4612 4612 4712
4712 *44
5461
4
10 Northwestern TelegraPh---50 42 Jan 2 501s Mar 14
4012 Dec 50 Mar
17
2 2
*13
4
13
4 13
4 2
17
2 17
2
1,300 Norwalk Tire & 1Iubber_10
17
2 17
13
4 2
2
4 Mar 26
614 Feb
3 Oct
4
7 Jan 9
s
*314
434
*314 6
3
*3
3
100 Nunnally Co (The) ___No Par
4
•3
4
3 May 14
2 Dec
2 Feb 3
8 Feb
*1012 11
*1012 11
1012 107 *101z 11
2
300 011 Well Supply
*1012 11
*1012 11
9 Jan 3 1514 Mar 21
/
1
4
7 2 Dec 32 Jan
7
25
*9112 9213 9113 9112 *9112 9212 *9113 9213 *9112 9212 •9112 9211
130 Preferred
8334 Dec 10612 Jan
100 86 Mar 10 93 Apr 4
2914 2972 301s 31
30 4 317
3
4
2 303 3113 3012 32%
32 335 31.100 011ver Farm Equip_ ___No Par 13% Jan 2 347 Apr 17
4
8
8 Oct 6412 Apr
4314 42
41
413
4 42
4213 43
43
43
433
2 4314 4312 2,800 Cony participating__No par 3118 Jan 3 461s Apr 17
17
5
Oct 69 8 Apr
87
*86
8612 90,2 8012 903 *8912 607 *8912 90
4
8
8912 90,
2 1,500 Preferred A
4May 13
6412 Dec 0913 May
No par 70 Jan 2 903
55
512
5 2 53
3
2
514 514
514 5 4
1,700 Omnibus Corp
,
514 512
53
2 53
8% Mar 31
2
2% Jan 3
212 Oct 107 Feb
No Par
8
95
93
*92
92
*93
95
95
95
95
96
96
270 Orpheum Circuit, Inc Pref-100 63 Jan 6 997 Apr 24
96
s
501 Oct 9514 Jan
/
4
7412 7412 7312 743
,
7312 74 8 74
7412 733 757
2
2 7418 743
4 8,400 Otis Elevator new
3
No par amMay 5 80 4 mat 13
*12412
*12414
_ *12414
_ •1241
- *1241
Preferred
Oct UL- Jan
-100 11818 Jan 23 126 Mar 24
-- *12414
3
2
*3012 107- 307 107- 3013 10
2
-12 3014 307
4- -- 30 4-8
3,5645 Otis Steel
4
3014 *293 30% _ -2214 Nov 55 Oct
No par 2912May 8 38% Mar 31
98
977 __-- 977
3
2
977 *90
2
98 •__ 98
Prior preferred
895 Nov 108 Feb
4
100 91 Jan 10 99 Apr 29
*51
52
52
*51
*5214 55
55
55
*52
200 Owens-lifinots Glass Co25 5014May 8 60% Feb 7
5412 5214 5214
/
1
4
43 Nov 99 Be%
6714 68
673 68 4 6712 68 4 6818 70 3 6912 713
2
,
,
,
2 6912 7052 25,200 Pacific Gas & Elee
42 Nov 983 Sept
25 5218 Jan 2 74% Mar 31
4
96
967
8 9612 973
4 9612 977
8 9714 1007
2 9812 102 4 983 097 22,900 Pacific Ltg Corp
3
8
,
5818 Nov 14613 Sept
No par 72 Jan 2 1077s Mar 28
2218 221g *2214 23
'
*213 23
3
*2214 2212 22
120 PacifIc Mills
*22
2214
100 21 Jan 7 30 Feb 8
1712 Nov 37 Apr
Pacific 011
Jan 1;
1
114 Jan 22
No par
% Oct
112 Jan
*142 144
142 142
142 14218 4 0 13 12 *143 14312 143 143
4313 43
2
0
50 Pacific Telep & Teleg
100 141 Mar 17 178 Feb 19 131 Nov 220 July
*1251 130 *126 130 *126 130
/
4
*126 130 *126 130
Preferred
100 11612 Jan 8 145 Feb 21 116% Jan 138 Oct
18
17% 18
19
1814 183
81,700 Packard Motor Car____No par 15% Jan 18 23% Mar 18
4 1812 18 2 x173 183
,
2
2 1712 17%
13 Nov
324 Sept
/
1
*58
59% 6112 6112 6372 63
60
/
1
6414 61% 6314 624 6212 5,200 Pan-Amer Petr & Trana___50 5152 Feb 21 6414May 14
4014 Feb
Aug69
5914 61
3 6312 67
613 643
2
58,100 Class B
6514 6712 6312 6514 64
66
50 5012 Jan 25 6712May 14
40 Feb 6914 Aug
12
15 4 16 4 16
3
1612 167
3
2
,
1614 15 2 1614 16
2
1614 157 1614 5,700 Parmelee Transporta'n_No par 121sMaY 5 26'h Mar10
1512 Dec 21 Dec
1018 1012 1012 107g 10% 12 8 12
,
12% 1114 1214
1114 117 32,800 Panhandle Prod & ref __No par
3
,
1514 Jan
44 Feb 14 12 4May 14
/
1
3 Nov
80
80
•70
80
*70
*70
1,100 Preferred
80
80
80
80
*72
*72
4712 Feb
100 4712 Jan 14 80 May 14
76 Jan
69
4
693
4 683 70
6812 70 4 69 4 70% 6812 703
3
4
2
3
No par 48 8 Jan 2 7714 Mar 31
5
4 683 693 80,400 Paramount Publlx
36 Oct 7512 Oct
272 3
"23
4 27
24 2 2 .21
3
7
3 3
2
4 272 1,000 Park Utah C M
4% Apr 7
23
4 23
213 Jan 31
4 *23
1
3 Dec
137 Feb
8
7
7
7 14
7 14
67
2 712
6 3 718
1
9 Apr 25
652 67
6% 7
2 8,600 Paths Exchange
1473 Jan
No par
24 Jan 3
4
2 Dec
12
1512 1558 14% 153
157 1612 1514 1612 1514 16
2
4
4 143 1514 8,700 Class A
412 Dec 30 Jan
5 Jan 2 19% Apr 25
No par
22
1932 203
2112 22
3 21
2218 23
8
22
8
,
2212 207 21 8 9,100 Patina Mines de Enterpr____20 1814May I 327 Feb 5
24 8 Oct 47% Mar
7
8
812
812 8 2
81g 8 2
818 8 8
7
5
5
7% 818
812 83 10,300 Peerless Motor Car
2
618 Jan 7 14 Feb 3
518 Oct 2212 Jan
50
513 513
9,100 Penick & Ford
523
4
51
513
4 50
2 5113 5238 5112 5112 50
4 51
8
8
22 Nov 607 Sept
No par 2618 Jan 7 553 Apr 10
9,100 Penney (J C)
6914 71
683 70
6812 6914 6712 69
4
6812 69 2
/ Oct
1
4
5
,
66 Nov 105
No par 62 8 Jan 22 80 Jan 3
/ 67% 68
1
4
700 Preferred
10014 10014 100 100 *100 10012 10012 10012 10014 10014 *10014 10012
100 93 Jan 7 10038 Apr 26
33 Oct 97 Dec
812 812 1,000 Penn-Dixie Cement___ _No par
81g
*9
312 NOV 27
83
Jan
914
8 87
9
2 •83
618 Jan 4 12 Mar 8
912 '8'z 9
*45
*45
*45
100 Preferred
49
49
49
*45
49
*45
49
20% Nov 94 Jan
45
45
0
100 301 Jan 2 5512 Mar 13
2,300 People's G L & C(Chic)
307 314
308 316 *313 315 *307 315 *305 312
*300 308
100 230 Jan 17 323 Apr 25 208 Jan 404 Aug
1818 Dec 45
2012 *20
*20
2012 *20
12 Jan
100 Pet Milk
2012 *20
201
20
20
No par 1778 Apr 3 2154 Apr 30
2012 *20
-Dodge Corp
3812 381z 39
3
39
3814 3812 5,000 Phelps
40
39
31 Nov 79% May
40
4018 39
40
25 3414MaY 6 44 8 Apr 7
Philadelphia Co (Pittsb)50 2213 Jan 10 248 Apr 15 157 Apr 285
Oct
*230 245 *225 250 *225 245 *225 245 *225 245 .225 245
12
4
600 6% preferred
54
.5312 54
*53
54
54
/
1
4
53% 53% *5312 54
5313 54
zo 504 Jan 15 55 Mar 31 47 Nov 54 Mar
/
1
Jan
34
211 213
/
4
9 Nov
/
1
4
2
2414 124,400 Phila & Read O&1No par
4
/ 24
4 2013 2132 203 2314 22
1
4
113 Jan 17 2412 Apr 24
2
227 2372 23
554 Oct 2814 Feb
14
1112 12
12
13
•12
135
13
814 Jan 8 1512 Mar 11
13
127
2 5,900 Phillip Morris & Co.. Ltd__ _10
8 13
13
Phillips Jones Corp____No par 20 May 2 27 8 Feb DI
20
.15
*1212 2018 *15
12
7
19 Nov 73 May
•15
2018 .15
24
2013 *15
20 8
,
Phillips Jones pref
72
•70
72
65 Nov 96 May
*70
100 70 Feb 4 75 Feb 11
71
*70
*70
71
•70
71
71
*70
• Bid and asked prices: no sales on this day. b Ex-dividend and ex-rights. z Ex-dividend.
y Ex-right&
3507
New York Stock Record-Continued-Page 7
Pr gales during the week of stocks not recorded here, see seventh page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
May 10.
Monday.
May 12.
Tuesday.
May 13.
Wednesday. Thursday.
May 15.
May 14.
Friday.
May 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
Lowest.
Hiyheat.
PER SHARI
Range for Previous
Year 1929.
Highest.
Lowest.
S per share Shares Indus.& Miscall.(Con.) Par 5 per share II per share $ per share $ per Aar.
2414 Nov
47 Jan
38% 40
75,000 Phillips Petroleum____No par 2918 Feb 17 644 Apr 30
1038 Oct 375 Jan
8
5 1034 Mar 4 2018 Apr 30
1912 20
600 Phoenix Hosiery
18 Nov
/
1
4
37 Jan
2812 2812
900 Plerce-Arrow Class A__No par 2112 Jan 13 33 Apr 3
338 Mar
1
Oct
25
1 Jan 4
212 Mar 17
2
2
/ 12,800 Pierce Oil Corporation
1
4
20
Oct 5112 Mar
100 2012 Jan 10 52 May 1
4314 49
2,900 Preferred
/ Oct
1
4
5% Jan
No par
214 Jan 3
74 Apr 24
/
1
612 63 75,200 Pierce Petrol'm
4
30
Oct 6378 Jan
No par 31 May 5 3734 Apr 11
33
33
1,100 Pillsbury Flour Mllls
4314 Oct 68 Aug
444 Apr 15 50 Feb 27
/
1
45
45
/
1
4
600 Pirelli Co of Italy
3
54 Nov 83 4 Jan
/
1
4
55
55
200 Pittsburgh Coal of Pa___-100 54 Apr 28 78 Jan 7
8312 June 110 Oct
100 86 Apr 29 110 Jan 7
Preferred
*871 90
/
4
8
17 Dec 27 Aug
8
12
*2114 217
8
200 Pittsb Screw & Bolt___No par 175 Jan 22 227 Feb 18
8
22
22
No par 2018 Feb 28 227 Apr 8
2,800 Pittston Co
437k Aug
No par 25 May 3 343 Mar 18
8
Nov20
2918 2912 17,000 Poor & Co class B
51 Nov 9534 Mai
*66
67
/
1
4
400 Porto Rican-Am Tob Cl A_I00 59 Jan 14 7614 Mar 18
504 Jan
8 Nov
No par 12 Jan 10 2714 Mar 10
1918 197
8 6,500 Class B
40
/ Oct 6538 Jan
1
4
*46
25 45 Mar 6 54 Apr 1
48
4,600 Prairie OH& Gas
45 Oct 65 Aug
52
25 5014May 8 6012 Feb 7
523 12.300 Prairie Pipe & Line
8
2538 Mar
,
618 Nov
8
No par
7 1 Jan 2 165 Feb 18
7
912 93
4 1,900 Pressed Steel Car
50 Dec 81 Mar
100 52 Jan 2 764 Feb 14
/
4
*571 62
200 Preferred
98 Aug
43 Nov
8
8
No par 525 Jan 3 763 Apr 30
7118 72141 10,900 Procter & Gamble
8
4 Oct 257 Jan
/
1
*812 9
1,400 Producers & Refiners Corp_50 612 Feb 17 114 Mar 17
3
35
Oct 82 4 Jan
55 Feb 27
Pro-phy-lao-tio Brush_No par 46 Jan
-Ss;
1
4
iios iiiii 11214 1153i iii; II 11514 ifiii. iiiis ffiii iiii2 iff3- 144,300 Pub Ser Corp of N J No par 81/ Jan 2 12334 Apr 11 54 Nov 13734 Sept
.
8
100 1061k Jon 3 1123 Mar 20
98 Nov 10818 Feb
8
110 11012 11012 111
111 111
1107 1107 *11012 110% Ill 111
8
8
1,300 6% preferred
/
1
*12914 130
100 121 Jan 10 1304 Mar 21 105 Nov 12478 Jan
130 13018 130 13014 13014 13014 13014 13014 13018 13011 2.300 7% preferred
/
4
100 143 Jan 2 1554 Feb 6 13912 Nov 151 Sept
15518 15518 15514 15514 *154 15514 *154 15514 *154 15514 *154 15514
200 8% preferred
5
*110 1104 110 110 *110 11012 *110 11014 11014 1104 *110 11012
400 Pub Serv Elea & Gas pref.100 1074 Feb 5 1103 Apr 30 10411 Nov 109 8 Jan
/
1
8
/
1
73 Nov 994 Sept
No par 78 May 3 894 Jan 8
79
7912 7812 7912 78
79 I 783 794 775s 78
4
7714 78
6,000 Pullman, Ina
6 Dec 2112 July
218 212
212 258
212 23
812 Jan 17
4
212 212
50
2 May 9
214 24
24 212 7,600 Punta Alegre Sugar
301g May
20 Nov
233 237
4
233 237
4
8 23 8 243
7
8 24
2438 24 243
8 24
25 211 Feb 25 2714 Apr 7
/
4
24
8.000 Pure Oil (The)
11218 11218 *11212 115 *11212 115 1'
311212 115 i 11212 11212 1124 1125 30 8% preferred
100 11012May 6 11414 APr 8 108 Nov 116 Feb
,
8
55 Oct 1485 Aug
673 7012 7112 73
4
66 May 5 88% Feb 15
73
74
737 7412 57212 7312 72 4 7312 9,200 Purity Bakeries
8
3
Oct 11434 Sept
26
4712 503
8
4 4812 51% 483 503
4
5258 49
5118 493 5138 1087900 Radio Corp of Amer___No par 3458 Jan 29 693 Apr 24
8
4 50
Jan
57
50 Nov
*5514 5512 5512 5612 5512 5512 5512 55
/ *55
1
4
/ 5612 5512 5512
1
4
600 Preferred
62 Nov 8212 Apr
80
81
81
84
83
No par 68 Jan 24 85 Apr 2
81
813 813
4
83
Preferred B
4 813 84 i *83
4
3,90
12
Oct 4678 Jan
4118 4278 413 4312 415 42 8 424 43 4 4318 454 445 454 387.600 Radio Keith-Orp cl A_No par 19 Jan 2 50 Apr 24
8
5
3
/
1
8
8
/
1
4
28 Nov 58 Sept
40
41
4014 423
8 40
/ 4178 4134 1234 40% 4212 4018 4112 17.900 Raybestos Manhattan_No par 33 Jan 4 587 Apr 17
1
4
8
8,438 Mar
38 Nov
/
1
4
497 53
8
5212 523
5212 5012 5012 4,400 Real Silk Hosiery
8
4 523 5312 52
8
527
51
10 4318May 5 647 Mar 26
/
1
4
8614 Dec 102 Feb
Mar
*96
98
*96
*883 9820 Preferred
4
98
*96
98
96
96 1 *883 98
4
88 Jan 13 100 M 29
1614 Feb
3 8 Dec
5
5 a Feb 8
7
*312 33
4
3 4 3 4 *312 4
3
3
3
12 34 *37
4
*37
4
300 Reis(Rota) & Co
No par
3 Jan 16
14
40 Dec 10312 Feb
*
2812 3512 *27
317 *28
8
33
*28
3114 *28
3512 •28
32
First preferred
100 2812 Feb 27 37 Jan 28
20 8 Nov 574 Oct
3
354 365
/
1
8 3612 3714 3618 36% 36 s 38 4, ,3 3934 .814 13712 30,100 Remington-Rand
3718 9 43
, 8
4
,
7
5a
73
0
0
No par 25 Jan 2 4812 Apr 14
93 9
8
12
81 Nov 96 Oct
*98
9934 *98
8
993 *9814 993
4
4
400 First preferred
100 92 Jan 3 1007 Mar 28
*10118 10114
93 Mar 101 Apr
10118 10118 *101 102 *10118 10114 *10118 10114 *10118 10114
100 95 Jan 4 102 Mar 10
30 Second preferred
8
101s Oct 317 Jan
1012 103
4 1012 107
1112 1118 1112 6,600 Reo Motor Car
144 Mar 24
8 10 4 107
3
8 108 11 i 11
54
54
567
8 544 5614 54
/
1
544 12,600 Republic Steel Corp- No pl
2; 5 7912 Apr 16
53
c'? 1131181
41
534 547
5312 55
9518 95
95
95
95
9514 95
95
95
95 9518 95
7,100 Preferred cony 6%
100 95 Apr 22 9512Ma7 5
Nov
264 *23
2514 24
24
*23 8 2514. 237 237 *23
7
8
8
25
200 Revere Copper & Brass No par 22 May 5 30 Jan 8 /E.. Dec
1214 Jan
412 412 *412 5
84 Nov
4
/ 412
1
4
4
/ 41
1
4
/
4
412 438 *43
8 5
2.600 Reynolds Spring
No par
4 Jan 10
7 Jan 29
/
1
4
5112 5218 513 53
39 Nov 66 Jan
4
533
8 524 5314 43,400 Reynolds(R J) Top class B_10 49 May 5 584 Mar 11
53
5438 5312 534 53
4 7111 7112
*7112 73
*7111 73
713 713
4
*7112 73 .7134 72
70 Apr 8913 Oct
/
4
110 Class A
10 711 Apr 25 80 Jan 2
Jan
*423 43 4 *43
4
3
44
42% Dee 64
*4314 44
*4314 44
*4314 44
•4318 44
Rhine Westphalia Eleo Pow__ 41 Jan 7 45 s Jan 21
5
2312 235
8 2314 2312 2312 24
2314 23% 2314 23
224 Dec 494 Jan
2334 24
/ 9,300 Richfield 011 of California _25 205
1
4
8May 5 28 Mar 14
/
1
4
/
1
4
2158 2218 214 22
15 Oct 42 Mar
211 2218 22
/
4
2214 2112 224 2138 2178 7,700 Rio Grande 011
ma Feb 19 253 Apr 7
par
4
No
*473 49
4
I•48
.50
48
47
47
40 Nov 70 June
48
48
4712 471
48
4
800 Ritter Dental Mfg
No par 44% Jan 13 593 Feb 5
35 8 37
7
3612 37's 37
28 Nov 96 May
373
4 3712 3814 377 587
8
s 3818 3812 5,500 Ronda Insurance Co
10 33 May 5 483 Mar 3
4
• __ 55
527 5318 52 4 535
4$18 Oct' 64 Sept
3
5312 54
53
533
4 7,900 Royal Dutch Co (N Y shares) 49la Feb 20 5612 Apr 7
8 533 54
4
443 441
8
4412 447
45
46
4434 4534 2,100 St. Jogai% Lead
45 453 *4512 46
4
10 4012May 3 5714 Feb 6
3812 Nov 94 Jan
g04 Nov 195 Jan
/
1
9012 92
904 9014 917 923
/
1
14
93
924 954 13,100 Safeway Stores
/
1
8 90 4 93
/ 92
1
4
3
No pa
88 May 2 1223 Jan 23
8
*9512 96
*9512 96
96
96
95
/ 951
1
4
•96
85 Oct 101 Sept
97
100 94 Mar 28 997 Feb 7
340 Preferred (5)
•108 109
108 108 *108 109 *108 109 *108 109 *108 109
10 Preferred (7)
100 10518 Jan 14 10978 Mar 26 100 Oct 10911 Dec
*261 263
/
4
264 2818 27
/
1
28
*2612 27
/ Jan
1
4
27
20 Nov 51
/
1
4
*2714 2712 x26
400 Savage Arms Corp__--No par 24 Jan 17 314 Apr 2
/
1
4
3 Dec 4112 Jan
/
1
4
*87
8 9
9
91
*83
4 9
9
9
83
4 9
1,300 Schulte Retail Stores_No par
44 Jan 2 1312 Jan 23
*84 9
*601s 65
*6018 65
/
1
*6012 65
*61
65
30 Dec 1184 Jan
*603 65
4
*61
65
Preferred
100 85 Jan 2 75 Jan 21
*10
4
1050 1014 101 *10
1014 1018 1018 *1014 1012 *1014 1012
300 Seagrave Corp
10 Dec 2214 Atir
No par
93 Jan 24 1414 Mar 11
8114 8214 8112 84
Jan
82
4
80 Nov 181
8
85'2 843 8512 8234 84'zl 533 8512 22,700 Sears, Roebuck & Co No par 79 May 5 1005 Jan 31
4
*16
1618 1618 1614 163 164 15 8 163
8
5
8 1512 1512 15
1518 1,100 Second Nat Investore_No par
9 Dec 1511 Nov
9 Jan 2 23 Feb 17
/
1
4
*7412 78
*7412 7612
*73
76
781 *75
787 *74
78% 76
No par 5812 Jan 3 823 Mar 18
4
45 Nov 634'Nov
200 preferred
2
2
2
2
1012 Mar
218 24
214 24
214
214 214
214 4,700 Seneca Copper
2 Nov
15
8May 6
312 Jan 29
No par
1014 103
4 105 1134 1112 1254 113 1212 1034 12
8
1114 1134 105.200 Serval Inc
4
yla Nov 21% Aug
No par
7 8 Jan 13 134 Apr 25
7
4514 457
4678 4014 4612 16,600 Shattuck (F 0)
8 45
46's 45
47
4634 4738 46
2518 Oct 194 Aug
No par 363 Jan 2 52 Apr 21
4
2478 2578 247 2478 *2478 25
8
2476 *24
*2478 25
24
533 July
4
20 Nov
2434 2,000 Sharon Steel Hoop
No par 2214 Jan 18 823 Feb 13
4
*19
2018 *1912 2012 1912 205
21
8
.19
8 2012 205 *19
21
3
16 Nov 22 Nov
/
1
4
1,400ISharp & Dohme
No par 17 Jan 2 27 4 Mar 10
*5914 60
*5912 60
60
*593 62200 Preferred
4
/
1
4
•5914 60
5914 5914 60
No par 54 Jan 2 63 4 Mar 10
3
50 Nov 85 Aug
223 23
4
225 223
8 213 22
4
8
4 2218 2258 221 2212 2112 223
4
/
4
Oct 313 Apr
No par 2018May 5 2512 Apr 7
19
21,700 Shell Union Oil
*10114 1045 1043 105
8
8
105 105
104 1043 10314 10418 103 1047s 2,500 Preferred
4
100 100 Mar 8 10614 Apr 21
2812 2918 283 293
8
29
/ 263 274 13,000 Shubert Theatre Corp..No par
1
4
8 284 2914 28
8
28% 27
Dec 741/ Jan
85 Jan 2 35 Apr 25
8
38
40
383 41
4
/ 40
1
4
393 407
8
8 4018 4314 411s 43
4212 37,300 Simmons CO
5912 Nov 188 Sept
No par 3512May 7 94 8 Jan 2
7
2712 283
4 29
30
8
2812 293
4 293 308 2912 2912 295 2934 1,000 Simms Petroleum
4
15 Nov 4018 Aug
10 227 Jan 22 37 Mar 24
2714 273
4 2712 277
8 27
4 273 2838 67,400 Sinclair Cons 011 Corp_No par 214 Feb 17 32 Ape 7
283
s 2818 283
8
21 Nov 45 Jan
4 2818 283
/
1
*1094 1113 11012 11012 *1093 1113 *1093 1114 *1093 110 *1093 110
4
Jan
4
4
4
4
4
100 109 Jan 18 11214 Apr24 103 Oct 111
100 Preferred
35
/ 36
1
4
8
3512 353
3614 367 x353 364 3518 353
8
4 3518 367
8 5,400 Skelly Oil Co
25 28% Feb 18 42 Apr 9
Oct 4612 May
28
1614 Feb
*612 714 *612 7
6
612 *64 7
/
1
*612 63
4 *612 63
4
100 Snider Packing
No par
3 No
/
1
4
5 Jan 2
/
1
4
8 Jan 9
*30
32
*26
32
*26
32
*26
32
*26
32
*26
14 Nov 64.1 Ally
32
Preferred
No par 234 Jan 2 363 Feb 24
4
115 116
115 115
116 116
116 116 •11534 1163 1163 1163
4
4
4 1,300,Solvay Am Inv Trust pref_100 9512 Jan 8 12112 Apr 3
85 Nov 111 Sept
23 23
23 4 233
3
4 2212 2314 22
23
205 217
8
8 205 22
8
No par 2058May 15 30 4 Jan 18
12 8 Dec 45 May
5
6,6001So Porto Rico Sug
3
6418 653
8 6518 664 6518 66
651 68
/
4
663 6814 663 6712 13,5001Southern Calif Edison
4
8
4518 Nov 0114 Emil
25 5618 Jan 2 72 Apr 14
*55
8 6
153, Jan
*55
8 8
*55
8 8
*54 8
*5
8
*5
8
Southern Dairies Cl B __No paY
3 Jan 4
/
1
4
2 Nov
/
1
4
9 Mar 3
*40
4012 4012 41
/
1
4
40
*3812 40
40
40
40
*3812 40 I
30 Nov 63 Mar
500ISpalding Bros
No par 33 Jan 8 45 Mar 17
*110 1123 *110 1123 *111 1123 *11214 1123 *111 113 .111 113
4
4
4
Spalding Bros lst pref____100 108 Jan 13 113 Mar 15 107 Nov 117 Feb
27
27
271 27'e 2712 283
/
4
4 28
8' 284 301 *28
/ 287
1
4
/ J.n
1
4
2812 2,200 Spang Chalfant &Co IncNo par
15 Oct 52
197 Jan 2 3612 Mar 31
8
*9412 95
/ *9412 951 .9412 9514 *9412 95141 941/ 941 *9412 95141
1
4
4
Oct
89 Mar 98
100 92 Jan 20 96 Jan 2
10 Preferred
227 2312 23
8
2334 2334 24
2334 2414 2412 26e 2514 26
13 Nov 73 Aug
/
1
4
10,400 Sparks Withington____No par
1318 Jan 18 3012 Apr 10
*213 22
4
2134 213 *2134 23 .213 22
2134 2114 2134 2134
4
20 Nov 45 Aug
Spencer Kellogg & Sons No par 20% Feb 1 25 Apr 15
23
7 2412 2478 247g 2334 24
24
24
2312 24
24
24
4
/
1
4
20 Dec 663 Mar
No par 2111 Jan 2 3612 Feb 4
3,600 Spicer Mfg Co
*40
4312 *40
41
40 40.37 40
*3912 40
s
38 Nov 557 Mar
No par 391 Jan 15 454 Mar 31
/
1
100 Preferred A
/
4
---- ---303 303
4
4 305 323
8
8 3212 35
34
3414 33
331 *33
/
4
7
34 Dec 117 8 Feb
34
-May-Stern Co_No par 293
4May 9 52 Feb 3
3,700 Spiegel
2314 233
4 2318 235
8 23
23'2 23
2314 223 23
8
2214 225 86,300 Standard Brands
Oct 441 Sept
8
4
20
No par 2218May 5 2914 Feb 8
*12012 128 *12012 128 *12018 128 *12012 128 *12012 128 *12012 128
4
Preferred
No par 11712 Feb 3 120 Apr 21 11414 Nov 1183 Bent
*5
514 *5
514 *5
312 Dec 4338 Jan
51
518 518 *5
5
/
1
4
5
54
/
1
300 Stand Comm Tobacco_No par
5 Jan 2
714 Feb II
11514 1175 11518 1175 11412 1163 1155 1187 115513 11914 11614 1177 44,400 Standard Gas & El Co_No par 10234May 5 12912 Apr 15
8
8
8
8
4
73 Nov 24334 Sept
12
6614 6614 6614 6612 6618 661_ 661 6612 664 663
58 Nov 67 Feb
/
1
4
/
4
8 6618 6612 2,100 Preferred
50 64 Feb 6 8612 Mar 21
*11
1112 *11
1212 *11
12
4
*11
1118 113
114 1118 1118
4 De( 48 Sept
8
Investing Corp_ _No par 10 Jan
600
102% 103
103 103
10214 1027 10278 1027 102%1027s 1027 102% 1,200 Standard Oil Export pref__100 98 Feb
8
8
8
103 12, 7
15
12MM27
);
6918 7012 693 70
4
/ 693 72
1
4
8
714 727 570
8
71
;
7
"Eic" 117 May
7018 7012 28,800 Standard 011 of Cal____No par 5512 Feb 20 75 Apr 25
757 77
7614 7712 7658 Si
go
8138 7812 8012 x781 7914 432.900 Standard Oil of New Jereey_25 58 Feb 20 84% Apr 30
48 Feb 83 Beiyt
/
4
mos 302 361 363
/
4
4 36
373
8 363 3712 361 3713 3618 363 55,900 Standard 011 of New York 25 3114 Feb 19 40 8 Apr 28
4
/
4
313 Nov 484 Sept
4
/
1
4
3
112 14
112 13
4
112 1
iiamay
112 13
4
112 112
134 Nov
114
64 Jan
3 Feb 19
112 5,12 Stand Plate Glass Co__No par
30
0
4
/ 414
1
4
4
/ 412 *414 43
1
4
8
414 414
414 44
/
1
Jan
XI Dec 31
100
35 Apr 3
1012 Mar 10
8
414 412
*6418 73
*6618 73
*6418 73
*6418 73
*60
70
*60
20 Nov 45 May
America_No par 25 Jan 9 7312 Apr 23
70
Stanley Co of
4312 43 8 4212 433
3
8 424 44
44
443
8 43
434 44
s
4
3012 Oct 477 Ott
44
5,400 Starrett Co (The L 8)__No par 83 Jan 23 473 Apr 23
1612 1714 163 1714 1634 163
4
4 167 17
*17
8
1718 17
20 Mar 31
/
1
4
814 Nov 88 Sept
17
3,200 Sterling Securities Cl A_No par 1018 Jan
14
14
14
14
133 14
4
133 133 *133 14
4
4
4
•1334 14
143 Mar 31
4
20 12 Jan
a
813 Nov 157 July
900 Preferred
45
43 4 43 4 *
*44
3
3
44
45
4434 443 54315 44
4
*434 4412
48 Mar 18
31
/
1
50 363 Jan
8
/
1
4
Oct 55 Sept
600 Convertible preferred
8 275 2814 28
275 277
8
8
283
8 28
2812 273 28
4
30 Oct 77 May
28
10 253 Apr 2
8
47 Apr 5
2818 6,900 Stewart-Warn Sp Corp
9618 9914 983 1004 9812 993
8
4 99 10112 9912 10214 99 1007 34,300 Stone & Webster
No par 77 Jan 2' 1134 Apr 8
64 Nov 20112 Aug
8
3614 3612 3614 383
4 3718 38
3612 373
4 35
3814 Nov 98 Jan
3612 36
4714 Feb 6
3614 10,200 Studeb'r Corp (The) No par 3518 Apr 3
8
*120 1223 *120 12014 12014 12114 122 122 *122 1223 •122 12238
100 116 Jan 2 125 Mar 18 115 Nov 126 June
8
160 Preferred
Ig
3
4
3
4
3
4 "4
7a *34
1511
%
5
4
138 Mar 31
3 Oct
8
3
4
No par
412 Mar
/ Jan
1
4
1,500 Submarine Boat
*61
643
4 6412 6412 644 65
*6514 657
8 65
65% *6518 66
55 Dec 8638 Oct
No par 53 Feb 20 70 Apr 7
900 Sun 011
*10412 1043 10312 10412 104 10418 101 104
4
104 10414 10114 10412
100 10212 Jan I 1053 Feb 6 100 Jan 105 Jan
4
/
1
4
500 Preferred
o
914
8 8 938
7
83
8 9
8
/ 9
1
4
8
/ 8%
1
4
8May 12
No par
93
514 Feb 1
514 Nov 24 Aug
73
8 814 38,200 Superior Oil
2214 2238 26
*213 2212 22
4
25
253
8 24
247
8 233 243
15 Nov 733 Apr
100 20 Jan
2938 Mar 27
4
4
Superior Steel
4 5,600
*11
12
12
*11
12
*11
12
*11
11
11
5 Nov 2214 Apr
/
1
4
50
84 Jan 24 15% Mar 28
/
1
*11
12
300 Sweets Co of America
4 51
*412 512 *43
5
5
518 514
2.2 Dec
5
234 Jan
9 May
518 *41 5
No par
7 Apr 23
/
4
goo Symington
1318 131 1318 1378 *13
/
4
1312 1414 1514 1412 15
614 Nov
195 May
8
No par
8 Jan
/
1
4
1758 Apr 23
1312 141s 5,300 Class A
2012 2012 2012 21
*2012 22
21
2112 *2012 211 *2012 2112
14% Dec 25 Mar
No par 154 Jan 25 2614 Apr 7
/
1
4
900 Telautograllh Corp
/
1
913 Nov
143 143
1412 1412 144 15
4
4 1434 15
145 143 •1438 143
8
17 Apr 10
20 Apr
/
1
4
4 2,300 Tenn Copp & Chem No par 13 Jan
8
573 59
4
5712 574 575 58
58
583
4 573 58
5012 Nov 514 Sept
8
25 50% Feb 24 6012May 1
/
1
571 5712 36,400 Texas Corporation
/
4
8 6018 60% 6014 6112 597 605
8
5918 5912 603 613
674 Mar 24
6212 Nov 85 Apr
8
/
1
4
60
603 20,000 Texas Gulf Sulphur___No) or 54% Jan
4
8
1112 103 11
101 113
/
4
s 107 1118 10% 10% 11
87 Mar 3 102 Mar 18
8
4
/
1
4
9 Nov 23% Mar
*103 103
Texas Pacific Coal & 011-10
8
4 7,000
27
283
4 264 2812 27
2814 273 283
8
8 2612 281
1 13 8 Jan 2 324 Mar 22
5
614 Oct 2412 Jan
263 2712 87,600 Texas Pee Land Trust
4
$ per share $ per share
4078 4138 407 414
41712 18
*1711 18
284
*27
28
28
218 214
214 214
4814
47
*4812 49
8
8
614 65
63
8 65
*3212 33
323 33
4
4
*45
-.53 *454 453
4
/
1
t8
68
*55
*55
*8718 95
*8718 89
205 214
8
*
2012 21
2218 *22
22
2214
293 305
8
8 2912 31
8
8
643 643
*6414 67
1812 20
198 21
4712 4712 47
48
514 52
513 52
4
*10
1018 10
1018
*55
65
*574 62
/
1
73
73
73 8 72
3
*814 9
*812 9
$ per share S per share $ per share
2
4012 42
4112 4214 Z38' 40
*181 19
/
4
*1712 18
18
18
2812 29
*2712 2912 *2812 2914
2
2
2
2
2'8
48 48
47 47
47
47
6
63
8
618 64
5 4 612
3
4
33 33
334 333 53234 323
8
45
45
45
4514 45
/ 45
1
4
*5518 60
*55
57
*5518 5812
*8718 95
*8718 92
*8718 92
*204 2112 *2012 21
/
1
2134 218
22
22
*22
2218 *22
2218
29
x295 304
8
/
1
297
8 293 30
4
64
65 65
64
*63
67
20 4 203
3
4 20
208 1912 20
46
4
478 463 4714 *4612 4712
8
5112 5318 5112 52
5112 523
10
1014 1018 101
4
93 10
/
4
*5712 62
4
4
*5712 611 573 573
/
4
7218 724 7212 733
733
8
/
1
4 72
8
/ 9
1
4
812 8
/
1
4
812 812
•bid and asked Prices, no sales on this day' z Ex-dividends. y Ex-rights.
3508
New York Stock Record-Concluded--Page 8
For sales during tne week of or. - 1c, not recorded here, see elO sth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
May 10.
Monday.
May 12.
Tuesday.
May 13.
Wednesday.] Thursday.
May 14. ' May 15.
Friday.
May 16.
Sales
for
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I
-share 1.13
On basis of 100
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ 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
2358 237
8 2314 2438 234 233
4
4 2312 23 8 233 24
3
2314 234 3,400 Thatcher Mfg
/
1
1612 Mar 35 Sept
No par
8
18 May 5 363 Apr 4
*44
4412 *44
45
*44
45
44
44
*44
*44
45
100 Preferred
45
35 Mar 497 Bev*
No par 4014 Jan 2 48 Mar 31
8
*267 27
8
267 267 *27
8
8
28
*27
2.900 The Fair
28
28
*27
2612 27
2512 Dec 517 Jan
No par 28 Mar 20 32 Jan 18
8
*104 108 *104 108 *104 107
104 104 •104 107 *104 107
30 Preferred 7%
100 102 Jan 21 110 Feb 13 102 Nov 11014 Oct
41
41
41
41
41
41
41
41
41
41
1.100 Thompson (J R) Co
41
41
30 Oct 62
25 361 Jan 21 4712 Mar 12
Jan
$
147 1514 15
8
1512 15
15 4 16
3
163
1612 1618 164 34.200 Tidewater Assoc 011__No par 103 Feb 15 173 Apr 7
8 16
10 Nov 2312 June
4
4
8614 8614 8612 88
8712 88
8712 883
8
8 883 883 *884 88
4
/ 5,500 Preferred
1
4
7418 Nov 907 Aug
8
100 78 Feb 13 893 Mar 25
4
*27
30
*27
30
*27
31
*28
Tide Water Oil
*27
30
30
30
*27
14 Nov 40 June
100 1912 Jan 31 31 Apr 23
*9314 94
*9314 94
*93
/ 94
1
4
937 9414 •9314 95
8
*93
900 Preferred
933
4
85 Nov 9712 Jan
/
1
4
100 8618 Feb 13 944 Apr 18
/
1
177 177
8
8 1818 1914 1812 19
*1812 19
1814 1812 173 181 3.200 Timken Detroit Axle
4
/
4
/
1
10 14ty Jan 17 2114 Apr 11
1112 Oct 344 Sept
75
76
7512 78
7614 7712 7618 77 8 7512 7614 75
3
751 6,700 Timken Roller Bearing_No par 70 Jan 18 891 April
/
4
581 Nov 150 Jan
/
4
/
4
/
1
4
*4
412
4
4
4
4
378 4
312 4
4
3,600 Tobacco Products Corp
4
1
Oct 2218 Mar
612 Jan 23
20
2 Jan 3
/
1
4
11
1112 103 11
4
107 107
8
8
8 107 11
4,600 Class A
11
107 107
8
8 11
514 Nov 22 Mar
7 8 Jan 2 12 Apr 2
/
1
4
1
20
2012 207
8 2012 204 203 213
4
4 2114 214 2012 2112 207 21313 42,900 Transcont'l Oil Co._ _ _ No par
8
1614 Mar 10 24 Apr 24
*1712 19
18
1814 193
18 8 18
,
18
8 1738 183 *1714 177
8 1,800 Transue 02 Williams St'l No par
4
1538 Dec -- 58 Apr
6
1412MaY 3 283 Jan 31
2
*36
3612 357 3612 *361 367 *3618 364 *3612 367 *3612 361
s
/
4
8
300 Trico Products Corp___No par 30 Jan 2 413 Mar 1
8
/
4
4
30 Dec 63 July
/
1
4
*177 1714 1714 1818 1718 173 •174 1734 1712 173
8
4
1712 4,900 Truax Truer Coal
4 17
No par
1312 Dec 317 Jan
15 Jan 2 22 Mar 18
g
*313 3212 *313 33
4
4
3214 3214 313 32
4
8
1,100 Truscon Steel
4
/
1
/ 327 324 313 33
1
4
4May 14 373 Mar 25
10 313
3018 Nov 611 Jan
3
/
4
10734 109
107 107
10712 1117 111,113 4 11112 113 *11012 11112 7,500 Under Elliott Fisher Co No Par 9714 Jan 2 138 Mar 21
8
3
82 Nov 1811 Oct
/
4
*125
*125
*125
_ *125
•125 -- •125 -Preferred
100 121 Feb 4 12518 Apr 29 120 Dec 125 Jan
1512 1512 15
15 8 1434 15
3
143 1478 147 15
4
8
/ 147 --1
4
8 2,800 Union Bag & Paper Corp--100 10 Jan 8 1718May 8
14
7 Nov 43 Jan
853 873
4
4 8612 89 8 8712 89
3
87
/ 8918 861 88% 85
1
4
86
/
4
60,300 Union Carbide & Carb_No par 78 Jan 2 1063 Mar 31
8
59 Nov 140 Sept
*45
4512 4518 4512 4512 46
46
4614 4518 4512 4514 4514 3,400 Union 011 California
4218 Nov 57 Sept
25 411 Feb 20 50 Apr 7
/
4
*32
34
•33
34
324 3218 3312 3312 *3212 337 *3212 3375
200 Union Tank Car
8
No par 31 May 5 3812 Apr 10
8712 71 8 68
62
4 70
694 70
73 8 71
3
,
753
4 7214 7812 291,800 United Aircraft & Tran_No par 43 Jan 31 99 Apr 8
31 Nov 1761 May
/
1
4
674 677
8 674 677
6812 683 *66
8 6612 68
1,200 Preferred
71
70
68
4
8
/
1
4
447 Nov 10912 May
50 56 Jan 31 77 Apr 7
5112 52
8
5278 52
514 5212 513 5112 52
*5112 52
3,000 United Bcuit
52
fe
No par 38 Jan 7 54 May 1
3312 Dec 60
Oct
*131 1494 *131 149 s •131. 142 *132 142 *1311 142 •13112 142
,
/
4
100 118 Feb 6 13514May 6 11412 June 136
Oct
61
6414 62
66
63
647
8 6414 6512 6312 645
8 6414 65
/ 27,000 United Carbon
1
4
4
4012 Nov 1111 Sept
No ft; 443 Jan 2 84 Apr 24
/
4
*57
8 6
6
6
6 18
6
614
6
/
1
4
614 61 5,900 United Cigar Stores
/
4
3 Dec 271 Jan
9 Jan 22
4 Jan 4
/
4
*3614 37
367 367
8 4018 4012 45
4518 4612 4612 1.600 Preferred
8
8 3912 397
194 Dec 104
/
1
100 26 Jan 2 5818 Jan 23
Jan
4538 47 8 464 4812 465 4814 4714 4914 4712 4918 463 4714 1254900 United Corp
3
8
8
19 Nov
NO par 304 Jan 2 52 Apr 23
75 May
/
1
4
4 524 52 2 52
5212 523
525
523
8 52
,
8 501 52
/
4
5018 5118 24.000 Preferred
4212 Nov 49% July
No par 464 Jan 6 5312 Apr 23
/
1
11
11
*11
113
4 1034 11
107 11
8
*103 11
103 107
4
700 United Electric Coal
4
8
/
4
6 Dec 8118 Feb
No par
913May 5 191 Feb 19
92
*91
92
927
8 9014 92
9012 9314 92
923
9212 9.000 United Fruit
4 92
99
No par 8612 Feb 24 105 Jan 13
Oct 15812 Jan
45
473
8 4618 4818 4618 473
/ 4712 453 473
1
4
6 46
4
4612 223,200 United Gas & Improve_No par 311 Jan 2 493
8 46
22
Oct 593 July
/
4
8
8MaY 1
1013 1013 *10118 1017 *10112 1017 *10112 1017 1017 1017 *lolls 431%
4
4
8
8
8
8
300 Preferred
8
9014 Oct 9814 Dec
No 1ce 97 Jan 13 10214 Apr 25
par
*8;2
*818 9
*84 9
*818 9
818 81 *818
100 United Paperboard
/
4
7 Nov
263 Jan
8
74 Jan 4 14 Mar 14
7
*2612 28
28
*27
*264 28
27
/ 2814 *2712 28
1
4
2712 2712 1,600 United Piece Dye Wks.No par 25 ...fan 20 327 Apr 7
8
1514 Nov 48 Aug
/
1
4
7
8
78 7 8
3
3
74 84
77
8 77
8
318 Dec 14
87
8 918 9,800 United Stores al A
8
/
1
4
No par
Oct
4 Jan 2 12 Jan 23
/
1
4
26
26
28 283 *27
2812 27
4
2812 287 3312 3214 3312 4,900 Preferred class A
8
1414 Dec 40
No par 1512 Jan 2 3814 Jan 23
/ Oat
1
4
*313 32
32
4
*313 344 33
4
32
33
33
353 *3414 354 1,200 Universal Leaf Tobacco No par 31 May 8 39 Mar 15
4
2518 Nov 857 May
8
*70
75 75
*70
76
75 *10014 102
75
*71
10 Universal Pictures 151 pfd.100 30 Jan 3 76 May 9
75
*71
28 Dec 93 Jan
712 712
712 73
4
7
712
63
4 64
7
74
7
13,600 Universal Pipe & Rad No pa
7
218 Dec 2214 Jan
9 Apr 10
218 Jan 9
31
317
8 32
333
4 3214 323
4 32
33 8 32
3
3218 13.200 U S Cast Iron Pipe & Fdy_-20 1812 Jan 2 384 Apr 10
327
8 32
12
8
Oct 557 Mar
/
1
19
19
19
19
19
19
19
19
*19
1918 19
19
hat preferred
6,400
15 Oct 19 Jan
3
15 8 Jan 7 19 May 10
No par
195 *19
193 *19
8
*19
197 *19
8
8
1938 19
19
197
8
*19
500 2d preferred
184 Nov 20 June
/
1
1812 Jan 3 20 Mar 15
No par
12
•10
1212 *11
117 114 *12
8
121 *1112 1212 •113 1214
4
100 U S Distrib Corp
9 Oct 23 Sept
8May 12 20 8 Jan 17
3
117
No Par
314 314 *314 312
312 3111
314 314 *3
/ 3
1
4
3
500 U S Express
*318 33
2
43 Apr 14
4
8
10 Apr
Jan
2 Mar 24
/
1
4
100
*88
8812 8912 894 89
89
893 893 *8612 893
4
8 5,300 U S Freight
4 8778 897
8614 Nov 13412 Sept
/
1
4
No par 85 Feb 25 103 Apr 7
2318 2318 2378 251
2318 2312 2318 24
2478 25
24
25
/ 4,200 U S & Foreign Secur .No par 1814 Jan 3 327 Mar 30
1
4
8
17la Nov 72 Aug
*954 9612 *954 9612 *954 9612 •9518 961 *95
964 *9518 9614
Preferred
82 Nov 927 Aug
8
.No par 8512 Jan 8 101 Mar 21
215 213
8
4 21
234 2212 2212 2212 23
2212 2212 *2212 2313 4:665 US Hoff Mach Corp..
1712 Dec 497 Jan
3
8
.No par
19 Jan 2 30 8 Mar 12
9438 93
883 9012 897 90,
4
8
4 89
93
7
944 9212 9312 14,400 U S Industrial Alcohol___100 8412May 2 1393 Jan 2
93
8
95 Nov 243 Oct
/
1
4
*1112 12
*113 12
*1114 12
4
1114 117 •1112 12
•1112 12
1,400 U S Leather
8
/
1
4
5 Nov 3512 Jan
718 Jan 2 15 Apr 21
No par
*1912 25
*1912 25
*20
2112 2018 2014 203 203
4
800 Class A
4 2012 2012
1414 Dec 611 Jan
/
4
No par 15 Feb 26 26 Apr 21
*90
95
95
*90
95
*90
*90
95
*90
92
*90
92
/
1
4
8114 Dec 107 Feb
Prior Preferred
100 77 Mar 17 9014MaY 7
644 65
64
66
6318 64
64
/ 653
1
4
8 6318 64
m12 Nov 11912 Feb
16214 6512 9,400 US Realty & impt........No par 80 Jan 3 7512 Mar 25
2812 29
29
/ 29
1
4
2812 30 8 29
3
2914 28
2914 2818 283 16,600 United States Rubber
8
15 Oct 65 Mar
/
4
10 211 Jan 17 35 Apr 10
/
1
*5012 5112 524 55
5212 54
53 53
5012 52
503 503
8
8 3,000 hat preferred
/
1
4
404 Nov 924 Jan
/
1
/
1
100 47 May 5 63 Apr 4
285 293
8
8 29
2912 2914 2914 295 297
8
8 29
/ 293
1
4
8 283 283
4
4 2,300 U S Smelting Ref & Min_ _ __50 27 May 7 .36 Jan 6
297 Oct 727 Mar
8
/
1
4
8
485 49
*49
8
494 49
49
494 495
8 493 50
4
49
49
1.100 Preferred
48 Nov 58
Jan
50 48 Apr 30 5312 Jan 7
4
170 1723 170 4 1733 1704 1735 173 1753 17114 174
4
3
8
8
1713 1734 59,100 United States Steel Corp-100 1654MaY 8 1983 Apr 7 150 Nov 2613 Sept
8
/
1
4
4
/
1
14514 14514 14514 14512 14512 146
14514 1453 145 1457 145 145
8
8
5,100 Preferred
100 141 Jan 4 146 Mar 21 137 Nov 14414 Mar
63 63
*625 63
8
62
/ 625 *62
1
4
8
63
613 62
4
*6112 62
1,100 U S Tobacco new
5512 Nov 7114 N011
No pas 8014 Jan 8 68 Feb 10
4018 4114 4014 415
4114 40
8 41
/ 42
1
4
403 413
8
24,200 Utilities Pow & Lt A_ NO Par 3113 Jan 4 453 Apr 10
41
4 40
2418 Nov 58 Aug
4
/
1
4
43
4 43
44 412
4
4
43
8 43
414 412
4
/ 44
1
4
/
1
414
412 1,600 Vadsco Sales
718 Mut. 12
3 Nov
134 Jan
4 Jan 7
No Par
8
1035 1067 10112 108
8
10312 1053 106 116
4
109 11612 112 117 243.900 Vanadium Corp
/
4
3712 Nov 11612 Feb
par 497 Jan 2 1431 Apr 26
c
443 45
45 8 464 46
4
5
4612 464 4612 46
463
8 4512 4534 7,800 Vick Chemical
8May 1
33 Oct 109 May
3712 Jan 18 477
6
6
6
6 14
63
s 714
67
8 714
63
4 67
8
63
4 6
/ 4,800 Virginia-Caro Chem__ _No Paa
1
4
3 Oct 24614 Jan
/
1
4
87 Apr 1
8
/
1
4
NNoo p
5 Jan 2
*284 2912 2878 2912 2812 3012 304 3012 *30
/
1
3178 *3012 311
600 6% preferred
/
4
15 Oct 65 Jan
/
1
4
/
1
100 264 Jan 17 3414 Apr 1
79
*75
79
79
80
80
*80
85 .80
85
85
•80
500 7% preferred
69 Nov 971 Feb
/
4
100 78 Jan 2 8238 Apr 9
4.11012 111 *11012 111
11012 11012 111. 111 •11112
•11112 ____
20 Virginia El & Pow Pr (7)._100 105 8 Jan 8 111 Mar 31 102 Nov 110 Sent
3
425 .38
47
8
*38
*38
397 *38
8
394 *38
160 Virg Iron Coal & Coke pf 100 38 May 1 40 Apr 21
393
4 3814 3814
39 Dec 48
Jan
994 9914 118
9312 94
94
108 122
11014 113
103 110
2,730 Vulcan DetinnIng
38 Nov 149 Aug
/
1
4
100 85 Jan 7 150 Mar 24
*9512 96
96
*9512 97
97
*9512 981 *9512 98
30 Preferred
*9512 98
81 Nov 110 Apr
100 86 Jan 24 100 Mar 24
98 110
9212 9412 98
*90
107 117
520 Class A
10914 10914 108 108
40 Jan 142 Sept
8
100 68 Jan 22 1497 Star 24
8
2814 2814 277 284 273 28
4
277 283
8
8
4,500 Waldorf System
8 273 28
27
/ 28
1
4
4
20 Nov
3612 Oct
No par 2414 Jan 6 313 Apr 11
3412 341s 3518 34
34
*333 34
4
/ 3438 333 347
1
4
/
1
4
8 3312 334 3,300 Wslworth Co
4
22 Nov 497 Oct
s
No par 26 Jan 3 423 Apr 2
374 39
36
*3512 39
37
3812 3812 3812 3812 •3812 39
250 Ward Bakeries class A_ _No par
20 Dec 843 Jan
4
2112 Jan 7 54 Mar 24
1138 11
113
11
8 11
113
8 107 11
8
104 11
/
1
1012 1114 3,500 Class B
113 Oct 2114 Jan
/
1
4
4 Jan 2 15 Apr 1
/
1
4
No par
6518 6518 66
66
66
66
66
66
•65
66
700 Preferred
8
647 647
8
60 Nov 8712 Jan
100 58 Jan 2 7718 Apr 3
69
67
r663 684 67
8
/ 6812 643 6712 63
1
4
68 8 67
3
8
8
/ 657 228,500 Warner Bras Pictures new_._. 383 Jan 2 80 Mar 28
1
4
30 Nov 6412 Aug
/
1
4
3
*58
59
62
*5812 62
59
*58
62
*58
62 '58
300 Preferred
62
2514 Oct 5914 Jan
No par 3618 min 2 7014 Mar 28
1018 193
8 18 4 19 8 1812 187
3
,
8 1814 183
4 1818 18
/ 1814 193 45,600 Warner Quinlan
1
4
8
15 Oct 427 Jan
4
8
No par 163 Jan 23 27 Apr 12
5512 56
57
587
8 5712 587
8 577 58
8
11,200 Warren Bros new
/ 583 59
1
4
58
8
/ 57
1
4
_
4814MaY 5 8312 Apr 11
1912 *19
1912 1912 19 2 *1914 21
*19
,
•1914 21
90 Preferred new
*1914 21
184 Apr 29 20 Apr 25
/
1
_
3612 354 354 36
*35
3914 3912 40
4118 423
/
1
4
4 424 423 19.300 Warren Fdy & Pipe
4May 15
154 Mar 3414 Jan
/
1
N0 parpa
N0 par 2314 Jan 2 423
N ya
463
8 7
*612 63
4
612 63
612 63
4
4 * 4 7
7
77
8 1,500 Webster Eisenlohr
63
912 Mar 31
4 Oct 11338 Feb
5 Jan 2
14
25
25 4 25 4 25 8 2538 25 4 26
3
5
3
3
26
27
27
2718 2714 277
8 2,000 Wesson Oil & Snowdrift No par 224 Jan 23 297 Mar 27
8
20 Oct 48 Mar
/
1
575 58
8
*5712 5812 *5712 58
58
58
*5714 59
*5712 58
1,000 Preferred
491 Nov 721 Mar
/
1
4
/
4
/
4
0h
Noar $0 Jan 15 5912 Apr 7
18038 18112 181 183
180 18212 183 18412 1824 184
18012 18212 6,500 Western Union Telegra
8
16814MaY 5 2193 Feb 10 160 Nov 27214 Oct
4278 4314 4212 4338 4314 443
44
4 444 4478 4318 44
44
8,300 WestIngh'se Air Brake_No par 493 May 5 52 Feb 27
8
3612 Oct 673 Aug
4
4
175 1783 1735 17918 17358 177
8
176 1807 175 1793 1754 1784 108,600 Westinghouse El & Mfg____50 140 Jan 2 20112 Apr 15 100 Oct 2925 Aug
8
/
1
4
/
1
8
173 174
175 175 *16814 173
17478 175 *1704 177 *1701 177
/
1
/
4
270 1st preferred
/
1
4
50 133 Jan 2 197 Apr 16 103 Nov 284 Aug
*3814 3812 *3812 387
415
8 39
8 393 4112 41
8
427
8 4212 4212 15.500 Weston EA Instruml-No Par 293 Jan 18 487 Mar 31
ciss
a
1918 Nov 843 Sept
8
8
4
*35
36
36
*35
*35
36
*33
36
*33
36
36
*33
32 Aug 384 Apr
/
1
4
/
1
No par 3312 Jan 27 36 Jan 28
*10514 107 *10514 107 *10514 108 •1054 108 *10514 108 *1051 108
/
1
West Penn Eleo class A_No par 98 Jan 3 110 Apr 10
/
4
90 Nov 110 Feb
•108 110 •108 10912 109 1094 *1093 110
/
1
4
/
1
4
1094 1095 10912 1093
140 Preferred
8
4
97 Nov 11114 Jan
4
100 1053 Jan 2 11012 Apr 12
*100 101
100 10014 10014 10014 100 100
1007 1007 100 10012
8
170 Weet feered
60 Pre pr mi
8
8812 Nov 102
14
100 97 Jan 2 101 Apr 15
Jan
116 11618 *11512 11612 116 116
1164 11614 116 116 •116 11612
/
1
Power pref
er
100 11312 Jan 3 11712 Mar 22 110 Nov 117 Star
109 109
64 109 109
109 109
108 109 *108 10812 108 109
230 6% preferred
/
1
4
100 104 Jan 23 110 Apr 2 102 Sept 11012 Jan
*4712 48
*4612 48
*4612 48
*4612 48
*4612 48
West Dairy Prod cl A_No par 44 Jan 11 50 Mar 10
*4612 48
3812 Nov 60 Sent
20
2018 20
203
4 20
20
/ 2018 20
1
4
8
/ 2012 2012 203 2018 3,000 Class B
1
4
7 Nov 40 Sept
No par 1312 Jan 3 2418 Apr 11
45 8 457
3
8 46
48
471s 48
48
43 Z4714 471 47
1,400 Westvaco Chlorine ProdNo par 37 Jan 2 5912 Feb 17
47
/
4
30 Oct 9418 May
8
•1112 147 *11
12
15
9 May 5 21 Jan 7
*11
15
12
113 113
/
4
4
500 Wextark Radio Stores-No Par
4 1114 111
19
Oct 75 Sept
White Eagle 011 & Refg No par 28 Jan 17 2912 Mar 17
25 Oct 38 Feb
-55- 16- -5534 3534 36 36 -3534 36-33 -5513 153; ;iTs 3r6r - ,400 white motor
-1par 31 Jan 2 43 Apr 4
27 Nov 5312 Mar
/
1
4
46
*44
*4412 46 '45
47
46
4812 4812 1,100 White Rock Min Springcto
43
48 48
7
277 Nov 55 4 Sept
8
N
361s Jan 21 84 4 May 20
3
77
8 8
813 814
7,200 Whlte Sewing Machtne_No par
812 83
93
8
814 93
4 *9
4
8
814
/
1
4
1 Oct 48 Jan
De Jan 14 13 Mar 4
35
4, 9
2
3018 313
2718 23
274 2712 1,200 Preferred
4 29 29
*2712 35
8
27 Dec 57 8 Jan
No Par 2718May 14 397 Apr 3
7
•18
1812 18
183 *18
8
200 Wilcox 011 dr Gas
4
1312
183 *173 19
4
183 *18
4
*18
12 Nov 293 Feb
/
1
4
No par 1112 Feb 25 21 Apr 25
4
293 293 *2914 293 *29
4
100 Wilcox-Rich class A
*29
4
30
33
4
33
*29
3012 *29
19
No par 27 Jan 3 3414 Jan 29
Oct 6114 May
2212 2212 23
2412 2312 2312 24
243
4 2312 24
2312 233
/
1
4
4 4,200 Class It
123 Oct 02 May
8
Ye par itp8May 5 27 Mar 31
84 812
/
1
818 9
818 83
514 Oct 35 Jan
8
7
/ 73 13.700 WIllys-Overland (The)
1
4
8
4
73851ay 5 114 Feb 6
814
/
1
73
4 814
5
7914 7914 78
400 Preferred
78
5
*77
•75
78
78
/
1
773 773 *754 78
4
4
65 Dec 103 Jan
100 6714 Jan 2 85 Apr 3
"4
*44 5
512
*412 5
4
/
1
4
761 Mar 27
4
312 Jan 14
43
3 Dec
1312 Jan
No par
4 5
/ *412 512 2,800 Wilson & Co Inc
1
4
*9
*9
*9
700 Class A
10
10
11
11
10
/ 10
1
4
/ *10
1
4
Jan
4 11
638 Nov
No par
93
27
718 Jan 13 13 Mar 27
800 Preferred
*48
*49
*49
50
50
50
50
5112 50 5014 *5018 501 1
35 4 Nov 79 Jan
3
100 42 Jan 13 5412 Mar 31
6212 6314 627 644 6314 64
8
6314 64
/
4
/
1
4
611 6318 621 6318 18.900 Woolworth (F VI) Co
/
4
3
5214 Nov 112 Sept
10 53 4 Mar 22 72 Jan 2
128 132
12914 13412 1304 134
131 145
/
1
4
43 Mar 137 Sept
/
1
4
4
13612 1443 139 1433 25.800 Worthington Pt M
100 87 Jan 17 18212 Apr 25
14
400 Preferred A
*90 100
*97 100
*98 100
100 100 .98 100
99
99
75 Nov 10012 Sept
100 88 Jan 17 107 Apr 25
500 Preferred B
90 90
89
91
*84
90 90
90
*88
2
90
91. .90
66 Apr 9012 Sept
100 78 Jan 3 917 Mar 20
Wright Aeronantical_No par 35 8 Jan 23 5912 Mar 5
*47
*44
*44
54
54
51
*41
54
54
*40
30 Nov 299 Feb
50
*44
3
1,700 Yale & Towne
*4912 50
50
*1912 52
46
51
*50
4
52
613 Feb 83 Aug
52
25 46 May 14 77 Mar 1
*487 52
8
712 Nov 611, Apr
267 273
8
3
8 273 2914 27
8
/ 291 2814 2912 2714 287
1
4
271 117,100 Yellow Truck dc Coach Cl B_10 12h Jan 16 32 4 Apr 23
/
4
/
4
8 27
610 Preferred
92
*9312 95
80 Mar 9613 May
92
*93
93
100 72 Jan 27 105 Apr 2
9314 *93
9314 *93
9314 92
3312 Oct 593 Aug
4
38
373 38
8
38
/
4
38
3814 3812 3812 3812 3812 381 3812 1.600 Young Spring & Wire_No par 3612 Jan 17 47 Mar 7
200 Youngstown Sheet & T_No par 108 Jan 11 152 Apr 7
*120 125 *120 125 *120 125
91 Nov 176 Sept
1223 1223 *120 125 *118 122
4
4
47,600 Zenith Radio Corp.
4
612 Dec 521 July
8
-No par
13
134 14
/ 1414 123 13 8 1212 13
1
4
/
1
4
Jan 17 153 Apr 10
1212 1412 1312 144
7
5
/
1
4
/
1
NININ.M.•••
•Bld and asked prices no sales on this days 4RX-dividend:S. V Exrightst
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
3509
and defaulted DOOM.
Jan. 1 1909 the Exchange method of quoted bonds was changed and prices are now Valid interest"—except for income
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 10.
h
Price
Friday,
May 16.
Week's
Range or
Last Sale.
ci?33o
Range
Since
Jas. 1.
E4i
BONDS
t3
N. Y STOCK EXCHANGE.
t
Ended May 10.
Week
Price
Friday.
May 16.
Foreign Gem & Municipals.
Attic Mtge Bank s f (Ss
1947 F A
Sinking fund thi A __Apr 15 1943 AO
Akershus (Dept) esti 5s
1963 MN
Antiouula (Dept) col 78 A 1945
External s f 7s ser 13
1943 J J
External e f 78 ser C
1945
External a f 7s ser I)
1943• J
Externals 1 78 1st ser___ _1957 AO
External see Sf 7s20 ser_1957 A 0
External sec ef 75 3d ser_ 1957 AO
Antwerp (City) external 38.1958 JO
Argentine Govt Pub Wks05_1960 AO
Argentine Nation (Goat of)—
Sink fund 6501 June 1925-1959 J D
Esti f 6s of Oct 1925
1959 AO
Sink fund (le series A
1957 MS
External Os aeries 13__Dec 1958 J O
Extl S f Os of May 1926_ _1960 MN
External 51(93(State Ry).1960 MS
Extl Os Sanitary Works_ 1961 FA
Eat'Os pub wka(May'27)_196 MN
Public Works esti 534s_1962 P A
Argentine Treasury 5s £
1945 M S
Australia 30-yr Eis__July 15 1955 .9.9
External 5s of 1927__Sept 1957 LI S
External g 430 of 1928_1958
N
Austrian (Govt) 5 1 78
1943 J D
Bavaria (Free State) 6345 1945 FA
Belgium 25-yr ext s 1 730 9_1045 .1 I)
20-year a f Se
104 FA
25
-year external 840_
1949 58 S
External s f 138
1953 J J
External 30
-year e I 78
1953 J D
Stabilization loan 7s
1956 M N
Bergen (Norway)s I Ss1945 M N
15
-year sinking fund Os_ _1949 AO
Berlin (Germany) 8 I 630_1950 AO
External sink fund 8s
1958 J
Bogota (City) extl ef 8e
1945 AO
Bolivia (Republic of) esti 89_1947 MN
External securities 78
1958.9,
Externals 17a
1969 M
Bordeaux (City of) I5-yr 65_1934 MN
Brasil(U S of) external lia 194
1)
'
External f 640 of 19301957 AO
Exti a f 630 of 1927
1937 AO
is (Central Railway)
1952 J D
730(coffee occur) £ (flat) 1952 AO
Bremen (State of) esti 75_1935 MS
Brisbane (City) a f 5s
1957 MS
Sinking fund gold 5a
1958 P A
Budapest(City) extl 51 6E1_1981. .913
Buenos Aires(City)6302 11 1955• .1
External a f Os set C-2
1960 A 0
Externals 10s ser C-3
1960 A0
Buenos Aires (Prov) eat] 6s _ 196 MS
Bulgaria (Kingdom) s 1 7s_ _1997
Stabil'n l'n sf 740 Nov 15'08
Calder+ Dept of(Colombla)740'48
Canada (Dominion of) 5s
193 AO
58
1952 MN
30
193 FA
Carlsbad (City) a f 8s
1954 .1 J
Cauca Val (Dept) Colom 730'46 AO
Central Agile Bank (Germany)—
Farm Loan a f 78 Sept la 1950 MS
Farm Loan a f Os July 15 1900 J J
Farm Loan 0 f 6s Oct 15 1900 AO
Farm Loan 6seer A Apr 15 1938 AO
Chile (Republic of)
-year externals! 78
20
1942 M N
External sinking fund 6s_1960 AO
External a f Os
198 FA
Ry ref extl s f Os
190 J J
Ext1 sinking fund Os
196 M S
Ertl sinking fund Os
1962 MS
Esti sinking fund Os
1903 58 N
Chile Mtge 13k 630 June 30 1057
13
'
St 094e of 1920June 30 1961
13
'
Guar a 1 68
Apr 30 1901 AO
Chilean Cons Muni.) 7s
1900 al S
Chinese (Hukuaug Ry) 5e _ _1961 J
Chrlattanta (Oslo) 30-yr e f Os'51 58 S
Cologne(City)Germany 63481950 MB
19131 ii
Colombia (Republic) 66
Externals f (is of 1928_ _1961 AO
Colombia Mtg Bank 040 01 1947 AG
Sinking fund 78 of 1926_1948 MN
Oinking fund 7s of 1927_1947 FA
1952 J D
Copenhagen (City) 68
1953 MN
25-year g 430
Cordoba (City) cat! s I 7s.._1957 P A
Externals I 78___Nov 15 1937 LI N
Cordoba(Prov) Argentina 781942 J
Cceta Rica (Repot)) ext1 78_1951 iii N
Cuba (Republlc) 5s of 1904_1944 • S
External 58 of 1914 Her A1040 P A
External loan 430 ser C_ _1949 P A
Sinking fund 540—Inn 16 1953• J
c Cash Sale.
c On the basis of
73
74
78
75
8
925 Sale
8414 Sale
7814 7812
8
773 80
781z 79
771e 80
7014 78
7612 80
4
953 Sale
981a Sale
77
75
78
75
93
9214
84
8414
80
7814
81 alay'30
7812
7812
78
78
77 May'30
1
/
804 May'30
4
953
s
963
9812
98
9812 Sale 98
4
983 Sale 98
4
/
4
983 Sale 981
9812 Sale 98
981e Sale 981s
1
/
984 Sale 98
981s Sale 98
981e Sale 9818
9318 933 924
4
8
s
8712 883 873
90 Sale 90
90
90
89
8112 Sale 8112
1
/
10434 Sale 1044
9,512 Sale 9512
115 Sale 115
11018 Sale 110
8
1077 Sale 10712
4
1023 Sale 10214
8
4
1123 Sale 1125
10812 Sale 108
1
/
8
1007 111 1104
102 Sale 102
9714 Sale 97
91 Sale 9012
99
9712 09
95 Sale 95
81 Sale 80
4
78 Sale 773
s
10312 1037 10314
8
10014 Sale 997
8418 Sale 8019
84 Sale SO
8
897 Sale 89333
994
9914 100
10218 Sale 102
8
835 847 8312
8
83
4
1
/ 83
83
8
4
813 Sale 815
9812 Sale 9812
9312
96
92
4
1
/
9318 9412 92
8718 Sale 874
82 Sale 8114
4
873 Sale 87
87 Sale 87
8
10012 Sale 1003
1
/
104 Sale 1034
9912 Sale 99
10812 Sale 10812
4
1
/
924 9412 923
8
903
8
863
4
/
861
91
Sale
Sale
Sale
Sale
1
/
964
1
/
864
8614
91
4
983
8
987
4
983
4
983
9912
4
/
981
98 12
99
9312
8
873
91
4
903
8214
105
9612
115
11012
108
103
4
1
/
113
1
/
1084
1107g
102
9714
9114
99
98
8112
79
4
1033
1007
s
8512
841a
9058
994
10212
1
/
834
1
/
834
82
99
9312
4
1
/
92
89
4
813
4
873
88
1
/
1004
105
991
1083
4
9234
8
973
8712
8712
4
913
10114 Sale 10012 10112
9114 Sale 91
4
/
911
4
913
4
913 Sale 91
4
913
4
/
911 Sale 91
4
913 Sale 91
9112
92
4
913 Sale 91
4
/
911
4
/
9112 Sale 011
4
953
941g Sale 941s
4
9812
9812 Sale 973
89 Sale 8912
9/
4
1
0
951
4
943 Sale 941
4
253 May'30
2912 28
101
10112 10212 101
96
4
/
1
/
9412 954 941
4
/
78
7612 Sale 761
8
4
703 Sale .763
7714
7412
74 Sale 74
77
78
77
77
7712
7712 Sale 7512
9814
4
/
971 Sale 9714
914
921g
4
913 92
8714
87 Sale 87
91 May'30
92
91
0712
9712 08
9712
4
873
4
1
/
87 Sale 8718
4
1
/ 98
98
9712 99
1
/
4
1003 10112 1004 May'30
9314 9312 9314
9314
10014 S.tle 100
100,4
toll's £ Sterling,
.
es •
3
.
g7.
P.01391
Since
Jan. 1.
High
1340
High No. Low
Ask Low
.2undinamarea (Dept) ColombiaN
84
7814 16
65
7814 Sale 78
1959
,
r eternal s f 630
11012 14 10914 111
Czechoslovakia (Rep of) 88_1951 AO 11012 Sale 110
4 109 11112
4 1094
Sinking fund 88 ser B
1952 AO 110 111 1093
13 10852 111
Daniell Cons Municip 88 A_1946 P A 110 Sale 1084 110
10914 25 108'tC112
1946 FA 109 Sale 109
f Ss Series 13
10512 34 10312 105 4
4
1942'.9 10514 Sale 105
Denmark 20-year tall 8s
991 1013
8 42
:
4
1955 P A 10014 Sale 1004 1005
External g 5345
A0 9212 Sale 9214
4 87
923
4
904 934
External g 430Apr 15 1962
84
8 100133
97 10014
Deutsche Pik Am part etf 68_1932 MS 100 Sale 997
9
93
9312 98
Dominican Rep Cust Ad 540'42 MB 98 Sale 964
4
1
/ 0612
89
4
931s 18
1940 AO 913 0212 9212
1st ser 630 of 1928
924 10
1
/
4
1
/ 96
90
2d series sinking fund 540 1940 AO 924 Sale 924
11
MN 100 Sale 100
100
96 102
Dresden (City) external 78_1945
19 1011 103
4 102
4
/
1011 102 1013
4
/
---- Dutch East Indies eat' 6s 1947 .1
4 10212 30 10112 10314
4
/
1962 MS 1011 Sale 1013
-year external Os
40
---2 1011 1025
S 10214 10212 10212 10212
4
/
s
1953
30-year external 630
1 1015 1023
10212 10212
8
8
4
1953 MN 1017
-year external 534s_
30
-51 If
2 1034 108 2
108
1
/
,
El Salvador (Republic) Ss_1948 J J 10712 108 108
6
8
785
88
75
1
/
1907.9, 784 8214 7812
(
111214 1 W- Estonia (Republic of) 7s
20
97
96
4
/
4
913 97 8
5
Finland (Republic) extl 0e_1945 M S 961 97
103 105
10014 14
10014 Sale 100
9714 10114
External sinking fund 75_1950 M
---9812 21
9113 98 2
,
External sinking fund 03451956 LI S 9712 9812 9712
---14
90
4
/
4
/
841 92
External sinking fund 534s 1953 P A 881 Sale 884
3
99
4
1
/ 9812
92
,
,
98 4 98 2
Finnish Mun Loan 630 A 1954 A0 98
9812 11
4
/
4
923 9812
External 630 series B
1954 A0 971 Sale 974
9312
934 041g
4 13
933
Frankfort(City of) a f 630 1953 ill N
4 12212 224 1174 126
French Republic esti 740._1941 • D 122T8 Sale 1213
177 112120.185g
1949 J O 11712 Sale 11712 118
External is 01 1924
1
/
4 71 1064 1097
1
/
2
1949 A0 10812 Sale 1084 1083
German Republic esti 78
19
99
8
94 c10011
1954 MN 09 Sale 98,
Gras (Municipality) 8s
13S 10212 1054
4
1
/
Gt Brit & Ire!(UK of) 53.0_1937 P A 104 Sale 10412 105
104 Apr'30
104 104
P A
Registered
3 e825 90
87
8
8
14% fund loan LoOt 1900_1990 MN e8612 88 c867
1 19714 99
98
4
/
e5% War Loan £ opt 1929_1947 ▪ D c971 98 e98
"65" 1664
4 1023 10712
N 10614 10612 10614
4
1063
4
Greater Prague (City) 730_1952
109 109
2
101
4
97 1013
4
/
Greek Governments face 75 1964 M N 1011 104 101
8612 19
884
81
Sinking fund see 6e
1968 FA 8612 Sale 8512
3
4
033
9212 10014
4
22
1952 A0 933 Sale 9312
Haiti (Republic) s f 69
6313 86
3
9614
0512
974
91
1940 AO 13512 90
7
6313 8012 Hamburg (State) Os
3 10012 10412
45
Heidelberg(Germany)extl 740'50 J J 10113 1021 1024 10212
87
95
6
8
953
.1 J
4
903 r9814
2
71
4
873 Hungarian Mimic Loan 734s 1915 .9.9 98 Sale 95
9
8
895
94
4
/
891 Sale 8812
86
4
Externals f 78
Sept 1 1946
7012 8712
96
983 96
91 190
70
8713 Hungarian Laud M Inst 734s '61 MN 94
96
94 Sale 94
9012 43812
2
Sinking fund 730 ser 11_1061 MN
88
70
9 100 1044
102
10214
1
70
8712 Hungary (Kingd of) s 1 730 1944 FA 102 Sale
9
9834
984
96
Irish Free State extle s I 58.1960 LI N 08 Sale 98
89
67
8 83
993
4
1
/
9414 101
Italy (Kingdom of) extl 7s__1951 J O 98 Sale 984
88
67
4 11
973
gal,
93
14
Italian Cred Consortium 7s A1937 MS 0712 Sale 97
9214 98
25
98
97
4
1
/
1
/
08
924 98
28
External sec s f 7e ser B__1947 MS 97
9518 100
9714 59
3
' 97 Sale 9612
92 98.7.
Italian Public Uttlity extl 78 1952
3 9714 Sale 9714
'
9484 9814
9814 220
79
Japanese Govt £ loan 48_1931
95 100
1031g 763 10112 105
1984 F A 10312 Sale 10214
30
18
-year a f 630
9512 997
8
904 249
1
/
4
903
00
Extl sinking fund 530
1065 SIN 004 Sale 90
50
944 Cl))))
1
/
40
Jugoslavia (State Mtge Bank,—
95 100
7714 8512
8312 54
4
1957 AO 8312 Sale 823
64
Secured s f g 75
4
1
/
95 1004
3
100
99
FA 09 100
1
/
944 10114
39
95
4
993 Leipzig (Germany) a f 78_ _1947 J O 951 99
24
99
9812
4
/
9312 100
51
95
993 Lower Austria (Prov) 730_1950 LI N 10312 Sale 10313
4
103% 30 10212c1047
1
40
-year Os. _1934
944 1004 Lyons(City of) 15
4
1
/
26
89 c97
4 23 10212c105
1033
1
/
1
Marseilles (City of) 15-yr fle 1934 M N 1034 Sale 10314
8512 8912
4 15
783
63
80
61
8714 9414 Medellin (Colombia) 830 1954 J O 78 Sale 784
4
1
/
10
s
103
103 1512
8
51
87
9414 Mexican Irrigat Asstng 434s 1943 Q J
Apr'30
26
28
26
01 18903 £'45
48
80
4
1
/ Mexico(U S) eat' 58
85
1712 Apr'30
2012
17
1945
30 10234 108
Assenting 55 01 1899
4758 Apr'30
1612 171
4
/
23
Assenting 58 large
91
9812
12 May'30
1012 14
1112 13
4
1
/
29 115 c118
Assenting 4s 01 1904
1212 May'30
1112 1412
60 10912 11112
Assenting 45 of 1910 large___ _
2
1112
4
/
111 Sale 1112
8
13:15 14
52 1053 10914
Assenting as of 1910 small__ _ _
4
2112 204 Apr'30
20
25
18
80 10118 1033
Trees 65 01'13 assent (large)'33
4
22 Apr'30
2514
19
223 10914 11312
Small
102
93
4
/
4
/
95
85
.52 107 11014 Milan (City, Italy) e xt1 630'52 AO 911 Sale 911
1 110 11212 Minas Geraes (State) Brazil—
6
7713 Sale 77
7812
83
65
1958
10
External e f 630
99 102
781: 41
7812 77
1
/
al4 8212
1959 M S 77
26
Esti see 630 series A
9212 49912
3
4 101
4
1
/
984 103
1952 ii) 1003 101 1003
42
854 944 Montevideo (City of) 7e
11
96
964
91
1
Externals f 68 series A_ 1959 M N 96 Sale 96
9212 9912
24 103 107
4
/
4
1
/
16
Netherlands 68 (flat yrices)_1972 MS 103 Sale 1031 105
88 100
20
88
8712 8714
84% 90
30
New So Wales(State) eat 55 1957 FA 87
7212 853
4
4
/
4
8712 24
84
90
Apr 1958 A0 883 8712 861
38
External s f 6s
72
84
25
4
/
8
,
s
74 10214c105
Norway 20-year cad Os__ _ _1943 FA 1027 Sale 1021 103 4 37 1024 1047
10358
4
1
/
102 104
1944 P A 10312 Sale 10318
130
5
2 -year external 6s
94 102
10214 29 1014 104
8
8
1952 AO 102 Sale 1013
121
-year external 65
30
7212 88 8
,
4 23 1004 10172
1905 J D 10012 Sale 10012 1003
95
40-year 8 1 5338
724 CS812
67
99
4
4
4
963 99,
47
Externals f 5a____Nlar 15 1963 MS 983 Sale 9814
9312
80
48
96
9414 98
3
Municipal Bank extl af Eie 1967 J O 93l2 Sale 9512
95 105,
8
9212
4
/
881 15
84
30
Nuremburg (City) extl 613_1952 P A 8814 Sale 87
981e 103
1024 30 100 1024
12
Oslo (City) 30-years 1 68-1955 MN 10214 Sale 102
82
90
1
1004
4
1
/
98 101
1946 P A 1004 10014 10018
5
Sinking fund 530
8018 90
s
1013 1023 1017 May'30
4
4
10018 103
1953 J
15
73
8512 Panama (Rep) extl 540—
934 Sale 93
934 27
4
1
/ 9513
89
8
Extl 1 38 ser A __May 15 1963 M N
9612 10013
5
82
82
:
7113 90
/91 80
10' 91
4
/
981 Pernambuco (State of) extl 78'47
18
97
1
/
91 c10112
5
9812 Peru (Rep of) external 7s_ _1959 M S 9218 Sale 924
90
84
69
7824 69
38
Nat Loan esti a 1 Os 1st ser 1960 J O 7712 Sale 77
91
84
15
79
1
/
844
69
5
Nat Loan extl s f 68 2d set 1961 A 0 70 Sale 76
4
/
761 85
12
80
Sale 7712
81
74
8
82
,
90 4 Poland (Rep of) gold 8a__ —1940 n o 79 Sale 84
8
883
8512 84
79
4
1
/
17
Stabilization loan a f 7s-1947 A 0 84
81
9312
37
95
9312 98
47
External sink fund g Rs_ _1950 J J 9414 Sale 94
4
/
091 10114
1
8
955
8
91 100
45 10214 100
Porto Alegre (City of) 85_ —1961 J O 955 Sale 95533
89 89 May'30
85
8312 9413
50
Ertl guar sink fund 7 30_1966 J
973 10018
4
1
/
1
/
8
2 103 1097 Queensland (State)extle f 78 1941 AO 1057 Sale 1054 10512 16 1044 110
8
12
101
4
/
9912 1041
1
25-year external 68
1947 FA 101 Sale 10014
8312 95
5
981
90 103
Rio Grande do Sul extl 51 8e 1948 AO 9814 Sale 9512
12
74
4
1
/
4
1
/ 80
64
13
9212 9812
External sinking fund 88_1988 ▪ D 7312 Sale 73
14
84
934
74
4
107
External a f 78 of 192(1...1968 Li N 833 Sale 83
7714 90
4
1
/
9
83
8912
73
58
External s f 75 mimic loan 1967• D 8212 Sale 8212
4
1
/ 90
77
23
1
/
924 1054
997
91
Rio de Janeiro 25-year 81 8s-1946 A0 9918 Sale 99
8412 94
.59
791
7014 85
1953 FA 78 Sale 78
External a 1 630
82
93
4
4
943
87
40
1952 AG 92 Sale 913
9913 10314 Rome (City) anti 633a
103 10512
95
88
944 Rotterdam (City) esti 08_1964 MN 10112 103 103 May'30
1
/
4
/
861 May'30
89
88
:
8051 907
44
1953
88 c944 Saarbruecken (City) 6s_
1
/
6
95 107
20
Sao Paulo (City) a 1 8s_afar 1952 MN 10312 Sale 10312 1031
88
94
7
79
79
84
81
70
77
34
External o f 640 of 1927_1957 MN
94
88
17
96 102 4
101
,
30
88
9414 San Paulo (State) extl 61 88_1936 .9.9 100 Sale 100
4
1
/ 32
97
1
/
4
1
/
90 101
102
1930 J J 97 Sale 064
9112 913
External sec a! Rs
4
1
89
4
/
791 9313
21
Externals f 7e Water L'n_1956 M S 89 Sale 89
9214 99
14
81
75
65
1980 J J 75 Sale 74
16
External a f fle
94 100 4
3
9618
961 161
96
1940 AO 96 Sale 96
24
Second s1 75
8612 94
8
94
954
87
4
1
/
70
Santa Fe (Prov Art Rep) 713 1942 MS 93 Sale 9212
9318 c98
12
100
93 100
Saxon Suite Mtge Inet 78_1945 J O 9834 Sale 99
235 30
8
4
94
4
88
97
1 100 10218
Sinklim fund g 6 40_ _Dec 1946 J O 9214 9512 913
52 10858c10912
1073
10718
18
4
904 r9S3 Seine, Dept of(France) extl 78'42'.9 10712 Sale 9412
951
15
98
87
11
Serbs. Croats & Slovenes Fa '62 MN 95 Sale
1
/
664 c83
59
84
4
1
/ 8013
75
1962 MN 84 Sale 8212
20
External tree 75 tier B
811
68
4
/
23
771
82
70
D 7713 Sale 7614
19513
7
6514 8214 Silesia (Prov of) esti 78
803
s
847
3
72
8014 80 8018
5
Silesian Landowners Assn 6s 1947 P A
71
80
12 1015
8r105
7
Solesons (City of) extl 68-1936 MN 10312 Sale 10312 1031
86
70
91
23
86
91 Sale 9018
9318
37
964 c983 Styria (Prov) external 75_1946 P A
4
1041
42 103 10614
4
1
/
N 104 Sale 104
32
8812 9312 Sweden external loan 544s 1954
31 1071200912
1074 Sale 1075
108
8
3
Swiss Confed'n 20-yr a f 8s 1940
4
/
761 93
37 10212 105
105
Switzerland Govt eat' 530_1946 A 0 10414 Sale 104
4
1
/
98
82
9
80
4
/
741 82
Tokyo City 68 loan 01 1912.10352 LI S 80 Sale 7912
1
93 100
8714 9312
901 347
11161 AO 9018 Sale 90
External a I 530 guar
12
91
86
3
77
75
76
4
1
/ 87
80
67
Tolima (Dept of) call 78-1947 M N
5
98 101
2
971
9312 98
97 Sale 97
N
Trondhjem (City) let 630-1957
_ 1004 102
1
/
4
/
951 May'3
1
/
4
1
92 4 971
1945'13 954 97
3
93
4
953 Upper Austria (Prov) 7s
5
90
8114 91
16 1957 J D 891a Sale 8912
Externals!1340_June
41
994 10114
High No. Low
High
Ask Low
Bid
U. S. Government.
Mat Liberty Loan
ID 1009,, Sale 1009,3 100,93, 103 9899,110091n
of 1932-1947
844%
991043June'30
ID
981133993°n
Cony 4% of 1932-47
Sale 101193210199n 80 100"$,101"
D
Cony 442% of 1932-47
992133 Feb
.30
.91)
9874,9911111
20 cony 434% of 1932-47
Fourth Liberty Loon
AO 10212 Sale 1021 10293, 441 100213310201s
,
4
/
4
/
434% of 1933-1938
25 10914n113143
1947-1932 AO 11199,2112 111998 112
Treasury 434e
1 10514110943
,1072,n
4
/
1944-1954 J O 10797,110799,, 10791
Treasury 45
033105142 1051.321031,n 26 103
106110
1946-1956 MS 05
Treasury 340
1843-1947 J D 100133
- 101133 101133 48 99133 10111n
45
/
Treasury 31
'43101"o
Treasury 340 June 15 1040-1943 .11) 10143 _-_- 10142 10142 41 931
State and City Securities.
8
855 Oct'29
Br Y C 333% Corp et Nov 19.54 MN
8814 Aug'29
334% Corporate or May 1954 MN
4
1
/
99 Mar'28
Le registered
1936 MN
.
94 Feb 30
N
ds registered
1956
95 Nov'29
102
4% corporate stock
1937 M N
104 Mar'30
434% corporate stock
_1957 MN
105 May'30
• % corporate stock
1957 M N
9414 Nov'29
4% corporate stock
1958 MN
4
953 June'29
4% corporate stock
1959 MN
Oct'29
96
034% corporate stock
1931 AO
Jan'30
95
it A % corporate stock
1960 MS
99 Mar'29
MB
434% corporate stock
1964
101 Mar'29
• % corporate stock __ 1986 AO
9912 Oct'29
034% corporate atock
1972 AO
4
1003 Sept'29
1971 J O
434% corporate stock
II A % corporate stock
1963 MS __- 10812 10412 Apr'30
11054 106 Mar'30
J D
corporate stock
434%
1965
4
1013 Nov'29
634% corparatestock July 1967 J J
10114 Mar'29
New York State Canal 4s. 1900
10114 July'29
MS
sCanal
Mar 1958
99 May'30
Canal impt 4s
1961 J J
Jan'30
109
434s
1964 J J
Week's
Range or
Last Sala.
Jai, -1-612
3510
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 16.
r. •
New York Bond Record—Continued—Page 2
Price
Friday.
May 16.
Bid
Foreign Govt. & Municipals.
Uruguay (Republic) ext1 89_1946 FA 105
External s 16.
1960 MN 98%
Esti s f 6s
May 1 1964
N 98
Venetian Prov Mtge Bank 7e '52 1.0 9612
Vienna (City of) eat'.1 6s...1952 MN 8712
Warsaw (City) external 78-.1958 FA 80
Yokohama (City) oxtails__ _1961
D 96%
Week's
Rance Of
Last sale.
Ask Low
Hioe No
1063 10514
4
Sale 98
Sale 98
Sale 9514
Sale 8714
Sale 7714
Sale 9518
1063
s
9814 213
2
98
46
c98
8818 26
18
80
96% 101
Ranee
Since
Jan. 1.
Low
BONDS
N. Y STOCK EXCHANGE
Week Ended May 16.
Price
Friday,
May 16.
Week's
Range 07
Last Safe,
re.1
Banos
Since
Jan, I.
Eliot
BICI
Ask Low
ifOh No Low
Iliok
Chic Ind & Loutev—Ref
' 112
3
_ 1947
11234 Jan'30
112 4 113
5
105 108
Refunding gold 5s
1947 J J 10212 1412 10212 Apr'30
101 4 102 4
5
8
93
12 9912
Refunding 46 eerles C__ _ _ 1947 J J 913
4
_ 89 Dec'29
98
98
1st & gen be series A
1986 MN 103 104 103
10314 22
99 16iti
1st & gen 6e ger B —Mae
ad c98
1966 J J 10712 108 10712 108
6 105 10914
ti
,nic Ind A bou 50
82
-year 48_11156 3, 9114
_ 90
92
89
1
73 83, Chic LB & East let 434s...1969• D 98 18 4 99 Apr'30 --1
May'30 -93 4 99
3
95
9814 Ch M & St P gen 4s A_May 1989
' 8514 Bale 8514
3
12
88
84% 87 8
7
Registered
Q J
Railroad
85 Mar'30 ---811 85
4
Gen g 3qs eer B____May 1986
' 748 7478 74 May'30 -3
Ala at Sou let cons A
19433D 10312
72
5s 741
4
-- 10312 Apr'30
100 4 10312
1
Gen 434s series C___MaY 1989 33 96
lit cons 45 sec 13
9612 96
19433D 9312 1412 9312
963
4 51
92 g 97
4
3
93 4
3
92
93
Gen 4 Msseries E_ _ May 1989 J J 9512 Sale 9512
12
Alb & Susq let guar 3 Me__ _1946 *0 8514 86
4
9512
92
4
/ 98
1
4
12
8518
8514
83% 88
Chic MIlw SIP & Pac 5e_ _1975 FA 9112 Sale 9112
Alleg & West lst g gu 46 ._ 1998 1.0 85
92 4 134
3
90% 98 4
1
86 May'30
87
85
Cony ad) be
Jan 1 2000 A0 6512 Sale 6612
6712 398
Alleg Val gen guar g 4a
1942 MS 943 92
4
64
6
78%
9434
94%
9211 953 Chic A N'weet gen g 3Ms __ _1987 MN 7814 79
4
Ann Arbor 1st g 4a__ _ _July 1995 Q J 8112 8212 83 8 May'30
7712 May'30
77
12 8
014
3
78
891s
Registered
Q F
Ateh Top & S Fe—Gen g 4s_ 1995 A0 9412 Sale 94
75 Jan'30 ---75
75
94 8 112
7
913s 96
12
General 46
,
1987 MN -55E891
903
Registered
8
90 4 33
A0 923 Sale 9234
3
8772 9214
4
923
4
92 4
3
90
irked 4s non-p Fed In tax '87 MN 90
91
90 May'30 -Adjustment gold 4e__July 1995 Nov 903 9112 90 May'30
4
88% 93
871s 93
Gen 4ke litpd Fed Inc tax_1987 MN 10412 106
412 1043
Stamped
4 15 100 1004
N 903 Sale 9012
July 1996
4
9114 19
8Th 93
Gen fie Med Fed Inc tax 1987 SI N 109 Sale 0
09
109
Registered
1 107 112
MN
9512 Feb'30
85 3 8814
3
Registered
MN
05 Mar'30
Cony gold 4,of 1909
105 105
1955 3D 9012 93 9212 May'30
87
9212
Sinking fund deb 6.
01
1933 MN ioi- 102
Cony 4s 01 1905
10114 16 10082 10112
1955 3D 9012 93 9058
5
90 4
3
88 94
Registered
N
99 Feb'30
Cony g 4s Issue of 1910 _ _ -1960 3D 91 Sale 91
9e
99
1
91
10
8914 91
-year secured g 78
2 10012 17
1930 3D jai 16(52 997
Cony deb 44es
1948 313 13512 Sale 13318 13714 108 128 14112
99% 10114
15
-year secured 6 MI-083
4 109
Rocky Mtn Div let 4s_ _ _1965 33 91
8 10754 10911
--1936 MS 1054 109
9214 Apr'30
1st ref g 58
88
9214
3D 10612 107
May 2037
0659 10878 23 1043 107
Trans
-Con Short L lot 4.6_1958 33 9118 - 3 92 8 May'3
iii
4
9912 9212
3
0
1st & ref 434,
8
May 2037 ID 973 Sale 973
35
98
s
Cal-Ariz 1st & ref 434o A_1962 M
9912 10014 9912
95
2
99
9911
97 10114
Cony 45es series A
4
1949 MN 1013 Sale 0112 10218 419
Atl Knoxv & Nor 1st a be
le 1025 104 103 8 Apr'30
1946
8
9814 1051
4
5
10214 104
Chic RIAP Railway gen 46_1988 33 90
121 9112 8912
Atl & Cheri A List 4 Me A _ _1944 J
90% 23 88
96 100
92
9514 Apr'30
95 9712
Registered
• .1
89 Apr'30
_
1st 30 year Is swim B_ _ _ _194433 10212 104 104 May'30
8512 89
100% 1 4
Refunding gold 4s
0
*0 9714 Sale 971a
9712 157
1934
Atlantic City 1st cons 4a _1951 3, 8714 _4— — 87 Jan'30
95% 98
14
87 87
Registered
AO
95 Jan'30
All Coast Line let cone 4a July'52
—
9312 sale 9314
95
95
9312 33
90 95
Secured 454* eerie. A
1952 MS 9512 Sale 95
95 4 118 92% 98
3
Registered
M
- 9212 May'30
9212 9212 Ch &LANG 5s_ - _June 15 1951 3D 104
04 Apr'30 General unified 4 ,4
103 4 10413
1984 3D 97 4 18 4 975
,
3
1
s
97% 11
961x 100
Registered
'ID ____
02 Mar'30 - -- 102 102
LA N coil gold 4a_._ Oct 1952 MN 903 9118 905
8
2
2
905
s
Gold 3145
Ws 931s
June 15 1951 3D 8412- 81 July'29
Atl A Dan let g 42
1948
64 63
J 62
63
1
58
73 4
1
Memphis Div 1st g 4s-- — 1951• D 9012 9112 92 May'30 --2d4,
8814 92
1948 3, 53
56 6212
2 53
6212
8212 ChSt L &P 1st cons g beAU & Tad let guar 48
— 1932 A0 10014 ---- 00 Apr'30._..
99% 100
1949 A0 84
8612 84 May'30
8212 85
Registered
A0
_ 01% June'29
Angela & N W let gu g be _ _ _1941 J
99 4 10214 101 May'30
,
Clde St PM & Oeonsgs____1930 3D 155- 1061.9 00 May'30 - -99 101
'
loci- No%
Cons 6a reduced to 314e _ _ _1930• D 9912 ---- 9814 Dee'29,
Balt &Ohio 1st g 4e_ _ __July 1948 AO 9312 Sale 93
94
14
81
S112 95
Debenture be
997 Feb'30 -- 9978 100
1930 MS
Registered
July 1948 Q J
9912 Mar'30
90
9912
Stamped
MS
100% Dec'29
20
-year cony 434.
1933 Ml 10018 Sale 997
8 10018 141
98 s 10014 Chic T H & So East 1st
1
Registered
be— - 1960• D 97 Sale
584 111014
99 Mar'30
9818 99
Inc gu be
913
4 45
Dec 1 1980 MS 9014 Sale 9018
Refund A gen be series A _ _1995 JD 1033 gilt; 103,
9414
4
89
55 101 1043 Chic Un elta'n
4 104
4
let gu 4440 A.1963• J 9912 Sale 11038
9912
7
Istgold be
July 1948 AO 10412 Sale 10412 1043
97 100
4 21 10118 106
let be series B
▪ J 10412 10514 0412 10412
2 103 10514
1963
Ref & gen 6e series C
1995 JD 109 Sale 109
10912 38 10812c111
Guaranteed a ba
3 1011 104
PLE&WVallyeref4e_1941 MN 93 4 Sale 9312
1944• D 103% Sale 03% 10312
3
4
93 8 28
7
95
91
1st guar 634, series C. ..l963 3, 115 Bale 15
11512
7 114 1167
Southw Div lit be
10312 104 1013
1960
2
4 10312 19 10012 104 s ChM& West
5
Ind gen tle_Dee 1932 QM 101% - - 02 May'30
Tol & Cin Div let ref 4s A _1959 J J 87 Sale 8812
100 4 1023
1
e
17
87
84
87
14
Como!50
89 s gale 8912
3
-year 4a
898
9 38
1952
Ref & gen be series D-----000 M
104 Sale 10214 10414 83 10114 10412
12
85 92
151 ref 544e series A
. 1962 158 S 105 Sale 0412 10518 41 103 10513
Cony 44es
1960 FA 102 8 Sale 10213 10318 1006 100 104
3
12
3 Choc Okla & Gulf COM 5a._ _1952 MN 100% 4
01 Apr'30
Bangor A Aroostook let be_ _1943.1 .1 10312 Sale 10312 10312 10 1013
e
997 101
Cin H & D 2d gold 434e_ _1937
4 105
' 96% 100
- - 9614
3
9614
4
Con ref 4e
1951
J 871a Sale 873
951 9614
2
88
8
35
84
90 Cf St L AC let g 4s_Aug 2 1938 Q F 9512 9612 96 Apr'30
Battle Crk ScStur 1st gu 3a1989 3D 6214 65
9514 96
62 Apr'30
52
62
Registered
94 Feb'30
Q F
Beech Creek 1st gu g 4s-- 1936 33 2614
94
94,
8
96 Mar'30
Cm Lob & Nor let conAug 2 1936 MN
9512 90
9414 May'30
48_1942
Registered
gu
J
883 94,
4
8
95 Aug'29
2d guar g be
1
19363, -55 4 -_-_-_-_ 100 Jan'30
100 166- Glearfleld M Mali 1st gu be__1943 33 9418
00 July'28 __ _ _
Beech Crk Ext 1st g 3548- - — 1961 *0 81
78 Feb'30
78
Cleve Cln C12& St L gel:140_1mm 3D
78
91%
9114 13
Belvidere Del cone Su 334o-19 '3 85
8812 92
43
20
-year deb 4449
00
Big Sandy 1st 4s guar
10014
1931 33
8
1944 D 9214
9914 10014
92 Mar'30
-88 2 92
1
General Is eerier' B
08 Apr'30 _ _
1993 J
Bolivia Ry let 50
'3
105 108
1927
Ref & impt 65 suer C
10 4
4
8
' " 1109-1114- 03 4 May'30
3 110003
3
1941
Bosten & Maine let 55 1. C _ _ 1067 MS -55E8 Sale 55-- 166- -1.55
10212 10012
96 1017
e
Ref & impt &seer D
IN% 104 0314 10314
Boston & N Y Air Line 1st 4s 1955 PA 84
2 100 1041a
1963 J
85'2 857
8
857
8
87
Ref & Inlet 4 Ms ser E81
971a 98 971s
9714
Bruns & West let gu g 4
7
'3 9414
9312 93
s-1938
8
943 Mar'30
1977 J 1 85 s s
_
927 94%
s
Cairo Div 1st gold 4e - 1939 33 9 14 Sale 9514
4
9514
1
Buff Koch & Pitt,gen g be_ _1937 MS 10014 102 10014 May'30
92 97
_
Cm WA Si Div lot g 4s._1991 3,
9914 103
8834 Apr'30
Consol 434s
9312 Sale 93%
1957 MN
851 87
4
12
93 4 33
3
90
St L Div let coll tr g 4a95
MN 8712
87%
877
s
Burl C K & Nor lit & coil 58_1934 A0 101 102 101
84% 89
14
1990
101
1
Spr &Col Div 'mg 4e9912 101
93 Apr'30
93 94
— 1940 M S 93
_
W W Val Div
9218
93 Jan'30
Canada Sou cone gu be A _ _1962 AO 103 10412 10412 10412
90
93
108u 3, 104
1 10212 105 4 COCA'gen 1st g 413
1
04 8 Apr'30
'
3
3
Canadian Nat 4 Me_Sept 15 1954
cons g
1934
9512 9618 9618
103 1041
%
9618
3
9318 97% Clay Lor A W con let g —
00% Apr'30
30
-year gold 414e
5s- — 1935 A0 100
1957
993 100 s
2
95 a Sale 95
3
7
.
95% 58
9214 97
Cleve & Mahon Val g Se......
9912 Apr'30
'3 9918
Gold 414e
138
9813
1968 3D 95 Sale 95
9514 52
9214 97
& Mar 1st gu g 414s _ _1935 ▪ N 100
1938Cl
00
100
2 100 1CO
Guaranteed g be __July 1969 33 10212 Sale 1023
8 102% 35
9914 103 4 Cleve & Pgengu 434s
5
4
003 Mar'28
Guaranteed g 5s
ser 13_1942 A0 98%
Oct 1969 AO 10'23 Sale 10214 1027
8
8 39 10114 10312
Series B 3Ms
87 Mar'29
Canadian North deb s I 7,_1340
1942 A0 87
D 110 s Sale 11014
3
11012 14 10584 112
Series A 4 Ms
9512 Nov'28
7
25
-year s f deb 644s
1942 33 98 8
1946 3, 115 4 Sale 115 4 11614 15 113 116%
3
3
Series C 334s
5
6 86 May'30
Registered
1948 MN 86 - gil;
11314 Jan'30
11314 11314
Series D3448
8618
5
86%
10-yr gold 4 Me_ _ _ _Feb 15 1936 FA -991- 10014 9912
861s 86%
1950 P A 86
2
993
4 13
9812 100% Cleve Shoe Line 1st
100
2
Canadian Pac Ry 4% deb stock_ _ J
97% 101
gu 4%4.1081 *0 1071 11 - 00 May'30
8612 Sale 8614
87
72
8312 88 4 Cleve Union Terra 1st
,
4 106% 11,9
1083 0712 108
4
Col tr 44es
1946 M S 99% 100
540-- 1872 AO
9834
993
4 23
96119 10012
107 Oct'28
Registered
*0
M equip tr temp at%
19443, 10134 102 10218 1033
4 31 100 4 1033
lot,I is series 11
3
4
105
9812
Carbondale & Shaw let g 46_1932 M
1973 AO 1045, 105 105
_ 9818 May'29
jai; 10142
- let s!guar 4 34s ear
98% 35
Caro Cent let cons g 46
96
C---- 1977 1.0 98 Sale 98
99
1949 J .1 8412 85
84 May'30
74
8512
Caro Clinch & 01st 30-yr 50.1938
D 1017
8- 102 May'30
9912 10212 Coal River Ry let
91% May'30
3D 91
& con g tlei ter ADee 15 '52
9172
88
107 8 163 10812 109
7
.12
3 107 11012 Colo & South ref &gy es_ _ _1945
7
3
N 99 3 Sale 99 s 100
34
ext 434[0_1935
Cart & Ad lat su g 4e
97 103 34
1981 3D 85 8 _ _. _ 85 4 Feb'30
3 8 1
84
8
3
85 4 853 Col & H V Ist ext g 4s
4
3
91 Apr'30
1948 1.0 9212
803 • 94
Cent Branch U P 1s8 g 48._ _1948 3D
84
17
85
82 85% Col & Tol 1st ext 4s
84% Dec'29
1955 P A 8612
Conn & Paissum Riv let 48_ _1943 AO 85
8612 Feb'30
Central of Ga 1st g 5e__Nov 1945PA
eel: 864
104 Apr'30
102% 105
Consol Ry non-cony 4a
7313 7514 7414
7414
5
Consol gold be
1945 MN 101 102 100%
76
70
1954 33 7512 79
100 a
4 100% 104
7
Non-conv deb 4s
7512
7512
6
Registered
1955 .1er
MN
70
76
100 Feb'30
100 100
Non-cony deb 4s
1955 1.0 7512 76 69 Dec'29
Ref A gen 534e series B....1969 *0 1047 Sale 104% 10478 14
9
104 10.534
Non-cony debenture
75 Apr'30
' 7313 75
3
Ref & gen be/series C
.-1955
1959 1.0 1011 102 10134 102
4
70
76
12
98% 1027 Cuba Nor Ry let 534s 41
4
4
64
3D 63 8 Sale 63%
88
1942
Chatt Div put money g 48_1951 3D 8612
60
15 76
- 89 Mar'30
8412 89
Cuba RR let 50
76
7812 10
783 78
s
-year be g _ _ _ 1952 j
Mac A Nor Div iota be__ _1946
76
100 Feb'30
84
J
100 10112
let ref 734s series A
8412
1
Mid Ga & Ati Div pur In be '47 J
1938• D 5414 85 8412
98 1015 10112 Apr'30
83 9914
4
98 103
let lien & ref fie ser B_ _ _ _1936 J o
821 85 Apr'30
Mobile Div 1st g be
1946 33 10214 1021 103 May'30
83 92
100 103
Cent New Eng 1st gu 4a_ _ _ 1981
s
J 8412 853 8418
8412
2
81 s 853 Day & Mich let cons 4 Ma
,
8
7
7
997
• J 99 8 Sale 99 8
8
1
Central Ohio reorg let4 Ms_ _1930 M
991a
99% 100
- 99 4 Apr'30
3
9911 100
Del & Hudson Ist & ref 4s.-- 1931
93% 89
N 9314 Sale 93
_ 1943
Cent RR & Bkg of Oa coil 6.1937 MN 9714 102 10114
9114 96
10114
3 9522 102
30
-year cony be
__
1935 A0 101 104 10018 May'30
Central of NJ gen gold be__ _1987 33 111 1131 11212 May'30
97 107
10Th 11212
15
-year 5348
105 Sale 1043
4 105
N
7 100 s 105
1937
Registered
1987
7
11014 Mar'30
107 III
10
-year secured 7e
8
4
8
997
8
1
1930 3D 997 1003 997
General 4.9
1987 33 9212 931 93 Apr'30
991 101
8
90 4 93
3
D RR & Bridge let gu
__
g 48--1936 FA 9512 ____ 9614 Aug'28
Cent Pac 1st ref gu g 46_ _ _1949 PA 94 Sale 9314
94
13
9114 953 Den & R G 1st cons g
s
943 Sale 9412
4
943
4 67 4e.
Registered
PA
654
90 Mar'30
1936 J
90 90
Coned gold 444e
' 9714 9814 9812 Apr'30 _ _ _ 95% 99
3
1938
Through Short L let gu 4E1_1954 AG 92 12 4 923
-34
923
5
4
ges c9311
s
KG West gen be_ Aug 1955 SIN 94 Sale 923
8
94
165
Guaranteed g be
1960 FA 10312 Sale 10312 10412 23 100 4 10412 Den & de
9212 99%
3
Ref Impt 58 8er Li_Apr 1978 MN 9118 Sale 9112
913
4 29
8712 gb
Dee M & Ft D 1st gu 48
29
30 Apr'30 _ _ _
'
3
1935
Charleston & Saeh let 78_1938 j j 10834
2314 30
108 Dec'29
Certificates of deposit
30 Apr'30
30
_
Ches & Ohio 1st con g be _ _ _ -1939 Si N 10314 1gi- 10234 10314 16 102 1 - Dm
25
31
4
Plaines Val let gen 4148_1947 MS 97
_ 96
97
20
Registered
98 97
1939 M N
10112 Jan'30
101% 10212 Det A Mac 1s1. lien g 48
7
4
3D 6314 -- -3e 741a Apr'30
_
1955
General gold 434*
1992 M 8 -884 ki.ile- 9812
83
7412
9 8 18
93
14
97 102
Gold 4s
_ - 5938 60 May'30
1995• D
Registered
61
GO
M 8 -------- 9812 May'30
9812 Detroit River Tunnel 4 Me _1961
95
9914 99
N 99
99
9
Ref &'rapt 4148
'pt
1993 A 0 9712 973 9712
95
16
14 9 4
4
9
98
94
9812 Dui Missabe A Nor gen bs_
_ 104 May'30
'3 10034
_1941
101 104%
F A -- -- - -- - 903 Sept'29
4
Dui A Iron Range lit 56._ _ _1937 A0 101 1gg
10012 Apr'30 _
Ref dchn91 434s ger B_-_ _1995 J
10014 103
9812 117
978 Sale 9714
824 99l
Registered
97 Oct'29
A0
_
Craig Valley let be_ May 1 '40 2 J 10014 102 101
Apr'30
96 102
Dul Sou Shore & All g
84 81 Apr'30
_
19 '3 81
82 2
72 -- -1.. ott8 Creek Branch 1st 46_1948 .1 1 86 _ - -- 9112 May'30
5
37
864 9112 East RS Minn Nor Div5s
,
9212 Feb'30 _
let 43'48 A0
_ 9212 92
12
RA A Div lat con g 4a_ _ _1989 J J 8918
.
90 May'30
East T VA A Ga Div g 5s. _ 19303, 997 10014 587 Apr'30
8614 90
8
2d consul gold 4s
97 100
1989 J J 8 1 888 8914 May'30
54
5312 8914
Consol let gold 5e
1958 MN 105 11012 105 May'30 _ _
100 10512
Warm Spring V let g be _1941 M 8 98 8 100% 100 May'30
3
97 10112 Elgin Joliet & East I st g 6._ _1941
4
N 10314 1033 10314 May'30 _ _ _ 102 10314
Champ Corp cony 59..May 15'47 M N 100 4 Sale 10014
3
1003 105
4
98 10112 E1 Paso& W lert 58
1985 * 0 10114 ---- 10114 10114
2 10114 10314
1949 A 0 68
Chic & Alton RR ref g 38
4
69 67%
6514 72
68
CU dep stpd Apr 1930 lot ......
8
675 6814 675 May'30
6372 69% Erie let consul gold To eat_
8
3
4 1007
3 16 100 4 1013
1930 MS 1007 Sale 1001
3
4
Railway first lien 3448 _1950 2 -.I 69
1
70
69
69
let cons g 4s prior
919:
59
8714 88 87
1996 J
8734 117
84 c89
Certificates of deposit
gill 70
70
69
12
7014 May'30
Registered
84
84
1998 j j
5
8214 84
Chic Burl & Q--(11Div 3448.1949 J J 87 8812 8712 May'30
let censor gen lien g 4a._ _ _1996 ii -821- Sale 82%
8518 8814
4
823
4 85
79
84
&pa tile
Registered
J J
8418 Feb'30
Registereu
79
79
1996 ▪ j
5
76% 79
Illinois Division 48
19493 J 93 4 943 93 4
4
9213 95
1
3
4
93 4
3
Penn coil trust gold U.._ _1051 FA 101 161 2 101 May'30 _
-1101 101
General 4s
8 89
1958 M 8 93 Sale 93
9312
94
50
-year cony 4s merles A_ _1953 AO 8334 8412 84
8412 30
82 4 1161s
7
Registered
M 8
913 Sept'29
4
Series B
84% 84 May'30
83 31167
__
7
.
1953 * 0 84
ist & ref 414e set B
1977 F A 983 993 985
Gen cony 4s series D
s
s
3
96 116
9918 30
8312
84
1953 * 0 8312 Sale 8312
5
84
1st de ref be series A
1971 F A 1063 Sale 1063
22 10412 107 s
4 107
Stet & Imp% 53-4
7
_ _1967
94
N 9412 Sale 9412
93
9559 443
Chicago& East Ill let(16._ _1934 A 0 104
1 1005
Ref A impt ba of 1930_ _1975 * 0 9414 Sale 94%
104
104
8e10
5
9514 407
94
95%
C & E III Ry (new co) eon Se_ 195I M N
103
78 Fir;le- 773
Erie & Jersey 1st t es__ _19533, 113 11314 113
3
72
79
84
113
2 110 4 1141s
1
Chic & Erie 1s1 gold be
19821151 N 10334 _ __ _ 10312 Apr'30
Genessee River lat a I be_ _1957 J
102 106
112 113 11314 Apr'30
109 11314
Chicago Great West let 46_ _1959'M S 693 Sale 69
241
64
72121
4
70
Cash sal.
3511
New York Bond Record—Continued—Page 3
7.4
BONDS
t. Y STOCK EXCHANGE
Week Ended May 16.
t
Price
Friday.
May 16.
Week I
Range or
Last Sale.
Range
Since
Jan. 1.
co
Rid
Ask Low
Hica
863 Apr'30
2
Erie & Pitts gu g 3Me ger B_1940 33
85 8 Oct'29
7
Series C 3 Ms
1940 J3 89
3
11154 MN 105 4 Sale 10514 10638 38
Est RR esti!'I 78
9812 May'30
985
s-iris Cent& Pen let cons g Is 1943 .11
96
90 Apr'30
Florida East Coast 151 4 Me _1959 3D 89
5518
5612 12
1074 MS 5612 57
let & ref be aeries A
7
28
30
Fonda Johns & Gloy let 41581952 MN 29 30
J 96
9418 Apr'30
98
Fort St U D Co lst g 4 Ms_ _ _1941
5
107
Ft W & Den C lst g 5 Ms_ _ _1961 3D 107 1073 107
1033 May'30
8
Frees Elk & Mo Val let 6a _ _1933 AO 10414
4
GH&SAM &P lst be_ _ _ _1931 MN Iowa i663- 10038 l004
_
100'8 May'30
8
1931 J3 1005
2d extens 58 guar
9812 22
4
Galv Hous & Rend let be_ _ _1933 AO 9814 983 9812
5
84
Oa & Ala Ry 1st cons be Oct 1945 J J 84 Sale 84
Ga Caro & Nor let gu g 5e 1929 33
t
1
101
101 Sale 101
Extended at6% to July 1_1934 s
Georgia Midland let 33_ _1946 AO 7012 7414 75 Mar'30 -4
983 Feb'24
Gouv dc Oswego 1st 50
1942 3D
975 Apr'30
8
8
Or R & I ext let gu g 4)0_1941 J J 973
30
Grand Trunk of Can deb 78_1940 AO 111 gale 11012 111
13
15-years f 6e_ .
1936 M S 10434 Sale 10434 1053s
9738 Apr'30
97
Grays Point Term let 548_. _1947 J
1113 126
4
Great Nor gen 7e series A
1936 J J 111 Sale 111
12
98
983 9712
4
let & ref 4 Hs series A _1961 3, 97
8
4 11014
4
General 514e series B._ _1952 J J 1093 Sale 1093
8 10614 15
General 58 series C
1973 33 10614 Sale 1055
99
97
37
9712 9734
General 434s series D_ _ _ _1976 J
9814 51
General 4)3s series E.._ _ _1977 3, 97 Sale 97
Oct'29
85 86
Green Bay & West deb etfs A _ _- Feb SO
2778
277
8 35
Feb 2818 30
Debenturee ctfs
Greenbrier Ry 1st gu 4s...,.1940 MN 9414 - - 9314 Mar'30
Gulf Mob & Nor let &Ms_ _ _1950 AO 102 foil4 10412 Apr'30
let M 58 series C
4
19531 AO 99 993 100 Apr'30 OUlf dr St 1st ref & ter 58_5_1952 33 105 1061s 105 May'30
98 4 Sale 983
3
4
99
Hocking Val lat cons g 4)0_1999 J
8
_I
9712 Apr'30
Registered
1999
,
Housatonic Ry eons g be_ _ _ _1937 MN 988 99 2 99 May'30
102 Apr'30
H & T C lstgoslntguar _ _ 1937 3, 10012
100
- _-8
3
Houston Belt & Term let 58_1937 3, 9914 1007 100
10012 Apr'30
8
N 993
Houston E & W Tex let g 5e_1933
8
N 997 fof 100 Mar'30
let guar 5e redeemable.
,_1933
99.1 143
Had & Manhat let be ser A.1957 FA 9912 Sale 99
105
83
Adjustmentincome Is Feb 1957 AO 8212 Sale 8112
Illinois Central lst gold 4s_ 1951 33
let gold 3%s
1951
Registered
Extended let gold 3Hs_ _1951 AO
let gold Is sterling
1951 MS
Collateral trust gold is.. _ _1952 AO
MN
Registered
let refunding 48
1955 MN
Purchased lines 314s
1952 33
Collateral trust gold 4e_ _ _1953 MN
MN
Registered
Refunding Se
1955 MN
15
-year secured 634s fr --- 1936 J
410-year 430
Aug 1 1966 1' A
Cairo Bridge gold 45
1950 Jo
Litchfield Div 1st gold 3e..1951
J
Louis), Div & Term g 3545 1953 J J
,
Omaha Div 1st gold 3s_ _ _1951 F A
St Louie Dly dr Term g 38_1951 Ji
Gold 3048
1951 33
Springfield Div let g 334s 1951 33
Western Lines let g 45_1951 FA
PA
Registered
III Cent and Chic St L & N 0—
Joint let ref Os series A _ _ _1963 JD
1st & ref 434s series C___ _1963 JO
Ind Bloom & West 1st ext 4,1040 AO
Ind Ill & Iowa In g 48
1950 J J
Ind 3, Louisville 1st gu 0—J958 J
Ind Union Ry gen Os ser A..J965
'3
Gen & ref le series 11
1965 J J
Int& Grt Nor lStSsserA..1952 J J
Adjustment 6s ser A July 1952
Sat Is serie8B
1956 33
let g 5e series C
1956 J
lit Rys Cent Amer 1st be 1972 MN
1st coil tr 6% notes. _ _ _ _1941 MN
let lien & ref 6 Ms... _ _ _ 1947 PA
Iowa Central 1st gold be _ _ _1938 3D
Certificates of deposit
Refunding gold 4s
1951 MS
James Frank & Clear 1st 48_1959 3D
Kan A &CI R let gu g 5s_ _ _1938 Ii
Kan &M 1st 30 46
1990 AO
Ft BA M Ry ref g 48_ _1936 AO
Kan City Sou 1st gold 3s_..1950 AO
Ref & inlet 5g
Apr 1950 J 3
Kansas City Term 1st 48_ 1960
Kentucky Central gold 45_1987 3
Kentucky & Ind Term 430_1961 J J
Stamped
1961 J J
Plain
Lake Erie dr West 1st g
2d gold 58
19413 J
Lake 811 & Mich So g 3142_ _1997 J D
Registered
1997 3 n
25
-year gold 4.4
1931
Registered
Leh Val Harbor Term gu 58_1954 F A
Leh Val N Y let gu g 4 Hs_ _1940 J
Lehigh Val(Pa) cone g 4a._ _2003 MN
MN
Registered
General cells 4345
2003 M N
Ng
Lebi Valley RR gen 5f/series 2003 MN
Leh V Term Ry let gu g 58_1941 A 0
Leb & NY let guar gold 48..1945 M S
Lex & East 1st 50-Yr be gu —1985 AO
Little ellarni gen 4s series A..1962 MN
Long Dock coneol g 6s
1935 A 0
Long Said Int con gold beJuly1931 Q J
let cense! gold 4e. —.July 1931 Q .1
General gold 48
1938 3 D
Gold 4s.
1932 J I)
Unified gold 4e
1949 M 8
Debenture gold 5e
1934 3 D
20
-year p m deb be
1937 M N
Guar ref gold 48
1949 M 8
Nor Sb 13 1st eon gu 55 Oct'32 Q J
Louie &Jeff Mtge Coed g 44_1945 M
Louisville & Nashville Se..., _1937 M N
Unified gold hs
1940 J .1
Registered
J J
Collateral trust gold bs__ 1931 M N
10
-year sec 7e.__May 15 1930 M N
1st refund 5145 series A _ _2003 A 0
2003 A 0
let et ref 5e eerles 11
let & ref 4 Me series D-___2003 A 0
A o
When issued
Paducab & Mem Div 4e. _19411 F A
St Louis Div 2d gold Is .._1980 M S
Mob & Monte let if 4 Me _1945 MS
South Ry joint Monon 4e_ 1952 J J
,
All Knox) & Cin Div 48._1955,M N
Loulsv Cln & lex Div g 4 Ms'311 N
e Cash sale. A Due Feb
943
4
4
943
943 -4
8458 865 Mar'30
8
83
9234 Feb'30
g5 4
83 - -1- 85 Jan'30
7012 ---- 73 Mar'30
92
9178 Sale 9118
8712 Mar'30
4
927
8
9234 Sale 923
83
8412 83 May'30
90
887 Sale 8912
8
8712 Jan'30
4 106
106
___- 1053
4
10912 Sale 10912 1093
1003 101 10014 10112
8
91 Mar'30
893 91
8
4
763
4
765 7818 763
8
2
83 8
7
83 8 841z 832
7
77 May'30
78
77
7514 Mar'30
763 78
4
8312
83 4 ---- 8312
,
72 Sept'29
9212 9312 9112 Apr'30
9212 Apr'30
10518 Sale 10518 10512
9712
9714 Sale 9714
863 ---- 91 Nov'29
4
9112
9112 923 9112
4
863
8
863
e
8612 87
8
1017 -- 1003 Mar'30
s
1017
8
-- 10014 Feb'30
8
101 1035 10112 1033
4
85
8212 Sale 82,2
4
913 93 92 May'30
9412
9412 Ms 9212
76
7612
7412 77
9412
9412 9618 9412
96 3
4
96
9612 96
32
3274 32 May'30
3412 May'30
3412 36
812 9
8 May'30
92
9112 ---- 92
40114 Apr'28
88 Apr'30
89
38
963
4
965 Sale 9612
8
3g
751z
753 765s 75
4
8 1011z
10114 Sale 1007
91
903 Sale 9012
4
88 8 _- 8712 Apr'30
5
8512 Mar'30
8512 88
9118
91
9214 91
89 Apr'30
90
4 1013
4
101 10212 1013
100 103 101 May'30
8
815
8
815 Sale_ 813
8
78 4 Feb'30
3
4
100
100 dlYe_ 993
9912 May'30
1063
4
105 Sale 105
100
9918 993 100
4
8914
8914 Sale 89
8212 Apr'30
-6ir2 9938 9812 9812
32
57
11
9
7
41
4
1
2
ij
.a t
5,
26 1 - 4
.1
3
913 93 4
4
,
98 10512
96 100
103 10518
98 4 9912
,
93% 9712
9714 99
993 102
4
9534 1003
4
10012 10013
993 100
4
93 100
7614 843
s
91
96
81
86%
823 82%
4
83
85
88
73
895 9412
8
871e 971 ,
.
90
95
82
85
873 92
8
8712 87
12
104% 107
10712 11014
97 0102
8812 91
747 763
2
4
8212 8514
7412 77
7514 7514
82 8 85
3
Mississippi Central let 58
1949 j j
Mo Kan & Tex 1st gold 4e._1990 313
'
3
Mo-K-T RR pr lien On set A _1962
40
-year 4s Belles B
1962 j
'
3
Prior lien 434s ser D
1978
Cum adjust ts ser A Jan 1987 A0
Mo Pae 1st & ref 58 ear A_ _ _1965 FA
General 4s
1975 MS
let & ref 58 series F
1977 MS
1st & ref g 5e sec G
1978 M N
Cony gold 534s
194 MN
Mo Pac 3d 7s ext at 4% July 1938 MN
Mob & Stir prior Hen g 5s_ Mb J J
Small
1st M gold is
1945• J
Small
1945 J
Mobile dr Ohio gen gold 48_ _1938 MS
Montgomery Div let g 56_1947 FA
Ref & Inlet 434s
1977 M
Mob dr Mal let gu gold 48..1991 MS
Mont C 1st gu 6s
1937 33
1st guar gold Is
1937
Morris & Essex 1st gu 3Ms_ _2000 J o
Constr M be ser A w
_ _1955 MN
Collett M 454s ser B w L.1955 MN
Range
Owe
Jan 1.
Week's
Range or
Las Sate.
99 Apr'30
99
99
95
9
Sale 88
8812
8518 883
4
50
Sale 10238 104
9912 104
25
8712
883 87
8
85% 8912
9614 40
96 2 961s
,
9212 96%
4 10414 46 10312 10812
Sale 1033
22
101
Sale 100
9914 10214
Sale 78
797 128
8
8
7414 817
Sale 9912 10012 208
97 102
2
10014 43
Sale 997
963 102
4
Sale 10712 10912 365 10712 1133
4
2
94 923 Apr'30
91
92%
100 Mar'30
100 100
_ 95 Feb'30
95
95
88
9612- 931 91 May'30
8718 91
81
81 Apr'30
87
8118
80
9418
9412 May'30
92 8 94%
3
99
Jan'30
10018
9818 99
7
9614 Sale 961g
9614
5
9414 98 8
883 Mar'30
4
8614 893
4
10518
105 Feb'30
105 105
7
4 1003
1003
__ 1003
99% 1003
4
4
791
785 803 785
8
4- ;
8
82
77
1 103 1065
10514 Sale 10514 10514
14
4
9
9814 Sale 9814
9814
963 9912
8
9518
8812
10258
87
953
4
104
100
78
997
8
100
1073
4
93 4
3
9718
91
Apr'30
Nash Chatt dr St L 48 see A _ _ 1978 P A 9012 92
N Fla &S letgug be
3
1937 1 A 100% --- 10018 Apr'30
Nat Ry of Mot or Ilen 4;48_1957 J J ---- ---- 18 July'28
1 3
4
July 1914 coupon on
J J ----_- 723 July'28
658
6 8 714 612
5
Assent cash war rct No 3on
Guar 70
-- _- 8712 Aug'29
-year e f 4e
1977 AC
714 May'30
712 9
Assent cash war rot No 3 on
Nat RR Mex pr lien 413s Oct'26 ii
-- -- 3512 July'28
1512 Apr'30
1312 14
Assent cash war rct No 3 on
let consol 48
-- - - -- 22 Apr'28
1951 AO
6 2 63
,
Assent cash war rct No 3 on
4 7 Apr'30
___ 86 Mar'30
Naugatuck RR let g
_ _ _1954 MN 821
983 May'30
8
100
New England RR Cons 5a_ _1945 3' 99 4Consol guar 48
1945 3, 9138 Sale 91 May'30
88 Jan'30
91
NJ June RR guar let 4s_ _ _1986 FA 90
J
1 45
95 Sale 95
N O&NE let ref & Imp 4 Ms A '52
95
8872
99
New Orleans Term 1st 4s...._1953• j 90
887
s
997 997 May'30
8
NO Texas & Mex n-c Inc be 1935 * 0 99
8
8
let be series B
99
111999555664 AO 9314 983 9812
98 100 Apr'30
FA _
1st 56 series C
9313 9534 9312 Apr'30
FA
1st 4 Me series D
8
8 102
1st 5548 series A
1954 *0 1017 Sale 1017
97
N & C Bdge gen guar 4 Ms_1 9 4 32
97
1945
___ 100
100
NYB&MB 1st con g 58_1935 AC 997
8N Y Cent RR cony debt:W..1935 MN 10614 107 1061s
107
9212
8
8
Consol is series A
1998 FA 917 Sale 913
Ref & Imp 434a series A _ _2013 AC 10014 10012 100
1003
2
1 5
8
4 10714
Ref & impt bs series C_ _2013 AC 1067 Bale 1063
10214 107
95, 9812
CM
9212
84
88
100 10112
100 101
10 101 108
27
8212 9212
91
97
7
91 100
9
70 4 8118
3
2
9012 9412
11
93
9812
30
35
3014 3412
NY Cent &Hud Riv M 334$ 1997 3,5
8
10
6
87 8 92
5
Registered
1997 3'
Debenture gold 48
1934 MN
8314 8814
3
30
-year debenture 48
330.19'
_1948
9
2
9
9412 97 4
F A
Lake Shore coil gold
,
6
7412 30
1998 F A
Registered
50
99 10212
Mich Cent coll gold 35,48.,..1998 F A
41
881s 92
1998 F A
Registered
87% 89
N Y Chic & St L let g 4a__ _ _1937 AC
8514 85 2
Registered
,
1937 AC
6
88
25
92
MN
-year debenture 46
89
2d 6s series A B C
89
1931 MN
93
100 102
6% gold notes
1932 AC
99 103
Refunding 5335 series A....197 AO
3
4
2
5
79% 8212
Refunding 55,48 series B.1975 J J
773 78 4
4
3
Ref 4)48 sertea C
1978 MS
45
91478 10014 N Y Connect let gu 4 Me A _ _1953 P A
9912 9912
let guar Os series B
1963 P A
2 103 1063 NY & Erie let
Y
4
ext gold 48_ _ _ 1943 MN
5
7
1
963 100
4
3d ext gold 4540
1933 MN
30
865 913
8
4th ext gold Se
8
1930 A0
86
8712
12
9612 loo
N Y & Greenw L gu g be_ _ _1946 MN
MN
NY & Harlem gold 3
10934 22 106 10954 N Y Lack & W 1st Ms_ _ _.2000 MN
10812 Sale 10812
&ref gu 50 73
103
3 1015 103
102 10312 10218
8
/
1
4
let & ref gu 4)4s ser B _ _ 1973 MN
91 May'30 883 91
8
NYLE&W let 78 ext.__ _1930 MS
10718
10 10414 109
107 1083 107
4
N Y & Jersey 1st 50
1932 P A
88 Jan'30
8614 91
88
88
NY & Long Branch 4e.......1941 M
104 Mar'30 _
10314 - - - 104 107
NY&NE Bost Term 4,..... 1039 * 0
100
3
100 Sale 100
9914 101
N Y N 11 & II n-c deb 46. _1947 MS
9858 Mar'30 -977
8
983 98 8
8
3
Non-cony debenture 3542_1947 MS
93
9514 9312
9312
5
8812 c9512
Non-cony debenture 3 Me_1954 *0
965 Dee'29
8
973 99
8
Nou-conv debenture 4.....1955
91
Apr'30
8818 __
Non-cony debenture 4s_ _ _1956 MN
993 10012 100 Apr'30
4
0014 100,2 Cony debenture 3348
1956 J
10012
100 10012 100
4
9712 10012
'
3
1948
Cony debenture es
91
91
2
9112 91
87
33
9134
Registered
100 10012 10012 May'30
9914 Imp •
1940 * 0
Collateral trust 68
907 9212 92 May'30 _
2
N
8912 9212
Debenture 48
1957
8
1023 -- -- 1025 Apr'30
8
1017 10314
8
1st & ref 454s ser of 1927.1967 3D
9514
96
9514 96
14
9414 96 2
Harlem R & Pt Ches 1st 45 1954 MN
,
9412 Mar'30 923 9412
4
1005 May'30
2
i.00;4
__
993 101
4
Y 0& W ref 1st g 4e_June 1992 MS
997 May'30
8
1955• D
997 101
General As
8
105- 116 105
10514
13 10312 10714 • Y Providence & Boston is 1942 AO
104 lows 106 May'30
& Putnam lst con gu 43 1933 A0
9912 10612
983 Sale 9838
8
9914 113
95 100
N Y Sus.) & West 1st ref 56_1937 33
96 Mar'30
1937 P A
2d gold 4 Ms
94 4 96
3
927 -- -- 9312 Apr'30
8
1940 FA
General gold 5s
911s 0312
6812 6912 8812
6812
1943 MN
1
Terminal let gold 5,1
811
8812
8
975 - - - - 973 Mar'30
8
4
973 973 • Y W-ebes & 11 let see I 4 Ms'48 J
8
91
9214 91
91 .4
27
89
9312 'lord Ry ext'l sink fund 634e 1950 AC
92
923 93 May'30
4
__
91, 9312 orfolk South 1st & ref A 58.1961 P A
4
8
10018 Sale 997
100181
5
983 10014 9erfolk Sr South 1st gold 5e-1941 MN
8
2
1
Price
Friday.
May 16.
Rid
High
Elba No Low
Ask Low
Low
High
.• 8 102
10018 Apr'30
99 8 10014
3
1934
86 8 86% Mahon Coal RR 1st be
5
7318
1
Manila RR (South Lines) 45_1939 MN 7514 16 7612
7312 76
69 May'30
70
lst eat 45
1959 MN 69
60
69
pp, 99 4
9914 Apr'30
Manitoba 13 W Coloniza'n Os 1934 3D 99 4
,
3
99
97
512
Man GBANW let 334s.. _ _1941 33 8614 8912 89 Mar'30
89
7912 90
89
412
MS
4
5 Apr'30
Mex Internet let is east& _1977
81
50
101 May'30
100 101
Mich Cent Det& Bay City 58_ '31 MS 100%
2512 35
QM
100 Jan'30
, Registered
100 100
9438 9418
95 Feb'30
Mich Air Line 43
10512 107
1940 33 9513
9415 95
79 Mar'26
Jack Lane & Sag 3H8_ _ _ _1931
10218 104%
7
85
88
8518
1st gold 3)-4a
831 8115
1952 MN 84
99 1003
4
4
4
95
1940 * 0 9518 963 963 May'30
963
993 1003 Mid of N J 1st ext be
8
8
4
9712 Mar'30
Mil & Nor 1st ext 434s(1880)1934 ▪ D 98 104
9614 98
943 99
4
9812 98 May'30
Cone ext 434s (1884)_1934 J D 98
963 9814
4
8118 85
8
Mil Spar & NW 181 50 4s_ _ 1947 MS 917 93 92 Apr'30
90 92%
'
99 10214 Milw & State Line let 3;01_1941 33 851 .... 90 Apr'28
3 'WA
38
40
40
!
Minn & St Louis 1st cone 50_1934 MN 38
6512 73
3
3618
2
Temp etre of deposit_ _ _1934 MN 3618 377 3618
36
4114
12
1st & refunding gold 4s__ _1949 MS 13 Sale 1214
13 8 10
,
-5131-4 971
16
4
8
11% 1513
Ref & ext 50-yr 58 ser A _ _1962 Q F 123 137 1112 Apr'30
10912 11214
14 Feb'30
15
14
Certificates of deposit
15
104 1067
8
11
4
8
33 883 897 883
4
897
8
884 9115
97 3 973 M SIP & SS M con g 48 int 911'38
3
8
5
9412
let cons 5s
93 4 97%
3
1093 113
4
1938 3, 9412 Sale 94
9812 14
97
let cons 56 gu as to int...1939 3' 9212 Sale 9714
9912
94% 98
10
10118
99 10112
10
-year coil trust 6Ms__ 1931 M S 10112 Sale 101
108 11114
let & ref 68 aeries A
97 100
1946 33 99 10014 9912 May'30
10314 10714
8812 23
8812 88
91
81
25
-year 55,28
95
99
1949 MS 88
92 92
1st Chicago Term e f 45_ _1941 MN 8818 ____ 92 Feb'30
95
9814
89
92
9212 9212
14
20
BONDS
N. Y STOCK EXCHANGE
Week Ended May 16.
90
100
2
7 -WI
14
9
9612
9714
9314 Mar'30
8
- .7 993
99 8
4
99 4
3
Sale 10112 10112 35
Sale 10218 10214 31
10712 56
Sale 10714
4
10712 107
10714
9714 177
Sale 96
Bale 9812
983
4 12
___ 102 Apr'30
_ _ _ 92 Apr'30
9296 100
9812 May'28
10012 Apr'30
Sale
8
-99 4
10112
10218
10712
10714
96
983
4
1023
4
873
4
82
7918
8512
85 4
3
773
4
1263
4
iii012
.
80
931,,
90 4
,
9612
5
9612
8012 May'30
9718 Oct'29
9912 Apr'30
1005 Dec'29
8
6
Sale 1005
8 10112
87 Sept'29
7512 July'28
891, 873
1
4
873
4
3
83 82
82
8114 7912 May'30
8
857 853
8
853
4 11
8
883 853 May'30
8
20
7914 7814
79
Sale 12412 1263 116
4
_ 122 Apr'30
gale 10512 10612 49
Sale SO
8012 18
9412 59
Sale 93
__-- 90 May'30
98
84
-- - -- - -
5612 Sale 5612
5814
4712 4912 4712 May'30
8818
9012 July'29
885 8 89
89 May'lO
_
8478
84
84 4
3
75 Mar'30
7338 SO
7312 77
7312 May'30
975 99
8
975 May'30
8
89 Sale 8814
897s
104 Sale 104
10434
71 Sale 67
71
9612 99
9512 May'30
1511
53
4
86
86
98% 98 8
3
8814 91
85
88
2
928 98
7
2
87
14 9012
95% 997
8
13
7
92 8 99
96 1003
4
9 : 94
01
12 10114 10512
1
95
97
2
98% 100
4 105 107%
88
8818 9212
61
97 101
83 105 10718
13
795 811 7912
8
8
80
78 May'30
98
987 158
g
9512
9512
5
79 -- 12 787 May'30
7112
36
761
77 8 13_a7l_2 7712 Ap7713
3
9
71_e 7 1
8
9
83
r00
9612
8012
- -- 9912
100
1003
8
--612
.
1314
9878 Sale
97
9112
10018
23
9
75
26
4
78%
75
97
93
7814
75%
76%
78
94
9314
82%
81
99
9512
8114
78
S112
8012
9714
93 4
,
10011
100 102%
101% 102%
10512 107%
10512 107%
93% 98 4
3
9612 10018
100 10312
89
92
roei 1661i
t
95
96
12
8012 8019
166 2
- 1
99'l 10114
78
7215
8
8112
79
7412
121
122
1043
4
77
90
87%
1683%
80
86
8814
80
135
131
106%
811
4
9612
90
5512 6514
45
54
82 2
,
75
73%
9418
86%
10212
5812
89
8612
75
79
9914,
92
12
10511
79
99
3512
BONDS
N Y. STOCK EXCHANGE
Week Ended May 16.
New York Bond Record—Continued—Page 4
•ft
ft
Price
Friday.
May 16.
Week's
Range or
Last Sate.
;•
Range
Since
Jan. 1.
Bid
Ask Lou
High No. Low
High
Norfolk & West gen gold 621_1931
2 1001 1008
8
N 1013
1013
8 10112
4
Improvement & ext 6e_ _ _1934 PA 1043 -- 10438 Mar'30
8
8
10314 1043
New River let gold 66____1932 A0 10134 ____ 10212 Mar'30
10214 102%
N & W fly let cons g 48._1996 AO 92 4 9314 9278
5
,
9012 9412
9312
Registered
93
91 May'30
1996 AO 90
90
01
DWI 1st lien & gen g 4s_1944 Si
4
943
4
9134 95
943
4
Pocah C & C joint 48
8
8
1941 JD 943 965 94 May'30
923 9518
4
North Cent gen & ref 58 A 1974 MS 103
10214 Apr'30
10112 10238
Gen & ref 408 set A stpd _1074 MS 99 100
98 May'30
08
90
North Ohio let guar g Is_ _ _1945 AO 9412 953 9412
1
9412
4
93
98
North Pacific prior Ilen 48 1997 0 1 91 Sala 8918
9112 76
8812 9212
4
8918 8912 8918
Registered
J
8918
865 90
8
Gen lien ry & Id g 33_Jan 2047 Q F 66 Sale 66
66% 21
63 8 70 4
7
,
Registered
_
Jan 2047
6212 Feb'30
62%
62
Ttef Jr Mint 4358 series A__2047 J J 0812 Sale 9812
25
985
8
9512 993
8
Ref & Impt 688erles B2047 33 11314 Sale 11314
11312 83 11112 11512
Ref & lmpt 68 series C____2047 J J 10512
106 May'30
10312 10614
2 10312 1053
Ref & impt Is series D_ _ _2047 3, 1043 105 105
4
105
4
Nor Pac Term Co 1st g 6s__1933
.1 103
10512 Jau'30
10512 10512
Nor Sty of Cant guar g 5s__1938 AO 100
101
101
101 101
Og & L Chum let gu g 46_1948 3, 81
8114
8114 8114
Oldo Connecting fly 1st 4.9_1943 38 S 92
_ 9218 Mar'30 -Ohio River RR lot g 66
4
1936 in 1003 fcTi 10018 Apr'30
General gold Is
8
1937 AO 1005 102 100 Apr'30
1
Oregon RR & Nay con g 40_1946 3D 923 96
4
923
4
9234
Ore Short Line 1st cons g 58_1946 Si 10412 10512 105 May'30 -Guar stpd cone be
8
1946 J J 1057 109 10514 Apr'30
912
8 26
Oregon-Wash let & ref 48_1961 33 91 Sale 91
Pacific Coast Co 1st g Ss_ _ _1946 3D 6012 62 60 May'30
Pao RR of Mo let eat g 46_1938 FA 95
9512 95 May'30
2d extended gold Is
1938 Ii 10012 Sale 10012 10012
Paducah & 1118 lots f 4348-1955 Si 98 100
9818 May'30
3 10314 78
Paris-Lyons-Med RR extl tle 1058 FA 10314 Sale 1025
4
Sinking fund external 7s 1958 M S 1043 Sale 10418 1043
4 3)
11
Paris-Orleans RR ext 535s-1988 M
1017 Sale 10112 102
8
Paulista Sty 1st & ref s f 75-.1942 M
10012 Sale 10012 10012 16
3
8
Yennsylvania RR eons g 4/3_1943 MN 947 Sale 943
4
947
8
Consol gold 4s
95
9312 May'30,--- 1948 MN 94
96
46 Merl stpd dollar _May 1 1948
N 94
9318 MaY'30.--- _ 93 May'30 -Registered
%
Gonad sink fund 414s____1960 FA
iy gal; 10112 10234
67
General 415s series A_ _ _ _1965 ID 100 Sale IOU
General 55 series 11
Jo 108 10312 1077
8 10812 15
1968
15
-year secured 635e
4
4 10914 67
1936 FA 1083 Sale 1083
F A
Registered
1083 May'30
8
26
40
ry gal; 10312 104
-year secured gold 5e___1964 MN
315
Debg4158
96
1970 A0 95'18 Sale 9434
Pa Co gu 33 coil tr A reg-1937 M S 9013 -- -- 91 May'30
-Is
837 8714 May'30
8
Guar 3348 coil trust ser 13_1941 PA 88
Guar 3355 trust ctf5 C
8912 835 Sept'28
8
1942 JO 88
___ 88 Mar'30
Guar 3158 trust Ctfs D__ _1944 JD
Guar 15 -year gold 4s.._1931 AO 88993 100
4
-25
993
4
993
4 17
2
Guar 48 ser E trust ctfe
8
4
897
8
N 9012 907 893
1952
181
Secured gold 4128
4
1963 MN 10018 1003 10014 101
34
4
Pa Ohio & Det let & ref 4815 A'77 AO 973 98
973
4
98
4
Peoria & Eastern 1st cons 43_1940 AO 86
8612 8618
8712
Income 48
33
32 Apr'30
April 1990 Apr. 31
8
Peoria & Pekin Uu 151 51.55.1974 FA 1035 Sale 10312 1035
8 14
Pere Marquette let eer A 66_1956 3, 10418 10514 1033
4 10414 27
5
1st 43 series 11
91
9212
1056 3, 0012
let g 4345 series C
9818 47
1980 MS 9712 Sale 9712
Phila Balt & Wash lot g 4s 1943 MN 94
95
94 May'30
General to series B
1974 FA 10714 110 10918 May'30
PhillIPPine fly 1st 30-yr 5 1 45 '37 J J
Pine Creek mg let 66
1932 J
Pitts & W Va 1st ths Der 4_1958 J D
1st M 43-55 series B
1959 A 0
P C & St L gu 4148 A1940 A 0
Series B 4158 guar
1942 A 0
Series C 415e guar
1942 M N
Series D 4s gu.sr
1945 MN
Series E 315s guar gold,,.
.1948 F A
Series F Ls guar gold
1953 J D
Series G 43 guar
1957 M N
Series H cons guar 4e_ _...1960 F A
Series I cons guar 43.S6_1963 F A
8erle8 J cons guar 4358_1964 MN
General M Is series A
1970 .1 D
Registered
J
Gen mtge guar 5e Bar B__1975 A 0
Otte Mel( & Y lst gu 68_1932 J .1
2d guar as
19343 J
Pitts Sh & L E 1st g 5s
1940 A 0
let consul gold Is
1943 J
Pitts Va & Char let 49
1943 M N
Pitts Y & Ash let 45 ser A1948 J
let gen 55 series 13
1962 F A
let gen 5s series C
19743
Providence &cur deb 4.9
1957 M N
Providence Term let 4.9_ __ _1956 M S
Reading Co Jersey Con coil 45 '51 A 0
Gen & ref 415s series A
1997 .1 J
Rensselaer & Saratoga 6/3
1941 M N
Rich & Meek 1st g 4/3
1048 M N
Richm Term By lot gu 56_1952 J J
Rio Grande June 1st gu 58_1939 J
Rio Grande Sou let gold 48_1940 J J
Guar to (Jan 1922 coupon)'40 J J
Rio Grande West 1st gold 13_1939 J J
1st con & coll trust 48 A 1949 A 0
RI Ark & Louie let 415a
1934 M 8
Rut-Canada lot gu g 48
1949 J J
Rutland let con g 41'01
1941 J .1
28
30
29
29
10214 1035 1023 Mar'30
8
8
93
9612 93
93
9312 94
93%
933
4
___ 98% May'30
987 100
8
08%99
99
1)8---- 9712 Dec'29
07
9712 9658 Mar'30
9514 -- -- 95 Mar'30
063
4
963 May'29
4
_ _ 94 Nov'29
96% 9912
8
96%- - 943 Feb'30
0914 101
0912 Apr'30
9912 100 100 May'30
109 110 1083
4
109
166_ 1073 Mar'30
4
10834
104
104
102 8
,
10218 Apr'30
8
---- -- 1035 July'28
10114 -- 10118 Apr'30
10114
10014 Aug'29
4
8814 -- 923 Mar'30
933
4
93 Apr'30
1035
8
104 Apr'30
1033
8
7718
75 Feb'30 _
8818
86 Mar'30
9212 gale 9214
925
8
9912 Sale 993
8
9012
106
_ 10018 Mar'21
16' 78% May'28
101
Apr'30
977 161
8 - -14 97 May'30
6 May'28
712 Apr'28
9334 94 92
94
85
857 857
8
8
857
8
985 Sale 9812
8
985
8
76
78
75 May'30
-- 8812
8714
8812
0
10
3
to
3
26
8
17
5
74
88
87
Apr'30 St JO8 & Grand Isl let 48_1947 3 J 87
100
963 Nov'29
4
1990 J J
St Lava & Adir let g 68
10112 Feb'30 -2d gold 03
1996 A 0
5
9934
4
995 ---- 993
19313 J
St L & Cairo guar g 4s
28
4
St L Ir Mt & S gen eon g 03_1931 A 0 10012 1003 10012 101
1013 Dee'29
4
Stamped guar 58
1931 A 0
33
977 Bale 973
8
4
98
Riv & (1 I)Iv let g 45_ _ _ _1933
8
8
St L M Bridge Ter gu g 68_1930 A 0 997 10018 997 Mar30
61
9014 Sale 9014
91
St L-San Fran or Hen ts A1960 M
306
94
Con M-485s serIesA
4
1978 M S 923 Sale 9258
10314 39
Prior lien 59 cedes B
1950 .1 .1 102 Sale 102
8
5
St Louts & San Fr By gen 68_1931 3 .1 1013 10112 1013 May'30
3
10118
General gold 56
1931 .1 .1 10118 Sale 100.34
5
1028 _- 1023
4 1023
4
L Peer & N W let gu lo_1948 J
1931 MS 9818 -- -- 98 Apr'30
St Louis Sou let gu g 4s
6
8714
St L S W lot g de bond ctfs_1989 MN 8614 Sale 8614
2d g 4/3 Inc bond ctfa Nov 1989
J 8014 8114 8112 May'30
993
4
8 55
Consol gold Ls
1932 .1 1) 983 Sale 9812
15
4
100
let terminal & unifying 5e_1952 .1 J 100 Sale 993
23
98
97% Sale 9712
St Paul dc K C Sh L let 4%8_1941 F A
St Paul & Duluth let 03__1931 F A 10018 __- 100% Feb'30
1st consol gold 48
1968
D 8933 -9213 9112 Mar'30
St Paul E Or Trk let 4158_1947 J J 93__ 8718 Jan'28
973 8 9812 9758 Apr'30
St Paul Minn & Man con 46..1933 J
4
4
._1933 5 J 10514 1053 1053
1053
4
let copsel g es
5
993
s
993
8
9914 100
8s reduced 50 101(1 43.58-1933 5 .
1
---- 98 Feb'30 -Registered
J
4
9518
Montext 1st gold 49
19373 D 9518 Sale 9518
90 May'30 -Pacific ext guar ts (sterling)'40 J J 9012 92
4 10534 10
8
St Paul On Dep let A: ref 58_1972 J J 1055 10612 1053
1
93
S A & Ar l'ass 1st gu g 4s
1943 J J 93 Sale I 93
Oaah sale. d Due May. I Due August
• Dues June.
83
77
92% 9218
100 10012
99 100
91
9312
10418 10514
3
103% 105 4
8812 9314
60
6212
0214 9512
973 10012
4
98% 99 4
,
102 10412
10314 107
993 10214
4
95 101
92% 95 4
3
923 97
8
9214 96
9212 9312
983 102%
4
9712 101
106 10918
8
108 1097
10814 108%
10214 1043
4
9414 c963
4
91
90
88
87
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 16.
-a
t
Price
4t
May aY
l6.
ft
V •
Week's
Range or
Last Sale.
Biel
Ask Low
High
Santa Fe Pres & Phen let 55_1942 81
100 ---- 10114 Mar'30
Saw Fla & West 18t g 68____1934 A 0 10312 ---- 10318 Mar'30
A 0 100%
lot gold to
9934 Jan'30
1934
Scioto V & N E 1st gu g 4.3 1939 MN 9112 04
92 Apr'30
Seaboard Air Lino let g 48_1950 AO 70
80
683 Apr'30
4
Gold 43 stamped
4
1950 AO 67 Sale 663
6712
5612 .5518
Adjustment to
Oct 1949 F A 56
5515
A 0 5.512 Sale 5612
Refunding 4s
57
1969
let & cons as series A
1945 M S 6912 Sale 6912
7112
Atl &Bina 30-yr lot g 4s_d1933 M 11 8712 Sale 8712
873
4
Seaboard All Fla let gu 68 A_1935 F A 6212 Sale 6212
6412
Series 13
64 64 May'30
1935 P A 63
Seaboard & Roan 1st 16 extd 1931 J J 99
_ 9812 Mar'30
S N Ala cons gli g 58
8 1015
1936• A 10112 --- 1015
8
Gen cons guar 50-yr 58
4 1963 A 0 1073 10812 10712 May'30
So Pee coll 4s(Cent Par coil) 1949 J D 9158 9178 9114 May'30
let 43.58(Oregon Lines) A-I077 M 6 9712 Sale 9712
973
4
20
-year cony 58
1934 J I) 102 Sale 10178 102
Gold 435s
9714
11168 M S 9658 Sale 9612
Gold 415s with wart
4 100
1969 M N 9912 Sale 983
San Fran Term let 4s
92
1950 AO 92 Sale 9178
AO
87 Feb'30
Registered
So Pac of Cal 1st con gu g 56_1937 MN 103
_--- 103 Mar'30
So Pac Coast 1st gu g 4s_ .1037 J J 9512
96
Jan'30
So Pac RR let ref 4,3
8
93
1955 J J 027 Sale 9212
91
Registered
Jan'30
J J_ _ 100 May'30
Stamped (Federal tax)_1955
gide 10914 10912
Southern Sty let eons g 56_1094 J 1
33
107 May'30
Registered
Dowel & gen 43 series A___1956 AO oigal; 9014
92
Dowel .3r gen 65
1173
4
1956 A 0 117 Sale 117
12412
8
Develop & gen 615s
1956 A 0 1237 Sale 12378
Mem Div 1st g Is
10718
1996 J J 107_ 10715
St Louis Div 1st g 4
027
92
1951• J 92 -- -8 92
_
lost Tenn reorg nen g 58 1938 ex ‘ 1003 , 100 Mar'30
7, 31
..
9012
84
Mob & Ohio coll tr 4s
1938
!! 933 9412 9012
65
Spokane Internet lot g 55_1055
11 65 Sale 65
Staten Island fly lot 4158._1943D
85 Feb'30
J
95 Apr'28
Sunbury & Lewiston 1st 18_1936
-- - 997 Apr'30
997
8
Superior Short Line lot 5s__e1930
97 89814 97
Tenn Cent let as A or B
99
1947 A
8
9918 997 983
Term Assn of St List g 43-S8- 1939
4
987
8
•-•
1st cons gold 56
113440 A 103 104 102 May'30
8
Gen refund s 1 g 43
90
1953 35 897 9114 90
105
Texarkana & Ft 81st 5155 A 1950 N A 105 106 105
Tex & N 0 corn gold 58
1943 33 10012
- 98% May'30
Texas At Pne 1st gold 5e_2000 3D wins iff 10918 10914
2/1 ine56(11 1ar'28e0 015)Dec2000 Mar
95 Mar'29
.
1023
8
Gen dr ref 58 series B
4
1977 A 0 102, Sale 102
Gen & ref 56 series C
1979 A0 10214 Sale 10214 103
La Div B L 1st g 58
' 10014 10012 10018
3
1001s
1931
Tex Pae-Mo Pac Ter 5355_ .1964 M S 10612 Sale 10612 10612
Tol & Ohio Cent lot gu 56-1935 J J 10012
- 10012 Apr'30
- 12
Westein Div lot g 55
1935 A0 10018 160 100 Mar'30
Gen gold 5s
1935 33 97 10014 99 Mar'30
_ 12 Sept'29
Toledo Peoria & West 1st 40_1917 J J
8
Tol St L & W 50-yr g 48
903 May'30
8
1950 AO 905 93
Tol W V& 0 gu 436s A,.._1931 J
-- 0812 Jan'30
9834- 1st guar 41 series B
0914 Mar'30
1933 33 9812 100
,58
lot guar ts series C
9212 Mar'30
1642 38 S 93
91
Toronto IIam & Buff 1st g 45 1946 3D 89 - -- 885 Apr'30
8
No
8
5
10
99
6
38
15
69
2
40
174
Si
42
14
91
22
32
1
4
1
6
41
10
3
5
13
8
39
5
Range
Since
Jan. 1.
-Low
High
9912 101,
4
103 103%
993 99 4
4
3
8814 94
60% 7012
71
65
54
60 4
3
52
6012
79
65
8412 89
72
61
72
62
94
9812
1003 1013g
4
1055g 10712
8918 93
8
945 101
100 102
933 99
4
9618 101
9352
89
87
87
100 103
06
96
91
94
91
91
100 100
10614 111
106 10814
8812 93
11414 120
120 12615
10612 10710
8718 925
4
100 10018
9018 9512
72
65
8212 86 2
,
997 997
8
2
97
9914
97
087
8
c993 10314
4
8714 9112
1037 10612
8
0912 9954
10612 1103
4
"oil., 104
987 10412
,
993g 101 4
,
104 1067
2
0012 103
08 100%
97, 100
2
_
905 - -11
8 02;
9812 9812
9818 9914
9212 9212
88
90
98% 100
89% 917
8
4
97 01013
J9
9412 ,
84
8812
31
377s
101 10412
1023 1043
4
4
90
9212
957 997
8
8
Ulster & Del 1st cons g 5s_ __1928 3D
9018 Mar'30
9312 94
79
9018
Stpd Afi to Dec '28 & J'ne '29int
79 May'30
1063 10916
4
8714
79
80
lot cony 58 ctfs of den
74 Nov'29
4015 50
let refunding g 48
4518 May'30
28
32
1952
45% 55
102% Union Pan 1st- ItR &Id gr 413-1047 J 1 9518 Sale 943
102
4
9512 31
93% 96%
J
4
933 Sale 933
4
9212 97
933
4
Registered
3
9114 93 4
9112
1st lien & ref 4-s___June 2008 MS 9112 Sale 91
9218 96
3
887 93
a
Sale 983
8
8
99
Gold 455,3
9714 100
32
1967 3, 987
90 190
let lien & ref Is
34
9612 99
June 2008 SI S 109 11012 10914 May'30
10612 110
40
91
34
-year gold 46
1968 3D 90 Sale 90
8714 91
4
941 2 9638 U NJ RR & Can gen 481944 MS 9318 963 9312 Apr'30
934 94
_ _ _ 96 Nov'29
Utah & Nor let ext to
93% 95
1933 3, 973
8- ,
P A 9414 94 8 93 Mar'30
Vandalla cons g 4s series A 1955
03 93
-_ 8212 May'29
8
Cones f 48 series B
1957 MN 937
712
7
_- 12 712
7
4
9158 94% Vera Cruz & P assent 4315 1934
if,,
100 101 100 Apr'30
993 Virginia Mld 58 /midi% F
4
97
1931
984 101
10118
8 100 10112
9912 100
General 55
1936 MN 10118 10178 10118
.1 .1 99 100 100 Apr'30
10614 11012 Va & Southw'n lot gu 5s
2003
05 100
90
85 May'30
lot cons 50
1073 1073
4
4
19.58 A 0 85
-year 5s
847 9212
2
4 10514 34 10218 107
104 10914 Virginian Ry lot 58 series A_1962 MN 105 Sale 1043
102 10212 1013
4 10212 21 101 1033
10112 102% Wabash RR 1st gold 55
1939 MN
4
102
2d gold 58
102
1939 P A 10218
9912 102
10412
Ref & gene f 51585er A _1975 MS 10314 Sale 10314
3
100 8 10118
1013 10512
4
9818 May'29
Debenture 33 6s registered-1939 J J
85 May'30
lot lien 50-yr g term 4s
923 925
4
4
1954 J J
84 "gin;
102
102
Det & Chle est lot 58
9112 93
1941 S i 101513
109 103
8
3Des Moines Div 1st g 461939 J J 883 104 100 Feb'28
10214 106
4
8612 Apr'30
Omaha Div 1st g 3Iis___ _1941 AO 833 86
8114 804
003 Apr'30
4
8
Tol A Chic Div g 4s
75
75
1941 MS 907
8814 004
86
10112 43
8 Wabash fly ref & gen 58 B 1976 AO 1003 1014 1003
4
86
97 21 10214
,
4
FA
90
9314 Sale 9314
94
933
101
Rot & gen 414s series C
1978
88 4 9512
,
72
7812 77 2
Warren let ref gu g 3 is__ _ _2000 FA
1
,
,
97 4 101
7712
7212 7712
8512
_ 87 Mar'30
Wash Cent 1st gold 48
1948 Q
83 8 90
3
8 g0
Wash Tenn 1st gu 3343
5
8612
1945 P A 857 - 12 8612
8414 86 2
,
8412 Mar'30
101 101
lot 40-year guar 4s
1945 FA
8314 130
933 10014
4
94
9718 W Min W AN W 1st gu 58-193 FA 92- - 993 Apr'30
4
994 9954
4
0
W Maryland 1st g ils
8414 86
1952 A0 84 Sale 83
81
804
8
let & ref 5345 series A
1977 53 993 Sale 9914
993
4 56
94 8 1067
,
8
971 West N Y & Pa 1st g 68."ii
4
4 1013
4
5
—19 7 J J 1013 Sale 1013
3
98 102
8
8
Gen gold 48
8112 885
1943 AO 915 9212 91 May'30
88% 9218
98 Sale 973
953 9912 Western Pac lot set A 5s
4
4
9812 18
1946 M
9712 99
78
75
MS
Registered
97 Feb'30
97
97
4
86
9112 It
Shore 1st 42 gnar
2301 J J 883 Sale 8812
883
4 11
8554 91
4
Registered
8714
2361 .1 .1 8714 883 8714
1
853 89
8
88
88
Wheeling & Lake Erie—
92 May'30
Refunding 4345 series A 1966 MS 0212 94
941
8
1)0
jai" finis
10012 May'30
Refunding 513 series B_1966 Si S 10012
983 101
4
98 4 100
3
RR 1st consul to
89
1949 M S 89 Sale 89
8814 80 4
,
963 101
4
Wilk & East let gu it 68
69% 67 May'30
1942 J 1) 67
624 71
Will A S lo let gold 513
102
12 102 102
1938• D 10112 _- 102
8
95 4 883 Wineton-Salern it 13 1st ts_ _1960ii 853 __ -- 8614 Apr'30
3
4
13614 8614
99% 10018 Wis Cent 50-yr 1st gen 48__.1949 ii 807 Sale 8012
8
807
8 14
79
8314
Sup & Dul div & term let 43'36 MN 8714 883 8714
8712 92%
4
8
88%
8614 913
8
4
8812 053 Wor & Conn Fan let 44 937 903 Apr'30
8
4
8 1943 J J 85
901 903
4
4
100 104
10018 102
INDUSTRIALS
100 10112 A5itIbiPow&Paplst58_l953j D 8614 Sale 8618
863
4 72
,
8214 88 8
102% 101
Abraham & Straus deb 5348-19411
With warrants
9418 99
A 0 10112 102 10112
10112
5
97 10312
85
8912 Adriatic Elec Co esti 7,3
9914 Sale 98
1952 A 0
9812 32
96 100
7878 82
Aleuts Expnos coil tr 4/3
4
1948 RS S 86 Sale 843
8612 21
89
82
9714 110
Ajax Rubber let 15-yr s f 85_1986,J 0 60
65 63 May'30
4518 80
5l4
711 514 May'30
06 100
Alaska Gold M deb Os A
I925'M S
514 9
514 Apr'30
9416 ctIS
Cony deb 6s seriesII
1926 M
514 10
514 5
10018 10018 Albany Pefor Wrap Pap Os_ 1948 A 0 94
983 04
4
94
14
943
s
85
11112 91 2 Allegheny Corp col tr 58
,
10112 53
1944 F A 10112 Sale 101
09 104 4
,
973
8
Coll & cony 5a
ilt)
4
1949 1 D 1003 Sale 10012 101
97
99 1041
,
Coll & oonv 5/3
4
1053
103
0812 991s
1950 A 0 97 Sale 9614
97 4 257
,
Allis-Chalmers Mfg deb 5s-1937 M Ts 1015 Sale 101
8
102
62
9914 10212
975 1116
iloone-Montan Steel 1st 7e _ _1955 M 53 9818 100
91 100
98
100
3
km Agri(' Chem let ref e f 7158'41 FA 10378 Sale 1033
98
98
8 103%
7 10212 10512
92
75
83
8212
9518 1mer Beet Sul;cony deb 66_ _1935 P A
8212
1
75
87%
kmerican Chain deb at 6s
8
893 92
4
8
97 10218
1013
1933 A0 1015 102 1015
.s 21
10178 106, km Cot Oildebenture 5.8_ _1931 M N 10014 1001 10014
8
99 100 4
3
10014
18
90% 9112 km Cynamid deb 50
4
96 10012
98
1942 AO 98 Sale 973
kmer Ices f deb 5.3
4
1953 J D 8718 873 88 May'30
863 _ 90
-1--
3513
New York Bond Record-Continued-Page 5
BONDS
N Y STOCK EXCHANGE
Week Ended May 16.
Price
Friday.
May 16.
Week's
Range or
Lan Sale.
43 Al
Range
Since
Jan. I.
Ask Low
Mel
High No.
1074 Sale 10612 1073 166
4
Amer TO Chem cony 5He_ _1949 M
43
4 100
Corp cony 55s'49 J J 100 Sale 993
Amer Internal
2
3
4
1939 40 10512 106 105 4 1053
Am Mach & Fdy s 16s
1934 AO 9912 Sale 9912
995
8 48
Amer Metal 5345
9112 68
war)1942 AU 9012 Sale 90
Am Nat Gas6Hs(with
1017
8 42
Am Sm & R let 30-yr bs Bar A '47 AO 10112 Sale 10114
28
104
7
Amer Sugar Ref 15-yr 6s_.....1937 J J 103 8 Sale 103
2
4
98
Am Telep az Teleg cony 48.....1936 MS 98_ 973
2
997
8 100
1933 MS 10014
80-year cony 430
8
1946 J O 1047 Sale 10488 1051s 36
colt tr be
-year
30
• D
10312 May'30
Registered
1048 148
1960 is 10434 Sale 104
35-yr s f deb 55
109
1943 MN 10712 Sale 10712 108
20
-year 0f 5Hs
16914 2946
1939 5, 16518 Sale 164
Cony deb 430
8
35-yr deb fa
1965 PA 1045 Sale 10414 1047 389
11
Am Type Found deb 6s
1940 AO 106 Sale 10512 106
27
8
8
Am Wet Wks & El col tr 5e 1934 A0 100 4 Sale 100 4 1011
22
Deb g Om series A
1975 MN 10512 Sale 10512 1061
1
8014
Am writ Pay let g 611
1947 is 8014 8012 8014
981
135
Anglo-Chilean 8 f deb 78.. _1945 MN 97 Sale 98%
2
' 50 Sale 5018
S
51
Antala(Comp Aztic) 714e- 1939
1
S 100 10112 10034 1003
Ark & Mem Bridge& Ter 58_1964
895
8 47
Armour & Co 1st 430
1939 S D 8914 Sale 89
49
84
Armour & Coot Del 534s_1943 is 85 Sale 8312
5
103
Associated 0116% gold notes 193.5 M S 103 Sale 103
4
Atlanta Gas L let be
- 103 Apr'30
1947 J D 1028
12% May'28
Atlantic Fruit 78 We dep_ _ _1934• D
•D
12% May'2
1
Stamped ctfa of deposit
89
8
77
765 sale 765
8
A tl Gulf & WI SS L col055 1959 J
16
4 102
Atlantic Refg deb 5s
1937 Ii 102 Sale 1018
Loss
High
100 10812
93 13112
1038 1054
4
9912 993
4
9238
70
99% 10218
103 1055
3
945 98
6
9918 105
103 10512
103 10312
10014 105
1043 108
4
13714 19312
10018 105
103 107
9912 103
10414 108
69
84
834 9812
49
55
98 101
14
8712 9112
81% 86%
102 10312
1013 103
4
Baldw Loco Works 1st Se. _1940 MN
1940
Baragua(Comp Az) 7 Hs__ 1937 S i
Hataylan Pete gen deb430_ _1942 J J
1936 J J
BeldIng-HemingwaYas
Bell Telep of Pa 58 series B._1948
'
S
let & ref Ss series C
1960 AO
Berlin City Elec Co deb 6301951 S D
Deb sink fund 854s
1959 P A
Berlin Elec El& Undg 6 He 1956 AO
Beth Steel let az ref Eia guar A '42 MN
30-yr p m & Imp f 5s_ _ _1936 S i
Bing & Bing deb 630
1950 MS
Botany Cons Mille6348
1934 40
Bowman-Bill Hotels 78
1934 MS
B'way az 7th Av jet cone 58..1943 S D
Brooklyn City RR let 5s
1941 S i
Bklyn Edison Inc gen 513A..._1949 is
Bklyn-Man R T sea Se
1968 J J
Bklyn Qu Co & Sub con gtd 55'41 MN
1st bs stamped
1941 S i
Brooklyn 14 Tr 1st cony g 48_2002 S i
3-yr 7%e soured notes
1921 S i
Bklyn Un El 1st g 4-5a
1950 FA
Stamped guar 4-be
1950 FA
Bklyn Un Gas 1stcons g ba _ _1945 MN
let lien az ref Scseries A _ _1947 MN
Cony deb g 534e
1936 is
Buff az Susq Iron let gt I01_1932• D
Bush Terminal 1st 4s
1952 40
Consol 5s
1985 is
Bush Term Bldge 5.8 gu tax-ex '60 40
By-Prod Coke let 530 A - _1945 MN
107 10712 10712 1071
3
761
7614 Sale 7614
54
931
93 Sale 93
2
75
75
76
75
55
8 1051
10512 Sale 1045
17
8 1078
1067 Sale 1067
8
43
931
91 Sale 91
42
921
91 Sale 9014
17
931
93 Sale 9114
12
8 1031
102% 104 1025
11
10212 Sale 10214 103
4
90
86
897 90
8
8
3712 40
3712
38
10014 103 10114 May'30
28
28
26
2612 25
12
84
84
85
84
9
1043 Sale 10414 105
8
995 224
8
9814 Sale 9814
70 May'30
71
70
8312 Dec'29
7512 89
9212 June'29
105_ 10614 Nov'30
21
87
83 id' 86
11
87
87
87
83
106 May'30
1153 May'30
4
11478
Oct'29
200 -- 255
Jan'30
9414 -- 96
4
4
89%
898 Sale 893
4
4
965
8
96% Sale 96
3
10114
101 10112 101
103
103 Sale 103
105 10712
7614 91
92 9512
67
75
102 10614
103 10816
/
1
4
98 c97 4
3
84 4 96
8
86
96
10110105
993 104
4
8514 91
4 47
35
100 105
25
4412
8213 87
10312 105%
94% 101
70
76
Cal0& E Corp unit &ref 56_1937
N
Cal Petroleum cony deb s t 581939 FA
Cony deb f g 530
1938 MN
Camaguey Bug 1st afg 73._ _1942 AO
Canada SS L 1st & gen 6s_ _ _1941 AO
CentDist Tel let 30-yr
_ _1943 S D
Cent Foundry lst f 63 May 1931 P A
Cent Hud G & E be
Jan 1957 M S
Central Steel let gel 88_ _ _1941 MN
Certain-teed Prod 550 A _ _ _ 1948 MS
Cespedes Sugar Co 1st s I 730'39 MS
Chic City & Conn Rys bsJan 1927 A0
Ch G L &Coke 1st gu g ba._ _1937 S i
Chicago Rye let fis stamped
Aug 1192910110% paid_ _1927
A
Chile Copper Co deb fis
1947 ii
CInG&Elstm0A.
1968 40
Clearfield Bit Coal let 4E
1940 JJ
Colon 011 cony deb Se
1938 PA
Colo 1 & I Cogan's/5a
3
1943 J J
Col Indus 1st & coil be gu
1934 P A
Columbia0& E deb 58 May 1952 MN
Debentures _ _Apr 15 1952 AO
Columbus Gas 1stfield to.._ _1932 J J
58Columbus Ry P & L let 4Hs 1957 is
Commercial Credits f 6s_ _ _1934 MN
Col0a 1 5He notes
1935 S i
Comm'lIn yeat Tr deb Oa _ _ _1948
•S
Cony deb 530
1949 FA
Computing-Tab-Rec f 68_1941 J J
Conn Ry & L lat & ref g 4Hs1951 J
Stamped guar 430
1951 J
Consol Agricul Loan 6 Hs---1958 J O
Consolidated Hydro-Elec Works
Of Upper Wuertemberg 78_1956 is
Cons Coal of Md Ist&ref 52-1950 S D
Consol Gas
(N Y)deb 530_ _1945 P A
Consumers Gas of Chic gu 5s 1938 J O
Consumers Power 1st 5a
1952 MN
Container Corp 1st 6s
1946 J D
15-yr deb 55 with ware_ _1943 J D
Copenhagen Telep 65 Feb-- 1954 FA
15
Corn Prod Refg 1st 25-yr of 58'34 MN
Crown Cork & Seals I68
_1947 J o
Crown-WIlliamette Pap 68_1951 1 J
Cuba Cane Sugar cony 7s_ _1930 J J
Cony deben stamped 8% _ 1930 J
Cuban Am Sugar let coil 8a..1931 MB
Cuban Cane Prod deb 6s.
1950 ii
Cuban Dom Sup let 730.... 1944 MN
Stpd with purch war attached_
C111119 T A T lot & gen is. _1937
Cuyamel Fruit Isle f 6s A _1940 40
101.12 10184 10112 10112
10012
10012 Sale 9914
10212
10212 Sale 102
51
49 Sale 49
96
95% 9612 96
8 10414
10358 Sale 1035
81
80
9412 81
1038
4
-- 10312 Apr'30
125
125 Sale 125
5112
4934 Sale 49
72
72 Sale 72
4
60
628 5312 Mar'30
102
10218 103 102
Denver Cons Tramw let 51 .1933 AD
Den Gas & EL let & ref a f558'51 MN
Stamped he to Pa tax _ _ . 1951 MN
Dery Corp(D 0) 15t e t 713_1942
S
decond stamped
Detroit Eck(on let eoll tr 58_52314
let & ref Eis Nadas A.July 1940 MB
Gen & ref 59eerice A
1949 AO
let & ref Os series B_ _July 1940 M
Gen & ref Eis series B
D
1955
SeriesC
1962 P A
Del United let cone 434e. _1932 is
Dodge Bros deb (Se
1940 MN
Dold(Jacob)Pack 1st68_ _ _ 1942 MN
Dominion Iron & Steel 5e. 1939 MS
Donner Steel 1st ref 7s
1942 J J
Doke_rirtoo pow tot tieser A _ 1960 M
Duquesne Light let 434, A_ _1987 AO
East Cuba Bug 15-yr s I g 730'37 M
Ed El III BkIn let con g 4s.._1939 is
Ed Eleo(NY)let rouse 59.. 1005 1
.
76 Dee'29
1021.
_ 10312 10312
4 1028
4
4 1023 1013 1023
Oct'29
_
_ 42 61
18
18
19 18
10112 102 10112 102
8 1037
8
10314 1038 1035
4
10412
8
1035 1043 104
8
107 Sale 105% 107
10414
10414 Sale 10414
- 105 May'30
9812
105%9818 9812 9812
95 Sale 95
95%
7118 May'30
71% 72
101
Apr'30
103
103 10312 103
90- 10514
1043 105 10484
4
8 100
997 Sale 995
8
78
76
7612 76
4
957 9612 953 May'30
8
10918 110 11012 Mar'30
1-6&
c
Cash sale
84
8834
85
8912
104% 10612
114 117
96
96
8714 90
94
99
99 102%
10014 104%
2
46
29
12
2
21
1
100% 102%
94 10012
98% 10212
49
80
947 97
8
10218 10414
794 8112
10214 103
,
7 121 125 4
31
49
61
2
70
7814
53 5312
12
1 100 104
79
7912 24
79% 80
65
96
957 Sale 9512
8
31
8
89
883 89% 885
4
68 Apr'30
17
79
783 78
4
78
3
96
97 96
96
8
9812 19
96 Sale 945
8
1017 Sale 10112 10214 150
24
102
8
1017 102 10118
97 10112 98 May'30
9412
9
8
9358 9412 935
9912
99% 15
99% 100
9712 32
95 97
97
59
8
98
945
973 98
4
105
95
948 Sale 9314
4
7
10618
106 --- 106
985
-- 96 Apr'30
9712
98
3
975 99
8
88
873
4 54
865 Sale 865
8
923
4
93 92
92
491
4912 47%
49
10612
10618 Sale 106
10112 -- 10112 1011
8
8 1037
1037 104 1037
8 95
95 Sale 94
813
8
8034 Sale 80
95%
9514 Sale 9518
102
102
--- 102
9918
993
4
993 loco
4
10214
102 103 102
305 5514 41 Mar'30
8
41 Mar'30
41
30
9912
9918 Sale 9918
27
26
2512 28
35 May'30
36
30
35
35
3812 36
10218
102 Sale 102
1033 Sale 103% 10414
4
-13; 16
.100 103
69
80
94% 9814
Ms 90 8
7
63
70
71
8914
95
995
8
9212 9712
985 102%
5
98 4 102
8
95
98
90
96
938 100
4
85 499
86 100%
83
1 12
10312 10618
9512 96
9312 98
754 90
5
89 69538
64
42 63
80 105 1064
3 9813 10112
20 10214 1041.8
2
8918 953
4
14 , 77
8.5
23
918 973
4
4
3
97% 102
39
94
918
4
21
9012 10212
_
3512 411e
36% 4312
36
9918 1004
66
26
385
8
25
47
3
35
4018
7 10014c105
24 10214 19484
9
3
5
13
7
16
23
1
1
52
1
35
47
30
99 10312
9812 103
-if If'
10014 10314
101 10.37
a
1013 10 /
4 41
4
10512 108
102 1.047
s
1023 105
8
/
1
4
06 99
924 IP,7
5
67
75
10013 101
1014 104
10318 10612
9614 1.0012
66
87
945 961
8
4
Me 111
BONDS
N. Y STOCK EXCHANGE
Week Ended May 16.
•Yi
t
Price
Friday,
May 16.
Bid
Edith Rockefeller McCormick
Trust coil tr 6% notes_ _ _1934 S i
Elec Pow Corp(Germany)6348'50 MS
1953 AO
1st s I 614s
Elk Horn Coal lst & ref 6)4s 1931 S D
(Deb 7% notes(with warr)1931 3D
&mit Gee Light 1st con 5e 1932 M
Ernesto Breda Co let m 75-1954
P A
With elk Purch warrants
Federal Light & Tr let 5s_ __1942 MS
Sat liens f be stamped _ _ _ _1942 MS
S
1942
1st lien (is stamped
30
-year deb 6s series B..,,_1954 J o
Federated Metals s I 78
1939 J D
Flat deb is(with wart)
1946 S i
Without stock porch warrants_
1941 MS
Fink Rubber Isle f8s
Framericau Ind Day 20-yr 7)48'42
?repose°Sugar latsf7Hs- -1942 MN
French Nat Mall SS Lines 781949 3D
Rance
Since
Jan. 1.
Week's
Range or
Lan Sale.
Ask Low
High No. Low
High
10114 1017 10178 10218
8
94 Sale 94
95
94
94
98 May'30
9458 97
65
75 6512 May'30
10018 _--- 10018 May'30
25
8
4
8212 Sale 82
9512 9(02 95 4
3
92
9614 96
104 105 104
97
97
98
101
100
103 10514 104
93 8
3
9312 94
75
75
76
108 10814 1073
4
93
9312 93
104 Sale 104
10
7584 84
15
97as
94
7
9413 98
14
4 100 8 105
6
3
9218 1004
3 100 102
6 10212 107
7
90 94 2
24
75
89
46 10313 109
4
82 97
23 102 4 1041
8
4
8212
9578
9612
105
97
101
104
938
4
78
108%
93
10414
100 10218
/
1
4
894 97
4
94
94
98
82
6312 75
go% /Mils
Gannett Co deb 68 _____ _ _1943 P A
Gaa & El of Berg Co cone g be 1949 S D
Gent Amer Inverters deb 56 _1952 P A
Gen Cable 1st t 530 A__ _ _ 1947 j 1
1942 PA
Gen Electric deb g 330
Gen Elec(Germany)78 Jan 15'45 is
1940 S D
S f deb 630 with warr
Without warr'ta attach'd_ 1940 S D
20
1949 MN
-years I deb 68
Gen Mot Acceptdeb 68
1937 FA
Gaul Petrol Sets I bs
1940 P A
Gen Pub Serv deb 530
1939 S i
Gen'l Steel Cast 530 with war'49 S i
Gaul Theatres Equip 6s_1944 J I
Cony deb 6s
1940 AO
Good Hope Steel & I sec 7s._ 1945 AO
Goodrich(B F)Co 1st Hs_ _ 1947 Si
Goodyear Tire & Rub 1st 59_1957 MN
Gotham Silk Hosiery deb 68_1936 3D
Gould Coupler let s f68
1940 FA
Gt Cons El Power(Japan)781944 P A
let &gene f 630
1950 S i
GuttStates Steel deb 5He _ 1942 J D
Hackensack Water let 40... _i952 S i
ilarpin Mining tls with etk purch
war for corn'Omit or Ara she'49 is
Hansa SS Lines 68 with warr_1939 AO
Hartford St Hy 1st 45
1930 MS
Havana Elea consol g 55-1952 P A
Deb 530 series of 1928_ _ _1951 MS
Hoe(R)& Co 1st830ser A _1934 AO
Holland-Amer Line Os(flan _1947 MN
Hudson Coal 1st a t 5s ser A_1962 J D
Hudson Co Gas 1st g ba
1940 MN
Humble 011 & Refining 5342_1932 S i
Deb gold bs
1937 A0
Illinois Bell Telephone be_ _ _1956 J D
Illinois Steel deb 430
1940 AO
header Steel Corp mtge 66_ _ _ 1948 FA
Indiana Limestone let 1138_ 1941 MN
Ind Nat Gas & 0115$
1936 MN
Inland Steel 1st 434a
1978 A0
Inspiration Con Copper 630 1931 MS
Interboro Metrop 434s•
19.56 A0
Interboro Rap Tran let 55_ _1966 is
is
Stamped
Registered
-10
10
-year tis
1932 A 10
-year cony 7% notes_ 1932 MS
Int Agile Corp 1st 20-Yr 5a._1932 MN
Stamped extended to 1942_ --- MN
Int Cement cony deb 58_ _,1948 MN
Internet Match s t deb 5a_.1947 MN
Inter Merean Marines!6s 1941 A0
Internet Paper 65 ser A & B1947 is
Rats f 6s series A
1965 MS
Tat Telep & Teleg deb g 4 Ms 195'2 S i
Cony deb 434s
1939 J J
Deb 58
1955 P A
88
89
8812
997 Feb'30
8
___
88
878 87
4
Sale 10012 10112
9712 9418 May'30
10414
10312 10414 104
112
105% 113 112
100 101 100
100
6534 Sale 95
9512
103 Sale 103
103%
101% 102 101% 101%
993
4 101
10012 101
104% Sale 104
105
142
13912 Sale 139
998 Sale 9912 100
4
100 10014 1015
100%
106 Sale 105 8 10818
5
94 Sale 933
4
9412
955
8
9612 97
9612
79 May'30
78
82
997 100 9918
8
994
9412
92 Sale 92
4 10012
9912 9984 998
8814
8814 90
8814
Kansas City Pow dr Lt 5s __ _1952 M S
let gold 4)4s series8
1957 is
Kansas Gas & Electric 68...1952 MS
Karstadt(Rudolph)65
1943 MN
Keith(B F)Corp let 68
1946 MS
Kendall Co 5545 with warr 1948 MS
Keystone Telep Co let 5s_ _ _1935 S i
Kings County El & P g 55_ _ _1937 AO
Purchase money Oa
1997 AO
Kings County Elev 1st g 48._1949 F A
F.
Stan1Ped guar la
Kings County Lighting 58. _ 11995494
AiA5
First & ref6 Hs
SS i
D
Kinney(OR)& Co 734% notes193964
Kresge Found'n coll tr 88 _.1936 J D
Kre tiger &Toll 5a with war _ _ 1959 M S
Lackawanna Steel 1st 55 A _1960 M S
Lac Gas p1 St L ref&ext ba _1934 A 0
Co?&ref554geerlosCI953 F A
Coll 5: ret 5Hs ser D
1960 F A
Lautaro Nitrate Co cony 68_1954
Without warrants
J J
Lehigh C & Nav a t 430 A _1964 J J
Lehigh Valley Coal 1st g 53. _1933i
let 40-yr gu int red to 4%_ 1933 J
1st & ref e f be
1934 F A
lst&refsf5e
1944 F A
1st & ref t .5e
1954 F A
1st & ref56
let & rats t 56
19 4 . 0
10 4 F A
54 1
4
7
Liggett& Myers Tobacco 78
58
9 A A
5
Loew's Inc deb Os with war?.1941 F O
Without stocks porch warrants A 0
Lombard Elec let 75 with war'52 J D
D
Without warrants
1944 A 0
Lorlillard (P) Co is
1951 1 A
7
561
1937 J J
Deb 534a
Louisville Gas & El (11y) 58_1952 MN
Louisville Ry tat cons 511_.-1936 J
Lower Austria Hydro El Pow1944 F A
Istet650
McCrory Stores Corp deb 5 Ms'41 3 D
Menet!Sugar lets 1 7 Hs-- 19
42 A 0
Manhat Rv(NY)cones 46_1990 A 0
2013J D
2d 46 _
Manila Elea Ry&LtsISs..t953 M 8
slarlon Steam Shovel 55 68.1947 A 0
qtr Tr Co etre of panic in
.&
1 I 57arnm & Son 1st as .1943 3 D
qarket 81 Sty 7s ser A _April 19400 3
siteridlonale Elec let is. ,l957 A 0
lat & ref re set 0_1963 J J
Herr
1988 M S
let g 430ser D
'Heti West Side El(Chic)0_1930 F A
%Hag Mill Mach 78 with war.1958 J D
_
Without warrants
1045 Sale 10412 105
8
10
9512 Feb'3
9512 - _
13
10518 Sale 105
1051
791
31
7812 Sale 7812
5
867 88
8
88
88
5
90
9012
91
907
3
85
84
90
851
10218
10112 Apr'30
125%
128 May'30 __79
8114 81 May'30 ____
2
8018 81 81
81
10478 _ _ _ _ 10478 Apr'30
1153 118 116 Apr'30
4
3
10212 105 1024 10212
1
104
10314 104 104
275
985 Sale 9813
8
99
4
10112
102% -- 101
1
100 8 10114 10114 10114
8
1035 Sale 103 • 103 8 50
8
5
1023 1035 1024 10314 41
4
8
103 10512
9512 954
104 10612
6912 837
8
91
74
89
92
/
1
4
75
90
1004 10414
125 128
7514 811a
754 84
1004 105
11412 117
101 1074
1
10214 105
8
92 100 4
100 10212
99 10214
100%c10514
102 103%
89
83
97 4 Sale4 82
823 9
97 May'30 _
3
100 1003 10012 10012
4
3
9712
9712
978
4
997 101 Dee'29
8
83
83
83
87
7212 74
7212
7212
7112 7218 May'30
7012
71
7012
88
120 121 120
121
16
5
1033 104 100
4
104
155
1275 Sale 126
8
130
201
98 Sale 9612
98
9712 Sala 9812
9812
5
9712
983
8 23
1074 107312 1073
96 2 9 4
4 10912 21
8
88% 8912 883
6
4
8914
94
18
928 Sale 923
4
4
1023 10312 103
4
10312 17
91
3
90
74
874
9418 98
094 101
95
13 975
4
8818
10212
86
101
94%
9278
88
2
9978 997
82 92
99 1033
5
94 96
22
9914 105
2 109 124
3
9512 101
54
9218 974
67 10012 1043
6
13
997 10212
8
20
9312 103
61 101 10614
101 127 152
12
716
9938 10014
21
92
12403
35 105 107 8
7
165
90
96
24
87
974
847
8
69
13
97 10112
14
70
9118 98
25
97 100 8
7
2
85
90
_
67
126
9212 934 9112
3
9238
9012 42
8912 Sale 8912
9612 Aug'29
9612 -797 75 May'30
8
2
5414
54
57
5
412
10
77
7718 80
77
1
84
84
82
85
7
6818 691 68
69
1023 10314 103 Apr'30
4
14
10111 102 1013
4
4 102
10114 10158 101
10112 31
10514 1053 105
105% 28
37
993 Sale 99% 100
4
30
8812 Sale 8818
89
3
8412 Sale 84
84%
100 Apr'30
100
_
9414 Sale 93%
948
4 86
101 1011 101 May'30
94 20
612 Feo'36
4
72 -332
683 Sale 683
4
4
69 Sale 683
713 143
65 Mar'30
Li- 60 5812 60 14
4
891 109
89 • 891 873
1
95 _
96
96
14
7612 80
764
77
1007 Sale 10018 1017
8
89
10014 Sale 100
1001 230
18
10014 Sale 10018 1001
9013
15
90 4 91
8
91
2
8818 891 8818
89
4
91% Sale 913
9238 81
12218 Sale 1224 124
349
275
9718 Sale 97
98
8712
8712 Sale 87
10012
100 Sale 100
6212 62
61
6212
5478
53
5312 53
50
54 54 Mar'30
9914 99 May'30
99
ss 84 8314
85
9
22
13
43
9814 9812 973
4
97%
92
9212 92
93
10112 Sale 101
101%
103 10312 103
10312
9712 988 98
4
987
8
7412
7412 Sale 7412
_
9414 97
Apr'30
8814 89
873
4
88%
1
13
24
30
19
11
_
14
8718 94
87 92
75 IF2
54
664
25
90
8012 9218
6512 73
1014 104
14
101 10212
99 4 102
3
103 1013
*
97 102
82 99
68
8513
100 101
91
95
12
10018 10112
913 913
6112 744
51112 7412
503 65
4
064
51
84
94 4
8
9312 16
72
14 77
91 103
/
1
4
97 10012
/
1
964 10112
83 924
85 92 6
5
893 94
6
116 1298
6
9614 9918
8012 83
7212 74
7018 7194
70
75
1174 122
90 4 105
3
1014 1273
4
911 101
/
4
93
9912
93
99
10478 11102
78 8 90
7
84
9514
100 1034
87
95
80
964
60
52
47
94
75
91
1004
88
00
54
99
8834
964 98
90
973
4
9714 102
101 1018
4
98
984
6612 7712
81
97
80 90
3514
BONDS
N. Y STOCK EXCHANGE
Week Ended May 16.
New York Bond Record-Concluded-Page 6
Price
Friday.
May 16.
Week's
Range or
Lan Sale.
4•
(44
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 16.
Bid
Ask
1004 Sale
/
1
100 10014
102 ___100 Sale
/
1
4
Price
Friday.
May 16.
Week's
Range or
Lan Sale.
Rome
83nce
Jon. 1.
Low
Ifich No. Low Ilion
Bid
Ask Low
Blioh Ns Low RIO
190 993 102 Rhine-Ruhr Wat Oar 65
100
/ 102
1
4
4
.• 1 87 88 8512
1953
8512 89
8612 16
9712 Hog Richfield 01101 Calif 6e
14
100
100
1944 MN 96 Sale 95
9814 93 94 9814
100 May'30
997 10214 /tiros Steel lst s f 78
5
1955 FA 95 96
1
9512
9512
88 2 9714
1
47 963 1014 Rochester Gas & El 75 ser B _1946 MS 107 10738 10534 10534
10014 101
4
3 105 4 108 3
, ,
9713 10012
100 May'30
Gen mtge 5He series C
1948 MS 10534 10614 1053
1 105 108
4 1053
4
lairs Sale 102
26 100 10412
104
Gen mtge 49s series D
1977 MS 97 ____ 9734 May'30
/
1
4
97 99 s
7
1011 Sale 10118 1013
/
4
3 21
98 102
/
1
4
/ Roch & Pitts C&Ipm 50_1946 ▪ N 85
1
4
92 85
3 85 85
85
Royal Dutch 4s with warn_ 1945 AO 8912 Sale 8914
8912 126
88 3 c897s
,
105 Sale 105
8 10113 10812
1053
3
98
9914 98
St Jos Ry Lt H & Pr 1st 58_1937 MN 9814 Sale 98
9813 32 95 102
9814 16
94 9812
9812 9934 9814 May'30
95 1007 St L Rock Mt& P 5s stmpd_1955
3
6118 Sale 611
12 60 64
63
/
4
9412 9514 9412 May'30
9114 96 St Paul City Cable cons Ss_ _1937'.7 8614 89 86
8614
80 90
94 9614 914 Jan'30
/
1
9173 917 San Antonio Pub Serv let 63_1952.63 10714 Sale 10615 10712 -- 102 10712
3
19
8675 88 8678
844 8812 Saxon Pub Wks(Germany) 7s'45 FA 98 Sale 97
/
1
867
8 10
9814 43 9213 100 4
3
94 9412 9812
987
9812 9878
Gen ref guar 6Hs
8 15
/
1
4
1951 MN 93 Sale 9314
9412 33 86 c99
82 8214 82
4 81
8214
8514 Etchulco Co guar 6He
75 75
1946 3.6 70
75
1
75
45
731476 7314 Jan'30
7314 7314
Guar f He series B
1946 AO 70
85 70
7014
2 45
751
4
97
1
98 98
98
9612 98 Sharon Steel Hoop 8 f 51188MN 991 9912 99
/
4
9918
5 95 100
1948
9212 94 9212
7
923
4
89 100 Shell Pipe Line of deb 58...._1952 MN 96 Bale
9618 208 9212 c97
14
10314
3 997 10314 Shell Union Oil 5 f deb be __ _1947 MN 96 Sale 9512
10314 10314
6
96
84 9312 9914
9714
100
98 Jan'30
/
1
4
Deb 5e with warn
98 98%
/
1
4
4
1949 A 0 993 Sale 9912 101
595
9712 102
12
Shinyeteu El Pow lot 6545_ 1952 3D 8912 9012 89
/
1
4
90
6
8513 94
53
/ 5414 54 May'30 -- 5012 57 Shubert Theatre 6e..June 15 1942 ID 6112 637 6212
1
4
667
8
2 41
6912
10212
10212 10212
1 10184 1023 Siemens dr lialske s I 75 _..._1935 .1 .7 102 104 104
4
.104
10 100 104
9912 Sale 983
4 10014 431 971010112
Deb f 6He
1951 MS 104 10412 10412 10434 38 1014 108
/
1
2634 27 2612
2734 36
24
40 Sierra & San Fran
FA 10112
10 96 10233
/
1
4
_ 99 Apr'30 -- 9935 100 Silesia Elec Corp aPower 56.1949 FA 84 102 4 10012 102
/
1
4
f He__ _1946
863 8634
8634
2 80
/ 95
1
4
103 10312 10312 10312
99341 102 10312 Silesian-Am Exp coil tr 7s.. _1941 FA 9312 95 9138
95
53 9012 95
105 Sale 105
106
6 10312 10612 Sinclair Cons 011 16-year 70_1937 ▪ B 10312 Sale 10312 10334 30
1003 104
4
loo sale 9934 10012 40 981 10012
8
let Hen coll 6s series D
/
1
/
1
I930 MS 1004 10012 1004 10012 82 99 1003
/
1
4
4
____ 9014 8912
9014 13 83 93
let lien 674e series D
1938 3D 10238 Sale 1013
4 10212 33 9933 10235
9012 Sale 9014
90
/
1
4
7 83 93 Sinclair Crude 0115 He ser A.1938
/
1
4
99 Sale 9934 10014 135
/
1
4
9473 10012
8412 853 84
8534 26
4
804 853 Sinclair Pipe Lines f 5e_ _ _1942 A 0 97 Sale 97
/
1
4
98
25 9412 99
7913 80 80
2 70 86 Skelly 011 deb /She
80
96 Sale 9534
9634 42 91
1939 M
97
113 114 11333 114
/
1
4
/ 33 11113 11412 Smith(A 0)Corp let6Hs 1933 MN 103 Sale 102
1
4
103
8 10113 104
10412 105 10413 105
20 102 105 Solvay Am Invest 587
/
1
4
963 97 9612
4
1942 M
983
4
/
1
4
7 93 97
10614 10714 10534 10612 17 1043 109 South Porto Rico Sugar 76-.1941 I D 10414 10412 104
4
4 103 107
10414
94
/ 9473 94
1
4
4 923 97 South Bell Tel & Tel 15t e 1 58'41 • 3 103% Sale 10314 103
9438
/
1
4
4
/ 60 1014 10414
1
4
/
1
101 1013 101 Mar'30
4
99 101 S'west Bell Tel lot de ref 58.-1954 FA 10434 Sale 10412 10434 55 102 c106
973
4
_
-- 9712 Sept'29
Southern Colo Power Os A.._ 1947 3.6 104 10412104
1 10112 105
104
993 fooia 100
4 100
2 553; foliCi Spring Val Water 1st g be__ _1943 MN 9934 102 10034 May'30 -99 3 1003
,
4
4318 54 434 Mar'30 _
/
1
4314 4314 Standard Milling 1st be
1930 MN 10014 1003* lows loos 24 997 10012
3
43 _
/
1
4
5614 Mar'29 -let & ref 5s
10318 41 100 10412
1945 MS 10333 Sale 103
1 Aug'29 _
Stand 01101 NJ deb 55 Dec 15'46 P A 10314 Sale 10212 10312 116 1003 103
4
/
1
4
1 July'29 -Stand 01101 NY deb 410-1951 J O 9734 Sale 9712
68 95 98
98
6
712 512
7'2 21
Stevens Hotel let (is eel. A _ _1945 3.7 82 83 83
17
83
74 90
67 6912 68
70
9 64 7214 Sugar Estates (Oriente) 7s- _1942 MS 32
/ 42 36 May'30
1
4
36 48
10514 Sale 10514 1053
4
6 104 1053 Syracuse Lighting let g 5e-1931• D
4
--- 1054 1054 25 10312 10513
/
1
/
1
1412
1214 16
15
14
1412 c25
17 Jan'30
17 17 Tenn CoalIron & RR gen 50_1951
.• 1 102
/
1
4
_ 102 Apr'30
/
1
4
10212 104
16 Sale 15
16
1
15
20 Tenn Cop & Chem deb 6s B _1944 MS 101 gaile 10012 101
17 97 102
12
13
15
16
16
5
16 c2414 Tenn Elec Power let 65
10612 23 10413 108
1947• D 10614 107 106
10712 Sale 10712 10712 14 1054 108 Texas Corp
/
1
/
1
4
A0 104 Sale 10434 10512 362 1003 106
cony deb 55_ _1944
5
10014 101 100
1004 31
/
1
983 100 Third Ave let ref 4s
5
/
1
4
21
50
1960 33 50 Sale 49
45 5412
1103 Sale 11014 111
4
31 11015 112
AdjInc
AO 2712 27
/ 25
1
4
283 66
4
25 35
10612 Sale 10633 10714 87 1057 10812 Third AveIs tax-ex NY Jan 1960 3.1 96
3
97 96
963
4 20 92 963
1937
4
994 10014 9934 10012 22 94 19012 Toho Elec Ry 1st g be
/
1
Power let 76
s
1988 MS 10014 Sale 100% 10014 57 9814 1007
102 Sale 1011 102
/
4
5 10014 103
8% gold notes
9912 135
1932• 3 99 Sale 99
963 100
4
102 10314 10213 10212 16 10012 10314 Tokyo Elea
Light Co, Ltd
104 Sale 104
104
19 1013 104:3
let 6s dollar series
3
/
1
177 861 9212
89
/
1
1953• D 864 Sale 864
/
4
9112 9214 9112
9214 33 8634 921 Toledo Tr L & P 5H% notes 1930 3.6 100 Sale 100
/
4
19
100
99 100 5
/
1
4
3
6314 6414 6314
6414
4 5012 70 Transeont0118 Hs with war_1938• J 10212 Sale 102
103 106
96 10333
10234 Sale 102
/ 10314 41 9913 1037
1
4
3
Without warrants
96
9713 15 8713 98
10314 Sale 10314 10334 48 99 1033 Trenton 0&
/
1
4
4
7
1
El 1st g 68___ _1949 1 1 103 _ _ 103 May'30
102 193
97 Sale 97
984 248
/
1
9533 981 Truax-Traer Coal cony8)45_1943 MN 90 Bale
/
4
15
7912 9412
103 Sale 10234 104
46 98 104 Trumbull Steel 1st of 6s-1940 MN 102 1023 102
/
1
4
4
/ 1023
1
4
6 102 103 4
4
3
/
1
102 1024 10114 102
44 993 1024 Twenty-third St Ry ref be_ _1962 33 23
4
/
1
30 36
1
36
33 4971
105 107 10534 106
10 102 11014 Tyrol Hydro-Elec Pow 734o_1955 MN 9912 Sale 993
/
1
4
7 94 99 4
9913
8
,
983 ---- 9912 Apr'30 -s
914 99
/
1
4
Guar sec s 1 70
9213 9414 92
/
1
4
8 85 94
9312
1952 FA
14
9112 Sale 9113
921 28 88 3 9412
/
4
3
tiligawa Elec Pow f 7s--1943 MS 100 1004 100
/
1
10013 56
9712 10012
Ohio Public Service 7He A 1946 A 0 11114 11134 11114 11134
110 11212 Union Elec Lt& Pr(Mo)5e-1932 MS 101 Sale 101
8
7 100 1011
10114
4
1st & ref 78 Belies 13
1947 F A 112 Sale 111
112
Ref de ext be
/
1
2 no 118
/ 10114 14
1
4
1933 MN 1004 Sale 100
102
Ohio River Edison let 6e_ _ _1948 .7 J 10533 Sale 10584 1083
Un E L & P(Ill)let g 510 A.1954.73 1021 103 10212 102 4 15 100 103
/
4
4
6 105 5109
3
101
14
Old Ben Coal let fis
75
1944 F A
7412
2
7412
71 803 Union Eley Ry (Chic) 67-1945 A0 7534 77 77
3
77
70 79
Ontario Power N F let 5e...1943 F A 10113 1027 10214 102
3
/ 43 9914 10414 Union Oil let lien
1
4
3 9912 101 4
4
5e.__ _1931.73 1013
-- 10134 1013
,
Ontario Transmission let 56_1945 MN 10112
1004 Apr'30
/
1
98 101
30-yr 133 series A._--May 1942 P A 106 4-- 108
10814
10814 30 106 109
Oriental Deyel guar 6s
9614 Sale 95
1953 M
9712 183 95 100
let llen s f 53 ser C _ _Feb 1935 AO 100 1003 9973 100
s
6 98 10014
Hatl deb 511s
1958 M N 8934 Sale 8914
863 9314 United Biscuit of Am deb 63.1942 MN 10113 1011 101
4
/
4
/
1
4
3 99 108
101
90 202
Oslo Gas & El Wks extl 58_1963 M S 93 Sale 9212
9314 25 90 9412 United Drug 25-yr bs
963
8 71 92 99
1953 MS 96 Sale 9512
12
Otis Steel 1st M 6s ser A_ _ _ 1941 M 8 103 Sale 103
10312 27 10014 104
70 69
United Rye St L 1st g 4e
69
9 68 3 74
,
7934• J 69
Pacific Gas& El gen &ref 54_1942 J .7 102 Sale 102
/
1
4
1023
3 19 10034 103 United SS Co 15-yr Os
7 9513 100 4
1937 MN 10014 101 10014 10014
,
Pac Pow di Lt let& ref 20-yr 58'30 F A 100 1003 100
s
100
3 9934 1013 Un Steel Works Corp6Hs A.1951 3D 901 Sale 89
4
/
4
68
/
1
4
901
8514 9112
Pacific Tel & Tel 1st be
1937 J J 102 Sale 102
10212 20 100 10314
Sec el 6He series C
8973 32 8514 91
s
1951 3D 88 897 88
Ref mtge 53 series A
1952 M N 10434 Sale 1015
e 1 5
7 10133 10512 United Steel Wks of Burbach
0
Pan-Amer P & T cony s I 65_1934 MN 106 Sale 104
1073 183 10214 1073
4
4
18 102 10512
1051
Eseh-Dudelange 5 1 7s_ _ _1951 AO 104 Sale 104
let lien cony 10-yr 78_ ... 1930 F A 9912 102 99 May'30 ---/
1
4
/
1
4
9912 1043 IT Rubber 1st & ref 5s ser A 1947
4
86
52
' 85 Sale 85
3
8213 8814
Pan-Am Pet Co(of Caficonv 63'40 .1 D 97 984 9713
9812 53
/
1
gg
9812
10-yr 774% secured notes_1930 P A 1004 Bale 1004 10053 40 100 101
/
1
/
1
Paramount-B'way let5 Ms-1951 J
10212 103 101
/ 103
1
4
99 1031s Universal Pipe & Bad deb
/ 36
1
4
1936• 12 02 6914 61 May'30
61 63
Paramount-Fam's-Lasky 08.10473 D 101 101 1004 101
/
1
40 98 10314 Unterelbe Pow & Lt Os 60
85 84
5 81
85
A0 84
91
1983
Park-Lox 1st leasehold 69e_1953 J .1 8014 813 80
3 7512 8013 Utab Lt & Tree
4
80
/ c97
1
4
60
let & ref 56_1944 A0 9532 Sale 95
9213 97
Parmelee Trans deb 64
1944 A 0 7514 751z 74
78
9 74
913 Utah Power & Lt
4
/
1
4
41
FA 100 101 10012 101
97h 10112
Pat & Pamaie G & El cons 5s 1949 M S 103
-- 10134 Feb'30 ---- 101 101 4 Utica Elec L & P let be__ _ _1944 ii
,
_
10315 Feb'30
lat s f g 50-1950
99 103
/
1
4
Pathe Each deb 7s with warr 1937 M N 7312 74 7314
75
19 86
7732 Utica Gas& Elec ref & ext be 1957 J
i63
104 Apr'30
/
1
4
10214 1044
/
1
Penn-Dixie Cement 68 A
1941 M S 8314
-- 83
84
6
7313 85
Util Power & Light 5Hs_ _ 1947 3D 9214 gale 91
9214 107 86 95
-Peop Gas & C let cones 6s_ _ 1943 A 0 11214 116 11214 May'30 ---- 11114 1123
4
Deb be with or without war1959 P A 8712 Sale 8712
881 121
8612 9112
Refunding gold bs _ _
1947 M S 10213 105 10212 1023
4 36 101 c10512
Registered
10073 Mar'30 ---- 1007 100
MS
5412 Sale 5412
3
/
1
4
Sugar f risref 75-1942 J
55
4 54 6112
lta lot
8
Phlla Co sec be ser A
1967J D -653 gide" 99
/ 10014 141 96 10075 Victorn
1
4
V ertie ,:el
45 25 Mar'30
1953• J 30
21 25
Plana Elec Co 1st 4 He._ ._1967 MN 9934 99% 9934 100
21
97 10012 Va Iron Coal& Coke
let g 5e 1949 MS 72 90 73 May'30
70 73
Phlla & Reading C &I ref be-1973 J J 8634 Sale 8634
87
37 84 88
Va Ry & Pow let &
• J 101 10114 101
3 99 4 102
10133
,
Cony deb 68
1949M S 10634 Sale 104
/ 1073 1048 91 1073 Walworth deb 0Hs ref 55_ _1934 A0 103 Sale 103
1
4
4
4
2 93 109
103
with war 1935
/
1
4
/
1
4
/
1
Phillips Petrol deb 5M3_
1939 .1 D 964 Sale 9612
97 400 90 97
103 105 95 May'30
Without warrants
87 95
Pierce 011 deb s 188._Deo 15 1931 J D 10612 10712 10512 May'30 ---- 104 107
let sink fund Os series A _ _ 1945 A0 9114 Sale 91
911
10
gals 9314
/
1
Pillsbury Fl Mills 20-yr 6s _1943 A 0 1044 105 105
105
4 10212 10514 Warner Bros Pict deb
MS 107 Sale 10638
Pirelli Co (Italy) cony 7s
1952 MN 105 107 10612 May'30 ---- 105 4 1133 Warner Co let Os with 6s-1939 AO 9934 Sale 9934 1071 685 104 118
3
4
997
2 95 1001s
warr_1944
9412
Pocale Con Collieries 1st of be'57 J J 941
9413
1
9412 943
4
/
4
Without warrants
AO 971 Sale 97
6 89 98
971
/
4
2Port Arthur Can dr Dk 6e A.1953 F A 1021 10414 103
103
1 10212 10512 Warner Sugar Refki let 75...1941
10418 Sale 104
105
20 102 107
/
1
4
/
4
let M 6s series B
1953 F A 1021 10314 10213 10213
2 10012 1043 Wstnerped
4
ar am Sugar Corp let 7s_ _1939 3 3
50 Apr'30
48 6612
Portland Elec Pow 1st 6s B.1947 M N 10014 101 100
100
/
1
4
9 9813 1003
4
____ 4833 48 Mar'30
5112
48
Portland Gen Elec let 5s_ 1936 .7 J 10012 -- 10112 May'30 --__
9814 103 Warner-Quinlan deb(
92 Sale 02
921
/
1
4
5 83 95
/
1
4
Portland Sty Ist & ref _ _ _ _1930 M N 9934 10013 993
4 100
11
97 10015 Wash Water Power
/
1
4
/
4
. 104 -- 1041 1051
12
1
15 10013 1054
53 ISC
Portland Ry L & P lst ref 55_1942 F A 1013 1043 10034 1013
4
4
4 29 96 1013 Weetchest Ltg g 5e stpd gtd_1950
4
D 1043
- 106 May'30
1
103 4 105
4
964 101
let Hen de ref Os series B 1947 M N 993 Sale 99
/
1
/ 1004 16
1
4
/
1
Weis l Penn Power ser A be.. _1946 M
e u
10414 104 104
4- /
1
4
E
v
2 101 4 104
104
,
/
1
4
let lien & ref 71gs ser A _ _1946 MN 10412 105 104
/ 1043 13 10484 107
1
4
5
3
series
3 18 102 10512
1963 M 8 1043 10434 10412 1043
9912
Porto Rican Am Tobconv 6a 1942 J J 9012 Sale 9912
9 90 98
1st 534e series F
10433 105 10533 10512
7 10413 10518
Postal Teleg Jr Cable coil 55_1953 J J 9512 Sale 9612
96
70 9312 9512
1st sec be series G
10435 Sale 10433 104
/ 18 1017 10511
1
4
e
81 7712
Pressed Steel Car cony g 5E7_1933
803
J 77
3
8
7712 94
Western Electric deb 5s_ -. 94 A ° 103 Sale 103
/
1
4
/ 10312 37 10112 104
1
4
195654 0
11 9 3 D
100 100 Jan'30 ---- 181 194
Pub Serv Corp NJ deb 4;0_1048 F A
/
1
WesternUnion coil trust 5e..- 1938 3 3 1014 10212 10134 May'30
14
10012 103
Pub Serv El de Gas 1st& ref 53'65 J D 1033 104 10373 10413
4
7 10215 105
Fund & real est g 43517..1950 MN 9714 Sale 9614
9775
9 95 98
/
1
4
let & ref 4 He 19673 D 9812 99 9814
13
6 95 100
99
15
-year 634e
109 Sale 10533 10914 19 108 110
1st&ref4l4s
1970 F A 9814 9812 9814
98 4 132
9513 9914
3
25
-year gold 56
1031s Sale 10313 10312 22 100 10
/ 414
1
4
41
Punts A1egre Sugar deb 711-1937 J J 38 Sale 38
26
38 55
Westphalia Un El Pow Os__ _19533 3F DA 871 Sale 8612
/
4
66 16
88
99501 J J
91
41
Certificates of deposit
3712 Sale 3712
25
3712 65
Wheeling Steel Corp lot 550 1948 J .1 102 Sale 102
10235
8 1003* 103
10012 22 98 10013
Pure Oils f bq% notes_ _1937 F A 100 10012 100
1st & ref 43.4e series B
/
1
9012 38
1953 A 0 9014 Sale 904
87 98
9412 9412
Purity Bakeries e I deb Se......1948 3 J
9514
6
9413 9712 White Eagle Oil& Ref deb 530'37
Remington Aromas
3 934 97
1937 MN 96 Sale 96
9612
With stock Duch warrants1
10518 1063 10573 10614 41 102 10834
4
/
1
4
M
73
Nix 101
Rem Rand deb 5s with war '47 MN 98 Sale 98
99
White Sew Mach Os with warn'303 J 81
85 87 Feb'30
81 90
4
Repub I & S 10-30-yr 55 e f._1940 A 0 10212 1023 102
4
/ 1023
1
4
1 10114 10314
Without warrants.
7614 80 80
86
6 75
80
Ref & gen 5 Hs series A _1953 J
10312 103 4 10312 10312
3
Perth) f deb 68----3 10018 1047
3
78 75
1
73 8013
Hap M N 74
75
10433 12 102 1043 Wickwire Open St'l let 7e....19353 .1 3412 35 34 May'30 -Revere Cop & Br fle_July 1948M
1043 10514 104
3
s
2512 40
Reinelbe Union Ts with war_1946 J J 10612 1063 106
10614 10 993 10712
Ctf dep Chase Nat Bank
4
4
26
30 34 May'30
251/4 393
Without stk purch warr _ _1946 1 .7 981 Sale 97 4
/
4
Wickwire Sp St'l Co 73-Jan 1935 MN 28
4
,
29 30
9814 26 921 99
41
2
25
34
103
4 100 103
Ctf dep Chase Nat Bank
4
Rhine-Main-Danube 75 A _1950 M S 1063 Sale 103
28 2633
25
10
4
333
25
28
Rhine-Westphalia El Pow 7e 1950 M N 1001 Sale 1003
3
5 10113 12 100 104
WIllys-Oyeriand of 614s_ _ 1933 M S 9934 100 100
1003
4 22 98 10163
91
/
1
4
21
Direct mtge 63
86 954 Wilson & Co let 25-yr s f 68_1941 A 0 101 Sale 1004 1011
1952 M N 91 Sale 90
/
23 99 c10274
1
/
1
9112 20
Cons M as of'28 with war_1953 F A 91 Sale 9018
83 94
Winchester Repeat Arms 73.42'41 A 0 103 Sale 103
27 100 103
1031
/
1
4
9114
Without warrants
,,
85 911 Youngstown Sheet & Tube be'783 J 103 105 1014 1021
4
F A 903 9114 91
92 10012 108
/
1
Con m 63 of 1930 with warr1955 A 0 9114 Sale 9112
109
92
90 4 938
3
Midvale St de 0cony St be_ .1936 M S
Milw El Ry & Lt ref & ext 4%3'31 J J
General & ref Is series A-1951 J D
let & ref 5e series B
1961 J D
let & ref 5e ser B temp
D
1961
Montana Power 1st be A _ _ _1943 J
Deb Is series A
1962 D
Montecatini Min & AgrleDeb Ts with warrants._ 1937 J J
without warrants
J J
Montreal Tram let & ref 58A941
J
Gen & ref e f 5e series A-1955 A 0
Gen & ref s f be ser B
1955 A0
Gen & ref s f 4Hs ser C_1955 AO
Gen & ref s f 5s ser D
1955 A0
Morris & Co ist s f 4Hs
1939 J J
Mortgage
-Bond Co 45 ser 2_1966 A0
10
-25-year be series 3_-_1932 .1 .7
Murray Body lst6 Hs
1934 .7 0
Mutual Fuel Gas let gu g 58_1947 MN
Mut Un Tel gtd 6s ext at 5% 1941 MN
Namm(A I)& Son See Mfrs Tr
Nassau Elea guar gold 45. 1951 J 3
Nat Acme lets I Os
D
1942
Nat Dairy Prod deb 5)(s_1948 F A
Nat Radiator deb 6He
1947 PA
Nat Starch 20
-year deb be _1930 .7 J
Newark Consol Gas cons 58_1948 .7 D
New Engl Tel & Tel be A_._1952 D
let g 4Hs series B
1961 MN
New On Pub Seri let 58 A _1952 AO
,
First & ref Is series B__ _1955 J D
.
NY Dock 50
-year let g 48_1951 F A
Serial b% notes
1938 AO
N Y Edison lst & ref 6 Hs A _1941 A 0
Let lien & ref Is series B1944 A 0
NYGaaElLtH&Prg 58_1948 .7 D
Purchase money gold 4s_ _1949 F A
N YLE& W Coal& RR 510'42 Si N
N YLE&W Dock & Imp be 43 J J
NY&QEIL&Pletg 56_1930 F A
NY Rye 1st R E& ref 4s
J
1942
Certificates of deposit
30
-year adj Inc be.___Jan 1942 AO
Certificates of deposit
N Y Rye Corp Inc 6s_Jan 1965 Apr
Prior lien (is series A
19653 J
N Y & Richm Gas lstas A 1951 MN
NY State Rye 1st cons410.1962 MN
MN
Registered
Certificates of deposit-----50-yr ist eons 6He series B1962 141:a
N Y Steam 1st 25-yr 6s ser A 1947 MN
N Y Telep lat & gen s f 4)48_1939 MN
30
-year deben s 68__Feb 1949 F A
30
-year ref gold 13s
1941 A 0
N Y Trap Rock let /
19463 D
(
1
4
Niagara Falls Power 1st be_.19323 .7
Ref & gen 6s
Jan 1932A 0
Nlag Lock &0Pr lst 5s A I955 A 0
Norddeutsche Lloyd 20-yr et63'47 MN
Nor Amer Cem deb 6Sie A 1940 M S
No Am Edison deb 5e ser A _1957 M 14
Deb 5He ser B____Aug 15 1963 F A
Deb be series C
1969 M N
Nor Ohio Trao & Light 6e._1947 M 8
Nor States Pow 25-yr 5e A-1941 A 0
lst te ref 5-yr (15 ser B..-- _1941 A 0
North W T let fd g 4Hs gtd_1934 J J
Norweg Hydro-El Nit 5.14s-197 M N
--
I
C Caen sales.
3515
FINANCIAL CHRONICLE
MAY 17 1930.1
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, May 10 to May 16, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Railroad
100
Boston & Albany
100
Boston Elevated
101)
Preferred
100
1st preferred
100
2nd preferred
Boston dz Maine
Prior preferred stpd-100
Series A 151 pfd 8%4_100
Ser B lot pfd stpd__ _100
100
CI C lst pref stpd
Boston & Providence-100
East Mass St Sty adjust100
100
Preferred B
100
let preferred
Maine Central
100
100
N Y N H dr Hartford
Norwich & Worcester...100
100
Old Colony
Pennsylvania RR
50
100
Vermont & Mass
182
81
92
106
94
81
107
94
186
82
92
108
95
Range Since Jan. 1.
Low.
High.
45 175
Feb 18634 Apr
223 67
Jan 8434 Mar
16 85
Jan 94
Apr
164 10535 Jan 110
Feb
204 89
Jan 9935 Mar
111.
110 111
8034 7934 8034
125
125 12515
112 11235
177
175 177
15
15
2034
30
30
36
36
37
8334 8334
11335 115%
133 133
13634 13734
7834 7734 79
11834 11834
148
133
41
130
200
290
30
145
30
100
30
59
698
17
104
77
125
10834
170
15
30
36
82
10734
130
125
72
116
Jan
Jan
Jan
Mar
Jan
May
May
May
Feb
May
Mar
Jan
Jan
Jan
11134
84
130
114
177
2834
47
48
86
12734
135
140
86Ni
11834
Miscellaneous
American Equities Co
30 16
Jan
1834 1834
Am Founders Corp corn stk
1834 18
1934 8,724 1731 May
Amer Pneumatic Serv25
535
534 6
1,190
Common
535 Jan
25 20
302 19
Preferred
19% 2034
May
100 24734 24534 2503.4
1,793 21614 Jan
Amer Tel dr Tel
Rights
2034 2134 17,493 1934 May
462 18
Amer & Conti Corp
May
2534 2435 253.1
Amoskeag Mfg Co
240 1234 Jan
• 1335
13
133.4
Aviation See of New Eng.
270
5
814 911
Feb
405 6834 May
Illtgelow-Sanford Carpet_ ..* 6835 6815 70
100 10014 10034 10034
195 100
Jan
Preferred
2434 2634
411 22
Boston Personal Prop Trust
Jan
85 80
8()
81
Brown Co preferred
Feb
535 24
2035
Columbia Gra ph aphone--- __ _ _ __
28
May
1,015 1134 May
Credit Alliance Corp ei A__
12
1134 13
425 1034 Mar
Crown Cork dr Intl Corp10% 11
456 26
35
36
Jan
East Gas & Fuel Alain corn. 35
255 76
100 81
82
Jan
80
434% prior pref
100 06
702 92
6% corn pref
Jan
953.4 99
Eastern 88 lines Inc new
3334 3134 3334 1,307 2535 Jan
200 44
Preferred
100
Jan
48
48
1st preferred
100
120 9335 Mar
98
9934
400 2834 May
Economy Grocery Stores-30
2734 30
Edison Eiec Ilium
100 265
1,191 237
265 273
Jan
Empl Group Assoc
2135 Feb
_ - 25% 2534 2634
69
Galveston Boris El 1;1_100
45 12
15
Mar
1534
General Alloys Co
835 Feb
1134 1334 5,080
General Capital Corp
720 43
Jan
513.4
5035 64
German Credit Invest Corp
lot preferred
100 11
Jan
18
1934
GilchristCo10 12
2
10
May
%
Gillette Safety Razor Co..:
702 8034 Apr
84% 8634
Greenfield Tap dr Die Corp 16
50 14
16
16
Jan
36
Hathaway's Bakeries cl A_
208 2934 Mar
3734
Hathaways Bakeries el B__
372 16
18
16
18
Mar
Preferred
50 98
Apr
100 101
135 27
HYgrade Lamp Co
Mar
3234 33
Intl Buttonhole Mach_10 13
20
13
14
834 Feb
146 14
Internet Carriers Ltd corn
.
May
1534 1634
International Com
90
1035 113.4
534 Jan
Inter Hydro El Sys el A _ -- ______ 45% 4774
520 3934 May
Jenkins Television corn
6
__ __
535 6
234 Jan
18 88
Kidder, Peab accep A pf100 __89
89
89
Jan
25 1074 1034 1074
Loew's Theatres
138
734 Jan
834
Mass Utilities Assn
8
834
Mergenthaler Linotype 100 106
106 10634
Mtge Bank of Colombia
American shares
2935 2934 32
National Leather
134
174
10
4
National Service Co
4
4
New Eng Equity corp.__
32
30
30
New Engl Tel dr Tel_10111 15134 15134 153
Nor Amer Aviation, Inc
__ __ __
11
1134
Pacific Mills
100 22
2235
22
Plant (Thos G) lot pf_ _100
5
5
Public Utility Hold com_ __
25
2435 25
Railway Light dr Ser Co__ __ __
84
86
Reece But Hole Mach Col° 16
16
16
Reece Folding Mach Co_10
134
134
Second Inc Equity corn stk
535
534 534
Shawmut Ass'n corn atk-- _
1935 1834 1934
Stone dr Webster Inc
9835 10134
Swift dr Co new
2934 31
Torrington Co
56
58
Tower Mfg
135
134
13.4
Tr Conti Corp corn
1534 157.4
Union Twist Drill
6
30
31
United Founders Corp _ ___
2934 2934 3035
United Shoe Mach Corp_25 6715 64
68
Preferred
25 31
31
32
1:1 8 Elea Power Corp
1834 1634 1834
US & lot Sec Corp pref
______
41
41
0 fi &Overseas Corp corn
______
1835 1914
Utility Equities Corp-- •
17
17
Utility Equities Corp pref_
84
8335 86
Venezuela Holding Corp_
3
2
334
Venesuela-Mexico Oil
1035 10
11
Waldorf System Inc
•
2734 2834
Walworth Co
3434 3434
Warren Bros Co new
5934 5934
20 preferred new
1935 20
Westfield Mfg Co cona
24
24
2434
Whittelsey Mfg Co A
135
13.4
inning
Adventure Cons Cop Co_25
Arcadian Cons MM Co_.25
Arizona Crommercial
5
Calumet & Hecht
25
Copper Range Co
25
East Butte Conner Mln_10
Frankling Mining
25
Hancock Consolidated_ 25
1
Island Creek Coal
Isle Royal Copper
26
Keenrena Copper
25
25
Lake Copper Co
25
Mohawk
New Dominion Copper_ _1
Niplasins Mines Co
5
16
North Butte
Ofibway Mining Co
25
Old Dominion Co
25
•
P C Pocahontaa Co
26
Quincy
Rights
35c
50
35e
Sc
35c
21
13
134
500
134
3634
35
1934
1234
135
35c
134
3434
834
2
134
35
8c
134
2III
75c
6
13
2334
20c
235
2434
21c
134
13.4
oi
2
131
3734
100
Ix
234
75c
635
13
2534
35c
Apr
Mar
Mar
Apr
May
Mar
Apr
Jan
Jan
Apr
Apr
Apr
Apr
May
2174 Mar
3235 Jan
9
2435
27414
2234
3134
1834
12
80
103
28
85
3735
20
1234
41
83
99
36
4934
100
40
276
2734
24
1434
eo
Jan
Jan
Apr
Apr
Apr
Fet
Apr
Jan
Mar
Ap
Jar
Am
Ap
Mar
Ap
Jar
Nlad
AP
Ap
Aix
Fet
Ma
Ap
Jar
Mai
Ap
1974
19
10534
1934
4034
2034
10834
34
1514
1934
Mar
jar
Jar
his
Jar
Jar
Jai
Ap
Ap
Ap
1434 Ma
53
Ap
93.4 Ap
91
Ap
1234 AP
1,750
634 Jan 12
Ma
156 106
Mar 10834 Fel
75 2934
134
125
660
4
135 273.4
422 143
120
534
948 2034
15
5
749 1734
345 7234
80 15
134
200
434
135
1,010 16
535 82
606 2934
329 56
125
1
85 1234
666 30
3,347 27
3,050 5955
175 30
4,414 1434
20 41
705 16
20 1035
652 71
1,100
1
415
7
195 2534
10 32
10 5835
18 1935
540 22
65
134
May 32 Ma
Jan
214 Ma
Mar
8
Ja
Mar 3734 Ja
Feb 16034 Ap
Jan
153.4 Al
Jan 30
Fe
Apr
7
Fe
Jan 2774 At
Jan 9035 At
Jan
1655 At
Feb134 Ja
Jan
6
Fe
Jan 2134 Ma
Jan 1133.4 At
May 343.4 Jo
May 67
Ja
Jan
3
mg
Jan 2034 Al
May 61
Ja
May 4434 Ms
Jan 68
Ma
Jan 32
Ms
May
23
Ja
May 52
Mt
Jan 2234 Al
Jan 20
At
Jan 91 34 Al
Feb
334 Ma
Mar 7834 Ja
Feb 3174 At
May 4134 Ai
Apr 65
Ms
May 20
Ma
Feb 2734 Ja
Jan
234 Fe
25
Sc
300 25c
250
134
577 16
778 11
55
1
400 30c
470
134
100 3434
600
8
50
154
850 90c
215 3035
1,10
Sc
15
134
3,6692
100 750
370
6
225 10
3,315 1535
6.239, 20c
May
May
Jan
may
May
May
Apr
Jan
May
May
Feb
Jan
May
Ap
May
May
May
May
Jan
Jan
Apr
250
Ja
600
Ja
134 Ja
8234 Jo
1674 Ja
134 Ja
50c Ma
334 Fe
43
Ja
1234 Ja
234 Fe
134 Ma
52
Fe
150
Ja
134 Ja
554 Ja
134 Mt
10
Ja
17
Mg
443.4 Ai
60o At
Friday
Sales
Last Week's Range for
Sale
of Prices.
1Week.
Stocks (Concluded) Par Price. Low. High Shares.
St Mary's Mineral Land _25
6
Utah Apex Mining
Utah Metal & Tunnel__ _1
234
19
1911
234 214
60c 60c
Bonds8134 813.4
Amoskeag Mfg Co 68_1946
93
93
1946
Brown Co 5358
92
05
Can Nat Paper Co 6s_1949
Chic Jet Ry & U S Y 5s '40 10135 101 10134
913.4 sn%
1940
4s
East Mass St Sty Co
42%
1948 41% 40
Series A 4358
48
49
1948
Series B Si
1936 9634 9634 9734
Hood Rubber 78
10335 104
Hydro-Elec Sys 6.5 '44
95
95
lot Power Sec Corp 7s_ 1952
98
98
1955
Mass Gas Co 50
1931
9931 99%
434s
Miss River Pow 5s_ _ _1951 10134 10134 101%
100% 10034
New Engl Tel & Tel 58 1932
535s
1023.4 10235 10234
109 109
PC Pocahontas deb 75 1935
101% 101%
1944
Swift dr Co 58
100 100
Van Sweringen Co 6s _ _1938
10034 10034
Western Tel & Tel 56.1932
405
530
1,000
$1,000
4,000
3,000
5,000
3,000
Range Since Jan. 1.
High.
Low.
17
May
23( Feb
60c Mar
Jan
28
335 Mar
900
Apr
7935 Jan 84
Feb
93
May 9734 Jan
Jan
92
Jan 95
9834 Jan 101% May
86
Jan 9134 May
21,000 40
Mar
May 48
3,000 46
Mar
Jan
55
5,000 90% Feb 97% May
8,000 82
Apr
Apr 108
3,000 95
May 95
May
10,000 98
May 98% May
Apr
9,000 98
Jan 100
2,000 9815 Jan 101% May
8,000 99% Jan 10134 May
12,000 10234 May 10235 Slay
10,000 100
Jan 110
Feb
1,000 99% Mar 10234 Star
2,000 99
Feb 100
Apr
19,000 0914 Feb 101% Mar
•No par value. s Ex-dividend.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, May 10 to May 16, both inclusive,
compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
-Par. Price. Low. High. Shares.
Stocks
Abbott Laboratories tom..•
Acme Steel Co cap etk _25
Adams (J D) Mfg corn..--•
Adams Royalty Co corn....
Addressogr lot Corp cora •
Altorfcr Bros Co cony pf_.
Allied Motor Ind Inc com_•
Allied Products Corp A •
Amer Colortype com____*
Amer Commonw Power
•
Common A
Amer Equities Co corn.. •
Amer Pub Serv pref_11111
Am Pub Util prior pref _100
Amer Radio & Tel St Corp.
Amer Service Co com__ -•
Am Utll & Gen Corp B vie*
Appalach Gas Corp com-•
Art Metal Wks Inc corn....•
Assoc Appar Ind Inc corn *
Assoc Investment Co_......•
•
Assoc Tel & Tel cl A
$6 preferred (w w)
Assoc Tel Util Co corn-.
Atlas Stores Corp com--•
Auburn Auto CO com_-__•
Antora Washer Co cony Pf*
25
Balaban & Katz v t c
100
Preferred
Bancoky Co (The) eorn_10
•
Bastian-Blessing com_
Bendix Aviation com____*
Binks Mfg cl A cony pref__*
Borg-Warner Corp com _10
100
7% preferred
Bonin Vivitone Corp pfd-•
Brach & Sons(E J) oom__•
*
Bright Star Elec Co A_
Brown Fence & Wire cl A..•
•
Class B
Burnham Trad Corp
Common
Preferred
20
Butler Brothers
Camp Wy & Can Fdry_ *
Canal Const Co cony pref_*
10
Castle & Co (A NI)
CeCo Mfg Co Inc corn......'
Cent Illinois Sec Co Ws__
•
Central III P 8 pref
Central Ind Pow pfd_.100
Certificates of deposit100
Cent Pub Serv class A..-•
•
Common new
Cent 9 W Util corn new....'
•
Prior lien pref
•
Preferred
Chain Belt Co common....•
Cherry Burrell Corp corn'
Chic City & Cons Sty
•
Common
•
Part preferred
•
Chicago Corp tom
Convertible Preferred-•
Chicago Elec Mfg A
Chicago Flexible Sh com_5
Chic Investors Corp corn'
•
Preferred
Chic No Sh & Milw
100
Common
100
Preferred
Chicago Rys part ars I 100
Cities Service Co corn......•
•
Club Alum Uteri Co
Coleman L& S Co corn_ *
Colurn Pic new corn v t c •
CommonwealthEdison.100
Com'ty Tel Co cum part..*
Com'ty Water Serv corn....'
Construction Material......•
•
Preferred
Consumers Co common„6
V t c put warrants
*
Cont Chicago Corp-Common
•
Preferred
Continental Steel corn_ •
Common v t
5
Cord Corp
Corp Sec of Chic allot ctL•
Common
25
Crane Co corn
Preferred
100
Curtis Light's Inc corn_ •
5
Curtis Mfg Co corn
Davis Industries Inc A..*
Deck,Cohn dr Co A com100
_6
Dexter Co (The) com
Diversified Invest Inc A _ _*
41
6835
3535
15
2614
20
9035
214
10%
1234
123$
19
5834
6434
2634
x36
169
23
4234
2735
38
1534
25
23
29
41
6735
31
11%
3534
40
1434
3834
3035
13
1334
2834 29%
1035 1134
2234
83.4
5935
14
2715
93%
9035
9035
40
38%
30
35
27% 25%
101
101
9735 93%
4335
33
6
21
450
500
4,085
100
2,100
20
1,150
1,100
325
High.
Low.
35
65
28
9
22%
34%
141.5
3454
21
Jan
May
Feb
Jan
Jan
Feb
May
Jan
Jan
26
2834
550 2334 Feb
17% 20
634 Jan
4,300
Jan
9735 9834
31 96
90% 92
Jan
50 88
2% 23.4
850
134 Jan
935 108% 9.650
Jan
6
1234 1334 1,150 11
Apr
12% 13
1,750 11
May
19
20% 1,750 17
May
3614 38
150 34
May
58% 60
200 5834 Jan
6435
64
40 68
Jan
95
97
20 90
Apr
2435 2734 7,500 2134 /slay
3435 36% 1,500 1738 Jan
159 194
3,700 159
May
12
123 12
Jan
1334
76% 80
60 66% Jan
96
96
33 90
Jan
23
Jan
2334 3,750 19
36
39
1,100 35
May
40
43
Jan
6,325 33
2434 27%
800 24
May
3735 393.4 17,250 3234 Jan
100 10034
350 97
Jan
1035 1035
Apr
60 10
15% 15%
100 1834 Apr
3
3
25
31 Feb
2431 2531
350 1734 Jan
23
550
2435
938 Jan
834
5934
14%
27%
9535
1%
1335
14
41
41%
70
36%
11%
38
40
15
39%
3134
Range Since Jan. I.
13.4
3334
13%
403-3
10%
14
734
38%
1.400
1,350
1,850
May
12
28% Slay
10
Mar
25
65
150
850
150
367
10
10
6,335
2,910
7,650
150
192
so
zo
19
7
45
13%
26
92
86%
8736
35
22
213(
98
9334
43
3234
134 1,500
14
1,400
15
29,050
4235 2,950
10%
30
14
50
300
8
500
3835
1
934
1234
38
8
14
6
3234
22.14
834
60
15
28
96
9035
9034
40
35
28
10174
9736
4335
33
46%
99
36%
16
38
45
19%
49%
34
32
Apr
Mar
22
100
Apr
9454 Apr
3
ADC
11
Jan
1514 Apr
143-4 May
27% Feb
4534 Mar
8314 Mar
64% May
Slay
97
29% Feb
36% May
264% Apr
Jan
15
84
Mar
100
Jan
Mar
25
4634 Ayr
5736 Alar
30% Mar
503-1 Mar
Apr
101
1754 Jan
Jan
13
Apr
4
2831 Mar
Apr
31
17% Apr
36 34 Apr
17 54 Jan
Jan 30
1154
Ap
Jan 71
NA
Ma
Jan 33
May 97
AD
95
Jan 94
42%
Ja
37
Fe
Ja
31
Jo 105
Ma 100
May 4834
Slay 40
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Apr
Apr
Jan
Feb
Mar
Jan
Jan
Apr
Apr
Mar
Apr
mar
APT
Jam
2
Mar
Mar
20
17% Apr
Mar
45
Feb
15
Jan
16
10% Apr
41
6
6
11
5
Jan
9
21
24
53 1934 Apr 40
1614 18
100 10
Feb 25
3634 353.4 38% 69,450 26% Jan 4434
53/
i 53-4
1,000
334 Jan
7
26
27%
375 25
Mar 40
47% 5035
500 42% Apr 65
312
308 322
2,300 23534 Jan 338
42
41
42
400 2034 Feb 42
15
84 1234 Jan
1635
19
19% 1934
500 14
Jan 24
42
40
43
1,150 3854 Jan 49
431 531 1,000
8
451 Slay
134 Jan
350
3%
134
134 134
20%
4635
Mar
Jan
May
Apr
May
Mar
Feb
Mar
Apr
Ayr
Feb
Feb
Jan
AM
Apr
Jan
Apr
Apr
Slay
Apr
Apr
API'
Feb
Feb
Apr
2034 2135 4,063 1934 May 26
46
47
4,750 46
Apr 4734 Apr
20% 2234
400 15
Feb 23
Apr
22
22
100 1835 May 25% Apr
103-4 1135 39,200 10% May 17% Mar
11
69
69
70
1.350 54
Jan 7234 Apr
19,500 2535 May 28% Apr
2631 25% 27
43
42
43
1,103 42
Apr 4434 Mar
117
117 117
35 11334 Jan 11934 Feb
19% 1931
10 17
Jan 22
Feb
27
27
10 20
Jan 28
Mar
3
2
3
350
135 Feb
3% Jan
1234 13%
100 1034 Jan 16
Mat
15
15
20 14
Apr 16
Jan
5135 5134 5134
31 4835 Jan 5134 Apr
3516
FINANCIAL CHRONICLE
Friday
noses
Last Week's Range for
Sate
of Prices.
Week.
Stocks(Continued) Par. Price. Low. High. Shares.
Eddy Paper Corp (The). •
El Household Util Corp-10
Eleo Research Lab Inc__ •
Emp G & Fuel Co 7% p1100
100
6% Preferred
Empire Pub Serv Corp A...•
Fabrics Finish Corp corn.*
Fitz Simmons & ConneB
D dr D common
•
Floote Bros & M Co.
-5
Oardner-Denver Co coin.*
Gen Candy Corp Cl
Gen Theatre Equip•II o-•
Gen Water Wks Corp el A•
$7 peeferred
•
Gleaner Corn Bar com___•
Great Lakes Aircraft A
Great Lakes D & D___1110
Greif Bros Coop'ge A corn.*
Grigsby-Orunow Co corn.*
Hall Printing Co com_-_10
Harnischfeger Corp corn..
Hart
-Carter Co cony pfd.•
Hart-Scbattner & Marx 100
Hormel & Co(Geo) corn A •
Houdallle-Hershey Corn A*
Class B
•
Illinois Brick Co
25
Illinois Nor Util pref. 100
Ind Ter Mum 011 n-v A.--•
Inland Gill Inc claw A...
5
Insull Gill Invest Ino--•
•
2d preferred
Invest Co of Amer coin-.
Iron Fireman Mfg Co v o•
Jackson Motor Shaft Co.*
Jefferson Elea C.oorn..-•
Kalamazoo Stove corn._ _•
Bat, Drug Co corn
1
Kellogg Switchb'd com...10
Ken Radio Tube & Lt
•
Common A
Kentucky Util ir cum p1_50
Keystone St & Wire com •
Kirsch Co cony prat
•
Kup'heimer Co 500
Preferred
100
La Salle Ext Unly corn_ _b
Lan* Drug oom •t a. _•
Libby McNeill & Libbi_10
Lincoln Printing corn
•
50
7% Preferred
Warrants
Lindsay Light Co com....10
Lindsay Nunn Pub $2 pf-•
Lion 011 Ref Co corn__ _-•
•
Loudon Packing Co
Lynch Glass Mach coin...*
17
47
1%
91
8531
20
5
17
50
5135 15,950
1%
750
92
200
86%
300
21
600
634 2,750
Range Since Jan. 1.
Low.
17
41
55
85m
76
20
234
May
Feb
Jan
Mar
Mar
Mar
Jan
High.
21
5734
214
9744
8634
2214
944
Friday
Sates
Last Week's Range for
Sate
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Fou 130.
Range Since Jan. 1.1
Low.
High.
Mar
Apr
Apr
Apr
May
May
May
ttln,VVVr4ZeaS2711/ETVAESSTAgPAtgWO.W&WATVA";4YeAri4Ma
OP
.N.40a.C4
JONNoD.N
.bObv
O.C.CaDOW.P.WWW4.CAMO.4000CAOW 00.1
00 .P.06,0..40-41.
00.
i
Ross Gear & TOO, oom---• 32
3115 32
1,400 29
Jan 37% Feb
5134
Ryerson & Son In" rx m_' 3234 3254 3255
,
250 31
Jan 36)4 Jan
Sangamo Electric Co corn..' 3834 34
1,650 30
37
Feb
Jan 40
Seaboard Util Shares Curb5,600
7%
Apr
73i 8
10
Jan
6
86
ghertiold Steel Corp corn...*
82
84
350 50
Jan 90% Apr
Signode Steel Strap
5%
Preferred
30
22
22
50 21
Mar 25
Mar
Sivyer Steel Casting corns
34
34
100 34
Feb
Feb 35
58
61% 4,750 47
Mar 94% Mar So Colo Pr cl A corn
25 24% 2414 2434
200 23% Jan 2654 Apr
17% 1634 18
8,800 1514 May 22
Apr Sp'weet Gas & El7% Of 100 98% 98% 99
352 93
941
Jab
Feb
59
59
85 5815 Jan 64% Feb Southwest L & P pref..... 93
93
90
175 82
Apr
Jan 93
6
6
6
4
100
Mar
May Standard Dredge cony pt..' 25% 24% 25% 3,350
7
May 3334 Mar
23
4715 4734 48% 5,800 3131 Jan 5131 Apr
Common
• 21% 19% 22
7,800 18
May 3m 55 Mar
2815 28
2815
Ja.i
550 20
29% Apr Standard Pub Service A- •
12
13
150 11
Jan
Jan
15
92
90
240 80
Jan 9214 Apr Steinite Radio Co
•
13g
,
135 115 3,110
134 Feb
334 Air
32
32
34
2,800 1954 Jan 36% A. Stone & Co(H 0)oom....-• 19
18% 24
3,000 18
May 3315 Mar
6
555 6
2,450
4
815 Feb Super Maid Corp com___.• 3635 36% 37% 1,050 36)5 May 54
Feb
Mar
240
207 245
2,415 150
Jan 245
May Swift International
15 36% 34
38'% 34,800 20% Jai, 38% Apr
40
40
100 38
Jan 42
Feb Swift & Co Mrs
25 3055 3014 3155 7,350 2934 May 33)4 Feb
2015 20% 2251 36,050 12% Jan
Apr Thomson Co (J R) corn_25
2734
41
41
. 100 36
Jan 47% Ma:
26
2515 26
100 24)5 Mar 313-4 Mar
Time-O-Stat Controls A..' 2515 25
26%
250 24
Feb 32% Apr
29
29
50 2754 Jan 3055 Apr Twelfth St Stores A pref. •
15% 16
150 13
May
Jan
17
21
2131
300 20
Jan 27% Feb Twin States Nat Gas pt A.* 1731 1531 18% 17,200 14
May 1834 May
130 130
80 130
grim 140
Jan
2755 2714 2735
308 2554 May 3655 Jan
Unit Corp of Amer pref.._• 1815 1834 1914
300 10% Jar
23)4 Apr
22% 25
Jan 31
5,850 21
Feb United Ara Util Inc corn.* 18
1831 1,400 14
18
Mar 1954 Mar
2055 2015 23% 13,650 17
May 28% Apr
Claas A
• 20M
20
2051 2,050 20
Apr 22% Apr
19% 1934 22
655 19% May 27
Jan United Gas Co coin
•
37
39% 1,150 1911 Jan 4514 Mar
100 10051
40 95
Jan 10034 May United Ptg & Litho com- •
16
16
200 16
May 16
May
3814 3831 3914
650 3531 May 4734 Apr
Cumul pref A
23% 23%
100 23% May 2334 May
3215 3135 33
19,150 24
Jan 3434 Apr U S Gypsum
20 49
1,650 3934 Jan 58
4835 51
Apr
65
65
8734 15,150 53% Jae 70% Feb
Preferred
100
115 118%
70 11434 Mar 121
Feb
94
0654 2,250 81
94
Jan 9914 Mar
•
S Limn Inc prat
250 14
16
17)4
Jan 20% Mar
50% 46
51
1,150 46
May 5155 Apr U B Radio & Telev cotn--• 1631 1534 16% 1,200
8
Jan
18% Apr
25
2514 2,200
24
tat 2635 Apr Utah Radio Prod corn...*
2
434 Jan
754 835 2,400
7%
10)4 Apr
15
15%
15
500 12
Apr
1851 Apr Uttl & Ind Corp corn-....• 1854 18% 1951 7,550 1631 May 2334 Feb
4631 44% 47% 8,600 311
..!an
5634 Apr
Convertible preferred._5 2431 24% 2551 1,850 2115 May 29
Feb
7455 74% 77
1,000 58
J. n 84% Apr
UM Pow & Lt Cala A.
1,050 3135 Jan 4535 Apr
4115 4011 42
373( 38
300 34
Apr 42% Feb
Common non-votIng--.• 2355 2031 2331 4,700 14% Jan 28
Mar
6
5% 6
800
4
Jaz
8% Apr Viking Pump Co com
14
14
50 12
•
14% Jan
Jan
Preferred
• 29
2915
95 25
29
Jan 29% Apr
11
1011 12
4,450
554 Mat 15% Apr
Vortex Mfg
• 26
2431 26% 1,600 2031 Jan 29/4 Apr
50
50
50
116 50
Jan
Feb
51
• 31
Class A
600 2635 Jan 34
30% 31
Apr
14
1455
200 13
Jan Wahl Co common
Mae
22
•
*
150
7
7
755
Jan
5
Feb
14
17
17
50 18% Feb
Jan Warchel Corp corn
18
100
934 9%
Mar 1031 Jan
8
Convertible pref
•
2155 21%
50 20
Feb 25,14 Apr
106 106
75 105
Jan 106
May Waukesba Motor Co com-•
113 113
50 9951 Mar 140
Apr
100
251 2%
2% Apr
3% Feb Wayne Pump oonv pref--•
35
325 28
May
35
Jan as
234 2%
100
251 Mar
Jan
6
Common
13
13
•
100
Feb
Jan 14
9
18
1734 1935 6,180 15)5 May 27% APr Wieboldt Stores
Inc
Jan
26% 2634
50 26A May 31
*
26% 26%
350 lb
Jan
2951 Apr West Con Util Inc el A...-• 26
12,900 12r-, Jar. 28
28
22
May
4234 42% 43
415 41% May 44% Apr Western Pr Lt &
25
20 24% Jan 28
Tel
25%
Feb
2
2%
2
300
1
Mar
554 Apr Wextark Radio Stores oom• 11% 11
12
3,700 10
Jan
Jan 24
10% 10%
250
514 Jan
1451 Apr Williams 011-0-Matic..7
50
7
7
May
851 Apr
2651
1,400 2431 Feb 29
Arm
WInton Engine Co corn-.a 6231 58% 6334 8,200 45%
an 69
Apr
2755 26% 28
5,850 1815 Jan
293,4 Apr Wisconsin Bank Shs corn 10 1134 10% 11% 8,500 1054 May 1144 Jan
48)5 50
200 40
Feb 52
Apr Woodruff & Ed Inc part A• 14% 14
14)4
200 12
Mar
Jan 16
25% 25
26% 3,600 14
Jar 3114 Apr Yates
-Am Mach part Pf-1014 1,400
9
9
May 17,4 Feb
•
Yellow Cab Co Inc(Chic)_' 28% 28% 28% 2,200
Mar
McCord Radiator Mfg A.*
34
34
15 34
Mar Zenith Radio Corp corn....' 1334 12X 14% 27,550 26% Feb 81
Jan 37
51
4 Jan
14% Apr
McGraw Elea Co com.....• 24
2435
24
600 23
Jan 27% Feb
Rights
1
28,150
44 May
111 Apr
Majestic Househ Utll corn • 4851 4651 49
14,650 35
Apr
May 74
Marshall Field & Co com-• 43)5 4351 44% 1,900 43
May 53% Feb
Bonds
Manhattan-Dearborn corn• 3615 3551 3634 1,050 33
Jan 40% mar Chic City By St ctfs_ _1927
7
8
79
% 79m $5,000 69% Feb 7834 Mar
Marks Bros Th cony pfd..• 11% 11% 12
320
9
Jan 1654 Feb Chicago Rys 5s
80
80
1927 80
2,000 7135 Feb 80
May
Material dery Corp com_10
22
22
80 20
Jan 25
Feb
1st mtge 5s ctfs dep.1927 79%
10,000 70
Feb 79% May
Meadow Mfg Co com____•
254 231
500
Jan
2
451 Feb
5s series A
6031 7,000 4034 Jan 6194 Apr
60
1927
Mer &Mks deo Co A oom • 3314 3255 3415 4,200 1734 Jan 3534 Apr
5s series B
1927 4651 4514 4654 13,000 32
Jan 47
Apr
Matron Ind Co allot ctfs__*
4815
47
550 47
may 4855 May Insull Utll Inv 6s. __ A940 10554 10534 10734 416,000 9914 Jan 11234
Mid-Cone Laundries A_ •
Mar
9
500
9%
9
Jan Metr W S El ext 41_1938 75
May
12
5
75m 7654 10,000 75
7
75
May
May 75
Middle Western Tel A__ •
26%
25
300 25
Feb 26% Jan
1st mtge 4s
1938 78%
4,000 6514 Feb 77
Mar
Middle West Utilities new • 34% 3435 35% 116,400 29
May 3834 Apr Pub Serv Co NJ 530.1962
106 106
5,000 10434 Apr 106
May
• 104% 104 104%
2 cum Preferred
400 98
6
Jan 10814 Mar Sou Nat Gas Corp 6.5_1944
100 100
5,000 100
May 100
May
Warrants A
4
415 2,700
4
IM Jan
oh Apr South Union Gas 6148_1939
10255 103
7,000 96
Mar 103
May
Warrants B
651
6
7
1,050
3
.150
Feb Texas
8
-La Power 6,...1948
96% 9634 1,000 96% May 9634 May
Midland Nat Gas part A_* 1831
18
1814 4,810 18
May
18% May United Amer UM 60...1940 98% 98M 9831 13,000 9754 May 981-4 Mar
Midland United Co corn....* 27% 2711 2815 8,950 21% Jan
2935 Feb United Pub Ser 654s._1933 96)4 9654 9631
9255 Feb 96% May
1,00
Preferred
• 44
44
43
3,050 43 May 45
Apr Willoughby Tow Bldg 65'43
8434 98
5,000 8434 May 98
May
Warrants
4%
434 5
3,400
311 Apr
may
5
Midland Util 8% Pr In-100
9711 98
110 81
•No par value. a Itz-d vIdend r Ex-rlghta.
Jan uns Mar
100 107
7% prior lien
107 10831
122 9431 Jan 113
Mar
100
6% preferred A
93
94
108 8414 Jan 100
Mar
Philadelphia Stock Exchange.
-Record of transactions
100
7% preferred A
102 104%
294 91
Jan 105
Apr
Miller & Hart Inc onv pl..
35%
35
400 3434 Feb 40
Mar at Philadelphia Stock Exchange, May. 10 to May. 16, both
Miss Val UM Inv 7% pf A•
9611 9811
250 9534 Aar 9834 May inclusive, compiled from official sales lists:
.6% prior lien pref
•
9351 94
200 91
Feb 96
Jan
Mo-Kan PIP, Un.corn_ _S 3311 31% 3351 38,100 1844 Jan 3334 May
Sales
Friday!
Rights
1)4
1% 4,300
1
I
May
1% May
Last Week's Range for
Range Since Jan, 1.
• 66
Modine Mfg corn
70
64
12,350 44
Jar
72% Apr
Week.
of Prices.
Sale
Mohawk Rubber Co corn.• 10
8% 10
8
310
May 1334 Feb
StocksPar, Price, Low. High. Shares.
Low.
High,
Monighan Mfg Corp A_
19
19
20 10
Jan 21% Mar
Monroe Chem Co corn._.•
9
9%
9
350
Jan Almar Stores
834 May
15
•
1,547
3
334 4
Jan
37-4
Morgan Lithograph com-•
16% 16%
250 10
Jan 22
Apr American Stores
48
49
900 45
Jan
•
Muncie Clear Cass A__ •
7
7
100
Jan
2
854 Apr Bankers Securities pref__50 4534 4435 46
1,300 36
Jan
Common
•
435 5
250
2
Mar
7% Apr Bell Tel Coot Pa pret__100 11634 11631 1173,4
985 113% Jan
Muskeg Mot Spec oonv A • 22
21)4 24
2,300 16
Jan 2414 Apr Bornot Inc
731
100
731
73' May
Nachrnan Springf'd oom..• 17% 1755 18
350 17
Mar 28% Jan Budd (E (1) Mfg Co
• 1234 1174 1254 3.400
915 Jan
Nat Battery Co pref.- •
25
28
62 25
Jan
May 31
Preferred
8334 66
120 60
Jan
Nat Eke Power A pan- •
3114 32
350 114
Jan 38% Feb Budd Wheel Co
1334 14
5,600
1336
834 Jan
7% preferred
100
97
97
10 97
May 97 May
Preferred
9934 9935
25 90
Feb
Nat Family Stores com___. 18
1,150 18% May 20
17% 18%
Apr Cambria Iron
3935 40
50
390 3834 Jan
National Leather corn_ 10
1% 2
1% Mar
550
2% Aim Camden Fire Insurance.- - 26
1,200 2231 Jan
253-5 26
National Pub Seri Cori,
,
Central Airport
400
334 Feb
534 534
•
$354 cony pref
4731
200 46
46
May 50
Mar Commonwealth Cas Co.10
23
23
150 20
Jan
45
46
150 95
Nan Republic Inv Trust.'
May 52
Jan Electric Stor Battery. _100
6935 7135
335 6934 May
• 18
19
350 la% Jan
18
Nat Secur Invest Co semMar Empire Corporation
2651
1055 11
900
855 mar
Certificate!
95
93
• 93
700 75
Jan 10134 Mar Exide Security Co
1535 16
3,000 15
1551
Apr
Nat'l Standard corn
38)4 2,650 3135 Jan
• 3734 36
44
Apr Fire Association
38
39
10
2,600 36
May
1315 1351 14
Nat Term Corti part pfd_
700 11
16
Apr
Jan Insurance Coot N A_ _10
7835 3,300 69
77
Jan
Nat Un Radio Corp coca...
300
7% 7%
354 Jan
Apr Lake Superior Corp_ _ _100 1134
10
1251 4,700 1031 May
11
Nobblitt-Sparks Ind oom.• 5234 4834 5234 4,000 46% Jan
59
Mar
New when issued
43
45
2,300 30
Jan
American Car com..• 47
North
47
1,300
40
Jan
55% Apr Mitten Bank Sec Corp5.5
17
1731
800 16
Jan
North Amer GA El el A.
2315 2435 1,000
24
9,4 Jan
Preferred
28% Apr
1734 1754 2.550 17
1734
Jan
No Am Lt & Pr Co com_.• 78
80% 25,250 9734 Jan 84% Apr Mock Judson Voehr corn
73
__ _ _ _ 24
2451
200 24
May
N & S Am Corp A coin. _• 19%
1015 20
Jan
650 in
25% Apr Penn Cent L & P cum pt..* 704 7835 783-4
10 7515 Jan
Northwest Bancorp corn.% 52
51
52
1,450 4834 Mar 553, Ian Pennroad Corp
1315 14
26,400 12 May
Northwest Eng Co coal_ •
26
27
250
Mar Pennsylvania RR
Jan 31
:1
50
7731 7915 13,900 723-1 Jan
Nortbwest UtilPhila Dairy Prod pref
923-4 93
142 863-4 Jan
.101
94
94
mar 0814 Jan Phila. Elea of Pa $5 pref.
140 91
7% preferred..
600 9815 Feb
10234 103
Prior lien preferred__100
Mar Phila Elec Pow pref
98% 9814
10 95% Feb 101
25
3274 3315 2,600 3135 Jan
Ontario Mfg Co corn
•
32 .32
Jai, 35
150 '31
Feb
Preferred w 1
49% 50
1,400 49Jan
Oshkrarn Overall Co
7% preferred
50 327-4 3251 3631 2,365 3251 Slay
Common
•
Jan
Jan Phila. & Rd Coal & hon.__ ______
5
5
30
6
5
2154 2335 3,400 14M Feb
3755
37
Parker Pen(The)Co coin 10
200 33% Feb 4531 Mar Philadelphia Traction_ .50 '
41
42
800 3935 Mar
Penn Gas & Else A conL.•
16
15
Slay
is
240
OM Mar Phila & Western Ity _•_50
235 2%
200
1
Jan
Jut, 4434 Apr Railroad Shares Corp
39
36
Perfect Circle (The) Co- •
300 34
7h
754 2.800
734
7% May
Jai, Seaboard Utilities Corp.__
Winterfront Com
37
3534 35
15
May
1,000 32
714 4,400
734
754
7
May
Polymet Mfg Corp com..-• 1215
.
151 1 Apr Scott Paper
13
935 Jan
12
600
53
53
100 50
Feb
Potter Co (The) own_
•
15
Jan 20% Mar Shaffer Stores Co
15
100 12
2336 2331 2434 41,800 2274 Jan
111.5 12
Proces- Corp common- •
750
Apr Shreve El Dorado P L....25 1154 11
13
5)4 Feb
1156
400
Jan
9
305 31554 1,887 213
AM' Tono-Belmont Devel_ _ _ _1
Pub dery of Nor III oom_ • 305
Jai' 336
'is 5.200
15
55
55 Ma
Common
160
308 311
45 2154 Jan 332% Apr Tonopah Mining
1
1i 1
N
4,400
'i May
Apr Union Traction
100 137% 137% 140
Jan 140
7% preferred
45 120
30
50
1,200 2555 Jan
3011
Feb United Gas Impt com new• 4651 46
May 22
700 15
Q-R-14 L vry coin- _• 15% 15% 16
4734 135,700 3134 Jan
Preferred new
May
Quaker Oats Co pret 100 122
Feb 122
115 122
488 110
• 10114 101A 101A
1,625 96A Jan
Feb U S Dairy Prod class A_ _.•
Common
•
205 21914
74 205
May 293
7034 1,300 52
69
Jan
6% May
914 Ian
Common class B
Railroad Sharer! Corp oom •
734 7% 2,800
7%
Jan
• 2414 2414 2534 5,200 14
Mar Victory Insur Co
Feb 26
Rath Packing Co coin__ _10 2115 2114 23%
200 20
100 1614 Mar
1634 161.1
Apr
35
Raytheon Mfg Co
•
500 £7
21
22
Reliance Internal Corn A-• 1434
14% 2,650 13% May
14
1651 Apr .BondsReliance Mfg Co corn._ _10 12
May 1934 Apr Eleo de Peoples tr ctR 4s'45
12
2,200 12
Jan
14
42 $12,000 34
42
/"...NIfInes.aa nt rlannal,
.2 n az 4914
2 800
Rollins Hoe Mills cony of..• 39
20
A rir
May 4555 Mar
39
40
400 39
Bonds (Concluded)
3517
FINANCIAL CHRONICLE
MAY 17 1930.]
Friday
Last Week's Range Sales
for
Sale
of Prices.
Price Low. High. IVeek.
Harrisburg Gas 55w 1_1970
1967
1s1 4 Ms series
1966 106
1st 55
1st lien & ref 554s_ _1947
Reading Terminal 55
Strawbridge & Cloth 5s '48 98
United Rys 48 tr ctfs__1949
York Railways 1st 55_1937
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares
Range Since Jan. I.
Low.
101% 101%
5,000 1013.1
100 100
8,000 98%
105% 106% 12,700 103%
106% 10755 7,500 104
10334 103% 4,000 103%
98
98
5,000 95%
60
70
12,000 46
95% 96% 2,000 91
May
Jan
Jan
Feb
May
Jan
Jan
Jan
High.
101%
100
106%
107%
104%
98
70
9754
Lone Star Gas pref
Mayflower Drug Stores_ __
Penn Industries units
Western Pub Sery v t c__
May
May
Apr
May
May
Feb
Mar
Apr
108
------
------
Rights
Lone Star Gas
4
Low.
High.
130 10436 Jan 110
5
100
3% May
Mar 85
80 85
3,930 23% Jan 33
Apr
Apr
Mar
Apr
5,959
4
May
4% Apr
81% 81% 81,000
Bonds
Pittsburgh Brew 6s_.1949
* No par value.
108 108
354 3%
85
85
28
30
Range Since Jan. 1.
79
Feb
81% May
Baltimore Stock Exchange.
-Record of transactions at
* No par value. k Includes also record of period when in Unlisted Department.
Baltimore Stock Exchange, May 10 to May 16, both in-Record of transactions at
Cleveland Stock Exchange.
clusive, compiled from official sales lists:
Cleveland Stock Exchange, May 10 to May 16, both inFriday
,
Sales
clusive, compiled from official sales lists:
Last Week's Range for
Range Since
Jan. 1.
Stocks-
Sale
Par. Price
Appalachian Corp
*
Arundel Corporation
Baltimore Trust Co
10
Baltimore Tube pref. _100
Berl-Joyce Aire Corp corn.
Black & Decker corn
*
Central Fire insurance_ _10
10
Voting trust ctfs
Certificates of deposit_
Ches & Po Tel of Balt pf100
'Commercial Credit pref _25
25
Preferred B
654% 1st pref x w_ _ _100
Commercial Cred N 0 prat
Consol Gas EL & Power.*
5% preferred
100
Consolidation Coal_ _ _ _100
Preferred
Continental Trust
Eastern Rolling Mill
*
Scrip
Emerson Bromo Sell A w I_
Equitable Trust Co
25
Fidel & Guar Fire Corp_ _10
Fidelity & Deposit
60
Finance Co of America A..*
Series B
First Nat Bank w 1
Houston Oil prat v t ctfs100
Mfrs Finance corn v t,,.25
Maryland Casualty Co_ _25
New w 1
Merch & Miners Tramp- *
Monon W Penn PS pf _ _25
Mort Bond & Title w 1 _ _ _ _
Mt Ver-Woodb Mills v t100
National Marine Bank__30
New Amsterdam Cas Ins.Northern Central
Penna Water & Power.._*
Stand Gas Equip pref
Un Porto Rican Sag pref_*
Union Trust Co
50
United Rys & Electric_ _ _50
U S Fidel &Guar new_ _ _10
West Mel Dairy Inc pr p150
4%
45
41%
of Prices.
Week.
High. Shares.
Loss.
,
P TLC."
Low.
High.
4% 454
370
4
Jan
5
Jan
45
4554 1,033 40% Jan 4754 Mar
40% 42
1,205 3654 Feb 44% Apr
15 50% Jan 55
55
55
Apr
10
10
8
10
Feb 15% Mar
1,350 40
Jan 56
40% 43
Mar
163 29% Jan 58% Apr
57
56
56
298 30% Jan 58% Apr
55
3 55
55
May 58
55
Apr
16 113% Jan 117
116% 116%
Feb
6 22% Jan 25% Apr
24% 24%
160 23
Jan 26% Apr
25% 25%
11 87
May 94
90
87
Apr
1 22
22% 22%
Feb 24
Mar
587 93
Jan 136
125 136
May
20 9954 Feb 103% May
103 103%
51 10
10
10%
May 15
Feb
15 40
40
40
May 42
Jan
10 220
222 222
Feb 223% Apr
57 18% May 25% Jan
19
20%
5-50 20
20
May 2554 Jan
20
120 30
32
Jan 33% Feb
31
137 145
Jan 161
155 160
Mar
105 39
42% 42%
Jan 49
Feb
3 168
Feb 190
188 188
Apr
94 10
Jan
13
13
13
Apr
125 11
13
13
Feb13 May
35 49
Jan 5154 May
50% 51
25 77
Mar 92
86
86
Apr
24 15
22
Feb 27% Apr
22
358 87% Jan 112
91
88
Apr
1,995 40
May 46
41
40
May
12 44
45
Jan 47
45
Jan
215 23% Jan 26
24% 24%
Feb
5 13
15% 15%
Apr 20
Jan
94 11% Jan
14% 15
17
Mar
2 71
May 71% mar
71
71
179 38
41
Jan 43
40
Apr
10 85% Feb 87% May
87% 87%
20 72
94
Jan 9534 Apr
91
4 31% Jan 48
36
36
Apr
55 33
May 43
33
33
Jan
20 61
Feb 74% Jan
69
68
45
834 Jan 13% Feb
12% 13%
946 40% Feb 49
4254 43%
Apr
596 48
5454
54
Jan 5454 May
Stocks-
0,461.
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
JI'FIVA7Iggtiglgg'41;innntg.liCsilig.gg8.
.
.
.
.
..
.
O
!•20N0. 0 WtJ0.-4W
D4.1.0.bDNK,W4.0W.1400
NWCA0=00 N00..10100
,
)WW.-400N000C,
OCOOOW Cm
X
XX X
X XXXXX
Feb 14% May
5
1,278
* 1454 1355 14%
Allen Industries corn
Mar
Jan 41
70 34
40
40
..5
Amer Multigraph corn.
Feb
Feb 98
10 92
95
95
*
Apex Elea Mfg pref
27,4 Apr
42
450 20% Feb
25% 26
Brown Fence & Wire pf A *
Mar 63% Mar
123 60
61
61
Bulkley Building pref__100
Jan
May 86
173 80
83
80
Central Union Nat'l Bank * 80
Apr
Mar 104
54 101
103 103
Chase Brass & Copper pf,* 103
116%
Mar
Feb 35
166 34
35
35
.50
Cleve Auto Mach corn.
Feb
Apr 17
180 14
2454
14
14
Cleve Builders Realty.
..°
285 9134 Mar 9554 May
93
93
*
Cleve-Cliffs Iron com
Jan 11334 Apr
139 110
112 113
Elec III 6% pref_100 112
Eleve
Apr 9355 Feb
22 88
89
89
Cleveland Railway ctfs * 89
354 Feb
2% Mar
197
254 254
Cleve Securities P L pref 10
Jan
103%
May 501
215 475
475 475
100
Cleveland Trust
Jan
10%
Mar 18
45 15
1534 16
Cleve Un Stocky'ds coin.*
Mar
May 138
22 124
124 124
Cliffs Corp vol trust cus..*
Apr
222
171 6934 Feb 100
95
90
Dow Chemical corn
* 90
19
May 3055 Alir
100 28
28
28
Eaton Axle & Spring corn_*
Feb
Jan 83
60 64
70
70
Elec Controller & Mfg com*
Jan
Feb 11
25 10
10
10
•
Enamel Products
160
Firestone Tire & Rubber
42%
May 8655 Mat
35 81
100 8034 8034 81
6% Preferred
Mai
188
Mar 163
10 135
138 138
Gen Tire & Rubber corn 25 138
Jan
May 25
25 14
14
Geometric Stamping
*
Mai
50 99% May 105
9954 loo
100
Glidden prior prof
Mai
Jan 113
12 110
112
Great Lakes Towing p1.100
Fet
86
15 3934 Jan 43
40
40
Greif Bros Cooperage corn • 40
API
854 Jan 25
25
19
18
India Tire & Rubber corn_*
Mar
8834
May 87
205 77
77
77
.
Interlake Steamship corn 8
40%
Jan 2954 Pet
90 25
25
25%
• 25
Jaeger Machine corn
1254 Apt
May
10 10
10
10
Jordan Motor pref _ __ _100 10
2454
Jar
45 2894 Slay 33
2854 29
Kaynee corn
10
Apr 4434 Mai
20 40
42
42
Kelley Is Lime & Tr corn *
283 27 Slay 2954 Fet
27
28
* 28
Lamson Sessions
Jar
20 9754 MaY 99
973.4 9734
Loews Ohio Theatres pf100
Mai
41
May 105
163 97
8 10054 97 100
Medusa Cement
Jar
87%
Jan 100
25 100
100 100
Metropolitan Pay Bk p1100
Mar 3234 Api
230 22
2954 32
Miller Whsale Drug nom.* 32
Pet
8 May 14
184
8
10
Mohawk Rubber com____* 10
33
50 320 Slay 320 Ma)
320 320
*
Morris Plan Bank
Ap
48 131% Jan 135
132 132
National Carbon prat...100
12%
Jar
Mar 34
125 31
3154
31
National Refining com__25 31
43%
Jan 132% Mal
23 130
Preferred
100 13234 132% 13234
Fel
5434
May 29
115 17
17
17
*
National Tile corn
AP
Apr 10
130 10
10
10
50
National Tool corn
Rights
Ma
May 50
25 30
30
30
Preferred
100
7%
7% May 10% May
Maryland Casualty
734 7% 6,501
Jai
25 24% May 25
24%
Nineteen Hund Wash corn*
Jan 977-4 .AP
48 90
9555 97
No Ohio P & L6% pref_100 97
Bonds
Jan 76% AP
145 70
73%
73
*
Ohio Brass B
Baltimore City Bonds
Jai
May 45
55 30
30
30
98
98
$2,100 9554 Feb 98% Apr Ohio Seamless Tube corn_*
1961
4s sewer loan
AP
50 19 Slay 25
19
20
*
1,000 9854 May 98% May Packard Electric com _
4s Harbor Oct
1957
98% 98%
Ma
2,127
734 Feb 15
Paragon Refining corn_ _ _* 1334 1254 14
4s 2nd school
1946
98% 98% 1,000 98% May 98% may
Ma:
Mar 45
925 32
Preferred
• 45% 4234 4594
Commercial Credit Os
9954 9954 9954 1,000 9954 May 9934 slay
1394 Ma:
754 Feb
407
*
VTC
123.4 13%
99% 99%
1,000 9755 Jan 9934 may
Consol G E L&P 4345_1935
Ma
Jan 29
665 23
273.4
*
27
Patterson Sargent
1,000 103% Apr 105
1st 5s
104% 104%
May Peerless Sfotor com
Jan 1154 Ja:
6
100
855 8%
50
7,000 82% Feb 84
84
Consol Coal ref 454s_ _1934
84
May Reliance Mfg corn
AP
Jan 50
310 39
46
46
*
Elk Horn Corp 6545_ _1931
1,000 95
Mar 9734 may
95
95
Fe
393 79% Jan 99
82
84
Richman Brothers nom_ _ _. 83
91 % 96%
5
1,000 9554 Jan 9654 May
Fairmont Coal 1st 5s...1931
Ja
Apr 12
5
00
5
5%
•
Scher Hirst class A
1,000 97
Feb 99
Finance Co of Amer 6555'34
9734 9754
Mat
.440634 Slay
1835 Fe
9
8
834
Rubber com_ _ _*
Jan 4954 Fet Selberling corn
United Ry & E Inc 48_1949 42% 42% 4354 7,000 34
Ja
50 1154 Mar 20
14
14
*
Selby Shoe
4,500 4954 Jan 65
63
Funding 5s
1936
62
Apt
Ja
Slay 45
10 26
26
26
Sheriff Street Mkt com_100
9,000 65
Wash Bait & Annan 58.1941
Feb 68
67
67
Api
Ja
Jan 85
239 80
83
82
Sherwin-Williams corn_ _25
All
Jan 109
106 105
10674 10734
100 107
Preferred
• No par value.
3% Jai
254 Ma
40
3
3
Stand Textile Prod com.100
Fe
Jan 58
15 47
4934 49
100
-Record of transactions at
A Preferred
Pittsburgh Stock Exchange.
Ja
Jan 35
20 31
32
32
*
May. 10 to May. 16, both in- Stouffer A w w }'urn pf100
Pittsburgh Stock Exchange,
AiJan 106
12 101
106 106
Trumbull-Cliffs
150 3234 Star 4534 Al
clusive, compiled from official sales lists:
Union Metal Mfg corn. _ ..* 4254 4254 4254
Ja
2,120 8934 Mar 95
90
90
25 90
Union Trust
Apr 2034 Ja
118 15
oases
1554 16
* 16
N riaay
Vichick Too]
163 99% Apr 10334 Fe
Range Since Jan. 1.
Last Week's Range for
Youngstown Sheet & T pf_ 99% 99% 100
Week.
of Prices.
Sale
StocksPar. Price. Low. High. Shares
Low.
.11ondsHigh.
Al
9534 Jan 101
30035 10034 815.500
Stop' A Tube 6E4_ __ ___
-Aluminum Goods Mfg__ ..8
250 20
2154 2234
Apr 24
Jan
* No par value.
American Austin Car
6% 7% 9,009
554 Jan
7
73.4 Jan
Amer Fruit Growers
142 10% Feb 20
18% 20
May
-Record of transactions at
Cincinnati Stock Exchange.
Arkansas Gas Corp
*
13% 13%
230
9
Jan 16% Mar
Preferred
10
1,520
754 Jan
8
8
8
Feb Cincinnati Stock Exchange, May 10 to May 16, both inArmstrong Cork Co
* 54
165 53
53
55
May 62
Jan
compiled from official sales lists:
Blaw-Knox Co
1,222 21% Jan 41% Apr clusive,
* 37
36
37%
Clark (DL) Candy
*
941 13
.....uu
16% 17%
Jan 19% Apr
rrmay
Colonial Trust Co
100 316
15 305
Range Since Jan, 1.
316 316
Mar 325
Last Wcek's Range for
Jan
Devonian Oil
10 11
Week,
11
11%
110
9
Mar 14% Apr
of Prices.
Sale
Dixie Gas dr Util pref. 100
High.
Low.
10 70
90
90
Jan 98
Par. Price. Low. High. Shares.
StocksMar
Electric Products
915 18% Apr 28
24
25
Apr
Follansbee Bros pref__ _100
20 91% Mar 93
115 22% May
92% 92%
22% 2354
Feb Aluminum Industries Inc_*
Harb-Walker Ref
Jan
*
10 59
1,426 64
63
63
Jan 7134 Apr Am Laundry Mach com_20 6754 64% 68
Horne (Joseph) Co
*
141 16
10 31% Jan 3354 May Amer Products corn
3354 333.4
16
16
May
*
Koppers Gas & Coke pf 100 102
101% 102
245 9934 Jan 102
185 7154 May
76
74
Mar Amer Rolling Mill corn_ _25 74
Liberty Dairy Prod
* 27% 27
565 22
200 15
Jan
28
1654 1634
Mar 32% Apr Amer Thermos Bottle A..
5
Lone Star Gas
* 52
49
52
4,053 3434 Jan 5654 Apr Amrad Corp
691 12
Jan
30
28
*
Mesta Machine
28
80 k25
10
4
Feb
28%
454 434
454
Jan 33% Apr Baldwin corn
20
National Erie class A__ 25
Mar
25
100 24% Mar 25% Apr
25 60
25
60
60
100 60
New preferred
Nat'l Fireproofing
50
754 Apr
44
125 33
10
45
8
8
*
Jan 4554 Apr Burger Bros
Penn Federal Corp pfd_100 87
Jan
50 87
108 108
161 105
87
87
May 88
Feb Champ C'ted Pap 1st pf 100
Peoples Say SE Trust_
20
27 104
Feb
165 165
13 155
108 108
100
Jan 175
Mar Champ Fibre pref
Phoenix 011
Mar
105 15
x60c
260c
500 k30c Mar 80.3 Apr Churngold Corp
18
20
*
Pittsburgh Forging
Feb
22
52
105 50
21
22% 1,005 12
*
52
Jan 24
Apr MU Adv Products
Pittsburgh 011 & Gas____5
Jan
3
25
62 20
3
80
22
3
Jan
3
Jan Cinti Ball Crank prat__ *
Pittsburgh Plate Glass__25 52% 52% 5334 1.207 52% May 59% _fan
54 Jan
356
•
1%
1% 1%
Cincinnati Car B
154 Jan
114
Pittsb Screw & Bolt Corp.* 22
21
2% 255
22
20
2,005 18
Jan 23
Jan Cincinnati Car pref
Foundry_..._*
Jan
Plttsb Steel
636 95
25 23
30
30
Jan 32
Mat Cin Gas & Elec pref_ _ _ _100 9955 9955 99%
3 81
Mar
Plymouth 011 Co
5 22
21% 22%
135 21% May 27% Fet C N & C Lt & Trac pref 100
8634 8
634
Feb
638 42
Pruett Schaffer Chem_ __ _*
175 16% May 23
16% 16%
50 423.4 4254 4234
Fet Cin Street Ry
88 107
1
109 111
May
San Toy Mining
Sc 5,900
Sc
50
Sc
Jan
4e
Fet Cin & Sub Tel
20
26
26
30 22% Jan
Shamrock Oil & Gas
25
22% 25
8,835 k17% Jan 27% Apt Cln Union Stock Yards..
135 104
Feb
10634 10634
Standard Steel Springs_ _ _* 46
44
46
210 38
Jan 58
Apt CM Union Terminal
Jan
44
45
75 42
500 515
Union National Bank_ _100 515
37 500
*
Jan 515
City Ice & Fuel
May
200 29
Jan
30
30
25
42
*
42
Union Storage Co
90 42
Coca Cola A
Jan 42
Jar
Apr
*
20 19
20
20
*
42% 42%
United Engine & Fdy_
50 38% Jan 4994 Apt Cohen (Dan) Co
13
63 10
Mar
25
13
5
5
100 13
United States Glass
25
3% May
Cooper Corp pref
534 Fet
9 11% Jan
* 18
1734 18
Westinghouse Air Brake_ _ _ 43% 4354 4434
147 4354 Slay 50% Fet
Crosley Radio A
42 13% Apr
* 1334 1334 14
Dow Drug corn
14 104% May
100 104% 104% 10655
Unlisted
Preferred
1154 1,201 10
10
May
42
42
44
Copper Welding Steel
120 42
Eagle-Picher Lead com_ _20 11
Ma
50
Am
24
1% 1%
24
39 2334 Jan
1%
Internat'l Rustless Iron_ _ _
2,810
corn
134 Jan
3
Feb Early & Daniel . ......._ ........ Oln
.
-. .-.
*
,In
'In
n
Onn
T.pnnard 01i Deyelonm't
214 3
050
91, TR...
A 2,
JUL
OLV
•=rs Apr
3518
FINANCIAL CHRONICLE
Frutay
sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Conduded) Par. Price. Low. High. Shares.
First National
100 405
Formica Insulation
• 3934
Gerrard S A
*
Gibson Art corn
• 44
Gruen Watch corn
• 38
Hobart Mfg
•
lot Print Ink
•
Preferred
100 97
Jaeger Machine
'
•
Julian & Kokenge
•
Kemper-Thomas com___20 45
Kroger corn
• 3454
Lazarus pref
100 100
Leonard Oil
Manischewitz corn
• 3734
Moores Coney 13
•
Nat'l Recording Pump___* 30
Ohio Bell Tel pref
100
Paragon Refining B
• 13
Voting trust etts
*
Preferred A
•
Proc & Gamble corn new_* 72
8% preferred
100 162
5% preferred
100
Pure 0116% pref
100 9734
8% preferred
100
Rapid Electrotype
• 59
Randall A
1734
B
Second National
100 218
United Milk Crate A_ _ _ ..*
16
U S Playing Card
10 8314
U 8 Print & Litho corn _100
Preferred
100
US Shoe pref
100
wan. A Iroraft
a
405 405
3934 40
1954 1934
40
45
38
40
43
45
50
51
97
98
25
26
1854 19
45
45
3444 3734
100 100
2255 2434
3734 39
334 354
30
3134
11334 114
1251 1434
12
14
4354 4534
7334
72
162 162
108 108
97
9734
113 113
59
60
17
18
834 9
218 218
16
16
80
8354
29
29
49
49
30
30
6
7
7
156
10
531
254
105
100
245
128
30
200
308
55
315
200
150
60
177
978
602
1,030
1,480
2
75
517
55
463
150
104
3
2
992
3
50
24
103
High.
405
May
3934 May
1754 May
Jan
38
May
38
Nlar
42
45
Jan
94
Feb
May
25
1734 Apr
Mar
45
3034 Apr
94
Feb
Jan
17
3734 May
Jan
3
May
30
11034 Feb
755 Feb
714 Feb
3334 Mar
5355 Jan
Jan
160
10451 Jan
97
May
Mar
110
3934 Jan
1334 Jan
Jan
5
218
Feb
Apr
16
80
May
May
29
Feb
47
30
Jan
6
May
420
53
24
58
4234
50
57
101
26
21
45
47
101
2434
45
5
36
115
1441
1434
4554
76
180
110
10034
11354
60
19
11
218
1934
91
33
5234
3234
104.4
Jan
Jan
Jan
Jan
Jan
Mar
AM
Apr
May
Jan
Mar
Jan
May
May
Mar
Apr
Jan
Apr
Apr
Apr
may
Apr
Mar
Max
Feb
Max
Apr
Mar
Max
Feb
Jan
Jan
Jan
Jan
Jan
Mar
•No par value.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, May 10 to May 16, both inclusive
compiled from official sales lists:
Stocks-
r natty
sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price Low. High. Shares.
Bank Stocks
First National Bank-_20
Mere Commerce
100
8355
Trust Company
Mississippi Valley Trust100
8314 8434
280 280
279
Miscellaneous
A S Aloe Co prof
100 9634 9634
American Invest 13
• 10
914
•
Boyd-Welsh Shoe
3754
Brown Shoe corn
100 4034 40
Preferred
100 119
118
Burkart Mfg corn
•
5
Preferred
•
1454
Chicago Ry Equip corn_25
16
Preferred
25 20
20
Coca-Cola Bottling Sec __1
5654
Consol Lead & Zinc A_ •
4
Dr Pepper corn
* 4334 40
Elder Mfg A
100
71
Ely & Walker Dry Goods
Common
25 2734 2734
Granite 131-Metallic
10
35e
Hamilton-Brown Shoe__25
555
515
Hydr Press Brick com_100
2
Independent Pack corn_ •
Preferred
100
International Shoe com_.
100
Preferred
•
Johnson-S & S Shoe
Key Boller Equipment _ _•
20
Laclede Steel Co
25
Landis Machine com
Michigan-Davis
•
*
Moloney Electric A
Mo Portland Cement___25
•
Nat Candy corn
Second preferred ___100
•
Pickrel Walnut
Rice-Stlx Dry Goods corn •
First preferred
100
l00
Second preferred
Scullin Steel pref
•
Securities Inv pref
100
So Acid & Sulphur corn_ *
Southwest Bell Tel pref 100
Stlx, Baer & Fuller corn_ •
Sunset Stores pref
50
Wagner Electric com _ _ _15
it L Bank Bldg Equip_ •
58
3834
•
21
3055
2414
99
85
10634
2934
281
Range Since Jan. 1.
Low.
2654
250.
5
2
Jan
Jan 9754
Mar 1034
May 4
034
May 42
Jan 119
Mar
534
Mar 16
Jan 2734
Apr 22
Jan 6034
654
May
Apr 4354
May 75
May
Jan
Jan
Mar
May
May
May
Feb
Mar
Mar
Jan
May
Jan
Mar
Jan
Apr
May
Apr
May
Mar
Feb
2934
400.
11
254
50
754 Jan
May
4
150 75
Feb 85
Jan
Jan
475 56
May 63
3 10454 Jan 10734 Mar
Jan
315 42
May 55
702 30
Mar 40
Apr
139 38
Mar 46
Apr
20 40
Feb 64
Jan
5 1854 Mar 25
Mar
100 62
Jan 66
Mar
137 3054 May 3554 Mar
285 2234 Feb 2734 mar
5 95
Feb 100
Mar
50 16
Jan 2034 Mar
360 13
May
16
Feb
20 97
Feb 100
Mar
25 84
May 88
Mar
115 24
May 3134 Jan
165 105
May 109
Apr
10 46
Mar 48
May
200 11634 Jan 12054 Apr
15 20
Jan 2654 Apr
100 45
Feb 4834 Apr
451 2534 Jan 3634 Apr
50 10
May 12
Jan
Street Railway Bonds
United Railways 4s....1934
69
6834 69
Miscellaneous Bonds
Moloney Electric 554s 1943
a...m.o.-V-14 7.
snriai
9434
0* 14
9434 9434 23,000
08
99
7.500
512,000
6834 May
74
92
9534
9554 Mar
99
May
Jan
Jan
Jan
•No par value.
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock ;Exchange, May 10 to May 16,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
25
Barnsdall 011 A
1
Balsa Claim 011 A
Byron Jackson
25
California Bank
Central Investment Co 100
Citizens National Bank_20
Commer Discount com_25
Claude Neon Elea Pow__*
Douglass Aircraft, Inc___*
Emsco Umiak & EquipCo*
Globe Grain & Mill com_25
Goodyear T & Rub pref100
Goodyear Textile pref_100
pref_25
Home Service
Internat Re-insur Corp_10
Los Angeles Gas & El pf100
Los Angeles Invest Co 10
MacMillan Petrol CO. 25
Monolith Portl Cem pref 10
Mtge. Guarantee Co__100
Pacific Amer Fire Ins Co 10
Pacific Clay Prod Co__•
27
27
9% 10
10
1514 15%
115 115
98
98
Hoy, 110% 11034
20
20
20
38%
3834 4055
21%
19
21
17
17%
25% 25%
9534
95
9654 96;4
23%
23
45% 45%
106% 106%
17
17
17
26
26
6
6
174
174
53
53
28
28
100
300
500
50
33
100
100
2,800
4,700
700
127
60
31
1,080
600
158
1,000
100
100
50
100
100
Bonds
LA Gas dr Elec 5s___1961
Pacific Elea Ry 1st m 5s '42
Pacific Gas & Elec 454s '57
Richfield 6s
1944
30 Calif RdIgnn An
1031
3814
1194
9
3234
1734
63-4
375
300
2315
2134
117
3834 40
1194 Ily,
9
9
6954 70
99 101
8841 8811
5
5
32
3255
17
18
694
634
370 380
285 305
2334 2334
21
21
2134 2251
116 117
103 103
4634 4614
Low.
3,900 3634
50 10
814
200
500 5234
800 79
50 8031
200 490
500 28
1,200 13
1,100
634
3,100 290
3,300 210
2,500 2155
300 2034
6,600 1834
High.
Jan
Mar 43
Mar 1134 Apr
Mar
Apr
9
Jan 7334 Mar
Jan 10554 Mar
Apr
Mar 94
Apr
855 Mar
Jan 3811 Mar
Jan 1954 Apr
854 Jan
May
Mar
Feb 445
Feb
Jan 400
May 2734 Mar
Mar 2234 Jan
Feb 2554 Apr
116 11134 Mar 11834 Mar
15 100
Jan 10354 Mar
10 45
Feb 5494 Jan
11254 1113411334 1,100 110
2134
2134
300 2134
8734 65 6744 8,700 5654
68
68
25 57
294 30
1,000 2734
26
2614
177 2454
100
100 100
44 9654
30
1,000 2455
2834 30
4454 4154 4474 28,300 39
45
42
45
155 39
110 110
8 100
4455 4554
45
1,500 4034
4634 45
46
3,000 4134
39
500 22
3915
38
2334 2334
100
Jan 11894 Mar
Feb 2534 Apr
Jan 7134 Apr
Apr
Jan 70
Jan 3014 Mar
Feb 2634 Apr
Feb 101
Apr
Jan 30
May
May 475-4 Feb
May 46
Feb
Jan 11254 Feb
Feb 4814 Apr
Feb 3974 Apr
Jan 46
Jan
10134 10134 $15,000 9934
9314 933.4
1,000 91
963-4 9654 11,000 9551
96
963-1 44,000 9434
10234 10234
5.000 10034
Feb 10174 Mar
Feb 9354 Mar
Apr 9634 May
Mar 9754 Mar
Feb 10234 May
9615
In2rA
Range Since Jan. 1.
Low.
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, May 10 to May 16,
both inclusive, compiled from official sales lists:
Apr
Jan
May 300
100 96
9634
1034
8
2,127
3754
5 3754
4055
265 40
119
130 114
514
2
81
15
35 1154
17 •
26 14
20
25 1934
58
263 3834
175
4
434
4355
225 2754
72
25 70
4
4
78
78
56
57
10654 10615
42
4354
37
3834
3951 42
45
45
21
21
59
59
303.4 3114
24
2454
99
99
1854 1814
1315
13
98
98
85
86
2434 25
108 10654
48
48
11934 12034
2434
24
47
4734
29
30
10
10
High.
229 8314 May 90
May 301
52 279
125
750
673
122
Pacific Finance Corp corn 10
Preferred series A____10
Series C
10
Pacific Gas & Elee com_25
Pacific Lighting corn_
•
Pacific Mutual Life Ins 10
Pacific National Co_ __25
Pacific Pub Serv A com__*
Pacific Western 011 Co_ _•
Pickwick Corp com _ _ _ 10
Pat Mutual Life Ins rights
Republic Petroleum Co_10
Richfield Oil Co com___25
Preferred
25
Rio Grande Oil com____25
San Joaquin L & P7% prior preferred__ 100
6% prior prof
100
Seaboard National Bank 25
Security First National
Bank of L A
25
Shell Union Oil Co com_25
So Calif Ediscon com__25
Original preferred_ _25
7% Preferred
25
So Calif Gas 6% pref__25
So Counties Gas 6% 91_25
Taylor Mills
•
Trans-America Corp_ _ _ _25
Script new
,„,....
Old
Union 011 Associates-25
Union Oil of Calif
25
Western Air Express
10
Western Contin Ut. Inc_*
Range Since Jan. 1.
•No par value.
16 279
2734
35c.
6
2
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low, High. Shares.
Range Since Jan. I.
Low.
[VOL. 130.
High.
Mar
Mar
22
8%
14%
113
90
110
20
3674
12%
17
24%
Jan 33%
14%
May
May
Feb 120
Jan 99
Jan 112%
Apr 25
May 45
Jan 2255
Mar 23
Apr 2654
94
20%
41
101
16%
18
6
165
50
27
Apr
Jan 98
Apr 2374 Jan
Jan 49% Mar
Feb 10854 Apr
Jan 2054 Jan
Apr
Jan 31
Jan
8
May
May
Mar 173
Jan 5754 Apr
Jan 3131 Apr
Jan
May
Jan
May
Feb
Apr
Jan
Jan
Stocks-
Sales
Friday
Last Week's Range for.
Week.
of Prices.
Sate
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Anglo & London P Nat Bk
10 205
205 205
May 23314 Jan
Assoc Insurance Fund Inc_
654 2,460
6
6
734 Apr
May
654
Atlas Imp Diesel Eng A-820 26
27
27
May 34
Feb
Bond & Share Co Ltd
13% 14
230 11% Jan
_--1334
1551 Apr
Borden Company
400 64
88
8734 88
Jan 88
May
Byron Jackson Co
1534 16
1,251 14% May 23% Feb
Calaveras Cement Co 7%Pf
5 84% Jan 89
8634 86%
Mar
California Copper
1% 154
1% Apr
750
144
354 Mar
Calif Cotton Mills com
25
10 25
25
Apr 42
Feb
California Packing Corp--------- 6934 69%
652 67y, May 77
Mar
Calif Water Service pref
9254 9355
165 9254 May 9644 Apr
Caterpillar Tractor
7654 73% 7655 12,275 53% Jan 79
Apr
Clorox Chemical Co A_ _
300 25
------ 2554 2555
May 38% Feb
Coast Cos G & E 8%1st Pf100 10054
105 98
Feb 10054 May
Crown Zellerbach v t c___
15% 15% 3,022 1414 May 1834 Feb
1534
Douglas Aircraft Corp__ __
120 13% Feb 2254 Apr
2134 21% 2154
Eldorado Oil Works
195 2354 May 2755 May
26% 2655
Emporium Capwell Corp
270 17% Jan 2044 Feb
1914 1934
Fagoel Motors corn
210
2% 2%
254 May
4% Feb
Firemans Fund Insurance_ 10454 101 106% 2,223 98
Jan 116
Apr
Food Mach Corp corn
420 3414 May 4454 Feb
3454 3414 34%
Foster & Kleiser corn
731 May 10
365
754
731
Mar
Firemans Fund rts
40
30
Apr
5,683 30
May 55
35c
Galland March Laundry.
300 28
2844
May
28
Gen Paint Corp B com__-320
754 8
7% May
Golden State Milk Prod__ 739 2334 Jan
24% 25%
Great West Power 6% pref.
15 99
101% 10234
Jan
7% preferred
160 10414 Jan
105 10554
Ilawallan C and El Ltd...
110 47% May
4734 48
HomeF and M Ins Co____
200 37% Mar
3954 39% 39%
Honolulu 011 Corp Ltd____
100 37
40
May
40
40
Hunt Bros A corn
210 21
22% 2254
Jan
Home Fire rts
760 16
20e
May
15c
Honolulu Cons Oil
40% 5,220 31
Feb
3954 38
Illinois Pao Glass A
2834 2,176 19% Jan
25
28
Jantzen Knitting Mills_
237 40
Jan
------- 4754 4754
Roister Radio Corp cora_
895
2
554 5%
Jan
275 25
Langendorf United Bak A_
25% 26%
Feb
355 2114 May
21% 22
Leslie Calif Salt Co
760 17% Mar
2155 23%
LA Gas & El Corp pref__.
30 100% Feb
107 107
Lyons Magnus Inc A
675 10
10
1211
May
Magnavox Co
2,000
4% 5
234 Jan
Marchant Calcul Mach corn
18% 18%
188 18
1831
Mar
Market St Ity pr pref
2134 2155
100 21% May
Natomas common
27
111 2354 Jan
27
27
No Amer Inv common.-- ------ 105 105
25 105
Jan
514% preferred
91
40 90
91
Mar
North Amer 011 Cons
860 14
16%
16
Feb
Oliver United Filters A28
216 2534 May
28
B
300 25
25% 26
Jan
Occidental rights
689 10e Apr
100 10e
Pacific Finance Corp
1,172 37
3855 39,1
Apr
Pacific Gas & El common
6934 6734 70% 14,699 5154 Jan
6% 1st pref
Feb
2754 27% 2755 3,273 26
Pacific Ltg Corp corn
9955 96 100% 2,338 7434 Jan
6% preferred
200 100
Jan
1023.4 102% 102%
Pacific Pub Serv A
3134 31% 32% 5,499 2854 Feb
Pacific Tel & Tel corn
365 139
142 143
May
6% preferred
128 120
125 126
Jan
Paraffine Cos common
1,761 71
72
7
May
72
Phillips Pete rights
411
134 134
34 May
Rainier Pulp & Paper
160 26
2854 2856
Mar
Richfield Oil common Co____ 2334 23% 23% 2,902 21% May
7% preferred
2154 2154
160 2054 Mar
Roos Bros common
22
273 22 May
22
Preferred
20 83
9174 91%
Jan
S J Lt & Pr 7% pr pref__ 117
55 110% Mar
115 117
Schlesinger & Sons(B F) pf
59
60
36 56
Feb
Shell Union 011 common__
21% 22% 2,813 21
May
Sherman Clay & Co, pr pfd
45
20 4254 Jan
45
Sierra Pat Flee 6% pref.__ 91
9154
26 89
91
Jan
So Pac Golden Gate A_
313 16
16
16
May
Spring Valley Water Co
15
20 14% Mar
15
Stand Oil of Calif
69% 7234 23,256 55% Feb
Stand 011 of N Y
800 32
36% 3744
Jan
Tide Water Assoc 011 corn_
3.230 10% Feb
15% 16%
1655
6% preferred
325 78
Feb
8854
87
Transamerica Corp
44% 62,749 38% May
4434 42
Union Oil Associates
1,638 40% Feb
443-4 4451 45
Union Oil Co of Calif
2,985 41% Feb
,
46
4534 4
Union Sugar Co 7% pref._
22
70 2154 Jan
22
Wells Fargo Bk & Un Tr_ _
30 320
320 320
Jan
West Amer Fin Co 8% pfd
300
Jan
2
23.4 234
West Coast Bancorp A____
360 1554 Apr
15% 15%
Western Pipe & Steel Co__
2414
295 2214 May
24
38% Jan
14
Jan
3154 Jan
104
Apr
106% Feb
Jan
51
Apr
44
40% Apr
23% Apr
Apr
20
40% Apr
28% May
50
Apr
714 Apr
29
Mar
2514 Jan
2354 May
108
Mar
1334 Jan
8
Apr
25
Jan
2114 may
28
Jan
113
Jan
92% Apr
19% Mar
31
Jan
29% Jan
100 Apr
Apr
43
73% Mar
27% Apr
106% Apr
105% Mar
Feb
39
180
Feb
Feb
144
Jan
78
1% May
29% Jan
27% Apr
2234 Jan
27% Jan
Mar
94
11854 Mar
Jan
70
25% Apr
Apr
65
Mar
94
17% Feb
9054 Feb
74% Apr
Apr
40
17% Apr
Mar
90
47% Feb
48% Apr
Apr
50
2254 Jan
Mar
335
231 May
2454 Mar
Feb
29
MAY 17 19301
FINANCIAL CHRONICLE
3519
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (May 10 1930) and ending the present Friday (May 16 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.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended May 16.
Stocks--
Indus. & Miscellaneous.
•
Acetol Prods cony A
10
1034
Acme Steel corn
25 67
67
67
Addressograph Inter com-* 3734
3534 38
95/ 9%
s
Aero Supply Mfg class B •
Agfa Ansco Corp com__ _ _.
27
27
Preferred
100 8555 8531 8531
Ainsworth Mfg com _ _ _10 2631 2634 2834
Air Investors corn•t e... •
6
64
Convertible preference_• 1531 1531 16
Warrants
256
234
Alexander
254 234
Industries.
All Amer General Corp_2(1
204 2331
Allen alfg cony pref A ..._ _•
10
10
•
B stock
4
4
Allied Aviation Industrial._
With stock purch warr_•
2
131 2
Allied Mills Inc
•
934 931
Allison Drug Stores cl A_ •
%
31
Class B
•
34
34
Aluminum Co 00111
'
300 315
Preferred
100
10834 109
Aluminum Goods Mfrs_ *
2234 2254
Aluminum Ltd
*
19131 203
American Arch Co coni---• 433.4 4331 4331
Allier Beverages Corp__ *
8
6
American Book
100
89
90
Amer Brit & Cont Corp_ _•
634 654
631
Amer Brown Boyer' Elea
Founders' shares
•
11
11
Am er Capital Corp com B •
814
84 931
53 preferred
• 32
32
32
Amer Cyanamid corn 1
3-* 2734 2554 2735
Amer Dept. Stores Corp •
44
4
431
American Equities corn-- _• 20
1731 20
Amer Hard Rubber com100
72
7234
Amer Investors el B oom-• 1231
1234 134
Warrants
656
6
634
Amer Laundry Mach corn * 8834 64
6834
Am Maize Prod corn_
•
35
35
Am Pneumatic Sera cons 25
6
634
Amer Service Co corn_
•
834 9
American Stove Co _ ___100 5834 5834 60
Amer Thread prat
331
5
331
331
Amer Transformer coin...*
19
19
Am Utll & Gen 13•t O...__• 1234
12
1331
Amer Yvette Co com__•
334
3
434
Amrad Corp common_ ....•
30
30
Anchor Post Fence coin_ _•
1031 12
Anglo-Chile Nitrate Corp _• 3934 3734 4331
Arcturus Radio Tube_ _ •
14
1514
Asteciated Dyeing dc Print
_•
134
15-4
Assoc Elms IndustriesAmer dep rets ord shs.£1
634
634 636
Associated Laundries___..•
136
134
19-1
Associated Rayon cora_ •
431
4
8% preferred
los
4854 5531
Atlantic Coast Fish, corn _*
1931 1931
Atl Fruit & Sugar
•
Tit
ai
"Multi° Secur Corp cons •
2034 21
•
Atlas Plywood
193-4 20
Atlas Utilities Corp corn _ _. 1331 134 1494
Automat Music Bum A•
7%
7% 731
Automatic Voting Mach
Cony prior partic stk.-• 1134
12
Aviation Corp of the Amer* 40
42
40
Aviation Securities Corp_*
1734 19
Axton-Fisher Tob com A 10
45
45
1131
200
100
2.700
100
100
200
1,100
300
200
900
200
5,900
100
100
Range Since Jan 1,
Low.
75%
67
3331
8
19
81
2151
331
1131
251
131
18
10
4
4
300
1,100
954
4
100
100
54
400 275
1.600 10534
200 1934
200 108
10
3654
10
5
20 82
200
434
200
1,200
100
27,500
500
12,600
100
4,700
1,200
175
100
300
200
20
100
25
19,600
10,500
100
1,600
18,400
900
1,700
754
754
32
2431
8
1554
6034
10
431
6234
31%
551
834
5831
3
17
1034
3
1734
951
163.4
934
134
Mar
May
May
Feb
Feb
Jan
Jan
Jan
Feb
May
Feb
Jan
May
May
Jan
May
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Mar
Feb
Jan
Jan
Mar
Slay
Slay
Jan
Jan
Apr
Jan
Mar
Jan
Ma
Jan
May
May
May
Apr
A Pr
Apr
Jan
Slay
Jan
Jan
Slay
3,500
SOO
200
1,400
100
300
300
200
1,300
3,500
514 Mar
s34 Feb
4
May
11934 Jan
16
May
Feb
1534 Jan
May
18
1331 May
631 APt
500
1,200
400
300
931 Mar
2454 Jan
751 Jan
36
Jan
X
Bahia Corp com
•
900
251
434
434
434
Bancomit Corp
• 4734 4751 4794
700 46
Baumann (L) & Co pf _ _100 73
225 70
70
75
Bellanca Aircraft corn•t o•
5.900
13
1856
534
Benson & Hedges corn...,'
200
5
5
354
Bickford's Inc common--• 184 1834 183-4
100 1434
$2.50 cum cone prat_ •
400 28
2934 30
Bigelow-Sanford Carpet _ _*
75 70
70
72
Bliss(E W) Co coin
• 2034 20
214 2.400 2094
Blue Ridge Corp corn.-- -• 1131 1074 123-4 15,000
814
Opt 6% cony prof_ -50 4
334
034 39% 4156 5,30
Blumenthal(Sidney) &Co•
100 273-4
29
29
Bohack (II C)& Co corn--* 83
800 63
78
83
7% first preferred _ _ _11141
50 101
10231 10231
Botany Cons Mills
•
%
200
34
liourjois Inc
•
74 894 1,850
8
Dower Roller Bearing ___ ..•
1694 1634
200 13
Bridgeport Machine corn..'
334 334
100
234
Class 13
•
5
5
200
5
214
Milo Mfg corn
•
9
9
11
500
9
Class A
2434 2454
100 2334
2434
British-American TobaccoAm dep rcts for ord bear £1
27
100 2694
27
British Celanese Ltd
Am dep rats ord
- ___
4
4
100
234
Brown Fence & W coni 13* i - 123
reg__2.900 14
7134
26
nwova Watch $334 Pref.-. 39
39
4031
300 3231
Bum.Inc COM
•
8
8
834 3,600
8
6% cony pf with warr_50 40
40
40
600 40
Warrants
3
331
334 1,000
Burma Corp Amer dep rcta
334 334 2,600
334
234
Butler Bros
20
11
1134
200 1011
Buzza Clark, Inc, corn
*
200
2
134
23.4
4
Feb
Jan
May
Jan
Apr
Jan
Jan
Slay
May
Jan
Jan
Jan
Feb
Feb
Jan
Mar
mar
Jan
Jan
May
Apr
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Star
Cable Radio Tube• t o_-•
431 431 2,400
436
3
Feb
Can Pac Sty new w l.....25
5134 5234 6,100 4834 Slay
Carnation Co common.. •
30
30
100 2654 Jan
Celanese Corp of Arn corn *
2131 213.1
300 20 Slay
7% 1st pat tic pref_ _ _100
100 7734 May
7734 7734
t7%, prior preferred_ _100
10 81
n85 n85
Feb
Celluloid Corp 1st pref___* 9934 99% 100
125 9014 Apr
Centrifugal Pipe CorP--'
634 654
200
431 Jan
Chain & Gen Equit Ine__*
834 834
600
8
May
Chain Stores Devel corn...*
534
434 534 2,700
234 Mar
chain Stores Stocks Inc..' 1394 1331 1394
500 12
May
Chatham 0, Phenix Allied
2034 2074 21
6.700 2031 May
Chemical Nat Associatts .." 2031 2034 2194
2,700 20
May
Cased. Ohio RR new_ _25
54
54
100 5134 May
Chicago (The) Corp cora •
14
600 1234 May
1434
Childs Co pref
100
11334 114
100 10634 Jan
Cities Service common...
• 364 3534 3831 386,400 2634 Jan
Preferred
• 93
9294 0334 2,200 88
Jan
Preferred B
•
200
834 854
851 Jan
Clark Lighter Co cony A.'
1
1
1
600
55 Jan
Cleveland Tractor corn.....' 2331 2334 2394
400 18
Jan
Cohn & Rosenberger corn*
1156 1134
100 1134 May
Colombia Syndicate
9-16 4,600
55 7-16
hil Feb
Colts Pat Fire Arms Mfg 25 2654 26
27
1,000 24
Mar
Columbia Pictures com___" 51
1.100 24
473-6 54
Jan
Corn vol trust etfs
• 49
48
4934 2,700 4234 Ant
High.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low, High. Shares.
Gomel Automatic
13
Merchandising corn vie:
4
Apr
4
31
7031 Apr
24 4
53.50 cum cony pfd_
38
May
1431 1531
Consol Dairy Products- •
1334 Apr Consolidated Gas Utilities See Pu pile Utilities.
34
334 434
4
Apr Consol Instrument com__•
8534 May Consol Laundries com____• 1334 1351 1331
3354 Apr Cons Retail St's Inc oom_ •
9% 931
4951 5534
934 Apr Coop-Bessemer Corp corn • 55
24
53 cum pref with Walr _ _* 50
Apr
4634 50
231 May Copeland Products cl A__•
4% Apr
1251
1134 12%
Without warrants
2334 May Cord corp
5 1031 1031 1131
10
May Corporation Sec of Cblc * 2631 2831 27
74 Mar Corroon St Reynolds com_•
14
1631
Coty Societe Anonyme3
4131
Apr
Amer dep rats bear shit__
4031 4131
Courtaulds, Ltd
1554 Feb
12
151 Apr
12
Amer dep rats ordreg.£1
34 Apr Crocker Wheeler com____• 2534 2551 2731
356
Apr Crown Cork & Seal pref •
3334 334
109
A
Apr Cuban Cane Products warn
'he
A,
1254 1254
243.4 Apr Cuban Tobacco corn v t c *
232
•
Apr Cuneo Press corn
424 4231
4854 Apr Curtiss Airports•t e_ ... _•
5
5
5
1034 Apr Curtiss-Wright Corn warr
34
3
331
100
Mar Dayton Airplane Eng com •
6
74
63.4
831 Mar Deere & Co new cum tv i_ _ a 1444 143 14834
531
De Forest Radio corn---•
534 531
13
Apr De Haviland Aircraft
1331 Apr
Amer dep rats ord reg_£1
731 734
40
afar Diesel-Wernmer-Gilbert__• 2234 2294 2234
37
Mar Detroit Aircraft Corn----•
75.5
634 8
11
1134
Feb Distillers Corp-Seagrams_* 1151
6
22
Mar Dixon (Jos) Crucible Co100
168 169
81
Apr Doehler Die-Casting corn •
1731 1734
• 2031 19
1651 API' Douglas Aircraft Inc
2231
731 Mar Draper Corp
63
63
75
Mar Dresser(S R) Mfg Co CIA: 5234 5131 54
4034 Apr
43
Class B
404 4431
83.4 Jan Driver-Harris Co corn _ _ _ ill 8131 8134 88
1131 Apr
100
7% preferred
10334 10334
86
Mar Dubiller Condenser Corp..•
654 734
334 Feb Durant Motors Inc
•
4
4
434
20
Apr
13
East Util Invest cons A....• 13
1331
1531 Apr
• 16
Eisler Electric cons
1531 1631
734 Jan Elea Power Associates com• 3354 3231 35
3231 Apr
•3031 2931 3131
Class A
144 Feb Moo Shareholdings cons _ _• 2534 2434 2631
4331 May
99
Cony pref with wart _ •
98
23 pa Mar Electr°graphic Corp com_• 214 1631 2131
334 Mar Emerson Bromo Seltzer A •
33
33
Empire Fire Insurance_ _10
1354 1431
8
Apr Empire Steel Corp corn_ •
7
7
2
Jan Employers Re-Ins Corp_10
2931 30
631 Mar Europ El Corp Ltd el A -10
20
2031
60
Apr
Warrants
731
751 754
2854 Feb
Fabriot Finishing corn-- •
5
5
(3%
'1k,
10
Apr Fageol Motors
234
254
26
Apr Fairchild Aviation rem _ •
651 7
26
Mar Fahey Aviation Amer shs_
394
334
394
1431 May Fajardo Sugar
100
56
5831
1534 Feb Fandango Corp common.
•
1
1
Fanny Farm Candy Shops* 1731
1731 1754
1731 Feb Fansteel Products Inc.. •
834 956
55
Apr Fedders Mfg Class A_
•
11
11
19
Apr Federal Bake Shops cons.•
634
634 654
4934 Mar Federal Screw Works. _ _ _ • 3434 344 3434
20
Federated Metals Corp_ •
20
634 Mar Fiat. Amor dep receipts2
034 2031
•
5034 Feb Film Inspect Mach
336
334
80
Jan Financial investing Corp10
231 23'
814 Slay Fireman's Fund Insur_ _100
104 104
634 Apr Flintkote Co corn A
• 21
214
20
21
Star
Fokker Altar Corp of Am_• 2494 2334 2631
33
Feb Foltis-Fisher Inc cons......0
631 634
73
Slur Ford Motor Co Ltd
3
19
1831 194
Feb
Amer den rats ord reg_£1
1534 Mar Ford Motor of Can el A-- _• 3631 3534 3731
4414 AM'
Class B
45% 4534
4494 Feb
Ford of France Am dep rats 12
1131 1234
83
Slay Foremost Dairy Prod pref.*
1334 1334
10294 May Foremost Fabrics Corp_ •
10
10
1% Mar Foundation Co814 Apr
Forelan shares class A..*
511 694
20
Apr Fox Tbeatres class A corn..' 1356
1354 1431
5
Mar oarlock Packing com _ _ _.
• 273' 27% 2334
554 Mar General Alloys Co
• 104
1054 1354
1634 Apr Gen Baking Corp corn.. •
334
331
331
28
Apr
preferred
•
35
3534
Gen Cable Corp warrants_ _ ______
8
931
2854 Jan Gen Elec Co of(It Britain
1234 1354
1254
American dap:mit rats_ £1
554 Apr General Enipire Corp__ •
2354 24
2934 Apr On Indust Alcohol v t e..• 13
1151 14
46
Mar Gen Laund Mach.corn_ •
6
6
1014 Apr Gen NIotors5% pf w I_ _100 969-1 9634 9754
41
Jan
1734 1736
Gerrard (S A) Co
•
e334 Apr Gleaner Comb Elarveater •
3231 3334
354 Jan
3ien AlUBLI l.:011.
• 100
100 100
1754 Jan ,..11obe Underwrit Eton_ • 1234 1234 1211
3
Apr Goldman-Sachs Trading..• 3654 3654 3834
Gold Seal Eie,trleal Co__.
•
451
411
556
9.51 Mar Gorham Inc 33 pf with w •
38 34 3834
58
Feb .lochs rn Knitbaa Mach..'
1%
131
314 Apr Gramaphone Co, Ltd
35
25
Jan
25
Am dep rats for ord reg£1
9031 Apr
8
834
Grand Rapids Varnish_ •
90
•
Apr Graymur Corp
40
40
103
Jan
OS Atl & Pac Tea 1st of 100 1174 11734 11754
894 Mar
Non vot oom stock- ___• 23934 23131 242
1034 May Greif(L)&Bro.; pref X.100
97
97
84 Mat Grier (S AI) Stores Inc
17
55
Mar
55
55
$7 pre/ with wart
%
11
25
Apr Griffith (1) W) class A....
34
13
13
2434 Apr Grocery Storee Prod•t c_•
1.5
15
6131 Mar Ground Gripper Shoe com •
2834
1734 Apr Guenther(Rod) Rum Lawb 2834 28
1834
18
114
May Hambleton Corp. corn...* 1836
1
151
1
4451 Apr tiapairam Candy St corn."
•
9334 Apr Hazeltine Coro
3074 32
64 74
9
Apr Helena Rubinstein Inc.._ •
19
19
134 Jan Hayden Chemical Corp_ _* 19
2734 2754
Hormel(Geo A) llr Co coin*
354 Aix
•
*2434 2434 2431
143-4 Apr Horn(A C)Co
•
"4 Jan Horn St Hrrdart com
4134 42
8
8
32
Mar Huylers of Del. Inc com_ *
• 4534 4534 47
553-4 Apr Hydro-Elee Sec oom
5454 A nr Ilverade Food Prod oom • 144 1194 1431
034
Range Since Jan. 1.
Low.
High.
6,200
200
200
3( Jan
14 Jan
1834 Jan
1
5
19
2,700
3,500
800
12,900
900
8
Jan
10
Jan
734 May
28
Jan
38
Jan
634 Apr
;6
Mar
'3
Feb
5534 May
53
Apr
1,400
27,100
1,000
1,500
5
Jan
1056 May
2534 May
1231 Jan
12%
1734
2731
2031
600
3994 Feb
4214
Apr
Mar 1334
Feb 34
Feb 3531
Mar
1
May 20
Mar 423.4
Jan
651
Jan
454
Jan
851
Feb 16231
Jan
831
Feb
Apr
Arm
Apr
Feb
May
Apr
Apr
Feb
Apr
Apr
400 1034
8,500 1831
150 30
h.
2,400
100 1234
200 34
100
231
3,900
154
3
2,700
11,500 113
7,100
234
Mar
Mar
Jan
May
Apr
May
Apr
200
64 Feb
754 Apr
Feb 2234 May
1,000 19
24,400
5
Jan
814 Mar
954 Mar 1131 Feb
200
60 16234 Feb 172
Apr
100 1634 Jan 23
APr
10,000 12% Jan 2334 Apr
100 6231 Apr 65
Mar
4,300 81
Jan 5634 Apr
10,400 3831 May 444 May
Jan 10831 Apr
1.100 41
50 99
Feb 10334 Mgy
900
614 May 1334 Jan
May
19,600
7
Jan
4
1,400
734 Jan
1831 Apt
Max
5,400 13.1 Slay 23
2,600 2454 Jan 393.4 Apt
2,400 2231 Jan 37
Apr
3,300 1534 Jan 3231 Max
500 82
API
Jan 108
1,500 15
May
2134 May
3331 Mar
100 3051 Jan
1,000 1334 May
1531 Feb
100
6
Apr
1331 Jan
500 2231 Jan 30
May
Stay 23
SOO
Max
18
800
751 Slay
9
Mal
4,600
2
Jan
954 May
211 Apr
200
534 Fet
800
8
Jan 11
AP
2,200
39-4 May
34 May
40 48
Feb 6854 mar
200
A Mar
254 AP
100 15
Jan 1931 Ale
300
Fet
7
Jan
13
100
9
Max
Jan
11
Apr
100
6
9
A Is
100 32
Mar 4234 API
200 1934 May 244 Fat
500 1754 Jan 2234 API
100
a( Mar
534 API
200
Jar
6
254 May
leo 101
Apr 11534 Apr
900 18
Slay
2734 Jar
5,800 134 Jan 3454 Mal
600
5
Mar
951 Anl
Jan
1934 Max
Feb38 3-4 API
Jar
Jan 68
Jan
1234 Sla3
Star
18
Jar
May
244 Jar
16,600
5,000
25
5,500
100
100
1034
28
36
834
134
10
1,200
10,100
1,700
1,300
9,600
1,500
200
24 Jan
25j Jan
Jan
64 Mar
254 Mar
3414 May
8
Slay
4,900
300
1,600
500
5,600
300
600
2,000
1.400
17,000
3,600
100
400
1031
21
8
6
9554
173.6
21
98
1134
34
234
30
14
754 Jar
1734 AP
8334 At'
1454 Mal
a% Jar
6434 Jar
1451 Jar
May
14
AD
Jan 3354 AP
Slag
1434 Jai
May
104 Jul
Slay 975; Slat
May e2334 Jar
Jai, 36
Ap
Slay 12134 Jal
Tau
1674 Fel
May 4631 Ap
Feb
6
Ap
Jan
3894 Mal
Jan
314 Fel
100 20
Feb 2831
300
7
Jan
954
200 3134 Jan 44
230 1 1531 Jan 122
440 22094 Mar 260
100 90
Feb 07
100
100
100
200
700
300
1,600
SOO
2,100
100
200
100
200
100
4,000
15,300
55
.14
1154
15
2754
18
4
1834
5
19
27
24 34
41
8
3734
10
May
Slay
Apr
Apr
May
May
Jan
Jan
Jan
May
Mar
Stay
May
Feb
Jan
Feb
55
134
145-s
2734
99
1836
al 34
35
74
23
3134
2634
46
10
55
late
Ma:
Ma
Ma
Jai
Ma
Mu
Ma;
Jai
Fel
Jai
Ja;
alai
Fe,
Ma;
Ma
Ja
Fe
Ja
Ma
Ja
Al
Me
3520
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Imp Tob of Gt Brit & hel
Am dp rats ord shs___£1
Indus Finance corn v t 0_10 28
7% cum pref
100 6534
Insult Utility Investm ___• 6512
$ti pre! 24 mice
•
Insur Co of North Amer_10 79%
Insurance Securitles____10 19%
Intercoaat Trading corn...* 20%
Internal Holding & Invest*
6)4
Internat Products corn.. •
$6 preferred
100
Int Safety Razor class B *
Interstate Equities cm...* 11%
Convertible preferred--• 42%
Irving Air Chute corn ----• 2315
Warrants
815
Klein(H L)& Co pref_ 20
Knott Corp, cora
Kolster-Brandes, 1.441
American shares
El
114
Koppers Gas & Coke p1100 10134
Kress(811) tt. Co spec p110
Lackawanna Securities •
Lakey FdY & Mach
'
Land Co of Florida °cm •
Letcourt Realty Corp nom.
Preferred
3344
•
Lehigh Coal & Nay
Lerner Stores Corp
•
Libby, McNeil & Libby.10
Lily-Tulip Cup Corp corn.• 2834
Loew's Inc stock purchwarr 18
Louisiana Land az Explor_•
344
MacMarr Stores corn._
'19%
Mantel Stores Corp
634% pref with warr_100
Manufac Finance v 1 0-.25 23
Marine Midland Corp___10 4015
Marlon Steam Shovel corn• 10
Mavis Bottling Co of Am.
214
Mayflower Associates Inc..• 68
May Hosiery Mills
34 Preferred with warm.'
Mead Johoson & Co Corn.t 89
Merritt-Chapman & Scott
Common
• 19
2
Mesabi Iron Co
•
Mesta Machine
5
1434
Metal & Min Shares corn
18
Metropol Chain Stores...
Midland Royalty 621 pref.• 23%
Midland Steel Prod 26 PL
.
Midland United Co com • 2894
Miller (I) & Sons corn_ _ * 2834
Miss Riv Fuel Corp warr..
Montecatini M & Agr war
Morrison Else SuPPLY
•
Range Since Jan. 1.
Low.
High.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
[Vol,. 130.
Range Since Jan. 1.
Low.
High.
Reynolds Bros Inc-37.50
1,300
534 6
5% Jan
515
854 Mar
2394 23%
600 22% Feb 25% Feb Reynolds Investing corn'
900
734
May
8
712 May
23% 2832 21,100 17
Jan 29% Apr Richmond Radiator com_*
2% May
234
100
234
Jan
3
85% 69
1,300 60
Feb 73% Apr Rike-Kumler Co corn '
28% 28%
400 2614 Mar 30% Feb
85% 6834 1,920 5434 Jan 71
Feb Rolls Royce of Amer pf_100 11
12
11
May 18
300 11
Feb
r94
96
250 82% Jan 98% Mar Rossia International w 1__*
1,800
11% Apr
834
794 834
7% May
7792 80
•
600 6914 Jan 8.5% Mar Rosa Stores Inc
900
42 Feb n24 Jan
34 1
17
20% 16,200 17
Mar Ruberold Co
Feb 23
* 54
5714
54
200 52% Jan 64% Apr
20% 21
May 23% Feb Russeks Fifth Ave Inc
400 20
14
14
* 14
May 17% Mar
100 14
8%
6
844 Apr Safety Car Ht& Ltg__ _100 137
900
4% Feb
137 137
100 12034 Feb 147
Apr
7
7
2,300
6% Mar
7% Mar St Lawrence Paper Mills.*
944 9%
500
995 May 11
Apr
67
67
100 67
6% preferred
Feb 74% Mar
71
67
600 68% Jan 7144 Mar
100
1034 10%
100 10
May
1344 Jan St Regis Paper Co com_ _10 2814 28
2934 14.000 19% Jan 34
Apr
10% 11% 2,400 10% Jan 14% Mar
7% cum preferred_ _100
10834 110
150 106
Mar
Jan 110
04214 43%
Apr Schiff Co, corn
900 4215 Jan 46
31
30
700 2734 Jan 34
• 30
Mar
2014 2334 5,700 1214 Jan 2514 Apr Schulte Real Estate
9
200
634 Jan 14% Mar
9
•
9% Apr Schulte-United Sc to $1 St•
714 834 9,200
Slay
3% 4
6
900
234 Jan
4% Apr
15%
15
400 1312 Apr 2034 Mar Seaboard Mil Shares-- •
744 7% 1,100
7 May
7%
1032 Apr
28
28
100 23% Jan 30% Mar Securities Corp Gen'i new*
55
5834 1,800 51
May
7534 Apr
Segal Lock & Hardware •
7% 844 3,500
534 May
7)4
May
9
1% 112 1,600
•
Apr Selberling Rubber
2
14 Jan
7% 9
9
1,000
815 Slay
1714 Feb
10134 10134
Mar al0215 May Selected Industries com_ •
50 97
9
9% 5,000
734 Jan 12% Apr
May
9
9
9
9 Slay
200
Allot atter 1st & 2nd paid 75
75
76
1,000 66
Jan 84% Mar
4115 4114
600 195% Jan 4314 Jan
Prior preferred
68
68
100 69
•
Jan 7142 Apr
514 634
Feb Sentry Safety Control....•
514 May 12
600
531 5% 1,800
4% Feb
•5%
931 Mar
4% Apr Sheaffer(W A) Pen Co_- •
214
234
142 Jan
200
55% 5544
100 6134 Jan
5914 Feb
20% 21
600 14% Jan 25% Mar Shenandoah Corp com
1544 17
4,600
8% Jan 20
• 1514
Apr
3314 33%
100 29
Jan 37% Mar
6% cony prof
44% 3,500 83
50 44% 43
Jan 48% Apr
43% 43% 1,600 38% Jan 50% Mar
53
.53
200 3814 Jan 56
Apr Silica Gel Corp corn v t
2334 25
23%
1,400 18
Jan 95% Mar
84
18% 18%
600 15% May 27
Apr Silver (Isaac) Bros pref 100
91
91
50 89
Mar
Jan
2312 30% 9,900 17% Feb 30% May Singer Slfg
520 535
1,200 485
100
Jan
3% Jan 2034 May SUM Financial Corp
17% 20
10,500
•
21% 21%
700 16% Jan 62 % Mar
6
APr
0
5
3% 4
4,000
Feb
Jan Smith (A 0) Corp corn_ •
8
6
219% 219%
10 137% Jan 250
Apr
1912 20
8,200 18
Feb 2431 Jan Snia Viscosa
244 2)4
100
2
200 lire
Jan
Jan
J yr
254 MA n
1175
South Coast Co corn
844 n10% 3,500
5 Jan
93.'
82
6234
3 75 62
May 77% Feb Southern Corp corn
900
4% Jan
8% 7
8% Feb
631
22% 23
1,200 22
Mar 27% Apr Southern Grocery Stores.*
15
15
200 15
May
40% 4292 9,700 32% Jan 4714 Apr Sou Ice & Util, class
4% Jan 3 :
7
7%
500
I y
18% M m
3
*
10
11
400 10
Jan 1714 Apr Southwest Dairy Prod...*
1,500
734 73.4
734 Mar
7%
234 2.% 22,600
Jan
1
3% May Spanish & Gen Corp Ltd
67
69
1,500 48
May
Jan 69
Amer dep rcts ord rug El
1
1,100
134 2
Jan
1%
2% Apr
Spiegel, May, Stern p1_100
200 67
68
Jan 82% Feb
7015
25
2534
Mar 26
300 20
Apr
Stand Cap & Seal new..
3595
300 83% Mar 3644 Apr
35
_10
69
65
1,100 5514 Feb 69
May Standard Investing pref..' 75
50 7034 Jan 82% Apr
75
75
Stand Mot Construct--100
13,600
231 3
44 Jan
344 Apr
234
19
20
600 1714 Jan 20
Feb Starrett Corp corn
1,400 20
2714 30
Jan 3734 Mar
•
134 2
1,100
1% Jan
2% Jan
600 34
Jan 48% Mar
6% cum Preferred----50 40% 3834 4114
2714 2734
100 2614 Mar 33% Apr Stein Cosmetics nom
• 2092 18
2134 34,000 10
Jan 23% Apr
13% 15% 11,100
844 Jan 16% May Stein (A) & Co
•
18% 18%
Mar
100 1634 Jan 21
18
20%
Mar 80
700 16
Jan Sterelte Radio Co
1% 115
200
3% Apr
Feb
1
23
24;4 1,600 13% Jan 24% May Strauss (Nathan) Ina-lig 1112
100 1034 Jan
15)1 Mar
•
18
18
Mar 22
100 18
mar Strauss-Roth Stores
18% 2234 2,900
914 Feb 2294 May
•
27% 2834
800 22
Jan 29% Feb Stromb'g-Carlson Tel Mfg* 30
30
Apr
30
300 2615 Mar 30
2734 28% 1,200 27
Mar 33% Mar Struthers Wells Titusville •
19% 19%
Apr
200 15
1994 May
19
21
600 13
Jan 2744 Mar Stutz Motor Car
292 3
4% Jan
1,900
142 Jan
2%
•
1% 1% 1,200
114 Jan
2% Feb Sun Investing corn
•
19
19
100 1414 Jan
23
Apr
4434 44%
100 37% Feb 4944 Apr
$3 cony preferred
47
Apr
4814
500 39
Jan 51
Sunstrand Mach Tool....' 15
Apr
17
15
15
May
100 15
8
Nat American Co Ine-......
815
8% 3,700
7% Jan 12% Jan Superheater Co
2,400 38
Apr
Feb 53
• 4794 4615 48
Nat Aviation Corti
• 1814 16% 18% 2,300
8% Jan 21% Apr Swift & Co
30% 3132 3,000 29% May 3434 Jan
25
5
Nat Baking corn
5
•
200
Jan
4
5
Apr Swift International
34
3834 10,100 31
Mar 3834 Slay
15
12
Nat Bancservice Corp_
12
•
100 12
Slay 33% Jan SYrae Wash Mach B corn *
614 May
9
Mar
100
• 631 692
Nat Bond az Share Corp..' 4594 45
4594
May 5112 Apr
500 42
National Candy, corn
24
24
*
100 24
May 27% Mar Taggart Corp
2514 25%
100 19
•
Jan 29% API*
Nat Dairy Prod pref A_100
10514 105%
200 105
Jan 108% Apr Technicolor Inc corn
82
88
• 63
5,200 81
May 8614 Mar
17% 18% 1,400 16
Nat Family Stores corn...' 18
Mar Tennessee Prod Corp corn •
Apr
20
15
16% Apr
15
100 14
Jan
$2 pref with warranta_25 23
23
23%
300 20 May
26
Jan Thatcher Securities
3)1 334 1,900
512 Apr
1
391 May
Nat Food Prod class A.. •
10)4 12% 1,000 10% May 20
Jan Thermold Co
82
Apr
85
May 87
575 76
100 84
Class B
2.94 2%
100
234 May
4% Jan Thorn'n Houston Co(Paris)
Nat Investors corn
21% 2094 22
5,600 1214 Jan 30
Amer dep rats A bear shs
Feb
40% 4015
200 40% May 40% May
National Leather Co_ __10
192 194
2% Apr Timken Bet Axle pref 100
100
1% Mar
110 110
Apr
30 103% Feb 110
Nat Rubber Mach'y
17% 1714 18% 2,000 17
Slay 2715 Apr Tobacco & Allied Stocks..' 4214 3991 4214 1,000 24
Jan 42% May
Nat Screen Service
28%
• 28% 28
500 15% Jan 3192 Apr Tobacco Prod Export_ - -•
2
100
2% Apr
54 Jan
2
Nat Short Term Sec A
* 14% 14
14% 4,700 12
May 14% May Todd Shipyards Corn1,100 4434 Jan 52
Apr
4834 51
" 51
Nat Steel without warr • 63% 83% 68
4,500 50
Jan 76% Apr Transamerica Corti
47,300 38% May 4794 Feb
45
25 4431 44
Nat Sugar Refg
3212
• 32% 32
Jan 3394 Jan Transcont Air Transp---900 29
1034 Apr
9% 1014 3,300
Jan
10
•
Nat'l Trade Journal
4
•
4
100
3% Apr
Trans
634 Jan
-Lux Pict Screen
7% 8
Nat Union Radio corn
734
•
600
3% Jan 10% Apr
Class A common
1134 12% 10,100
a% Jan 13% Apr
• 11g
Nebel (Oscar) Inc ste
• 1334 1144 13% 7,000
8% Apr 14% Apr Ti I-Continental Corp wart
4
9
3,700
7
Jan
Apr
8
734
21% 22% 4,900 13% Feb 26% Apr Tri-Utilltiee Corti
Neat Inc class A
700 40
Jan 58% Apr
049% 51
•
Neill Corp, corn
23% 24%
•
Apr
400 18% Jan 26
$3 preferred
Mar 58% Mar
200 45
47% 49%
115 115%
Nelsner Bros, 7% pref _100
200 112% Apr 12594 Apr Treats Pork Stores
• 2444 2334 25
1,600 2334 May 26
Jan
21
24% 1,300 21
Nelson (Herman) Corp
6 22
May 31% Feb Tubize-Chatillon Corp
21
Neptune Meter class A__
21
Feb 22% Apr
100 17
Common Byte
1434 1214 14% 1,200 12% May 22% Apr
4
Nestle-LeNiur class A_
•
4
842 Jan Tung Sol Lamp Wkscom_•
200
4
May
22
22
100 20
Jan 28% Mar
n2
Neve Drug Stores
n2
• n2
1% Jan el% Jan
20
•
63 CUM 0011y prat
300 3314 Mar 3834 Mar
3511 38
33% 35
Newport Co corn
• 35
Mar Ulan & C,o corn
400 24
Jan 42
1.700 1792 Jan
May
25
20% 25
• 23
1991 19%
•
New Haven Clock com
100 18% Feb 22% Feb Ungerleider Finan Corp..' 30
1,600 26% Jan 38% Feb
2834 30
414 444
New Alex & Ariz Land
1
200
734 Feb Union Amer Investing...'
3% Jan
300 27% Jan 42
3414 36
Apr
7
N Y Auction, corn
400
6%
•
6% May
9% Jan Union Tobacco oorn
Jan
1
31 2,400
94
14 Jan
33
33
NY Hamburg Corp- -50 33
100 15% Jan 33
Slay United-Carr Fastner corn.*
834 1014
800
831 May 1614 Jan
19
19
100 19
Y Merchandise Inc__ •
May 24% Jan United Chemicals prat
100 32
36% 3614 36%
Jan 44
Feb
14% 17
,
13,000
NY Rio Buenos Aires AL. 153g
Jan 18
8
May
United Corp warrants
10.400 1444 Jan 30% Apr
29
2815 28
NiagaraShare of Maryland 18% 18% 1934
300 12
Jan 21% Apr United Dry Docks com---•
6% 7
1,700
534 May
834 Jan
1,000 2714 Jan 4534 Mar United Founders coca-- • 2931 29% 3094 27,700 27
-Pond com • 3315 3334 34
Niles-Beret
May 44
Mar
500 1234 Jan 2134 Mar United Molasses Co Ltd
• 1334 1334 13%
Noma Elea Corp corn
4
4
9,500
2
5
No Amer Aviation ware A.
Mar
Apr
Am dep rts for ord sh_61
2515 25%
220 22
Slay 30% Jan
1,200 18
May 22
North & Sou Am Corp A _ _• 1934 18% 21
Apr United Porto Ric Sug pt..* 35
35
35
100 35
May
May
35
29
29%
300 22% Jan 34)4 Apr United Shoe Mach
Novadel Agana common.'
100 80
8514 65%
Jan 67% Apr
25
• 10
1034 1,900
10
8% Feb 11% Apr US Dairy Prod class A---•
011atocks Ltd cl A
69
200 52
8915
Jan 72% Apr
37% 3734
100 29
Jan 38% Apr
•
Orange-Crush Co
Clans B
23% 25
• 25
3,100 1314 Jan 26% Apr
9% 9%
500
8% Jan 13
Mar U S Finishing prof
Outboard SlotCorp corn B.
9234 92%
100 92% May 93
Apr
100
600 1014 Jan 18% Mar
• 16% 1614 16%
Cony pref cl A
U S Finishing corn
23
23
100 20
Feb 30
Apr
48
49
2.100 28
Jun 49
May
U Foil claw B
Pacific Coast Biscuit aim.*
2444 1994 24% 5,000 1734 Jan 25% Feb
Jan 97% May
• 9734 9591, 97% 3,900 49
S Gypsum common___20
Preferred
49
49
100 42
Jan 68
Apr
5
May 13% Jan
5
CI S & Intern Sea Corp...*
6% 5,800
Paramount Cab Mfg corn.'
6%
534 5%
200
Apr
2% Jan
8
500 3434 May 41
34% 35
•
Apr
Parke Davis & Co
Allot certificates
6714 67%
100 60% Jan 80
Feb
May 1615 Feb
13,500 12
1334 13% 14
U S Lines pref
• 1614 15% 1634 3,900 16
Penuroad Corp corn v t
Jan 20% Mar
400
6% Jan
9
934
Mar
12
9
Perryman Elea Co Inc...'
U S & Overseas with war?' 1934
20
18
8,200 1792 May 2292 Apr
11% Jan 21
20
21
200
Apr U S Playing Card
Phillippe (Louis) corn A..* 20
4,100 8234 May 84
10 8214 8215 84
May
20
21
21% 4,200 13% Jan 21% May U 8 Radiator common...* 53% 5215 5444 2,100 42% Jan 55
Common B
Apr
2
600
1% 144
Apr
% Jan
Corn voting trust ctfs--* 5315 53
Phil Morris Con Inc corn..'
53%
300 42
Jan 55
Apr
100 2014 Jan 35% Jan
25% 25%
U S Shares Financial Carp
*
Pie Bakeries class A
May 15% Apr
800 10
With warrants
• 10
10%
10
Pilot Radio & Tube al A..* 10% 10% 11
400
7
Jan 13% Apr
Utility Equaled Corp...-' 18
1734 18
Pitney Hawaii Postage •
1,400 10% Jan 22
Apr
Jan 20% Apr
Utility & Ind Corp corn...' 19
16% 18% 16% 1,300 10
1833 19% 2,100 17% Jan 2394 Feb
Meter Co
Jan 24% Apr
600 13
•
Preferred
Pittsburgh Forgings Co-* 22% 21% 22%
24% 25
900 22
Slay 29% Feb
Jan 130
Apr Van Camp Packing corn' 834
300 111
8% 16
6,600
Pittab & L E RR oom__50 125% 120 125%
May
792 Apr 16
Jan 59% Apr
5394 54
200 53
Preferred
1235 16
1,40
10
May
Plttsb Plate Glass com_-25
Mar
25
6
• 1214 12% 13
1814 Apr
Jan
9
Vick Financial CorP
800
894 8)1 2,600
Polymet Mfg
8
834
Jan
93.1 Jan
10
Feb Waitt & Bond class B__ •
10
614 Jan
400
8
8
834 8%
100
Feb
814 Jan 14
POtreY0 Sugar common_ •
8;a Jan 15% Apr
Walgreen Co common...-. 4514 4292 45% 2,300 4292 May 61
18,100
Jan
Prince &WhItelY'Trad corn' 13% 13% 14
Apr
• 40% 4044 4134 18,300 3514 Jan 44
Walker(Hiram) Gooderham
53 cony pref A
Mar
& Worts common
Jan 23
1134 12
1944 4,000 14
4,000
8% Mar 1344 Apr
• 12
Prudential Investors oom_• 18% 18
Watson (John W)
3% 334 1,100
8
Mar
1% Jan
315
Public Utility Holding Corp
Wayne Pump common- •
21,400 1734 Jan 27% Apr
1212 13% 1,200
25
814 Jan 1434 Mar
• 24% 24
corn with warrants
May
9% Apr
Convertible pref
35
34
7
May
7
34
May 35
300 34
714 1,000
7
Warrants
Apr
7% Jan
10
Western Air Express___10 40
40
39
9
300
1,000 1834 Jan 48% Apr
9
10
Pyrene Mfg corn
Feb Western Md 1st pref..
Feb 118
Mar
110 110
10 110
Feb 126
114 114
50 90
.100
100
Quaker Oats pref
Jan 27
3414 3434
Mar West Tablet & Stat v t c *
100 3034 Mar 37,34 Apr
300 16
18
1941
•
Radio Prod Corp corn_
West Va Pulp & Paper__ _*
914 Apr
7
May
100 37% May 3734 May
37% 3734
600
7% 7%
745
Railroad Shares Corp...-'
Wil-low Cafeterias
• 1334 13
14% 4,900
Feb 16% Apr
8
614 Mar 15% May
300
13
13
By & Mil Invest corn A_10
1436 Feb Winton Engine corn
63%
62
8% Jan
Mar 67% Mar
900 58
• 63
11% 5,400
RainbowLuminous ProdA • 1194 10
7% Feb Zonite Products Corp com •
3% Jan
Apr
•
1534 217
3,900 14% May 21
5
431 514 4,800
Common class B
Raymond Concrete Tile
Right.
-.Jan 5234 Mar
200 50
52
52%
$3 cum cony pref
Associated 0& El deb rte.500
Feb 20% May
7
73.4
Jan 1144 Mar
400 17
734
19
1934
Reliable Stored Corn
• 19
1% May
Apr Cities Service
194
1% May
114 109,500
16
134
May
700 14
14%
Reliance Internat corn A..• 14% 14
344 May Cleve Elea Illuminating
May
3
20% 1912 20% 14,600 19% May 23% Apr
800
3%
3
Common B
1% Jan
311 Feb
3
1634 Jan 28% Apr Flat
3% 1.400
500
20
19
Reliance Management-• 19
44 Jan
6414 3,900 1244 Jan 6415 May
234 Are Loew's Inc deb rights
81% 80
400
114 1%
Repetti Inc
5
Rights (Concluded)
3521
FINANCIAL CHRONICLE
MAY 17 1930.]
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High. Shares.
Lone Star Gas w 1
Midland United
Mo Kansas Pipe Line
Phillips Petroleum
White Eagle 0& R deb rts
Public Utilities
Alabama Pow $7 pref. •
$6 preferred
Allegheny Gas Corp com •
Am Cities Pw & Lt el A50
•
Class 13
Am Com'w'Ith P corn A •
•
Common B
Warrants
Dist Tel N J 7% pf_100
Am
Amer & Foreign Pow warr _
Amer Gas & Elea corn_ ___*
•
Preferred
Amer Lt & Tree oom- -100
25
Corn new w I
Amer Nat Gas corn vt
Amer Superpower Corp
•
Corn, new
•
First preferred
•
68 cum pref
•
Appalachian Gas com
Arkansas Pow & Lt $7 Pf•
•
Assoc Gas & El corn
Class A
$8 int bear allot °Os_ _
Assoc) Telep Utilities____*
1
134
10334
42
23
27
3%
6234
14434
77%
1854
Low.
115 115
10334 10334
6% 636
4134 42%
2234 2334
2534 27
4334 43%
2% 3%
111% 111%
54% 6234
14334 14834
10834 10834
300 300
7434 78
17% 1934
150
75
500
1,000
6,400
32,000
300
4,30
7
11,10
6,80
90
75
12,000
12,000
High.
4
1
34
154
234
434 9,600
700
134
2% 64.200
51,700
2
500
4%
4
1
%
1%
4%
May
May
May
May
Mar
4%
156
234
2
6
May
May
May
May
May
Jan
Mar
Jan
Jan
Jan
Jan
Jan
May
Jan
May
Jan
Jan
Jan
May
Jan
115
104%
9%
49
2854
2834
45
5%
11236
76%
157
1094.1
34935
89%
19%
May
Mar
Mar
Mar
Apr
Mar
Apr
Feb
Apr
Feb
Apr
Mar
Apr
Apr
Apr
Jan 3934
Jan 101
Jan 96%
May 14%
Jan 109
May 51%
May 4634
May 147%
May 2834
Apr
Mar
May
May
Mar
Mar
Jan
Apr
Mar
111
103
87%
14
2334
3434
234
11034
46
113%
10554
225
67%
7)
,
a
34% 33% 35% 427,000 23%
100% 10034 101
1,700 94%
96% 9634 9634
700 87%
12% 12% 1335 20,300 10%
130 102
107% 10834
46
1,700 41%
4334 46
39% 38
40% 23,500 3534
13534 135 13734
600 125
1,000 24%
2634 2434 26%
Bell Telep of Canada...100 152
BrasUllan Tr Lt& Pow ord• 4934
Buff Niag de East Pr pf_ _25
Cables & Wireless
1%
Am deP rots B ord sha-£1
Cent Pow & Lt 7% pf_100 105
• 3436
Cent Pub Serv corn
• 40
Class A
Cent & Southwest CHI__ *
87 prior lien pref
• 3334
Cent States Elec com
6% pref with warr__100 117
Cleveland Elee 111 corn__
61
Com'w'Ith Edison Co .100
Comm'wealth & Sou Corp-5
Warrants
Community Water Serv--• 1634
Conn Elea Service com__* 95
Cons'l GEl & P Bait corn,.
* 2934
Consol Gas ULU el A
* 1136
,Class13 v to
Cont G & E 7% pr pref 100
Dixie Gas & ULU corn- • 1434
lac) 195
Duke Power Co
1634
Duguense Gas w I
Eastern Gas & Fuel Assn_•
100 98
6% preferred
• 37
East States Pow B corn-East CBI Assoc corn
Convertible stock
* 16%
Elea Bond & RI CO COM
:
Preferred
Elec Pow & Lt opt warr
Empire Pow Corp part stk•
Empire Pub Serv corn Cl A• 21
Engineers P Si opt warr___
Gen G & E $6 pref B„...* 85
Can Water Wks & El A.' 2835
Hartford Elea Light_ _ _ _25 9234
Istrl
Intercontinents Pow el A.*
•
Internal Superpower
Intermit Utilities class A.*
•
Class B
Participating pref
Warrant,
Italian Super Power el A-•
Warrants
Long Island Light eon. •
100
7% Preferred
Maiconi lnternat MarineCommon Am dep rots_
Marconi Wire! Tot Can__ I
Mass CHI Assoc v t 0
•
Memphis Nat Gas
Met Edison $6 pref
Middle West CHI°ism _ -•
$6 cons' pref serhs
A warrants
B warrants
Mid-West States Util el A •
Miss River Pow 6% p1_100
Mohawk & Hod Pr lot PL.*
2nd preferred
*
Montreal L H & Pow eons.
New Stock with rights__
•
Municipal Service
Nat Pow & Lt 47 pref_-*
$6 preferred
Nat Pub Serv corn class A•
100
Nevada Calif Elea
100
$7 preferred
New Engl Pr Assn corn_ •
6% preferred
100
New Endl Pub Serv$7 prior lien pref
New Eng Tel & Tel_ _100
N Y Pow & Lt 7% pref 100
/s7 y Telco 634% prat _100
Niag & Ilud Pr (new corm
Common
10
Class A opt warrants....Class 13 opt warrants___.
Nor Amer Lt & Pow____*
46 preferred
Nor Amer Util Sec com •
Nor States P Corp corn _100
100
6% preferred
100
7% preferred
15134 152
475 147
May 157% Feb
48% 5134 18,400 35% Feb 55% Apr
2634 2655
300 2434 Jan 26% May
1%
200
1%
1%
100 105
105 105
4,000 2534
3034 35
40,000 33%
3834 40
200 22%
2734 2734
100 9534
10034 101
3234 34% 14,100 19
100 117
117 117
62% 1,100 61
61
80 234
317% 321%
24
39
46
17% 15%
96
2%
1334 13
7
634
46
112
100 22%
24
1,500 82%
40
200 34%
47%
20,000
18
50 79%
96
700
134
3
1334 2,100
9%
5
7% 1,30
60
48
40
5 107%
112
9
9% 1,10
6% 7% 32,90
20
8
8%
16% 19% 14,600
25
105% 105%
3436 34% 35% 10,900
200
104% 104% 104%
300
3% 434
400
634 7
26% 27% 2,900
7
25
106
106 106
25
10734 10755
50
10734 10734 10734
50
129 129%
200
63% 64
11% 11%
1,300
111
11034 111
300
10134 10234
3,000
24% 25
110
1,600
110 133
125
114 120
10
96
96
70
91% 92
6%
834
1934
102 102
152% 153
11134 11136
115% 116
Jan
May
Mar
Apr
Feb
Apr
Apr
May
Apr
Apr
894
3%
8
10%
10354
2534
97
1%
3%
25
106
104
103%
124
63%
6%
10854
100%
22%
60
104
92
88%
May 25%
Jan 4654
Jan 50%
Jan
1934
Jan 9954
Jan
434
Jan 18
Jan
9.g
Jan 56
Jan 112%
Apr
Mar
Apr
Apr
Mar
Mar
Apr
Feb
Apr
May
May 13
Jan
934
May 1034
Jan 22%
Fe
105%
Jan 38
Jan 109%
Jan
5%
Jan
8
Apr 27%
May 106
Jan 108%
Jan 110
May z136
May 64
Jan 16%
Jan 111
Jan 103%
Jan 2634
Jan 143
Apr 121
Jan 100
Jan 95%
Feb
Apr
Apr
Apr
May
Apr
Apr
Apr
Feb
May
May
Feb
Feb
Jan
Slay
Apr
May
Mar
Mar
May
May
May
Apr
50 9654 Jan 102
May
200 144
Feb 16034 Apr
25 105% Jan 11134 Slay
950 114
Jan 116
Feb
May
2434 Apr
Slay
636 May
May
1594 Apr
Jan 86
Apr
Mar lo()% Slay
Jan 10% Apr
May 18394 Feb
Mar 100
Mar
Jan 10934 Apr
114
2734
3136
15
101
111
8534
36
102%
114
2754
32%
15
101%
111
90%
36
103
99%
65
84
2434
29%
26%
24%
2434
20
99%
65
84
25%
30
27
24%
24%
21
Feb
Feb
Jan
May
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Ma
Jan
Jan
Jan
Jan
Jan
Jan
May
21%
534
1334
78
7634
9034
8
163
163
98%
10995 109%
2
105
35%
43%
31%
103
3934
117
93
335%
2234 79.100 1994
6% 25,000
4%
1,600 11%
14
80% 3,300 67
100 85
9054
100
8
554
184% 1,200 168
10 9534
98%
350 95%
10934
22
53-4
Ohio Bell Tel 7% pref.100 114
Pacific Gas& El let pref_25 2734
Pacific Pub fiery el A com_•
• 15
Penn G & E class A
Penn Ohio P & L 26 p1.100
Penn Power & Light $7 pi" Ill
•
Penn Water & Power
Peoples Lt & Pow corn A_• 36
* 103
Phila Elea 55 Prof
Power Scour 2d pref
Puget Sd Pr & Lt 6% p1100 9934
• 65
Quebec Power corn
Railway & Light See cona..• 84
Rockland Light & Power 10 2534
So Calif Edison 7% pf A 25
25 27
6% preferred B
534% preferred C__ _25
Southern Colo P w el A_25 2436
Southern Natural Gas_ --- 2034
May
May
Feb
May
Jan
Jan
Jan
May
May
Jan
3% Jan
4% 534 54,100
634 Apr
log 1736 4,300 1234 Jan 19% Apr
800 85% Jan 95
91% 95
Feb
9
.26%. 135% 5,300 903.4 Jan 136% May
800 2134 Jan 4494 Apr
2734 29%
11% 1334 3,600 10% Apr 14% Mar
50 101% Feb 108
108 108
May
1434 1634 1,200 10% Jan 23% Mar
Jan 209
200 165
195 198
Apr
1634 1634 8,400 1634 May 1634 May
300 2556 Jan 42
35% 35%
Apr
Apr 98 May
100 94
93
93
6,500 18% Jan 44
39
Apr
37
May
200 3934
4354 Apr
4034 4234
17% Mar
16% 1634 1,100 14% Ma
100 106 615,400 8034 Jan 117% Apr
10734 109% 4,900 103% Jan 109% May
65
68% 5,000 2854 Jan 7834 Apr
900 60
Jan 60
52
50
Feb
800 19% Jan 25
2135
Feb
20
Jan
100 16
37
35
Apr
35
May 97% Apr
8434 8634 1,600 80
1,300 20
Feb 29% Apr
2834
27
Mar 98% Mar
250 88
8934 9236
3934
116
Sales
Fries?
Last Week's Range for
of Prices.
Week.
Public Utilities (Cond.) Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
10 III
400 2634
500 2734
100 15
150 9834
200 109
2,400 73
100 32
350 09.34
300 38
60 99
50 61
25 69
400 1934
200 2855
400 24%
400 22%
300 23
1,300 20
115
Apr
27% Apr
39% Apr
18% Mar
10134 May
111 Slay
95% Mar
46
Mar
103% Apr
75
Feb
101% Apr
67
Mar
90% Apr
29% Apr
30
May
2734 Mar
2654 Mar
26% Mar
21
May
Son West Gas URI corn___•
Standard G & E 7% pf_100
Stand Pow & Lt new
•
Series B
•
Preferred
*
Stand Pub Serv A
Swiss Amer Elec pref
•
Tampa Electric Co
Union Nat Gas of Can__ _•
United Elec Sere Am she__
Purchase warrants
•
United Gas corn
Certificates of depositNew corn
•
Prat non-voting
Warrants
United Lt &Pow corn A__.•
Common series B
**
6% corn 1st prat
tl S Elea Pow with warr..'
•
17t11Pow & Lt com
•
Class B•t e
West Continental Util A._
Western Power pref. _100
19
1234
8734
3234
3834
3834
2334
96
9%
54%
1%35
18%
23%
5534
2655
Range Since Jan. 1.
High.
Low.
20%
113
80%
80
107
14%
96%
98
33
17%
1
45%
429.4
2834
97%
1134
55%
99%
119%
2214
28
68%
28%
107
Apr
Mar
Apt
Apr
Apr
Apr
Mar
Mar
Apr
Feb
Feb
Mar
Apr
Mar
Apr
Mar
Apr
Mar
Apr
Feb
Mar
Apr
May
Mar
Mar 1854
Feb
1754
Apr 6554
Apr 5454
Jan
7
Jan 119
Feb 30
May 61
Slay 2234
Feb 74%
Feb 108
Jan 32
Apr 33
Jan 2034
Feb 4554
Apr 64
Jan 48%
Feb 59%
Jan 4034
Jan 108%
May 9734
Apr
Apr
Apr
Jan
May
Apr
Apr
Jan
Jan
Mar
Slay
Apr
Jan
May
Mar
Jan
Apr
Apr
Apr
Mar
Ayr
14,300
17% 19
3.4 Jjaann
200 107(394
nog 110%
74
100 62
Jan
74
73
200 61
Jan
70
104 104
100 99% Jan
1234
10
1,400 10
May
100 90
95
95
Jan
1,700 54% Jan
82% 8735
30
1,700 25
Jan
3295
100 1534 Jan
16% 16%,
1,300
91
35
39% 12,500
36
Jan
399.4 10,900 29% 133j1 nny
36
193.4
4
21% 24% 126,500 17% May
95% 9634 9,500 9434 Apr
Mar
9% 10% 24,700
47% 54% 148,200 8331 Jszl
2
6
7
ey
91
May
83
1,100
114% 11894
300 9734 Jan
16% 18% 26,100 14% May
20% 23% 18,600 HA Jan
100 KA
Jan
5534 5534
2634 2834
800 2634 May
50 100% Jan
106 106
Former Standard Oil
SubsidiariesAnglo-Am, Gil
300 1234
1834 18%
£1
Vol elk cti dip
300 1234
1634 1734
10
Contin Oil (Me) v t c
300 4034
57
55
Cumberland Pipe Line_ 50
50 43
46
46
100
Eureka Pipe Line
2,500
2%
5% 7
6
Galena Oil Corp w I
6,200 78
Rumble Oil & Rfinfing_25 105% 102 108
2434 26% 5,500 2234
Oil(Canada).- •
Imperial
200 37
373-4 38%
10
Indiana Pine Line
National Tramidt-_-12.50 18% 1834 1935 1,200 18%
7334 1,000 66%
71
25
Ohio 011
200 103
107 107
6% mum pref new___100
200 1014
24
25
2434
Penn Max Fuel
100 21%
22
22
Solar Refining
100 13
20% 20%
10
Southern Pipe Line
37%
25 39% 3934 40% 1,00
Penn oil
South
51
50 50
51
So-West Pa Pine Lines_.50
05
48
48
100 4435
Standard Oil (Nab)
Standard 011 (Indlana)._25 54% 543.4 5634 12,800 49%
10 35% 3534 36% 9,000 3354
Standard Oil(KY)
94
150 81
90
.25
Standard 011 (0) Corn..
9134 7,200 86%
25 8934 83
Vacuum OU
Other 011 Stocks
54 mar
34 Jan
14
3i 24,900
Amer Contr Oil Fields__ __1 3-113
4% May
434
3% 4% 86,200
134 Jan
5
Amer Maracaibo Co
*63.4 Apr
oom• 12% 12% 13% 4,900
85( Jan
Arkans Nat Gas Corp
854 Jan 1654 Apr
• 1234 12% 13% 35,100
Claes A
834 Apr
8
1,000
7% Fe
10
8
Preferred
34 Mar
1 Mar
•
200
34. %
Atlantic Lobos Oil corn
100 21% May 21% May
Burmah Oil, Am dep Ms- 21% 21% 21%
1% 2% 1,700
8x Apr
2%
Syndicate corn
54 Jan
Carib
300
5% 6
5% Jan
Colon 011 Corp common_ _•
Apr
1134 18% 34,400 11 34 May 21
Colum 011 & Gasol v t e__• 15
534 Jan
1
3% 4%
500
3% Apr
Consol Royalty 011
May 7434 isiae
7,200 45
• 56
50% 53
7A Jan
Coselen Oil common
•
634
694 4,400
554 Feb
6
Creole Syndicate
Mar
34 Jan
1
100
%
%
Crown Cent Petroleum_ •
10% 10% 2,000
7% Feb 12% Apr
Darby Petroleum Corp_ •
SAlay
2134 2194
300 2154 May
common
*
New
834 934 1,600
4% Mar 2111%
835
•
Derby Oil& Ref com
100 32
Feb 37% Apr
General Petroleum new._ __- 3434 34%
Ae
149% 15534 5,800 131% Feb 166% Apr
4
Gulf MCorp of Penna__25 151
4
100
2% Mar
•
Homaokla Oil Co
2434 47,400 19% May 27% Apr
Boost 011(Tex) new com 25 23% 22
May 47% Apr
3,40
35
Indian Per 11100 el A---- 38% 38% 39
35% May 524 Apr
38% 39
2,40
•
3%
Class B
1% 1% 10,50
54 ma
Intercontinental Petrol_ _10
21% 3,200 1734 Feb
21
• 21
Internal Petroleum
2%
234 3% 2,700
ar
Feb
1
1
4% Apr
15
Leonard Oil DbveloDM't_25
26
• 26
27%
1,300 18% Jan 28% Apr
Lion Oil Refining
• 51% 49% 5234 12,900 3434 Jan 55% Apr
Lone Star Gas Corp
Magdalena Syndicate.. _1
McColl Frontenac Oil._ •
*
Mexico-Ohio 011 Co
Middle States Petl A v t c•
Class B v t e
*
Mo Kansas Pipe Line_ -..5
CI B, vol trust Ws__ 1
_1
Mountain & Gulf 011_
Mountain Prod Coro___10
•
Nat Fuel Gas
New Bradford Oil Co- -5
North Cent Texas 011__ *
•
Pacific Western Oil
•
Panden 011 Corn
Pantcpec 01101 Venezuela•
Petroleum Corp of Amer.'
Warrants
Plymouth 011 Co
*
Red Bank Oil
Reiter Foster 011 Corp...*
Root Refining Co pr pref__
•
Ryan Consol Petrol
Salt Creek Consol Oil_ __10
Bait Creek Producers____10
Southland Royalty Co._.'
Sunray 011 corn
•
Peron Oil & Land
Venezuela Petroleum ____5
1
Wood ley Petroleum
•
"Y" Oil de G£18 CO
6
5
Mining Stocks
Arizona Globe Copper- -1
Swans M'Kubwa Con M151
American shares
Corn stock tun & dmin_10c
Congo'Copper MInes____5
Como! Nev Utah Corp3
25
Copper Range Co
1
Cortez Silver Mines
Cresson Consol 0 M & M1
Curd Mexicans Mining___1
Dolores Esperanza Corp_.2
10
East Butte Copper •
Lngineer Gold Mtn Ltd.._15
Evans Wallower Lead com•
1
Falcon Lead Mines
Gold Coln Mines
5
Golden Centre Mines
Goldfield Consol Mines_l
...25c
Heels Mining
Hollinger Consol G
Bud Bay Min &
10
Iron Cap Copper
Jerome Verde Devel___50c
Kerr Lake hIlnes
Mining Corp of Canada-5
Mohawk Mining Co_ ___25
Newmont Mining Corp_10
25
New Jersey Zino
N Y Honduras Rosario10
5
Nrnissing Mines
434
33%
2%
1034
3836
17
134
2%
27
534
3%
17
734
13
13
7%
3
1-16
34
2734 27%
3% 336
934
4%
31% 33%
2
6
35
36
10% 10%
33% 4094
2%
9%
9
log 17%
1%
234 3
2594 2794
534
5
22
22
10%
10
334 3%
17
17
6% 8%
134 I%
12% 13
12% 13%
7%
7
10% 1034
3%
3
434 434
134
194
534
1-16
154
3%
3-16
7-16
12%
6%
9%
1%
1-16
36
734
1134
6
33%
12631
4094
334
11%
129
29
4%
5%
27%
1034
5%
18%
15x
834
A e
Ar
Slay
Apr
Apr
May
Slay
Mar
pa
May
Mar
APr
Apr
Mar3.4
Jan
APr
Apr
Feb
May
Apr
Apr
Slay
Apr
17
2)4 NAparr
0
A
1Pr
1434 Mar
Mar
Abe
4
4
46
2%
Apr
34
Jan
Mar
Feb
Feb
May
Jan
Jan
Jan
Feb
Apr
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Apr
Feb
Jan
Feb
Apr
Feb
Feb
Apr
Mar
Jan
Mar
1-16
40
34 Jan
2234 May
Feb
2
7% May
4% May
113% Jan
May
2
ti Jan
Jan
8
2534 Jan
234 Jan
6% Feb
1234 Jan
Jan
1
134 Jan
Jan
19
4% May
21% Slay
Feb
9
2% Mar
Jan
15
3% Jan
134 May
Feb
10
Mar
9
534 Feb
834 Feb
234 Jan
2% Mar
34 Jan
4% 4% 1,000
3% May
% 11-16
400
% Jan
1
1,100
Jan
534 6
5
8%
1-16
500
1-16
ire May
34
11% 13
300 11% May
1634
1-16
1-16
900 1-16
Jan
34
34 5-16 3.300
31 Jan
34
134 1% 11,400
Mar
1
2
1-16
Jan
1-16
100 1-16
31
Apr
1% 1%
100
1
200
1
1
234
*4 Jan
334 3% 1,500
334 Feb
34 3-16 3,300
% Jan
3-16
3-16 7,000
yi Jan
54
3,100
Jan
4% 5
3
7-16
94 3,700
sr. Jan
34
1234
12
700 1134 Mar 14
8% 6%
100
5
Jan
834 Jan
954 1034 4,900
1434
1% 2
300
2
Apr
3
1-16
1-16
100 1-16 Slay 3-16
200 1-6
Jan
%
%
34
1% 1% 1,000
1% Apr
33.4
38
38
100 38
May 49
116 120% 2,100 105% Jan 14114
75% 80
1,200 5634 Jan 91%
11
11
200 11
Apr 16
1% 135
400
% May
13.4
1-16
434
500
100
100
3,200
1.900
56,700
35,600
300
1,300
22,600
2,700
1,000
900
16,100
3.100
32,700
8,900
100
300
900
100
6,500
700
1,000
4,800
1,200
30
6,00
2,90
20
las Jan
3522
Mining Stocks
(Concluded)
•
Noranda Mines Ltd
1
Ohio Copper
Premier Gold Mining_ _1
1
Red Warrior Mining
Roan Antelope C Min Ltd_
Shattuck Dann Mining_ *
1
Tack Hughes
Tonopah Belmont Dev
1
Tonopah Mining
United Eastern Mining _.1
United Verde Extension 50c
*
United Zinc Smelting
Unity Gold Mines
1
1
Walker Mining
Wooden Copper Mining-1
2934
34
29% 30%
34 1
1-16
1-16
26%
25
6
634
6% 6%
34
1
1
1-16
1-16
11% 1134 1234
4
4
1%
34
254 3%
34
34
Bonds
Alabama Power 41413--1967 96%
5s
1968
5s
1958
Aluminum Co. dab 5s'52 101%
deb
Aluminum Ltd Is
1948 100
Amer Aggregates 6s 1943
With stock purch warr__
Amer Corn'ith Pr6s1940 --98%
Amer & For Power 5s_2030 88
Amer0& El deb 5a_ _ _2028
Amer Gas Is Power 65_1939 9315
American Power Jr Light
6s, without warr_ _ _2016 10735
AmerRadlator deb 4101947 96%
Amer Roll Mil deb 5s_1948 9934
Ametican Seating 6s 1936 72
Amer Solv & Chem 6145'38
With warrants
Appalachian El Pr 50.1956 99%
Appalachian Gas 85_1945 129%
Cony deb 6s B
1945 10034
Arkansas Pr & Lt 58_1916 9834
Arnold Print Wks 6t._1941 92%
Assoc Dyeing & Printing
1938
6s with warrants
Associated Elea 434s 1953 88%
Associated Gas& Electric
Cony deb 414s w war1948 103
Without warrants__ -1949 -434s aeries C
1968 84%
Se
1938 83%
5345
1977 100
51411
Aasoe'd Sim Hard 6
1933
Assoc Telep Util 510_1944 100
Atlantic Fruit & Sug 8s '49
98%
103
102%
101%
99%
Range Silted Jan. 1.
Low.
High.
3,300 2534 May 45%
3,000
34 May
1%
1%
% Mar
5,100
100 1-16 Mar
X
1,700 24% May 33
2,000
9%
555 May
4% Jan
2,300
6%
100 1-16 May
%
2
1
May
400
200 1-16 May
ai
16%
Jan
2,300 11
4
Jan
100
2
800
% May 11-16
234 May
1,200
2,300
34 May
54
1,000
85
85
97% 98% 62,000
8734 88% 245,000
9714 n99% 172,000
9334 9334 7,000
83
97%
87%
93%
93
Feb
May
Apr
Jan n
Apr
87
99%
91%
9934
96%
10734 107% 101,000 105
Jan 109
96% 9634 5,000 96% May 99
9934 99% 142,000 9634 Jan 101
75
7,000 67% Jan 81
72
93
9934
127
100
97%
9034
93
100%
135
10034
98%
9234
20
88
20
90
101%
85
80
84%
83%
99%
86
98%
3
Mar
Jan
Jan
Apr
Jan
Jan
May
Jan
Jan
Jan
Mar
May
Jan
Jan
Jan
97 $82,000 93
Feb 97% Mar
103% 10,000 99
Jan 103% May
103
9,000 100
Jan 103% Apr
10234 94,000 10114 Feb e102% Mar
Mar
27,000 97% Feb 100
100
2,000 83%
65,000 9534
213,000 99%
208,000 100
160,000 93%
3,000 90
100
235,000
20
84
Apr 10034
Jan 101
Mar 145
May 101
Jan 98%
Feb 94
May
Apr
20
90
1093.4 21,000 101% Jan 124
85
1,000 80
May 94%
81% 93,000 80
May 87
85% 125,000 78% Mar 88
85
34,000 82
Apr 87
101
7,000 98% Feb 105
21,000 86
86
Mar 86%
100 201,000 96
May 108
3
5,000
6
2
Apr
Bates Valve Bag Corp
108% 109
1942 109
11,000
6s with warrants
Bell Tel of Canada 56_1957 1025.1 1013-4 102% 56,000
101% 10234 28,000
1st M 55 series A_ 1955 102
Berlin City Elec Os
1955 9034 9034 90% 45,000
101
10134 8,000
Boston Consol Gas 5s.1947
102 102% 11,000
Boston & Maine RR 681933
99
9934 110,000
1955 99
t it 53 series 2
104% 104% 10,000
Buffalo Gen Flee 58_ _1956
Burmeister & Wain(Copen)
100 100% 13,000
1940
15-year to
10734 108
Canadian Natl Ry 78_1935
11,000
10134 101% 3,000
Can Nat SS 5s
1955
Canadian Pacific Ry 561954 101% 101% 102% 26,000
Capital Admin deb 5sA1953
79% 80
80
With warrants
6,000
Carolina Pr & Lt 88_1956 10234 101% 102% 54,000
103% 105% 321,000
Caterpillar Tractor 55_1935 105
Cent States Elea Is __1948 81% 81% 8134 19,000
83% 84% 61,000
Deb 530-Sept. 15 1954 84
89
89% 24,000
Cent States P & 13 5%8'53 89
C Mil & SIP 4%s F_ 1989 100% 100% 100% 18,000
7934 58,000
Chic Rys 5a ode dep__1927 79% 79
101 102
Chic RI & Pac Ry 4346'60 101
61,000
Childs Co deb 5s
90
90
1943
2,000
Cigar Stores Realty
8434 85
1949 85
510 series A
7,000
92
Cincinnati St Fly 5345.1952 92
9234 9,000
1955 99% 99% 99% 10,000
6s series B w I
85
Cities Service Is
1968
85% 19,000
87
Cities Service Gas 5%81942
8734 46,000
Cities Serv Gas Pipe L 68'43 9334 92% 93% 17,000
89
90
72,000
Cities Serv P & L 51451952 89
103% 103% 2,000
Cleve Elec 111 gen 53_ _1954
96
96
Cleve Term Bldg 6s 1941
4,000
Commers und Private
1937 89% 89% 8934 36,000
Bank 53.4 b
97% 97% 2,000
Com'wealth Edison 4%a 57
101 101
Consol Publishers 6%s1936 101
12,000
1941
69
70
13,000
Consol Textile 8s
Consumers Power 414s_'58 973' 9734 9834 120,000
Como! GEL &P (Bait)
102 102
1969
4,000
lot & ref 43s
1958 89% 89% 90 102,000
Conn & El 55
Continental Scours 59_1942
85
4,000
Series A with warrants__ ------ 85
18,000
96
96
Continental Oil 5X6._1937
Crown Zellerbach 6s_ _1940
97% 97% 98
52,000
With warrants
1940 99% 0934 99% 29,000
Crucible Steel 55
108 108% 4,000
_1941
Cuban Telep 734s_
98
9834 27,000
Cudahy Pack deb 53451937 98
100% 100% 2,000
1946
5e
93
5,000
93
Del & Hud lot &ref 4s_ _'43 93
68% 69% 7,000
Deny & Salt L Ry 6s 1960
Dot City Gas 66 see A.1947 106% 106 10634 5,000
1950 101% 100% 10134 43,000
1st 58 ser B
5,000
81
80
Detroit Int Bdge 6346_1952
1952 59% 5934 61% 15,000
25-yr 6 f deb 7s
Dixie Gulf Gas 614s-1937
9.534 239,000
93% 92
With warrants
95
1,000
95
95
Certificates of deposit_
1945 103% 100 109% 258,000
Duquesne Gas 68
100 105% 11,000
634% notes Mar 15 1935
East Utilities Inv 56
80% 82% 109,000
1954 81
With warrants
Edison El(Boston) 55_1933 101% 101% 101% 55,000
Elec Power & Light 5s-2030 90% 90% 91% 136,000
El Paso Natural Gas
12,000
s10434 107
1943
634s Series A
10,000
107 107
1938
8146
43,000
Empire Oil & Ref g 5145'42 86% 8634 87
Ercole Marelll El Mfg
85% 3,000
85
614s with warrants 1953
European Elee 6144
1965 984 96% 98% 81,000
7,000
Eur Mtge dr Inv 7s C_1967 89% 89% 90
3,000
97
97
Fairbanks Morse Co 581942
79% 79% 1,000
Federal Sugar Ref 6s 1933
95% 9635 41,000
Federal Water Serv 510'5
4 96
Finland Residential Mtge
86% 10,000
1961 85% 85
Bank 136
90% 45,000
89
Firestone Cot Milli 58_1948 90
54,000
95
95
Firestone T & R Cal.5s 1942 95
First Bohemian Gi Works
1,000
82
82
7s without warr_....1957
57% 59% 8,000
Fisk Rubber 5146
1931
9034 91% 116,000
Florida Power & Lt 56_1954 91
105 10534 16,000
Garlock Packing deb 68 '39
[VOL. 130.
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High. Shares.
102
100
100
9034
10034
10034
99
100%
Jan
Feb
Jan
Apr
Feb
Jan
May
Jan
110
103%
102%
91
101%
103
100%
102%
Mar
Mar
Mar
May
Jan
Mar
Apr
liar
Feb
Mar
Mar
May
May
Apr
Feb
May
May
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Feb
Apr
Apr
Mar
Mar
Apr
Jan
Mar
Mar
Feb
Jan
98
Jan 101
107
Apr 108% Mar
99% Mar 101% Mar
Mar
99% Jan 103
9414
102%
105%
84
89%
91
100%
79%
104
91%
Apr
May
May
Mar
Mar
Feb
Mar
May
/1114,1
Mat
62% Jan 89
May 97
92
9914 Apr 99%
82% Jan 88%
83% Jan 88%
Jan 95
90
Jan 94%
81
101
Jan 104
Jan 98
90
Mar
Jan
Apr
Mar
Mar
Aar
Mar
May
Apr
79%
98%
99%
71
7214
88
100%
68
98%
8214
81%
93%
98%
65
91%
May
Jan
Apr
Jan
Jan
Apr
Mar
Feb
Mar
Jan
Mar
Jan 91
Feb mg Apr
May
Feb 101
Jan
May 72
Feb 993-4 Mar
Feb 102
100
843( Feb 94
May
Mar
85
94
May
Feb
85
98
May
Mar
97%
99%
10734
95%
9
834
93
68%
10434
97%
7314
50
May
May
Jan
Jan
Jan
May
May
Feb
Feb
Feb
Jan
99
99%
109
99
100%
93%
85
107
101%
89
75
Mar
May
Mar
Mai
Apr
Apr
Feb
May
May
Mar
mar
Apr
Jan 97
68
May
95
May 95
97% Apr 109% May
May 10534 May
100
Mar
Apr 87
80
99% Jan 101% Mar
90% May 94% Mar
98
98
83%
Jan 1014% Apr
Apr
Jan 111
Mar
Jan 89
Apr
Feb 87
78
May 101% Mar
95
Apr
Jan 91
83
Jan 97% Apr
93
79% May 93% Jan
AM
90% Jan 97
75% Jan
Jan
89
92% Jan
80
44
8214
9414
Mar
88
Apr
96
96% Mar
Jan
Feb 84
Jan 72% Feb
Mar
Jan 92
Apr
Jan 110
Bonds (Continued)-
Fritlay
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
Range Since Jan. I.
Low.
Gatineau Power 551956 94% 94% 95% 31,000 91
Feb
6a
1941 9934 99
9935 18,000 94% Jan
Jan
50,000 90
Gelsenkirchen Min 68_1934 95
95
94
Gen Baking 5349 W 1_1940 97
9634 974 964,000 96% May
Gen Indus Alcohol 63.4s '44
8,000 69% Apr
75
72
Gen Laund Mach 634s.1937 45
May
41,000 45
48
45
Gen Pub Service 5s_ __1953
6,000 84% Mar
90
90
Gen Pub Utilities 6s__1931
98% 9834 1,000 9834 May
Gen Rayon Co Ltd
6s series A
1948 75
Jan
30,000 57
75
76
General Vending Corp
6s with warr Aug 15 1937
Jan
6,000 21
21
25
Gen Water Wks Gas dr El
6s series B
31,000 91% Feb
95
95
1944 95
Georgia & Fla RR 6s A 1946
1,000 18% Jan
20
20
20
May
1,000 20
20
Certificates of deposit_
Georgia Power ref 5.1__1967 10034 100 100% 94,000 95% Jan
Gobel(Adolf) Inc 634s 1935
99
With warrants
May
9934 29,000 99
100% 10034 1,000 9934 Jan
Goodyear T & R 5368_1931
Grand (F&W) Properties
91
9134 10,000 90
Cony deb 6sDec 15_1948 91
Mar
Gland Trunk Ry 634s_1936 10634 106% 10734 9,000 105
Apr
50
50
Jan
1,000 45
Guantanamo & West 6s '58
810034 102
54,000 9934 Jan
Gulf Oil of Pa 58
1937 101
10134 102
9,000 100
Jan
Sinking fund deb 59_1947 102
Gulf States Util 5s_ __ _1956 9736 9634 97% 17,000 9234 Jan
Jan
Hamburg Electric 7s 1935
10034 101% 10,000 100
86
86% 6,000 8434 Jan
Hamburg El & Und 535 '38
Jan
99
9934 16,000 . 97
Hanna (M A) Co 6s__1934
993-4 9934 48,000 9634 Jam
Hanover Credit Inst 681931
86% 88
6,000 80
Hood Rubber 530-1936
Jan
96
9634 3,000 8814 Jan
78
1936
Jan
Houston Gulf Gas 614s '43 831.4 39234 9434 262,000 64
95
95
1,000 95
May
Certificates of deposit_
95
9136 9434 300,000 6734 Jan
6a
1943 93
Certificates of deposit _
9235 92% 9234 1,000 92% May
1.000 97
97
97
May
Houston Oil 534s
1940
70% 21,000 58% Jan
ITY9rade Food Os A_-_1949 70% 70
Feb
6s series B
1949 63% 6336 6434 2,000 59
100 101% 27,000 9734 Feb
III Pow & Lt 514s ser B '54 101
22,000 8814 Feb
95
Deb 514s
1957 94% 94
Feb
Indep 011& Gas deb 68 1939 1053.6 105% 10634 47,000 100
99% 1003-4 65,000 9614 Jan
P & L Es ser A '57
Inland Utilities 8
1934 118% 11534 122 238,000 9834 Jan
Insull Utility Investment
Jan
813 ser B without warr '40 10534 10534 107% 205,000 99
Intereontinents Power Co
May
9,000 92
93
92
Deb 6.5 with wan'..
.1948
9931 31,000 93% Jan
lilt Pow Sec 76 ser E.1957 99% 99
32,000 80
Jan
83% 85
Marna t Securities 55_1947 85
91% 33,000 83
Feb
89
Interstate Power 5s...,_1957 91
7,000 8034 Jan
89
89
Deb 65
1952
11,000 88
Jan
Inter-State P S 434s1958 9134 01% 92
21,000 8634 Jan
98% 100
Invest Coot Am 55 A_1947 100
81
11,000 7634 Jan
80
80
Without warrants
Investors Equity 5s__1947
77
Jan
77% 6,000 70
Without warrants
93% 9434 19,000 9134 Mar
Iowa-NeD L & P be---1957 94
16,000 83
91% 92
Marco Hydro filer 7s__1952
Jan
Isotta Fraschini 70_1942
9234 7,000 80
Jan
90
With warrants
8,000 7514 Feb
86% 88
Without warrants
Italian Superpower of DelJan
Debs Os without warr '63 7534 7534 7634 52,000 69
1,000 98
98
98
May
Jersey Cent P & 1. 5s__1947
105% 106% 7,000 100% Jan
Kansas Gas & El 6s_2022
Kelvinator Co 65
1936
9034 90% 5,000 69% Jan
Without warrants
95,000 95% Jan
Hoppers0& C deb 55_1947 9934 9934 100
1024 103
66,000 99% Jan
1950 103
534a
100% 100% 15,000 97% Jan
1935
Laclede Gas 8155
10434 10534 28,000 102% Jan
Lehigh Pow Secur 6e 2026 105
1946
Leonard Tietz 734s
May
3,000 s115
s115 115
With warrants
Feb
17,000 93
99 100
Without warrants
11,000 91
Jan
9334 94
Llny, MeN & Libby 5842
9734 9734 2,000 96% Mar
Lone Star Gas Corp 50 1942
9,000 103% Jan
10534 106
Long Island Ltg 6s___1945
Jan
60,000 92
Louisiana Pow dr Lt 5s1957 96% 96% 97
5
13,000 9614 Feb
99% 100
Manitoba Power 53.46_1951 100
Mansfield MM & Sm 75 '41
May
6,000 88
88
88
With warrants
4,000 87% Jan
88% 89
Without warrants
20,000 IOil
Jan
10234 103
Mass Gas Cos 5146-1946 103
May
9834 15,000 98
98
1955 98
5s
s7434 75% 27,000 374% May
McCord Rad Mfg 6s 1943
5,000 97
May
97
97,
X
Mead Corp 65 with warr'45
Memphis Nat Gas 68_1943
Jan
118% 115% 11914 619,000 95
With warrants
735.4 7,000 70
May
70
Mid States Petrol 6345 1945 70
Jan
98% 98% 2,000 95
Milw Gas Lt 434s____1967
9234 9234 35,000 89% Jan
Minn Pow dr Lt 4s36-1878
Mins River Fuel 6sAug15'64
Jan
117% 11534 11734 14,000 102
With warrants
19,000 92% Feb
96% 97
Without warrants
Mo Pac RR 5s ser II __1980 9934 9934 100% 242,000 9914 May
26,000 98% Jan
Montreal LB & P col 5s'61 10034 10034 101
100% 100 34 11,000 99% Jan
1930
Morris& Co 7%s
100% 101
42,000 617
Jan
Narragansett Elea 5e A '57
Jan
2026 10534 10534 1063-4 43,000 104
Nat Pow dr Lt to A
31,000 9114 May
5s series B
2030 9134 9134 92
48,000 74
Jan
Nat Public Service 56_1978 7934 7934 82
5,000 99
99
99
May
1935
National Tea 5s
108% 108%
5,000 104
Jan
Nebraska Power 6s A_2022
2,000 90
93
93
Jan
Nebular Bros cony Os 1945
33,000 99
99
99
Apr
w 1.'40 99
Newberry 1.1 J)5
J811
91% 327,000 85
N E Gas & El Assn 58_1947 91% 90
9114 71,000 145
Feb
5a
1948 9114 91
Feb
NYP&L Corp lot 4%s'67 9434 9414 943-6 97,000 91
105% 105% 2,000 105
Jan
Niagara Fails Pow 65_1950
Niagara Shares Corp (Md)
20 yr deb 534s May 1 '50 10314 103 103% 384,000 99% Apr
19,000 88% Feb
90% 92
Nippon Elea Pow 614s 1953
North Ind Pub Serv 58 1966 10114 101% 10134 4,000 97% Jan
16,000 97% Jan
5a series D
1969 101% 10114 102
No Ste Pow 614% notes '33 10214 10236 102% 28,000 100% Feb
99% 9934 21,000 98% Jan
Northwest Power 65 A 1961)
Ohio Power 414s ser D.'56 94% 9414 9534 77,000 91
Jan
10034 102
6,000 98% Jan
5s series B
1952
Ohio River Edison 58_1951 10034 10034 100% 12,000 98% Feb
27,000 99
Oswego My Pow Cs__ _1931 loopi 100% 101
Jan
26,000 93% Feb
9534 97
Pao Gas & El let 414s_1941
82
Pacific Invest deb 5s 1948
2,000 79
s82
Feb
Pacific Western Oil 61is'43 93% 9234 94
Jan
35,000 81
Penn-Ohio Edison 8s...1950
Jan
10334 103 10334 8,000 99
Without warrants
Jan
5145
1959 993-4 99 100% 53,000 90
97% 25,000 9334 Jan
Penn Dock & W 6s w w '49 97% 97
May
98
98
Penna Glass Sand 6s1952
1,000 98
103 103
Penn P & L lot & ref D '53
1,000 99% Feb
84
85
5,000 *7434 Feb
Peoples Lt & Pow 56_1979
103% 103% 2,000 102% Feb
Phila. Electric 5s
1960
Phila Elan Pow 5346_1972 106% 106 106% 24,000 104 34 Feb
85
Phil Rap Tran (is
3,000 83% May
84
1962
100 loco% 14,000 99% Jan
Pittsburgh Coal 6s
1949 100
Pitts Steel 6s
12,000 101% Jan
103 103
1948
Apr
93% 81,000 92
Pitts & W Va Ry 4340_1960 93
93
Jan
30,000 4104
Poor & Co65
1939 105% 105 107
21,000 94% Jan
Potomac Edison 53_1956 9931 99% 100
Feb
Pow Corp of Can 434s '59 89% 88% 8914 20,000 81
97% 97% 2,000 pc% Jan
Power Corp(NY)534s '47
High.
9711
101
98%
97%
90
5314
90
98%
Mar
Mar
Apr
Mar
Jan
Apr
Apr
May
80
Mar
34
Feb
e9544
26
25
101
Feb
Mar
Mar
Mar
99% May
Mar
101
91%
108%
52
103
10334
98
102
90
9934
100
91
98
9634
95
97
92%
97
7134
6634
1013.4
95
1103.4
10034
126
Apr
Mar
Apr
Apr
May
May
Jan
Mar
Apr
Apr
Apr
Mar
Apr
May
Apr
May
May
Apr
Apr
May
May
Apr
Mar
Apr
11234 Mar
96
101
8854
93%
924
92
1033-4
82
May
Apr
Jan
Mar
Mar
Apr
Apr
Mar
80
Mar
95
Mar
9434 Mar
92% May
Apr
89
Mar
80
May
98
10634 Mar
91
100%
103
103%
107%
Apr
May
Mar
Mar
Mar
115
100
95
99%
106
97%
100%
May
Mar
Apr
Mar
Feb
Mar
May
96
95
105
98%
87%
97%
Jan
May
Apr
May
Mar
May
119% May
76% May
99% Apr
Mar
94
122
98%
102
101%
101
101%
108%
92
86%
99
109
95
NA
98
9431
95%
10655
Mar
Mar
Mar
Mat
Feb
Mar
Mar
may
Mar
May
Apr
Mar
Apr
May
May
Mar
Feb
103%
94
102%
102%
103
100
95%
10214
101
101
97
85%
95%
May
Mar
Mar
Mar
Feb
Mar
May
Apr
Mar
May
Mar
Apr
Apr
10534
101%
985S
99
103
9314
103%
108%
9314
102%
103
95
110%
100%
90
34
Apr
Mar
Mar
Feb
May
Mar
May
Mar
Jan
Mar
Mar
Apr
Feb
May
Mar
Apr
MAY 17 1930.]
Bonds (Conttrused)-
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
of Prices.
for
Sale
Price. Low. High. Week.
Range S6t3C4 Jan. 1.
Low.
Foreign Government
and Municipalities
(Concluded)
High.
PugetSound P & L 534s'49 101% 101% 102% 32,000 9934 Jan 103
Apr
lst:St ref 5s C
1950 9635 95% 9631 41,000 9531 May 96
May
Pure Oil 535s
9831 273,000 9734 Apr 99
May
1940 98% 98
Queens Boro G & E29,000 100% Jan 103% Apr
1952 103
102% 103
P1536s series A
Reliance Management 5s
2,000 77
Jan
1954
85% 1188
With warrants
95
Mar
9736 97% 9,000 97
Apr 9931 Feb
Remington Arms 5544 1930
8136 19,000 7834 Apr 84
80
Mar
Rochester Cent Pow es.'53
Jan 89% Mar
1953 8636 8631 87% 166,000 80
Ruhr Gas 636s
Apr 8934 Apr
tutu Housing Corp654s'58 87% 8734 8831 49,000 86
Ryerson (Jos T)& Sons Inc
Jan 94
93% 9334 6,000 92
1943
15-yr deb 55
Feb
74
7,000 70
Feb 83
73
Mar
St L Gas & Coke 6s1947
97% 23,000 91
Jan 98
97
Antonio Pub ServEgs'58 97
Mar
102 10235 9,000 993.4 Mar 10264 May
Salida Falls let 5s_ _ 1955 102
1943 9036 90
90% 2,000 85
Jan 91
Scripps(E W)536s
Apr
1940
102 10235 9,000 99% Apr 10336 May
Segal Lock 6544
1948 70
72
26,000 64
Feb 72
Serve' Inc 5s
70
May
21,000 90% Feb 95
s94% 95
Shawinigan W & P4544'67
Mar
1968
Feb 9534 May
4345 series B
9535 95% 3,000 90
25,000 98
Feb 102
lot 58 ser C when Issued_ 101% 10136 102
May
Shawsheen Mills 7s_ __1931
100% 100% 24,000 9635 Jan 101
Mar
Sheffield Steel 5368-1948
13,000 9734 Feb 100
98 100
May
Silica Gel Cm p 634s,.1932
10135 10134 3,000 97
Jan 107
With warrants
Mar
72
9,000 59
Snider Pack
res_1932
71
Jan 75
Apr
Southeast r & L 69_2025
10536 105 106% 79,000 103
Without warrants
Feb 1083/ Mar
102% 103% 36,000 99% Jan 10334 Mar
Sou ..;ailf Edison 5s___1951 103
102% 103
14,000 9964 Feb 010335 Apr
Refunding 5$
1952
e102 102% 9,000 10034 Jan 103
1944
Gen & ref 55
Apr
94
7,000 x91
Jan 9435 Apr
Sou Cal Gas 5a
1937 9334 93
5s
99% 100
16,000 98% Apr 100
1957 100
Mar
Sou Gas 636s with war 1935 103% 100 104% 17,000 97
Jan 105
May
100 10235 395,000 87
Sou Nat Gas 6$
1944 101
Jan 105
Apr
SoUPaeCo4s3i ser A.1977 97% 97% 97% 458,000 9734 Apr 97% Apr
19,000 91
94% 95
Jan 97
Erwest G & H 5s A..1957
Mar
4,000 90% Feb 97% Apr
So'west Lt & Pow 5e A 1957
9436 95
106 10636 13,000 103
Jan 10734 Mar
Erweet Pow & Lt 6s...._2022 106
Staley Mfg Co let 6s_ _1942 98% 98% 98% 12,000 9734 Jan 99% Apr
Standard Invest 5368_1939 9135 9135 91% 14,000 8136 Jan 9334 Apr
55 without wart.. 1037
85
2,000 84
84
Apr 85
Apr
Stand Pow & Lt6s____1957 9964 9936 99% 54,000 9734 Jan 100% Mar
Stinnes(Hugo) Corn
81% 5,000 76
80
Feb 83
7s 1946 without warrants 80
Mar
87
6,000 82% Jan 90
85
75 Oct 1 '36 without warr
Apr
33
34
11,00
28% Feb 50
Stutz Motor Co 735s__1937 34
Jan
Jan 102% Mar
Sun 011 5344
1939 10235 102 102% 7,00 100
41,00
7936 Jan 10131 Mar
100% 101
Swift & Co 5s Oct 15 1932 101
85
Apr 8634 May
Tern' Hydro-Eleo 634s '53 86
86
8664 30,00
Jan 86)4 Apr
85
80
85% 10,00
Texas Cities Gas 58_ _1948
May 10756 Apr
90,00
98
Texas Gas Util 6s_ _._1945 100% 100 101
96
Jan 100
Texas Power & Lt 581956 99% 99
99% 101,00
Mar
Thermold Co 6s w w1934
13,000 8231 Jan 98% Max
93% 95
TM Utilities Corp deb 5a '79 90% s90
92% 85,000 78
Jan 100
Mar
Ulen Co fis
1944 91
92
13,000 83
Jan 94% Mar
91
Union 011 55
Apr 100% Max
1945 991% 99% 100 176,000 99
Un El L & P 58 B_ _1967
103 103
22,000 99;4 Jan 103
May
United El Service 73_1956
With warrants
2,000 9834 Jan 103% Apt
100 100
Without warrants
92
9335 9,000 8931 Jan 97% Apr
United Indus Corp 634s '41 913') 9034 91% 52,000 84
Jan 92% Apr
United Lt & Rys 5565_1952 90% 9034 90% 60,000 8364 Jan 94% Mar
6s series A
1952
102 102% 13,000 10034 Jan 104
Mar
Un Port Ric Stu; 635s '37
With warrants
Jan 83
83
83
3,000 83
Jan
United Rye (Hay) 75fs '36
102 103
10,000 10035 Jan 103
May
United Steel Wks 6365 1947
Jan 93
With warrants
9131 91% 92% 48,000 87
Am
67 S Rubber
Serial 634% notes_ _1931
100 10031 31,000 9634 Jan 101
Mar
7,000 9536 Jan 100
Serial 636% notes__1932
9834 99
Apr
Feb 100
Serial 634% notes__1933 9936 9835 9936 7,000 94
Apr
Serial 634% notes_ _1034
1,000 93% Jan 100
98
98
Apr
7,000 93
Feb 97
Serial 635% notes_ _1936
95
97
May
1,000 92
Jan 98% May
Serial 634% notes...1937
95
95
1,000 9234 Feb 9634 Apr
Serial 634% notes__1938 96
96
96
Series 634% notes __1939 95% 94
95% 4,000 9234 Feb 96)4 Apr
1,000 92% Feb 97% Apr
94
94
Serial 634% notes_ _1940 94
6,000 99
May 100
Serial 65 w I
1933
99
99
May
7,000 102% Jan 103% Mar
Valvoline 011 75
103 103
1937
Van Sweringen Corp 6s_'35 100
Apr 10034 Apr
100 10036 551,000 100
Virginia Elea Pow 55-1955
10031 10031 14,000 97 34 Jan 10134 Apr
41,000 9636 Apr 100
Virginian Ry 434s B_ _1962 97% 9734 98
Mar
Wabash Sly 5$ ser D_ _1980 100
100 101% 139,000 100 May 102% Mar
Waldorf-Astoria Corp-54,000 86
1st 7s with warr____1954
093
94
Jan 10334 Jan
Wash Wat Pow 55w 1_1960 102
102 102% 35,000 98% Jan 10234 May
Webster Mills 6%5___1933 97% 9736 9735 37,000 853.4 Jan 97% Apr
West Penn Elea deb 53.1930 93
93% 27,000 93
Apr 93% Mar
93
West Texas Util 58 A_1957 9134 91
9134 54,000 89% Feb 93% Mar
Western Newspaper Union
Cony deb 6s
1944 8734 86
Jan 92% Mar
8734 24,000 86
WesternUnionTeleg 58 1960 10334 10336 103% 210,000 100% Feb 1043.4 Mar
Westvaco Chimine 5358 '37 10234 10235 102% 6,000 101
Feb 103% Jan
Foreign Government
and Mu Wei palitiesAgricul Mtge 13k Rao of Col
20
-year 7s____A&O 1946 86
86
4,000 82
Mar
87
7sJ&J
1947
1,000 72% Jan
87% 8731
Baden(Germany) 7s_ _1951
96
3,000 91
Jan
96
Buenos Airee(Prov) 731547 10135 101 101% 23,000 97% Jan
7s
1952
11,000 9434 Jan
96% 97
6348 when issued_ _1961
26,000 95% Apr
9535 96
Cauca Valley (Dept) Rep of
Columbia, esti. of 78.48
Feb
7934 7936 1,000 68
Cent Bk of German State &
Prey Banks 613 B_ _1951
84
18,000 76% Jan
84
lot Os series A
1952
1,000 77;6 Jan
84% 84%
Cuba (Reg..) 5345w L1945 98
98
98 134,000 98
Feb
Danish Cons Munk)535855
100% 10035 14,000 9736 Jan
Danzig P & Waterway BO
Esti 5 1 6365
1952
8235 8235 2,000 7836 Jan
German Cons Munk 7s '47 9634 9631 973) 38,000 91
Jan
Os
1947 89
89
90% 74,000 7934 Jan
Hanover (City) 78 w 11935 96
96
1,000 9534 Jan
97
Hanover (P.ov) 6348_1949 94
93
94% 15,000 86% Jan
Helsingfors (City) 6355 '60 9431 94
9535 86,000 90
AP
Indus Mtge of Finland
1st mtge coils f 7s 1944 99% 99
99% 8,000 97
Jan
Lima (City) Peru 63.44 1958
79
80
2,000 73
Jan
Maranhao(State) 75_ _1958
75
4,000 66
75
Jan
Medellin (Colombia) 75 '51 89
13,000 75
88
91
Jan
Mendoza (Prov) Argentine
Esti 734s sink fund g '51 92
91
93
21,000 85
Jan
Mortgage Bank of Bogota7s issue of 1927_ _ .1947 8234 82
8234 7,000 71
Jan
7s issue 01 1927 new 1947 82% 81% 8235 5,000 6536 Jan
Mtge Bank of Chile 65_1931 99% 99% 9934 72,000 9631 Jan
1962
13s
88% 89% 38,000 84% Jan
Mtge Bk of Denmark 55'72
76,000 96% Jan
9735 98
Netherlands (Kingd) 6s '72 10335 103% 10334
1,000 10336 iMa
Parana(State)Brasil 751958 723.1 72% 75% 20,000 05
Jan
Prussia (Fee State) 6s_1952 8935 89% 9036 45,000 8134 Jan
Ext16%a(of'26)Sep 1551 94% 9436 95% 41,000 86% Jan
Rio de Janeiro 6348-1959 78% 78% 78% 16,000 67
Jan
Rumanian Mono'net 78'59 83% 8335 84
23,000 8036 Jan
Russian Govt
1919
la. 6%a ctfs
4% 4% 6,000
435
4% Mar
1921
5 As
434 4% 10,000
431 Mar
94% Jan
89% ,Msa
96% ART
102
Apr
10034 Apr
96
May
89
Apr
86% Mar
8636 Mar
98% Apr
101
May
85% Mar
98% Mar
91
Mar
98% Mar
95
Apr
96 .Mar
100%
83
85
92%
Mar
Feb
Apr
May
94% Max
82%
8235
100
92
98%
106
8231
9244
9734
85
86
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Mar
Apr
Mar
7
8
Jan
Jan
3523
Friday
saws
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
Price. Low. High. Shares. (st Low.
High.
Saar Basin 75
1935 9834 9834 10034 6,000
Saarbruecken 7s
1935 10135 10135 102
19,000
Sante Fe (City) Argentina
external 7s
1945
9336 9334 2,000
Sydney (City of) New
South Wales 53'45_1955 895% 8934 8931 108,000
93
98
Jan 101
Apr
Feb 10234 May
86
Jan
94
8934
Apr
9091 Mar
Mar
•No par value. I Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. o Sold for cash.
8 Option sales. r Ex-rights and bonus. to When issued. x Ex-dly. y Ex-tights.
t Sold last week (May 7) and not reported, 25 shares at 85.
e "Under the rule" gales as follows:
Aluminum Co. of Amer. 52, 1952, Jan. 30, 81,000 at 1033).
Amer. Commonwealth 85, 1949, Jan. 22, 83,000 at 106(4)107.
Blaw-Knox Co., Jan. 2, 58 shares at 31.
Burco Co.. Jan. 26, 50 warrants at 436.
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. es, 1944, Jan. 29, 81,000 at 9654
Gerrard (S. A.) Co., Jan, 2, 105 shares com. at 24.
Gorham Mfg. com v. t c. April 23, 1 at 4331.
Houston Gulf Gas, Mar. 3, 2 shares at 19.
Mohawk & Hudson Power,Feb. 6, 75 shares 2d pref. at 112.
Neisner Bros. Realty 6s, 1948, Feb. 6, 811.000 at 9336.
Neve Drug Stores, May 16, 20 shares at 2
Russian Govt. 5360. 1921 etre.. Feb. 7. 16,000 at 7.
Singer Mfg., Ltd., Feb. 18, 100 shares at 8.
z "Optional" sale as follows:
Del. Elec. Pow. 5345. 1959, Feb. 19, 81,000 at 9234.
Montreal Lt.. Ht. & Pow. lions.. Feb. 10. 100 shares at 138.
Sou. Calif. Gas 58. 1937, Feb. 15, 81.000 at 9034.
CURRENT
NOTICES.
-Rackliff & Co., Inc., New York, announces the opening of an office in
Boston in the Chamber of Commerce Building, 80 Federal St., in charge
of Arthur II. Lane, who was formerly manager of the Boston office of
Rogers Caldwell & Co.
-Lord, Westerfield & Co., Inc., announce that Charles C.Hohmann has
been appointed Assistant Manager of its uptown office at 347 Madison
Ave. Kenneth C. Wilson has also become associated with the uptown
office.
-Lee,Higginson & Co. have moved their Chicago offices to new quarters
in the recently completed Board of Trade Building. For the last 25 years,
the firm has had its Chicago offices in The Rookery, 209 South La Salle
Street.
-Lawrence D. Woodbury, formerly manager of the trading department
of Bertron, Giscom & Co., has become associated with Gallaher Brothers,
Inc., 43 Exchange Place, N. Y., as Manager of their trading department.
-E. W. Clucas & Co., members of the New York Stock Exchange, have
opened a trading department to specialize in bank and insurance stocks.
The new department will be under the direction of F.J. Cunningham.
-A survey of the growing demand for color photography in the motion
picture industry and a brief discussion of the position of Technicolor and
Photocolor is presented by Harry Thompson 8: Co., Inc., New York.
-Mark C. Steinberg & Co. of St. Louis, have published a tabulation of
60 New York Stock Exchange listed industrials which have reported first
quarter earnings above the corresponding 1929 period.
-The Empire Trust Co. has been appointed trustee under trustee agreement dated May 1 1930, securing Independence Fund participations
of Independence Fund of North America, Inc.
-Benjamin C. Weiner, formerly Vice-President of the Times Square
Trust Co., has become associated with Hirsch, Lilienthal & Co. at their
branch office at 400 Madison Ave.
-Morrison & Townsend announce the opening of their Southampton
office to-day on the ground floor of the Irving House under the management of Carter B. Carnegie.
-McDonnell & Co., have re-opened their branch office in the New
Monterey Hotel, Asbury Park, N. J., under the management of Herbert
H. Parker.
-Ellis-Milley, Inc., announce the opening of a New York office at 120
Wall St. under the supervision of Ralph A. Hopkins, Manager, Wholesale
Division.
-Colvin ,Sc Co. announce the installation of a direct private wire to the
firm of Whittlesey, McLean & Co., members of the Detroit Stock Exchange.
-Stafford Hendrix, formerly in the bond department of Edward B.
Smith & Co., has joined the New York office of Stein Bros. & Boyce.
-Gruntal, Lilienthal & Co., have opened a branch office at 10 South
Main St., Liberty, N. Y., under the management of Samuel Engel.
-Potter & Co., members of the New York Stock Exchange, 5 Nassau
St., N. Y., have issued a special circular of The United Corp.
-Biddle. Costa & Co., Philadelphia, announce that J. Paul Sutton has
become associated with them in their sales department.
-P. M. Cummings of 30 Broad St., New York, has been elected a member of the Unlisted Securities Association of New York.
-DuBosque, George & Co., members of the New York Stock Exchange,
announce the removal of their offices to 52 Wall St.
-G. Donald Bullock is now associated with the sales department of
C. H. Geist Securities Corp., Philadelphia.
-R. W. Pressprich & Co., 160 Broadway, have issued an analysis of
-San Francisco Railway Co.
St. Louis
-Guttag Bros., 24 Stone St., N. Y., have Issued comparative table on
New York banks and trust companies.
-Howard F. Whitney, Jr., has become a general partner in the firm of
H. N. Whitney & Sons, N. Y.
-John S. Wiley has become associated with the Foreman-State Corp.
in its New York branch office.
-Frear & Co., New York, announce that they have published a new
issue of "Wings of Industry."
-Bertron, Griscom & Co., Inc., announce the removal of their New
York offices to 40 Wall St.
-Bulkley, Valiance & Co. have moved their office to 120 Broadway,
New York.
-Bancamerica-Blair Corp. has issued a special circular on Petroleum
Corp. of America.
-Frank C. Ryder has become associated with the Syracuse office of
Tucker, Anthony & Co.
-Prince & Whitely, N. Y., are distributing an analysis of General
Asphalt Co.
-Estabrook & Co. have issued a list of investment suggestions.
3524
[VOL. 130.
FINANCIAL CHRONICLE
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "t".
Chain Store Stocks Pa Bid. Ask Investment Trust Stocks
Sant Co corn
and Bonds (Cond.) Par BO. Ant.
*3
0 83
9 3
Cum cony pref 7%-100 n8
2
General Trustee common___
2314 2414
Shaffer Store corn
New units
50
Silver (Isaac) & Bros com-t 35
6% bonds
7% cum cony pref_ -100 91
95
Greenway Corp corn
6
45
7
Southern Stores6 units
Preferred without warr
1J S Stores
Warrants
2612
23
First preferred 7%__-100 55 60
Guardian Investment
22
20
Young(Edwin H)Drug units 100 105
Preferred
Guardian Investors
75
65
Standard Oil Stocks
MS units
35
28
Anglo-Amer Oil vol-stock El *1814 1812
units
*1814 1812
90 - - - Non-voting stock
el
$
273
3112 3512
Atlantic Ref corn
In
Incorporated Equities
25
4
0
5812 01
Borne Scrymser Co
25 :2234 4243
Incorporated Investors
59
--- Buckeye Pipe Line Co_ __60 *57
Industrial Collateral Assn
Indus
Industrial & Pow Sec Co
Chesebrough Mfg Cons__25
17 1919
5
15 s -1612
712 Insuranshareut Ctfs Inc
Continental Oil(Me)Vt c 10 15
*28
55 58
2814 Inter Germanic Trust
Continental Oil (Del)
x58
Creole Petroleum
(t) .618 612 lot Sec Corp of Am corn A
x28
33
57
Cumberland Pipe Line_100 *50
Common B
6
4
5
0
6
Eureka Pipe Line Co_100 4
Allotment certificates_ Galena 011 new common070 pref rred
7%
erred
*3412 3512
x94 ____
General Petroleum wl
% Preferred
05 8 0
7
8
6
x89
Humble Oil& Refining_25 *1.3 12 13 58
Aeronautical Securities
Illinois Pipe Line
ternal
Internal Share Corp Inc
100 308 315
32155
6
AeronauticalInd without war
Imperial Oil
Interstate Share Corp
47
50
is
s
3 -- 3 Indiana Pipe Line Co___-I0
Warrants
Invest Co of Amer nom
6
7 8 Internationalpetroleum- -t *21
90
93
2112
3
7% preferred
Air Investors common
4
--4 National Transit Co_-12.50 *1858 183 Invest Fund of NJ
2374 8
3
Airstocke Inc
1138 123
8
20
2 2s
Alexander Indus corn
New York Transit Co ._l00 17
Investment Trust of N Y_ t s-14 3 Invest Trust Associates4
0
82
36
8% participating pref.__ _
Northern Pipe Line Co100 *72 73
- 32
112 Ohio 011
44
Joint Investors class A
American Airports Corp_
26
. .id6s
101
n1
ss
0 13
Aviation Corp of Calif
Convertible preferred_
100
Preferred
122
11
5
4
8
Penn Met Fuel Co
Aviation See Co of N E--25 *5712 12812 Keystone Inc Corp class A _
48
14
16
Class B
Bellanca Aircraft Corp
Prairie OH & Gas
25 *46
Short Term Securities
8
113 1212
4
n412 612 Prairie Pipe Line
Central Airport
25 s517 521s Leaders of Industry
4
2 12 2212 Massachusetts Investors_
193
467 497
8
8
197
8
1
Cessna Aircraft new com_
Solar Refining
AMR Chal Mfg 58 May 1937 1015 102
25 i3114 3
7414
72
4
20 4 24
3
Mohawk Invest Corp
Consolidated Aircraft
Alum Co of Amer 5e May '52 1013 102
Southern Pipe Line Co_ _60
4
9812 Consolidated Instrument-_f
412 South Penn Oil
Mutual Invest
93 1114
4
Amer Mad deb 41,5s May '47 96
25
1312 15
8
55
8
814 10
Nat Re-Inv Corp
Am Roll Mill deb 58_Jan '48 993 995 Curtiss Flying Service
Southwest Pa Pipe Line.50 *50
5
4
n2
8
Standard 011 (California)--t *7014 707 North Amer Mil Sec
Bell Tel of Can 58 A _Mar '55 1013 10214 Curtiss Reid corn
40
30
4
Curtiss-Robertson com
Preferred
Standard 011(Indiana)___25 *5412 543
Bethlehem Steel
8
-1;4 1014
63
4 7 Standard 011 (Kansas)_ _25 *413 4112 North Atner Tr Shares
Dayton Airpl Engine
Sec 5% notes_June 16 '30 -___
t
2
5
3514 35
1
_ Detroit Aircraft
7 8 712 standard Oil(Kentucky)_10 ;47 481 O
,
Niolrth&Soutit4Am B co_
un h
rn
See 5% notas_June 15 '31
5512 61
Shares
Fairchild Aviation class A-68 7
,
Standard 011 (Nebraska)_25
Sec 5% notes June 15 '32
1212 1412
*x79
Ski
7914 Old Colony Invest Tr corn
2
04
Standard Oil of N. J
Cud Pkg deb 5iis_Oct 1937 - - -681- Federal Aviation
25
85
88
24
21
Fokker Aircraft
Edison El III BostonStandard 011 of N Y
434% bonds
25 *3612 Ws
41
4312
95
Khmer Airpl & Motor
3
4 114 Standard Oil (Ohio)
Old Colony Tr Associates_ _
% notes.._ _Nov 1930 100
25 *90
0212 512
*117 120
Lockheed Aircraft
Overseas 58
1948
Empire Garr & Fuel
Preferred
100
4
10212 103
12
Pacific Invest Corp corn__ _
June 1930 993
Maddux Air Lines com____
Standard Oil Export pref_
158
60
10
National Aviation
Preferred
1012 1718 Swan & Finch
Fisk Rubber 51411-Jan 1931 58
25 *8
63
65
3212 337 Power & Light Secs Trust
s
--- 10
New Standard Aircraft__
Union Tank Car Co
General Motors Accent
8
Public Utility Holding
Vacuum 011
5% ser notes___Mar 1931 10018 1005 North Amer Aviation
25 89'2 90
14
Common with warrants_
notes___Mar 1932 100 10012 Sky Specialties
6% ser
8
5
10
s
Warrants
Investment Trust Stocks
5% ser notes___Mar 1932 997 1003 Southern Air Transport
37 siis
412
2
Research Inv Corp oom
and Bonds
5% ser notes_ _Mar 1934 99 _ _ _ Swallow Airplane
82
n5
7
ts
55 ser notes___Mar 1935 9812 _ _ _ _ Warner Aircraft Engine
7
1
3
712 1012
10
1212 Royalties Management-- Admstr & Research A
ser notes.__Mar 1936 9814 9914 Whittelsey Mfg
9
10
Seaboard Cont Corp units
Amer Capital Corp B
Gulf Oil Corp of Pa
Water Bonds.
Amer Common Stocks Corp
Common
Debenture 58___Dee 1937 101 10112
4
- - - - Second Financial Invest
Amer& Continental
Debenture 58 __Feb 1947 1013 10212
38
43
Ark Wat let Sc A 56A AO 93 95
---- - - - - Second Internet Sec CorpAmer & For Sh Corp units
Koppers Gee & Coke
22
18
4
Btrm WW ist 555sA'54 A&O 101
-- - - - Common B
Common
Debenture 5e__June 1947 093 100
44
1st M 58 1954 ear B__J&D 95
,
MM Pet 43ie_ireb 1530-35 96 100
debs
cor, 1038
181-4
8
J'n3 1530 997 --- City W (Chat)55inA.'54J&D 100
Amer % cv
Se6cadpNreafetrrIednvestore
Mar 0115% notes
Founder.
92
let M 58 1954
9e
Select Trust Shares
JAG 93 ss
Cony preferred
Serial 5% notes Joe 16'31 100 10018
- Sh4 47ut Association corn 819
46
/ 8
City of New Castle Water
6% preferred
Serial 5% notes J'ne 15'32 9912 100
2912 31
1023 103
50
4
54
58 Dec 2 1941
90
Shawmut BankInv Trust
JAG
Miss Gas Cos 5As Jan 1946
740ths
1 Preferred
%
38c 42c
82
87
Pacific Mills 5 is__Feb 1931 100 _ _ Clinton WW let 513'39.F&A 91
6
:
5
85
90
25c _ _2_9!
7
Comiwith Wat 1st 550/147 9912 ffis
Peoples Gas L & Coke
I-70ths
199522
119542
Con'llsv W 58 Oct2'39 A&O 90
Dec 1930 9914
Warrants
Cis
93
8
Amer & General Sec 6% pref 43 - - - - Southern Bond de Share
Proo & Gamb 4s July '47 955 0712 E St L & Int Wat 58'42 Jac./ 92
29
35
Jja 100 101
let M tis 1942
Common A
Class A
Swift & Co
Common B
12
16
Huntington 1st (16 '54_M&S 102
Clara B
notes--Oct 15 1932 10058 101
177 193
8
--8
se
Preferred
Amer Insurance Stock Corp
1954 93
4
Par
Mourn Con W lat5s'56 J&D 8912 91Amer & Overseas pref
- - - - Standard Collateral Trusl- 111- 1514
Tobacco Stocks
2218 2412
Mourn Val W 5
- - - - Standard Corporation
'50_J&J 96
Arner Ry Tr Shares
_ Astor Financial
- - - - Standard Investing Corp-.
Muncie WW 5sOct2'39 A&O 93
American Cigar pref..__ 100 80 95
ski
2712 St Jos Wat 58 1941_ __A&O 9112 --921s Atlantic Securities corn
51
i% pref with warr.._
British-Amer Tobac ord__ /1 2E1
117
8
90
-g - Standard Oil Trust StagLI *2512 2712 Shenango Val W 58'56_A&O 88
Warrants
Bearer
_
4312 46
22
standard Utilities
24
& Irelid
So Pitts Wat 1st 551980 J&J 93
Imperial Tob of G B
Preferred
1012
9712 -- -1- Bankers Financial Trust
9 2
8
let M 55 1955
FAA
- - - - Trustee Stand 011 Shs
_
lot Cigar Machlnery__-.100 107 120
107 115
8
8
Class B
- --Terre H WW 65 '49 A_J&D 9912 _ _
Bankers Investmt Ara
Johnson Tin Foil & Mot_100 55 65
8
11
918 97
- - - - Trustee Transportation_ _ _
let M 58 1956 ser 13.F&D 92
Bankers Sec Tr of Am com
Union Cigar
97 103
8
8
*2
4
Wichita Wat let Os'49..M&S 99 _ _
- - - - United Fixed Sirs see Y
Bankinstocks Holding CorpUnion Tobacco Co Class A _
- - - - United Founders Corp corn
1st M 5s 1956 ser B_F&A 94 _-__ Bankshares Corp of U S Cl A
(18) CO Com----100 98 _ _
Young
4Ic sess;
1-70t11$
100 102
Bankstocks Corp of Md cl A
Preferred
- - - - United Trust Shares A 2
Chain Store Stocks.
Class B
Berland Stores units new_ __ n80 90
U S Elec Pow Corp
Miscellaneous
Preferred
Indus. &
8
'
Bohack(H C) Inc com____t 80 85
Warrants
Basic Industry Shares-CD
1458 16
u S Shares class A
30
100 101 105
1314
7% let preferred
British Type Investors
Aeolian Co pref
1212 137
8
37
8
13
n112 312 Cent Nat Corp A
41
Butler (James) common__
Class A 1
Aeolian Weber P & P---100
1138 125
8
16
30
21
62
100 15
Class A 2
Preferred
25 *60
Class B
American Hardware
28
35
37
2612 2712
Diamond Shoe common
Class C 1
Colonial Investor Shares
Wilcox
100 *128 135
Babcock dr
96 100
2918
Class o2
.20
22
Preferred with warr
Commonwealth Share Cor1)Bliss (E W) Co
223 2412
8
12
15
Edison Bros Stores corn____
---Class C 3
Continental Shares com_
50 *50
Preferred
x1614
83 6
6411 8
n90 95
0
6
Preferred
Class F
D
100 *109 114
Cony pre:
Childs Corp pref
1712 193
8
Fan Farmer Candy Sh pf_t *31
33
100 168 175
Continental Securities cornDixon (Jos) Crucible
113 13
4
72
Feltman & Curzne Shoe
75
Class IT
Preferred
Safety Car IR & Ltg---100 125 140
12
16
50
1914 2124 II S & Brit Internal class B_
100
Stores A 7% pref
Corporate Cap Corp units_
Singer Manufacturing_-_100 525 530
33
29
*5
614 Fishman (H M) Stores corn -lir 20' Deferred stock
Class A
-Binger Mfg Ltd
(t)
4312
95 103
Preferred
Credit Alliance A
914 10
4114 4314
II Pre11ecedight & Power
Gt All & Pas Tea pref-100 116 119
S E9rr L
Corporate Trust Shares
Railroad Equipments
13
Howorth-Snyder Co A
Crum & Forster InsurII S Overseas Corp corn
7073
e:5
5.10 4.80 Knox Hat
ance shares COM
Atlantic Coast Line Os
11423
1131
1011142 10
4.90 4.60 Kobacker Stores corn
t 25
Sugar Stocks
Equipment 654s
14
56
_100 n --- 3560
Fajardo Sugar
Cum pref 7%
100 55
5.00 4.80
DePos pri lishted ser N Y_
7
% Befer ares
Baltimore & Ohio Ita
23
10
9
12 Godchaux Sugars Inc
Series B-1
t *21
Equipment 4s & Se__... 4.65 4.50 Kress (S H)6% pref
0
8
25 - - Preferred
100 75 85
Diversified Trustee She A
BuffRoth & Pitts equip 6s_ 5.00 4.60 Lane Bryant Inc 7% p w w. 100 195
.5
8
2012 2114 Hayttan Corp Amer
4.80 4.60 Lerner Stores fiii% pf w tv. 94
Shares B
CanadianPacific 4s & 68..
30
100 n325 400
9
9 12 Holly Sugar Corp
Series C
-t .26
5.00 4.60 Lord & Taylor
Central RR of N I Os
78
Preferred
100 72
212 412
5.00 4.80
First preferred 6%_A00 095 ..--- Domestic & Overseas
dt. Ohio (is
Chesapeake
3212
- - - - National Sugar Ref-.100 32
Eastern Bankers Corp com_
4.90 4.60,
Second preferred 8%A00 nI00
Equipment 65i8
16
Units
- - - New Niquero Sugar- - - -100 12
4.70 4.50, MacMarr Stores 7% Pf w w 97 100
Equipment 58
*84
88
Equit Investing Corp unite- 2412 - - - - Savannah Sugar corn
Melville Shoe Corp
5.00 4.80
Chicago & North West
97
31
35
Preferred
100 91
Equity Invest Corp com4.85 4.65
1st prof8% with warr.100 90 94
Equipment BAH
14
9
Units
76
Sugar Estates Oriente P1-100
80
4.65 4.50 Metropolitan Chain Stores
Chic R I & Pao Cis & 5a
45
0
21
Vertientee Sugar pref_ -100 35
Federated Capital Corp___.. 18
100 n ---- 8
5.00 4.80
New preferred
Equipment 68
2
-8New units
5.40 5.00 Miller (I) & Sons com----t 26
Colorado & Southern 6s
87
- Rubber Stocks (Cleveland)
First Holding & Trod
100 80
Preferred 6(4%
5.00 4.80
Delaware & Hudson Bs
*612 7
8
- Aetna Rubber corn
Fixed Trust Shares cl A--(t) 215
4.90 4.65 Mock Judson & Voeringer Pf n90 94
Erie 4545 & Sn
05
Class B
8
- Falls Rubber corn
(t) 183
5.20 4.90 Murphy (G C) Co com---t *55
Equipment 6s
912
25
__102 106
Preferred
Foundation Sec corn
100
8% turn pref
5.00 4.80
Great Northern 68
*343 37
8
4
Faultless Rubber
Preferred
4.65 4.50 Nat Family Storm Ino warr eel
Equipment 56
138
i00
17
•13
Founders Sec Tr pre
- - - Gen'l Tire & Rub corn- 25
Shops corn.
4.65 4.50 Nat Shirt
Hocking Valley 5/1
.86
90
93
Preferred
Founders Shama
100 is 88
Preferred 8%
5.00 4.80
5.00
Equipment fis
912 General Equities A
1012 1214 Goody'r T & R of Can0 100 r108 10714
t *8
,
Illinois Central 412s & 5e. 4.65 4.50 Nedick's Inc corn
*18
19
20
India Tire & Rubber
Gen Pub Secs 6% pref
95
115
93
5.10 4.80 Neisner Bros Inc Pref 7%100
Equipment Os
100
00
Miller Rubber prat
0 96
4.70 4.60 Newberry (.1) Co 7% Pt 10
Equipment 7s & 6
918 103
4
100
22
Mohawk Rubber
Merchandise corn-A *19
5.20 4.90 N Y
Kanawha & Michigan 6s
100
Preferred
First preferred 7%---100 90
Kansas City Southern 5j4s_ 5.50 5.00
8 9
Selberling Tire & Rubber--t *85
10
t
4.80 Piggly-Wiggly Corp
5.00
Louisville & Nashville 6s
40
100 35
Preferred
100 85
Preferred 8%
4.70 4.55
Equipment 6(45
ois
0 94
4.60 4.40 Reeves (Daniel)Preferred10
Michigan Central 58
35
100 120
Co com
4.70 4.50 Rogers Peet
Equipment 68
Public Utilities
Par Big. Ask.
Amer Public MU com-100 60 80
7% prior preferred---100 93 96
94
100 90
Partio preferred
Appalachian El Pr pref-100 109 110
Associated Gas & Mee
.95 97
$5 Preferred
(t) 162 65
Cleve Elec HI cool
100 111 112
6% preferred
Col El dr Pow 7% pf-100 116
43
Eastern ULU Assoc cora---t .42
*16
163
4
Convertible stock
9012
Gen Public Util $7 pref-t *88
Mississippi Riv Pow pf __100 108 - - - _J&J 10112 10212
First mtge Se
MAN 9612 9712
Deb re 1947 1951_National Pow dr Lt $7 Pref-t *10012 11112
*10012 10112
$6 Preferred
North States Pow 7% pref_ 107 109
,
Ohio Pub Sell 7% pref_100 107 109
97
98
6% preferred
Pacific Gas & El 1st pref _ _25 *2712 2814
Puget Sound Pr & LI $6 pt_f .98 101
*89
91
$5 Preferred
151 & ref 550 1949__J&D 10112 10212
93
Say El & Pow 6% pf-100 90
94
Sierra Pao El Co 6% pf_100 92
Stand Gas & El 27 pr pf_100 109 11012
4
Tenn Elec Pow let Pre!7%- 1093 11012
100 102 103
6% preferred
9112 9312
Toledo Edison 5% pref____
105 106
6% preferred
100 109 111
7% preferred
Utilities Pow & L 7% pf_100 9912 10012
•Per share.
0 NO par value.
Railroad Equip.
(Conekt.)
Minn St P & SS M 4351I & 58
Equipment 6i45 dr 7s---Missouri Pacific 13345
Equipment 68
Mobile & Ohio re
New York Central 430 dc Sc
Equipment Os
Equipment 78
Norfolk & Western 4356
Northern Pacific 78
Pacific Fruit Express 7s____
Pennsylvania RR equip 5s-PLUM)& Lake Erie °Me-Reading Co 430 ASs
St Louis & San Francisco 58
Seaboard Air Line 5548 & Os
Southern Pacific Co 430_Equipment Ts
Southern Ry 430 & 56
Equipment Os
Toledo & Ohio Central 68
Union Pacific 75
b Baffin
801
5.20
5.60
5.15
5.05
4.75
4.65
5.10
4.75
4.60
5.70
4.80
4.60
4.85
4.60
4.70
5.25
4.60
4.80
4.65
5.00
5.00
4.80
4 Pnroh. also Days aoor. div.
Ask
4.80
5.15
4.55
4.80
4.50
4.50
4.80
4.00
4.45
4.70
4.60
4.45
4.60
4.45
4.50
5.70
4.50
4.60
4.50
4.80
4.90
4.60
t Last sale.
a Nomin.''x-div
p Ex-rights.
r Canadian Quotations
I Sale mice.
3525
butestment anti Saiiroati lutaliffentc,
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
Current
Year.
4,212,539
3,260,000
26,550
262,900
281,846
3,190,269
406,600
351,086
Period
Covered.
3d wk of Apr
lot wk of May
1st wk of May
3d wk of Apr
lot wk of May
lot wk of May
lot wk of May
1st wk of May
Previous
Year.
5,226,902
4,038,000
25,800
294,556
333,448
3,645,451
460,742
343,619
Inc (+) or
Dec.(-).
$
-1,014,363
-778,000
+750
-31,656
-51,602
-455,182
-54.142
+7,467
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Gross Earnings.
Month
1929.
February
March
April
May
June
July
August
September
October
November
December
January
February
March
Length of Road.
(+) or
Dec.(-).
1928.
S
474,780.516
6_6,134,027
513,076,026
536,723,030
531,033.198
556,706,135
585,638,740
565,816,654
607,584,997
498.316,925
468,182,822
1930.
450,526,039
427,231,361
452,024,463
456,387,931
505,249,550
474.784,002
510,543.213
502,455,883
512,821.937
557.803,468
556.003,668
617.475,011
531,122,999
495,950,821
1929,
486,628,286
475,265,483
516,620,359
A-18.292.585
A-10.884,477
A-38.291,124
A-26.120,817
A-28.577,315
A-43,884,198
A-27,835.272
A-9,812.986
--9 890 014
---32,806,074
--27,767.999
--36,102,247
--48,034,122
--64,595,796
Net Earnings.
Month.
1929.
1928.
Miles.
242,884
241,185
240,956
241,280
241,608
241,450
241.026
241,704
241,622
241,659
241,864
1930.
242,350
242,348
242,325
Miles,
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
242,113
241,964
(+)Of Dec.(-).
1929.
January
February
March
Amount.
$
126,368,848
139.639,086
136.821,660
146,798,792
150,174,832
168,428.748
190,957,504
181,413,186
204,335.941
127,163,307
106,315.167
1930.
94,759,394
97,448,899
101.494.027
February
March
April
May
June
July
August
September
October
November
December
1928.
$
108,987,455
132,122.686
110,884,575
129.017.791
127.514,775
137,625,367
174,198,544
178.800,939
216.519,313
157.192,289
138,501,238
1929.
117,764.570
125.577,866
130.756.091
$
+17.381,398
A-7,516,400
A-25,937,085
4-17.754.091
A-22.859.557
A-30.793.381
A-16,758,860
A-2,612,246
--12,183,372
--30,028,982
-32,186,071
+15.95
A-5.68
A-23.39
A-12.09
A-17.77
A-22.37
i-9.62
A-1.46
--5.63
--19.11
--23.12
--23,005.176
--28,128,967
-38.202,064
--19.55
-22 40
--27.46
Per Cent.
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
Central Vermont Ry.
-Month of April- -Feb. 1 to Apr. 30-
1930.
1929.
Railway oper. revenues
Ry. oper. exps. (excl. depr.)_
Ry. oper. caps. (deprec'n)
640,670
507,086
31,810
757,485
527,124
20.596
1,881,550 2,094,406
1,472,573 1,493,562
95,322
61,585
1930.
Total ry. oper. expenses--
538,896
547,720
1,567,895
101,773
15,989
64
209,765
16,140
Dr9
313,654
47,965
76
539,258
48.417
104
-Month of February- 2 Mos. End. Feb. 28.
1930
1929.
Tot. taxes & uncoll.ry.rev_
16,054
16,130
48.042
48,521
Railway operating income__ -
85,718
193,634
265,612
490.736
Miscell. rent income
Misc. non-op. phys. prop_
Inc. from funded securities
Inc.fr.unfund.sec. & acc'ts
Miscellaneous income
28,625
899
7,068
497
5,193
1,402
1,207
16
250
1,850
10
7,807
8,407
6,463
110
1,238
1,402
480
54
250
1,784
12
104,520
2,725
21,980
997
15,160
4,208
3,198
24,973
22,636
25,485
685
3,431
4,208
696
108
750
4.348
48
Non-operating income
Hire of fr't cars-Cr. bal__
Rent from locomotives..___
Rent from pass. tr. cars__
Rent from work equip..___
Joint facil, rent income_.,,,
Income from lease of road_
Total non-oper. income_ _ -
Dr87
750
8,840
63
47,021
28,010
162,358
87,374
132.740
Gross income
221,645
427,971
7,044
7,055
9,164
99
540
18,046
500
22,368
33,579
245
1.021
54,138
2,220
155
7
18,242
7,094
1,284
116
21,053
31,182
413
39,777
54,138
739
398
226,356
19,398
486
47
Total deduc.fr. gross inc
125,070
62.144
393,990
177.157
Net income
Ratio ry. op. exp. to revs
Ratio ry. oper. exp. & taxes
to revenues
Miles of road operated
7.669
84.11%
159,500
72.31%
33,980
83.23%
400.953
74.25%
86.6ia
74.41
a
12
85.88%
469
76.56%
412
9,910
313
9,520
18,046
88
132
75,318
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt
Int. on unfunded debt
Arhort. of disc, on fund. debt
Miscell. income charges
4,531
52,813
7,105
3,538
125
Interoceanic Ry. of Mexico.
Net earnings
Percentage exps. to earnings_
Kilometers
1930
Pesos.
Gross earnings
Operating expenses
1929
Pesos.
Pesos.
1,101,366
1.058,125
43,241
96.07%
1,644
1,203.899 2,306,553
996,357 2,101,823
207,541
82.76%
1.644
204.729
91.12%
2,297,027
2,041.129
255.897
88.86%
1,239,585 3,120,115
82.94%
85.85%
11,395
2,895.786
83.98%
New York City Street Railways.
Net Corp.
Deductions
Gross
Gross
Income.
fromInc.
Income.
Revenue.
S
s
S
Companies192,989
136,107
329,096
Jan '30 1,901.635
Brooklyn & Queens
-52,531
243,720
101,189
'29 1,902,793
1,351,471
895,024
2,246,496
7 months ended Jan 31 '30 13,305,229
-84,666
1,707,997
1,623,330
'29 13,534,899
-11,831
8,358
-3,472
79,095
(rev) Jan '30
Eighth &Ninth Aves
-12,176
3,196
-15,372
77,312
'29
-76,474
83,961
7,487
577,005
7 months ended Jan 31 '30
-89,437
84,283
-5,145
570,984
'29
30,329
666
30,996
438,403
Jan '30
Fifth Ave Coach__
24,208
1,235
25,443
427,266
'29
493,243
4,557
497,801
7 months ended Jan 31 '30 3,542,630
536,166
15,048
551,214
'29 3,694,503
325,860
863,416
2,148,766
nterboro Rapid Transit Jan '30 4,804,764
873,811
878,384
1,973,695
'29 4,481,501
(Subway Division)
2,268,707
6,215,154
7 months ended Jan 31 '30 30,652,042 12,979,077
4,818,955
6,166,703
'29 28,439,057 12,532,944
-304,318
156,336
Jan '30 1,586,706
(Elevated Division)
440,040 -363,557
101,863
'29 1,562,073
3,059,769 -1,785,120
1,452,315
7 months ended Jan 31 '30 11,181,817
3,087,955 --2,341,876
923.745
'29 11,034,544
200,855
334,617
535.473
786,292
Jan '30
Hudson & Manhattan
179,428
335.516
514,945
768,653
'29
1,339,636
2,340.766
3,680,402
7 months ended Jan 31 '30 5,227,674
1,089,313
2,344,498
3,433,811
'29 5,147,579
--6,219
10,287
4,067
41,011
Jan '30
Manhattan & Queens
--6,174
9,918
38,447
3,743
'29
--31,838
71,781
39,941
292,188
7 months ended Jan 31 '30
--24,I19
70,418
46.296
290,582
'29
43,324
62,217
105,541
76,454
Jan '30
New York & Harlem
45,844
60,553
106.398
87,260
'29
255,914 -131,305
124,612
525,942
7 months ended Jan 31 '30
-40,068
479,322
245,916
574,706
'29
-13,686
23,107
9,421
79,250
Jan '30
New York & Queens
-11,004
23,143
12,138
75,873
'29
161,854 -121,332
30.520
538,158
ended Jan 31 '30
7 months
162,388 -102,119
60.267
525,030
'29
177,408 --137,669
39,738
457,586
Jan '30
New York Rys
178,195 --138,416
39,779
491,958
'29
1,233,543 --746,577
486,965
7 months ended Jan 31 '30 3,552,957
1,249,103 --675,371
573,732
'29 3,786.621
422,377
574,466
996,843
New York Rapid Transit Jan '30 3,162,519
366,659
573,285
939,945
'29 2,975,441
3,044,327
4,038,850
7,083,178
7 months ended Jan 31 '30 21,636,898
3,073,815
3,768,455
6,842,271
'29 20,705,442
-1,598
14,331
12,732
76,018
Jan '30
South Brooklyn
-12,174
17,149
4,974
82,332
'29
72.061
101,121
173,182
644,267
7 months ended Jan 31 '30
42,631
126,723
169,355
696,767
'29
-9,672
5,380
--4,292
69,403
Jan '30
Steinway Rys
-3.305
5,464
2,158
71,165
'29
-91,217
37,489
--54,730
471,169
7 months ended Jan 31 '30
-51,380
476,144
40.679
--4,874
'29
--13,750
15,302
1,551
165,234
Surface Transportation Jan '30
--31,819
13,058
-18,761
'29
150,447
96.950 --138,987
-42,037
7 months ended Jan 31 '30 1,148,506
73,041 --I45,222
-72,181
'29 1,074,266
--43,648
234,044
190,396
Third Ave System
Jan '30 1,254,726
--83,211
233,713
150,501
'29 1,259,492
1,638,187 --253,852
1,384,335
7 months ended Jan 31 '30 8,926,444
1,615,180 --238.523
1,376,656
'29 9,050,681
-Deficit or loss.
Appalachian Electric Power Co.
(Including Kentucky & West Virginia Power Co., Inc., and
Kingsport Utilities, Inc.)
-Month of February- 12 Mos. End. Feb. 28
1929.
1930.
1930.
1929.
Gross earnings from oper____ 1,716,888
Operating expenses & taxes__
892,866
1,734,591 19.705,281 18,431,536
890,117 10,546.177 9,905.791
Net earnings from oper___
Other income
824,022
103,567
844.474 9.159,104 8,525,745
408,441
914,332
55.585
Total income
Interest on bonds
Other interest & deductions_
927,589
362,779
15,829
900,059 10,073,436 8,934,186
356,675 4,339.944 3,816,152
579,245
172,240
17,561
548,981
525,823 5.561,252 4,538,789
1,933,926 1,671.851
Balance
Dividends on preferred stock
Balance
3,627,326
2,866,938
Atlantic City Electric Co.
(American Gas & Electric Co. Subsidiary)
-Month of February- 12 Mos. End. Feb. 28
1929.
1929.
1930.
1930.
Gross earningsfrom operation
Operating expenses and taxes
647,713
395,784
541,582 7,218,927 6,258,195
342,015 4,720,393 3,990.110
Net earnings from oper__Other income
251,929
7,668
199,567 2,528.534 2,268,085
76,753
27,094
4,505
Total income
Interest on bonds
259,597
47,792
42,082
204,072 2,605,287 2,295,179
169,723
578,800
Balance
48,233
576,167
29,707
416,246
310,406
126,132
1,612,874
157.698
1,405.973
157,698
1.455,176
Other interest & deductions_
1,248,275
Dividends on preferred stock
Balance
Eastern Massachusetts Street Railway Co.
-Month of March- 3 Mos. End. Afar. 31
Operating revenue
Operating expenses
1930.
$
711,460
449,064
Net operating revenue_ _ _ _
Interest on funded debt
262,396
195,014
342.985
218.670
839,051
621,935
937.511
649,707
67,382
124,315
217,116
287,804
1929
Pesos.
Pesos.
Pesos.
Electric Railway and Other Public Utility Earnings.
--Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
-Month of February- 2 Mos, End, Feb. 28
1930
1929
1930
Pesos.
1,546,015
Net earnings
Percentage exps. to earnings- 82.95%
11,458
Kilometers
578.111
Deductionsfrom Gross Inc.
Rent for locomotives
Rent for pass, train cars
Rent for work equipment
Joint facility rents
Rent for leased roads
1929
Pesos.
9,068,479 8.762,094 18.287,664 18.070,595
7.522,464 7,522,508 15.167,549 15.174,808
Gross earnings
Operating expenses
1,555,147
Net rev,from ry. operations_
Railway tax accruals
Uncollectible ry. revenues_
National Rys. of Mexico.
3 et income
,1,
1929.
1930.
1929.
$
$
$
792.038 2,154,890 2,315.310
449.053 1,315,839 1.377.799
3526
[VoL. 130.
FINANCIAL CHRONICLE
Bangor Hydro-Electric Co.
Iowa Public Service Co.
-Month of March- 12 Mos. End. Mar. 31
1929.
1930.
1929.
1930.
$
$
$
$
Gross earnings
177,403
163,925 2,140,576 1,987,700
Operating expenses & taxes
905,749
83,232
77,617
671,407
(Controlled by American Electric Power Corp.)
-Month of April- 12 Mos. End. April 30
1939.
1930.
1930.
1929.
$
$
$
$
Gross earnings
330,743 4,387.251 4.054,157
368.931
Operating expenses & taxes_ _
199,101 2,556.233 2.439,926
220.051
Gross income
Interest, &c
94,171
19,155
88.308 1,169,169
212,241
18,429
1,081,951
243,287
Net income
Preferred stock dividend
Depreciation
75,016
69,879
956,928
272,082
i29,951
838,664
260,599
123,867
554,895
409,931
454.198
255,132
144,964
199,066
Balance
Common stock dividend
Balance
Net earnings
Bond interest
Other deductions
131.642 1,831,018
726,229
40,124
1,614,231
677,097
28.194
1,064,665
219.200
148,880
908.940
191,693
845,465
717.247
Balance
First preferred dividends
Balance *
*Before provision for retirement reserve.
Carolina Power & Light Co.
Mackay Companies (Postal Telegraph-Cable Co.).
(National Power & Light Co. Subsidiary)
-Month of March- 12 Mos. End. Mar 31
1929.
1930.
1930.
1929.
$
$
$
Gross earns, from operation_ 686,364
9,166.541 9,110,724
Operating expenses & taxes__
321,418
366,021 4,198,092 4.243,597
-Month of March- 3 Mos. End. Mar. 31
1929.
1930.
1929.
1930.
$
3
$
Teleg & cable oper. revenues_ 2,495,143 2,564,827 7,134,840 7,20,445
Expenses
695,320
Repairs
197,813
263,001
550,220
All other maintenance
932,134
169,610
558,714
306,327
Conducting operations
1.893,956 1,766.852 5.947,894 5,129,021
z03,966
92,326
General & miscell. expenses
82,005
265,177
Total teleg. & cable oper. en ..,35..6,704 2,418,185 7,322,006 6,960,441
,
74t,209
Net earns,from operation_
Other income
364,946
112.191
380.188 4,968,449 4,867,127
633,391
59,956 10,098,527
Total income
Interest on bonds
Other interest and deductions
477,337
194,102
22,707
440,144 6,066,976 5,500.518
160,808 2,297,506 1,868,299
234,774
261,552
25.523
Balance
Dividends on preferred stock
260,528
253,813 3,507,918 3,398,445
1,259,364 1.157,115
2.248.554 2,241,330
Balance
Central Arizona Light & Power Co.
(American Power & Light Co. Subsidiary)
-Month of March- 12 Mos. End. Mar. 31
1929.
1929.
1930.
1930.
Gross earnings from oper__-Operating expenses & taxes__
283.882
157,085
.26,797
7,010
107,103 1,228,511
3,537
58,740
133,807
12.793
5,723
110,640 1,287,251
12,917
153,896
421
38,599
1,007,396
155,531
12,760
Balance
Dividends on preferred stock
115,291
97,302 1,094,756
103,422
839,105
52.062
991,334
787,043
146,642 -187,166
10,000
30,000
50.000
90,000
289,004
30.000
150,000
Operating income
Non-operating income
101,439
4.-,512
86,642 -307,166
88,155
22,739
109,004
44,832
Gross income
Deductions from gross income
123,950
138,682
119,380 -219,011
392,838
69,667
153,836
209,000
--14,732
49,714 -611,848
-55.164
Inc. bal. transf. to p. & loss -14.732
49.714 -611.848
-55,164
Net income
Memphis Power & Light Co.
971,368
36,028
Total income
Interest on bonds
Other interest & deductions.-
141,439
10,000
30,000
255,206 3,039 721 2,440,253
148,103 1,861,210 1,468,885
Net earnings from oper__Other income
Net tel. & cable. open revs
Uncollectible oper. revenues_
Taxes assignable to operations
Balance
Gulf States Utilities
Co.
-Month of March- 12 Mos. End. Mar. 31
1929.
1930.
1930.
1929.
Gross earnings
Operation
Maintenance
Taxes
486,093
216.592
21,864
45,480
400.274 6,912,496 4,724.976
178,511 2,977,404 1,903,275
200,125
20,155
342,649
400,242
36,184
448,817
Net operating revenue....
Income from other sources*
202,155
165,423 3,143,624 2,221,332
97,916
22,707
(National Power & Light Co. Subsidiary)
-Month of March- 12 Mos. End. Mar. 31
1930.
1929.
1929.
1930.
Gross earns, from operation_
Operating expenses & taxes....
581,227
355,663
487,099 6,497,403 5,055.155
308,493 3,912,189 3.505,657
Net earns,from operation_
Other income
225,564
49.822
178,606 2,585,304 2.44,498
323.275
41,942
290.233
Total income
Interest on bonds
Other interest and deductions
275,386
63.285
3,506
220,548 2,875.537 2,772,773
628,001
58,160
652,889
3,413
120,795
97,605
Balance
Dividends on preferred stock
208,596
158,975
2,047.167
250,060
1,797,872
Balance
2,101.853
303,981
1,797,107
Minnesota Power & Light Co.
(American Power & Light Co. Subsidiary)
-Month of March- 12 Mos. End. Mar. 35
1929.
1930.
1929.
1930.
$
$
$
$
481,264 6,295,102 6,101,492
Gross earnings from operation 502,708
189.078 2,416,151 2,142,034
Operating expenses & taxes.- 227,605
Balance
Interest and amortization (public)
3.166,331 2.319.249
485,029
912,265
Balance
Interest (inter-company)
2,254,066
164,325
1,834,219
105.143
Net earnings from °per-Other income
275.103
3.029
292,186 3,878,951 3,959,458
200,315
9,467
103,677
2,089,740
1,729,076
Total income
Interest on bonds
Other interest & deductions.,
278,132
128,233
4,957
301,653 3.982,628 4,159,773
128,497 1.538,931 1,558,263
65,901
4,894
71,252
Balance
Dividends on preferred stock
144,942
168,262 2,372,445 2,535,609
998,223
847.269
Balance
*Interest on funds for construction purposes.
Houston Lighting & Power Co.
-Month of March- 12 Mos. End. Mar. 31
1929.
1930.
1929.
1930.
$
$
$
$
696,937
Gross earns, from operation_
603,679 8,238,017 7.394.078
Operating expenses & taxes__
350,667
312,216 4,255,106 4,115,007
Net earns,from operation_
Other income
346,270
6,980
291,463 3,982,911 3,279,071
36,065
31.746
3,699
Total income
Interest on bonds
Other interest and deductions
353,250
86,128
7,837
295.162 4,018,976 3.310,817
782,898
70.012
935,707
14.057
121,153
140,305
Balance
Dividends on preferred stock
259.289
211.093 2,962,116 2,387,614
283.833
210,000
2,678,283 2,177,614
Balance
Indiana & Michigan Electric Co.
(American Gas & Electric Co. Subsidiary)
-Month of February- 12 Mos. End. Feb. 28
1929.
1930.
1929.
1930.
$
$
$
$
635,130 7,413,818 6,617,648
Gross earningsfrom operation 663,796
349,054 4,135,257 3,667,886
Operating expenses and taxes 345,127
Net earnings from oper___
Other income
318,669
20,198
286,076 3,278,551 2,949,762
217,680
199,385
23,597
Total income
Interest on bonds
Other interest & deductions_
338,867
71,842
36,171
309,673 3,496,23) 3,149,147
862,100
862,100
71,842
407,644
244,956
33,090
Balance
Dividends on preferred stock
230,854
204,741
1,374,222
Balance
1.688,304
Pacific Northwest Traction Co.
-Month of March- 12 Mos. End. Mar. 31
1929.
1930.
1929.
1930.
$
$
$
$
77,748
72,952
983,795
883,769
Gross earnings
39,746
41.995
493,712
528,339
Operation
14,215
13,722
162,301
154,103
Maintenance
5,169
4,687
61,855
55,907
Depreciation of equipment
4,451
4,366
54.964
51,456
Taxes
14,165
Net operating revenue_ -_ Interest and amortization (public)
8,180
Balance
Interest & amorti. (Puget Sound P. & L. Co.) *
219,160
115,390
85,764
118,626
103.770
32,862
18,767
51,629
103.770
Balance
* Earned interest, if any, applicable to income notes, has not been
included.
Pacific Power & Light Co.
(American Power & Light Co. Subsidiary)
-Month of March- 12 Mos. End. Mar. 31
1930.
1929.
1929.
1930.
$
$
$
$
362,477 4,772,937 4,793,112
Gross earnings from operation 339,252
185.761
219,633 2,391.147 2,511,912
Operating expenses & taxes__
2,226,487 2.042,091
277,095
277,095
Net earnings from oper.-Other income
153,491
938
142,844 2,331,790 2,281,200
48,499
818
27,218
1,764,996
Total income
Interest on bonds
Other interest & deductions-
154,429
37.996
39,415
143,662 2,359,008 2,329,699
457,415
38,825
454,485
775,877
63,359
744,647
(American Gas & Electric Co. Subsidiary)
- 12 Mos. End. Feb. 28
-Month of February
1929.
1930.
1929.
1930.
Balance
Dividends on preferred stock
77,018
1,949,392
Balance
Indiana General Service Co.
Gross earnings from operation
Operating expenses and taxes
324,738
214,684
Net earnings from oper___
Other income
110,054
10,177
Total income
Interest on bonds
Other interest & deductions-
120,231
20,249
2,761
Balance
Dividends on preferred stock
97,221
Balance
300,174 3.318,626 2,947,273
202.640 2,468,244 2,073,958
873,315
850,382
97,534
15.513
58,922
894
888,828
909,304
98,428
246.571
243,669
20,414
55,923
127.750
9,712
68,302
537.885
80,511
586,334
48,960
457,374
537,374
1,159,876
405,911
1.096,407
406,439
753,965
Balance
41,478
689,968
Pacific Telephone & Telegraph Co.
-Month of March- 3 Mos. End. Mar. 31
192..
1930.
1929.
1930.
Telephone operating revenues 6.474,524 5,952,822 18,970,187 17,504,433
Telephone operating expenses 4,517,458 4,248,204 13,588,774 12,383,354
Net telephone open revs__ 1,957.066
43,000
Uncollectible operating revs_
Taxes assignable to operations 515,596
Operating income
1,398,470
1,704,618 5,38-413 5,121,079
139.700
134,500
45,800
460,391 1,487.816 1,375.907
1,198,427 3.759,097
3,605.472
MAY 17 1930.]
FINANCIAL CHRONICLE
Portland Gas & Coke Co.
(American Power & Light Co. Subsidiary)
-Month of March- 12 Mos. End, Mar. 31
1930.
1929.
1930.
1929.
$
$
$
Gross earnings from operation 363.587
393,759 4,504,772 4.535,987
Operating expenses & taxes- 239,046
258,616 2.899.976 2.935,412
Net earnings from oper___ 124,541
135,143 1.604.796 1,600,575
Other income
1,666
6,184
44,642
60.023
Total income
126,207
141,327 1,649,438 1.660,598
Interest on bonds
40,604
40,604
487,250
487,250
Other interest & deductions_
4,043
4,009
57.943
50,951
Balance
81,560
96,714 1,104,245 1,122,397
Dividends on preferred stock
381,324
381,586
*alance
722,921
740,811
8
Puget Sound Power & Light Co.
(And Subsidiary Companies)
-Month of March- 12 Mos. End. Mar. 31
1930.
1929.
1930.
1929.
$
$
$
$
Gross earnings
1,406,025 1,284,499 16,729.581 15,421,545
Operation
643,470 7,522.378 6,967,965
581,309
Maintenance
99,620
86.615 1,221.336 1,085.481
Depreciation of equipment.._
14.884
14,482
182.363
179,583
Taxes
67,721
78,325
770.748
767,695
Net operating revenue-642,490
461,605 7,032.752 6.420,819
Income from other sources-52,831
36,337
662,714
546.729
Balance
497,942 7,695,467 6,967.549
695,322
Interest and amortization
3,228,785 3,065,466
Balance
4,466,681 3,902,082
San Diego Consolidated Gas & Electric Co.
Gross earnings
Net earnings
Other income
-Month of March- 12 Mos. End. Mar. 31
1930.
1929.
1930.
1929.
$
$
$
$
643,412
671,407 7,248.926 7,028.579
333,380 3,436,457 3,329,791
302,901
253
31,564
193
3,254
Net earns. incl. other inc.Balance after interest
302,284
333.633 3,468,022 3.333,046
2,775.811 2,619,924
Sioux City Gas & Electric Co.
(Controlled by American Electric Power Corp.)
-Month of April- 12 Mos. End. April 30
1930.
1929.
1930.
1929.
$
it
$
$
Gross earnings
244,592 3,364,367 3,088,589
255,302
Operating expenses & taxes
127.558 1,589,019 1,543,933
126,982
Net earnings
117,034 1,775,348 1,544.656
128,320
Bond interest
500,567
487,177
Other deductions
30,674
31.709
Balance
1,244,107 1,025,770
Preferred dividends
338,709
338,709
Balance *
905.398
687.061
*Before provision for retirement reserve.
Texas Power & Light Co.
(Southwestern Power & Light Co. Subsidiary)
-Month of March- 12 Mos. End. Mar. 31
1929.
1930.
1930.
1929
$
$
Gross earnings from operation 736,139
724,273 9,855,066 9.587,178
Operating expenses ano taxes 409,080
405,182 5.013.843 4.849.737
Net earnings from oper-_ 327,509
319,091 4,841.223 4,737,441
Other income
147.771
20,356
8,000
196.280
Total income
327,091 4,988,994 4,933,721
347,415
Interest on bonds
157.521 1,990,250 1,887,473
157.521
Other interest & deductions..
11,144
15,072
158,049
135,632
Balance
174,822
158,426 2,940,695 2,910,616
Dividends on preferred stock
634,288
518,500
Balance
2,306,407 2.392,116
Western Union Telegraph Co.
-Month of March- 3 Mos. End. Mar. 31
1930.
1930.
1929.
1929.
$
$
$
8
Teleg. & cable oper. revs---11,369,676 12,345,698 32,836,325 34,854.563
Expenses
Repairs
825,889 2.824.604 2,492,336
901.099
All other maintenance
1,510,651 1,575,721 4,484.469 4.570,369
Conducting operations
6,801,495 7.114,482 20,445,310 20.237,481
General & mlscell. expenses
454,668 1,246.597 1,252,037
391,585
Total tel. & cable. oper. exp.. 9,604,830 9,970,760 29,000,980 28,552.222
3527
premium reserve of $538,673 which has been fully earned, for you will note
from the financial statement that the surplus paid in by you during the last
year has not only remained intact, but our business results, notwithstanding
such depreciation in the market value of our securities as all corporations
suffered at the close of 1929 increased our last year's surplus which on Dec.
31 1929 amounts to $6,271,293 against $5,462.339 at the end of 1928. Our
assets show an increase of $2.144,684. our reserve for unpaid losses a decrease of $34.944 and our net umderwiriting profit for the year was $312.052.
The shrinkage in market values of our securities between Dec. 31 1928
and Dec. 31 1929 was $460.017 leaving the very substantial appreciation of
market values over cost of $2,453,654. This very moderate depreciation
in market values of our securities bears witness to the careful selection of
our investments by our Finance Committee.
Dividend declarations to our stockholders during 1929 amounted to $982.000 of which $400,000 was distributed from surplus as a stock dividend.
When inviting you at the beginning of 1929 to the subscription of additional capital and strengthening of the financial resources of our company.
we were commencing a program of expansion of our business connections
through the purchase of insurance shares of other insurance companies
with whom we already entertained or were desirous of establishing reinsurance relations. We have progressed in a most satisfactory manner in
accordance with that program, the results of which, however, will only be
felt during the current year and subsequent years, for since the first of January 1930, we are receiving substantial premium incomes from those companies with whom these intimate relations, through stock ownership, have
been established.
We are proposing to you that you authorize your directors to organize a
Securities company which will take over all or substantially all of the insurance stocks which your company owns. Through the instrumentality
of the Securities company, working control of which will be retained by
your company, we will be enabled to obtain a still greater spread and
diversification ofour own reinsurance business, we will be able to solidify our
business position both here and abroad, we will have new sources of income
and many collateral advantages and it is our hope that the Securities company and your company will grow and expand in the manner we have visioned. [Full details of the Securities company (known as Rossta International Corp.) was given in our issue of April 5 1930, p. 2407.1
INCOME STATEMENT YEAR ENDING DECEMBER 31 1929.
$5.462,338
Surplus brought forward
Premium reserve from previous year
7,274.587
Premiums written in 1929
9,691,654
Loss reserve from previous year
1.431.001
Interest and rents earned
692.500
Decrease in other reserves
173,000
Surplus paid in
1,202,574
Total income
-Disbursements
$25,927,655
$3,274,294
4,926.655
1,396,057
7.813,261
885.980
582,000
400,000
378,116
Commission
Losses paid
Loss reserve
Premium reserve
Expenses
Dividends declared, cash
Dividends declared, stock
Loss from investment profit and loss items
Balance surplus
BALANCE SHEET DEC. 31 1929.
Liabilities
Assets
Cash
Bond & mortgages
Stocks
Balances due fr. companies_
Accrued interest
Real estate
Total
$1,306,061
5,302,772
11,353,467
933,992
86,490
529,829
$19,512,611
$6,271,293
$7,813,261
Premium reserve
1,396.057
Reserve for losses
165,000
Reserve for dividends
167,000
All other liabilities
Reserve for contingencies.__
200,000
500,000
Conflagration loss reserve___
3,000,000
Capital
6,271,293
Surplus
519,512,611
Total
-V. 130, p. 2407.
Minneapolis St. Paul & Sault Ste. Marie Railway Co
-Year Ended Dec. 31 1929.)
(Annual Report
The remarks of President C. T. Jaffrey, together with the
general balance sheet as of Dec. 31 1929, are given in the
advertising pages of this issue.
GENERAL STATISTICS FOR CALENDAR YEARS (800 LINE ONLY).
1929.
1928.
1928.
1927.
3,302
3,319
3,303
Miles operated
3,314
915,438
596,284
668,202
Passengers carried
880,000
Passengers carried 1 mile_ 83,546,507
89,234,854 100,271.190 106,142,735
Av.rev, per pass. per mile
3.051 eta.
3.077 cis.
3.102 eta.
3.063 eta.
9,168,609
Freight carried,tons
9,933.161
9.892.457
10,074,195
2,135,750,822 2,288,682,598 2,167,973.489 1,890,218,637
Tons carried 1 mile
1.120 eta.
Av.rev. per ton per mile_
1.116 cts.
1.104 cis.
1.113 cts.
INCOME ACCOUNT FOR CALENDAR YEARS (800 LINE ONLY.)
1926.
1929.
1928.
1927.
$23,834,263 $25,477,032 $23,931,698 $21,168,137
2,548,667 2,768,416 3,085,156 3,268,406
636,058
618,851
660,900
1,030,950
538,240
502,401
563,624
551,571
796,355
771,263
671,823
658.639
536,512
503,011
489,943
531,753
Freight
Passenger
Mall
Express
Miscellaneous
Incidental
Total
$29,126,086 $30,661,497 $229,412,381 $26,343,715
2,374,938 3.835,345 6,302.341 Maltenance of way & structures
3,880,532
3,998,659 3,893.492 3,851.931
37,037
98.509
104,564 Maintenance of equipment
5,483.869 5,284,156 5389,420 5,386,330
473,384 1.019.900 1,300.950 'traffic expenses
487.903
497,646
559,254
539,258
Transportation expenses
9,526,206 10,138,469 9,935,584 9,658,909
1,864,517 2.716,936 4,896,827 Miscellaneous operations
149,540
185,524
161,540
181,933
276,778
793,055
790,819 General expenses
734,571
821,247
750.435
775,499
42,514
44,982
Transp. for investment-Cr
39,718
58,634
2,141,296 3,509,990 5,687,645
653,438 2,093.961 1.935.390
$20,512,536 $20,747,433 $20,334,958 $20,249,134
Total
9,914,064 9,077,422 6,694,581
Net operating revenue
8,613,551
1,487,858 1.416,029 3.752,255 Railway tax accruals,&o
1,846,035 2,016,652
1,986,990 1,826,050
8,512
Railway operating income
$6,767,515 $7,897,411 $7,090,433 $4,868,531
880,139 1,479,346 1,416.029 3.726 710
Non-Oper. Income
Net tel. & cable. oper. rev- 1.764,846
Uncollectible oper. revenues_
34,109
Taxes assignable to operations 389,967
Operating income
1,340,770
Non-operating income
303,412
Gross income
1,644.182
Deductionsfrom gross income 764,043
Net income
880,139
Appropriations of income.
Inc. bal. traits!, to P.& L-
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
May 3. The next will appear in that of June 6.
Rossia Insurance Co. of America.
(Annual Report
-Year Ended Dec. 31 1929.)
Pres. C. F.Sturhahn in his remarks to shareholders says:
Our net premium income shows an increase of 81,917,637 with a very
favorable ratio of losses incurred to premiums written of 50.4%. The
increase in our premium income has caused an increase in our unearned
Hire of equipment
Joint facility rent income
Dividend income
Miscellaneous income
$78,677
173,278
132,986
542,637
$79,842
183,396
18,592
584,214
$84,077
184,815
18,585
448,032
$155,601
181,201
19,969
414,005
$7,795,094 $8,743,455 $7,825,942 $5,639,308
Gross income
Deduct
$315,796
$16,932
$325,857
$276,929
Hire of equipment
302,440
347,023
298,884
318,013
Joint facility rents
Cr622
5,310
15,403
Miscellaneous tax accruals
6,526
4,109,955 4,108,071
4,103,951
4,109,430
Interest on mortgage bonds
Interest on eq. ()Wig. leased line
836,979
965,197
901,768
certificates, &c
957,842
82,098
89,233
83,166
83,210
Amortization of disc, on fd. dt
67,840
69,304
Miscellaneous income charges.-70,720
32,967
$121,354
Net income trans. to P. es L 32,042,025 $2,919,988 $2,020,201
Shares of preferred outstanding
126,034
126,034
(par $100)
126,034
126,034
$16.17
Earnings per share on preferred...
$23.17
$15.23
$0.96
-The profit and loss account to Dec. 31 1929 shows:
and Lass Account.
Profit
Credit balance Dec. 31 1928, 820,333,234; net income for year ending Dec. 31
1929, 82,042,025; profit and loss additions for year, $34,498; profit and loss deductions for year 1929, $466,068; balance credit Dec. 31 1929, $221,943,689.
3528
"SOO" MNE BALANCE SHEET DEC. 31.
1928.
1929.
1929. •
k 1928.
$
$
LiabilitiesA ets$
Road & equip-a126,225,229 126,333,029 Common stock.. 25,206,800 25,208,800
Sinking funds_ _
478
6,463 Preferred stock_ 12,603,400 12,603,400
Funded debt.... 95,077,200 96,310,200
Secur. of prop'y
3,225
3.225
attn. &c., co8 y21,973,063 21,599,492 Govt. grants__
M.St.P.& 8.8.
Time drafts and
Marie Ry.4%
deposits
898,016 1,260,000
Depos. in lieu of
leased line ctfs 11,249,500 11,249,500
3.789
mtg.prop.sold
Non-negot. debt
Misc. phys. prop 3,055,786 3,058,098 to ann.cos.__ 1,531,472 1,295,000
548.563
547,165
Wisc. Cent. Ry.
Traffic,&c.,bals.
pref.stock__ _ 11,249,500 11,249,500 Vouch.& wages. 2,292,134 2,442,792
1,822,140
Cash
56,619 Tax liability- _ 1,406.370
2,768,991
1.243
1,157
Special deposits_ 1,681,413 1,660,219 Prem.on fd. dt_
Loans & bills rec
60
76 Int., &c.. due... 1,659,707 1,866.463
6,816
Unmatured diviUnmat.rents at,
472,019
52,660
52,660
163,148 Int. accrued,ea. 452,375
dends,&c_.
123,960
136,599
Other investml 2,656,762 8,371,137 Misc. accounts..
156,979
169,030
Traffic,&c.. bals
461,572
513,359 Other curr. hobs
145,461
143,982
648,271
677,137 Insur. cos.ree.
Bal. from agents
1,835,432 1,585,719
Material & suPp 3,835,105 4,430,107 0th. unadj. cred
783,547
Oth, curr. assets
73.243
78,970 Deferred items_ 1,285,832
Misc. accounts _
839,252 Add'ns to prop'y
678,284
242,014
250.886
Def, debit items
316,330 thr.Inc.& sur.
374,373
Unadjust.debits 1,384,649 1,554,785 Fund, debt ret.
169.000
198,000
& sue.
thr.inc.
6,463
478
Sink fund res.
32
ecu ; 3
,33r 0014
Total ea. side 178,001,248 177.167,723 Profit and loss_ 21,943,689
x After deducting reserve for equipment depreciation, $12,444,062. Y2Securities
of affiliated, &c. companies include as of Dec. 31 1929; stocks, $12,381,904; W. C.
Ry. Co. equip. contracts, $2,542,311; other advances, $3,565,462: W. Cent. Ry.
Co. advances, $3,483,386.-V. 130, p. 2202.
Great Northern Railway Co.
-Year Ended Dec. 311929.)
(41et Annual Report
President Ralph Budd reports in substance:
-There has been no change during the year in the authorized
F Capital Stock.
capital stock, which remained at $250,000,000,and of which there bad been
Issued to Dec. 31 1929, $249,747,850. Of this latter amount there was held
In the treasury $768,400, the amount actually outstanding in the hands of
the public being $248,979,450, a decrease of $25,200 during the year. This
decrease represents the return to the treasury of $32,500 formerly held by
the Great Northern Employes' Investment Co., Ltd., and $7,300 fully
paid ana issued stock subscribed for at par by residents of the territory
served by the extension west o. Scobey, Montana.
Funded Debt.
-The funded debt was reduced $3.263,100 made up as
follows:
Notes maturing and paid during 1929, under the various equipment trust agreements
Redemption of all unmatured notes under equipment trust$1.545.300
agreement with the Guaranty Trust Co. of New York, dated
1,717.800
Jan. 15 1920
-The grain crop was injured by dry, hot weather during
Freight Traffic.
the growing season of 1929. During the year the company handled 124.000.000 bushels of grain, which was 39.000,000 bushels less than was
handled in 1928. The movement of iron ore was 3.915,656 tons more than
in 1928, totaling 17,446,451 tons. There were also increases in the movement of petroleum oils ana in iron and steel products.
-While local passenger traffic continued to decline
Passenger Traffic.
because of the increased use of the highways, there was an increase in
through travel, which resulted in the total decrease being only 1.83%, or
less than it has been any year since 1925. This was due, no doubt, Principally to the remarkably fine passenger service that is offered: 2 de luxe
trains, the Empire Builder and the Oriental Limited, being operated on
fast and convenient schedules. The Empire Builder is more than 10 hours
fasterthan the fastest schedules which were in effect at the close of the war.
Freight and Passenger Revenues.
-The revenues per net ton mile and fares
per passenger mile continued to decline. This is due in part to the large
amount of iron ore which carries a low rate, and to the tendency to cut
passenger fares in an effort to overcome the decline in travel. The result
of passenger fare cutting by the railways has really been to reduce the
revenue, even though more passengers have been handled. It is hoped
that the experience of the railways generally will result in a moderation of
this practice in the future.
-Control of the Northland Transportation
Northland Transportation Co.
Co. has been sold to the Motor Transit Corp. and Automotive Investments.
Inc., organizations affiliated with the coast-to-coast bus system of the
Greyhound Lines. The property will be operated under the name of the
Northland Greyhound. In conformity with the national policy of the
Greyhound system, the Northland Lines will co-operate w th the railway
in supplementing train service with appropriate bus schedules.
Wage Increases.-Incroases in wages, settled by direct agreement, in
1929 amounted to approximately $670,000 per year. These, together with
others granted since 1922 have resulted in the annual payroll now being
about $4,200,000 more than it would be if bunt, on the 1922 scale of wages.
The average wages are now the highest in the history of the company and
the constant tendency for increases in wages makes it necessary to emplo:
every practicaole means for increasing the efficiency of railway employees
so that more transportation may be producea per employee. It is fair to
say also that a spendid spirit of willingness prevails among the workers,
and the relationship between the management and employees is very cordial.
-At the close of the year 1929 there were 8,172 emGroup Insurance.
ployees insured with an aggregate life insurance in force of approximately
and accidental death and aismemberment insurance of approxi$15.000.000
mately $14.500,000.
Pension Department.-Durtng the year the number of pensioners increased
from 356 to 412 by the addition of 93 retired employees and a decrease of
37 through death. Pensions paid for 1929 amounted to $238,411.
Valuation -In compliance with an order issued by the I-S. 0. Commission, the company is actively engaged in bringing the valuation of its
properties, which had been made as of June 30 1915, down to Dec.31 1927.
-S. 0. Commission held a formal hearing in
-The I.
Proposed New Lines.
San Francisco in Nov. 1929. on the application of the Great Northern for
authority to extend from Klamath Falls, Ore., south to Bieber, Calif..
approximately 88 miles, and on the application of the Western Pacific for
authority to build north from Keddie, Calif., to Bieber, approximately
112 miles. Briefs were filed, and finally in April 1930. oral arguments were
made before the full Commission on this application, thus closing the
presentation of the case and leaving the decision of the Commission to follow
presentation
in due course. We are of the opinion that a very satisfactory convenience.
was made ofan exceedingly strong case for public necessity and Commission
application with the 1.-S.C.
The Great Northern has filed an
This
for permission to build a railway from Richey to Lewistown, Mont.points
would amount to restoration of the project to build between these 2
except that the route originally
Proposed in 1912 (and partially completed)
contemplated passed through the towns of Circle and Brockway. In 1927
and denied
the Commission approved an application by the Northern Pacific
Brockway,thus
one by the Great Northern for the route through Circle and The finding by
Northern to abandon this route.
compelling the Great
another territory
Great Northern engineers of an even better line through
The Great
some 30 miles to the north. resulted in reviving the project.
by the Northern Pacific which
Northern's present application is opposed
traffic now moving
proposes to build a line to Bloomfield, thus divertingto build from Brockover the Richey branch of the Great Northern, and also
be approved, it
way to Lewistown. Should the Great Northern application
between Lewistown
would make available for use the grade already built in 1927, but which,
accounts
and Grass Range, which was written out of the
company.
of course. always has remained the property of the
Pacific Ry.
Unified Operation of Great Northern By. and Northern
upon the
-S. C. Commission announced its reportthe Great
Feb. 21 1930. the I.
On
unification of
applications, filed July 8 1927, for approval of the & Seattle. The ComNorthern, Northern Pacific and Spokane. Portland
interest for many reasons.
mission found such unification to be in the public economies in operation,
one of these being the Commission's belief that
annum, as estimated by the
amounting to approximately $10,000,000 per
caby reason of the unificaofficers of the Northern Lines, would be feasible its order approving such
tion. The Commission indicated, however, that
of a
prior submission by the applicants
unification would be subject to the
and provide:
supplemental proposal which would give acceptable assurance
[VoL. 130.
FINANCIAL CHRONICLE
(1) That the Burlington shall be divorced from control by the Northern
companies within a reasonable period of time, such period to be stated as
nearly as may be practicable; (2) A bona fide and feasible plan for the acquisition and operation of all the so-called short lines of railroad named in
system No. 12 of the consolidation plan, except such thereof as may be
found by us, upon this record or from a subsequent showing, not to be
required by the present or future public convenience and necessity; (3) A
comprehensive program and statement of proposed policy in the matter of
the unified operation of terminals, or its equivalent; (4) Suitable assurance
that the Chicago. Milwaukee, St. Paul & Pacific RR., upon fair terms, may
have access from Spokane to Portland and intervening points, over the lines
of the 9pokane. Portland & Seattle Ry., as provided in the said plan of
consoh laden.
In rererring to the divorce of the Burlington. the Commission also said:
"This is not to say that the Northern Lines should be aenied a permanent
entraak.e into the Chicago district; that question we are not deciding now.
Prim to this report of the Commission, on Dec. 9 1929, the Commission,
pursuant to the requirements of the Transportation Act 1920 has issued its
final consolidation plan in which it had placed the two Northern Lines in one
system but had placed the Burlington in a separate system.
Since the publication of the Commission's report upon the unification
applications the Executives of the Northern Lines and the Deposit Committee have been engaged in a study of the questions arising by reason of
the Commission's report. This study is still proceeding.
STATISTICS FOR CALENDAR YEARS.
1926.
1927.
1928.
1929.
8,188.21
8,164.14
8,276.64
8,387.88
Avge. miles of road oper__
3,081,457
3,108,427
2,512,026
No.passengers carried_ _ _
2,276,069
Pass.carried 1 mile
367,978,032 368,238,758 400,566,250 409.510,459
3.185 eta.
3.175 eta.
Rev,per pass, per mile--3.124 cts.
3.070 eta.
35,117,929
33,843,008
35,593,173
Revenue tons carried- --- 39,661,221
Tons carried 1 mile
10150709,921 10127,253,509 8,958,349,961 8,902,970,446
1.048 eta.
1.054 eta.
Rev. per ton per mile_ _ _ _
1.027 eta.
0.997 eta.
Net rev, from ry. oper.
$1.972
$1.882
52.006
$1.990
Per tratn mile
INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1927.
1928.
1929.
i
$
$
$
101,178,779 103,980,331 94,405,030 93,346,740
Freight revenue
11,298,352 11,505,351 12,716,616 13,041.085
Passenger revenue
7,136,133 5,408,346 5,008,601 5.034,497
Mail and express
1,939,569 1,859.205 1,905,243 1,838,775
Other transportation
4,348,227 3,877,193 3,619,762 3,882,635
Incidental
260,177
248,753
106,665
31,747
Joint facility (net)
125,932,808 126,737,091 117,904,005 117,383,909
Total operating revenue
17,073,972 18.319,757 14,812,274 14,140,177
Maintenance of way
20,278,320 18,991,651 20,094,411 17,856,698
Maintenance of equipment
3,127,845 2,897,158 2,645,367 2,639,978
Traffic:
38,351.284 39,374.519 37,446,431 37,294,132
Transportation
1,723,623 1,588,363 1,456,022 1,481,558
Miscellaneous
2,784,428 2,807,921 2,676,389 2,621,005
General
748,084
775,315
744,254
476,563
Transportation for Inv.-Cr
82,862,910 83,235,116 78,355,579 75,285,464
expenses
Total operating
Net rev,from railway operation- 43,069.898 43,501.975 39,548,425 42,098,445
9,201,154 10,297,997 9.046,049 9,699,807
Railway tax accruals
15,339
Cr.227
13,916
17,180
Uncollected railway revenues_
33,851,563 33.190.062 30.502,604 32,383,299
operating income
Railway
808,498
994,896
991,448 1,517,996
Equipment rents(net debit)
294,372
305,168
402,592
377,996
Joint full. rents (net debit)
Net railway operating Income_ 32.457,523 31,294,069 29,202,540 31,280,429
Non-Operating Income
1,728
1,581
1,497
1,420
Incomefrom lease of road
502,631
630,518
658,961
687,720
Miscellaneous rent income
101,096
69.318
149,318
163,913
Miscell. non-oper. phys. prep.__
9,863,567 9,771.836 9,683,283 9,472,727
Dividend income
872,728 1,311,274 2,316,394
985,260
Income from funded securities_securities
Income from unfunded
568,641
906,001
595,023 1,373,170
and accounts
212,454
256,297
190,017
243.912
Miscellaneous Income
44,483,750 44,326,192 42,040,813 44,456,100
Gross income
Deductionsfrom Gross Income
35,638
31,287
68.087
100,039
Separately oper. property
118,288
116,549
105,067
1,828
Rent for leased roads
9,035
10,775
8,957
5,572
Miscellaneous rents
91,027
105,723
103.921
110,457
Miscellaneous tax accruals
18,220,132 18.397,673 18,349,499 17,931,341
Interest on funded debt
16,630
101,094
138,349
42,387
Interest on unfunded debt
247,378
257,347
258,382
250,947
Amon's.of disc, on funded debt_
63,505
82.614
77,525
83.836
charges-Miscellaneous income
25,668,551 25,168,230 22,985,923 25,943,258
Net income
Income applied to sink. & other
• 5,512
15,243
15,451
14,707
reserve funds
12.450,225 12,449,205 12,447,355 12,445,855
Div.approp.of Income
Income balance transferred to
13,203.619 12,703,573 10.523,324 13,491.891
profit & loss
Shares of capital stock outstand2,489,795 2.490,047 2,489,672 2,489,349
ing (par 5100)
$10.42
$10.11
510.31
59.63
Earns. per share on capital stook_
GENERAL BALANCE SHEET DEC. 31.
1929.
1928.
1928.
1929.
Liabilities
$
$
$
Assetsi
Capital stock--248,979,450 249,004,650
Inv. In road &
Premium on cal,equipment:
81,268
81,268
418,102,483 421,530,066 its' stock.-Road
Equipment 101,712,272 102.516,019 Grants in aid of
343,718
344,359
construction.
Mins,on leased
147,874 Fd.debt unmat_336,819,515 340,082,615
159,840
rY.Property_ 44 Non-nego. debt
44
Sinking funds _
.
to afire.cos- 1,372,408 1,762.856
Deps. in lieu of
56,455 Loans &bills pay 8,500,000 6.500,000
24,960
mtge.prop.sold
Misc. phys. prop 3,720,148 3,488,163 Tref.& car serv.
802,522 1,017,099
bals. payableInv,in sift!.cos :
169,671,623 171,563,683 Audited accts.
Stocks
wages payable 6,039,972 6,246,407
&Bonds
28,862,601 26.787,600
1,029,968
2,440.406 2,432,406 MISC,sects. pay. 1,316,281
Notes
anees m
dvinvest_ -ii:35,747,517 29,456.603 Int.matru. unpd 8,495,017 8,501,181
9,525
Divs. mat. unpd
8,261
Other
1,635,943 1,069,613 Fund. debt maStooks
294,500
284,500
Lured unpaid _
2,237,907 2,197.611
Bonds
146,700 Unmatured int
1,023,700
Notes
354,658
282,725
accrued
Miscellaneous 1,751,326 1,375,932
122,249
144,478
23,106,682 0th. cure,!labile
21,387,082
Cash
Other deferred
Demand notes &
liabilities _ ...... 16,181,623 15,256,091
35,000
35.000
deposits
Taxliability__ 8,083,210 9,154,041
Time drafts and
5,540,000 6.045,000 Ins. & cas. tee_ _ 2,252,085 2,238,250
deposits
400,645 Accrued deprec.:
375,255
Special deposits_
Road
58,889
Loans & bills rec
818,575
6 67
8 3 317 5 8
3
5
3 242:96
Equipment -- 36: 02 7 3 32,47 ;60
Tref.& car serv.
MLscell. phys.
balbalesere fr 1,174,850 1,399,671
rec,an
.
__
52,156
61,383
PropertyNet
agents & cond- 1,071.003 1,224,880 Other unad just.
8,528,841 8,530,630
credits
Misc, accts. rec. 11,652,621 11,610,948
Mat'l & supplies 12,023,045 10,814,296 Add'ns to pron
49,491
through Inc.&
97,592
Int. & dive. rec..
34,772,912
50,105 surplus
0th. cure. asseta
40,568
134,471 Fund. debt reWork.fund adv.
27,068
15,124,706 tired through 34'737'374
ROther det lnsuts 16,322,642
and asse r.
.
Inc. & surplus 1,555,300 1,555,300
ents
3,771
3.771
Sink. fund res - Premiums paid
13,166
10,452
70,499 Misc.fund res._
in advance_ _ _
55,689
Appr. sure. not
Disct. on funded
spec, invested 2,517,045 2,274,008
5,377,754 5,628,701
debt
Oth,unadf.deb_ 11,029,821 10,342.809 Profit and loss_ _126,861,795 123.880,367
852,119,336 848,865,564
Total
-V. 130, p. 1651.
Total
852,119,336 848,865,564
FINANCIAL CHRONICLE
MAY 17 1930.]
Western Maryland Railway Co.
-Year Ended Dec. 31 1929.)
(21st Annual Report
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1927.
1928.
1926.
1929.
804.44
804.44
862.14
875.18
Miles of rd. oper. (aver.)
842,407
599.284
733,653
521,789
No.pass,car,earn rev-No.pass. car. 1 mile_ --- 14,182,868 15.929,286 20,145,944 22,379,713
No. pass. car. 1 mile per
26.514
33,470
41.791
23,839
mile of road
$569.632
$375,379
8503,282
$319.843
Total passenger rev-- Av.rev.rec.fr. ea. pass_ 61.297 eta 62.638 cts. 68.600 eta. 67,620 eta.
Av.rev, per pass, per m.. 2.255 eta. 2,357 eta 2.498 eta. 2.545 cts.
No. tons car, of freight
earning revenue18,485.706 19,063,383 20.825.003 21.569,785
No.oftons car. 1 mile
2128838390 2160534,284 2565016.755 3082237.067
No.tons car.1 m.per m.
2,432,458 2,506,013 3.188.574 3.831,531
ofroad
Total freight revenue_ $17.953,440 $17,626,032 $20,636,903 $23.871,862
Av.rev.rec,for each ton
81,10673
80.99097
80,97120
of freight
80.92460
Av.rev, per ton per mile
$.00774
$.00816
L00805
$.00843
INCOME ACCOUNT FOR CALENDAR YEARS
1927.
Operating Revenues1928.
1929.
1926.
-Coal & Coke-- $8,333,718 $8,532,381 811,263,758 814,154,165
Freight
Miscellaneous
9,619,722 9,093,651 9,373,145 9.717,697
Passenger
282
375.379,
319,843
569,631
83,803
Mail
83,352
88,905
138,566
101.107
Express
74,519
76,188
97,753
118.667
Milk
120,227
100,656
87,354
Other revenue
156,891
106,376
137,862
167,158
Total transport,rev..418,713.253 818.371.868 821.600.655 $24.909,985
Grain elevator
173.578
166,280
124.557
161,030
Other incidental rev- _ _ _
90,948
95,670
182,732
110,966
Jointfedi. oper.rev_ _
989
461
458
578
Total oper.revenues $18,985,707 $18.592,557 $21,866.171 $25.259.575
Operating ExpensesMaint,of way & struc
$3,041,864 $2,859,265 $3,289,672 82.952.965
Maintenance ofequip._ _ 3,640,116 3,653.259 4,552,230 6.098,196
Traffic expenses
473,848
502,784
511,239
436,079
Transportation expenses 4,954,666 5,040,077 6.076.838 7,276,518
Miscellaneous operations
138,941
114,784
136,974
106,494
Generalexpenses
557.940
528,678
529,455
499.780
'Fransp.for investment
67.016 Cr.22,676 Cr.98,158 Cr.25,554
Total oper.expenses_ _812,687,143 $12,676,171 $14.993,312 $17,404,633
Net rev,from ry. oper_ - 6,298,564 5,916,386 6,872,858 7.854,942
Tax accruals1,180,026
983,478
1.096.082
1,055,073
1,098
Uncollec. railway rev_
1,703
735
1,429
Total oper.income.. _ - $5,242,062 $4,931,204 85.691.733 86,758.125
Income Items
$21.147
Joint facility rent income
823,453
$23,630
$28,979
It.fedi. rent deduct_
Dr.247,947 Dr.208,757 Dr.214,031 Dr.217,373
Hire ofequip.(net)
632,743 Dr.489,158
504,720
801,489
Net oper.income-85.824,583 $5,250.619 $6,131,593 $6.075,223
Other Income
Miscellaneous rents-$40,174
837,690
42,475
840,638
Misc. non-oper. prop_ _ 44,002
44,283
44,602
43.370
Net inc. fr. misc. prop
Dr.22,563 Dr.38,960 Dr.42,892 Dr.48,033
Dividend income1,548
82
82
3,026
Inc.from funded sees..1,350
1.350
7,444
675
Inc.fr. unf.sec.& accts155,285
91.276
111,399
124.486
Inc. from sink. funds_ _ _
5.110
6,872
6,125
5.343
Prem.on funded debt _
18.017
Miscellaneous income ..
3.077
2,391
4.591
1.143
Total other income_ - $194.903
$207,656
8144.236
$188.664
Gross income
$6.019.486 85,394,855 $6,339,249 $6,263.887
Deducts.from Gross Inc.
Rents for leased roads-_..
85,130
89,130
89,130
65,130
Miscellaneous rents-....4,906
4,906
129,156
4,981
Int.on funded debt-- - _ 2,602,308 2.605,267 2,590,931 2,599,985
Int.on equip.ctfs
357,517
290,992
255.115
316.069
Int.on unfunded debt
317
3.692
2.296
2,029
Amort. of(Us.on fd. dbt.
12.191
-.14,410
12,882
Misc,income charges_ _
13.177
11,272
10.776
16.352
Total deductions-$3,101,664 $3.019.669 $3,064,171 $3.004.548
Netincome
2,917,822 2,375.185 3,275.078 3.259,342
Shs. corn. stk. outst'nd'g
(par 100)
517,971
508,640
523.696
494.260
Earns, per shr
$1.06
$3.32
82.67
$3.26
BALANCE SILEET DEC. 31.
GENERAL
1929.
1929.
1928,
1928.
Assets$
$
Cost of property
Common stock_ 52,389,598 51,797,098
owned
163,640,734 160,562,959 1st pref. stock__ 17,742,050 17,742,050
Cash
1,877,936 1,427,583 2d pref. stock__ 7,055.500 7,628,000
Time drafts and
Funded debt- -- 61,699,866 61,777,666
deposits
1,000,000 1,300,000 Equip,It. oblig- 4,393,600 5.014,700
Special deposits_
24,903
22,313 Traffic & car serTraffic & car ser354,099
vice bal. pay411,020
vice bal. rec..
188,918
179,593 Audited accts. &
Net balance rec,
wages payable 1,951,541 1,979,205
from agents &
Misc. accts. Pay
31.327
33,697
conductors....
367,332
416,893
414,165 Int. matured...
421,042
Misc.accts. roc_ 1,194,402 1,037,703 Unmat. int.:seer
514,730
520,965
Mall & supplies 1,584,545 2,016,133 Fund debt mat.
Int. & dive. rec.
7.459
3,100
unpaid
Oth, curr. assets
121,345
110,430 Unmatured rents
.
Word.fd advs,
13,768
1,625
11,175 accrd1.624
Disc,on fd. debt
29,354
436,000
Other curs', nab
27,365
mime. premiums
•
57,627
Oth.def'd liab.
59,582
paid In adv.__
38,857
981,149
61,744 Tax.liability_
923.786
Other unadJust
307,000
Oper.reserve...
279,000
debits
1,300,177 1,595,850 Accr'd deprec'n
equipment_ _ _ 2,508,871 2,302,217
Dept. & depl. of
prop. W. Va.
C.&P.Ry. Co 1,039,910
994.837
Oth, unadj. cred 2,946.215 2,323,527
17,392,322 14,502,167
Profit and loss
Total
171,796,377 168,739,650
-V.130, p. 1111.
Total
3529
-Operating expenses were 831,849,720, a decrease
Operating Expenses.
of $2,686,518, or 7.78% compared with previous year. They consumed
69.70% of revenues compared with 67.99'7 in 1928.
,
Maintenance expenses amounted to 815°196.320 and consumed 33.25%
of revenues. Of this amount $7,395,147 was for maintaining roadway and
structures and 87.801.173 for equipment.
The high standard of property maintenance was continued during the
year. 947.177 cross ties were inserted, of which 747.871 were creosoted.
compared with 1,079.422 in 1928. of which 1,047.371 were creosoted.
Transportation expenses were $14.144,602. a decrease of $1,806,318, or
11.32% compared with 1928. Such expenses consumed 30.95% ofrevenues,
it
compared wh 31.40% in 1928.
-Tax accurals were $2,243,608 compared with $2,246,333 in 1928,
Taxes.
a decrease of 32.724, or 0.12%. Ad valorem taxes increased $65,521.
while Federal taxes decreased $68,245.
-At the close of the year $80,123,380 of funded debt was
Funded Debt.
outstanding, compared with $58,659,410 at the close of 1928, an increase
of $21,463,970.
Road and Equipment.-Cbarges for additions and betterments were made
to the property during the year, aggregating 810,705,512.
-New Mexico Railway, which was
-The line of the Texas
New Lines.
under construction from Monohans. Tex., to the Texas-New Mexico
boundary line at the close of 1928, was completed and opened for traffic
between Monohans, Wink and Kermit, Texas. on Jan. 15 1929. between
Kermit and Cheyenne, Texas, on March 18 1929. and between Cheyenne
-New Mexico boundary line on June 11 1929.
and Texas
-S. C. Commission by an order dated Dec. 2 1929, authorized the
The I.
-New Mexico boundary line to
company to extend its line from the Texas
LovMgton, New Mexico, a distance of approximately 70 miles, application
of
for which was pending at the close of the previous year. Construction by
this extension is under way and it is expected to be ready for operation
June 1930.
-S. C. Commission authorized the Texas &
On March 14 1929, the I.
Pacific to acquire control of the Texas Short Line Railway by purchase
of its entire outstanding capital stock of 811.000 par value and all outstanding bonds amounting to $175.000 and the purchase was consummated
as of Jan. 1 1929. The Texas Short Line extends from Alba to Grande
Saline, Texas, (a distance of 10.04 miles) where it comects with the Texas
and Pacific.
In order to afford additional and more adequate transportation facilities
to the cities of San Angelo and Ballinger,Texas,surrounding trade territories,
Southern Railway
and agricultural areas to be traversed, the Abilene &extend its line from
-S. C. Commission for authority to
has applied to the I.
Angelo. Texas, a distance of approximately 40 miles.
Ballinger to San
Application is pending.
-Since the formal hearings in 1926 on tentative valuaFederal Valuation.
the Commission
tion of this company's property and filing of briefs in 1927,of June 30 1916.
no announcement of its findings of final value as
has made
on the company requiring
In September 1928,the Commissi n served orders
it to prenare and submit information necessary to bring the valuation up
to Dec. 311927. Preparation cf these data is under way and will be submitted in due course.
-104 additional industries were located on the line, of
New Industries.
of 2.33 miles
which 74 were located on existing trackage. An aggregatelocated on exconstructed for '.20 new industries and 10 were
of track was
tensions a gra ating 1.10 miles. 876,602 was received during the year
industrial sites.
from rents of miscellaneous property, principallyservice to Mineral Wells,
-In order to provide better passenger
General.
Texas, a health resort approximately eight miles north of Mill ap a s ellen
company's
on the T ass Sz Pacific, motor coach service connecting with this
through passenger trains was established between these two points on June
c., a sub1929. This service is operated by Texas & Pacific C-aches, Isof $15,000
7
sidiary incorporated in Texas on April 5 1929, with a capital stock
all of which is owned by the Texas and Pacific.Transport Co. was incorpoOn June 211929. the Texas & Pacific Motor
rated in Delaware with authority to Lassie 1,000 shares of capital stock of
no par value. 100 shares of which have been issued and are owned by the
Texas & Pacific. Among other things, the charter authorizes the ompany
'o engage in common carrier service in Texas. Lou slana, Arkansas. New
Melee° and other states. Company holds permit to do business 'n Texas
and now provides freight service with store door pick-sip and delivery at
stations along the line of the Texas & Pacific and its subsidiaries, transportaTransport
tion between principal stations being performed for the Motorservice will
Co. by the Texas & Pacific Railway and tubsidiaries. Similar
to Louisiana and other states as conditions warrant.
be extended
TONNAGE OF COMMODITIES CARRIED.
Mines.
Mfg. &c.
Animal. Agriculture.
Forest.
3.343.127
5.716,789
2.342,371
286,679
1,434.485
4.370,303
4,728,215
2.256,028
:414,590
1.626,289
1.9f15,821
4,790.400
2,393,151
343,877
1,550,762
1,598.739
4,360.620
2.302.810
285.776
1,642.288
1,870.004
4.116,113
2,303,202
261.792
1,732,393
1.684,905
3,479.472
2.225,767
271.598
1,732,867
1.• 13,492
3,298.810
2,018,201
'
244,67
1.717,805
1.206,427
3.017.828
2.005,578
204.439
1.298.630
STATISTICS OF OPERATIONS FOR CALENDAR YEARS.
1976.
1927.
1928.
1929.
1,954
1:81
2,015
1.99'4
Miles operated
lel
Operations
1,179,973 1,335,241
1,010,027 1,146,672
Passengers carried
Pass. carried one mile__ _168.077,954 181,750.783 173.28,606 185.651.509
3.29 eta
3.28 cts.
3.28 eta.
3.24 eta.
Rate per pass. per mile
13,410,955 13.599,043 11,044,011 10,190.233
Freight (tons)
3190003029 3920376644 2319,054059 1841.896479
Tons per mile
1.064 eta. 1.319 eta. 1.442 cts.
Av.rate per ton p. mile_ 1.155 eta
506
523
599
556
Av. tr.-1'd (rev.) (tons)_
OPERATING ACCOUNT FOR CALENDAR YEARS.
1926.
1927.
1928.
1929.
Operating Revenues$36.829,630 f.41.694,282 $30,596,471 826.556,342
FreIght
5,442,679 5,971.135 5,69 ,201 6,107.849
Passenger
715.718
681,401
829,421
1,279.207
Mail
1,045.862 1.106.654
1,145.907 1,294.949
Express
339.280
340,307
356,224
375,344
Miscellaneous
632,807
591,298
649.820
,
623,6 13
Incidental, &c
845,696,434 $50,795,832 $38.949,589 $35,449,650
Total
Operating Expenses
Maintenance of way,&C. $7,395,147 £8,399.109 86.832.210 85,414.906
Maintenance of quip__ _ 7,801,173 7,843.613 6,801.243 6,511.860
845,628
,
8 4.732
967.698
1,06.196
Traffic expenses
Tr nsportation expenses 14,144,602 15; 50,920 13,053,386 12.473,426
1,178,699
1,362.782 1.176,530
1,484.020
•
General expenses
355.686
343,753
423.777
377,396
171,796,377 169,739,650 Miscellaneous operations Cr.438,814 Cr.411,659 Cr.294,783 Cr.291,817
Transportat'n for invest.
1029
1928
1927
1926
1925
1924
1923
1922
Total oper.expenses _ _831,849,721 834,536.240 828.797.073 826,488,388
13.846.713 16,259.593 10.152.466 8.9 1.262
Net earnings
1,862,786
1,855.677
2,260.457 2,262.603
Tax accruals, &c
Operating Revenues.
-Operating revenues amounted to $45,696.434, a deOperating income- - _ _$11.586,251 $13.996,989 88,296,789 87.098.476
decrease of 85,099,398 or 10.04% compared with the year 1928.
799.923
778.476
871,487
969.698
Freight revenue was $36.829.630, a decrease of 84.864,652 or 11.67% 0th r operating income_
compared with the previous year. due principally to decrease in movement
Total oper. income__ _$12,555.954 $14.808,476 $9.075.265 87.898.399
oil, revenue from which amounted to $4,612,585 compared with !Ike ofequipment
of crude
953,835
1.768.324
2,789,012 3,267.596
$10,965,681. a decrease of $6,353,095. Tons of revenue freight handled Rentals, &c
703.888
809.370
1,154,404
988,559
decreased 1.38% and ton miles 18.63%. The average rate per ton mile
was 1.155 cents compared with 1.064 cents in 1928 and the average haul
Net inc. bef. fix. chgs_ 88.778.383 $10,446,475 $6,497.569 $6.240,676
per ton was 237.87 miles compared with 288.28 for previous year. The Non-operating income_ - 1.113.608
368,656
566,106
533,126
principal decreases in traffic handled were in animals and products, products
of M11188, and in products of forests, consisting principally cf cattle and fresh
89,891.991 810,979,601 $7,063,675 86.609,333
Gross income
meats, crude petroleum (partially offset by increase in stone, gravel and Int. on funded debt...,.. 3,620.135 2,829,608 2.752.480 2.474.731
sand), logs and lumber. The principal increases were in products of A- ri- Int. on unfunded debt
110.917
59.902
85,916
62.103
culture and in manufactures and miscellaneous, consisting principally of /tam, rents, taxes, &c
96,345
137.313
79.674
7 .,120
cottonseed meal and cake, fresh vegetables and citrus fruits, refined petroleum and petroleum products, sugar, automobiles, autotrucks and Parts,
86,130.074 $7,993,956 84.113,981 $3,927,341
Net income
and fertilizers.
1,185,150
1.185.150 1,185.150
Preferred dividends_ _ _ _ 1,185.150
Passenger revenue was 85,442.679, a decrease of 8528,455. or 8.85% Common dividends
1,453,147
1,937.695
compared with 1928. 1.010,027 passengers were carried, a decrease of
136,645, or 11.92%. The average distance each passenger carried was
$3,007,229 $5,355,659 $2,928,831 $2,742,191
Income balance
166.41 miles compared with 158.50 miles the previous year.
Earns. per sh. on 387,551
Other revenue aggregated $3,424,124, an increase of $293.709. or 9.38%.
$12.76
shs.com.stk.(par $100)
$17.57
$7.51
$7.07
The Texas & Pacific Railway Co.
(Annual Report
-Year Ended Dec. 31 1929.)
FINANCIAL CHRONICLE
3530
BALANCE SHEET DEC. 31.
1928.
1929.
1929.
1928.
$
Liabilities$
Assets$
$
Common stock. 38,755.110 38,755.110
Inv. in road and
equipment --180,042,982 169,337,470 Preferred stock- 23,703,000 23,703,000
Pd. debt unmet. 80,123,380 60,059,410
Der. In lieu of
96,866 Traf.& car serv.
,
671,433 1,032,819
Mis. phi prop.
s.
366,945
342,146
bale. payable_
Inv.in &MI.cos_ 7,152,805 5,898,382 And. accts. and
93,758
Other investls 95,710 wages payable 2,850,284 3,640,381
Cash
8,556.063 2,351,475 Mlscel. accounts
75.607
80,552
Special deposits_
659,745
648,753 payable
3,463,250
Traffic and car
Loans& bills Pay
168,492
179,928
935,668 1,576,908 Int. mat'd unp'd
eery.bale.rec.
1,900
2,573
104,717
127,712 Div. mat. unp'd
Agts.& con.bal.
Misc. accts. rec 1,613,017 1,627,446 Unmet.divs.de484,382
484,438
Mat'ls and sum/. 6,091,229 5,571,000 dared
Int. & divs. rec_
121,446
83,541 Fund.debt mat.
3,870
3,870
0th. curt. assets
32,807
31,995
unpaid
531,697
729,479
Work,fd. advs17,701
18,213 Unmat.int.seer.
Unmatured rents
28,018
Other def. assets
9,005
99,003
118,683
accrued
Rents and burnt%
89,820
73,363
prem's prep'd.
40,627
32,395 Other cum.liab143,036
126,768
Oth,unadj.deb_ 1,485,845 1,477.918 Other def.llab
973,677 1,079,294
Tax liability_Prem.on funded
22,002
22,002
debt
Accrued depree.,
equipment.-- 8,485,421 8,018,428
846,740
867,811
Oth.unadi. cred.
Add'ns to Pron.
thr.ino.& sur.. 30,389,398 30,344,430
Profit and losscredit balance 18,806,783 16,783,781
Totaliea.side)207,447,951 189,345.954
-(a) The following securities are not included in assets shown:
Note.
Securities issued or assumed pledged, $712,000 securities issued or assumed unpledg.ed, $4.828.700; securities issued in sinking funds, $25,000;
total, 85.565,700. (b) The following capital liabilities, held by or for the
company are not included in liabilities shown: Capital stock, $8,700;
funded debt-unpledged. $5,557,000; total, $5.565,700.-V. 129. p. 3632.
Wisconsin Central Ry.
(Report for Year Ended Dec. 31 1929.)
RESULTS FOR CALENDAR YEARS.
1926.
1927.
1928.
1929.
1,155.56
1,155.64
1,154.89
Average Miles operated- 1,154.93
Freight, iron ore
$1,631,626 $1,375,593 $1,357,682 $1,460,449
14,116,851
14,285,929 14,620,570„
Freight, other
2,808,926
2,084,826
2,220,485 2,518,643
Passenger
224,746
226,738
367,522
233,581
Mail
411,994
387,948
356,900
379,773
Express
461,605
355.118
373,384
439,600
Miscellaneous
428,453
445,642
426,772
392,663
Incidental
Total
$19,527,564 $19,630,157 $19,744,628 $19,913,023
2,645,899
3,028,210
2,649,504
Malta. of way & struc
2,580,509
3,479.961
3,318,684 3,424,048 3,505,993
Maint. of equipment
393.093
422,804
414,757
390,488
Traffic expenses
8,172,294
8,032,008 8,110,800
Transportation expenses 7,735,831
155,266
146,817
146,096
154,547
Miscellaneous operations
627,311
653,062
641,940
619,298
General expenses
16,989
57,475
35,915
22,246
Transp'n for invest.-Cr
$14,808,682 $15,659,596 $15,400,655 $15,447,664
Total
75.8 7
Percent. of exp. to earns
79.8%
78.09'
77.69'
Net earnings
$4.718.882 $3,970,561 $4,343,973 $4,465,359
221,585
239,354
Inc.from oth.sources-_ _
253,391
241,968
Total
$4.958,238 $4.223,952 $4,585,940 $4,686,944
Fixed charges, taxes and
terminal rentals
5,075,013
5,046,254
5,064,238 4,792,439
Deficit
-V.129. p. 4137.
$116,776
$822,302
$478,298
$105,494
Standard Oil Co.(New Jersey) and Affiliated Cos.
(Annual Report-Year Ended Dec. 31 1929.)
Pres. W.C. Teagle, May 15, wrote in part:
During the year 934.749 shares of the capital stock were issued in the
acquisition of stocks, rights and properties, increasing the number of shares
of stock to a total a 25,418,968 shares outstanding at the end of the year.
The book value of the assets thus acquired in excess of the par value of
the stock is approximately $32,000,000, which amount is included in surplus
adjustments for the period.
Petroleum Industry in 1929.
-In the light of such progress as has been
made in restoring its economics to a basis of adequate earnings and conservation of resources, it is of interest to review the varying fortunes of
the petroleum industry over the past three years. In 1927, for the first
time, the world's petroleum reserves were demonstrated to be comparable
to the raw material reserves of other basic industries in that uncertainties
as to early exhaustion were definitely dispelled. In 1927, also for the first
time, the petroleum industry had the advantage of leadership and cooperation represented by the Federal Oil Conservation Board and the
officials of several States in their efforts to effect conservation and to regulate
to some extent the production of crude to conform with world requirements.
After the enormous increase in crude stocks in the earlier months of that
year, voluntary co-operation was resorted to and a large amount of potential
production was held in the ground.
The corrective influences of this movement were so immediate and so
marked that it was more generally adopted during 1928. In that year the
industry reduced the amount of crude and finished products forced into
storage from 69,000.000 barrels in 1927 to 23,000.000 barrels. It more
intelligently conducted its manufacturing operations during the Winter
months by avoiding an undue accumulation of products and, largely as a
result of the conservation measures begun in 1927, it added materially to
its earnings. The beneficial effects were in fact so apparent as to instill
a spirit of optimism throughout the industry and this first found expression
early last year in the refinery pyramiding of runs of gasoline in quantities
that exceeded the existing and deferred requirements. This policy not
only built up stocks of gasoline but drew upon crude production, with the
result that in the early Summer crude prices were advanced, the inevitable
bringing in of excessive new production followed and for the time being
the co-operative program was jettisoned. The cycle which began in 1927
was complete and the industry was back at the starting point. A realization of the fallacy of such a relapse led to remedial measures in the Mid.
Continent field, which measures were particularly effective in Oklahoma.
The momentum of this curtailment was barely under way when crude
production in California increased prodigiously and its was close to the end
of the year before the correction of this situation had begun On the whole,
the position at the close of the year was reflected clearly by the volume of
stocks above ground. These amounted to approximately 688,000,000 barrels
of crude,semi-refined and refined products,of which 67,000,000 barrels were
accumulated during the year.
That overproduction of crude was not the sole cause of this uneconomic
condition is indicated by the fact that of the accumulation 36,000.000
barrels were crude oil, 10,000,000 barrels gasoline, and 14,600,000 barrels
gas and fuel oil. Throughout most of the year the wholesale price of gasoline
was below the average due to the excessive refinery runs,the full momentum
of which was felt in the fourth quarter. That this lower price range existed
during a year in which crude prices were advanced indicated the dislocation
by
of the industry's economies. The increase in the surplus gasoline stocks
consuming
10,000,000 barrels demonstrated the inelastic character of the to conform
forecast an ultimate readjustment of crude prices
markets and
with the price range of gasoline. The theory that the price of gasoline may
been proven
be artificially held to maintain a fixed value for the crude haspays for the
to be economically unsound, since the price the consumer dominant deand
Product depends entirely on the margin between supply material.
mand and must inevitably influence the value of the raw
The earnings of the industry in 1929 were generally improved but the
be
statement that they reflected conditions throughout the year would the
hardly warranted. The events of 1928 were the determining factors in
•
[VoL. 130.
earnings of the past year and while, from a financial standpoint, the situation was improved, the physical position was impaired by the further accumulation of stocks of crude and gasoline.
Production of crude in the United States was 1,001,702,000 barrels as
against 888.676,000 barrels in 1928.
The increase of 113,026,000 barrels in crude production for 1929 was accounted for by the Appalachian fields. Michigan, Kansas, Oklahoma, Texas
and California, the latter state accounting for about 53% of the total increase. There were declines recorded in North Louisiana, Arkansas, the
Rocky Mountain area, Lima-Indiana and Illinois. Arkansas showed the
largest decline, amounting to 6,719,000 barrels. Imports of crude were
78,914,000 barrels, a decrease of 853,000 barrels from the previous year.
Company Production.
-Gross crude production of subsidiary and affiliated
interest was 101,100,098 barrels, an increase of 14,960.136 barrels, or 17.37%
over the production for 1928. Domestic fields supplied 51,657,552 barrels
and foreign fields 49,442,546 barrels. The total production was 51.6%
of the crude run.
The bulk of the domestic production was obtained by Humble Oil &
Refining Co. in Texas, The Carter Oil Co., principally in Oklahoma, and
the Standard Oil Co. of Louisiana, principally in Louisiana. Various subsidiary and affiliated gas companies contributed to the total with crude
produced in conjunction with gas operations. Although the domestic production showed an increase of 8.883,881 barrels, most of which resulted
from the operations of the Humble company in the southwest Texas fields.
a much larger gain would have occurred had production activities been
extended to the capacity of the fields. Production by the Carter Oil Co.
was approximately 1.000,000 barrels less than for the preceding year. a
decrease primarily due to proration and conservation measures in the
Oklahoma fields.
Production by foreign subsidiaries in Canada, Mexico, South America.
Dutch East Indies and Europe was larger by 6,076,256 barrels than that
for the preceding year.
The increase in total production, amounting to 14.960,136 barrels, was
conveniently absorbed into the company's operations as evidenced by the
amount of crude on hand at the end of 1929, this showing an increase of
only 4,704 barrels. At the close of the year all affiliated interests were
currently producing about 285,000 barrels daily. This was materially lower
than their potential capacity owing to voluntary curtailment put into effect
in some localities in the interests of conservation.
Natural Gasoline Plants.
-Production of gasoline from casinghead and
natural gas was approximately 10% in excess of that of the previous Year.
or 4,225,000 barrels, as compared to 3,817,000 barrels in 1928. A number
of new plants were installed to keep pace with the opening of new crude
fields or the extension of older pools. The change in motor fuel quality
through a closer control of volatility with reference to stability of the
product necessitated altering some of the natural gasoline recovery plants to
permit of eliminating the more volatile or unstable fractions.
Pipe Lines.
-Trunk pipe lines of subsidiary and affiliated companies
represented 3,737 miles at the end of the year. These lines delivered a total
of 133,392,079 barrels of crude oil an increase of 12,500,000 barrels over
1928. The most important extensions made to new producing areas were
a line 126 miles long to the Salt Flat Field in Texas and a line 50 miles
long to the Oklahoma City Pool in Oklahoma.
The character of the business of the Tuscarora Oil Co., Led., changed
from that of a crude carrier to that of a gasoline carrier, and the pumping
system reversed from an eastward to a westward movement. The pipe
line is approximately 370 miles long, running from Bayway, N. J. across
the State of New Jersey to the western boundary of Pennsylvania.
-Overproduction of crude and manufactured products played an
Marine.
important part in the transition from a surplus to a shortage in world tanker
tonnage. In addition to expansion in domestic consumption and in exports
there were heavier requirements for movement of clean products to the
eastern seaboard as well as a larger volume of movement for greater distances. The resultant tonnage shortage brought all world tankers available
for commercial service into operation by the middle of the year. As a
consequence, market freight rates remained practically fixed at the high
levels reached at that time. Earnings were substantially greater under the
new rates, which averaged 60% higher than those prevailing during the
previous year.
At the close of the year the world tanker tonnage afloat aggregated 10,650,000 deadweight tons. An additional 15%, or 1,760,000 tons, under
contract for construction, is almost four times that building at the close of
1928. It is reasonable to expect that the present high level of rates will
continue until curtailment of production or manufacture reduces requirements or until delivery of tonnage now building creates a surplus.
The 118 tankers owned by subsidiaries and aggregating in excess of 1,250,000 deadweight tons constitute an increase of 17 in number and more
than 200,000 deadweight tons as compared with the close of 1928. Comple-ton high
tion of tankers now under construction, consisting of two 19,000
-ton Diesel vessels and smaller
pressure steam driven vessels, six 16,000
ships being built for special trades, will give the Standard 011 Co.(N. J.)
ownership of more than one-tenth of the world tanker tonnage afloat.
An increase of 13% is indicated by the total bulk oil movement of 164,394,084 barrels transported in tonnage owned and chartered. Of this,
111,422,694 barrels were transported in the average of 71 vessels owned and
chartered by the Standard Shipping Co.
Absence of serious accidents during the year kept losses substantially
under the premiums set up against the marine insurance reserve on the
basis of outside market rates.
-Total crude run by all refineries was 196,797000 barrels,
Manufacturing.
an Increase of about 15,000000 barrels over 1928. Average daily throughput of crude at the domestic plants was 409,098 barrels as compared with
394,924 barrels in 1928. The statistics of this year include for the first time
the operation of the Beacon 011 Co.'s refinery at Everett, Mass. In the
refineries operated in Canada, Cuba, Argentina, Chile, Roumania, Dutch
East Indies, Norway, Poland. Italy, Peru, Venezuela, Trinidad and
England 130,072 barrels were run daily as against 102,162 barrels in the
preceding year.
It is obviously essential that the refiner manufacture his products at
lowest cost as well as in the proportions and of the quality required by the
trade. This demands constant ability to meet the changing requirements
for products-especially motor fuels and lubricants-brought about by
engineering advances in other industries, as well as to overcome the difficulties of operating on a frequently changing quality of raw material.
Through continued research and development, resulting in equipment of
improved engineering design, we were able during the past year not only
to improve the efficiency but also to keep pace with this essential need of
flexibility in refinery operations.
A very substantial improvement was effected in the anti-knock quality
of the gasollnes produced in response to the increasing demand for motor
fuels suitable for internal combustion engines of higher compression ratio.
Further attention was given to the comprehensive planning and coordination of activities which resulted in a greater degree of uniformity in
refinery operations and consequently a minimum disturbance to personnel.
It also permitted the continuance of the policy of holding inventories at a
minimum with a resultant economy in overhead charges. No increase in
stocks was made by the refineries, notwithstanding the larger business
handled and the fact that inventories were at the minimum at the beginning
of the year due to the large reductions accomplished in previous years•
-During 1929 the overproduction of crude and manufactured
Marketing.
products throughout the industry glutted the markets, bringing about price
cuts and other uneconomic conditions. In spite of this the domestic companies generally retained their customers and secured a fair share of the
increase in consumption.
The practice ofsome competitors when entering a new field of encouraging
tank car buyers with particularly favored prices so they may in turn grant
price concessions is detrimental and distrubing to sound marketing. It
secures a temporary benefit for the company encouraging the tank car buyer
at the sacrifice of sound marketing conditions and provides a permanent
sales evil. The gross profit thus assured the tank car buyers is out of proportion to that of the refiner. It is at least as much, and often more, than
the refiner gets for his gasoline at seaboard shipping points and yet bears
no comparison to the investment of the refinery nor to the hazards involved
in producing and transporting crude manufacturing finished products and
transporting them to seaboard distributing points.
The Code of Marketing Ethics approved by the Federal Trade Commission and put into operation Sept. 1 1929 has tended to eliminate many
unsound marketing practices and its wider adoption by all engaged in
marketing petroleum products is in the public interest.
Conditions in the foreign markets were similar to those in 1928. The
company's business expanded at a satisfactory rate and in keeping with the
increase in consumption in these markets. The sale of anti-knock motor
fuel, Esse, was inaugurated in foreign countries and indications are that
there will be a considerable demand for it. The sale of motor oil directly
to consumers has likewise made progress.
MAY 17 1930.1
FINANCIAL CHRONICLE
3531
-The past year saw further expansion in the partake of a highly competitive character and in some countries was handiNatural Gas Companies.
distribution of natural gas over the country and the subsidiaries participated capped in its normal development through political interference and governin the developments which have followed the opening up of additional ment restrictions.
The expansion and growth of the gasoline business in Europe would be
natural gas resources.
Deliveries of gas through the line of the Interstate Natural Gas Co. in much more rapid were it not for the heavy import duty and direct taxation
Louisiana reached its capacity and It became necessary to undertake a levied on petroleum products, gasoline in some countries being subjected to
program of paralleling the 22-inch line from Monroe to Baton Rouge for a fiscal burden varying anywhere from nine cents to over 16 cents per gallon.
one-half of its length with a duplicate line. This program increases the daily With such taxes, gasoline is still more or leas a luxury and enters into popular
capacity to 140,000,000 cubic feet. A like condition was anticipated for use on no such scale as exists in the United States.
Reports from Russia do not seem to indicate any prospects ofimprovement
the Winter demands of the Denver market upon the capacity of the 22
-inch
pipe line of the Colorado Interstate Gas Co. and an additional compressing in the generally disorganized conditions prevailing throughout that country.
-The trend towards the diffusion of ownership of the
Stocic Ownership.
station was constructed and put into operation at Canyon, Colo.
On Nov. 21, gas was delivered to the first industrial consumer in St. Louis, Standard 011 Co.(N. J.) among an increasing number of investors has been
Mo., by the Mississippi River Fuel Corp., marking the completion in particularly marked during the past year. The popular concept of a busi-inch pipe line, 510 miles in length,from the gas fields ness operated for the gain of a small group has changed, since its affairs are
record time of the 22
now a matter of concern to over 104,000 individuals who jointly share in
of Northern Louisiana to the St. Louis industrial area.
Subsidiaries are producing and selling gas to other companies which have the proprietorship of its assets. The company is not a closed corporation,
recently completed pipe lines; one to Memphis, one to Shreveport and one the profits of which accrue to a few, but a publicly owned enterprise, the
to Birmingham-Atlanta and this is developing into business of large volume. interests of which are identical with the interests of a large section of the
In Ohio, West Virginia and Pennsylvania sales of gas promised to greatly community. The individual holdings of 81% of the stockholders are lees
exceed the record of 1928, but the decline in demand by industrial consumers than 100 shares. Of the total number of stockholders almost 36,000 are
in the last three months of the year considerably reduced the expected women.
margin. These subsidiaries in the older districts supplied 656,443 domestic
Through the stock acquisition plan the trustees have distributed 1.309,116
consumers in over 200 cities and towns with an estimated population of shares of common stock to employees. The third plan has been in operation
more than 3,500,000. The amount of gas marketed was again in excess of one year and on Dec. 31 1929 had approximately 23,500 subscribers for
100,000,000,000 cubic feet, which was party purchased from other producers whose accounts the trustees held 120,000 shares. Over 63% of the shares
and partly produced from the territory owned, consisting of 2,838.337 acres already distributed were still retained by employees on Feb. 15 1930. This
under lease, with 6,472 gas wells. These companies operate 15,446 miles of partnership has been of great value in developing a spirit of loyalty and
Pipe lines, 2.966 oil wells and 30 gasoline plants. During the year the Hope co-operation throughout the organization.
Natural Gas Co. acquired all of the properties of the Clarksburg Light &
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS
Heat Co., thereby effecting economy of management and operation.
1929.
1927.
1928.
1926.
Standard Oil Export Corp.
-Organized in Delaware Nov. 26 1928, the
3
$
Standard 011 Export Corp. was qualified as an exporting entity on Jan. 1
1929. All of the stock is owned by four subsidiaries of the Standard Oil Gross operating income_z1,523,386,464z1,302,779,122z1,256,505,071 1,283,554,861
18,081,123
17,361,078
25,409.173
Co. (N. J.) and it controls and directs the export business of these sub- Inc. from other sources__ 26,075,571
sidiaries. The Standard Oil Export Corp. recently acquired, through an
1,549,462,035 1,320,140,209 1,274,586,194 1,308,964,034
Total income
exchange of its non-voting 5% cumulative preferred shares, about 94%
of the stock of the Anglo-American Oil Co. which in the past has been a Cost, oper. & gen. ups...1,278,865,858 1,075;101,964 1,117.307,805 1,119,236,426
16,107,694
37,055,419
24,118,207
35,422,708
large purchaser of the petroleum commodities now handled through the Taxes
879,543,059 275,219,689 a74,898.680 y55,967,712
Export corporation. Steps are now being taken under the English Com- Depreciation, &c
panies Act to acquire the remaining 6%. An issue of $75,000,000 of 5%
58,261,502 117,652,201
Consol. net earnings_ _ _ 153,997,700 134,395,839
preferred stock of the Standard 011 Export Corp. was listed on the New
York and London Stock Exchanges in Feb. of this year. The exchange of Ito. & disct. on fund &
9,087,551
8,517.937
8,533,243
long-term debt
stock through which the Anglo-American 011 Co., Ltd., was acquired was
9,320,707
17,376,910
effected on a basis of 5 5-9 shares of that stock for one share of Export Profit applic. to min. int_ 23,997,355
corporation. Prior to the transaction, Anglo-American Oil Co., Ltd., was
120,912,794 108,485,686
40,422,857 117,652,201
Net income
engaged solely in marketing petroleum products. Its acquisition will have
13,998,103
3,499,526
the effect of assuring the Export corporation an outlet for its export cargoes Pref.divs.(7% per annum)
46,519,705(6%)36583117 (6)35,065,693(4;023230676
In the British Isles and at the same time will guarantee the Anglo-American Common dividends
Oil Co., Ltd., a source of supply.
80,423,422
74,393,089
Balance, surplus
1,857,638
71,902,569
Standard Oil Development Co.
-The technical unit of Standard Oil Co.
478,043,454 400,142,931 426,790,797 349,224,882
surplus
(N. J.) is the largest organization of engineers, chemists and technical Previous
Dr.3,213,324 Cr.5,997,953 Cr.1,490,431 Dr.2,857.507
Adjustments
specialists in the petroleum industry. It maintains and operates the Premium paid in red, of
development department, including the central research laboratory at Baypreferred stock
Dr.29,995,935
way, N.J., general engineering department, Standard Inpection Laboratory
production research and the patent department. It also finances and directs,
Profit & loss surplus__ 549,223,220 478,043,454 400,142,931 426,790,797
to varying degrees, major research and development projects, the actual Shs. corn. outst.(par $25) 25,418,968
20,695,900
24,317.219
24,484,219
conduct of which is in the hands of the operating subsidiaries of the Standard Earns. per sh. on com_ _ _
52$5.1
1
$4.75
$4.43
011 Co.(N. J.) and through a standing technical committee, together with
y Includes depletion. z Including inter-company transactions,.b excluding
$1 but
various special committees,it provides machinery for co-ordinating technical
inter-departmental transactions. a Includes depletion, depreciation, retirements
and related activities which the various operating units carry on.
In 1929 there was an expansion of 42% in the activities of this unit. and amortization.
This was in large part made necessary by intensive experiments on the
CONSOLIDATED BALANCE SHEET DEC. 31.
hydrogenation process, the remainder being due to the general increase of
1926,
1929.
1928.
1927.
research, development and engineering work of the company. In research
Assets$
$
2
and development the principal activities have revolved around the increasing
Realest.. plant & equip._ x776,589,417 651,602,971 656,644,875 550,789,966
demand for improved products. Engineering activities have been expanded
mainly by the necessity of designing improved and more efficient equipment, U. S. & For. Govt. bonds
198,823,806
&0th. marketable item_
coupled with moderate increase of capacity in several existing refineries Marketable securities__ _
214,370,499 176,112,776 127,153,304
and by the planning of some projected new plants.
5,062,421
4,838,293
Accept. & notes receiv_ _ _
4,580,230
Hydrogenation.
-In November 1929 the Standard 011 Co.(N. J.) and the Miscellaneous property_
10.497,661
12,376,744
12,953,855
I. G. Farbenindustrie A. G. entered into a contract replacing the develop-. Miscellaneous securities._
1,880,481
6,896,126
12,552.998
1,335,939
ment contract of 1927 referred to in last year's report and providing for a Other investments
185,123,981 166,020,398 127,073,346 116,149,274
definite and permanent merger of interests in the hydrogenation develop- Inventory of mdse. (at
ment. Acting under the 1927 agreement,the Standard Oil Co. of NewJersey
314,509,821 275,935,228 272,893,382 303,068.933
cost or less)
and the Standard Oil Co. of Louisiana had already begun construction of Accounts receivable
221,629,527 168,449,565 167,860,891 344,095,979
pioneer oil hydrogenation plants at the Bayway and Baton Rouge refineries, Cash
27,615,991
87,734,295
11,623,380
42,610,587
and a third unit for the Humble 011 & Refining Co.'s Baytown refinery Sink.& special trust funds
1,094,058
905,459
487,333
is in process of design.
15,738,832
Prepaid & deferred chgs._ 19,501,359
13,007,506
By the terms of the new contract, patent rights. present and future, of
Standard 011 Co. (N. J.) and I. G. Farbenindustrie A. G. relating to
1,767,377,555 1,572,267,610 1,426.601,249 1,341,943,125
Total assets
hydrogenation of coal and oil for the world outside of Germany were asLiabilities
signed to a newly created Delaware corporation, the Standard-I. G. Co. Capital stock-Preferred.
199,972,900
Standard Oil Co.(N. J.) owns the majority of the stock of the Standard-I.
635,474,200 612,105,475 607,930,475 517.397.550
Common
G. Co. In order to make the hydrogenation process generally available to Fund.& long-term debt
170,132,833 167,197,000 169,239,000 120,000.000
the oil industry within the United States, there will be incorporated a Accounts payable
129,154,735 114,570,426
81.981,607 241,350,289
patent holding company to which will be assigned the exclusive licensing Acceptances & notes pay_
9,130,341
3,535,054
285,556
rights for the process. Any unit of the industry desiring a license will be Accrued liabilities
31,824,335
9,040,926
7,948,563
offered an option to purchase a stock interest in the patent holding company Deferred credits
9,315,728
6,663,450
2,806,619
proportional to its crude refining capacity, thereby mutualizing for the Reserve for taxes
17,867,296
17,535,024
8,486,327
industry the license rights and management of the patent holding company. Insurance reserves
21,685,873
18,566,292
20,542,829
19,918,000
Construction of commercial plants and preparations for the early opera- Surplus
549,223,220 478,043,454 400,142,931 426,790,797
tion and general licensing of the hydrogenation process are a reflection of the Cap.&Burp. of min.Int
163,661,320 134,063,471 119,977,582
success which has attended the research and development work in progress Reserve for annuities_ _ _. 47,774,920
8,920,500
7,884,587
for several years. The demonstrated potentialities of hydrogenation as a
refining and conversion operation will have a far-reaching effect upon the
1 767,377,555 1,572,267,610 1,426.601,249 1,541,945,125
Total liabilities
petroleum industry. This effect may be summarized as follows:
x After deducting $595,782,902 for depreciation and depletion.
-V. 130, p. 3182.
1. Through hydrogenation it is now shown to be practicable to convert
coal into liquid hydrocarbons at a cost which, although above prevailing
oil prices, is not prohibitive. Thus, the coal reserves of the world become
Chile Copper Company.
supplemental to the crude oil reserves.
2. By the hydrogenation method,liquified coal, shale oil, coal tars, crude
(14th Annual Report-Year Ended Dec. 31 1929.)
petroleum and its residues of all descriptions may be converted into subCONSOLIDATED INCOME ACCOUNT (INCL. SUBS. COS.)
stantially 100% of high grade finished products. Thus, product quality
as well as supply will be stabilized for an indefinite future and conservation
For Calendar Years1929.
1928.
1926.
1927.
promoted by making unnecessary the production low grade products and by Copper produced (lbs.)_299,575,752 265.863,517 219.600,465 220.138,466
reducing refining losses.
212,568.158 282.998,571 235,291,177 215.286.183
Copper sold (lbs.)
3. The hydrogenation technique is adaptable to supplementing as well as Average price
18.17 cts. 15.03 cts. 13.29 eta. 14.11 cts.
replacing to a considerable extent present refinery methods,and is in general Operating revenue
838.634,734 $42,544,973 831,279.529 $30,376.224
characterized by the production of products of higher quality than
10,083.960 14,385,942 13,228,920 12,141,479
those Operating costs
obtainable by present methods from ordinary crudes. This should
result
in a healthy and permanent expansion of markets.
Net operating income _828,550,774 $28,159,031 $18,050,609 818,234.745
Because of the innumerable new technical problems, solutions of which Other income
2,081,039
811,983
928,820
851,274
are required for the practical and profitable use of the hydrogenation method
in the oil industry, and because of the relatively large investments required,
830,631,813 829,087,851 $18,862,592 $19.086,019
Total income
progress toward its general application will probably be slower than was the Federal taxes, Sec
4,230,868
2,754,411
4.054.920
2,469,674
case with the cracking development. The ultimate effect, however, should Interest on bonds
2,168.496
2.168.497
2.363,292
2,239,425
be even more important.
Deprec. plant & equip-- 2,410.516
2.920,570
2,659,352
2,720.923
It is believed that the perfection of the hydrogenation process will
the oil industry upon a plane of stability comparable with the other place
821,821,932 $19.943,864 811,085,537 811,655,997
Net income
basic
industries and that the general recognition of that fact will result in the Dividends
22.077.495 11.590,683 11,023.645 10,978.326
acceptance of oil fuel as an enduring source of energy by the engineering
and industrial world.
Balance, surplus
df$255.563 $8,353,181
$61,892
$677.671
Aviation.
-Formation of the Stanavo Specification Board, Inc., in
Earnings per share on
junction with representatives of the Standard Oil Co. of California con4,415,499 abs. capital
and
Oil Co. (Indiana) was the outstanding step in the
Standard
$4.94
$4.52
stock (par $25)
82.51
x$2.65
aviation program during 1929. This agency served the two-fold company's
purpose of
x Figured on 4,391,251 shares (par 823).
affording a channel for the marketing of uniform specification
aviation
CONSOLIDATED BALANCE SHEET DEC. 31.
products under one brand name both here and abroad, and of building
good will by making available to the flying world the technical experience
1928.
1929.
1928.
1929.
of all three companies. Continued research and experiemnt, both on the
Liabilities
Ands
-ground and in the air, resulted in many new specialty Products as well as Prop.invest--1135,216,352 136,302,449 Capital stock--_110,387,475 110,387,475
steadily improving quality in existing aviation fuels and lubricants. Com- Def. chges. incl.
Funded debt__ 35,000,000 35,000.000
pany planes flew 106,400 miles last year, including a 6,000 mile tour of
dis. OD bonds- 8,986,883 9,346,061 Res. for renewls
& repl.. ins..
60 European airports.
Sunni.on hand &
-Europe is still experiencing a period of gradual reSo)
Foreign Conditions.
891.782 1.099,712
exp. prepaid_ 7,770,364 6,369,827
Construction and in 1929 some further progress was made in its economic Copper in Proc.
Int. & taxes accr 3.798.573 3.777.186
readjustment. The monetary stabilization became further consolidated and.
& on hand..... 6,857,314 1.012,479 Accts. & wages
payable
with the exception of the Spanish peseta, no marked fluctuations occurred Accts.receivable 1,421,786 11,120,780
1,530,092 2,797,110
in the various currencies. The financial improvement has been an im- Cash & call loans 8,559,379 6,369,603 Surplus
17,204,154 17,459,717
portant factor in enabling trade to develop progressively, not only from an
168,812,077 170,521,201
Total
internal agricultural and manufacturing standpoint, but also in the way of
168,812,077 170,521,201
Total
assistance to European exports.
x Property investment $99,365,694, plant and equipment at mines,
This improvement in economic conditions has had a direct bearing upon reduction works, power plants, railroads, steamships, &c.,
$59,611,427,
the development of the petroleum business, which, however, continued to less reserve for deprec. of plant and equip. $23.760,770.-V. 130,
p. 2969.
3532
FINANCIAL CHRONICLE
[Doz.130.
Several new towns have sprung up and are assuming considerable importance. Several towns in existence before the construction of this railroad, have since shown substantial improvement and growth. Traffic
movement has been very gratifying, with respect not only to agricultural
President Frederick R. Williamson reports in substance:
commodities and live stock, but also to inbound shipments of buildi
-The substantial increase in freight revenue, as shown in table materials. During the wheat season approximately 3,000 cars were shipped
Revenue.
below, was due to large increases in tonnage of products of agriculture and out over this new line.
2'rinity & Brazos Valley Ry.-The property has been operated by the
of mines, especially on The Fort Worth & Denver City By. Grain loadings
on that line for the year 1929 increased 5,226 cars or 114% over 1928, receiver during the year.
crop in the Texas
owing to a favorable crop year and a bumper wheat
OPERATING STATISTICS FOR CALENDAR YEARS.
Panhandle and to new tonnage from the recently completed South Plains By.
1926.
1928.
1927.
1929.
Products of mines tonnage on the Fort Worth & Denver road increased Revenue freight
9,105.152
8,888,627
8,186,319
8.898,008
(tons).activities. Rev.
407.614 tons or 46.71%. owing to extensive highway construction
freight (tons) mlles_1,709,142,353 1,565,759.882 1.605,890,529 163,2,849,480
which caused a heavy movement in crushed stone and an increase in gravel Av.frt. rev.
$7.32
$7.72
$7.28
$7.43
and sand shipments of 278.215 tons or 78.3% as the result of the opening Av.rev. per per train mile
52,378
$2,374
52.493
52,375
ton of
of new gravel and sand pits on the South Plains By. This class of ship- Passengers carried freight
960,293
643,427
814,803
555.184
ments also showed a substantial increase in tonnage on the Wichita Valley
99,827,693 121,831,760 133,310,874
1 mile_
Lines. Crude petroleum shipments from the Panhandle fields increased Passengers carried tr. mile 91,959,182
$2.41
$2.22
Av. pass, rev, per
$1.88
$1.73
4,568 tons.
24.672
Av. rev. per passenger.$5.119
25.008
$5.327
Cotton tonnage, an important source of revenue for these Texas roads,
Our usual comparative consolidated income account was published in
decrease owing
has again for the second consecutive year shown a net total
to drought conditions and damaged crops In the southern counties tribu- V. 130, p. 3346.
tary to these roads. This tonnage on the Wichita Valley Lines was 32%
.
INCOME ACCOUNT (COLORADO & SOUTHERN RY CO. PROPER) FOR
less than during the year 1928 and 46% less than the average tonnage of
CALENDAR YEARS.
the preceding four years.
1926.
1927.
1928.
1929.
Operating Incomeshowed a decrease
Passenger earnings for 1929 as compared with 1928
$10,029,790 $10,073,171 $10,521,857 $10,557,003
Freight
In both short haul travel and interline business, but especially in the local Passenger
1,123,066
1,202,567 1,367,059 1,515,154
business as the result of continued development of hard surface roads and Mail, express,
1,077,420 1,027,575 1,070.524 1,080,652
&c
the consequent Increase in use of privately owned automobiles and bus lines.
Hard surface roads parallel practically our entire system and make inter812,230,275 212,303,314 512,959,440 $13,152,809
Total operating revenues
via automobile easily accomplished.
city travel
Operating ExpensesThe increase in mall revenue was chiefly due to increase in rates and to Matin, of way and structures... 1,982.817 1,967,555 2,693,008 1,960,374
first year business on the South Plains By.
2,354,502 2,340,856 2.898,566 2,875,774
Maintenance of equipment
attributable to increased activities Traffic
The increase in switching revenue is
177.315
179,907
176,374
186,181
of the Ford Motor Co.'s plant at Denver and the completion in the latter Transportation
4,170,856 4,189.801 4,448,456 4,649,701
part of 1928 of the Montgomery Ward & Co.'s plant, also at Denver. both General
506,750
521,719
513.369
508,948
plants being on the Colorado & Southern tracks.
97,547
99,807
77,049
71,170
Miscellaneous
11,185
-The increase in operating expenses was due to an Tramp, for investment-Cr._
96,177
Operating Expenses.
49,681
39,833
increase in expenditures on Fort Worth & Denver City Ry. of $694,748.
The Colorado & Southern By. kept its total operating expenses for 1929
$9,234,641 $9,208,703 $10,745,287 $10,262,894
Operating expenses
practically at a level with those of 1928,showing an increase of only $25.937. Net revenue
2,995,635 3,094,610 2,214,153 2,889,914
or 0.28%. Roadway maintenance increased $114.692. mainly because of Tax accruals & uncoil, railway
759,028
797,740
flood damage in Wyoming. Locomotive repairs were increased $306.351.
894,470
909,753
revenue
resulting from the adoption of a program of rehabilitating locomotives,
on which only minimum repairs had been made during the two previous
$2,085,882 82,200,140 $1,416,413 $2,130,885
Operating income
years. These two large items of increased expenditures were, however.
Non-Operating Income
offset by substantial decreases in other lines of work.
Dr$217,648 Dr$146,616 Dr$92,395 Dr$165.910
Hire of equipment
Dr96,088 Dr109,507 Dr108,432
The Wichita Valley By. showed a decrease for 1929 of $120,831 in oper- Joint facility rents
Dr93,616
86,630
83,959
78,952
ating expenses.
82,063
Miscellaneous, rent, &o., Inc
-There was expended during the year 1929, charge- Dividends & miscellaneous int_ 3,726,701 4,767,032 5.638,531 4,899,535
Capital Expenditures.
510
856
1,242
1,349
Other miscellaneous income
able to capital account, the sum of $1,218,561.
-The charge on account of valuation for the year was $70,922,
Valuation.
$5,584,731 $6,804,663 $6,937,857 26,643,220
Gross income
as compared with $60,064 for 1928. The total charge for valuation exDeductions
penses to Dec. 31 1929 is $1,094,357.
-S. C. Couunission's final valuation of property owned and used, Interest on funded and unfunded 2,019,733 21,874,080 $1,884,188 $1,956,535
The I.
debt
and used but not owned, at June 30 1918, plus additions and betterments
219,163
143,693
142,685
142,171
Other deductions
to Dec. 31 1929, is $86,937,240.
The work of bringing the valuation down to Dec. 31 1927, to comply
$3,422,827 $4,787,897 $4,909,977 $4,467,521
Net Income
-S. C. Commission's order dated July 1 1928, is still in progress.
with I.
340,000
340,000
340,000
340,000
-Colorado & Southern Ry.-Good crop yields and increased First pref. div.(4%)
Agricultural
340,000
340,000
340,000
340,000
prices on many farm products gave the farmers and ranchers of Colorado Second pref. dlv.(4%)
930,000
930,000
930,000
930,000
and Wyoming a successful year. The sugar beet acreage harvested in Colo- Common dividend (3%)
to 231,000 acres, an increase of 22.7% over 1928. The tonrade amounted
$1,812,827 $3,177,897 $3,299,977 $2,857,521
Balance, surplus
nage of beets harvested also set a record of 2.890,000. an increase of 409,000
tons over last year's crop. These Increases are in spite of the fact that 15%
.
OPERATING STATEMENT OF PORT WORTH & DENVER CITY RY
of the Colorado beets were frozen in the ground by the unusually early
FOR CALENDAR YEARS.
arrival of winter weather in the latter part of October before the harvest
1926.
1927.
1928.
1929.
was completed. The increased tonnage was also due to increased yields
$9,806,113 $8,838,012 $8,966,873 89.714.797
per acre as the result of education of the farmers by the railroad and sugar Freight revenue
1,734,304 1,941,058 2.508,346 2,725,790
Passenger revenue
companies in the growing of sugar beets.
857,961
887,774
822,490
855,994
the Wheatland. Wyo., district sugar beet acreage and tonnage have Mall, express, &c
In
continued to increase.
$12,396,410 811,601.560 $12,362,993 813,298,568
Total operating revenue
It is estimated that this district will plant 8,500 acres in the spring of
1,053,840
1930 with a probable production of over 100,000 tons of beets. The sugar Matintenance of way & structures 1,613.038 1,443,586 2,188,785
1,937,830 1,665,244 1,958,5082,168,940
beet factory which has been under construction at Wheatland will be com- Maintenance of equipment
207,832
225,170
252,920
263,922
Traffic
pleted in time to handle the 1930 crop.
3,580,208 3,378,536 3,650,941 3,841,083
The potato crop in 1929 In Colorado brought a very profitable return to Transportation
452,756
484,342
456,347
471,723
farmers with the price of $1.10 per bushel on Dec. 1 1929 as compared with General
110,862
116,095
94,638
86,454
45 cents per bushel of the year before. The potato acreage was 20% less Miscellaneous
178,649
71,679
38,833
than in 1928. but the acreage yield was 140 bushels per acre as compared Trans. for investment-Cr
with 122 bushels in 1928.
$7,914,342 $7,219,593 $8,423,175 $7,835,313
Operating expenses
Wheat production was a little less than in 1928, but with a compensating
4,482.089 4,381,967 3,939,818 5.463,235
Increase in price. The dry bean crop had a substantial increase in pro- Net revenue
884,334
570,808
673,752
753,305
Tax accruals, &c
but at a slightly lower price.
duction,
A profitable crop, which has been showing a consistent annual growth in
$3,728,763 $3,708,215 $3,369,010 $4,578,902
Operating income
production, Is that of cherries grown in the vicinity of Fort Collins and
Dr68,738 Dr122,727
Cr35,722
Dr118,031
Loveland. In that section in 1929 3,000,000 lbs. of cherries were pro- Hire of equipment (net)
Dr87,712
Dr87,391
Dr92,362
Dr107,659
duced and received a price of $120 per ton, and local canneries report they Joint facility rent (net)
unable to supply the demand for canned cherries.
are
$3,503,073 $3,651,576 $3,212,882 $4,368,463
Net operating income
The livestock industry for 1929 showed a decrease in numbers of range
cattle, but an increase in sheep and lamb feeding operations. Dairy cows ' Non-Operating Income
$8,960
$10,232
$9,019
$12,344
Miscellaneous rent income
had slight reduction in number, but an improvement in quality. Turkey Misc,
6,222
non-over, physical prop, production was materially increased.
278,328
241,476
94,062
359,879
-Wheat production in the northern Panhandle counties Income from funded securitiesTexas Lines.
was again as in 1928 favored with seasonable rains, resulting in a crop Income from unfunded securities
139,199
75,169
73,084
229,843
and accounts
which was larger than the 1928 bumper crop by 540 carloads on the Fort
872
1,417
3,854
2,000
Worth & Denver road, and by 2,351 carloads on the South Plains By. Miscellaneous income
On the latter road, however, the large increase was mainly due to the
$3,849,398 83,978,369 $3,658,366 $4,795,823
Gross Income
opening up of new territory. In the southern counties and on the Wichita
Deductions
Valley road, wheat and feed crops were very short on account ofdry weather. Rent
$18,000
$30,822
$293,999
$505,750
for leased roads
The cotton crop on the Fort Worth & Denver road amounted to about
512,734
503,163
507,950
498,384
bales more than the 1928 crop, and about equal to the average of Interest on funded debt
2.500
8,406
2,704
17,867
1,100
Interest on unfunded debt
crops of the preceding four years. On the Wichita Valley By. general
117,056
116,684
116,132
116,029
drought conditions caused a shortage of 38,000 bales or 32% less than in Amortization, &c
67,000 bales or 46% less than the average crop of the
1928, and about
52,728,136 83,062,370 82,085,042 $4,139,628
Net Income
preceding four years.
2,672,788
3.504,730 4,521,548 1,378,658
The dairy business has shown continued growth with importation of Dividend appropriations
dairy animals, establishment of new creameries and enlargement of the
to
Income balance transferred
dried milk plant at Decatur.
$55,348 def$442,360def$1536,507 $2,760,971
Profit & loss
The poultry industry progressed with an increase in hatcheries of total
capacity of 72.000 eggs and the continued development of commercial
OPERATING STATEMENT OF WICHITA VALLEY RI'. CO.
poultry farms.
1926.
1929.
1928.
1927.
Calendar Years
Grass and ranch lands in the northern Panhandle counties have had Total railway operating revenue_ $1,489,517 51,752,861 $1,918,218 $1,721,450
much acreage converted in the past year to cultivation as the result of Total railway operating expenses_
875,112
882,594
983,426 1,038,144
1928 on farm lands in this territory.
favorable crops in
During 1929 company followed its regular policy of aiding farmers to
$846,337
$880,075
$769,435
Net revenue from railway oper_ $626,923
develop better conditions in the raising of live stock and in farming.
115,311
89,047
105,069
96,993
Railway tax accruals
Denver & Interurban Motor Co.-This company commenced operations Uncollectible railway revenue
740
82
381
2,693
Dec. 1 1925 over the State highways between Denver and Boulder, Colo.
$730,288
Advances of $72,500 to the company, made by the Colorado & Southern
$672,061
Railway operating Income.... $537.794
$772,313
By. for purchases of equipment and operating capital, have been repaid Hire of equipment
Dr279,450 Dr300,196 Dr284,991 Dr271,297
Cr17,083
Cr16,692
Joint facility rents
Cr22,002
from operations to the extent of $32,500, together with 6% interest.
Cr25,954
The net current • assets over current liabilities at Dec. 31 1929 were
$476,072
$29,206. the investment account, $115.293. The net income for the period
$284,298
$388,557
Total income
$509,324
27,037
13,597
18,312
20,628
of corporate operation. Dec. 1 1925 to Feb. 28 1929, amounted to $33,057. Non-operating income
On March 1 1929 and for the purposes of effecting certain economies,
8503,108
Gross income
$297,895
8529,954
$406,870
the 11 buses of the company and the operations of the bus routes between
Rocky Mountain Deductions from gross income267,295
288,984
Denver and Boulder were by agreement taken over by the
267.381
288,504
Motor Co. upon a basis of rental of the 11 buses at 7% on a valuation of
8235,748
Net income
$260,990
$138,365
$30.600
$100.000, and an equal division of net income. A bus depot was erected
306,000
357,000
306,000
in Denver, May 11929. by the Rocky Mountain Motor Co. and all opera- Dividend appropriation
car barn and
tions thereafter were conducted therefrom. The use of the discontinued.
Balance
sur$30,600 def$167,635 def$96,010 def$70,252
city ticket office of the Denver Sr Interurban Motor Co. was
-This company began
Denver, Colorado Springs, Pueblo Motor Way, Inc.
INCOME ACCOUNT CALENDAR YEARS TRIN. & BRAZ. VAL. RI'.
Pueblo.
operations April 25 1926, between Denver, Colorado Springs and Western
Calendar Years1929.
The capital stock Is owned jointly by The Denver & Rio Grande
22,821,550 52,717,4'57 52.836,351 $2,816,488
controls one-half, The Colorado & Southern By., one-fourth Operating revenues
RR. which
2,705.496 2,109,895 2,282,478 2,581,733
and private, individual ownership controlling the remaining one-fourth. Operating expenses
8234,755
$553,872
Net rev, from ry. operations
$116,053
$607,561
Fort Worth & Denver South Plains Ry.-This railroad, practically com87,807
93,935
94,701
92.994
pleted at the end of 1928, has had its first full year of operation with all Railway tax accruals
equipment and facilities in working order. The results of this operation
$146,947
$459,937
Railway operating income__
$21,352
5514,567
of the road, as evidenced by the earn- Deductions from gross income__
have fully justified the construction
324,708
300,397
313.192
424.245
ings of this first year and the development which has taken place and is
$159,540 def3177,781
Net Income
$201,374
def$402,893
continuing in the territory tributary to the railroad.
The Colorado & Southern Railway Co.
-Year Ended Dec. 31 1929.)
(318t Annual Report
MAY 17 1930.]
FINANCIAL CHRONICLE
3533
-The Commis resolution proposing
Resolution on Rail Mergers Assailed.
-S. C. Commission to approve railroad conto suspend the power of the I.
solidations was the subject of a lively debate in the Senate May 9, developing opposition that may prevent a vote on the measure at this session.
N. Y. "Times," May 10. page 32.
-A new
Freight Trains Operated in March at Nest' High Speed Record.
high record for any month was established by the railroads of this country
in the speed with which freight trains were operated in March, according
to reports for that month just filed by the carriers with the Bureau of
Railway Economies. The average speed of freight trains in March was
13.8 miles per hour, which represents the average per hour for all freight
trains between teiminals, including yard and road delays, no matter from
what cause. The average speed for March was an increase of three-tenths
of a mile above the best previous record ot 13.5 miles, which was attained
In February this year. It also was an increase of seven-tenths of a mile
above the average for March last year.
Due to improved methods of signaling and train operation, improved
motive power and better condition of equipment, all of which have had
an effect on reducing delays of trains between terminals and increasing
the speed while in actual motion, the railroads have been bringing about
Total
$115,413,679 643,346,564 $3,169,743 a steady increase in the average speed of freight trains for the past ten
Liabilities
years so that now it is the highest ever attained.
631,000,000 $9,243,800 61,020,000
Common stock
The average daily movement per freight car in March this year was
17,000,000
Preferred stock
28.9 miles. compared with 32.3 miles for the same month last year, and
43,979
Government grants
30.9 miles in March 1928. In computing the average movement per day.
30,158,900 - 9,079,318
Funded debt
769,000 account is taken of all freight cars in service, including cars in transit,
Non-negotiable debt due to affil. cos
12,000,000
cars in process of being loaded and unloaded, cars undergoing or awaiting
Traffic. &c., balances
158,866
233,838
127,741 repairs, and also cars on side tracks for which no load is immediately
Audited accounts and wages payable
885,595
951,377
215,734 available.
Miscellaneous accounts payable
14,928
11,385
4,284
The average load per car in March this year was 25.6 tons, including
Interest matured unpaid
13,095
1,957
leas than carload lot freight as well as carload freight. This was a decrease
Dividends, matured unpaid
408,938
3,242
of two-tenths of one ton below the average for March 1929 and a decrease
Funded debt matured unpaid
10,512
of five-tenths of one ton below March 1928.
Uhmatured rents accrued
30,348
12,763
46,822
-Class I railroads on April 30 had 427.925 surplus
Surplus Freight Cars.
Unmatured interest, accrued
510,858
48,983
freight cars in good repair and immediately available for service, the car
Other current liabilities
25,268
85,131
1,656 service division of the American Railway Assn. announced. This was a
Deferred liabilities
58,229
14,556
303,352 decrease of 11,446 cars compared with April 23, at which time there were
Accrued depreciation, &c
6,932,147 4,331,359
157 439,371 cars. Surplus coal cars on April 30 totaled 168,930. a decrease of
Tax liability
835,546
'656,602
29,718 14.100 cars within approximately a week while surplus box cars totaled
Other unadjusted credits
505,965
84,143
81,837 203.192, an increase of 2,689 for the same period. Reports also showed
Additions to property through income&sum._
294,640 6,748,306
26,078 28,077 surplus stock cars, a decrease of 721 under the number reported
Profit and loss
14,525,864 11,839,804
543,365 on April 23. while surplus refrigerator cars totaled 15.790, an increase of
the same period.
Total
$115,413,679 $43,346,564 $3,169,742 1.047 for
Locomotires in Need of Repair.
-Class I railroads of this country on April
-V. 130, p. 3346.
15 had 8,968 locomotives in need of repair or 16% of the number on line.
according to reports just filed by the carriers with the car service of the
Duluth Missabe & Northern Ry. (U. S. Steel Corp.). American Railway Assn. This was an increase of 694 cars compared with
the number in need of repair on April 1, at which time there were 8,274 or
(Annual Report
-Year Ended Dec. 31 1929.)
14.8%. Locomotives in need of classified repairs on April 15 totaled 4,822
or 8.6%, an increase of 227 compared with April 1, while 4.146 or 7.4%
STATISTICS FOR CALENDAR YEARS.
were in need of running repairs, an increase of 467 over the number in nd
Freight1927.
1928.
1929.
1926.
Iron ore (gross tons)____ 21,573,455 18,297,367 16.330,045 20,522,373 ofsuch repair on April 1. Class I railroads on April 15 had 7,311 serviceable
Miscell. freight (tons)_ - 1.337.124
1.392.465 • 1.404,559 locomotives in storage compared with 7,247 on April I.
1.214,857
Allfrt. 1 mile (net tons)_1770213013 1,485674353 1,329159563 1.598832125
Aroostook Valley RR.
-Bonds.
Aver, revenue per ton- $0.7044
$0.7038
$01109
$0.6821
The I.
-S. C. Commission May 9 authorized the company to issue not
Aver,rev, per ton per m_
1.04 cts.
1.03 cis.
1.02 cts.
1.04 cts. exceeding 51.000.000 1st & ref. mtge.
-year gold bonds, series A,
% 25
Aver,rev, per train mile..
$24.21 . $23.51
$25.65
$23.37 to be sold at not less than 94 and int, and the proceeds used to retire certain
Passenger
bonds and in reimbursement for expenditures heretofore made in retiring
Passengers carried
75,005
57,747
47,147
75.490 bonds and for other capital purposes, or not exceeding 5125.000 of bonds to
Pass. carried one mile
2,216,113
2,874,601
1,855,726
2,875,007 be exchanged for an equal amount of 1st div. mtge. 6% bonds, and, pendAver.rev, per passenger_
$0.9498
$0.9438
$0.9613
$0.9927 ing their sale or exchange, all or any part of said bonds to be pledged and
Aver,rev. per pass, per m
repledged as collateral security for short-term notes.
'$0.40" $0.45
•
Av.pass,rev. per train in
$0.39
$0.47
Boston & Maine RR.
-Listing.
INCOME ACCOUNT FOR CALENDAR YEARS
The New York Stock Exchange has authorized the listing of $15,000,000
Operating Revenues1927.
1929.
1928.
1st mtge. gold bonds, series II, 5%, dated May 1 1930, maturing May 1
1926.
Frefght-Iron ore
$17.023,326 514,311.499 $12,699,781 815.367,491 1955.
Freight-Miscellaneous- 1,103,592
Condensed Income Account 3 Months to March 31 1930.
966,152
1,164.576
1,268,714
Passenger
71,242
$17,432,805
45.321
54.500
74.938 Railway operating revenues
Mall, express, &c
364,534
328,063
346.815
13,186,609
352.226 Railway operating expenses
Incidental &joint facility 2,069,521
1,757.423
775.902
1.553,070
1.880,599 Railway tax accruals
Uncollectible railway revenues
3.127
,
Total oper. revenues--$20,606.295 817,417.640 815.835,484 $18,943.968
perating ExpensesRailway operating income
$3,467,166
Maint.of way & struct
$1,808,106 $1,687,972 $2,022,237 $2.108,032 Equipment rents net (dr.)
606.610
Maint. of equipment_ - - 2,265.205 2,089.886
2.378,820
63,488
2,401.470 Joint facility rents net (dr.)
Traffic
37,185
38,688
36,345
35.034
Transportation
Net railway operating income
3,375,271
3,130.157
3,103,603
$2,797.068
3.497,549
Miscall. operations
321.153
7.376 Other income
General expenses_
_ _
263,365
342.105
315.767
356.187
Transport for inveami_
Total income
Cr1,708
Cr873
Cr.625
53.118.221
Cr2.610
Deductions
1,939,670
Total oper. expense
$7,826,406 87.208.858 57.858.242 88.403.040
Net.rev.from ry. oper_ _ 12,779.888 10.210,781
Net income
7.977.242 10,540,928
51.178,552
Railway tax accruals,&c. 1.872,760
2,206,862
1,904.755
45,278
2,474.460 Income applied to sinking funds
Dividends declared
1,426,740
Total oper. income_ _ 310,907.128 $8,003,918 $6,072,486 88,066,468
Balance, deficit
Equipm't rents and joint
$293,467
facility rents
4.008
Cr20.006
54,989
50,695 -V. 130, p. 3345.
BALANCE SHEET DEC. 31 1929.
-Colo.&So.Ry. F.W.& D.C. Wich.V.Ry.
Assets
$84,712,400 $32,997,362 $2,102,162
Investments in road and equipment
200,199
5,056
Miscellaneous Physical Property
38.056
Dep. on lien of mtge, property sold
25,420,853 3,788,005
Investments in affiliated companies
663,809
16,900 1,929,725
Other investments
1,512,043 1,529,248
68,528
Cash
25,000
600,000
150,000
Time drafts and deposits
103,139
81,719
Agents and conductors
3,685
1,062,101
942.889
Materials and supplies
130,862
444,330
11,808
Other current assets
4,536
444,212
2,017
Special deposits
200
Loans and bills receivable
306,430
417,513
Traffic, &c., balance receivable
342
588,796
324,352
Miscellaneous accounts receivable
31.687
35,016
68,750
Interest and dividends receivable
11,419
3,844
Deferred assets
60
492,585
644,274
Unadjusted debts
14,070
Net ry oper.income_ -$10.903.122 $8,023.923 $6,017,496 $8,015,773
Total non-oper. income_ 1,083,525
950,368
907,449
842.386
Gross income
$11,986.647 $8,974.291 $6,924.945 $8,858.158
Miscellaneous rents_ _ _ _
4,678
4,825
4,610
3,311
Rent, leased roads
206,516
209,109
207,021
205,563
Int, on funded & unfund.
debt
311.797
344.231
274.695
366,967
Miscell,income charges_ 2,418.821
880,424
23,349
477.288
Total deductions
$2.904,642 $1,406,010
3579.427 $1,053,129
Net income
7,568,281
9.082,004
6.345,518 7,805.029
Income applied to sink.
& other reservefunds_Dr1.676.886 Dr545,029 Cr274,604 Dr126,030
Net income
Dividends paid
87.405.118 $7,023,252 56,620,122 $7,678.999
4,112.500 4,112,500
4.112,500 4,112,500
Balance, surplus
53.292,618 52,910,752 52,507,622 83,566.499
GENERAL BALANCE SHEET DECEMBER 31.
1929.
1928.
1029.
1928.
AssetsE
MaMIttfes$
$
$
Road & equipm1-45,163,020 45,729,654 Capital stock
4,112,500
Misc. phys. prop- 2,643,123 2,647,702 Gen. mtge. bonds_ 5,249,000 4.112,500
5,910.000
Liberty bonds__ 335,100
335,100 Accts. At pay rolls_ 286,150
284,446
Trustee of bond
misc. accts. pay
11,345
12,327
sinking fund__ 218,334
206.119 Traffic, &c., bats47,362
75,313
Miscell. invest__
51,114
57,308 Interest matured_ 131,250
148.000
Cash
302.518
346,195 Other curr. Ilab__56,748
77,734
special deposits 33,686,128 28,112.927 accrued tax liab_ 1,812,732 1,722.650
Traffic, &c., hat..
6.880
3,978 Insur. fund reserve 640,731
604,917
wets reo_
MIscell.
90,754
57,009 Other unadj. accts 1,895,843
562,707
32,152
Int.receivable-...
Equiprn't & docks
Agents & conduct_
26,309
26,244 depreciation..._10,588,797 10,959,376
Materials & supp- 1,391.131 1,082.529 Amortisation fund.7,664,111 7,277,604
10
Other curr. assets_
32,918 Surplus invested In
352
Worleg fund adv..
sinking fund.- 2,208,032 12,208,032
Insur.& nth.funds 4,765,659 4,365,442 A pprop'd surplus_14,363 311 12,686,425
45,006
59,429 Profit and less..-.39.689,678 36.420,821
Unadjusted debits
ref
88,757.589 83,062,854 'Total
Total
88,757,589 83,062,854
- x Being net income appropriated for payment of bond sinking funds.
V. 129, p. 4136.
Chesapeake & Ohio Ry.-Equipment Trusts.
The I.
-S. C. Commission May 10 authorized the company to assume
obligation and liability in respect of $19,800,000 434% equipment-trust
gold certificates, to be issued by the Guaranty Trust Co. of New York.
under an agreement to be dated May 1 1930, and sold at not less than 99.137
and divs., in connection with the procurement of certain equipment. See
also V. 130, p. 3345.
Denver & Rio Grande Western RR.
-Protective Comm.
A bondholders' protective committee has been formed to enforce the
payment of the five years back interest on Denver & Rio Grande Western
general mortgage bonds.
The committee claims that interest on these bonds has been earned and
that in accordance with the terms of the mortgage it should have been paid.
The committee consists of: F. J. Lisman, Chairman of F. J. Lisman &
Co.: Philip De Ronde, President, Hibernia Trust Co.; N. J. Gerold. Josephthal & Co., and Wm. G. Edinburg, Sec'y. Samuel Untermyer is Counsel.
Call for deposit of the coupons will be issued in due time, according to
an announcement by Mr. Lisman.-V. 130, p. 3154.
Duluth South Shore & Atlantic Ry, Co.
-Earnings.
Calendar Years1928.
1929.
1927.
1926.
Average mileage oper _ _ _
573.75
577.44
588.39
590.65
Revenue
Freight
$3,409,336 $3,480.373 $3,452.988 $3.363.799
Iron ore
473,997
410.578
444,589
496.356
Passenger
619,370
710.839
785.974
916,435
Mail
130,904
87.539
87,136
81.200
Express
92,857
94,828
93.349
85,399
Miscellaneous
84,346
261.700
257,657
338.080
Total
$4,810,810 85.045,857 85,121.693 85,281.270
ExpensesMaint. of way & struc
860,249
919,568
886,358
934,579
Maint. of equipment_..
840,595
809.183
809,775
919.641
Traffic expenses
91.356
93.708
92.845
87.208
Transportation expenses 2.038.940
2,136.393
2,089.334
2,276.449
Miscellaneous operations
35,632
44.839
57,740
62.891
General expenses
130,637
131.432
127,894
137.281
8.587
Transp.for invest.-Cr._
2,325
2,428
11,158
Total
$3,988,822 $4,132,799 $4,061,518 $4.406,891
Net operating revenue..
982.679
913,059 1,060.175
874.379
Taxes accrued
375,839
399,464
370.886
346.103
Uncollected ry.revenue344
35
16
17
Operatimf i come
r:
3606,496
$513.560
$689,274
$528.258
Non-operat
income_ 80,894
116,632
110,323
131.907
STEAM RAILROADS.
Gross income
$687,390
$623,883
5805.905
$660,165
Interest,rentals,&c_ _ _ _ 1,094,017
1.083,836
1.075,641
1.088.455
-Canadian railway officials at
Insists on Increase in Rail Rate on Paper.
-N. Y. "Times," May 15.
Ottawa hearing say present charge is too low.
Net deficit
$406,627
$459,954
$269,736
$428,290
page 2.
-V.130, p.3346.
GENERAL INVESTMENT NEWS.
[VOL. 130.
FINANCIAL CHRONICLE
3534
-J. P. Morgan &
Great Northern Ry.-Bonds Offered.
Co., First National Bank, and the National City Co. are
offering at 97 and int., to yield 4.65%, an additional issue of
$20,000,000 gen. mtge. 432% gold bonds, series E. Dated
July 1 1927; due July 1 1977.
Oil Fields & Santa Fe Ry.-Control.-
The I.
-S. C. Commission May 5 authorized the acquisition by the
Atchison, Topeka & Santa Fe Ry, of control of the railroad and properties
of the Oil Fields & Santa Fe Ry. by lease.
All the stock of the 011 Fields & Santa Fe, except directors' qualifying
shares, is owned by the applicant.
-V. 120 p. 2547.
-Inaugurates New Service.
Pennsylvania RR.
Legal Investment for savings banks in the States of New York, ConnectiThe Pennsylvania RR., for the first time in its history, will this season
cut and New Jersey.
-S. C. Com- operate regularly scheduled through passenger train service from its various
-Issue and sale subject to authorization by the I.
Issuance.
western terminals and intermediate points, directly to the dock in New
mission.
-Total mileage covered (directly or collaterally) by the general York Harbor,to connect with steamships sailing for Europe,it is announced.
Security.
mortgage is 7,488 miles, constituting approximately 95% of the total mile- -V. 130, P. 3155.
age of the Great Northern system. No more underlying mortgage bonds
Peoria & Pekin Union Ry.-Earnings.may be issued. Stock representing approximately one-half of the ownership of the Chicago, Burlington & Quincy RR. is pledged, free from prior
1926.
1927.
1928.
Calendar Years1929.
lien, under the general mortgage. Excluding the bonds issued to finance Railway oper. revenue__ $1,825.888 $1,907.171 31,859,304 $1,773,839
the ownership of the Burlington stock, the mortgage debt of the company Railway oper. expenses- 1,343,016
1,323,244
1,369.442
1,391,348
including the present issue, is outstanding at the rate of approximately
$30.500 per mile of road owned in fee or by subsidiary companies.
$450.595
3489,862
Net rev, from oper_ _ _ $482,872
$515,823
Earnings.
-Company's gross operating revenues, income available for Tax accruals & uncollec236,115
charges, total charges and net income after charges during the past five
254,974
233,984
185,349
tible railway revenue_
years have been as follows:
Non-operating income__ Cr265,669 Cr306,871 Cr312,003 Cr334,896
Net Income
Income
Gross
after
Total
Available
Operating
$549,375
$546,892
8588,709
Total income
8563.192
Charges.
Charges.
for Charges.
Revenues.
Cal. Years212,140
227,103
210,730
220,692
$21,435,396 Deductions
318,269,034
$114,924,960 $39,704,431
1925
25.943,258
18,512,842
44,456,099
117,383,909
$337,236
1926
$319,788
$377,979
Net income
$342,499
19.054,89022.985,922 Dividends paid
57.667
1927
51,000
51,000
51.000
25,168,229
19,157,962
44,236,192
126,737,090
1928
25,668,551
18,815.199
44,483,750
$279,569
125,932,807
1929
$268,788
$326,979
5291.499
Balance, surplus
In the above five years. income available for charges averaged over -V. 129, p. 2679.
231. times the amount required. Company's gross operating revenues and
-Earnings.
Pittsburgh & Lake Erie RR.
net railway operating income for the first quarter of 1930 amounted to
1927.
1929.
1928.
3 Mos. End. Mar. 31- 1930.
*20,422,835 and $538,325 respectively as compared with $24,904,971 and
Railway oper. revenues_ $6,884,270 $8,060,643 $7,293,902 $8,248,326
*3,554,168 for the same period in 1929.
7,056,555
6,083,627
7,027,488
giving effect to the issuance of these additional series E Railway oper. expenses_ 5,721,935
Bonds.-After
bonds,company's outstanding funded debt and equipment trust obligations,
Net rev,from ry. oper. $1,162,335 $1,033.156 $1,210,275 $1,191,771
as of Dec. 31 1929, amounted to an aggregate of $356,819,515, compared
475,000
492,800
469,400
461,700
with a net investment in road and equipment, after deducting reserves for Railway tax accruals_ _ _
161
227
56
3
depreciation, of $480,069,054 and investments in affiliated companies Uncollectible ry. rev*910,049 *1,165,420
amounting to $234,722,146, a total of $714,791,200.-V. 130. p. 1651, 1453. Equip. & jt. facil. rents.. *829,414 *1.103,440
-Stock.-Grand Trunk Western RR.
-S. C. Commission May 3 authorized the company to issue (1)
The I.
such number of shares of common stock (without par value), having an
assigned value of $25 a share as will equal $6,184,002. and (2) $2,651,546
of 6% cum. pref. stock (par $100), a total of 84.663.607 of the common
and the pref. stock to be delivered to the Canadian National Railway in
satisfaction of an equal amount of indebtedness for advances, and $4,171,940 of common stock to be sold for not less than an equal amount of cash
-V. 130, p. 3346.
and the proceeds used for corporate purposes.
Gulf Beaumont & Great Northern Ry.-Bonds.-
-S. C. Commission May 7 authorized the company to issue one
The I.
registered general-mortgage 6% gold bond,series B,in the principal amount
of $1,132.000, to refund a like aggregate principal amount of first-mortgage
5% bonds which will mature July 11930.-V. 120. p. 2546.
-Earnings.Indiana Harbor Belt RR.
1927.
1928.
1929.
3 Mos. End. Mar. 31- 1930.
Railway oper. revenues.. $2,788.301 $3,093,929 $3,019,730 $2.901,805
2,221,717
2,173,964
2,159,457
Railway oper. expenses_ 2,075.187
$680,088
$845,767
$934,472
Net rev,from ry. oper $713,114
123,148
155,469
176,498
150,347
Railway tax accruals_ __
243
289
2,619
446
Uncollect. ry. revenues_
152,610
147,184
109.987
55,905
Equip.& joint facil.rents
$404,087
$542,824
$645,367
Net ry.open income_ _ $506,415
22,293
22,041
33,636
39,013
Mscell. non-oper. inc_
Gross income
Deduc.from gross income
$545,428
127,714
$679.003
129,426
$564,865
131,614
$426,379
134.024
Netincome
-V.130. p. 1110.
$417,713
$549,576
$433,251
$292,355
-Earnings.Mineral Range RR.
Calendar YearsAvge. mileage operatedFreight
Passenger
Mail
Express
Miscellaneous
1929.
56.59
5219.051
1,335
6,185
11.372
16,717
1928.
56.59
5227,152
1.781
3,790
10,524
12,594
1927.
58.86
$233,740
2,674
4.000
10,240
12,748
1926.
59.21
$255,329
3,824
2,940
9,902
13,182
Total
ExpensesMaint. of way & struc _
Maint. of equipment.. _ _
Traffic expenses
Transportation expenses
General expenses
Transp'n for investment
$254,660
$255,841
$263,402
$285,178
58,172
80.104
2,440
122,085
10,311
Cr.9
63,738
87.209
2,233
125,376
10,266
Cr.2
63,253
53.927
2,566
130,317
10,493
Cr.38
63,608
50,184
2,627
144,195
11,163
Cr.40
Total
Net operating revenue_ Taxes accrued
$273,103
def18,443
45,699
$288.822
def32,981
49.937
$260.519
2,884
39,545
$271,737
13,440
50,186
$64,142
54,113
$82,919
37,436
$36,661
39,601
$36.746
46.682
def$10,029 def$45,481
Gross income
99,942
99.317
Interest,rentals. &c_ _ _ _
$145,423
$109,346
deficit
Net
-V.130, p. 2202.
$2,940
100,302
39.937
99.991
$97,362
$90,055
Operating deficit
Other income
-New Directors.Pacific RR.
Missouri
following new directors were
At the annual meeting held on May 13, the D. S. Barrett Jr., Leonard
elected: 0.P. Van Sweringen. John Sherwin Jr.,Tomlinson and Alva BradP. Ayres, H. G. Dalton, W. W. Reilley, G. A. R. Graustein. Charles E.
Archibald
ley. to succeed Matthew C. Brush, J. Raskob. R. Lancaster Williams,
Ingersoll, H. Hobart Porter, John
Finley J. Shepard and William H. Williams.
by-laws whereby meetings
The stockholders approved a change in the may be held either in St.
of the directors and the executive committee
Cleveland.
Louis or
more than 50%
The Van Sweringen interests, it is reported, control
-V. 130. P. 3346.
of the total voting stock.
-Earnings.New York Central RR. Co.
(Including Leased Lines.)
(+)
1929.
1930.
3 Mos.Ended March 31or Dec.(-)
123,204,523 140,592,757 -17.388.234
Railway operating revenues
97,975,125 106,343,387 -8,368,262
Railway operating expenses
34,249,369 -9,019,972
Net revenue from ry. operations..- 25,229,397
9,83:3,161 -1,173,897
8,659,264
Railway tax accruals
+27,689
32,978
60,668
Uncollectible railway revenues
+316,763
1,737.035
2,053,797
Equipment & joint facility rents
22,646,196 -8,190,528
Net railway operating income_ - 14,455.668
7.154,513 +2,304,253
9.458,765
Miscellaneous 3: non-oper. Income
23,914,433 29,800.708 -5,886.275
Gross income
+635,108
15,443,177 14.808.069
Deductionsfrom gross income
8.471,257 14,992.639 -6.521,383
Netincome
-V.130, p. 2955.
Net ry. oper.income
$1,530,047 $1,667,140 $1,627,297 $1,882,029
366,897
266.310
238,727
Miscall. & non-oper.inc.
366,506
Gross income
Deduc.from gross inc
31,896,552 51,905,868 81,893.607 $2,248,926
446,276
715,469
439,533
435.941
Netincome
$1,460,612 $1,466,334 $1.447,331
* Credit balance.
-V.130, p. 2575.
$1,533,457
--Earnings.
Rutland RR.
1927.
1928.
1929.
3 Mos, End. Mar. 31- 1930.
$1,296,504 $1,399,688 $1.640,235 $1,506,971
Railway operating rev
1,303,576
1,378,835
1,223.709
Railway operating exps- 1.180,542
$203,395
$261,400
3175.978
Net rev,from ry. oper. $115,962
74,667
77,499
68,515
55,961
Railway tax accruals- - 54
40
64
146
Uncollected ry. revenues
*28,984
113
*26.077
*26,325
Equip. & jt. facll. rents..
Net ry, oper. income..
Miscall,& non-oper.inc-
$86,180
29,371
8133.477
28.757
$183,747
22,163
$157,658
27.920
Gross income
Deduc. from gross Inc_ -
$115,551
110,296
$162,234
112.273
$205,910
113,181
$185,578
120,418
$49,961
392,729
365,159
55,255
Net income
* Credit balance.
-V.130, p. 1824.
-Bonds.
Southern Pacific Co.
The I.
-S. C. Commission May 5 authorized the company to issue not
exceeding $41,294,000 of Oregon Lines 1st mtge. bonds,series A,to be sold
po no - iiiap . 3 Lin155t
at sest less t 3 e 9 and 3teree , and the proceeds used for corporate pury. 0 53 4
Southern Ry.-Reports Decreases in Gross Revenues and
Net Income.
-Walter S. Case, President of Case, Pomeroy
,o
&C:., Inc., commenting on company's earnings for March,
says:
The severe decline in railroad traffic throughout the country continued
in March and reports for the first quarter of 1930 reflect the depressed
condition of business. The Class I railroads report for the month of
es
March ase
adecrea d f 3 %
decline gross revenues of 12.5%. Net operating income showed
Southern made a comparatively better showing in the month of March
than did the Class I roads as a whole. Southern reports for March a
decline in gross revenues of 11.4% and a decline in net operating income
of 36.2% as compared with the figures given above for the Class I roads.
These figures indicate that Southern's earnings are being affected by the
same
t e cn un ir n
raicoodittoye which have brought sharp decreases in traffic
throughout the
For the month of March. Southern's gross operating revenues were
$10,705,000 as against $12,083,000 in the previous March, a decrease of
11.4%. For the first quarter of the year gross operating revenues were
$31,211,000 as against $34,544,000, a decrease of 9.65%. Freight revenues show a decrease for March of 8.8% and a decrease for the quarter of
8.55%. Passenger revenues show a decrease for March of 19.7% and a
decrease for the quarter of 14.9%. For March, the maintenance of equipment ratio stood at 19.7% against 17.3% in the previous March. For the
first quarter maintenance of equipment ratio was 19.9% against 17.7%.
In the first quarter of 1929. The combined ratio for maintenance of
equipment and maintenance of way and structures was 36.3% as compared with 33.9% in the first quarter of 1929.
In view of the sharp decline in gross revenues the transportation ratio
Is higher than a year ago. An actual saving was made in transportation
expenses in March of $267,000 while the saving for such expenses for the
quarter amounted to $561,000. The ratio of transportation expenses to
gross revenues, however, increased to 35.8% in March as compared with
34% in the previous March. For the quarter, the transportation ratio
was 36.25' as compared with 34.3% in the first quarter of 1929. Increased
expenses for maintenance combined with the higher transportation ratio
brought the ratio of total operating expenses to operating revenues up to
78.25% in March as against 74.2%. The increase in the operating ratio
indicates the difficulties which confront railroad management in a period
of sharply declining gross revenues. Improvement in this ratio will bo
immediately felt as soon as a turn in traffic occurs. In spite of the lessened
car movement, equipment rents showed a debit balance of only $50,000
for March as against 383.000 in March 1929. This represents a saving of
$33,000 or 39%.
For the first quarter of the year Southern reports a decline in gross
operating revenues of $3,333,000. As against this sharp reduction in
revenues, savings of $877,000 in operating expenses were made. This
brought the decline in net operating income for the quarter to $2,502,000.
After allowance for other income (mainly dividends from controlled subsidiaries) and for fixed charges and other deductions, Southern's estimated
earnings available for dividends amounted to $751,000. This net income
just covers Southern's preferred dividend requirements for the quarter
amounting to $750,000. In the first quarter of 1929 Southern showed net
inof of $3,262,000, equivalent after preferred dividends to $1.93 per
gs
share
Earnings for the second quarter of 1930 will undoubtedly run below
earnings for the second quarter of 1929. With the decrease in earnings
on the common of about $1.93 per share for the first quarter, it is clear
that the first half of 1930 will prove unsatisfactory. From a seasonal
standpoint, the greater part of Southern's earnings come in the second
half of the Aar. While the third quarter of 1929 was fair, the last quarter
witnessed a drastic reduction in earnings duo to the business recession
which was in full swing in that period. If anticipations of better business
in the dutumn are realized, Southern should make a comparatively better
showing during the period of heavy traffic in the latter part of the year.
-V. 130. p. 3347.
MAY 17 1930.]
FINANCIAL CHRONICLE
Toronto Hamilton & Buffalo Ry. Co.
-Earnings.
3 Mos. End. Mar. 31- 1930.
Railway operating revs_ $852.044
Railway operating exps566,042
1929.
$984,560
580,726
1928.
$791,823
526,036
1927.
$777.222
522,519
Net rev,from ry. oper
Railway tax accruals_ __
Uncollect. ry. revenues_
Equip. & it. fad.rents-.
$286,002
31,888
154
5,796
$403,842
43,733
15
*7,520
$265,787
30,739
7
*16,894
$254,703
33,850
120
*31,266
Net ry. operating inc_
Miscell. & non-oper.inc_
$248,165
77,945
$367,614
68,984
$251,934
72.436
$251,999
221,357
Gross income
Deduc,from gross inc
$326,111
56,000
$436,598
57,867
$324,370
57.118
$473,355
56,935
Net balance
8270,110
$378,732
* Credit balance.
-V. 130, P. 1111.
$267,252
$416,419
Virginian Ry.Extension.-The I.-8. C. Commission May 5 issued a certificate authorizing the
company to construct an extension of its line of railroad, by bridge across
the ICanawha River, from Deepwater to a point of connection with the
Kanawha & Michigan Railway, in Fayette County. W. Va., approximately
one mile.
-V. 130. p. 3155.
Western Pacific RR.
-Van Sweringens Seek Coast Link
Western Pacific, Controlled by A. C. James, Would Complete
Trans-Continental System.
The following is from the "Wall Street Journal" May 15:
With Allegheny Corp. holding slightly more than 50% of the outstanding
voting stock of the Missouri Pacific RR.. it is understood the Van Sweringens have now turned their attention toward acquiring the Western Pacific
and thereby effecting a through line between St. Louis and the Coast.
Since informing the 1.-S. C. Commission of its holdings, Allegheny
Corp. has arranged to acquire 23,100 additional shares of Missouri Pacific
common and 15,500 more shares of pref., so that it now has 545,700 shares,
or 65.87%, of the 828,395 Missouri Pacific common shares, and
232.000.
or 32.4%, of the 718.001 preferred shares.
The Van Sweringens have great faith in the future of the territory served
by the Missouri Pacific System, and since the Commission's consolidation
plan allotted the Western Pacific and Denver & Rio Grande Western to
the
Missouri Pacific. these railroad builders see hopes ofrealizing the advantages
of a direct line to the coast.
Missouri Pacific and Western Pacific each own 50% of the D.& R. G.
W.
corn, stock.
Regarding the consolidation, it is the opinion of L. W. Baldwin, Pres.
of
Missouri Pacific that: "There are two properties we are interested
those are the Western Pacific and Denver & Rio Grande Western. in and
We do
want them and feel by having them we will be the only transcontinental
railroad heading through St. Louis. All the others head through Chicago.
We will have a line from Colorado. Utah and Nevada to St. Louis and
Atlantic seaports through St. Louis. We will serve all those States into
a
much better way than if they were linked up with a railroad through
Chicago. Furthermore, we have expended on the Missouri Pacific
RR.
between St. Louis and Pueblo Colo., approximately $34,000.000 in
the
last five years. If we do not get them we may as well have dumped twothirds of this amount into the Missouri River.
"We are now continuing our program to double track our line west
St. Louis. By next October, from a point four miles west of Kirkwood. of
Kansas City, we will have double track on a grade of 0.3% eastbound to
and
0.5% westbound. We have purchased 30 additional locomotives, 25
of
which are to be used between St. Louis and Kansas City, capable of
picking
up 100 cars of any kind of freight at either St. Louis or Kansas City
and
hauling it to either place.
"The Denver & Rio Grande has greatly improved its
Missouri. Pacific has acquired one-half interest. It a property since the
high-class railroad.
The Western Pacific is improving its property. It is an affiliation
is
that is
natural to the Missouri Pacific."
However, before the Western Pacific can become a part of the
Pacific it will be necessary for Arthur Curtiss James who owns Missouri
control of
Western Pacific to abandon his hopes of building up a
with the D. & R. G. W. could adequately compete withproperty, which
Union Pacific,
Atchison, and Southern Pacific for California traffic. With this
project in mind the Western Pacific interests were eager to acquire latter
control
of the Denver & Salt Lake operating through the Moffatt Tunnel
and
construct a connection with the Salt Lake line from Dotsero to
thereby establishing a through route 173 miles shorter than theOrestod,
present
one between Denver, Salt Lake City and Ogden.
Missouri Pacific was in no hurry about opening the new route through
Denver gateway since the cut-off line would reduce the running
through Denver about 12 hours as compared with present mileage time
Invite stronger competition from roads entering Denver gateway from and
East. However, the Western Pacific Is in a quite different position. the
The
would
increased competition a
WesternKeifsirestsnceitwotlejoy
t he
e
i
would
yrol
to
the haul between Salt Lake City and Pacific Coast on traffic
the Denver & Rio Grande Western and also benefit by increasemoving over
in the value
of its investment in the D.& R. G. W.
After lengthy negotiations the D. & R. G. W. has made arrangements
to
purchase control of the Denver & Salt Lake and is now awaiting the
Cornmission's approval to complete the transaction.
Even if Western Pacific-Denver roads cannot be preserved as a
separate
system affording the Burlington, Rock Island and the Missouri
an equal outlet to the Pacific in competition with the Union Pacific Pacific
Is understood to be Mr. James' ambition-it would seem logical -which
to wish to retain control or Western l'acific until such dine as it is for him
decided whether the Burlington will be divorced from the Great definitely
NorthernNorthern Pacific. of which roads Me. James is tho largest individual
holder, and a director. And in the event the Burlington should be stockdivorced
from the two Northerns In such a way as to leave Mr. James with
investment In the Burlington he might consider it advantageous a large
to retain
the Western Pacific in order to protect the C. B &. Q. with a
satisfactory
outlet to the Pacific.
-V. 130. p. 1454.
?L
3535
District of West Virginia and receivers were appointed who have since
continued to operate the railroad. That court on Nov. 26 1928. entered
a decree directing the sale of the railroad and on Jan. 26 1929, the property was sold for $200.000 to Herbert S. Larrick and R. Gray Williams
as a reorganization committee constituted by an agreement of reorganization dated Jan. 16 1929. between those individuals as a committee and
the Commercial & Savings Bank as depositary. The decree of sale, which
was confirmed by the court oil July 18 1929. provided that the purchasers
should acquire the property free from all claims, subject to the right of
the Baltimore & Ohio RR. to use that part of the tracks of the railroad
between Winchester and Gainesboro, Va.
The decree further provided for payment of the purchase price either
in money, or by receivers' certificates, receipts for indebtedness due by
the receivers, or receipts for other obligations prior in lien to the 1st mtge.
bonds, and the remainder, if any, in 1st mtge. bonds taken at a valuation
equal to the amount the bonds would be entitled to receive in cash out of
the amount bid for the property, provided that there should be paid in
cash an amount sufficient to pay court costs, including the costs of sale,
receivers' and sale commissioners' fees, together with amounts due for
rights-of
-way, and any other obligations and liabilities of the receivers,
which may not be paid with funds in their hands applicable thereto.
Pursuant to a plan of reorganization, which was set forth in the agreement of Jan. 16 1929, and which the committee was authorized to modify.
there were created two corporations, the Wardensville RR., organized in
West Virginia, to which the purchasers assigned their bid for that part
of the railroad in West Virginia, including the equipment and personal
property; and the Winchester RR., organized in 'Virginia, to which the
part in Virginia was assigned. By agreement of consolidation and merger
entered into between these two companies on Aug. 1 1929. the applicant
was formed to acquire the railroad in question under the reorganization
plan. The articles of consolidation and merger provide for an authorized
capital stock of $150,000 (par $50) and for an authorized issue of $500,000
of 1st mtge, bonds to be secured by a 1st mtge. and $332.000 of income
bonds to be secured by a 2nd mtge.
Under the plan of reorganization, holders of 8332.000 of the $600,000
of outstanding 1st mtge. bonds of the Winchester & Western are to accept
in exchange the $332,000 of income mtge. bonds to be issued by the applicant, and holders of the remaining $268,000 of old 1st mtge. bonds are to
receive in exchange $134.000 of new 1st mtge. bonds, and the $134.000
of stock to be issued. The purposes for which the 1st mtge. bonds are
to be issued have been stated as follows'
To holders of old 1st mtge. bonds not accepting income bonds-- _$134,000
To pay receivers' obligations
125,000
To pay for rights-of
-way
4,000
To pay receivers' commissions and court costs
12.000
To purchase new equipment
15,000
To purchase rail and track material
30,000
For reorganization and other expenses
10.000
Total
$330,000
It is explained that the $125.000 of receivers' obligations is due the
Maryland & West Virginia Lumber Co., to which the receivers owe $61,000
for ties and bridge timber, $33,000 for hire and repair of equipment, and
$31,000 on account of outstanding receivers' certificates. $30,000 of which
were authorized to be issued at not less than par by order of the I.
-S. C.
Commission Nov. 20 1926. These amounts were stated to be approximations and subject to adjustment. Interest from Jan. 1 1928 to Feb. 1
1930, amounting to $3,750. is due on the receivers' certificates, which bear
interest at 6%.
It appears that the item of $4,000 listed above, which represented the
unpaid balance of purchase money due for rights-of
-way, has since been
paid by the receivers, as directed by the court, and is to be eliminated.
Of the $15,000 for purchase of equipment it appears that the only equipment for which arrangements have been made is one second-hand locomotive
to cost $4,850. No specific expenditures contemplated for rail and track
material are set forth except $21,480, which it is stated the receivers have
planned to expend for replacement of old rail with new on 20 miles of track.
A detailed estimate of the reorganization and other expenses given by items
shows the total amount as $9.024. Giving effect to these changes, the
statement of the immediate purposes and amounts for which the 1st mtge.
bonds are to be used would be:
To holders of old 1st mtge. bonds not accepting income bonds_ _ _8134.000
To pay receiver's obligations
125,000
To pay receivers commissions and court costs
12,000
To purchase one second-hand locomotive
4,850
To purchase new rail
21.480
For reorganization and other expenses
9,024
Total
$306,354
While authority to issue $330,000 of 1st mtge. bonds has been
the applicant does not intend to issue more than $300.000 at requested.
this time.
It requests that any proceeds from the bonds, not used for the specific
purposes stated above, may be authorized to be used as required for further
additions and betterments, or other capital purposes. The reorganization
committee expects that a part of the 1st mtge. bonds may be exchanged in
settlement of reorganization expenses. It is stated that a tentative offer
has been received for the purchase of a sufficient amount of the bonds to
meet all cash requirements at a price not leas than the price at which we
may authorize their issue.
Winchester & Western RR.
-Successor Company.
p. 3394.
See Winchester & Wardensville RR. above.
-V. 127.
PUBLIC UTILITIES.
Matters Corered in the "Chronicle" of May 10.
-Production of electric
power in the United States in March 1930 about 2% ahead of that
for
the corresponding month last year. page 3257.
American Tel. & Tel. Co.
-Gout Suit Against Radio Corp.
Charges Combination in Restraint of Trade.
-See under
"Current Events" on preceding pages.
-V.130, p. 2959.
Winchester & Wardenville RR.
-Acquisition & Secur.
Appalachian Gas Corp.
-New Wells in Kentucky.
The I.-8. C. Commission May 5 issued a certificate
The
authorizing the
company to acquire and operate the line of railroad formerly
Winchester & Western RR. and extending from Winchester,owned by the
densville, W. Va., approximately 38 miles, all in Frederick Va.. to WarCounty, Va..
and Elampshore and Hardy Counties, W. Va.
Authority was also granted to the Winchester &
Wardensville RR. to
issue not to exceed $134,000 common stock (par $50) $330,000
of 1st mtge.
5% gold bonds, and $332,000 of income-mortgage bonds in
connection with
the acquisition.
The report of the Commission says in part:
The railroad which the applicant proposes to acquire was
built by the
Winchester & Western RR, during the years 1916, 1917 and
1918. at a
cost of $990,550, to serve lumber and agricultural interests. The
estimate
given of the entire population of the area served Is 20.000.
the region is served by any other railroad with the exception of No part of
Winchester,
which is served by the Baltimore & Ohio and the
Pennsylvania. The
chief revenue is from timber and sand industries and from
agricultural,
fruit, and dairy products.
The revenue of the line during past years has been
disappointing. For
the 6
-year period 1924-1929, the deficits from operation after
deducting
taxes, equipment rents and joint-facility rents, but with no
Interest charges, averaged $27,060 annually. For the year deductions for
1929 the showfavorable, with operatingc
ing was more
revenues for that year of $105.133,
wra y o rev ues am
aihva at
ultilloVrctti
ir i% inco ml
$8,967 for hire of equipment. For the next five years the
applicant estimates that its annual gross operating revenue will be $123,000,
with operating expenses $95,000, leaving a net railway operating
The estimated revenue is based on daily shipments of income of $28,000.
150 tons of
that are expected to produce $240 of revenue. 500 tons of sand timber
yielding
$125. and 50 tons of other traffic from which $45 is expected.
The estimated operating expenses include deductions for taxes,
equipment hire,
rents on the basis of the preceding five years.
and joint-facility
The Winchester & Western RR., having defaulted with
000 of its outstanding 1st mtge. bonds, secured by its respect to $600,1st
Feb. 1 1917, and having incurred a large amount of other stage, dated
which it was unable to pay, a bill alleging insolvency was indebtedness
filed
on or about June 21 1926, in the U. S. District Court for the against it
Northern
geirig.euteetrisasemi5zLorilutagdfeorri
Ohio Kentucky Gas Co., a subsidiary, has commenced
of four new wells on its properties near Ashland, Ky., it is the drilling
announced.
One of the wells is within the Ashland city limits, the others being
within 15
miles of the city. The addition of the new wells will bring the
up to 90. Present business growth necessitates considerable total number
expansion in
the number of wells, and the company's current program calls for
tion of approximately 50 new wells during the next 12 months. the addi-
Acquires Interest in Memphis Natural Gas Co.
-
See that company below.
-V.130, p. 3347.
Associated Telephone & Telegraph Co.-Pref, Stock
Offered.
-W. C. Pitfield & Co., Montreal, are offering at
$96 and div. per share, 10,000 shares $6 1st pref. stock
(with warrants).
Preferred as to assets and cumulative dividends.
equally, except as to redemption price and voluntary This stock ranks
liquidation price
and dividend rates, and in that it is without par value, with an authorized
issue of 100.000 shares of 7% first pref. stock ($100 par) of which 35,000
shares are now outstanding. Red, all or part, on any date, upon 30 days'
notice, at $115 per share and dive., or in event of involuntary liquidation
at $100 per share and divs. Dividends payable Q.
-J. Transfer agents,
Continental Illinois Bank & Trust Co., Chicago and Montreal Trust Co..
Montreal. Registrars, Harris Trust & Savings Bank, Chicago and Royal
Trust Co., Montreal.
Warrants.
-The $6 pref. stock is accompanied with non-detachable
stock purchase warrants entitling the holders to purchase the Class A stock
of the company at $57.50 a share flat, on or before July 31 1930, at the rate
of one share of class A stock for 2 shares of the $6 first pref. stock.
Data from Letter of E. C. Blomeyer, Vice-Chairman of the Board.
-Company, incorp. March 1 1926 in Delaware, represents
Business.
alliance of American and British financial and operating Interests of an
long
and successful experience in the telephone business and allied industries.
Company controls directly or through subsidiaries, telephone
telephone equipment manufacturing companies and other companies,
These companies include Automatic Electric Inc., Automatic companies.
Telephoncs
3536
' FINANCIAL CHRONICLE
Ltd., British Columbia Telephone Co.. Compania Telefonica de Barranquilla and the New Antwerp Telephone & Electrical Works. In addition
to the foregoing the company and its British associates in co-operation control the Anglo-Portuguese Telephone Co., Ltd., Automatic ManufaCtUrth
Co., Ltd., and other companies including the Cable Telephone & Genera
Trust Ltd.
Earnings.-Con.soUdated earnings of company and subsidiaries for the
years ending Dec. 31 1928 and 1929 (including earnings for the full year
1928from properties acquired during that year), were as follows:
Calendar Years1929.
1928.
Gross earn,oftelephone prop.& gross prof.on sales $10,701:623 $13.321,583
Open, maint., selling & gen. exp. & local & Fed.
income taxes
5,999.884 6,746.933
Net earnings before depreciation
Depreciation and other reserves
$4,701,739 $6,574,649
1,887,462
1,663.878
[VoL. 130.
Broad River Power Co.
-Earnings.
-Calendar YearsOperating revenues
Operating expenses & taxes
Maintenance & depreciation
1927.
1929.
1928.
82.305.864 $2,142,589 82,665,797
1,152,080
1.004,581
1.013.645
250,789
115,000
127,173
Operating income
Other income
51.165.046 $1,023,008 $1,262,927
223,439
405,686
376,422
Total income
Interest on funded debt
Other deductions from income
$1,570,732 $1,399,430 81,486,366
833.227
686,005
661.673
149,050
125,151
78,801
Net income
Prov.for dividend on preferred stock_
Common dividends
Balance of net income
Net earnings after depreciation
$3,037,861 $4,687.187 -Y. 128, p. 3682.
Annual int. charges, ann. divs. on sub. pref. stocks not owned
and earns. applic. to minor'y and partic. stk. ints
2.490,942
5783.907
266,735
216.470
$634,622
266,733
216,470
$504,088
266,338
$300,702
$151,419
8237,750
Central Public Service Corp.
-New Financing.
-
Consol. net income avail, for divs. on 1st pref. stocks
$2,196,245
Annual div. requirements of shs. of 1st pref. stocks outst'g with
public at end of year
413,774
Earned per share
$34.76
The consolidated net income of company and its subsidiaries available
for dividends on the 1st pref. stocks, as Indicated above, after allowances
for depreciation and taxes. including Federal income taxes, for the year
ended Dec. 31 1929, was more than five times the total dividends on the
1st pref. stocks outstanding at end of the year.
Outsret in
Capitalization:
Authorized. Hands of Public.
$6 1st pref. stock (no par)
100,000 shs. 28,500 abs.
7% 1st pref. stock (par $100)
100,000 shs. 34,682 shs.
Class D stk.(no par)(paying $4 per sh. ann.)__ -- 50,000 shs. 44,329 she.
Class A stk. (no par)(paying $4 per sh. ann. plus
extras)
200.000 shs. *92,084 fibs.'
Common stock (no par)
400,000 shs. 356,452 shs.
* Does not include 15,000 shares held in escrow for exercise of stock purchase warrants.
Thesubsidiary companies as of Dec.31 1929 had outstanding in the hands
of the public:
Funded debt
28
$4,822,883
1:492 5 3
:
_*148 3 876
Minority interests-Pref, and other non-controlling stocks_
In controlling stocks (incl. minor. & partic. int. in surp.)
8,830,591
*Voluntary liquidating value, $12,116,577.
Assets.
-Consolidated assets of company and subsidiaries as indicated
by the balance sheet of Dec. 31 1929 were $68,289,198, and after deducting
securities of subsidiaries outstanding in the hands of the public at their
par or stated values and all other prior liabilities and depreciation and other
reserves, the net assets applicable to the first pref. stocks amounted to
$16,949,490 which is equivalent to $268.26 for each share of the 1st pref.
stocks in the hands of the public at the above date. As of that date, consolidated fixed assets amounted to $41,603,925 and depreciation reserves
were $10,329,985.
Participating Feature.
-Class A stock is entitled to receive cum. diva.
at the rate of $4 a share per annum before any diva. may be paid on the corn.
stock and is further entitled to participate with the corn.stock on advantageous terms to the extent of an additional $2 a share annually.
The Class A stock has paid $4 a share regularly since its issue and on Jan. 1
1930 and initial participating dividend of 25 cents a share was paid. It
is expected that further participating dividends will be paid during the current year.
Recent quotations on the Chicago Stock Exchange indicate a price of
approximately $64 per share for the Class A stock.
-V.130. p. 3157.
Atlantic Gas & Electric Corp.
-Listed on Chicago Curb.
The class A stock has been approved for listing on the Chicago Curb
Exchange and trading in the shares began on May 14.
The corporation ht's acquired the Dunkard Valley Oil & Gas Co and
gas acreage controlled by the Eddy interests in southwestern Penns)Ivania
The Dunkard company distributes natural gas at wholesale in Greene
County Pa.
The Atlantic company and its bankers, l'irnie, Simons & Co. have purchased the Waynesburg rime Gas Co., which has acreage and distributes
natural gas at wholesale in territory adjacent to Greene County. serving
Waynesburg at retail. They also have acquired electric properties In
New England and are negotiating for other utility properties in New
England and Pennsylvania, to be inc•rged into a large system.
-V. 128.
p.556.
Brooklyn Edison Co., Inc.
-Report.
Income Account for Calendar Years.
1926.
1929.
1928.
1927.
operating revenue_$43.193,239 $40,139.495 $37,015,599 $334,02
6
Gross
2 6,871
Gen.exp.& uncoil.
15,759.201 15,111,924 14,751,478 13,702.720
Maintenance
2,491,089
2,326,526
2,315,252
2,402,473
Retirement expense_ _ _ _ 3,555,965
3,293,004
2,447.670
2,779,711
5,012,780
Taxes
4,970,000
4,173,819
4,700,000
Net operating income-$16,374,204 $14.438,042 $12,381,936 811,381,411
89,824
220,960
183,159
202.456
Net non-oper.income
Gross income
$16.464.029 514,659,002 812,565,095 811,583,867
Deduct-int.on fund dt- 2,311,560
2.311,560 2,310,652
2,310,160
63,066
Int. on unfunded debt
96.531
54.113
96,395
121.669
121,669
121,668
Bond disc. written off_
121,669
'
5,967.076
Dividends(8%) - - - - - - 7,200,000 7,199.726
6,578.070
633,487
714,219
550,864
458.254
Employees profit share_
863,865
802.790
740.311
Contingencies
680,417
The directors have authorized the issuance and sale of an additional
100.000 shares of $4 cum. pref. stock. This stock Is to be sold throughout
the territories served by the subsidiaries of the corporation in furtherance
of its customer ownership campaign. There are now slightly over 100,000
shares of the $4 cumulative preferred stock outstanding.
Number of Customers Increase.
Customers of this corporation have increased 29% since the first of the
year, according to President Albert E. Pierce, On May 1, the corporation
was supplying gss or electricity to 496,979 customers compared with
386,296 on Dec. 31 1929. The rate of increase continues the record showing
of 1929, when between the first and last days of the year customers of the
company increased 92%,from slightly more than 200,000 to over 386,000.
The largest single group of customers came to the corporation through
the addition of the Pacific Northwest Public Service Co., serving Washington and Oregon. Additional customers gained through extension of service
and expansion of existing properties, Mr. Peirce said, accounted for a
substantial proportion of the gain.
The corporation is now furnishing service to 471 communities, an increase
of 78 over the total number served at the first of the year, Mr. Peirce stated
The rate of the company's growth is revealed by the number of corn
munities served in recent years, which was 143 in 1925. 200 in 1926.309
in 1927,338 In 1928 and 393 in 1929. These communities, whose population
is in excess of 3,200,000, are located in 24 States and two Canadian Provinces.
Major subsidiary groups of the corporation include Central Gas & Electric
Co., Southern Cities Public Service Co., Federated Utilities, Inc., and
-V. 130, P. 2960.
Pacific Northwest Public Service Co.
-New Issue of Convertible Debentures
Cities Service Co.
Offered to Stockholders-Underwritten.
The stockholders will receive unusual and valuable rights as a result
of financing plans adopted by the directors of the above company at a
special meeting on May 14, Henry L. Doherty & Co. announced. These
plans provide that owners of Cities Service common stock of record
May 29 will receive the right to purchase a new issue of convertible deoentures at par in the ratio of $4 of debentures for each share of common stock
held. Rights must be exercised and debentures paid for on or before
June 16.
The debentures are due 1950 and bear interest at the rate of5%. Between
Dec. 1 1930 and June 1 1931, these debentures may be exchanged for
common stock at $27.50 per share. The conversion price increases $1.25
per share every 6 months until June 2 1935, when it reaches $38.75 per share.
The privilege expires Dec. 1 1935. The indenture will contain provisions
designed to protect the conversion privilege against dilution.
The rights will be transferaole so that stockholders may buy or sell rights
sufficient to purchase even amounts of the Geoentures in any denominations
desired. Based on the present market price of about 838 per share for Cities
Service common stock, a $100 debenture which can be exchanged after
Dec. 1, for 3.64 shares of common stock, would be worth approximately
$138. It is expected that toe debentures will be placed on the market at
not less than that price.
The proceeds of this issue, which has been underwritten by a syndicate
headed by Harris Forbes & Co., Halsey Stuart & Co., Inc., and Harris
Trust & Savings Bank, is expected to amount to approximately $120.000.000. This amount, together with the surplus earnings for the year, will
provide for construction, additional investments and extensions and additions to the properties of the company and subsidiaries planned for the
calendar year 1930. Thts program involves a total expenditure of approximately $155,000,000, and the issue therefore provides for all new capital
requirements for 1930 except such projects as may be decided upon subsequently and such refinancing operations as may be undertaken.
The debentures will be in coupon form, in denominations of 5100, 3500
and $1,000. They are callable at various prices not exceeding.105. Debentures called for redemption will be convertible at any time up to and includ-V. 130, p. 3157. 2948.
ing the date liked for redemption.
Consolidated Water Power & Paper Co.(& Subs.).
Earnings for Year Ending Dec. 311929.
Manufacturing profit & other income
depreciation
Allowance for
Interest on bonds
Interest on borrowed money
Bond expense
Provision for income taxes
Net income
Dividends paid in cash
Dividends on treasury stock
Net income carried to surplus
Profit on sale of Thunder Bay Paper Co., Ltd
Surplus Jan. 1 1929
Total surplus Dec. 13 1929
85,156.184 $3,526,704 52,167,133 51.992.179
Surplus for year
Dr.7,026 Cr.273,801
Cr.8,775
Cr.49,899 -V. 128, p. 112.
Net surplus deduction15,921.076 12,401,398 9,960,464
7.918,387
Previous surplus
& Electric
Surplus at end of year-$21,086,035 $15,921,076 $12,401,398 89,960.464
Shares of capital stock
900,000
900.000
749.938
outstanding (par $100)
900,000
$13.51
$11.15
$12.13
815.48
Earns.per sh.on cap.stk
Balance Sheet Dec. 31.
1929.
1928.
1929.
Liabilities-$
Assets8
$
Fixed capital-177,149.636 162,428,312 Capitalstock --- 90,000,000
10,542
1,270,7644,659.396 Prem.on cap.stk
Cash
Accts.receivable 3,705,022 2,873,953 Underlying mtge
11.951,000
bonds
5.859
2,559
Notes receivable
13,888 Gen.mtge.bonds 33,500,000
3,215
Int.& divs.receiv
Materials&supp. 2,210,459 1,937.393 Gen.mtge.bonds
35
50.471
called
42,822
Prepay manta _ _ _
404.470 Notes payable-- 8,500.000
404,680
Inv.In affil. cos_
1,711,868
6,270 Accts. payable
6,270
Miscell.invest
.
. 1,080,276
611,435 Cons,deposit _
642,586
Pension fund-960,760
Ins. partic. fund 1,245.374 1,107,401 Mat,int. unpaid
15.210
Divs.declared
with
Sec. dep.
6,000
152,000
115,000 Mat,debt unpd_
Statelnd.Com
18,101 Acer'd interest,
18,101
Other funds_ _
2,677,848
taxes, &c
Spec. depos. for
int. diva., dm_ 4,018,960 1,021,221 Retirement res_ 8,910,167
Casualty &workUnamortiz. debt
men's comp.
disc, and exp_ 1,398.804 1,520,472
556,761
reserve
77,056
100.575
Miscel. suspense
Ins, par. res. id_ 1,245,374
Contingency res. 9,491,650
642,586
Miscell. reserves
Miscell, unadi.
2,195
credits
Tot.(ea. side)192,348,309 176,874,221 P.& L.surplus.. 21,086,035
-V.129. p. 3960.
1928.
5
90,000,096
10,542
11,951,000
33.500,000
2,185
1,317.481
1,274,411
960.961
15.920
6,200
2,580,072
8,392,684
691.256
1,107,401
8,627.785
611,435
3,811
15,921,076
51,590,167
668,441
105,628
5,753
7,652
127,760
5674,932
640,000
Cr.5,195
$40.127
5,209,666
4.430,852
$9,680,645
Corp.
-United Corp. Offers
Columbia Gas
To Acquire 25% of Common Stock.
-See United Corp. below.
Corporation Contracts To Acquire Properties-Earnings.
A contract has been entered into, subject to the approval of the P. S.
Commission of New York, for the acquisition of Empire Gas & Fuel Co.
and associated companies, owning gas fields and distribution properties
serving at retail approximately 11,000 gas customers in and around Wellsville and Hornell, N. Y. These properties are located adjacent to the
Pipe lines of Columbia System in New York, which are transporting natural
gas as far east as Binghamton,and are logical additions to Columbia System.
A contract has been concluded between the Louisville Gas & Electric
Co. and The Cincinnati Gas & Electric Co. for the construction of a high
voltage electric transmission line connecting the plants of these companies,
with provision for interchange of off-peak and surplus power, which will
result in postponement of material capital expenditures.
In connection with statement of earnings, Pres. Philip G.
Dossier says:
The form in which the statement is presented has been changed to show
more clearly the net balance of earnings from operations available to the
parent corporation. This balance, together with the net income from
other subsidiaries, including the gas and electric appliance stores, and the
income from its other investments, makes the total earnings available for
the securities of the parent corporation. The earnings as previously reported for the corresponding periods of last year are now shown on the
new form for comparative purposes only.
In the statement presented, effect is given as of Jan. 1 1930, to the
plan of segregation of the oil and gasoline properties of Columbia System.
The oil and gasoline operations are included in these statements up to
Dec. 311929. but for the first quarter of this year, in lieu of such operating
earnings, the statement includes accrued dividends on the 1st and 2nd
pref. stocks of Columbia Oil & Gasoline Corp.. which the plan of segregation contemplates will be retained in the treasury of Columbia Gas & Electric Corp.
Ar 17 1930.]
FINANCIAL CHRONICLE
3537
diviPreviously, theicompanyipaid on the common stock quarterly cash last
The decrease in net earnings reported for the first quarter of this year
25c.gper share and semi-annual stock dividends of 2%. the
is due in large part to the exceptionally warm temperature experienced dends of at these rates havingjbeen made on April 1 1930.
payments
during the past winter months in the territory served, resulting in mateCorp..
compared to
rially reduced consumption of gas by domestic customers as pace
Matthew C. Brush, President of the American International
their normal use of fuel. It is also a reflection of the slower for of busi- has been elected a director to fill the vacancy caused by the death of Dr.
industrial Arthur T. Hadley.
-V. 130, P. 3349.
ness, resulting in less consumption of both gas and electricity
purposes than at the same time a year ago.
-Earnings.
Eastern Shore Public Service Co.
Comparative Consolidated Income Statement (Company and Subisidiaries.)
1928.
1929.
Period End. Mar.31- 1930-3 Mos.-1929. 1930-12 Mos.-1929.
Calendar Years11,745,740 $1,534.037
130,819,881 $33,482,070 1106013,731 1104338,793 Operating revenues
Gross revenues
886.417
982,063
14,333,382 14,298,515 51,817.064 50.062.730 Operating expenses
Operating expenses
10,048
10.35.3
Prov. for renewals, rebills
50.308
9,244,413 10,051.473 Uncollectible
3,114,723
58,363
placein'ts & deplet- 2,564,402
-general
8.227.408
7,887.518 Taxes
2,752.751
2,582,016
•
Taxes
$587,263
$694,961
Net operating income
7.528
6,918
Net operating revenue $11,340.081 $13,316.082 $36,724,846 $36,337,072 Non-operating income
211,611
688,072
1,262,157
84,396
Other income
$594,792
$701,879
Gross income
223,596
278,626
Gross corporate inc_ --$11,424,477 $13,527,693 $37.412,919 $37,599.229 Bond & other interest charges paid or accrued
33.257
37.491
Lease rent.. int., &c., on
Amortization of debt discount & expense
1.000
1,000
secur. ofsubs.in hands
amortization chargeable to Income
2.406
3,003.142
3,126,676 Miscellaneous deductions from gross income
797,550
428
748.903
of public
Miscellaneous
57,755
71,521
Prof. div.requir. of subs.
Retirement appropriation
6,700
13.741
(incl. earnings applic.
income tax
2,493.387
2,498,617 Provision for Federal
606,741
643,278
to minor, corn, stocks)
$270.128
$299,070
income
Net
164,623
204.212
Bal. applic. to Colum.
Previous surplus
Gas & Elec. Corp-$10,032,297 $12,123,402 $31.916.389 $31.973.936
$434,752
$503,282
Net income of other subs.
surplus
Total
1.544.811
101.039
1.449.813
474.390
128.692
405.718
applic.to C.G.&E.Corp
Preferred dividends
129,500
136.900
Common dividends
12.387
Total earns, of subs.
charges
applic.too. G.& E.$10,438.014 $12,597,792 $333,461,200 $33,423,749 Miscellaneous
$204,212
8225,304
Other net revenue of Col.
Earned surplus Dec.31
801,848
1.313,536
142.284
1,123,616
Gas & Elec. Corp_ x
V. 128, p. 3510.
-Earnings.
Combin. earns. applic.
Electric Public Service Co.
to fixed charges of
Earnings for 12 Months Ended Dec. 31 1929.
Col. G.& El. Corp_$11,561,630 $12.740,076 $34.774,736 $34,225.597
$2,289.481
Gross income from all sources
Lease rent., int., &c., of
1.277,402
4.018,594
4,057.836 Operating expenses & maintenance
1,038,968
969,668
Col. G.& E. Corp_ __
92,264
Taxes
minority hat.) of subs.
Int. & diva, on bonds & cap. stks (incl.
Bal. applic. to c,ap.stk.
62.219
in hands of public
$330.756,142 $30,167,760
of C. G.& E. Corp_1110.591.962 $11.701,108
299.000
Interest on bonds
Pref. div.requirements of
130,458
5,800,592
5483.320 Interest on debentures
Col. Gas & Elec. Corp.
$428,139
Bal. avail, for deprec., Fed, income tax Sr surplus
Bal. applic. to com.stk.
Public Service Co. are
124.955,549 $24,484,440
of Col. G.& E. Corp
-The bonds and debentures of Electric the hands of the public
Note.
x Including accrued dividends on pref. stock of Columbia Oil & Gasoline followed by 11.557,500 of 7% preferred stock in
which is owned by
Corp.
-V. 130, p. 2577.
and 25.000 shares of no par value common stock, all of
-V. 129, p. 2069.
Electric Public Utilities Co.
-April Output.
Commonwealth & Southern Corp.
-
-Earnings.
Federal Water Service Corp.(& Subs.).
Electric output of the commonwealth & Southern Corp. properties in
1929.
1930.
April was 515,804,000 k.w. h. as compared with 534.157,000 k.w. h. in
Years Ended March 31115,964.831 114,924,439
four
April 1929. a decrease of 18,353.000 k.w. h. or 3.44%. For theas months Operating revenues
4,382,355
4,733,066
compared Operating expenses
was 2,072,992.000 k.w. h.
ended April 30 1930, total output
821,447
865,139
with 2,100.229.000 k.w. h. during the corresponding period of 1929. a Maintenance
588,382
647,819
decrease of 27,237.000 or 1.30%. Total output for the year ended April 30 Res. for retirements & replacements
1,031,683
1,028,046
compared with 5.990.000 k.w. h. General taxes
1930 exceeded 6,348,900,000 k.w. h. as
for 12 months ended April 30 1929, an increase of 358,200,000 k.w. h. or
$8,690,760 $8,100,573
approximately 6%.
Net earnings
553,972
542,443
Gas output of the Commonwealth & Southern Corp. properties in April Other income
was 818,097.000 cubic feet as compared with 806.262,000 cubic feet in April
$9,233,203 18,654.545
feet or 1.47%. For the four months
1929,an increase of 11,835.000 cubic
Gross corporate income
3,874,998
ended April 30 1930, total output was 3,345,980,000 cubic feet as compared Charges of sub. companies: Int, on funded debt_ _ _ 4,019,741
398,515
71,706
with 3,237.800,000 cubic feet last year, an increase of 108.180.000 cubic
Amortiz, of debt disc., miscell. int., &c
1,129459
April 30 1930 exceeded 9.776,1,174,813
feet or 3.34%. Total output for year ended
Dividends on pretferred stock
792,394
350,337
300,000 cubic feet as compared with 8,825,600.000 cubic feet for the 12 Interest charges of Federal Water Service Corp..,.
295,437
months ended April 30 1929, an increase of 950,700,000 cubic feet or 10%• Provision for Federal income tax
645.649
990,372
-V. 130, p. 2960.
Divs,on pref.stock of Federal Water Service Corp..
$2.330,797 11,813,129
-Common Stock Sold.
Duquesne Gas Corp.
Balance
John J. Bergen, New York, and associates announce the sale at $15.50 -V. 130, p. 2961.
(no par value). The offering
per share of 300,000 shares common stock
General Water Works & Electric Corp.(& Subs.).does not represent now financing by the company.
Consoldated Earnings for Year Ended Dec. 31 1929.
Transfer Agents, Chatham Phenix National Bank & Trust Co., New York
$7.500.001
and Continental Illinois Bank & Trust Co., Chicago. Registrars, Pacific Gross revenues & other income
3,353,523
Co., New York and Foreman-State Trust & Savings Bank of Chicago. Operating expenses
Trust
1.930.351
Compare also V. 130, P. 2205, 2960.
Interest charges
538.764
retirements
166,814
-First Mtge. 5s, Due July 1 Provision for of debt discount & expense
Traction Co.
Duquesne
Amortization
20,939
deductions
Be Defaulted.
Other
Will Probably
a letter to the holders of the
in
Francis Ralston Welsh of Philadelphia, in substance:
$1,489,611
Balance
1st mtge. 5% bonds, due July 1 next, says
640,293
On July 1 next the principal of your bonds will probably be defaulted on Earn,ofsubs.for period of 1929 prior to acquisition
and in anticipation of this they are selling at a discount of about 35% so
$849,318
you could only realize for them about two-thirds Net income available for dividends
that when they come due
3,023,789
of their par value. This state of affairs has been brought about by the Bal.-Jan. 1 1929
subs, for period of 1929
successive defaults on the old underlying bonds of the system as they came Net credits to surplus incl. earnings of
33.332
seven years.
acquis.,less diva, ofsubs,to date of acquis
prior to
due during the past approximately
As each issue came due bondholders were told that there was no money to
$3.906,439
Total surplus
pay the principal but that the bonds could be registered and interest at the
261,423
rate borne by the bonds would be paid in the future until the company was Preferred dividends
154.110
ready to take them up. the impression being left on the minds of the bond- Class A common dividends
273.324
of the bonds would soon be paid at par. As a Subsidiary companies(since acquis.) dirt;
holders that the principal
seven years and in the meanmatter of fact this has been going on for about
$3.217,583
Balance-Dec. 31 1929
time most bondholders have been receiving but 5% interest when they are
legally entitled to 20% more under the laws of the State of Pennsylvania. if
Consolidated Balance Sheet Dec. 311929.
Liabilities
they did not resister their bonds and agree to take less than the legal rate.
Assets-In the meantime some of the underlying bondholders were sounded as to Property, plant & equipment-368,406.764 Funded debt
25 2 M
whether or not they would refund their bonds into a new issue, not as Sinking funds & misc. invest41,504 Funded debt of subsidiaries-316:021:M
671.169
secure as some of the old ones which it was proposed to refund, gettin but
714,889 Pure. money & equip. oblig _ _ 1,750,000
of their old bonds in this new issue, and those who have Cash
loans
80% of the principal
Accts.& notes nreivable_ _ 1,187,180 Bank
had to obtain money and realize on the principal of their bonds have had Inventories of materials & sup 744,952 Accts.& notes payable
3 9
5 688
to make a heavy sacrifice-often from 25 to 40% of their principal, and
37,976 Accrued int.,taxes,dive.,etc- 1'675, :5
331,040
there is no guarantee that this state of affairs will change until the bond- Miscellaneous
Consumers deposits
Due from subscr. to pref. stk.
48,464
holders themselves take action to bring about the change.
115,372 Deferred credits to income_
of subs
5,333,856
If the bondholders will submit to this type of forced loans to the company,
2,913,429 Retirement reserves, etc
189,600
enabling the Philadelphia Co. interests to fatten their dividends at the Deferred items
Subsc.to pref.stock of subs
expense of the bondholders, why should the l'hiladelphia Co. interests be
$7.00 Series prof. stk
ba31..72505°.."000
anxious to change the situation.
$6.50 Series pref. stk
4,170,300
The Philadelphia Co.interests have calculated that scattered bondholders
Pref, cap,stock of subs
could not afford to bring suit as the expenses would be too large for small
Minority int. In cap. stk. &
37.109
holdings to bear, but if the bondholders unite to protect their interests the
surpl of subs
expense per bond would be comparatively small.
Common stock & surplus_ _ _ .c13,145,495
is therefore no reason why holders of Duquesne Traction 1st mtge.
There
$74,162,068
Total
bonds should submit to this imposition. The earnings of the property are
3'4 162,068
Total
undoubtedly much more than enough to pay 6% interest on the bonds and
no par shares. Is Represented by 17.500 no
a Represented by 32,500by 234,992 class A shares and 500,000 class B
to make the property of more value than the par of the bonds so that if the
Represented
bondholders should purchase the property at foreclosure they could realize par shares. c
-V. 130, p. 3158.
shares, both of no par value.
on it a handsome profit.
There are but $1,313.000 Duquesne Traction bonds outstanding and
Great Lakes Utilities Corp.(& Subs.).-Earnings.-on
against this there is 13.000,000 of stock fully paid up. Most of this stock
companies owned and
was exchanged for the 6% preferred stock of the Consolidated Traction 1Consolidated earnings statement based on ended that date.]
Co.in 1896, ihe indications of the exchange price at that time being that the securities outstanding at Dec. 31 1929, for year
$766.984
stock was worth about $2,250.000. Company is leased to the Consolidated Operating revenues
2.591
Traction Qo. for 4% divs. on 83.000.000 of stock or a rental of $120,000 a Non-operating revenues
year. Dividends are thus nearly twice bond interest. Since this lease was
$769.574
revenues
physical property of the company has been greatly bettered
Total
effected the
569,087
and it is now in good condition so that the replacement value is greater Maintenance Jr general taxes
227,920
Interest on funded debt
than it was then.
Traction bonds, therefore, have everything to
The holders of Duquesne
prov. for amort. of debt discount At exp.
interests. The expense,
Balance (deficit) lasfore
gain and nothing to lose by uniting to protect their be
of holding company-127,433
issue, would
depreciation & dividends on preferred stocks
spread over a large part of the bondfraction of the comparatively small
discount at which the
129, p. 3011.
per bond and would be but a small
-V. 106, p. 1230.
bonds are now selling.
-To Call Pref.-Rights.
Hackensack (N. J.) Water Co. its 7% curnul. panic. pref.
notices to holders of
-To Discontinue Stock
Engineers Public Service Co.
The company is mailing been called for redemption on June 1 at $27.50
stock that such stock has
Dividend-Quarterly Cash Payment Increased.
to redemption will follow in a subsequent
a share. Details with regard
The directors on May 15 voted to discontinue the policy of paying stock letter.
stock. The common stock was placed on a $2.40
its common stockholders that common
dividends on the common
The company is also notifyingwill receive rights (subject to the approval
annual cash dividend basis by the declaration of a quarterly cash dividend stockholders of record June 3 next
share, payable July 1 1930 to holders of record June 17 1930.
at 60e. per
3538
FINANCIAL CHRONICLE
•of the New Jersey State Board of Public Utility Commissioners) to subscribe
New outlets are being opened up rapidly through the construction of
new
and the extension of existing lateral lines.
Other companies in the Appalachian Gas Corp.
Texas Gas
Utilities Co., Ohio Southern Gas Co., Wayne United group areOhio Valley
Gas
Gas Corp. and Ohio-Kentucky Gas Co. A substantial Co., Interest
stock
is
held in Allegheny Gas Corp.
-V. 129, p. 3963.
for one additional share at $25 a share for
details similarly will be forwarded shortly. each two then held. Further
-V. 130, p. 1654.
Indianapolis Street Ry.-Stockholders' Committee.
-
On April 18 1930, the Marion Circuit Court of
at Indianapolis, Ind., appointed George. C. Forrey the State of Indiana,
Jr., receiver. Corporation has outstanding an issue of $5,000,000
e%
dividends on which are now and have for some time preferred stock, the
been in default.
The committee below has been organized
holders of shares cf preferred stock pursuantto protect the Interests of the
to a deposit agreement dated
May 1 1930, under which the Indiana National Bank
of Indianapolis, Ind.,
has been appointed depositary.
Committee.
-Ross H. Wallace, Chairman. Indianapolis, Ind.; R. W.
Waite, Chicago and Wendell Sberk, Indianapolis.
Kipp & Lieber. Counsel, 612 Illinois Building, Ind. with Rappaport,
Indianapolis, Ind. and
John P. °nett, See., 41 North Pennsylvania
(
St., Post office Box 1155,
Indianapolis, Ind.
-V. 130. p. 3158.
Middle West Utilities Co.
-New Projects.
-
An increase of approximately 20% in generating capacity of the Middle
West Utilities System will result from projects
Progress
during the first four months of this year, it wascompleted or inPresident
Martin J. Insull. A total of 237,000 k.w. is beingannounced by
The largest addition to generating capacity Is aadded.
ment under construction at Bingham, Me.. by the hydro-electric developThis station will have a capacity of 75,000 k.w.Central Maine Power Co.
The Virginia Public Service Co. is building a 30,000 k.w.steam generating
station at Bremobluff and a 7,500 k.w, hydro-electric station at Cushaw.
The Jersey Central Power & Light Co. is nearing completion
ofa 50,000
k.w. steam generating station at South Ainboi•
A 30,000 k.w. steam generating station is under
construction bY the
Wisconsin Power & Light Co. at Sheboygan.
The Central Power Co. is adding 7,500 k.w. to the
at Grand Island, Neb. The Kansas Power Co. Is capacity of its plant
adding 2,000 k.w. at
Ellsworth and 5,000 k.w. at Dodge City. An additional 15,000 k.w.
capacity Is being added to the Weleetka plant of the Public Service Co. of
Oklahoma and the West Texas Utilities Co. Is installing an additional
15,000 k.w, in its San Angelo plant.
-V. 130. 3?• 2961.
Interborough Rapid Transit Co.
-Asks Transit Commission for Authority To Issue $40,000,000 Bonds To Buy
New Cars.
The company has asked the Transit Commission to approve the issuance
of approximately $40,000,000 additional 1st &
to
funds necessary to carry out the Commission'sref. 5s of permit it to raise
order
April 30 that the
company purchase 289 new cars at a cost of approximately $14,000,000.
The company, in its application, points out that the indenture under
which the $10,500,000 in 6% notes were issued in 1922 provides that
the
company cannot sell any additional 1st & ref. 58 unless at the same time
provision is made for retirement and redemption of the notes.
The company estimates that the additional bonds can be issued at 60,
netting approximately $24,000,000, with which to redeem the notes and
pay for the new cars.
In a letter forwarded with the formal application the company said:
"This company also applies to you, in your capacity as
of the City of New York, under contract No.3, to take such representative
action
be necessary to insure the inclusion, allowance and accounting, as may
part
of the cost of additional equipment, specified and contemplatedas a your
by
order of April 30 1930, of the debt discount and expense
may
sustained in the disposal of the bonds to be authorized bywhich order.be
such
"The board of directors desires that it be clearly understood that in
authorizing this communication and the accompanying application the
company does not waive or relinquish any of Its rights or remedies as lessee
under contract No. 3, or otherwise, with respect to the subject matter of
your resolution. It adheres to the position heretofore taken and the contentions heretofore made that additional equipment of the extent and character contemplated by your resolutions of April 30 1930 is not necessary
for safe and adequate service within the terms of contract No.
larly in view of the substantial amount of existing rolling stock 3, particuwhich will
be released from the demands of present service when the new competitive
municipal line is opened next year: and also that such order and direction
is neither just nor reasonable within the meaning and intent of contract
No. 3.-V. 130, p. 2579, 2566.
[Vol.. 130.
Midland Natural Gas Co.
-Stock Sold.
-E. R. Diggs &
Co., Inc. New York, have sold at $17.50 per share, to yield
over 6.85%, 115,000 shares participating classA stock ($1.20
cumulative dividend).
Interstate Power Co. (Del.).
-New Unit.
-
Listed.
-Listed on the Chicago Stock Exchange.
Transfer agent: Equitable Trust Co. of New York
Trust and Savings Bank, Chicago. Registrar: Hiberniaand First Union
Trust Co., New
York and Chicago Trust Co., Chicago.
Data from Letter of Edward R. Berry, D.Sc., Pres. of the Company.
Cornpany.-Organized in Delaware. Will own and operate,
directly or tipsugh its subsidiaries, natural gas properties totaling either
than 15.600 acres in Pennsylvania and West Virginia. There are onmore
this
acreage 175 producing gas wells, having a present daily production of
more than 7,000,000 cubic feet per day, an open flow
of more
than 21,000.000 cubic feet daily, and an estimated gascapacity of more
than 83 billion cubic feet. The gas horizons drained byreservewells are
these
reported to be among the most consistent and longest-lived producers in
the eastern fields. The reserve acreage admits of Intensive development
work which will be carried out as rapdily as feasible and which
result in substantial increase in production and earnings. The should
life of wells in these fields is reported to be in excess of 35 years. average
Over 90% of the gross income from the properties to be acquired by
the company is derived from the wholesale distribution of gas under favorable contracts to several of the largest purchasers of natural gas In West
Virginia and Pennsylvania, among which are the following: Hope
Gas Co.,People's Natural Gas CO.(subsidiaries, Standard Oil Co. Natural
West Penn Public Service Co. South Penn Oil Co.. and Equitableof N.J.),
Gas Co.
(subsidiary of Philadelphia CO.).
The balance of the gross income is derived from the sale of gas by the
two subsidiaries of the company, Bridgeport Natural Gas & Oil Co. and
comm Gas Co., to domestic consumers in Pennsylvania and West
Homeonitico
Virginia
Loutsville Ry.-Refinancing Opposed.-
Under the terms of the existing gas sales contracts, all additional gas
cullumorketm presently drilled acreage will automatically have an immepra e ced fro
International Hydro-Electric System.
-Listing.
-
The New York Stock Exchange has authorized the listing of $30,000,000
convertible 6% gold debentures, due April 1 1944.-V. 130, p. 3158.
See Utilities Power & Light Corp. below.
-V.130, p. 3158.
The following Is from the Louisville 'Courier Journal' May 8:
Objection of bondholders to the plan of the company to refinance $6,000.000 first mortgage bonds due July 1. will result in a suit to ask for a declaratory judgment, it was announced May 7.
pa The company Is ready to transfer its High Street power plant, substations and power lines to the H. M. Bylleeby Co. for $3,000,000 and to
extend $3.000,000 of bonds at e4i% interest for five years. Consent of
80% of the general mortgage bondholders Is required for the deal, and an
effort will be made to obtain this approval, it was announced. Sixty-five
per cent, of the holders of the paper have given consent through trustees.
The suit is being prepared by the underwriters of $3,000,000 bond issue.
The syndicate handling the bond issue plan is composed of the Bank of
Kentucky and its subsidiaries, the Fidelity & Columbia Trust Co. and
the Liberty Bank & Trust Co. The Bylleeby firm said it awaits the underwriting only to pay over the $3.000,000 for the power plant and other
equipment and receive a power contract of 20 years' duration.
A Kentucky law which provides that a chancellor may be appointed to
bear objections to a refinancing plan, makes the suit possible. In the event
of an appeal, the case may be disposed of at a hearing before one of the
judges of the Court of Appeals.
James P. Barnes, Pres. said the company has been told of objections
to the plan and filing of tile suit was decided on to clarify the situation.
He said the plan has been analyzed by many attorneys who found it sound
and legal.
It also was pointed out that the By Ilesby company is ready to proceed
with the plan together with the railway company despite the announcement at Mayor William B. Harrison of his intention to contest the company's right to charge a fare of 10 cents. The United States Circuit
Court of Appeals upheld Judge Charles I. Dawson's decision regarding
the right of the jurisdiction of the Federal Court. The case regarding the
validity of the fare increase can now be tried in the local Federal Court on
itsimerits.-V. 130, p. 1274.
Keystone Telephone Co. of Phila.-Earns. of System.
1928.
12 Mos.End.Dec.31- 1929.
1927.
1926.
Gross earnings
32,193,360 82,152.563 $2,097,189 $2,071,395
Oper. exp. & taxes
1,098,237
1,105,809
1.079,412
1,066,501
. Net earnings__
Less-Interest charges
$1,095,123 $1.046,754 $1,017,777 $1,004,894
623,071
595,267
560,545
522,425
Capitalization-Authorized.
Participating class A stock (no par)
500.000 abs.
Common stock (no par)
250.000 abs.
of s439unded
No f A2oor unfunded debt other than divisional liens in
Outstanding.
11.5,000 abs.
200,000 she.
the amount
C.ass A .Stock Provisions.-Entitled to cumulative dividends at rate of
$1.20 per share per annum. payable Q.
-F., in priority to any
the common stock: In addition will participate with common dividends on
stock, share
for share, In any additional dividends declared in and for any calendar
year after dividends are declared and set apart or paid on the common
stock in amount up to $1.20 per share. Redeemable all or part at any
time on 30 days' notice at $50 per share, plus dividends to date of redemption. Class A stock preferred over common stock In liquidation up to
$25 per share, plus dividends: thereafter any remaining net assets are to
be distributed between the class A stock and the common stock, share for
share. Non-voting unless dividends for 6 quarterly periods are in default.
in which event the class A stock will be entitled to vote until such condition Is remedied. No additional common stock may be authorized except
clpo Ahofocktten consent of the holders of at least 75% of the outstanding
u : e wri
os t
Dividend Policy.
-Quarterly cumulative dividends upon the class A stock
will be payable at the rate of $1.20 per share annually. Directors have
announced a policy, subject to change, of permitting the holders of class A
stock at their option to apply such cash dividends towards the purchase of
class A stock at the quarterly rate of 1-40th of a share of such stock for
each share held, being at the annual rate of 10% in class A stock. In
such cases the dividends will be applied, and the class A stock (or scrip
certificates for fractional shares) purchased therewith will be delivered to
the stockholders entitled thereto who request payment in class A stock
on or before the date fixed in the resolution declarine the dividend, which
will usually be 10 days prior to payment date. Scrip certificates will not
be entitled to dividends and will be non-voting.
Earnings.
-Based on 1929 historical earnings (as per footnote) Clark dr
Krebs, Inc.. consulting engineers, state that the properties
iogthe com bsois.and its subsidiaries are at present operatingto be acquired
b y ooncol pany
on the followGross earnings
Oper. exps., fixed charges, maintenance, depletion & deprec
Net income before income taxes
Dividend requirements, 115,000 shares partic. class A stock
181:379612
$442,913
$281,151
Balance
x$472,052
$4451,487
$4457,232
138.000
$482,469
n Available for dividends, surplus and reserve.
Balance
$143.151
Earnings for Period Ended March 31.
The above discloses earnings equivalent to more than $2.44 per share
1930-3 Mos.-1929.
on the class A stock.
1930-12 Mos.-1929.
$540,233 32,199,389 82,162,554
Gross earnings
$546,262
Adjusted to give effect to a compressor station in.stalled In March 1930
273,615
1,097,565
272,943
.0p.exp., maint.& taxes_
1,101,386 on one property, a rate increase grapted in November 1929 on one prop145,437
151,776
Interest on bonds
595,590
581.831 erty. and the estimated production to he derived from three wells pres7,973
7,714
33,561
Other interest charges
21,281 ently to be drilled on one property.
Management.
-The operation of company and its subsidiaries will be
Balance avail,for res..
under the direction of Midland Management, Inc., which also directs the
peration of Twin States Natural Gas Co., and the subsidiaries of Inland
Fed. tax, divs, and
surplus
3113,208
8113,829
$4472,673
3458,056 Utilities, Inc.
-V. 130, D. 3367
.
-V.130, p. 3159.
U
Memphis Natural Gas Co.
-To Redeem Funded Debt.
The company announces that on June 27 1930 it will redeem all of its
sutstanding $6,153,500 1st mtge. 6% sinking fund gold bonds, dated
Aug. 1 1928 and due Aug. 11943. at 103 and int.
The Appalachian Gas Corp., being a large holder of the common stock
.of Memphis company, will accept tenders of the bonds when presented at
Its office, at 46 Cedar St., N. Y. City, for delivery to the trustee for payment.
As a result of redemption of its bonds the Memphis company will have
outstanding 10,000 shares of preferred and 920,000 shares of common
stock, and no funded debt. The saving in interest charges and sinking
fund will add over 72 cents per share to earnings available for the common
stock.
The announcement that the Appalachian Gas Corp. had acquired a substantial stock Interest in the Memphis Natural Gas Co. was made less than
two weeks ago, following shortly on publication of report of operations of
the latter for the first quarter of 1930, which showed increased not earnings
of 211% and increased gross revenues of 147% over the corresponding
quarter of 1929.
-mile high-pressure pipeThe Memphis company is the owner of the 210
line extending from the abundant Monroe fields in Louisiana. It serves on
.contracts the entire fuel requirements of Memphis Power & Light Co., and
also of Louisiana Power & Light Co., Arkansas Power & Light Co. and
Mississippi Power & Light Co., along the company's main pipe line. The
present terminus of the pipe line is in Memphis. Tenn., at the threshold
of potential industrial and domestic markets located East, North and West.
Midland United Co.
-Rights, &c.
Owners of common stock are to receive rights to
additional
stock on the basis of one share for each five now held. purchase
Announcement was made that holders of common stock of record May
.
24 1930, will be given the right to subscribe on or before June 24 for additional shares of common stock at $22.50 a share to the extent of 20% of
their holdings.
Subscriptions may be paid in cash on or before June 24 or in four quarterly
Installments or in 10 monthly installments.
-V. 130, p. 3159.
National Electric Power Co.
-New Officers.
-
Several elections of officers for the National Electric Power Co. and the
National Public Service Corp. have taken place at recent meetings of the
board of directors of the two companies.
T. E. Roach, for some time manager of the commercial department, was
elected a Vice-President of both companies. E. C. Isele was elected to the
position of Assistant Treasurer. W. R. Porter, who has been serving as
Special Vice-President of both companies, was elected Assistant Secretary.
At the same meeting, two changes were also made in the Executive
Conunittee of the National Public Service Corp., viz.: C. B. Zeigler and
C. D. Makepeace were elected to the committee to replace B. A. Howe
and T. J. Walsh.
-V. 129. p. 3263.
National Power & Light Co.
-Debentures Offered.
-The
First National Old Colony Corp.. W. C. Langley & Co.;
Bonbright &
Ina.; Tucker, Anthony & Co.; Jackson &
MAY 17 1930.]
3539
FINANCIAL CHRONICLE
Curtis; Hale, Waters & Co., and Toerge & Schiffer are offering at 91 and int., to yield about 04%, $15,000,000 5%
gold debentures, series B.
Dated May 1 1930. due May 1 2030. Red. all or part at any time, upon
thereafter at M %
30 days' notice, at 106 up to and incl. April 30 2003.30
2002, up to and
less for each full 12 months' period elapsed after April
Incl. April 30 2026, and thereafter at 100, plus int. in each case. Interest
M.& N., at office or agency of company in N. Y. City. Denom.
payable
31,000c* and r*S1,000 and $10.000. Central Hanover Bank & Trust Co.,
New York. trustee.
Data from Letter of E. W. Hill, Vice-President of Company.
-Company,incorporated in New Jersey in DecemBusiness & Territory.
shares
ber 1925. owns all the common stocks. except directors' well as(and in
certain
cases owns various amounts of preferred stock as
some
indebtedness), of Birmingham Electric Co., Carolina Power & Light Co.,
Houston Lighting & Power Co., Knoxville Power & Light Co., Memphis
Power & Light Co., (which controls Memphis Street Ry. through ownership of all capital stock), West Tennessee Power & Light Co. and of other
companies of less importance. It also owns sunstantially all preferred
and common stocks of Lehigh Power Securities Corp.
Lehigh Power Securities Corp. owns all the common stock of the Pennsylvania Power & Light Co., a substantial majority of preferred and common
stocks of the Lehigh Valley Transit Co., all preferred and common stocks of
Valley Railways, all the common stock of the Lancaster County Railway
& Light Co.and all capital stock of a number of other operating companies.
Operating subsidiaries of National Power & Light Co., either directly
or through controlled companies, on Dec. 31 1929, served a total of 955
communities.in Pennsylvania, North Carolina, South Carolina. Tennessee,
Alabama and Texas. They supplied electric power and light service to
927 communities, transportation service to 163 communities and gas service
to 31 communities. in addition, subsidiaries supplied water service to 11
communities and steam heating service to 3 communities and operated ice
plants in 6 communities. The total population of the territory served was
estimated at 3,255.000.
-Proceeds from the sale of these debentures, and from 100.000
Purpose.
shares of $6 preferred stock will provide funds for the retirement of all of
National Power & Light Co.'s $7 preferred stock outstanding (140.295
shares with the public) and for other corporate purposes.
Authorized.
Outstanding.
Capitalizationa
$15,000,000
5% gold deb.,ser. B.due 2030(this issue__
9,500,000
6% gold deb..series A.due 2021L
b None.
063
1 shs.
69:
to
Capital stock (no par value) $7 pref.
$6 preferred. cum. (incl. 100.000 shares
229,665 shs.
500.000 shs.
presently to be offered).
7,500.000 shs. 5.438.010 shs.
Common
a Without limit, except by restrictive provisions contained in the deeffect to the redemption, which is
benture agreement. b After giving
subject to the necessary vote of the company's common stock, of all outstanding $7 preferred stock (140,295 shares now with the public and 642
shares held by the company).
In addition, there were outstanding in the hands of the public at Dec.
31 4929, the following securities of subsidiary companies; funded debt of
4223.312,300 principal amount; 887.750 shares of preferred stock. and
41,203 shares of common stock.
-National Power & Light
Comparatice Consolidated Statement of Income.
Co. acquired control of Lehigh Power Securities Corp. in February 1928.
A comparative consolidated statement of income of National Power &
Light Co. and subsidiaries for the 12 months ended Dec. 311928. and 1929.
Indicating the earnings of National Power & Light Co. as they would have
been. had that company controlled Lehigh Power Securities Corp. for these
periods on the basis of control as It existed at Dec. 31 1929. follows:
1928*
1929*.
12 Months Ended Dec. 31Subsidiary Companies$79,259,372 $80,979,244
-Gross earnings
44,092.884 44,671,293
Operating expenses, including taxes
int. to and incl. May 1 1935: thereafter at a premium decreasing 1% for
-year period to and incl. May 1 1945; thereafter at 100 and int. to
each 5
and
and incl. May 1 1949; and thereafter at 100The int. Denom. $1,000 c*.
Association will agree to
Harris Forbes Trust Co., Boston. trustee.
the holders of these bonds upon application within 60 days after
reimburse
payment for the Mass, income tax, on the interest not exceeding 8% of
such interest per annum.
Data from Letter of Warren Partridge, Vice-Pres. of the Association.
-Subsidiary companies of the Association operate
Business and Territory.
broaely
gas and electric properties serving a substantial residential and
950.000 in
diversified industrial population estimated to be in excess ofCambridge,
more than 150 communities of which the most important are Portsmouth
New Bedford. Framingham and Worcester in Massachusetts,
and Derry in New Hampshire, Yarmouth. Bridgetown and Lawrencetown
Charlottetown.
New Brunswick.
In Nova Scotia. Fredericton. Maritime Provinces. and total of 254.213
A
Prince Edward Island, in the
customers are served, of which 115,225 are electric and 138,988 are gas
customers.
-The consolidated capitalization of the Association and
Capitalization.
the subsidiary companies upon completion of this financing, assuming the
sale of all of this issue of bonds, will be as follows:
New England Gas and Electric Association:
57 cony, gold deb. bonds: Series due 1947, 1948 and 1950
$42.880.000
(incl this issue)
x200.000 shs.
Preferred shares(no par)
200.000 shs.
Common shares nopar)
$4,691,500
Subsidiary companies:Funded debt
777.650
Minority common stocks (at par)
reserved for conversion of bonds.
x Excludes 213,800 shares
-The consolidated earnings of the Association on an annual
Earnings.
acquisition, for
oasis, and of subsidiary companies, irrespective of dates of securities outthe 12 months ended March 31 1930 and annual charges on are as follows:
including the proposed issue of bones,
standing at that date,
515.150.706
Gross earnings and other income
Operating exp., maint., taxes (except Fed. income taxes) and 9,542,136
amounts applicable to the minority common stocks
$5,608,570
Consol.net earn,form.,depreciation,etc
Annual interest charges on $42.880.000 bonds of the association 2.339.126
funded dent of sub. cos..(incl. this issue) and on $4,691,500
1.88 times
Net earnings after depreciation amounted to $4,402.495 or
the above annual interest charges.
and gas
Over 96% of gross earnings as above was derived from electric
operations.
-Proceeds from the sale of these bonds will be used for the
Purpose.
of
payment of indebtedness incurred for construction, for the acquisition
Properties and for other purposes of the Association.
properties, as estimated
Equity. The reproduction cost of the operating
investment
by Engineers, plus consoliaated net current assets, incluoing
securities, after deducting all liabilities of subsidiary companies, except
to
funded debt, and after deducting the proportion of assets applicable
than
minority common stocks, leaves an asset value of more of the594.900.000
Association
$47,571,500 of indebtedness
applicable to a maximum of
completion of
to be outstanding
and funded debt of its subsidiaries indebtedness of theupon
.Association will be
this financing. The equity for this
preferred shares of the
represented by 200.000 common shares and 200.000
association.
-An aggregate of these bonds equal to one-half
Conversion Privilege.
order
of the amount actually issued, are convertible, in theon the of surrender
first day of
for conversion and upon ten days' prior written notice
any month up to ano. including May 1 1933 (or on or before the reaemption
for redemption) into $5 50 dividend series predate, if previously called
bond.
of
ferred shares of the Association at the rate to 10 shares for each $1.000 the
any accruals of interest on
Adjustments are to be made with respect
shares.
bands and of dividends on the
1927.
1928.
1929.
Calendar Years$35,166,4S8 $36,307,951
Net earnings
59,082,847 $7,617,970 $5,075,677
1.035,063
1,600.795 Operating revenues & taxes
Other income
5,261,686 3,443,850
6,127,164
Oper. exps., maint.
336.201,551 $37.908.746
Total income
$2,955,683 $2,356,284 $1,631,827
Operating income
12.090.181 12,614,827
interest to public and other deductions
164,589
120.531
28.429
5,016.422
5,601,975 Other income
Preferred dividends to public
$2,984,112 $2,476,815 $1,796,417
Gross income
$19.094,948 $19,691.944
Balance
48,724
16,636
Ce.9,331
5,985,053 Int.on debt ofsubsid.& affiliated cos.
;Renewal and replacement (deprec. appropriations_ 6,295,793
225
27.364
1,177
Pref.diva,ofsubsid.& affiliated cos_ _
$12,799,155 $13.706,891
Balance
$2,992,266 $2,459,954 $1,720,329
Balance
101.384
92.547
Proportion applicable to minority interests
295,078
947,913
1,144.050
Interest on company's debt
219,190
$12.697.771 $13,614.344 Interest on unfunded debt
Balance
National Power & Light Co.
51.629.025 $1,512.641 $1.425,251
Net income
Balance of sula.fd. cos. earns. applic. to National
85,049
448,882
550,000
stock dividends
$12,697,771 $13.614,344 Preferred for depreciation, &c
Power & Light Co.(as shown above)
244,763
680,441
754,718
323.961
905,872 Provision
Other income
$382,718 51.095,434
Bal.for inc. for oth. divs. & surplus $324,307
$13,021.732 $14,520,216
Total
-Income of companies acquired during the year is included only
Note.
141,167
254,172
Raps.,incl. taxes,of National Power & Light Co
approximate dates of acquisition.
from
$12.880.565 $14,266,044
Balance
Balance Sheet Dec. 31.
Annual int, require. on $9,500.000 6% deb., series
1928.
1920.
1928.
1929.
A and $15,000.000 5% deb.. series B
1,320.000
$
Liabilities$
$
$
* Figures for gas properties of Birmingham Electric Co. (sold as of May Plants, properties,
Cap.stk. & surp-x34,924,470 29,998,127
Atus roPerties.
1 1929) are included for the full year 1928 but for four months only in 1929,
27,584,500 23,133,600
97,687,959 55,996.103 Funded debt
.te
properties of Carolina Iliewer Investments
and figures for the Raleigh and Asheville gas
2,957
621,473 Sec. called for red..
5,346,386
& Light Co. (sold Oct. 17 1929) are included for the full year 1928 belt for Cash and special
140,018
Adv. tr. still. cos_28,192,520
931_ months in 1929.
716,597 Notes payable.__ 7,445.422
1.819,811
deposits
The above statment. which Includes undistributed earnings of subsidiaries
413,139
receivable 2,020,824 1,158,403 Accounts payable_ 653,045
applicable to National Power & Light Co., shows a balance equal to more Accts.
1,059 Divs. declared _ --- 213,896
11,478
than 10.8 times annual interest requirements on the entire amount of Notes rece,lvable52,464
Other accruals_ __ _
Materials and supgold debentures (including this issue) to be outstanding upon completion
385,587
781,825 Accr. lot. & taxes_ 543.892
1,570,564
plies
of this financing.
333,344
295,785 Consum. deposits_ 472,756
277,884
Superrision.-Ekaric Bond & Share Co. supervises (under direction and Deterred charges._
Misc. unadj. eyed_ 119,281
control of directors of respective companies) the operations of National
Retirement reserve 8,238,231 4,838,097
Power & Light Co. and its subsidiary companies.
-V. 130. P. 1828.
296,223
326,486
TotaReach side)108,734,505 59,571,335 Other reserve
x Includes $1,500 pref. stock and $4.391.318 common stock of subsid.
National Public Service Corp.
-Earnings.
companies at liquidation value and $30.531,652 stock of company, repreCalendar Yearssented by 100,000 no par pref. shares and 100,000 no par common shares.
1928.
1929.
1927.
$31,709,618 $29,492,647 $28,901,462 -V. 130, p. 3352.
Gross revenues
Expenses, taxes, &c
18,978.803 17,616,887 19.265,881
-Earnings.& Light Co.
New Jersey Power
Operating income
Other income
$12,730,716 $11,875,760 $9,635.581
955.760
1,118.402
1,660.435
Total income
Interest
Amortization
Depreciation
Federal taxes
Proportion to outside holders
$13,849,118 $12.831,520 $11.296,016
6,097,425- 6,306.851
6,026,776
665.741
567,232
559,249
1.503.076
1,499,266
1,396.563
193,797
287,414
248,040
1,751,852
2,049,540
1,554,009
1927.
1929.
Years Ended Dee. 3128.
1. 8
$3.199,006 59285,703 $2.717.860
Operating revenue
1,528,859
1.581,131
Operating expenses and maintenance- 1.894.206
481,308
465,792
357,050
Taxes and depreciation
$3,348,241 $2.410,203 $1,511,379
909,295
919,289
867,537
662.892
991,917
747,515
Surplus
$689,520
5838.016
-V. 130. P. 2027.
See National Electric Power Co. above.
$643,
$838,781
148,357
$707,693
99,238
$1,037,915
Total income
299.404
Interest on funded debt
190.318
Other deductions from income
Credit for int. during Construction Cr.197,510
$987,138
300.000
32,434
$806,931
307,867
32.240
$745.703
203,258
284.375
$654.704
197.841
296,875
$466,824
178,204
$159,987
Net profit
Preferred dividends
Class A dividends
Class B dividends
$947,751
90,165
$288.620
Operating income
Other income
Net income
Dividends on preferred stock
Dividends on common stock
$258,070
Balance, surplus
New England Gas & Electric Association.
-Bonds
-V.128, p. 2993.
-Harris, Forbes & Co., alsey, Stuart & Co., Inc.,
Offered.
New York State Rys.-Syracuse Rapid Transit Ry. Co.
Continental Illinois Co. Inc. dtis & Co., Field, Glore & Co.
H. Rollins & Sons and Joh Bondholders' Protective Committee Urges Immediate Action for
Edward B. Smith &
Nickerson & Co. are offering at 91 and int., to yield over Protection of Interests.
Charles C. Hood, Chairman of the committee appointed to protect the
5.75% $20,000,000 5% convertible gold debenture bonds.
of holders of Syracuse Rapid Transit R3r, let mtge. 5% bonds,
interest
Dated May 11930; due May 11950. Interest payanle M.& N.allalarris due March 1 1946, in a special statement just issued May 3 says: The
Forbes Trust Co., Boston, at office of Harris, Forbes &Co.. New York, security behind these bonds will in all probability diminish in value from
or at the office of Harris Trust & Savings Bank, Chicago, or at the option year to year and eventually payment of the principal will be imperilled
of tbe Association at its own office or agency in said cities. Red. all or unless "active steps are taken by bondholders to enforce their rights under
part on first of any month prior to maturity on 60 days' notice at 103 and their mortgage in the existing receivership." The statement further says:
3540
FINANCIAL CHRONICLE
"The receivers appointed for the benefit of creditors junior to your
bonds have received since their appointment and are now receiving the
entire earnings of the properties covered by your mortgage and under
the law, these earnings must be applied by them for the benefit of the
junior creditors, te the exclusion of the 1st mtge. bonds. Our counsel
advise that in their opinion until the trustee of your mortgage institutes
legal proceedings and obtains appointment of receivers for your benefit,
neither your bonds nor the trustee of your mortgage will have any enforceable clam to any part of these earnings.
"This committee feels that the present situation in which the earnings
on properties are being paid to receivers for the benefit of junior creditors
to the exclusion of rights of the 1st mtge. bonds, is intolerable. There is
no need whatsoever that this situation should continue, provided that
bondholders will immediately deposit their bonds with this committee."
The Lawyers Trust Co. of New York has been appointed depositary for
the bondholders protective committee, the members of which, in addition
to Mr. Hood are Willard H. Pearsall and Paul C. Beardslee. Lewis,
Garvin & Kelsey are counsel for the committee and Milton E. Cornelius.
160 Broadway, New York, is Secretary.
-V. 130, p. 2770.
Rochester & Syracse RR.
-Receivership.
Talmadge C. Cherry of Syracuse, N. Y. was appointed receiver in an
order signed by Justice Edmund H. Iewis in Supreme Court at Utica
May 12. The receivership resulted from an application made by First
Trust & Deposit Co. In the mortgage foreclosure proceeding it commenced
against the line in Dec. 1928 as trustee.
-V. 124. p. 2908.
Schenectady Ry. Co.
-Committee Issues Statement.
-
North American Light & Power Co. (& Subs.).
Earnings for 12 Mos. End. March 31Gross earnings from operations
Operating expenses & maintenance
Taxes
1929.
1930.
$46.343,518 $43,161,672
22,620,861 22,255.077
2.186,263
2.837,639
Net earnings from operations
Other income
320.885.019 $18,720.333
619,738
915,108
Total income
$21,800,127 $19,340,071
Power facility rentals
931,090.
Interest & amortization of subsidiaries
7,792,142 8,085,589
Divs. on pref. stocks of subsidiaries
3,766.263
3,702.359
Allowances for minority interests
Cr.824
1,918
Appropriations for depreciation reserves
2,594,869
3,250,653
Int. & amort. of North American Light & Pow. Co.
877,753
1.219.082
Balance for dividends & surplus
Divs.on pref.stk. of North Amer.Lt.& Pow.Co
$5,244.210 $2,888,177
1,138,241
907,056
Bal. for corn. stk. diva. & surplus
$4,105,969 31.981,121
Earns, per sh. on average sh. corn. stk. outstanding
$2.52
33.19
-V. 130, p. 3352.
Northern Pennsylvania Power Co.
-Earnings.
Calendar YearsOperating revenue
Operating expenses & taxes
Depreciation
Rentals
1929.
31.070,566
577,007
128,461
1928.
$948,392
531,614
116,300
1927.
$843.740
395,747
x196,123
201
Operating income
Other income
$365,098
18,973
$300,477
15,572
$251,669
11.160
Total income
Interest on funded debt
Other deductions from income
$384.071
122,922
51,330
$316.050
125,025
20,630
$262,829
126.657
16.860
Net income
Prov. for div. on preferred stock_ _ _ _
Common dividends
3209.819
66,392
110,056
3170,394
83,726
60,056
$119,311
57.787
Balance of net income
$33,371
x Includes maintenance.
-V. 128, p. 3685.
$26,612
361,523
Ohio Electric Power Co. (8c Subs.).
-Earnings.
Calendar YearsOperating revenues
Operating expenses
Uncollectible bilis
Taxes,general
1928.
1929.
31.148.768 31.130.027
753.349
737,287
5,008
4,035
57,743
56,922
Net operating income
Profit on sale of sub. co.'s cap. stk. to affil. co.
outside of consolidated group
Non-operating income
$3334,462
Gross income
Bond & other int. charges paid or accrued
Amortization of debt discount & expense
Miscellaneous amortiz chargeable to income
Retirement appropriation
Provision for Federal income tax
3638,814
123,948
14,458
Netincome
Previous surplus
3468.574
128,214
Total surplus
Dividends paid on preferred stock
Dividends paid on common stock
Miscellaneous credits & debits (net)
3596,788
74.008
355.500
Cr.53
Earned surplus, Dec. 31
-V. 130, p. 622.
3167,333
$329,989
295.877
8,475
7,663
14,210
17,624
31.761.459 31,689.305 31.627,304 31,383,581
Net income
456,419
469,502
475,274
475.599
Prior pf. divs.(7% cum.)
353.518
245.244
247,770
189,169
1st ptdivs.(7.2% cum.)
234,901
355,310
356,592
368,223
1st pref. diva.(6% cum.)
156,248
68,175
2,602
226.551
1st pf. diva.($6 per all.)300.000
300,000
329,973
325,000
2d pref. (non-cum.)- - - 3179,493
347.988
-Test Suit Against Corporation
Radio Corp. of America.
-See under
Charges Combination in Restraint of Trade.
-V. 130, P. 3353.
"Current Events on preceding pages.
-Earnings.
Rhode Island Public Service Co.
Earnings for Year Ended December 31 1929.
x Gross operating revenue* Electric sales
Gas sales
Revenue from transportation
Other operating revenue
Other income
310.269.226
260,482
7,026,994
136,176
395.417
Total Income
Operating expenses
Maintenance
Taxes
Interest charges and amortization of discount
Minority interest in earnings of United Electric Rye
Depreciation
318,088,294
7.922,062
2.094,390
1,188.419
2.031,499
8.960
1.416,679
Consolidated net earnings
Dividends on preferred stock
Dividends on class A stock
Balance
-V. 129. IL 3801.
a After eliminating inter-company sales.
Net operating revenue
Taxes assignable to railway operations
Operating income
Non-operating income
Gross income
Deductions from gross income
Interest on unfunded debt
Amortization of discount on funded debt
Miscellaneous debits
$299,244
92,639
3185,420
96,808
206,605
4,112
88,612
2,979
$210,717
140,910
106,047
3,367
6,691
$91,591
140,239
107,161
3,367
6.691
Deficit
346.298
$165.867
The Schenectady By. is not in receivership as are the United TractionCo•
and the New York State Rys., which were acquired concurrently and in
substantially the same manner by the Associated Gas & Electric interests.
Neither are the Schenectady Railway 1st mtge.5% bonds of 1946 in default.
But the situation will bear close watching. To the end that this may be
$180,444 accomplished and that immediate steps may be taken for protecting the
59,893 properties and safeguarding the lien of the mortgage, should such action,
In the opinion of counsel be necessary, this committee has been organized
$240.337 -V. 130, p. 2771.
61.309
67,500
-Tenders.
Southern California Gas Co.
Cr.16,686
The Equitable Trust Co., trustee, 15 Broad St., N. Y. City, will until
May 23 receive bids for the sale to it of 1st mtge. 40
-year gold bonds, series
3128,214 A and C to an amount sufficient to exhaust 311,597. at prices not exceeding
105 and Int.-V. 128, p. 2630.
Public Service Co.
-Earnings.
1929.
1928.
1926.
1927.
$12,732.766 312,526,241 312,154,452 311.763,567
6,223,936
6,061,026 5.808.793
5,837,263
x1,432,637
1.332,241
1,283.745
1,215,973
2,532,849
2,572.548
2,583,801
2,486,726
93,656
100,144
101,538
781,885
777,465
750.665
738.486
$160,097
3138.001
Balance
-V. 130, p. 1275.
x Includes bridge rentals.
The protective committee for the 1st mtge. 5% bonds due 1946 (Wm.
Carnegie Ewen, Chairman) in a letter to the holders of the bonds says:
Company operates a system of street and interurban electric railroads
in Schenectady and vicinity and interurban lines between Schenectady
and Albany, Troy, Watervliet and Ballston Spa. Company operates under
a perpetual charter, serving a population of approximately 350,000. Rate
of fare: City lines, 10 cents or 3 tickets for 25 cents; interurban, based on
mileage.
The outstanding capitalization as of Dec. 31 1929 was as follows:
First Mtge. 5% bonds due 1946
$2,676,000
Equipment trust obligations
24,220
Demand notes (unsecured)
1,829,300
Capital stock (par $100)
4,100,000
For many years, according to the Public Service Commission records,
the capital stock of the company was owned jointly (20,500 shares each)
by the Delaware & Hudson Co. and the New York State Rys., which, in
turn was controlled by the New York Central RR. From time to time, in
the past, these records show, the owners of the stock advanced funds to the
Schenectady By. for construction, betterments, &c., taking back demand
notes for the amount of the advances, which are unsecured obligations of
the company ranking junior to the funded debt. The first mtge.5% bonds
due 1946, have always paid their interest regularly and without interruption.
In connection with a sale by the above Railroad companies of the capital
stock of the company, the Public Service Commission directed an inquiry
to be made into the facts to determine whether a transfer or assignment of
the shares had been made in violation of any of the provisions of the Public
Service Commission law. Hearings were begun in this investigation on
Jan. 8, 1930 and continued from time to time until March 17, 1930. Upon
April 4, 1930 the Public Service Commission rendered its opinion.
Certain facts taken from the opinions are summarized as follows:
During 1928, two individuals, i. e., Ellis L. Phillips and George W.
Olmstead purchased from the New York Central RR. and the Delaware &
Hudson Co. their respective interests in several up-State street railway
companies, including the Schenectady By. At a later date (during 1929)
Phillips and Olmstead sold their holdings in these properties' certain
to
interests identified with the Associated Gas & Electric Co.
It was brought out at these hearings that the Associated Gas & Electric
System had purchased the Rochester Central Power Corp. from Messrs.
Phillips and Olmstead, (which they controlled) but that these individuals.
in selling the Rochester Central had insisted that, as a part of the transaction
their interests in the several traction and other properties had also to be
purchased.
As you are aware, the Associated Gas & Electric Securities Co.. under
date of Oct. 26 1929, over the signature of H. C. Hopson, Pres., addressed
a circular letter to Schenectady Railway 1st mtge.5% bondholders offering
to exchange the bonds, at 25% of their face value, for securities of the
Associated Gas & Electric System. This notice spoke very disparagingly
of the street railway industry generally
A condensed income account for the year 1929 compared with 1928
shows a marked improvement for the year 1929 over 1928. This betterment was largely brought about by an increase in rates, which became effective August 18, 1928, and increased fares on City lines from 7c. to 10c.
or 3 tickets for 25c. The 1929 earnings were more than sufficient to cover
interest and other underlying charges in full by a margin of about $70,000.
Income Account, Years 1929 and 1928.
1929.
1928.
Railway operating revenues
$1,709,588 $1,623.315
Railway operating expenses
1,410,344
1,437,895
$337,652
112.055
15,489
3,869
25.243
550
Pacific Northwest
Calendar YearsGross earnings
Operating expenses
Taxes
Interest
Bridge rentals. &ft
Depreciation
[Vol,. 130.
$3,426.285
990.972
322.686
$2,112.626
-Officers.
Southern Cities Public Serivce Corp.
The directors have appointed the following officers: Albert E. Peirce,
President; W. H. Wildes, Executive Vice-President: R. C. Hoffman Jr.,
D. C. McClure, G. R. Horning and W. B. Brady, Vice-Presidents: W. S.
McCollough, Vice-President and Treasurer: W. M. McFarland, Secretary.
Heretofore Mr. McCollough has held only the title of Treasurer.
This company is a subsidiary of the Central Public Service Corp.
-V.
130, p. 2963.
Southern Natural Gas Corp.
-Debentures Offered.
G. L. Ohrstrom & Co., Inc., New York are offering $11,500,000 6% convertible sinking fund gold debentures 9eries of
1944 at 97 and int. to yield 6.33%.
Dated April 1 1930 due April 1 1944. Int.(A & 0)payable at offices of
G. L. Ohrstrom & Co. in N. Y. City and Chicago. Denoms. $1,000 and
$500 c5 Red. all or part, at any time, upon 60 days' notice at following
.
prices and int. To and incl. April 1 1932, at 105 thereafter, to and incl.
April 11935,at 104 thereafter,to and incl. April 1 1938 at 103 with successive reductions of ji of 1% during each full year thereafter to maturity.
Interest payable without deduetion for normal Federal income tax not in
excess of 2,ji% per annum, which the corporation may be reqiured or permitted to pay at the source. Refund of certain Penn., Conn., Calif. and
Minn. taxes not exceeding 4 mills. Maryland tax not exceeding 4ji mills.
Nebraska, Virginia and District of Coiumbia taxes not exceeding 5 mills.
Mich. exemption tax not exceeding 5 mills, Iowa tax not exceeding 6
mills, and Mass, tax measured by income not exceeding 6% to resident
holders upon written application within 60 days after payment. Chase
National Bank of the City of New York, trustee.
Convertible.
-Convertible up to and including Jan. 1 1940 into common
stock at following rates for each 31,000 of debentures: 45 shares to and incl.
Jan. 1 193:3 40 shares thereafter, to and incl. Jan. 1 1934 35 shares thereafter, to and incl. Jan. 1 1935 30 shares thereafter, to and incl. Jan. 1
1937 and 20 shares thereafter, to and incl. Jan. 1 1940. Adjustment in
cash will be made of accrued interest and accrued dividends.
Data from Letter of J. H. White, Pres. of the Corporation.
Business and Territory.
-Corporation owns and operates an interstate
natural gas transmission system recently completed and extending from
the Monroe and Richland gas fields in Louisiana through Mississippi and
the Birmingham district of Alabama, to Atlanta, Ga. The syetem now in
operation comprises approximately 871 miles of pipe line and is one of the
most extansive high pressure natural gas transmission systems ever constructed!' The main line is 462 miles in length, of which 286 miles are
22 inches and 176 miles are 20 inches in diameter, and She branch lines
serving adjacent territory aggregate approximately 409 miles and vary from
18 to 3 inches in diameter.
MAY
17 1930.]
3541
FINANCIAL CHRONICLE
The corporation is now supplying, under favorable long-term contracts
with distribution companies, natural gas for both domestic and industrial
purposes to some of the most important cities in the Southeast, including:
Atlanta and Rome, Ga., Birmingham, Bessemer, Gadsden, Anniston and
Tuscaloosa, Ala., 'Vicksburg and Columbus, Miss.
In addition, the corporation is now extending its system through the construction of high pressure lines, varying from 18 to 4 inches in diameter and
aggregating approximately 797 miles in length, to supply, under favorable
long-term contracts with distribution companies, the entire domestic and
Industrial natural gas requirements of certain other cities, including Mobile,
Selma and Montgomery, Ala. Griffin and Macon, Ga., and Jackson,
Hattiesburg and Meridian, Miss. Line to Meridian was scheduled for
completion about May 15 1930 and the other additional lines are expected
to be in operation about Oct. 1 1930 in ample time to permit the corporation
to furnish the anticipated requirements of these communities for house
heating during the coming winter.
The territory available to the system now in operation has an estimated
population of approximately 820,000, and the completion of the additional
branch lines above-mentioned will extend this territory very materially,
with the result that on or about Oct. 1 1930the corporation expects to supply
natural gas for both domestic and industrial consumption to a territory
having a population estimated at approximately 1,350,000.
It is the policy of the corporation to distribute natural gas through
affiliated companies in the territory served and to be served, and pursuant
to this policy more than $1,750,000 of the proceeds from the securities comprised in the corporation's financial program will be used by such affiliated
companies in the construction and (or) acquisition of their distribution
systems.
-The corporation secures its natural gas requirements from
Gas Supply.
the leading producers in the Monroe and Richland fields, under favorable
contracts extending beyond the maturity date of these debentures. These
producers together control all but a small part of the proven gas acreage in
each of the two fields, which fields comprise one of the most extensive
known reserves of natural gas in the country.
Based on proven territory alone, independent geologists have estimated
the gas reserves in these fields at approximately 3,377.000.000,000 cubic feet.
While certain other pipe lines and local plants drawing gas from such fields
enjoy certain priorities as to supply over the requirements of the corporation,
the geologists are of the opinion that the reserves above-mentioned are
sufficient to meet the aggregate estimated requirements above described,
including the requirements of the corporation, for a period extending
beyond the maturity of these debentures.
Capitalization.
-The capitalization of the corporation upon the issuanc
of these debentures and of the 59,500.000 1st mtge. bonds, series B of 1944
and of the 62,000 shares of cumulative second preference stock, $7 convertible series, mentioned below, all of which Tri-Utilities Corp. has contracted to purchase, will be as follows:
Outstanding.
Authorized.
1st mtge. bonds:6% series of1944$13,000.000
6% series B of 1944
9,500,000
Debentures:Series of 1944 (this issue)11,500,000
Cum.pref.stock (no par)
a50,000 she.
y200,1100 shs.
Cum.2d preference stock (no par)
100,000 she.
62,000 she.
$7 convertible series
Common stock (no pap
680,000 she.
z3.000,000 she.
series. x Limited by restrictions contained in the mortgage,and to be
a $7
contained in the debenture indenture,respectively. y62,000sharesreserved
for conversion of cumulative 2nd preference stock, $7 convertible series.
z 1,893,500 shares are reserved as follows: 580.000 shares for stock purchase
privileges of 1st mortgage bonds, 300,000 shares for options, and 1,013,500
shares for conversion of debentures and cumulative 2nd preference stock,
$7 convertible series.
Estimated Earnings.
-Based largely upon contracts now in force, it is
estimated that under normal business conditions gross operating revenues
to be derived from the corporation's system, including extensions now and
presently to be under construction, will be in excess of $6,720,000 for the
12 months' period beginning Oct. 1 1930, and in excess of $8,775.000 for
the 12 months period beginning Oct. 1 1931. After deducting therefrom
operating expenses, maintenance and taxes other than Federal income tax
It is estimated that net earnings for the two periods above mentioned will
be in excess of $4,122,000 and $5,401,000 respectively. After deducting
maximum annual interest requirements on 1st mortgage bonds now and
presently to be outstanding, the balance available during these periods for
interest on these debentures is estimated to be in excess of $2,772,000 and
44,051,000 respectively. Such balance for the 12 months' period beginning
Oct. 1 1930 is over 4.times annualinterest requirements on these debentures,
and for the 12 months' period beginning Oct. 1 1931 IS over 5.8 times such
annual interest requirements. The earnings for the latter period are based
upon the assumption that additional compressor units and other equipment
estimated to cost not exceeding $1,760,000 will be installed to meet increased
demand. The corporation contemplates the issuance of additionalsecurities
to provide the cost of such installation.
These estimates are made by independent engineers as to property now
in operation, comprising the initial system and certain extensions thereto
heretofore completed and representing an investment of $23,102,000,
and as to branch lines now and presently to be under construction at an
estimated cost of $5,418,000. These properties contribute approximately
74% of the estimated net earnings as shown above. As to the balance of
the property, construction of which is to be presently undertaken at an
estimated cost of $9,428,000 and which contributes approximately 26%
of the estimated net earnings as shown above, such estimates are made by
engineers for the corporation.
Sinking Fund.
-Indenture will provide for semi-annual payments to a
sinking fund, commencing April 1 1932, such payments to be contingent
upon earnings of the corporation, as such earnings are to be defined in the
indenture and for periods to be specified therein. Any cash so paid will
be used to retire debentures by purchase at not exceeding the then current
redemption price, or, if not so obtainable, by redemption. Corporation
is to have the right to deliver debentures taken at principal amount in lieu
of cash payments to the sinking fund. If any other series of debentures
shall herafter be created, such sinking fund may be used in the retirement
of debentures of any such other series, but at least 50% of each of such
sinking fund payments must be used in the retirement of debentures of
this series. In the event of the conversion of debentures of this and (or)
any such other series, and (or) of the creation with respect to any such
other series of any sinking fund providing for payments not contingent upon
earnings, the corporation will be entitled to certain credits against the
sinking fund, as to be set forth in the indenture.
It is estimated that these sinking fund payments will be sufficient to
retire at least $11,500,000 in principal amount of debentures of this and (or
any other series before April 1 1944.
Purpose.
-Securities comprised in the present financing and (or) the proceeds from the sale thereof will be used for extensions now and presently
to be under construction by the corporation or affiliated companies, to
retire outstanding unsecured funded and unfunded indebtedness,for working
capital and (or) construction of additional facilities and for other corporate
purposes.
Management.
-A majority of the common stock is and upon completion
of present financing will be owned by Tr -Utilities Corp.
-V. 130, p. 3161.
Stamford & Western Gas Co.
-Tenders.
The New Jersey National Bank & Trust Co., 790 Broad St., Newark,N.
J., will until May 20 receive bids for the sale to it of let (closed) mtge.
7% sinking fund gold bonds, dated April 1 1928, to an amount sufficient to
exhaust $24,000 at prices not exceeding 103 and int.-V. 130, p. 2964.
Syracuse Lighting Co., Inc.
-Tenders.
The Equitable Trust Co.,trustee. 15 Broad St. N.Y.City, until May 12
were to receive bids for the sale to it of 1st & ref. mtge. gold bonds, 5y4%
series, due Feb. 1 1954, to an amount sufficient to exhaust $33,212, at
Prices not exceeding 106 and int.
1928.
Calendar Years1929.
1927.
$8,667,201 $7,890,041 $7,072,141
Gross earnings
5.771,279
5.085,814
x Operating expenses and taxes
4,507.930
Comparative Balance Sheet Dec. 31.
1929.
1928.
1929.
$
$
Assets31,186,459 29,366,501 Corn, stk.(no par) 5,023,751
Fixed capital
65,718 Preferred stock
83,434
Cash
927,029 8% cumulative_ 2,000,000
Accts. receivable 1,087,992
3,907 7% cumulative..
16,264
Prepayments
768,303 634% cumul___ 2,000,000
778,367
Mat'l & supplies
101,277 6% cumulative_ 4,000,000
Inv. dr spec. depos. 104,966
11,680,000
Funded debt
Unamortized debt
479,422 Notes & accts. pay 5,791,577
discount & exp_ 458,185
83,829
12,672 Consumers'deem_
8,141
Suspense
Accrued accounts_ 798,271
10,080
Sund. def. credits_
418,334
Reserves
Res, for retirem't_ 765,926
1,152,042
Tot.(each side)_33,723,810 31,724,830 Surnius
-V. 128. P• 1556
.
1928.
5,023,751
2,000,000
1,000,000
2,000,000
4,000,000
11,711,500
3,043,012
91,206
444,173
22,097
1,408,719
980,369
--Tenders.
Terre Haute Traction & Light Co.
The State Street Trust Co., trustee, Boston, Mass., will until May 20
receive bids for the sale to it of 1st consol. mtge. 5% gold bonds, dated
May 1 1904, to an amount sufficient to exhaust $42,634.-V. 130, p. 1459.
-First Unit of New Line Completed.
Texas Gas Utilities Co.
Word was received this week of the completion of the first mile of the
new 1034 inch high-pressure pipe-line of this company, a subsidiary of the
Appalachian Gas Corp. The line, when completed, will connect the natural
gas wells in the Chittin fields of Maverick County. Texas, with the new
electric generating plant of Central Power & Light Co., located on Devil's
River. Present schedules call for the completion of the line by July 1.V. 129. p. 2392.
-Rights.
Twin States Natural Gas Co.
The directors on May 12 authorized the issuance of 40,000 additional
shares of no par common stock to be offered to holders of participating
class A stock at $5 per share on the basis of two shares of common for each
five shares of class A stock held of record on May 27 1930. The proceeds
will be used in development and expansion of the company's business and
-V. 130, p. 2392.
for other corporate purposes.
-Offers To Acquire 25% of Columbia Gas &
United Corp.
-The United Corp. has offered
Electric Corp. Common Stock.
to acquire a block of approximately 25% of common stock
of the Columbia Gas & Electric Corp. on the basis of 1-3 of
a share of 163 preference stock, bearing cumulative dividends
from July 1 1930 and 1 M shares of common stock of the
United Corp.for each share of common stock of Columbia
Gas & Electric Corp., ex the special dividend in voting trust
certificates representing shares of common stock of Columbia
Oil & Gasoline Corp. which has been declared payable to
stockholders of record May 24 1930.
The United Corp. states that if the plan is consummated it intends to
pay a dividend of 50 cents a share on its common stock on October 1930.
This, with the regular dividend on the preference stock payable Oct. 1
1930, will mean that there will be paid in the second half of this year on
each unit of United Corp. stock an aggregate of $1, which is equivalent
to the $1 dividends payabje on each share of Columbia Gas & Electric
Corp. stock during the same period.
The United Corp. further announces that if the plan is consummated, it
intends to inaugurate dividends on its common stock, beginning next year,
at the rate of 75 cents per share per annum, at which rate the aggregate
dividends on the above units of its stock will be equivalent to 52.1234 per
share of Columbia Gas & Electric Corp. common stock.
The board of 'directors of the Columbia Gas & Electric Corp. approved
the acquisition by the United Corp. of this block of stock and, in order to
facilitate the same, a deposit agreement is in process of preparation whereby
stockholders of the Columbia Gas & Electric Corp. desiring to participate
may deposit their Columbia Gas & Electric Corp. stock with J. P. Morgan
& Co., as depositary, on or before June 10 1930. The committee who will
represent the stockholders will accept deposits of not exceeding approximately 25% of the shares of common stock of Columbia Gas & Electric
Corp. now outstanding. Each depositing stockholder will receive a transferable deposit receipt of J. P. Morgan & Co. On the consummation of the
neco's'sary steps each depositing stockholder will receive shortly after July
1 1930, shares of preference and common stock of United Corp. on the
basis as above set forth.
It is expected that the close association of the United Corp. with Columbia
Gas & Electric Corp., as a result of this acquisition of stock, will facilitate
the making available of company's large natural gas resources to the large
industrial and domestic markets along the eastern seaboard.
United Corp. proposes, upon the consummation of the plan, to elect
Philip G. Gossler a member of its board.
Tenders of U. G. L. Stock Made.
President George H. Howard, announces that under the offer of May 1
1930,tenders have been received 011,425,000 shares of common stock of the
United Gas Improvement Co. to be exchanged for common shares of
the United Corp. on a share for share basis and that application has been
made to the New York Stock Exchange for authority to list a like number
of common shares of the United Corp. required to effect this exchange.
V. 130, p. 3162.
-Statement Issued.
United Traction Co. (of Albany).
The protective committee for the consol. mtge. 434% bonds due 2004
(Harold K. Downing, Chairman) has issued a statement to holders of the
bonds, which says:
The committee is pleased to be able to hand you herewith, official printed
opinion of the Public Service Commission of the State of New York in the
matter of its proceeding inquiring into the ownership, transfer and assignment of the capital stock of the United Traction Co.
This opinion sets forth in detail the activities of interests identified
with the Associated Gas & Electric Co. and should be of considerable
Interest to all bomisholders. Attention is particularly directed to that
part of the opinion describing the manner in which the properties were
acquired. Under Section 10 of the "Findings" the Commission states:
"Tenth: That after the purchasing or acquiring of said capital stock
of United Traction Co. by the said Associated Gas & Electric Co., as
aforesaid, contracts were made by the said United Traction Co. with certain corporations, subsidiaries owned and controlled by Associated Gas &
Electric Co., which said contracts were put in effect and because of the
effect of such contracts, and because of a change in making accruals for
depreciation, and by direction of officials of said subsidary companies,
the books of the United Traction Co. were changed and rewritten so as to
reflect an increase in operating expenses for the year 1929, aggregating
approximately $250,000."
A condensed income account covering the year of 1929 compared with
1928 shows that irrespective of the heavy additional charges to operating
expenses as outlined above, the 1929 earnings after all operating expenses
and taxes were reported at $270,532. Adjusting this figure to eliminate
the $250.000 additional charges, referred to, would indicate earnings for
the year of approximately $520,000 or substantially ;pore than total underlying fixed charges, including all bond interest and fents, of $370.555.
This committee is following the situation very closely and hopes to be
able to report actual progress toward a solution of the problem in the not
far distant future.
Consolidated Income Account for Years 1929 and 1928.
1928.
1929.
52.564,700 $2.655,840
Total operating revenues
2.531.813
2,312.818
Total operating expenses and taxes
Operating income
Non-operating income
$251,882
18,650
$124,027
15,697
Gross income
-Rents
Deductions
Interest on funded debt
Interest on unfunded debt
Other deductions
$270,532
63,481
307,075
237,466
1,550
$139.724
64,430
310,656
396,649
2,868
81.480,053 51.484,034 51.369.029
Balance
x Includes credit to reserve for depreciation, 5422.000 in 1929; 5377,000
Deficit$336.040
in 1928 and $37,200 in 1927.
-V.130. p. 2209.
$634,879
Net earnings
Income deductions
$2,895,921 $2.804,227 $2,564,211
845,020
720,386
737.382
Balance
Preferred dividends
52.050,901 $2.083.841 $1,826.828
570,848
599,807
457,800
3542
Utilities Power & Light Corp.
-1929 Output, etc.
The corporation reports for 1929 aggregate production of 15,813,199,000
cubic feet of natural gas, an increase of 4,856,387,000 cubic feet, or 44%.
over the 10.956,812,000 produced in 1928. Manufactured gas output by
the corporation in 1929 was 11,823,593,000 cubic feet, a gain of 32% over
the 8,963.024,000 cubic feet produced in 1928.
New Unit for Subsidiary.
-Officials of this corporation have announced
plans for the construction of a 12,500 k.w, power unit addition to the Dubuque, Ia., plant of the Interstate Power Co., one of its subsidiaries. The
Interstate Power and its subsidiaries now furnish electric light and power to
374 communities in Iowa, Minnesota, Wisconsin, North and South Dakota,
Nebraska. Oklahoma and Illinois, serving a population of about 400,000.
The present plant at Dubuque produces 15,000 k.w. and the additional
unit will enable the company to materially expand its service in the Iowa
district. Plans call for the completion of the new power unit within. one
year.
-V. 130. p. 3162, 3153. 2964, 2772.
Western Union Telegraph Co.
-Plans Expenditures.
Plans of this company to spend $45.000,000 for landline construction,
Improvements and other plant expenditures this year are announced by
President Newcomb Carlton. This year's program, he pointed out, calls
for one of the largest expenditures for physical improvements in the history
of the company, exceecting 1929, in spite of the fact that the greater portion
of the cost of the largest telegraph building in the world, now near completion on the block bounded by Hudson, Worth and Thomas Streets and West
Broadway, N. Y. City, was charged to last year's building program. The
cost of the new building, which is considerably larger than the )Voolworth
Building, will be about$13,500,000,of which the structure without operating
equipment required about $10,500,000. Inclusion of the greater part of
this expense in the 1929 figure swelled last year's total. Line construction
and replacement, including pole lines, conduits, land cables and wires alone
will cost $14,500,000. Addition of 13,000 miles of new wire this year. to
the company's 1,896,424 miles of land line wire, will still further advantage
the senders of telegrams.
Expenditures for similar purposes in 1929 totaled $44,793,000. The
figure has grown year by year,in line with the Western Union policy to add
every facility which will bring about faster and better service to the public,
even at great cost, in the belief that business will follow service.
One of the programs being pressed to completion this year is the installation of 10.000 high-speed tickers throughout the United States. Another
Is the installation of 10,000 Simplex printers and affiliated central office
equipment including 100
-wire concentration units for terminal switching.
The automatic telegraph apparatus, known as multiplex and Simplex
printers, has been installed to such an extent throughout the country, that
more than 80% of Western Union's 200.000,000 telegrams annually are
handled automatically. The development of the 100
-wire concentration
unit was for the purpose of expediting terminal handlings of the growing
volume of messages over direct wires to customers' offices equipped with
Simplex printers.
Another development this year is the addition of many miles to the
nationwide network of land lines over which Western Union hanclles 85%
of the nation's telegraph business. The company has a system of direct
trunk lines connecting cities throughout the country, and the time savings
of direct transmission, added to those of faster terminal handlings with
the latest inventions of Western Union engineers, give a speed not only
unsurpassed, but also considered unattainable in the past.
-V.130, p. 2964
West Texas Utilities Co.
--Acquires Plant.
-
The citizens of Stratford, Tex., by a majority of nearly 4 to 1, have
indorsed the actions of the City Council of that town in accepting the bid
of the company for the purchase of the municipally owned lighkand water
plant. Rates and service of the company were given by civic leaders as
reasons for the sale.
-V. 130, p. 2773.
INDUSTRIAL AND MISCELLANEOUS.
Price of Copper Advanced.
-The price of copper was advanced 30 points
to 15.05 cents a pound May 12. N.Y."Sun" May 12. page 35.
Price of Lead Advanced -American Smelting & Refining Co. has advanced
the price of lead 10 points to 5.80 cents a pound. "Wall St.News"May 13.
Sears-Roebuck Prices Reduced.
-Mid-Summer sales catalog contains
average cut of over 10%."Wall Street Journal" May 15. page 8.
Low-Rate Taxis Win in Appellate Court.
-Writ ordering Police Commissioner Whalen to license 15
-cent-a-mile meters is upheld without opinion.
New York "Times" May 10, page 21.
Matters Covered in the "Chronicle" of May 10.-(a) Trend of business as
'viewed by Continental Illinois Bank & Trust Co. of Chicago-Price Trend
may continue downward 1930-1934, page 3255. (b) Further decline in
New York State factory employment, page 3259. (c) Copper sells at 12c.
Price off 6 cents since April 15, page 3266. (d) Reported loan of $125.000,000 to Japan-J. P. Morgan & Co., National City and First National
Underwriters to $71.000,000, page 3273. (e) Offereing of $71,581.000 6%
bonds of Republic of Uruguay-Issue reported sold. page 3274. (f) Bank
shares Corp. of the United States, New York in receivership. page 3283.
(g) 34,930.80 shares of stock of Chase National Bank of New 'York to be
auctioned May 20, page 3296.
Acushnet Mills Corp.
-Liquidating Dividend.
-
The directors have declared a liquidating dividend of $30 a share,
payable June 1 to holders of record May 15.-V. 129. p. 3328.
Addressograph International Corp.
-Earnings.
-
Quarter Ended March 31Net income after charges
Earnings per share on 520,000 shares capital stock
-V. 129, p. 3697.
1930.
$461.237
$0.88
1929.
$378,507
$0.72
Ajax Rubber Co., Inc.
-Earnings.
Calendar Years1929.
Gross sales (less returns)I
Not
Cost of sales, selling and
Availgeneral expenses
able.
1928.
1927.
1926.
Not
}$15,175,846 $22,036.198
Avail
able.
16.481.388 20,990,225
Gross loss
81,534.330
Miscellaneous income__ _
127,235
$671,498 81.305.542 sr$1,045,974
111.816
137,286
159,530
Total loss
81,407.096
Depreciation, int., &c..816.224
Extraordinary adjust244.928
$559,683 $1,168,257sr$1,205,504
692.613
822,441
692.872
811.673
805.439
Net loss
$2,468,248 $2.063,970 $1,990,698
$292.808
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
Assets$
Liabilities
$
Land,bides., atc_ _ 2,905,407 25,022,389 Capital stock and
Land & bidgs., for
surplus
5,895.112 69,167,825
employees
837,471
1st mtge. bonds_
1,517,000 1,789,000
Pats. ac good-will_ 2,184,875 2,184.875 Res. for coating- - 100,000
Due from still. cos.
12,967 Mortgages payaole
4,685
Mtge. receivable._
6,500
4,293 Accounts payable_ 362,087
513,742
Cash
180,292
47,941
886,579 Accepts. Payable
208,203
Accts. & notes rec. 942,870 1,339,356 8%con.prom.notes 500,000
500,000
Inventories
2,190,829 2,887,912 Notes payable_ _ 1,193,000
184,417
Deferred charges_ - 192,581
242,835 Accrued liabilities
Total
9,419,825 12,381,187
9,419,825 12,381,187
Total
a After deducting $2.649,547 reserve for depreciation. b Represented
by 880,330 shares of no par value.
-V. 129, p. 1741.
-Earnings.
Allied Motor Industries, Inc.(& Subs.).
Calendar YearsGross operating income
Sell. general, & administrative expenses
1929.
$687,329
527,077
1928.
$574,952
435,048
Net operating income
Additions to income (net)
$160,252
104,461
$139,904
7,302
Total income
Deductions
Prov. for Federal taxes (est.)
$264.713
28.813
26,500
$147,208
53,182
8.156
Net earnings
-V.130. p. 1830.
$211,600
$85,867
[VOL. 130.
FINANCIAL CHRONICLE
Albany Perforated Wrapping Paper Co.
-Earnings.
Period End. Mar. 31- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Gross sales
$1,143,091 $1,105,599 $3.243,608 $3,158,364
Cost ofsales
2,104,723
725,529
2,099,997
773,262
Gross profit
Other income
$369,829
1,076
$380,069 $1,143,611 $1,053,641
4,556
2,408
1,051
Total earnings
Provision for deprec_ _ -Gen. administ. expense-
$370,905
15,343
239.417
$381,121 $1,146,017 $1.058,197
39,046
44,555
13,840
665,749
699,045
221.173
Net profit before int.
dive. & Federal taxes
(Albany Co.)
Net prof.(Canadian Co.)
$116,146
13.599
$146,108
$402,417
26,193
$353,402
loss56.935
Total profit
Interest on funded debtInt. on unfunded debt--
8129,745
45,000
9,714
$146,108
44,506
8,931
$428,610
135,000
30,650
$296,488
134,506
13,039
$75.030
892.671
$262.960
$148,923
80.48
$0.59
$1.69
$0.95
Available for Federal
taxes & corn. divs- Earns.per sh.00 156,000
shs. corn. stk. (no Par)
-V.130, p.800.
Allis-Chalmers Mfg. Co.
-Group Insurance Plan.
-
Gen. Otto H. Falk, President, on May 12th, announced to employees a
group insurance plan for about 10,000 employees of the company. This is
said to be the largest life insurance contract ever written in Wisconsin.
involving a total of approximately $20,000,000, and was underwritten by
the Metropolitan Life Insurance Co.
Under this plan the general employees who have been with the company
at least three months will each participate in $2,000 of group life Insurance.
Payable for death from any cause whatsoever. Employees will also have
a total and permanent disability privilege, payable monthly for five years.
Supervisory employees will receive larger units of insurance, depending
upon their positions with the company.
-V. 130. P. 3355.
-Tenders.
Aluminum, Ltd.
The Union Trust Co. of Pittsburgh, Pa., trustee, will until May 21 receive bids for the sale to it of 5% s. f. debenture gold bonds, to an amount
sufficient to exhaust $300,000,at prices not exceeding 105 and int.
Earnings for Pear Ended Dec. 31 1929.
Gross earnings after deducting all expenses incident to operations_$4.208.059
Reserves for depreciation & depletion
1,593.623
Reserves for income taxes
235,415
Net income for year
Surplus Jan. 1 1929
$2,379.020
308,143
Surplus, Dec.31 1929
-V.127, p. 547.
82.687,163
-Notes Sold.:
American Austin Car Co., Inc.
Bulkley, Valiance 86 Co., New York, have sold at 100 and
int. $1,000,000 3
-year 7% convertible sinking fund gold
notes (with common stock warrants).
Dated May 1 1930' due.May 1 1933. Authorized $2,000,000; to be
presently outstanding $1,000.000 with the right on the part of the company
to issue the remainder at any time. Int. payable M.& N. at office of the
trustee, without deduction for Federal Normal income tax not in excess
of 2%. Denom. $1.000 and $500c5 Red. all or part at any time on 30
days' notice on or before May 1 1931, at 101 and int., thereafter and on or
'
before May 1 1932. at 1005i and int. and thereafter and prior to maturity
at 100 and int. Peoples-Pittsburgh Trust Co., trustee. Penn. 4 mills
tax refunded.
Warrants.
-Each note will carry a non-detachable warrant entitling the
holder to receive, without cost, on May 1 1931, or on prior redemption or
conversion of notes,shares of corn.stock of the company in ratio of 10shares
of corn, stock to each $1,000 of notes.
Convertible.
-Each $1,000 note convertible during first year into 125
shares of corn. stock, during second year into 100 shares of com, stock
and during third year into 80 shares of corn,stock. Each $500 note convertible on a proportionate basis.
Outstanding.
Authorized.
Capitlaization.
$1,000,000
3
-year 77 convertible sinking fund notes_ _ _$2,000,000
1,000,000 shs. 291,1255115.
Common stock (no par value)
Note.
-135,000 shares of cont, stock are being reserved for conversion
of these notes, and exercise of attached warrants and there are outstanding
options on 207,520 shares of com. stock. There is outstanding a purchase
money mortgage on the plant of $150.000.
Data from Letter of A. J. Brandt. President of the Company.
Business.
-Company organized in Delaware in February, 1929, is engaged in the manufacture in the United States of the well-known British
motor car, the 'Austin Seven. The "Austin Seven is the largest selling
automobile in the British Isles and independent companies are in successful
operation in France and German. The car has had a remarkzble record of
Performance, having won more than 200 contests for speed, hill climbing,
endurance and economy. It can be operated at the rate of more than 40
miles per gallon of gasoline. The car will be sold at a list price of less than
$450.
The American Austin was exhibited to dealers at New York and Chicago
during the National Automobile Shows in January, 1930. It was accorded
what is believed to be the greatest dealer acceptance ever given to any
new car in the history of the industry. A strong distributor organization
has been developed in the United States and Canada and contracts for the
sale of more than 151,00Q cars have already been approved.
-Company's plant at Butler, Pa., has
Property and Financial Position.
been completely equipped with modern machinery and other facilities for
the quantity production of automobiles. Manufacturing has already been
started and shipment of cars to distributors is scheduled to begin May 20.
Balance sheet as of March 31 1930,adjusted to the issuance of 81,000,000
of these notes and the application of the proceeds thereof,shows net tangible
assets of $3,424,317, equivalent to $3,424 per $1,000 note. Current assets
after deducting all liabilities other than these notes were $1,858,843, or
81,858 per $1,000 note.
Sinking Fund.
-Company covenants to pay to the trustee annually in
cash or notes an amount equal to 1% of gross sales in the preceding calendar
year,said cash to be used for the retirement of these notes through purchase
In open market or redemption by lot.
Purpose.
-proceeds will be used to provide additional working capital to
Increase production beyond the schedules originally contemplated, in order
to supply the demand for the product.
Listing.
-Company has agreed to make application to list these notes on
the Pittsburgh Stock Exchange.
Balance Sheet March 31 1930.
AssetsLiabilities
Cash in banks dr on hand__ _ $2,278,688 Accts. payable-trade
$250,584
Advances to salesmen
2,700 Est. exp. in connection with
22,971
Inventory (at cost)
this issue
15,000
Fixed assets
a$936,037 Distributors' deposits
8,750
Machinery
236,877 Accrued salaries & wages_ _ __
14,431
Tools, Patterns ctc
388,403 Accrued interest
750
Furniture and fixtures
6,157 Mortgage payable (1934)____
150,000
Licenses, rights, dm
212,203 7% cony. notes
1,000,000
Deferred charges
215,918 Capital stock (291,125 shs.)_ 2,897,825
Expenses prior to operations
88,329 Revaluation surplus
223,141
Total
84,366,261
Total
$4,866,261
[After giving effect to issuance of $1,000,000 notes with common stock
warrants, for $970,000 cash.]
a After deducting depreciation of $225,631.-V. 130. P. 1117.
Amerada Corp.
-Completes New Well.
-
Following the completion of Grounds Well No. 2, flowing at a rate of
more than 14,000 barrels daily, this corporation and the Dixie Oil Co.
have completed Grounds No. 1 well in the South Earlsboro field of Oklahoma, which is also producing at an estimated initial rate of 14,000 barrels
MAY
171930.1
FINANCIAL CHRONICLE
daily. Another well
-Gross No. 3
-in the Wildcat area, between the
South Earlsboro and Seminole fields, also has been brought in by Amerada
and Dixie and local companies, swabbing 20 barrels an hour from Wilcox
American Glue Co.
-Earnings.
-
sand.
-V. 130, p. 3355.
American Basic-Business Shares Corp.
-Fixed Trust
Oil Shares Formed as New Investment Trust-Shares Offered.
-
Announcement is made by American Basic-Business Shares Corp.
new fixed investment trust to be known as "Fixed Trust Oil Shares."of a
In
3543
Calendar YearsNet after all expenses-- Dividends received
Int.on notes rec., &c..- -
1929.
$878,126
77.981
20,922
1928.
$797.176
81,256
24,471
1927.
$479,822
207,912
21.233
1926.
$705,529.
263.587
17,300
Total income
Depreciation
Int. Sr disct. on notes
payable. debs., &c__ Fed.inc.& profit taxes
$977,029
286,051
$902,903
279,402
$708,968
276.830
$986,416
290.397
order to obtain a true cross-section of the entire oil industry the portfolio
239,082
267.566
268.817
317,819
consists of leading independent as well as leading Standard 011 companies.
47,225
43,000
16.000
32.000
This new trust differs in its plan of operation from other fixed investment Res.for contingencies-. _
36,000
60,022
trusts through its method of periodically liquidating market appreciation
Net income
of the group investment. This provision preserves the original balanced
$368,671
$252.913
$147,320
$346,199
Preferred diva.(8%)-- diversification of the portfolio.
100.000
110.632
110,632
110,480
The American Basic Business Shares Corp. is a poineer in the field of
Balance, surplus
fixed trusts, having originated Fixed Trust Shares and Basic Industry
$268,671
$142,281
$36.688
$235,719
Previoussurplus
Shares. It is closely affiliated with the American Depositor Corp., which
1,649.613 2.042.787 2,116,958
1,432,879
Adjustment
sponsors Corporate Trust Shares.
Dr.6,104 Dr.535.456 Dr.110.859 0%448,360
,
Wholesale syndication of Fixed Trust Oil Shares is being carried out by
Profit & loss surplus- - $1,912,180 $1.649.613 $2.042,788 $2,116,959'
Ross Beason & Co., Inc., of New York City, Los Angeles and Salt Lake
City, and by Smith Burris & Co. of Chicago.
Shs. corn. stk. out. (par
-V. 130, p. 3355.
$100)Earned per share
-V.128, p. 1908.
American Colortype Co: (8t Subs.).
-Earnings.
Earnings for Year Ended Dec. 31 1929.
Gross income
Interest on debenture bonds & amort. of bond disc. & expense- $1 050 443
116.358
Federalincome tax
76.000
Depreciation on buildings, machinery and equipment
213,842
Balance netincome for year transferred to surplus
$644,243
Preferred dividends
58,384
Common dividends
390.000
Balance, surplus
$196.869
Earns per share on 130,000 shares common stock
$4.50
-V.130; P. 2 83.
5
President Louis II. Seagrave in a letter dated April 30 says in part:
Since the annual report was published there have been changes
affecting
American Founders Corp. in which shareholders will be interested.
United Founders Corp. through the exchange of shares of its
stock for shares of common stock of American Founders Corp. has common
acquired
a total of approximately 77% of the outstanding common stock
corporation. This offer was made by United Founders Corp. on of this
March 4
1930 and was withdrawn at the close of business on March 28 1930.
American Founders Corp. now has outstanding 8.608,883 common
which approximately 6,648,000 are owned by United Founders shares, of
leaves a balance of approximately 2,000,000 shares publicly Corp. This
owned.
On April 11 1930 there were 19,476 shareholders of American
common stock. This compares with 36,016 shareholders on Jan. Founders
decrease of 16,540. Due to the offer of exchange, over 3,300000 11930, a
additional
shares, or about 40% of the total stock issued, has been acquired by
united
Founders Corp. It is apparent that a great many shareholders have retained some of their holdings in American Founders Corp.
The ownership by more than 19,000 shareholders of more than
22% of
the outstanding stock, amounting to 2,000,000 shares, represents a
high
degree of public ownership and interest.
American Founders Corp. is now well represented on the board of United
Founders Corp. through the selection of 7 additional directors by that
corporation. This has made the two boards virtually identical.
A proposal that in the interest of further simplification of the group there
be a merger of International Securities Corp. of America, Second Inter-
43,677
$3.25
43.677
$0.84
43.677
,
$5.40
American Locomotive Co.
-Smaller Dividend.
-The directors have declared a quarterly dividend of $1 per share
on the common stock and the regular quarterly dividend of
$1.75 per share on the pref. stock, both payable June 30
to holders of record June 13. Previously quarterly dividends
of $2 per share were paid on the common stock.
-V. 130,
p. 2211.
American Machine & Foundry Co.
-Earnings.
--
Calendar YearsAmerican Commercial Alcohol Corp.
-Earnings.
Sales
Royalties
Quarter Ended March 311930.
1929.
Net profit after charges and Federal taxes
$175,349
$290,449
Totalrevenue
Earns per share on 389,401 shs. cap.stk.(no Par)-$0.45
$0.74 Mfg. costs & expenses_ _
The consolidated balance sheet at March 311930.shows cash of
$515,527
and total current assts of $3,886,189, against total current liabilities of
Gross profit
$990,491, a ratio of 3.9 to 1.-V. 130. p. 2395.
Interest, &c
Depreciation
American Department Stores Corp.
Federal taxes
-Sales.1930
-April
-1929
Increasel 1930-4 Mos.-1929.
Decrease.
Profit
$957.573
$857,870
$99,703 $2.981,827 $2,963,226
$18.601
The corporation operates 17 retail department stores throughout the Other income
country. -V. 130. P. 3163.
Net profit
dividends_
American Founders Corp.
-United Founders Corp. Now Preferreddividends _ _ _
Common
Owns 77% of Stock-Further Consolidations Considered.
-
43,677
$6.15
1929.
1927.
1928.
1926.
$7,097,754 $5,603,870 $6,948,250 $6.490,398.
229,316
197.064
207,662
153,122
$7.327,070 $5,811,532 $7.145,314 $6,643.520
5.657.140 4.930.534 5.730,160 5,631.393
$1,669.930
122,938
240.089
101,666
$880,998 $1,415,154 $1,012,127
96,125
103.566
140,805
282.590
294,580
248,432
44,343
3,654
42.407
$1.205,237
1.355.494
$438.508
989,654
$994,032
424.937
$2,560.731 81.428.161 $1,418,970
140.000
140,000
140,000
1,388,878
972,622
360.000
$619,236
135,750'
$754,986
70,000
Surplus
$1,031.853
$684.986.
$918,970
$315,539
The net profit for 1929 is equivalent after 7% preferred dividends. to
$12.10 a share earned on 200.000 shares common stock no par and compares
with $6.56 a share earned on 196.348 no par shares in 1928 and $7.10 a
share on 180.000 shares in 1927.-V. 130. p. 2584.
American Piano Co.
-Time Extended.
-
The Irving Trust Co., depositary for certificates of the preferred stock,
has extended the time for the depositing of the preferred stock from April
20 to May 20.-V. 130, p. 3355.
American Republics Corp.
-Acquires Galena Oil Corp.
Stock-Offer to Shareholders.
-See latter company below.
V. 130, p. 2966.
American Rolling Mill Co.
-Merger Negotiations.
-
The directors of this company and the Sheffield Steel Corp. have concluded negotiations for combining the interests of the two concerns. While
officials of the concerns have not announced details under which Armco will
acquire the Sheffield properties, it is known that the merger will be completed through an exchange of common shares of the two organizations.
The combined company will have plants at Middletown, Zanesvitle and
Columbus, Ohio Ashland, Ky. Butler, Pa. Kansas City, Mo., and
Oklahoma City, Okla.
national Securities Corp., United States & British International
Consolidated Earnings of Company and Subsidiaries.
and American & General Securities Corp. (of which AmericanCo., Ltd.,
Corp. secured control through an exchange of stock last year) Founders
The company reports for the quarter ended March 31 1930, net income
has
under consideration. This Is a difficult problem in view of the fact been of $730,405 after depreciation. interest, taxes and preferred dividends.
that equivalent to 51 cents
three of the companies have debentures outstanding under
a share (par $25) on 1,428,623 shares of common.
indentures -V.
whose terms differ somewhat, and that the four have class A and class
130, p. 2016.
B
common stocks with liquidation and dividend provisions which are
not
American Ship Building Co.
uniform. I cannot predict what action will be taken in
-Listing.
It Is receiving study from our accountants and counsel. this matter, but
The New York Stock Exchange has authorized the listing of 147.144
The question has been asked whether, due to the acquisition of
shares common stock (no par) upon official notice of issuance, share for
.
control
by United Founders Corp., there will be any change in the
nature and share, in exchange for shares of present common capital stock (par $100).
functions of American Founders Corp. The answer Is in the
Earnings for the Six Months Ended Dec.
negative;
American Founders Corp. will retain its individual identity
tinue to serve as the investment management organization and will conof the group
of companies.
-V. 130, p. 2584.
American Home Products Corp.
-Earnings.
-
Calendar YearsNet sales
Costs and expenses
Operating income
Other income
Totalincome
Interest. &c
Depreciation
Federal tax
Foreign tax
Net income
Minority intercet
Dividends
Surplus
Previoussurplus
1929.
1928.
$13.644,606 $11,933,584
9.911.208 8,583,006
$3.733,398 $3,350,580
251,003
181.167
$3.984,401 $3,531,747
64,439
112,959
86.016
73.931
326.015
308.726
163,138
115.335
$3.344,793 $2,920,796
4.102
3,661
2.138,450
1.662,350
$1,202,241 $1,254,785
2.700.483
1.532,512
$3,902,724 $2,787,297
Dr.51.314 Dr.86.814
$3.851,410 $2,700,48.3
611.000
599,000
$5.47
$4.87
31 1929.
Gross income from all companies after deducting sales allowances
and manufacturing costs and expenses, exclusive of the operating charges
$769,015.
Administrative and general expense
215.676
Depreciation-plants, equipment, &c
*164,000
State, county and miscellaneous taxes
77.556'
Operating profit
Other income (net)
$311,783.
214,519
Profit before Federal tax
Estimated provision for Federal income tax
$526,30Z
*20,000.
Net profit
Dividends
-On preferred stock
On common stock
$506.302
16,856.
583.866
Balance deficit
$94,420
Earnings per share on 145.054 shares common outstanding, after
deducting dividends on preferred stock
$3.37
Estimated for the six months ended Dec. 31 1929.
*
Consolidated Balance Sheet.
Dee.31'29. June 30'29
Dee. 31'29. June 30'29
AssetsLiabilities$
$
$
$
Cash
727,527
320,005 Accounts payable_
151.641
174.781
Totalsurplus
Call loans and seer.
Accrued taxes__ _ - 152.675
120,028
Adjustments
1,307,432 Accrued Fed. tax..
interest
34.692
32,000
Ctts. of dep. and
Divs. declared __ __ 297,348
303,567
Totalsurplus
accrued interest_ 1,301,444
Reserves
214,922 1,720,055
Shares of capital stock (no par)
U.S.Govt.secure_ 6,983,651 6,983,651 7% pret stock_ _
.
785,600
785,600
Earnings per share
Notes recelvable__ 1,226,212 1.375,800 Common stock _14,714,400 14,714,400
919,585 Earned surplus.... 6.671,817 5,466,480
Cust's accts. rec.... 921,121
Balance Sheet December 31.
583,974
621,756
Inventory
1929.
1928.
308,192
1929.
Ship constr.in pros
1928.
Assets87,854
77.504
Other assets
$
Land,bidga.,iquip.
Capital stock
15,693,939115,453.939 Treas.stk.(at cost) 571,885
264,812
&a
1,117,047 y1,056,422 Mtn. stockholders'
Permanent assets_ 4,975,461 5,644,939
Cash
3,558,816 2,890,338
int. In sub. cos _
5,492,166 5,492,166
485
485 Good-will
U. S. Treas. etre- 1,000.000
500.000 Accounts payable. 412,478
38,856
Tot.(each aide)_23,023,094 23,316,916
378,773 Deferred assets... 114,017
Investments
68.804
142,324 Notespayable_
83,433 -v. 130, p. 2396.
Accts.& notes rec. 1,540,173 1,537,231 Dividend payable_ 427,700
299,500
Inventories
1,203,208 1,236,215 Res. for Federal &
American Ship & Commerce Corp.
-Earnings:
Prepaid expense._
114,740
78,026
States taxes- 531,036
464,342
1929.
1928.
Calendar Years1927.
Good-will, trade1926.
Res. for coating._
190,900
190,900 Total income
$735.272
$628.020
marks
$610.332
12.500,160 12,131,299 Surplus
$409,182
3,851,410 2,700,483 General expenses
100.554
92,198
94.010
169.836
542,992
508,375
21,107,948 19,571,855
Total
473,968
408,946
Total
21,107,947 19,571,855 Interest
x Represented by 611,000 shares no-par value. y After
$493,591 -V.129. p. 3475.
depreciation of
Net profit
-v. 129, p. 1915.
$91,726
$27,448
$42,353 loss$169,600
FINANCIAL CHRONICLE
3544
[VOL. 130.
-To Offer $20,000,American Smelting & Refining Co.
000 of 6%2d Preferred Stock.
Anglo American Corp. of South Africa, Ltd.-Oper.-
American Solvents & Chemical Corp.-Rossville Commercial Alcohol Corp. and General Industrial Alcohol Corp.
To Merge with American Solvents & Chemical Corp.
Anglo Chilean Consolidated Nitrate Corp.(& Subs.).
The following are the results of operations for the month of April 1930:
Total
Tons
Profit.
At a special meeting the directors authorized the sale of $20,000,000 6%
Revenue. Costs.
Milled
2d pref. stock, now in the treasury, at not less than $100 a share. This Brakpan Mines, Ltd
84,500 £134.034 £91,486 £42,M8
stock is callable at $105. The proceeds are to be used for acquisition of new Springs Mines, Ltd
66.000 £139,273 £76,256 £63,017
properties, mines,expansion of business and other corporate uses. A public West Springs, Ltd
£75,102 £58,902 £16,200
65,000
-V.130, P. 2584. 1656. 1642.
offering will be made soon.
-V.IN, p. 3163.
Earnings for 6 Months Ended Dec. 31 1929.
31,420.928
Net operating revenues
485,000
Receipt for patent license
131,347
the merger and reorganization Other income
Arrangements have been completed for
of Rossville Commercial Alcohol Corp. and General Industrial Alcohol
$2,037.275
Corp. by their merger with American Solvents & Chemical Corp.
Total income
949,455
In the reorganization the holders of Rossville Commercial Alcohol $7 Interest on advances. &c
84,283
cony. pref. stock will receive for each share 2 1-3 shares of $3 cum. cony. Taxes
50,095
of American Solvents & Chemical Corp. Holders of the common Amortization of discount on bonds
stock
share 1 1-5 Miscellaneous charges against income
34,387
stock of Roesville Commercial Alcohol will receive for each
1,126.676
shares of American Solvents & Chemical common. Holders of General Interest on funded debt
987,674
Industrial Alcohol stock will receive for each share one share of American Depreciation
54,571
Solvents & Chemical common.
Amortization of patents
49,446
American Solvents & Chemical will assume the debts of Rossville Com- Depletion
of the reorganimercial and General Industrial. After the completion
$1.299.311
zation Rossville Commercial debenbures will be convertible into American
Net loss
10,068,497
Solvents & Chemical common at the rate of 22.4 shares for each $1,000 Previous deficit
principal amount. General Industrial debentures will be convertible into
$11,367,808
such common stock at the rate of 30 shares for $1,000 principal amount.
Final deficit
Upon the completion of the reorganization and merger the capitalization -V. 130, p. 3356.
of the American Solvents & Chemical Corp. will be as follows:
To Be Outstand*g.
Authorized.
-$15,000,000 Bonds Offered.Armstrong Cork Co.
Funded Debt$1,737,000
to the approval of the stockholders, have approved
63i% debentures, 1936
3.096,000 anThe directors subject
-year convertible bonds.
6% debentures. 1949
offering to stockholders of $15.000.000 of 10
2.222,000
% debentures. 1944
President John J. Evans supplied the following information regarding
the purpose of this issue:
*87,055,000
The proceeds from the sale of these bonds will be used for the payment of
Capital Stock
provide for the continuation and completion of a
189,166 shs. existing bank loans, to
500,000 shs.
preference (no par)
expansion which has been undertaken by the
33 cumulative
program
453,290 she. company of sound business
1,250,000 she.
Common stock (no par)
and for other corporate purposes.
*As of March 31 1930.
Although it is not anticipated that the results of such expenditures will
Total earnings of the three merged companies in 1929, taking the full be fully felt in the immediate future the company does expect that with the
year for American Solvents and Rossville and 8 months for General Indus- return of normal conditions a substantial addition to net profits will result
trial Alcohol, were $2,285.000. These earnings covered the fixed charges through improvements to its plants and equipment and acquisition and
on the funded debt over 5 times and the preferred dividend requirements integration of properties at home and abroad.
The previous company financing has consisted largely of rights offered
2.95 times, leaving, after all charges, earnings of $2.44 on the common
stockholders to subscribe to stock. The present issue of convertible bonds
stock to be outstanding.
The consolidated balance sheet of the merged companies as of March 31 is likewise offered to stockholders but it is anticipated that a number of
1930 shows asseta totaling $21,146,000, current assets of $6,831,000 and stockholders will not exercise their rights to subscribe, in order that a
substantial amount may be available for a public offering. The bonds not
current liabilities of $1,729,000, a ratio of 3.9 to 1.
Production and distribution facilities of the merged companies will be subscribed for by the stockholders will at a later date be offered for public
affording intensive coverage of the important alcohol sale, the issue having been underwritten by a group of banks and bankers
well rounded in scope,
markets, with plants and sales organizations strategically located in the in order to secure a wider distribution of the company's securities. record.
The year 1929 showed earnings for the company at a new high
East. Middle West and on the Pacific Coast. With well established trade
generally unthrough the predecessor companies in each of these areas, the combined The company in common with others has felt the effect of on the return
efforts will bring about considerable economies in production and market- satisfactory business conditions during the present year, but any revival
company's plants in New Orleans are rated among the best in of normal conditions is confident of securing its full share of
ing. The
the country and are capable of meeting the demand for the rich anti-freeze of business.
Dividends on common stock have been paid without interruption :dace
market of the Middle West. The company also has several plants in the
Middle West, enabling it to take advantage of the corn market as an 1895.-V. 129. p. 1594.
additional raw material.
-Earnings.H. I. Peffer, now President of American Solvents, will become Chairman
Art Metal Construction Co.
of the board and Chairman of the executive committee of the company,
1926.
1927.
1928.
1929.
Calendar Yearsand Victor M. O'Shaughnessy, now President of the Rossville company. Sales
$8.801,834 $8,011,985 $7,786,918 $8,033,949
will become President. Mr. Peffer, in announcing the merger, said:
6,983,253
6,924,409
x7,622,074 y7.163,656
Cost of sales
"The directors believe the reorganization to be most desirable and
beneficial for both the merged companies and the industry as a whole.
$862,509 $1,050,695
$848,429
Net profit before taxes $1,179,760
It is a logical and timely step in the rationalization of the alcohol chemical Estimated taxes
143,829
92,568
101,811
129,773
Industry. It will afford more efficient and more thorough distribution
the present products of the three merged companies and a greater stabiliof
$906,866
$769.941
$746,617
$1,049,987
Net profit
lines to
zation in earnings. In addition, the production of new chemical
480,865
520,926
480,855
641,140
diversify and increase the company's income will be greatly aided by bring- Dividends
ing under one roof highly trained and widely experienced technical staffs."
$426,011
$249.015
$265,762
$408,847
Surplus
-V. 130. P. 1462. 1279.
Cr.57
Cr.42,029
18,223
465.126
Adjustments to surplus
--Sales.
American Stores Co.
$426,068
$291,045
$247,539
Total to surplus_ _ _ _ - df$56,279
She, of cap. stk. outst.
320,570
320,570
320.570
320,570
(par $10)
$2.82
$2.40
$2.33
$3.27
Earnings per share
x Includes interest and discount earned amounting to $62,394. y Inamounting to 33,165.
cludes Interest and discount earned
Balance Shee as of Dec. 31.
-Definitive Certifs.
American Utilities & General Corp.
1928.
1929,
Liabilities1928.
1929.
AssetsThe definitive voting trust certificates for class B stock are now ready Plant
53,205.700 $3,205,700
dc propertyx$2,049,111 $2,100,597 Capital stock
for delivery at the Guaranty Trust Co. of New York and Central Trust Co. Patents,less depreMortgage, N. Y.
-V. 130, p. 3163.
of Illinois, transfer agents.
81,000
office building.
1 y484,076
elation
221,388
Accts. payable... _ 175,872
1,639.567
-Sub. Completes Acquisition Cash & bills rec 1,937,053 1,336,194 Res. for erection &
Anaconda Wire & Cable Co.
1,702,842
Accts.
78,107
90,822
Negotiations looking toward the purchase of the assets of the California Inventories
delayed charges_
1,945,466 1,772,588
280,499
12,000 Res. for diva
Wire & Cable Co. by the Anaconda Wire & Cable Co. of California, a Investments
12,000
217,173
42,964 Res, doubtful accts 259,318
subsidiary of the Anaconda Wire & Cable Co., which have been pending Deterred charges._
39,490
148,401
Reserve for taxes_ 167,266
for some time, were formally completed this week. The acquisition, which
3,443,210 3,499.490
will be effected through the issuance of stock of Anaconda Wire & Cable
Tot.(each side).$7,622,68/ 17,451,260 8urphui
Co. for shares of California Wire, will provide the Anaconda organization
depreciation. y After deducting
x After deducting $1,432,926 reserve for
with its first operating unit on the Pacific Coast. The Orange and Oakland
depreciation.
plants of California Wire & Cable Co. will be operated under the name of $191,885 reserve for
Earnings for Quarter Ended Match 31.
Anaconda Wire & Cable Co.of California. 1927.
plants, the Anaconda company will have
1928.
1929.
1930.
With the addition of these two
$2,129,812 $2,113,521 $1.,988,814 $1,972,133
manufacturing facilities stretching from the Atlantic to the Pacific coasts. Shipments
1.754,619
1,789.079
1,902.071
1,950,568
units are located in Hastings-on-Hudson, Pawtucket, R. I., Cost of goods shipped _
Operating
29,000
27.000
25,000
21,566
Marion and Anderson. Ind.: Muskegon, Mich., Kenosha, Wis.; Sycamore, Estimated taxes
Ill.; Great Falls, Mont., and Orange and Oakland, Calif.
$188,514
$172,735
$186,450
$157,678
Net income
The company produces a complete line of bare and tinned copper wires,
160,285
120.214
120,214
weatherproof wire and cable, magnet wire, rubber covered wire of all Dividends
types, underground cable and many other miscellaneous products. These
$28,229
352.521
$66.236
$157,678
products will be distributed on the Pacific coast as heretofore. Bare,
Balance for surplus_ _ _
weatherproof wire and underground cables will be sold through the General Earns, per eh.on 320,570
$0.59
80.58
$0.49
$0.53
shares stock (par 310)Electric Supply Corp., which has been an Anaconda connection for 10 or
12 years. In addition to this mode of distribution. Anaconda will continue -V. 130, p. 2032.
to sell all other products through its own sales organization, located in
-Omits Div.Associated Laundries of America, Inc.
San Francisco, Los Angeles and Seattle.
The directors have voted to omit the quarterly dividend which ordinarily
-The company reports for the quarter ended March 31 1930. Would have been payable about April 1 on the common stock. On Jan. 1
Earnings.
earrs of $59,417, after deducting all expenses, including selling and last a quarterly dividend of 5c. per share in cash and 1% in stock was paid.
-V.130, p. 3355.
administrative,repairs, depreciation and estimated taxes.
-V. 130, p. 3639.
Sales for 5 and 18 Weeks Ended May 3 1930 and Mai/ 4 1929.
Increase.
1930-18 Weeks-1929.
Increase.
-1929.
1930-5 Weeks
$618.311
$565,2411$49,660,332 $49.042,021
$14,090,912 $13,525,671
-V. 130, p. 2966.
--Earnings.
Andes Copper Mining Co.
(Including income of Potrerillos Railway Co.]
1927.
1928.
1929.
Calendar Years130,481,433 88,926,898 52,703,695
Copper sold (lbs.)
$23,471,184 $13,555,544 $7,044,734
Revenue from copper sold
3,814,451
5,676.683
Prod, cost, less value of silver & gold.. 9,298,870
$14,172,314 $7,878,861 $3,230,283
194.684
252,969
458,485
$8,131,830 $3.424.967
$14,630,799
Total
42,346
1.570,528
1,911.743
Miscellaneous charges
2.952.670
2.077.581
225,758
Interest. incl. discount of debentures_
250,000
550.000
1,339,451
Depreciation of plant & equipment
$179.950
$11,153.845 $3,933,721
Net income
2,320,352
10.747,137
Dividends paid
Operating profit
Other income
Surplus
She, cap, stock outstanding (no par)_
Earnings per share
-V. 129. p. 2230.
$406,709 $1,613,369
3,582.379 3,577.495
$1.10
$3.11
-Omits Common Dividend.
(The) Angus Co.
dividend
$179,950
1,762,219
$0.10
which ordiThe directors recently voted to omit the quarterly
Previously.
narily would have been paid on the common stock on May 1. 129, p. 2685.
-V.
disbursements of 15 cents per share were made.
quarterly
-Annual Report.
Associated Simmons Hardware Cos.
Shipment of Common Participation Shares (Trusteeship & Controlled Cos.)
1926.
1928.
1927.
1929.
Calendar YearsaBook value of corn. partie. shs. outstanding_ - $1,219,186 $1.767,393 $1,860.794 82,048,369
Profit from oper.together
with sundry adjs.:
Assoc. Simmons Hard.
686,305
517.660
1oss273.854 loss46,433
Cos_b
Excess of par value over
97,312
59,460
159.940
373,146
cost of pref, shs. ret'd_
31.318.478 $1.880,900 32.437,914 $2,831.980
Balance
Deductions
Res. for possible loss on
sale of Grant Leather
300.000
Corp. properties
592.057
591.907
Int. on gold notes
581,497
525.762
Amort. of disc. on gold
79.135
78.613
80,217
78.662
notes
Book val. of 1,000.000
common panic. she.
at Dec. 31
3714.054 31,219,185 31,767.393 31.860,794
a As of Dec. 31 previous. b After taxes depreciation and interest or
current bank loans.
-V. 129, p 3170.
AlAt 17 19301
FINANCIAL CHRONICLE
3545
approximately
tinge
equivalent to 3.40 shil
-Protective Committee.
Associated Rayon Corp.
h yrne ld
oftALl pfgardp
a
s
.
81 P4 ;
0 4
The
e tif Paar
:'e
Speyer & Co. and Lehman Brothers announced May 13 that they will "American" shares will be announced later.
-V. 129, p. 4014.
of 6% cum. cony. pref. stock of the
act as a committee to receive deposits
corporation with the Idea of representing the interests of these stockholders
-Earnings.
Autosales Corp., New York City.
In connection with action started last January in the Chancery Court of
1927.
1926.
1929.
1928.
Calendar YearsNew Jersey to enjoin action deemed detrimental to the best interests of
holders of pref. stock. The committee asks that holders of the 6% cum. Earnings after costs.......x$1.575.969 x$1,068,433 x$1,222,194 11,153,149
1,074.901
cony. pref. stock deposit their certificates of pref. stock duly endorsed Oper.,gen.,&c.,exps__ _ y1,690,350 y1,011,784 y1,081,985
in blank and bearing necessary transfer stamps with Bank of Manhattan
$78,298
$140,208
loss$114.381
$56,649
Trust Co., as depositary, at its office, 40 Wall St., under the terms of a
Net earnings
55,141
119,305
See z
1,092
protective agreement dated May 14 1930, copies of which may be obtained Other income
-V.128,P.3829.
either from the depositary or members of the committee.
$133.689
$259.513
$57,741
loss$114,381
Total income
3,334
1
Atlantic Gulf & West Indies Steamship Lines (Incl. Int.on sub. cos. bonds_ _
2,812
82.457
z18.762
Deprec. & repairs
-Annual Report.
11.250
4,693
12.143
Subsidiary Companies).
Other charges
14,103
5,278
18,210
Federal taxes
1927.
1928.
1926.
Calendar Years1929.
$34,011,398 131,879,606 136,177,424 139.110,676
Operating revenue
$44,958
$143,369
$108,336
loss$133.143
Net income
Total oper.exp.& taxes- 29.681,502 29,396,382 33.324,951 36.646,114
79,305
107,169
80.730
26,883
Preferred dividends- - - Net operating income.. $4,329,896 $2,483,224 $2.852,472 $2.464,562
$1,167
518,075
364,065
loss$213,873
Balance,surplus
258,986
571,370
287,660
Other income
409,042
309,224
1,155,536
1,030,419
1,193,567
Previous surplus (adj.)
1.337
Gross income
14,901,267 52,770,884 $3,111,459 $2,873.604 Consignment reserve_
Interest, rentals, &c_ _ - 2,032.353
2,122.698
2,262,667
2,429.453 Miscell. adjustment........ Dr.518,675 Dr.182.560 Dr.26,034 Dr.356,360
1.198,815
Net capital surplus.. _ --Cr.1,956,493
$848,791
Net income for year_ - _ 52.868,914
$648.186
$444.151
$2,254,362 $1,030,419 11,193,567 $1,152,845
Total surplus
Pref. dividend
(14)539,416 (13)412.287
Shares of preferred out25.798
27,199
35,899
35,994
standing (par $50)....Balance, surplus
$235.899
$848,791
$444,151
$2.329.498
$4.20
$5.27
$1.25
Nil
Earns. per share on prof_
Earns. per sh. on 199,512
a Net sales before cost of goods sold. y Including cost of goods sold.
abs. corn. stk. (no par)
Nil
$11.00
$0.81
Nil
z Includes other income.
Balance Sheet Dec. 31.
Comparative Balance Sheet Dec. 31.
1929.
1929.
1928.
1928.
1928.
1929.
1928.
1929.
AssetsA seasLiabilities$
$
i
i
$1,793,508 51,115,461 Preferred stock _ .$1,799,749 $1,794,964
ships & eqp..shore
Common stock--b 7.980,480 7,980,480 Machines
80,591
59,366 Common stock......175,460
prop., equity in
stock
c13,742,900 13,742,900 Mach'y & equip- 114,633
Pref,
Weighing & Sales
terminals,&c...x41,323,583 46,472,066 Stocks of sub. cos_ 183,402
155,734 Pats., lessee, con45,706
29,000
Co. 5% bonds-_
2,171,717 1,573,448
tracts. &c
Investments _ __a 3,259,893 1,996,003 Coll.trust bonds_d12,811.000 13,000.000
26,884
Dividends payable
46,016
Cash in hands of
1st 5s of sub. cos_ - 3,679,000 4,340.000 Cone°.In transit
33,000
Fed,tax payable_
trustees
292,765
267,673 U.S. Govt. loan__ 8,071,173 6,166,438 Due fr. underwrit_ 120,000
24,471
135,799 Adv. & deposits..
24,171
Goodwill, french.,
Accounts payable- 1,785,568 1,644,549 Cash
100 Reserve for taxes,
&c
95.099
76,916 Notes recelvable.._
11,807,557 11.866.672 Accrued interest_
51,200
37,816
15,404 losses, &c
374.107 Accts.receivable._
Inventories
272,435 Coupons payable- 361,867
235,018
43,868
Accounts payable_ 140,415
Marketable secure.
A °eta.receivable-- 334,174 1,857,664 Notes payable322,262
204
33,555
807 Accrued int. pay..
& investmentsMiscall, securities.. 279,050
789,416 Open voyage sect_ 1,104,622 1,065,320
2,254,363 1,030.419
160,747 Surplus
103,366
Inventories
Cash
896,148 1,241,507 Reeve arising from
12.011
11,675
Deterred charges
Cash for coupon
reduction in par
693 Total(each side)54,456,459 $3,073,833
Payable
of common stock 8,978,040 8,978,040 Cont. pd. in adv....
361,868
374,107
Ca.1 loans
877,857
Earnings for Quarter Ended March 31 1930.
8,000,000 2,800,000 Sundry reserves._ 938,037
1357,504
Open voyage acProfit and loss- - _ _10,181,449 11.099,596 Gross income
355.323
counts,&c
702,132
653,093
Costs & expenses
22,083
Ins. prem. & rents
Non-recurring charges
4,403
Other current nab_ 1,484,600
Deductions from income
Ins. prem. & rents
124.305
Paid In advance_ 935,848 1,233,561
Total(each side)69,912,640 69,824,201
Net loss
a Investments in and advances to Atlantic Gulf Oil Corp.,and Columbia -V. 130, p. 291.
Syndicate $1,896,003 other associated cos., $100,000 and Atlantic Gulf
and West Indies SS. lines pref. and com. stocks 51.263,890. b Issued
Aviation Corp. of Del.(& Subs.).Earnings.199,512 shares of no pier value. c After deducting 56,257,100 in treasury.
d Authorized $15,000,000 issued, $12.811,000. x Fleet in commission at Earnings for Period From March 1 1929 (Date of Inc.) to Dec. 31 1929 Ind
value based on appraisal December 1918, plus cost of additions since (net,
Oper. Results of Subs. From Date of Acquistion (June 30 1929).
$871,766
$46,979,254; vessels under construction, $4,990,369: terminal property and Loss from operations
871,246
equity, 111,209,658, less reserve for depreciation of $21,855,697.-V. Depreciation
130, P. 3356.
$1,743,012
Total loss from operations
Atlantic Refining Co.
-Extra Dividend.
1,395.735
Interest earned
The directors declared an extra dividend of 25c. a share in addition to Dividends
97.278
the regular quarterly dividend of 25c. a share, both payable June 16 to Profit or sale of securities
16.147
holders ef record May 21. Like amounts were paid in each of the four Expenses of parent company
Cr.462,875
quarter of 1929 and also on March 15 last. In Dec. 1928 the company
reduced the par value of the stock from $100 to $25 and made an initial
$696,727
Net loss
payment of 25c. a share on the new stock.
-V.130. p.3356.
382,456
Proportion of losses of controlled cos. (not consolidated)
Prov. for special losses & exps. Incl. those arising in connection
364,639
Atlas Plywood Corp.
-Earnings.
with Alaskan Airways, Inc
Period Ended Mar 31
1930-9 Mos.-1929.
- 1930 Mos.-1929.
-3
11,443.822
Loss for period ending Dec.31 1929
Net prof. after charges &
$394,188
$69,436
Federal taxes
$196,646
$67,245
Poundage Carried in April.
Earns, per sh.on 133,200
Despite the fact that April had one day less than March, air mall pound$2.96
$0.52
shs. cap.stk.(no par)_
$1.48
$0.50
age carried on the contract routes of the Aviation Corp., operated by AmeriV. 130, p. 1279.
can Airways, Inc., and the Embry-Riddle Co., increased 14.98%. according
to official figures just released by the Post Office Department. This inAtlas Stores Corp.
--Extra Dividend in Stock.
pounds compares with an increase of 46,043 pounds or
crease
The directors have declared quarterly dividends of 25c. a share in cash 7.36% of 11,221the routes in the United States. The total carried on the
for
and 1 % in common stock on the common stock, both payable June 1 to company'sall of lines for the month was 86,133 pounds, compared with
mail
holders of record May 16. Like amounts were paid on March 1 last. 74,912 pounds in March.
Three months ago the company paid 25c. quarterly and 25c. extra in cash.
The corporation's air mail routes are 5,660 miles in length and operate
Sales of the New York and Chicago wholesale mail-order houses of
and St. Louis, Cleveland and LouisAtlas Stores Corp. were approximately $1,000,000 for the first four months between Boston and New York,Chicago Galveston. Dallas and Brownsville,
ville, Albany and Cleveland. Dallas and
of 1930 and showed an increase of 40% over the corresponding period of Atlanta and New Orleans, Chicago and Cincinnati. St. Louis and Omaha.
last year, President H. M. Stein announced. .
between Chicago and Atlanta. During
During the period ended April 30 1930 the company increased the variety New Orleans and Houston and
routes.
of merchandise handled by these mall outlets, which now sell full lines of April the company's mail planes flew 350.363 miles over these
radio sets and equipment, sporting goods and cameras to 15.000 dealers.
-An official announcePassengers Carried During April.
An increasing wholesale mail-order demand in the East and West, Mr.
Stein stated, was responsible for expanding this branch of the company's ment says:
business, which now has an annual volume of approximately $2,500,000.
The tremendous increase in air passenger travel in the United States is
The two mail order branches sell only nationally advertised goods and
strikingly in the traffic reports of American Airways, Inc., operating
thus do not compete directly with the large general mail-order houses.- shown
company of the the Aviation Corp., for the first four months of the year.
-V. 130, p. 2775.
during which approximately as many passengers were carried as in all
of 1929.
Auburn Automobile Co.
-Income Account.
In these four months 20,320 passengers flew over the company's lines.
compared with 20.659 for all of last year. The travel by air continues to
Quarter Ended Feb. 281930.
1929.
Sales (net)
$6,438,740 17,478,986 Increase steadily,stimulated by low fares and an increasing public confidence
Cost ofsales excluding depreciation
5,303,836
5,705,489 in the new swift transportation through the skies.
During April 6,741 persons flew on the American Airways lines, an
Selling, general & admistrative expense
940,778
1,036,365
increase of 8.9% over the number of passengers in March, which set up a
new record for he number of passengers carried by the system in a single
Net operating profit
$194.126
$737,132
Other income
35,014
226,545 month. While the increase in the number of passengers was 8.9%, the
Depreciation
160,122
170,706 passenger revenues for the month mounted 13.2%, indicating passengers
-day
Other charges
77,213
31,152 are flying longer distances. A study of records for a recent 60 bePeriod
274.6
Federal income tax
41,617
92.273 showed the average length of air trip on the company's lines to
miles.
Total net income
The company's passenger planes, operated by the Universal, Colonial
loss$49,813
1669,545
Proportion of loss or profit of sub. cos. applicable
and Southern Air Transport divisions and the Embry-Riddle Co., flew
-V. 130, p. 3356.
to minority interest in common stock
146,436
142,972 293.220 miles over 4,199 miles of airways in April.
Consolidated net profit
$96,623
$526.573
Earned per share on 173,385 shares
$0.55
$3.04
E. L. Cord, President, in issuing the statement said: "The reduction in
earnings for this period was only natural and expected due to general
existing conditions. Our business is progressing satisfactorily now."
The company's balance sheet as of Feb. 28 1930, reveals a strong position,
with current assets of $13,464,073 and current liabilities of only $3,595,966.
-Earnings.
Bates Manufacturing Co.
The company reports for the six months ended Dec. 28 1929,an operating
profit of $49,688 after a maintenance charge of $27,643 and providing
$37,296 for depreciation. These profits are equivalent to $1.84 per share
on the 52,700,000 capital stock. Surplus account reflects payment on
August 1, last, of dividends of $34 per share.
Balance Sheet Dec. 31.
1929,
1928,
1928.
1929.
LiabilitiesLycoming Shipments Increase.
$
$
$
$
Assets2,700,000 2,700,000
General shipments of Lycoming Mfg. Co., an affiliated company,showed Real est.& mach_ _x4,509,006 6,566,445 Capital stock
249,785
Guarantee fund_
an increase during April of about 15% over March. Vice-President W. H. Certif. of deposits_ 100,236
23,212 Improvement fund
750.000
22,712
Beal stated. Shipments have shown a steady increase since the first of the Securities
2,161,329
223,349 1,124,042 Deprec. reserve.
calendar year. Mr. Beal pointed out, and schedules are being maintained Cash
780,392 Tax reserve
21.00
3,424
679,643
on a high level. "Volume orders have been received for delivery of marine Accts.receivable
49,948
59,769 Accounts payable. 145.162
and combine harvester engines and airplane engines which mark entry into Insurance prepaid _1 94,222f
4,767,890 4,622,164
55,468 Profit & loss
1
new fields," Mr. Beal said. "This increased diversification in the use of Taxes unexpired_ .1
2,004,943 1,927,322
Lycoming engines this year has helped considerably to level out early Inventory
-V. 130. p. 3356.
depression in certain strictly automotive lines."
Total
7,634,111 10.536.650
7,634,111 10.536,650
Total
Austrian Credit-Anstalt (Oesterreichische Credit-V. 130, p. 625.
x Less depreciation.
Anstalt fur Handel und Gewerbe), Vienna, Austria.
8% Dividend for 1929.
According to cabled advices from Vienna, the directors have voted to
recommend to the stockholders at the meeting to be held June 2 that a
dividend of 8%% be declared for the year ended Dec. 31 last. This is
-Receivership.
Bankstocks Corp. of Maryland.
Vice-Chancellor John IL Backes in Newark has appointed receivers for
the Bankstocks Corp. of Maryland and the Journal Square Securities Co.
of Del., two subsidiaries of Bankshares Corp. of the United States. All
of the companies have offices in Jersey City and New York City. Samuel
3546
FINANCIAL CHRONICLE
I. Kessler, receiver for the Bankshares Corp., applied for the receivership of
the subsidiaries, alleging mismanagement.
The Federal Court at Wilmington, Del., appointed a receiver for the
Journal Square Securities Co. The receivers appointed in Newark are
M.Castwell lleine and Charles F. Lynch, both of Newark.
-V. 130. p. 139.
(Ludwig) Baumann & Co.
-Gross Sales.
Sales for Month and 10 Months Ended April 30.
1930-A pril-1929.
Increased 1930-10 Mos.-1929.
$909,700
$854,152
$55,5481310,297,992 39,572.466
-V. 130. P. 2585.
Increase.
$725,526
Best & Co., Inc.
-April Sales.
Month of AprilSales
-V. 130. p. 2776.
1930.
1929.
$1,588,513 $1.315,020
Increase.
$73,403
Bethlehem Steel Corp.
-Notes Called.
-
The corporation has called for redemption on June 15 1930 all its secured
serial 5% gold notes, series "C." duo 1931, and series "D" due 1932. The
redemption price for the series "C" notes is 100 and int. and for the series
"D" notes 100A and int. Notes of both series will be redeemed upon
presentation at the Guaranty Trust Co. on and after the redemption date.
Meanwhile,the corporation Is offering to buy these notes at their respective
redemption prices and accrued interest and is also offering par and accrued
interest for the series "B" notes, due 1930.-V. 130, p. 2967.
Blue Ridge Corp.
-Quarterly Statement.
Incomefor Three Months Ended March 31 1930.
Stock dividends (valued at market prices following record dates)-$1,678,738
Cash dividends and interest received
1.498,433
Profit on sale of securities-net
a720,723
Total income
Expenses
$3,897,894
96,024
Net income for period
Dividends paid on preference stock
$3,801,870
6821.446
Net income applicable to common stock
$2,980,424
a After applying $910.588 of reserve for investments created in 1929
out of capital surplus. is Had dividends on Blue Ridge Corp. preference
stock been paid entirely in cash, this item would have been increased by
$26,955.
The value of the net assets of the corporation at April 30 1930 based on
closing market prices on that date, amounted to $158,728,432 showing an
appreciation of $30.204.634 since Dec. 31 1929.
As of April 30 1930, the capitalization of the corporation consisted of
1,154,101 shares of $3 preference stock, Optional Dividend Series, and
7,485, 571 shares of common stock.
On April 30 1930 Corporation had substantial common stock investments
in each of the following companies:
American Tel. & Tel. Co.
Mathleson Alkali Works
Bethlehem Steel Corp.
May Department Stores Co.
Central States Electric Corp.
McCall Corp.
Commercial Investment Trust Co.
McKesson & Robbins, Inc.
Consolidated Gas Co. of N. Y.
National Dairy Products Corp.
Curtis Publishing Co.
North American Co.
Detroit Edison Co.
Pacific Gas & Electric Co.
Electric Bond & Share Co.
Pacific Lighting Corp.
General American Tank Car Corp.
Stone & Webster, Inc.
General Cigar Co.. Inc.
Southern California Edison Co.
General Foods Corp.
Texas Corp.
Gillette Safety Razor Co.
Truax-Traer Coal Co.
International Shoe Co.
united Biscuit Co. of America.
International Tel. & Tel. Corp.
Warner Bros. Pictures, Inc.
Lambert Co.
-V. 130, P. 3357.
Bon Ami Co. (8c Subs.).-Ea-nings.-Quarter Ended March 311930.
1929.
Gross profit on sales
$657,630
$643.722
Operating profit
379,282
399,444
Depreciation
20,115
19,660
Federal & Canadian taxes
37,984
44,849
Minority interest
23
21
Net profit
$321,160
$334,914
Earns. per sh.on 100.000 shs. cl. A stk
$1.48
$1.55
Earns. per sh. on 200.000 sh.s. Cl. B stk
$0.86
$0.90
-V. 130. p. 1280.
In cash. Company is an outgrowth of Briggs Commercial & Development
Co. Management of the two companies is one and the same.
For years the large resources of Briggs Commercial & Development Co.
have been an important aid to the building industry and to Detroit home
owners, in enabling thousands of people to own their own homes. Briggs
Bond & Investment Co. was organized to take over the land contract
and mortgage business of Briggs Commercial & Development Co., and to
offer a broad Investment service to the conservative investor.
Securitu.-In addition to being an unconditional obligation of Briggs
Bond & Investment Co., bonds are directly secured by deposit with and
assignment to the trustee, of selected land contracts, restricted exclusively
to well-located brick veneer residences in Wayne County, Mich. Indenture
Provides that there shall be on deposit with the trustee at all times satisfactory land contracts totalling at least 135% of the outstanding bonds.
or cash of 101 h'% of the bonds.
-V. 129, p. 964.
British Empire Steel Corp., Ltd.
-Reorganization Plan
Approved.
-The various classes of security holders have
approved the reorganization plan as outlined in V. 130,
p. 2968.
Broad Street Management Corp.
-Formed To Take Over
Functions of Security Management Co.
The Broad Street Management Corp. has been incorporated as successor
by change of name to the Security Management Co.. a joint stock association having management agreement with Capital Administration Co.,
Ltd., and the Broad Street Investing Co., Inc.
The executive staff and the board of directors of the new corporation will
remain the same as the old, and the management agreements of the old
corporation will be assumed by the new. The directors are: Melvin E.
Sawin, Lindsay Bradford, William S. Gray, Jr., Beg Halladay, Edwin P.
Maynard. Irving Fisher, Richard S. Maynard, R. Lawrence Oakley and
A. L. Gates.
Brookside Mills, Boston, Mass.
-Omits Dividend.
-
The directors have voted to omit the quarterly dividend of $1.50 per share
ordinarily payable about May 15.-V. 118, p. 2828.
Budd Wheel Co., Phila.-Extra Div. on Partic. Pref. Stk.
The directors have declared the regular quarterly div. of 25 cents a share
on the common stock, payable June 30 to holders of record June 10.
An extra dividend of 75 cents (,14 of 1%) and the regular quarterly dividend of $1.75 (1%%) a share have been declared on the 7% cum. partic,
pref. stock, both payable June 30 to holders of record June 10. The extra
dividend on the preferred stock is a participating dividend, as the rate of
dividend on this class of stock is determined by the net operating revenue
of the company. The minimum rate is 7%, and the maximum that shall
be paid is 10%. The latter rate shall only be paid when the operating
revenue is $1,000,000 or more. Net profit for 1929 was 31,791,009.-V.
130, p. 2777.
Bunker Hill & Sullivan Mining & Concentrating Co.
3 Mos. Ended March 31Net profit after all charges except deprec.& deplet _
-V.130, p. 2586.
1930.
1929.
$672,787 $1,041,523
Burns Bros.(& Subs.)
-Earnings.
Earns. 3 Mos, Ended March 31Net income after charges but before Federal taxes..
-V. 130, p. 2397.
1930.
$740,218
1929.
3462,076
Caddo River Lumber Co.
-Notes Offered.
-Baker, Fentress & Co., Chicago, are offering at prices to yield 6%
$700,000 5%% serial gold notes (series B).
Dated April 11930: due serially 19334936. Principal and int. . & -)
at Fidelity National Bank & Trust Co. (trustee), Kansas City,
Mo., without deduction for normal Federal income tax up to 2%. Total
amount outstanding (closed issue), $1,216,000. Denom. $1,000, $500 and
$100 c*. Callable, all or part, on 30 days' notice on any int. date at 100
and int., plus a premium tin no event to exceed 1%) of X of 1% for each
Year or fraction of year of unexpired term.
-Company, founded in 1906, is one of the most uniformly
Business.
successful organizations in the lumber business. It is a large producer
of Arkansas shortleaf yellow pine lumber, and owner of one of the few
remaining large tracts of virgin shortleaf yellow pine timber. The business
has gradually grown, through reinvestment of earnings, into the present
efficient lumber manufacturing and distributing entity with assets conservatively worth over 86,500,000. Company has earned a profit in each
of the past 22 years with the single exception of 1915, when its mill was
destroyed and it operated only part of the year. Since its organization
stockholders have received dividends of $1,392,500 in cash and $1,537,500
in stock.
-Practically all of the stock of the company is held by interOwnership.
ests closely identified with it and by employees. a majority being held by
Ingham Lumber Co. of Kansas City. W. F. Ingham is President of both
companies. The active management of the business Is in the hands of
T. W. Rosborough, V.-Pres. & Gen. Mgr.; Hal Shaffer, Treas.; W. E.
Cooper. Sec.. and associates.
Property.
-Company owns and operates 2 modern lumber manufacturing
plants at Rosboro and Glenwood. Ark., which have produced an average
of over 60,000,000 feet of lumber annually for the past five years. A
third mill, which is now being erected at Forrester, Ark., to which a large
Part of the timber is tributary and can be most cheaply logged, will increase
the company's annual capacity to over 90,000,000 feet. In connection
with the mills the company owns and operates 75 miles of logging railroad
with adequate rolling stock and logging equipment, and commissaries,
dwellings and other facilities for the accommodation of its employees.
The timber holdings of the company are located in one compact tract
In Yell, Scott and Montgomery Counties, Ark., including over 100,000
acres owned in fee simple, estimated to carry over 330,000,000 feet of
merchantable timber, over 95% shortleaf yellow pine of high quality.
Adjoining this large holding, the company has an additional 200,000,000
feet of similar character purchased under a very favorable contract.
Earnings -Earnings before depreciation and depletion, available for
payment of interest, debt retirement and Federal taxes for 5 years ending
Dec. 31 1929 have averaged 5752,736 per annum and for the year 1929
were $640,665. Maximum annual interest charges on the company's
entire funded debt are $93,148. Upon completion of the new mill these
earnings should be increased at least 50%.
Purpose.
-These notes are being issued to provide funds for the construction of the new mill at Forrester, Ark.
payable
1928.
$613,730
359,939
18,820
44,934
54
$296.131
$1.35
$0.80
Borden Co.
-Listing, &c.
The New York Stock Exchange has authorized the listing of 84,716
additional shares of capital stock (par $25) on official notice of issuance,
in connection with the acquisition of the entire issued and outstanding
capital stock of: (a) J. J. Joubert Limitee (Montreal, Que.), and (b) Halls,
Ltd. (Lindsay, Ont.); and in connection with the acquisition of the entire
assets and business of: (1) Johnson Dairy Co., Chicago; (2) Chillicothe
Bottling Co.; (3) Eighty-five Jane Street Corp.. New York; (4) Bagel
Bros. Dairy, Inc., Chicago; (5) Lane Star Ice Cream Co., Waco. Tex.:
and (6) Home Dairy. Glens Falls, N. Y.; and in connection with the
acquisition of the business and substantially all the assets of: (a) Huber
Ice Cream Co., Bridegport, Conn., and (b) Purity Ice Cream Co.. Waco,
Tex.
-V.130. p. 2968.
Borg-Warner Corp.(& Subs.).
-Earnings.
-
3 Months Ended March 311930.
1929.
Neai
stlia. profit, after deduc. of factory, admin. &
expenses
$1.700,974 $2,218,129
Other earns.-int., discounts, rentals, &c
138,322
141,902
Total income
Depreciation-plants & equipment
Interest-financing charges
Federal income tax
Minority interests
81.839,296 $2,360,031
421,338
226,481
167.780
24,155
152,340
257,402
26
Net income for period-all companies
Preferred dividends
51,097,811 51.851.993
67.900
61,250
Balance,surplus
$1,029,911 $1,790,743
Shares common stock outstanding
1,230,686
596.916
Earnings per share
$0.84
$3.00
Consolidated Balance Sheet March 31
1930.
1929.
1929.
1930.
AssetsLiabilities-a
$
8
3,123,888 1,318,095 Notes payable__ -- 436,794
Cash
260,000
Canteens-secured 4,419,455 2,303,947 Accts. pay. dc accr.
Cost's accts. rec.- 4,464,186 4,432,333 expense
1 2,815,126
1
Other accts. ree___ 308,709
396,287 Prov. for Federal 3,795,400
48,942
858,488
Gust's notes ree__
income tax
J
Inventories
7,556,290 5,034,418 Bonds outstanding 1,905,000
180,000
Ins. prem. & other
Preferred stock_ 3,880,000 3,500,000
204,195 Common stock___12,306,860 5.969,060
prepaid charges- 594,244
Stocks, bonds and
3,344
Scrip certificates._
10,322
896,455 Minority Interest_
notes of oth. coo. 993,726
1,356
Prop.,prt & equip_18,108,980 x9,523,837 Surplus
16,297,320 11,868,484
423,954 Dividends payable 1,298,576 Dr728,158
Good-will & pat'ts 687,646
Notes pay., mater.
79,792
more than 1 yr..
Tot.(each aide)_40,304,043 24,533,322 Pref.stk. const. we 299.600
x After depreciation of $3,872.985.-V. 130, p. 3165.
Briggs Bond & Investment Co.
-Bonds Offered.
The company, with offices in Buhl Bldg., Detroit, is offering $250,000
coll, trust bonds, series III, to yield 7%.
Dated April 1 1930: due serially: 1931-1938. Denom. 81,000, $500 and
$100 c*. Principal and int. (A. & 0.), payable at Union Guardian Trust
Co.. trustee, without deduction for normal Federal income taxes not
exceeding 2%. Red. all or part on 30 days notice at 101.
Companu.-These bonds are the direct obligation of company, having
total resources of more than $7,000,000, and capital of $2,300,000 paid
[VOL. 130.
California Packing Corp.
-Earnings.
Years End. Feb.'28.- 1929-30.
1928-29.
1927-28.
1926-27.
*Profits
$5,403,685 55,659.943 $2,714,410 54,136,918
Inc. from investments_ 620,664
573,078
725,275
920.435
Net profit
$6,024,349 $6,233,021 $3,439,685 $5,057,353
Common dividend
3.909,664
3,909,664
3.909.664
3,909.664
Balance,surplus
$2,114,685 52,323.357 def$469,979 $1.147,689
Shares of common outstanding (no par) _ __ _
977.416
977,416
977,416
977.416
Earns. per share on com_
$6.16
$6.38
$3.52
$5.17
* After charges and taxes.
Consolidated Balance Shed Feb. 28.
.
.
Assets
LtaNttliesIS
$
Land,plant, machCapital stock __-_x30,000,000 30,000.000
inery, &c
y19,624,558 19,429,611 Notes payable- _ - _ 8,750,000 3,750,000
Investments
15,155,509 12,845,515 Accts. payable...- 4,363,958 4,479,040
Inventories
13,083,501 11,684,805 Dividends payable 977,410
977,416
Material & supple- 4,015,430 3,428.756 Fed.tax reserves.. 650,000
750,000
Adv, to growers.. 1,424,132 1,345,685 Surplus
22,451,055 20,336,370
Notes & sects. rec_ 8,761,729 7,028,133
Cash
2,400,048 2,330,244
Deterred charges 2,727,524 2,202,276
Tot.(each side) _67,192,428 60,292,826
x Represented by 977.416 no par shares. y After depreciation of $17,287,281.-V. 128. p. 3356.
MAY 17 1930.]
FINANCIAL CHRONICLE
Callahan Zinc-Lead Co.-Earnings..
Quar. End. Mar. 31Total earnings
Cost and expenses
Net, deficit
-V. 130, p. 277.
1930.
$36,756
42,400
1929.
$16,902
42,474
$5,643
$25,572
1928.
$86.274
84,283
1927.
$92,781
72.378
sur.$1,991 sur.$20,403
Calumet & Arizona Mining Co.
-Earnings.
-Quarter Ended March 311930.
1929.
Net income after chgs. but before deprec.& depict_ $1,037,376 $3,690,617
Earns, per sh. on 842,857 sits. cap. stk.(par $20)- $1.23
$4.38
Production.
Copper (lbs.)
24,000,952 33,876,314
Silver(om)
420,192
506,452
Gold (oxs.)
13,793
,..
16,704
-V.130, p.2969.
3547
sufficient to retire all of such bonds by maturity. The sinking fund payments will be graduated from $50,000 for each of the two years ending
May 1 1933, to $250,000 for the year ending May 11044, together, in each
case, with an amount equal to interest on all bonds redeemed through the
sinking fund or otherwise.
These moneys are to be used for the purchase in the open market or by
tender, of bonds of series A. at or below the redemption price, but failing
such purchase, shall be paid to and used by the trustee for the redemption by
lot of bonds of series A,as will be provided in the trust deed.
Capitalization.Authorized.
•
Outstanding.
First mortgage bonds
$5,000,000
$2,500,000
Common shares(no par)
20.000 shs.
*10.000 shs.
* If additional funds are necessary to complete the present programme,
additional shares will be subscribed for at $100 per share, as above stated.
Carolina Fiber Co.
-Bonds Offered.
-Trust Co. of South
Carolina, Hartsville, S. C., recently offered 8300,000 1st
Canada Dry Ginger Ale, Inc.(& Subs.).
-Earnings.
- mtge. 6% sinking fund gold bonds at 97
and int.,
Period End. Mar.31- 1930-3 Mos.-1929.
1930--6 Mos.-1929.
yielding over 6.83%.
$2,392,449 $2,500,579 $5,164,726 $5,663,845
Net sales
Dated April 1 1930: duo April 11041. Principal and interest (A. &
Cost of sales & expenses_ 1,725,861
1,703.962
3,600,552
4,073,028 payable at office of Maryland Trust Co., trustee. Denom. $1,000 0.)
and
$500 c*. Red. all or part on any int, date upon 30 days' notice at 10235
Profit from operations $666,588
$796,617 $1,564,175 $1,590,817 and int. Interest payable without deduction for
normal Federal income
Other income
49,206
29,533
114,965
108,552 tax not in excess of 2%.
Data from Letter of P. H. Rogers, V.-Pres. of the Company.
Gross income
$715,794
$826,149 51,679,139 $1,699,369
Company.-Incorp.in South Carolina, Feb. 14 1890 and has had a long
Other deductions
152,801
95,031
209.844
135.599 successful record. Company is located at Hartsville, S. C. Principal
Depreciation
70,396
61,049
140,763
120,037 activity consists of the manufacture of wrapping papers. Company also
Interest
909
909 has extensive holdings offarm lands and timber lands and derives substantial
U.S. & Dom.of Canada
revenues from rentals and timber sales.
income taxes
44,698
129,798
77,420
151,956
Security.
-Bonds are secured by a closed first mortgage on (1) 81,445.000
feet (approximately) of pine, cypress and other timber located in Berkeley.
Net profit for period
$447,899
$591,739 $1,198,734 $1,290,866 Williamsburg and Georgetown Counties,
S. C.; (2) 28,659 acres of land on
Shares corn.stk. outstdg.
which the mortgaged timber stands.
(no par)
510.684
508,858
510.684
508.858
Earnings.
-Net earnings available for interest and depreciation show an
Earnings per share
$0.88
$1.16
$2.35
$2.53
over the past 10 years. which is equivalent to 3.9 times
In 1929 sales of Campfire Marshmallows and Sumer° Orange were dis- average of $76,827
continued and likewise deposits from customers of sub, companies for interest requirements of this issue. Yearly figures have been as follows:
8179,900 1924
$41.178 1927
562.337
returnable bottles and boxes were not considered sales. All of these items 1920
28,764 1925
33,124 1928
41,949
; were, however,included in sales during the last three months of the calendar 1921
113,493 1926
63.426 1929
48,720
year 1928 and appear in the 6
-month period ended March 31 1929. Hence, 1922
155,384
In comparing net sales for the 6
-month period ended March 31 1930 to the 1923
Purpose.
-To increase capacity of plant by installation of a 120
net sales for the same period in the prior year. a true comparison requires
-inch
the deduction of $395,453 from the sales shown above for the period ended Fourdrinier paper-making machine.
-Application will be made to list this issue on the Baltimore
Listing.
March 31 1929.-V. 130, p. 1834.
Stock Exchange.
Canadian Canners, Ltd.
-Earnings.
Calendar YearsProfit
Interest
1929.
$1,909,633
262,004
1928.
$836,205
233.457
1927.
$813,466
236,332
1926.
$777.230
237,828
Net income
Divs. on pref. stocloi
Common dividends
$1.647,629
565,080
68,471
$602,748
492.167
$577.133
442,038
5539,402
364.568
Net profits
$1,014,078
Previoussurplus
766,130
Trans. to inv. & cont.res
400,000
General & deprec. res__ _
400,000
$110,581
655,549
$135.095
520,455
$174.834
995.621
Dr.650,000
$766,130
$655,549
$520,455
Profit and loss surplus
Dec.31
-V.129. p. 479.
$980,209
Canadian Copper Refiners, Ltd.
-Bonds Offered.
Wood, Gundy & Co., td., Montreal, are offering at 100
and int. $2,500,000 '1st mtge. sinking fund gold bonds.
Unconditionally guaranteed (by endorsement) as to principal, sinking fund and interest by Noranda Mines, Ltd.
Celotex Co.
-Receivership Petition.
The application for a receiver pendente lite for the company was dismissed by Chancery Court at Wilmington. Del., May 16. The motion for
dismissal was made by council for David Adler, who recently filed a receivership bill against the company. Council for Mr. Adler and the company are
to agree on an early date for a hearing on the application for a permanent
receiver, which still remains to be disposed of.
Counsel for Celotex opposed the motion made this morning declaring
that it wanted an immediate hearing on the merits of the entire case, but
the court said that under the rules it would have to grant the motion for
dismissal of the application for receiver pendente lite.
Counsel for the company declared that the entire suit is founded on a
financial statement of the company available for stockholders on Feb. 3
and that Mr. Adler did not become a stockholder until after that time,
although he had full knowledge of the facts pertaining to the February
period report.
-V. 130. P. 3358.
•
Chain & General Equities, Inc.
-Earnings, etc..
-
Earnings for 3 Months Ended March 31 1930.
Interest on collateral call loans
Miscellaneous interest
Cash dividends
Stock (dividend)
$2,742
2,119
44.125
4,929
Total income
Dated May 11930; due May 11945. Prin. and int.(M.&
$53,915
Payable
In Canadian gold coin at Royal Bank of Canada in Toronto. N.)
6,904
Montreal or Advisory and operating expense
1,875
Winnipeg, or in U. S. gold coin of the present standard of weight and fine- Fiscal agency expense
ness at the agency of Royal Bank of Canada in New York. or at Royal Bank Net loss on securities sold
78
of Canada in London. Eng., at fixed rate of $4.86 2-3 to fl sterling. DeNet income
$45,059
nom. c* $1,000 and $500 and r $1,000 and authorized multiples thereof.
Earned surplus, Jan. 1 1930
109.078
Red.at any time, at the option of the company, on 60 days'notice at
ing prices and int.: At 105 if rod, on or before May 11933; thereafterfollowat 104
Gross earned surplus
if red, on or before May 1 1936: thereafter at a declining premium of ;a of
$154.137
Dividends on preferred stock
65,000
19' for each expired year, until May 1 1942, and thereafter at 101 if red.
before maturity. Chartered Trust & Executor Co., trustee.
Earned surplus, March 31 1930
$89.137
Legal Investment for life insurance companies under the Insurance Act
of Canada.
Balance Sheet, March 31 1930.
Assets
Liabilities
Data from Letter of Pres. James Y. Murdoch Toronto, May 2.
Cash
Due for securities bought
$2,483
Company.-Incorp. under the laws of the Dominion of Canada in 1929 to Collateral call
3 60000 Acoounts payable
15 : 76
60
7,054
erect and operate an electrolytic copper refinery, for which purpose approx- Secur. owned loans
(mkt. value,
Accrued div. on pref. stock__ _
43,333
imately 85 acres of land in Montreal East, Que., have been purchased.
$5,135,438)
7,888,843 Res. for Federal income taxes_
19,854
Arrangements have been made to commence construction of the plant in Divs, receiv. on
stocks selling
Preferred stock
4.000,000
May 1930. and it is expected that the refinery will be ready for operation
ex-dividend
20,888 Common stock
x160,000
January 1931. The plant will have a rated capacity of 75.000 tons by
of
1.970 Surplus
3,929.137
refined copper per annum. Electrical power for operations will be supplied Accrued interest receivable_....
Treasury
234,883
through contract with Montreal Light. Heat & Power Cons. The refinery Deferred stock (at cost)
charges
1.401
Total (well side)
$8,181,841
will be well provided with transportation facilities; it will be situated on
x Represented by 160.000 no par shares.
tidewater and served by Canadian National Railways.
The plant is being constructed primarily to refine the copper produced at
Note.
-At March 311930. the company had a participation of $100,000
the smelter owned ana operated by Noranda Mines. Ltd., but will also oper- In the Steel & Iron Syndicate, of which 875.000 was unpaid.
-V. 130.
ate as a customs refinery. It is estimated that the Noranda smelter alone p.3359.
will provide the company with not less than 50,000 tons of copper annually.
In addition, Hudson Bay Mining & Smelting Co., Ltd., has contracted with
Checker Cab Mfg. Corp.(& Subs.).
-Earnings.
the company for a term of years for the treatment of the output of copper
Earnings for Year Ended Dec. 31 1929.
Flon properties, estimated to commence at not less than
from its
15.000 Gross operating profit after deprec. dc other reserves
717980:533257
$5,190,537
tons per annum.
-All of the outstanding common stock (excepting directors' General & administrative expense
Control.
qualifying shares) will be owned by Noranda Mines, Ltd., The British
Net operating profit
$4,412.212
Metal Corp., Ltd., and Nicnois Copper Co., and the majority of such shares Other income
318,204
will be owned by Nornada Mines, Ltd.
Total income
Earnings of Guarantor Company -For two years ended Dec. 31
$4.730.416
1929 Provision Federal income tax
the earnings of Noranda Mines, Ltd., were as follows:
450.000
Gross
Deprec. & In:. on Bds.
Net
Net profit for
Earnings. Deed. Cgs. (since red.)
$4.280,416
Tares.
Earnings. Capital and paidyear
in surplus
83.494,177 81,630,491 $233,430 $270,000 $1,360,256
1928
538.888
6,708,442 1,701.931
1929
430,161
204.220
515.118 4.287.173 Earned surplus
The annual int. requirements on these bonds will be $150,000.
Total surplus
$5,249,465
For the three months ended Marcia 311930, gross earnings (before depreAccrued dividend
125,874
ciation, development charges and taxes) were in excess of $2,400,000.
It is estimated by officials of Noranda Mines, Ltd., that gross earnings
Total surplus, Dec. 31 1929
$5.123,590
ending Dec. 31 1930 (before deprec., devel. charges and taxes) will
for year
Earnings per sh. on 375,000 shs. corn. stk. (no par)
$11.44
be $8,000,000. This figure is based on the present rate of production, and
on the assumption that the reduced price of refined copper (14 cents per
Earnings for 3 Months Ended March 31.
pound,established April 15 1930) will continue throughout the present year.
1930.
1929.
Since Nov.30 1929. the capacity of the smelter owned by Noranda Mines, Net earnings after charges
5395.054 $1,791,767
Ltd.. has been practically doubled. As a remit, it is expected that the Earns, per share on 375.000 shs. corn.stock(no par)
$1.05
$4.78
quantity of ore treated will increaso from 428,221 tons In 1929 to over -V. 130. p. 1282.
700,000 tons in 1930.
Assets -Upon completion of proposed construction, fixed assets of the
company to be pledged under the trust deed, consisting of the refinery and
the land upon which It will be situated, will represent cash expenditures
of not lees than $3,000.000. At the commencement of operations, the
company will have net current assets (working capital) of not less than
'$500.000.
The company has allotted ana received payment, at the rate of $100 per
share. for 5,005 of its common shares without nominal or par value. Sunscriptions have been made by Noranda Mines, Ltd.. The British Metal
Corp.. Ltd., and Nichols Copper Co. for a further 4,995 common shares at
$100 per share, and these three companies have agreen to provide, through
further subscriptions for common shares, any additional funds that may be
required to complete the refinery and provide working capital.
-Trust deed will provide for an annual cum. sink, fund.
Sinking Fund.
commencing May 1 1932, for the exclusive retirement or bonds of aeries A,
Chesebrough Mfg. Co. Consol.-Extra Div. of 50c.
The directors have declared an extra dividend of 50c, per share and the
usual quarterly dividend of $1 per share on the $3.000.000 common stock,
par $25, both payable June 30 to holders of record June 9. On March
30, June 29 and Sept. 30 1929 and March 31 1930. an extra dividend of
50c. per share was paid, as compared with an extra of $1 per share on Dec.
30 last. Extras of 25c. per share were distributed on June 30, Sept. 29 and
Dec. 28 1928.-V. 130, p. 1465.
-Listing.
City Ice & Fuel Co.
The New York Stock Exchange has authorized the listing of 31,895
additional shares of 634% cum. pref. stock (par $100), upon official notice
of issuance in connection with the acquisition of Seaboard Terminal &
Refrigeration Co., making the total amount applied for 183,827 shares.
V. 130. p. 3360.
3548
[Vol.. 130.
FINANCIAL CHRONICLE
-Meeting Adjourned.
Crocker-Wheeler Electric Mfg. Co.
Childs Co.
-Sales Increase.
-April
1930
-1929.
Increase.' 1930-4 Mos.-1929.
$2,330,411 52,298,801
$31.6101$9,199,030 $9,091.433
-V. 130, 13. 3359.
At the annual meeting held on May 14, M. Hartley Dodge and Herbert
Increase.
$107.597 0. Petty were elected directors.
A quorum was not present at the special meeting of stockholders to
amend the certificate of incorporation and this meeting was adjourned
- to May 26.-V. 130, p. 3361.
Shipments.
Commercial Instrument Corp.
-To Start
The corporation will shortly start shipments on the largest single order
-Earnings.
Cuneo Press, Inc.(& Subs.).
for heat control specialties ever placed with it. an announcement by Presi1926.
Calendar Years1927.
1928.
1929.
dent Orvill W. Thompson says. The order, which covers the requirements Gross profit on sales_ -b$2,477.794 $1,924,830 11,623.983 $1,624,559
for the first unit of the Westchester Housing Projects at Washington. Sell., shipping & deliv"y_
463,937
465,652
437,136
468,370
D. C., is being filled by the Marsh Co. division at Chicago. The Marsh Gen'l & administrative279,269
487.150
579,871
490.629
products have been specified for the eight additional units to be constructed by this group. Other recent orders for heating specialties received
$881,354
Net prof. from oper__ $1,518,794
$671,182
$907,824
by the Marsh division cover requirements for the Sterling Investment Other income
77,842
87.291
194,385
189,522
Building, Detroit, and the Eastern Outfitting Building, Los Angeles.
V. 130. p.3360.
3959,196
$758,474
Total
11.708.316 $1,102,209
39,352
83.621
99.332
81.150
- Interest
27,444
-Signs Contract.
Commercial Investment Trust, Inc.
Bond amort.& mov.exp.
40,159
25.576
84,764
124.000
A contract has been signed by the American Aeronautical Corp., New Prov. for Fed'l taxes_ _
92,000
168,701
85,000
York, with the Commercial Investment Trust Inc. whereby C. I. T. will
act as the official financing organization for this manufacturer's dealers
'
Net profits
$877,718
$557,276 4768,400
51,373,700
and distributors. The arrangement covers the financing of both wholesale Net profit of co.'s acquir.
and retail instalment sales throughout the United States and Canada and
29,559
to Cuneo
351,740
Dr.61,866
and also applies to sales made direct by the manufacturer to large users
$768.400
Balance, surplus
such as Airline Transport Operators.
$909,017
$1,311,834
$907,277
The American Aeronautical Corp. manufactures seaplanes, flying boats Shs.corn,stock outatand.
100.000
and amphibians known as the Savoia-Marchetti. This manufacturer's
(no par)
171.250
171.500
172.500
$6.20
greatest volume is expected from its three-place amphibian for individual Earnings per share
$4.34
$4.45
$6.72
owner-pilot use, handled by the company's dealer organization rapidly
Note.
-Preferred dividends amounting to $161.701 were paid in 1929.
-V. 130,
being established in all important cities located on the water.
a Net profit is after deducting depreciation of $221,073, based on cost.
p. 2034.
In addition, depreciation of $102.603. to provide for exhaustion of value
in excess of cost, was charged directly to surplus. b After deducting
-Earnings.
Consolidated Cigar Corp.
depreciation of $666,279.-V. 130. p. 2215.
1927.
1928.
1929.
guar. End. Mar. 311930.
Deere & Co.
-Listing.
Net profit after interest.
The New York Stock Exchange has authorized the listing of 1,891,425
$523.629
$685,953
$668,924
$497,473
deprec.& Fed. taxes__
shares of pref. stock (par $20) on official notice of issuance in exchange for,
Shares ofcorn,stock out250,000 outstanding shares of pref. stock (par $100) on the basis of five shares of
250,000
250.000
250,000
standing (no par)____
-V. 130, p. 3168.
$1.83 new pref. stock for each share of old pref. stock.
$1.77
$1.72
Earns, per shares on corn
$1.07
-V. 130, p. 1282.
--Earnings.
Detroit Electric Co.
Company reports for eight months ended Dec. 31 net profit of $102,333
--Sales.
Consolidated Retail Stores, Inc.
after all charges including Federal taxes, equivalent to $6.80 a share on
Increase. the 15,000 shares of class A stock outstanding and to $1.25 a share on the
Increase.' 1930-4 Mos.-1929.
1930-A pri/-1929.
$531,567 17.382,287 $6,331,438 11.050,849 65,000 shares of class B stock outstanding after provision for A dividends
$2.264.332 $1,732,765
-V. 130. p. 2970.
for the period.
Harry A. Abrahamson, Pres., states that the showing in the first eight
-Gross Sales.
Cooper-Bessemer Corp.
months of the fiscal year, which ends April 30, was made despite abnormally
Increase. heavy charge-offs incident to liquidation of obsolete battery sets, cabinets.
Increase., 1930-4 Mos.-1929.
-1929.
-April
1930
$638,038 parts, &c., and to absorb losses on cash rebates to dealers necessitated by
1738.690152,956,523 52,318.485
1637.692
11.376,382
conditions in the radio industry. Charge-offs for
The following is taken from an analysis of the corporation by August abnormal merchandising $50,000 while cash rebates amounted to $75,000,
obsolescence amounted to
Belmont & Co., New York:
making a total of $125,000 abnormal expenses which were absorved in
-Net sales for the past year for the corporation and predecessor the first eight months.
Earnings.
corporation, amounted to $9,897,442, exceeding net sales for 1928 by $1,Stocks have now been liquidated, all losses taken and the company has
251.673 despite marked industrial recession during the final quarter of the been operating on a very profitable basis since the first of the year, accordyear.
ing to Mr. Abrahamson. Sales in January. February and March were
Net profits for 1929 after all charges are reported to be $1,023.498, an within a few thousand dollars of equalling those of the same months in
increase of 12% over 1928.
1929, he says.
In connection with earnings for 1929 reference may be made to the stateDetroit Electric is the exclusive Michigan distributor for the Grigsby
ment of Pres. B. B. Williams in his letter of March 10 1930 to stockholders Grunow Corp., manufacturer of the Majestic radio line. The stocks are
expenses for rehabilitation and changes at the listed on the Detroit Stock Exchange.
that in excess of $200,000 in
-V. 129. P. 482.
Bessemer plant were charged to earnings for that year. This is equal to
96c. a share on the corn. stk. outstanding which if added to the $3.50 reDistributors Group, Inc. (N. Y.).-$75,000,000 Mark
ported would indicate $4.46 per share.
Is Passed by North American Trust Shares.
Earnings Years Ended Dec. 31 1929.
Sales of North American Trust Shares have passed the 575.000,000 mark
1929.
1928.
1927.
1926.
has
59,389.276 511.165.432 $8,645,769 $9.897,442 indicating the great demand for this type of investment which Lee become
Net sales
& Co.,
1,023,498 accentuated since the market break of last Fall, Thomas F.
913,401
1,292.470
Net prof.after all charges 1.118.098
Inc., syndicate managers for Distributors Group, Inc., sponsors of the
Earned per sh. on cont.
$3.50 trust, announces. For the month of April a new monthly sales record was
53.06
$4.09
$4.96
stock*
*On basis of 200.000 shares for 1926, 1927.and 1928 and 206,885 shares established at $11,089,000. fixed trust securities by investors throughout
"Large scale purchasing of
for 1929.
clearly the hold which this type of investment has
We gather further from reports of the company that repairs, maintenance the country demonstrates
Thomas F. Lee. President, points out. "The idea of a
and depreciation accounted for 5731,879 in charges against this year's taken on the public, interest in a selected list of the highest grade stocks
significant in view carefully diversified investment has exerted a wide appeal.
operations. These results are considered particularly
of the generally accepted reputation for conservative management enjoyed Purchased strictly for
North American Trust Shares is the first trust to adopt the principle of
by this company.
balanced diversification through semi-annual
maintaining
Dividends are now being paid at the rate of $2 per sh. per annum on the distribution the initial
of all accumulations on the underlying securities including
common stock.
Proceeds from the sale of rights, stock dividends and split-ups. The holder
Balance Sheet as of Dec. 311929.
of these shares is offered rights semi-annually to reinvest that portion of the
Liabilities
Assetsreturn of capital in additional trust shares at a
$175,000 returns constituting a
$339,587 Bach Loans
Cash
per share. Through this process extraordinary dis404,901 discount of 50 centsunderlying stocks are spread over the entire 28 comNotes Sr accts. rec., net of res. 1,629,438 Accounts payable,&ill
tributions on a few
86,392 panies thereby increasing the investment in each and re-establishing the
4,412.047 Customers advances on contr.
Inventories
74,250
38,638 Dividend pay. Jan. 1
Prepaid exp., &c
diversification. Return for 1929 exceeded 11% on original
134,024 initial balanced
502,402 Accruals
Miscellaneous assets
although a large majority of shareholders chose to consider
184,771 offering price
Plant & equip. less deprec__ 4,163,456 Provision for Fed. taxes
the annual coupon rate of 6% as spendable income re-investing the excess
18,283 Minority int, in cap. & surpl.
-in process of amort_
Patents
additional trust shares through rigats.
43.729 In Stocks underlying North American Trust Shares represent 28 of America's
sub
23 pref. stock-(99,000 shs.) 4,950.000 greatest corporate units and constitute in themselves a widely diversified
Common stock (206,885 she.) 3,466,550 interest of basic industries of the country.
1,584,234
$11,103,851 Surplus
Total (each side)
It is significant, states Mr. Lee, that the year to date purchasers of
these shares have been greatest in periods of market irregularity or weakness
-V. 128, p. 3360.
demonstrating the idea that most investors believe that the stocks under- lying North American Trust Shares are attractive purchases on marked
(Wm.) Cramp & Sons Ship & Engine Building Co.
-V.130, p. 3362.
recessions.
1928.
1929.
Earningsfor Calendar Years$12,727,836 $11.949,426
Previous deficit
-Sales Increase.
Dominion Stores, Ltd.
14.442
Cr167,494
Adjustments applicable to prior period
763,968
711.132
Liquidating loss, fixed charges & other exps , 1928
Sales for 5 and 17 Weeks Ended April 26.
Increase.
Increased 1930-17 Weeks-1929.
1930-5 Weeks-1929.
$116,646
$13.271,474 $12.727,836 $2,483.975 52,448.807
$35,168 $8.542,573 $8,425.927
Profit and loss deficit, Dec. 31
p. 3194.
-V. 128,
-V. 130. p. 3168.
-Earnings.
(S. R.) Dresser Mfg. Co.
Cramp-Morris Industrials, inc.-Earnings.Calendar YearsGross profit
Selling and administrative expenses--
1929.
$636.040
703.884
1927.
1928.
$496.596 $7,449,834
457,022 7,089.474
Calendar YearsGross profit from operations
Administrative, general & selling expenses
Profit from operations
Other income
1928.
1929.
$1,280,737 $1,014,250
325,246
355,554
$925,182
148,343
$689,004
26,595
$1,073,525
10,000
121,633
$715.599
y941.892
475,000
630,836
0.
3 0000
los467,843
Operating profit
Other income, incl, int., div. & profit
221,543
Participating
$39,574
5360,360
332,043
240.170
$153700
299.900
$371,617
431,578
$600,530
238,634
Total income
Reserve for inventory adjustment
Federal income taxes
def$146,200 def$59.960
$361,896
26,500
Net profits
Dividends
def$146,200 def$59,960
$335,396
$330,836
$466,892
Balance
x Includes excessive tax of $657. y Includes non-recurring net profit of
538,498.-V. 130, p. 3168.
Total income
Int.,royalties, amortization,&c
Net
Federal income Sr State taxes
Net profit
-V. 129, p. 1918.
--Earns.
Crown Cork International Corp.(& Subs.).
Earnings for Year Ended December 31 1929.
Net sales
Cost of sales
Depreciation
Selling and administrative expenses
_
$5,762,751
4,006,017
136,012
859,849
Operating profit
Interest and other income (net)
8760,873
2,995
Total income
Organization and other extraordinary expenses
Provision for U. S. and foreign income and other taxesin subs_
Portion of net profit accruing to minority shareholders
$763.868
171,066
133,634
43,203
Net profit for year
Dividends paid
$415,966
265.900
Balance. surplus
-V.129. P. 3970.
$150.066
x84,763
-Consolidation Assured-Time
Eaton Axle & Spring Co.
Extended.
A total of 210,333 shares of Wilcox Rich Corp. class 13 stock has been
deposited under the plan of consolidation with the Eaton Axle Sr Spring
Co., or more than enough to make the consolidation effective, according
to an announcement made by J. 0. Eaton, Chairman of the Eaton company. The offer to exchange originally was set for expiration as of May
10. but the time has been extended to May 22 in order to conform with
the rulings of the New York Stock Exchange and in order to give Wilcox
Rich shareholders who have not deposited, the opportunity of doing so.
While the operations of Eaton Axle and Wilcox Rich were adversely
affected in the first quarter of 1930 by the recession in the automobile
manufacturing industry, the fact that they are supplying parts to low
priced car manufacturers and truck manufacturers has acted as a stabilizing influence. The recently reported first quarter earnings. however,
more than covered in each case dividend requirements for the period.
Both companies report a marked improvement in the upward trend of
toe automotive industry, indicating a good prospect of earning the year's
dividend of $3 per share during the first seven months.
3549
FINANCIAL CHRONICLE
MAY 17 1930.1
Years Ended March 31Dividends,interest and other income received
Operating expenses
Bond interest
Provision for Dominion income tax
1930.
$214.432
27,684
50,000
4,528
1929.
8189,071
27,589
50.000
2.725
stations vitally essential to the development of the corporation's national
lease business: for the expansion of existing manufacturing facilities and
sales activities; and for other general corporate purposes.
-Net earnings after substantial reserves for depreciation and
Earnings.
maintenance, adjusted for certain minor non-recurring charges, for the
calendar year of 1929 and the annual average for the seven year period
1923-1929 incl., are as follows:
x1923-1929.
1929.
$130,166
$203,947
Net income, including non-operating income
13.000
13,000
Debenture bond interest (this issue)
Net profit
Dividends paid
$132,220
99,778
$108,757
75,888
Net income before Federal taxes
Estimated Federal income taxes
$32.442
35,862
$32,869
2.993
Combined assets of the two companies are in excess of $19,000,000 and
combined earnings, after Federal taxes. for 1929. were approximately
$3,000,000.-V. 130, p. 2973.
-Earnings.
Economic Investment Trust, Ltd.
Balance.surplus
Previous surplus
868,303
$35,862
Balance Sheet March 31.
1929.
1930.
Liabilities1929.
1930.
Assets$23,509
$3,051,560 $3,216,933 Sundry creditors- - $12,627
Investments
160,000
78,811 Loans(secured).
28,595
Cash
49,906
37,968
Dividend payable110,000
CaMoans
20,833
20,832
Bond int. accrued.
546
Sundry amts.rec.32,000
Res.for conting.
42,780
31,190
General reserve- _
1,000,000 1,000,000
Funded debt
Com.stk.(par $50) 1,996,250 1,897,500
56.880
Cap.susp. acct. _ _
68,303
35,862
Tot.(each skle)-$3,190,700 $3,295,743 Revenue account_
-V.129, p. 2081.
Total surplus
--Earnings.
Employers Reinsurance Corp.
3 Mos. Ended March 31Profit from underwriting
Dividends & rents received, & interest earned
Profit on securities sold
1930.
$65,632
69.322
1929.
$55,384
60,232
6,222
Total income
Net increase in company's equities in reserves required by law, estimated
$134,955
$121,838
65,401
8200,356
Total actual earnings
Reduction to per share basis 150,000 shares:
81.34
Total of actual earns,plus est.increase inequities..
375
Accrued dividend for period
35.56
Estimated liquidating value of shares, March 31--Balance Sheet March 31.
Condensed
1930.
Liabilities1929.
1930.
Assets$2,032,184
$325,000 Loss reserve
Borne office bldg.216,463 Rea. for unearned
All other real estate $211,265
1,198,669
premiums
805,394
Mortgage loans... 741,676
5,000 Commis. accr. on
Collateral loans_ __
prem.in course of
4,282,605 3,922,449
Bonds
89,707
collection_ _ ____
382,448
699,738
Stocks
5,000
546,683 Res. tor mLseel bills
859,763
Cash
Res. for State dr
Prems. in course of
114,912
Federal taxes_ _ _
476,134
403,362
collection
238,036
82,326
79,583 Special reserve_ _ _
Interest accrued..
1,500.000
120,000 Capital stock
75,000
Reinsur. recover._
2,250,000
Surplus
31,854
8153,692
$1.02
.376
32.40
1929.
$1,712,865
1,040,066
Balance available for common stock and surplus
x Seven-year average.
$190,947
21,004
8117,166
12,888
$169,943
$104,278
-Annual Report.
Federated Department Stores, Inc.
A. Lincoln Fllene, Chairman of the Board,says in substance:
com.
of
The corp. on Nov. 25 1929, acquired majorities of theThe stocks R.
F. and
Wm. Filene's Sons Co. Abraham & Straus, Inc., and
Lazarus & Co. On Jan.31 1930,the majority of the com.stock of Bloomingdale Bros., Inc., was acquired. The accounts include the results from
operations of the four subsidiary companies for the entire'fiscal year in
order to present a view of the earning power of the combined companies,
although their capital stocks were owned during a relatively short part
of the year only. These statements have been prepared from the pubchange.
lished reports of the four subsidiary companies without Stores,
Inc., are:
The stores controlled by the Federated Department
Wm. Filene's Sons Co., Boston; R. II. White Co., Boston; FreelandLoomis Co., Boston; Abraham & Straus, Inc., Brooklyn; The F. and R.
Lazarus & Co., Columbus; The John Shlllito Co., Cincinnati; Bloomingdale
Bros., Inc., New York; the total net sales of which amounted to $117,
The net profit on the basis described, after deduction of all costs and
for
expenses, including depreciation and interest and provision be Federal
income taxes, amounted to $4.856,068. From this shouldand deducted
8815,008
diva, of $1,300,945 on the pref. stocks of sub, companies
representing the portion of the net profit applicable to minority interests
profit of $2,740,114
in the com. stocks of sub. companies, leaving a net Department Stores,
applicable to the 860.245 shares of stock of Federated
Inc.,outstanding on Jan. 31 1930. This is equivalent to $3.18 per share.
Consolidated Profit and Loss Year Ended Jan.311930.
[Incl. earnings of subsidiaries prior to date of acquisition during the year,
,,
$117003399
Net sales
Cost of goods sold, selling, operating & admin. exps. (incl. extraordinary charges arising from relocating depts. due to
bldg. operations) less miscell. earnings, excl. of int., deprec.
110,391,926
and provision for Federal income tax
889,905
Depreciation
285.942
Interest paid
579,558
Provision for Federal income tax
84,856,068
Net profit
1,300,946
Dividends on preferred stocks ofsubsidiary companies
Portion of net profit applic. to minority hits, in com,stocks of
815,009
subsidiary companies
85,600
Net profit, applicable to 860,244 73-74 shsares outstanding-- $2,740,114
87,221
Consolidated Surplus Year Ended Jan. 31 1930.
1,500,000 Paid in surp.-Com. cap. stock & surp. bola, of sub. cos. at
324.171,193
2,250,000
Jan. 31 1929. combined
$180.000
-Adjustment in value of building and leasehold
Deduct
$7,428.508 $6,806,383
78.666
Total
Total
$7,428,508 $6,806,383
Discount on land trust certificates written-off
179,253
-V. 130. P. 2589.
Fixtures scrapped in connection with building additions
fixtures in discont'ce of separate men's
Loss on Isehld &
Eskimo Pie Corp.
-Rights.
96,238
clothing store
The directors have authorized the Issuance of 121.835 additional shares of
Deprec. of increased value of store fixtures & delivery equipClass B common stock which will be offered to stockholders of both class A
69.206
mentshown by appraisal
a basis of one new share of
and class B common stock of record April 24 on
15,656
Miscellaneous
class B common stock at 310 per share for every two shares of either class of
amount applicable to min. hits.in com,stock ofsub.cos. 6.161.387
stock held. The offer expires May 31. TheUnited States Foil Co ,principal Deduct
stockholder of the company, has underwritten the issue and will take the
Bal. of coin. cap. stock & surplus of sub. cos. applic, to their
undisposed part of the issue at the same price offered to other stockholders.
$17,390,784
common stock owned by Federated Dept. Stores.Inc
The purpose of the additional issue is to liquidate existing loans, provide Deduct portion of this amount allocated, at $10 per share, to
additional working capital and develop and market new products. The
coin. stock of Federated Dept. Stores, Inc., issued in
value of
company through a wholly owned subsidiary, the New York Eskimo Pie
8.572.450
exchange therefor
Corp., operates the most modern plant in the world for the manufacture of
"Eskimo Pies" and ice cream products. Current sales in the metropolitan
$8,818,334
Balance
district for the past week have averaged 500,000 pies daily.
2.740,114
Net profit for year (as above)
earned after date of acquisition of con-Common Stock Placed on Less portion thereof common stocks
Equitable Office Bldg. Corp.
887,314
trolling interests in
125,629
5,000
a $3 Annual Dividend Basis.
The directors have declared a quarterly dividend of 75c. per share on
the common stock, no par value, payable July 1 to holders ofrecord June 14.
In each of the preceding four quarters a dividend of 62%c. per share was
-V. 130, p. 2589.
paid.
Exchange Buffet Corp.-Sales.-1930-Aprt1-1929.
$585,975
$584,527
-V. 130. P. 2589.
Decreased 1930-4 Mos.-1929.
SIMS I $1,721,255 $1,631,925
Increase.
$89,330
81.852.799
Excess of proceeds from sale of 3,000 shs. of cap, stock over
stated value thereof
90.000
810,761.133
Total,representing paid-in surplus at Jan.31 1930
-Earnings of sub. cos. since date of acquisition
Earned surplus
of their cap. stocks by Federated Dept, Stores, Inc., appllc.
887,314
to the shares owned by it at Jan.31 INO
$11.648,448
Consolidated Balance Sheet Jan. 31 1930.
1930.
L ab Piles-1930.
Assets
1,375,000
$2,902,870 Notes payable
Cash
2,400,000 Accts. payable-Trade cred_ 2,542,084
Call loans receivable
533,181
Merchandise in transit
United States, State and
451,960
3,825,542 Sundry creditors
municipal obligations
securities__ 1,265,124 Accrued salaries and expenses 1,624,213
Other marketable
42,500
Purchase money mortgage...
Cust. accts. ds notes webs.
592,568
Reserve for Federal Inc. taxes
-Bonds Offered.-Glenny, Monro & Moll, less reserves: terms_ ___ 8,995,927 Dividends on preferred stocks 219,947
Flexlume Corp.
Regular retail
87,500
4,774,149 Reserve-For insurance
-year cony. 65i%
Buffalo, recently offered $200,000 10
Installment terms
498,652
For contingencies
768,206
sinking fund gold debentures, series A, at 9932 and interest. Sundry debtors hand
-year5%% gold debentures 5,150.000
12,228,082 15
Merchandise OD
1,650,000
Dated Aprll 1 1930; due April 1 1940. Principal and int. (A. & 0.) Merchandise in transit
563,182 Real estate mortgagee
374,406 Pref.stocka of subsidiary co.'s
payable at M. & T. Trust Co., Buffalo, N. Y., trustee. Denom. $1,000. Miscellaneous investmentsowned by other interests.. 19,176,350
Red. all or part, on any int. date upon 60 days,notice, at par and int. Fixed assets
21,811.438
6,976,396
of 1% for each year or fraction thereof between Deferred charges
1,262,318 Mints.on com.stks.of subs.
plus a premium of
redemption date and maturity. Interest payable without deduction for Good-will
4 Capitaistock (857.793 Wm.)_ _ 8,602,450
11,648,448
Paid-In surplus
that portion of any Federal income tax not in excess of 2%.
Convertibility.
-Debentures will be convertible at the option of the holders
$61,171,250
Total
$61,171,250
thereof, at any time on or prior to date of maturity or earlier redemption
Total
Into 40 shares of common stock (no par value). Indenture will contain
-V.130, p. 981.
provisions designed to protect the conversion privilege in certain con
tingencies.
Ford Motor Co. of France (Ford Societe Anonyme
Listing.-Application will be made to list these debentures on the Buffalo Francaise).-Initial Dividend on American Receipts.
Stock Exchange.
The company has declared an initial dividend of 7.5993 francs on "AmeriData from Letter of Pres. R. R. Wiley, April 2$.
can" deposit receipts, payable June 2 to holders of record May 15. The
-V. 129. p. 2082.
expenses of the depositary.
-Corporation was incorp. in New York in Sept. 1910, as the dividend is less the
Business.
Flexlume Sign Co., adopting its present title in Feb. 1922. Corporation
-Earnings.
Formica Insulation Co.
manufactures, leases and sells electric illuminated advertising displays of
1928.
1929.
Calendar Yearsevery type, for exterior and interior use, including signs featuring neon
84,095,077 $2,829,621
sales
tube, raised glass and exposed lamp letters as well as the recently de- Net
242,702
193,595
veloped ornamental etched-glass letter sign. Main plant located at Buffalo, Deductionsfrom sales
2,492,153
1,852,375
Cost of goodssold
N. Y., contains approximately 115,000 square feet of floor space.
271,543
224,505
administrative expenses
In addition, the corporation has a successful subsidiary operating in General &
Toronto. Can., and controls a well organized plant in Atlanta, Ga.
8559,156
$1.088,679
Profitfrom operation
A substantial interest is also held in the Flexlume-Strough Corp., Syracuse,
24,660
16,474
N. Y., and the Buffalo Porcelain Enameling Corp., Buffalo, N. Y Sales Other income(net)
representation is had in practically all of the more important cities of
8575,630
$1,113,339
Totalprofit
the United States and Canada, and in several foreign countries.
120,950
68,231
Federal ncome tax
Authorized, Outstanding
Capitalization8992.389
$507.399
Net profit
-year convertible 634% sinking fund gold debs.
10
468,000
payable
series A
$750.000
$200,000 Divs. eclared &
8524,389
8507.399
*75,000 shs. 45.200 shs.
Common stock (no par)
Balance,surplus
Earnings for Quarter Ended March 31.
Including 10.000 shares reserved for the conversion of series A de*
bentures (this issue).
1R823
14
013
.891
-These debentures are issued to provide the corporation with Netincome after all charges
Purpose.
80.51
81.18
additional capital necessary for the establishment in various principal Earns, per sh. on 180.000 shs.cap.stk.out.(no par)
cities throughout the United States of maintenance, pumping and servicing -V.130.p. 1123.
-Dividends.
Federated Capital Corp.
The directors have declared a dividend for the three months from Mar. 1
cents per share)
•1930 to May 31 1930 at the rate of 6% per annum (37
on the 6% cum. pref. stock, a dividend at the rate of 16% per annum
(20 cents per share) on the common stock and a stock dividend at the rate
of 4% per annum on the common stock, all payable May 31. to stockholders of record May 15 1930. Like amounts were paid on Feb. 28 last.
-V. 130, p. 1122.
Total surplus
3550
FINANCIAL CHRONICLE
Fox Film Corp.—Acquires Midland Circuit.—
President Harley L.
Clarke announces that negotiations have been
consummated for the acquisition of the Midland
located in the Middle West. The Midland Circuit Circuit of Theatres,
than 60 theatres,and although no figure was given, properties include more
it is understood that the
purchase price was over $4,000,000.
Harold H.Franklin, President of Fox West Coast
conducting the negotiations with M. B. Shanberg Theatres, who has been
and
of the Midwest properties for the past four months, Herbert M. Woolf,
closed the transaction
following a conference with Mr. Clarke.
The new circuit will be added to the Fox West
Coast Theatres group
bringing the number of houses operated by this organization
to more than
500, and a special division office will be established in
Kansas City with Mr.
Shanberg as Chief Division Executive.
Operating under the supervision of Mr. Franklin there
is now a Kansas
City divisional office, which has supervision
Miller and Midwest Theatres,and a St. Louis over the recently acquired
tion over the Missouri and Illinois Theatres. divisional office with jurisdicThe new properties include 10 theatres In
theatres in the towns of Atchison, Chanute,Kansas City, and over 50
Clay Center, Coffeyville,
Salina, Concordia, Eldorado, Hutchinson, Lyons, Ottawa, Pittsburgh
and
Wichita, in Kansas; Boonville, Brookfield,
Moberly, Nevada, Sedalia. Springfield andCarthage, Lexington, Marshall,
St. Joseph in Missouri and Ft
Madison and Muscatine in Iowa.—V. 130, P.
3363.
Galena Oil Corp.—Exchange Offer Made to Stockholders.—
James H. Durbin, Vice-President of the American Republics
Corp., in a letter to the stockholders of the Galena Oil
Corp. May 15, says in substance:
•
[Vol,. 130,
General American Securities, Inc.—New Fixed Investment Trust Formed.—Announcement is made of the
formation of Associated National Shares, Series A, a fixed
common stock investment trust, composed exclusively of the
common stocks of 30 of the leading corporations in the
United States. Each share represents a 1-1000th interest
in a unit comprised of the shares of the companies named
below. P. W. Brooks & Co., Inc., are offering these shares,
priced at the market, about 13g.
Certificates Issued in denominations of 10-25-50-100-500-1,000 shares.
Distributions payable semi-annually in New York by Empire Trust
Co.
May 15 and Nov. 15, covering accumulations up to May 1
and Nov. 1,
respectively. Empire Trust Co., trustee-depositary: General American
Securities, Inc., depositor. Dividends exempt from present
eral income tax in the opinion of counsel to the extent that normal Fedincome from deposited stocks, which is likewise exempt. they represent
Procedure.—General American Securities, Inc.,
a selected list of common stocks of 30 leadingdeposits with the trustee
American corporations.
Common shares in each of these 30 selected corporations comprise a unit.
Each unit contains 106 shares in a widely diversified group of
industries.
Against each unit so received by the trustee-depositary trust certificates
aggregating 1,000 participating shares are issued and authenticated
be
the trustee, each share being identical with every other share. Common
shares in the companies and in the amounts listed below form the unit
as defined in the trust indenture executed by and between
the Empire
Trust Co.. trustee-depositary, and General American Securities.
Inc.,
depositor, on May 1 1930. Each Associated National share
is a 1-1.000
interest in the unit as shown below:
Shares.
Shares.
2 Allied Chemical & Dye Corp.
4 Otis Elevator Co.
2 American Telep. & Teleg. Co.
4 Pennsylvania RR. Co.
2 American Tobacco Co."B"
4 Procter & Gamble Co.
2 Atch. Topeka & Santa Fe RR.
4 Southern Pacific RR.
4 Borden Co.
6 Standard Oil Co. of New Jersey
4 Consolldated Gas Co. of N. Y.
6 Standard Oil Co. of New York
2 Detroit Edison Co.
6 Texas
4 DuPont de Nemours(El.)& Co. 4 Union Corporation
Carbide & Carbon Corp.
2 Eastman Kodak Co.
2 Union Pacific RR.
4 General Electric Co.
4 United Fruit Co.
4 Illinois Central RR.
6 United Gas Improvement Co.
4 International Harvester Co.
2 United States Steel Co.
4 National Biscuit Co.
2 Western Union Telegraph Co.
2 New York Central RR.
2 Westinghouse Elec. &Mfg. Co.
2 Norfolk & Western RR.
6 Woolworth (F. W.) Co.
No Substitutions.—The Portfolio of Associated National
"A," may not be changed except in case of recapitalization,Shares, Berke.
merger, consolidation, reorganization or sale of property by any of the companies or
an exchange of stock resulting from these causes. In the event of so-called
"split-ups" of shares comprising the unit, the shares resulting therefrom
are retained as a part of the unit. The depositor reserves the right to
liquidate any stock in the portfolio should such action appear to be necessary and for the bast interests of the holders of Associated National shares.
In event of such liquidation, proceeds from the sale of liquidated stocks
must be included in the semi-annual distribution next following.
Offering Price.—The offering price of Associated National Shares is based
upon the total market value of the deposited shares—plus brokerage—
Plus accrued dividends and other accumulations currently held by the
trustee in connection with previously deposited units. To this sum a
charge is added which covers all cost of sales and distribution, advertising,
legal and statistical fees, expense of issue and deposit, and all other expense of the depositor for the life of the trust. This fee will not exceed
1-3 of 1% per year for the life of the trust.
The American Republics Corp. has recently acquired from
feller Foundation and certain other interests their holdings of the RockeGalena 011
Corp. capital stock in exchange for shares of the capital stock of the Interstate Natural Gas Co., Inc., on the basis of one share of Interstate capital
stock for four shares of Galena capital stock.
The directors of the American Republics Corp.
extend to all stockholders of the Galena Oil Corp. the have determined to
privilege of exchanging their holdings of Galena capital stock for capital stock of the Interstate Natural Gas Co., Inc., on the same basis as that offered to and
cepted by tho Rockefeller Foundation and the other interests above acreferred to. and, accordingly, the privilege of exchanging
Galena capital stock on this basis is hereby extended toyour holdings of
you, subject to
acceptance by or before June 25 1930.
For each four shares of capital stock of Galena
not less than four shares), American Republic.; Oil Corp. delivered (but
change one share of capital stock of the InterstateCorp. will deliver in excompany. In
that the aggregate number of shares of capital stock of Galena the event
Oil Corp.
delivered by any stockholder shall be a number that is
four. American Republics Corp. will buy or sell one, twonot divisible by
or three shares
as the case may be, which shares may be necessary
total number ofshares delivered divisible by four, at ain order to make the
The Interstate Natural Gas Co., Inc. (in which theprice of $7.50 per sh.
Standard
New Jersey and the Columbian Carbon Co. have substantial 011 Co. of
intereecs.
and in which the American Republics Corp. has had a minority interest
for a number of years) was incorporated April 1 1926 in Delaware
with
authorized capital consisting of 1,000.000 shares of no par value stock. an
Dec. 31 1929, 952,183 shares of the total number authorized were At
outstanding, and the funded debt consisted of $8,305,000 (closed) 1st mtge.
10-year 6% sinking fund gold bonds. due July 1 1936.
The company maintains executive offices at 26 Broadway, N. Y. City,
and its directors are as follows: Wm. von Phul (President), Christy Payne
(Vice-President), E. E. DuVall (Secretary), Reid L. Carr. R. W.
lagher, H. C. Cooper and E. A. Frost, H. A. Koechling is Treasurer.GalThe Interstate company is the owner of
roe field in northern Louisiana, as well as extensive gas rights in the Mongathering
such field,
and trunk pipe lines extending from the Monroe fieldsystems inRouge, La.
to Baton
The company has a contract for supplying the fuel requirements of the oil
refinery of the Standard 011 Co. of New
General American Tank Car Corp.—Listing.—
at
contract to transport from the producing Jersey to Baton Rouge, and a
fields
gas
Tho
required by the Southern Gas & Fuel Co. for its (theBaton Rouge theFuel shares New York Stock Exchange has authorized the listing of 200,000.
Southern Gas &
of stock (no par) upon official notice of issuance and 30,000 shares of
Co.'s) line from Baton Rouge to New Orleans. Further, the Interstate
stock upon official notice of issuance as stock dividends making the total
company sells gas in various markets along the route of its main pipe
lines.
and has contracts to supply from its gas acreage a part of the require- amount applied for 1,030,000 shares.
The 200,000 shares are to be issued at not leas than $100 Per share.
ments of pipe lines owned by other companies,
leading from the Monroe Pursuant to resolutions of directors adopted April 17 1930.
field to the following points• St. Louis, Mo.; Birmingham,
The proceeds from the sale of 200,000 shares will be utilized on or before
Ala.: Memphis,
Tenn.,and Shreveport. La.
Dec. 31 1930, for the acquisition of interests in other companies, railroad
The company has been active since the latter part
of
dividends have been paid on its stock, the operations1927. and while no equipment and other property required in connection with the development.
have been consist- and
ently profitable. During the year ended Dec. 31 1929 sales were approxi- of extension of its business and for the retirement of car trust certificates
the West Virginia company and for additional working capital for the
mately 28.444,209.000 cubic feet of gas.
West Virginia company and its subsidiaries.—V. 130. p. 3171.
The Equitable Trust Co. of New York is depositary.
Plan of Reorganization Soon Consummated.—
President Michael J. A. Benin, in a letter
stockholders, states
that the plan of reorganization of the Galena to the Oil Co. will shortly
Signal
be consummated in its entirety. The remaining operating properties and
business of the Galena Signal 011 Co., which have not been sold, were transferred to the Galena 011 Corp. on Jan. 1 1930 and have
conducted by it since that date. A financial statementbeen operated and
of the Galena Oil
Corp. as of April 30 1930 has been issued showing total
Current assets amounted to $2,301,948 and current assets of $3,180,688.
liabilities, including
accounts payable, accrued expense and contract settlements and $5.000
mortgage of subsidiary, amounted to $220.273. leaving indicated net
quick assets of $2,081,675, equivalent to $7.51 a share on approximately
277,000 shares of no par value capital stock outstanding. Cash on hand
as of April 30 was shown as $785.965 and inventories $1,118,118.—V.
130,
p.2974.
General Electric Co.—Test Suit Against Radio Corp._
Charges Combination in Restraint of Trade.—See under"Current Events" on preceding pages.—V. 130, p. 3172.
General Industrial Alcohol Corp.—Proposed Merger.—
American Solvents & Chemical Corp. above.—V. 128. p. 3196.
General Industrial Bancshares Corp.—Accused of
Fraud.—The following is taken from the New York "Times":
An order temporarily restraining the corporation, with offices at 67 Wall
St.,and three of its officers from dealing in securities was signed by Supreme
Court Justice Mitchell May in Brooklyn on a petition of Deputy Attorney
General Mackay Rackow of the State Bureau of Securities. Mr. Rackow
will move to make the injunction permanent and ask for a receiver at a
hearing on May 20.
Officials named in the temporary order are Julius H. Reiter of the PickGammen Co.—Acquisition—Rights, &c.
wick Hotel, Greenwich, Conn., Manager of the corporation; Herbert
In accordance with the established policy of this company to diversify Boyce of 143 West 96th St., Treas., and Bertha Jacobs, Jackson Heights,
its business by the manufacture and sale of allied products, it plans to Assistant Secretary.
acquire the business of the Rockwood Sprinkler Co. of Massachusetts.
According to Mr. Rackow, the corporation, by representing Itself to be
The latter company, originally established in 1907, is one of the foremost an investment trust company and by "bucketing," sold about $307,000
automatic sprinkler organizations in the world. It has a plant in Worcester, stock to the public.
Mass., a branch in Montreal. an assembling plant in Chicago and sales
General Motors Corp.—Refunding of Preferred Stocks,
offices throughout the United States.
The Rockwood company will be acquired subject to approval by the &c.—In connection with the special meeting to be held
on
stockholders through the issuance of $6 cum. cony. pref. stock, which,
it is expected, will be offered to Gamewell stockholders at $96 per share, May 26, for the purpose of considering the requisite charter
in the ratio of one share of pref. for each five shares of common stock held. amendments to provide for a proposed new issue of $5 pref.
These rights, however, are contingent upon the authorization of toe issustock to be exchanged for outstanding preferred securities,
ance of the pref.stock at the stockholders meeting to be held June 91930.
The 'preferred stock will be convertible into common stock at $75 a President Alfred P. Sloan Jr., May 10, in a letter to the
share, that is, each share of preferred will be convertible into 1 1-3 shares common
stockholders, says:
of common.
At the present time our senior security structure consists of 1,355,838
During the past four years average net earnings of the Rockwood Sprinkler Co. have exceeded 8288,000. equivalent after paying the $6 dividend on outstanding shares of 7% pref. stock callable at $125 a share; 14,105
the proposed pref. stock, to over $1 a share on the 118,928 shares of Game- outstanding shares of 6% pref. stock, callable at $110 a share: and19,217
well common outstanding. The management believes that the proposed outstanding shares of 6% debenture stock callable at $115 a share.
The
acquisition will result in substantially increased earnings for the Gamewell pref, amendments proposed contemplate the creation of a new class of
stock without par value to consist of 6,000,000 authorised shares.
Co.
To permit of flexibility, it may be issued in series which may vary in respect
ofrate of dividends and price ofredemption as fixed by the board of directors
Earns. for 10 Months Ended March 31—
1929.
1930.
Net Income after all charges
. $69i,314 except that 1,875,366 shares constituting the $5 series are to be offered
$8417.
4 8
,1
presently in exchange for the outstanding pref. shares on the following
Earns, per sh. on 118,928 shs. corn.stk. outstand'g
$6
basis: 1.35 shares of the new $5 pref. stock for each share of the outstanding
—V.130. p.2218.
7% pref. stock; 1.10 shares of the new $5 pref. stock for each share of the
outstanding
General American Investors Co., Inc.—Definitive each share 6% pref. stock: and 1.15 shares of the new $5 pref. stock for
of the outstanding 6% debenture stock.
Certificates Ready.—
The $5 pref, stock will be entitled to cum. divs. at the rate of $5 yearly,
will
Definitive certificates for pref. stock with com, stock purchase warrants to ca a nt112o a receive$100 a share upon dissolution, and will be subject
et s0ed to
attached and for common stock are now ready for delivery in exchange for
share.
It is believed that the exchange proposed will be to the benefit of our
outstanding temporary certificates and definitive certificates outstanding
senior security holders. They will receive free from any Federal Income
before the agreement of merger dated August 6 1929.
exchange their tem- tax, a new security enjoying the protective provisions of the old and callable
Stockholders should, as soon as possible, present for
porary certificates or superseded definitive certificates to the transfer at a comparatively higher price. The corporation, on the other hand,
agent, the Commercial National Bank & Trust Co. of New York, 56 Wall benefits from a simplification of its senior security structure, a saving in
the yearly dividend requirements and the prospect of relatively better
St., N. Y. City.
Neither the definitive certificates of the former General American In- selling prices for its new preferred stock.
If the plan be approved by the stockholders, it Is contemplated that stock
vestors Co., Inc. nor the certificates of this corporation outstanding in its
former name Second General American Investors Co., Inc., respectively, not exchanged will be called for redemption on Aug. 1 1930. When the
represent good delivery against sales on the New York Stock xchange, present pref. stocks are retired or exchanged, the new $5 pref. stock will
nor will temporary certificates of this corporation represent good delivery occupy a first pref. position in respect of dividends and assets, and in
against sales on the New York Stock Exchange after May 19 1930, it is general will enjoy the privileges, preferences and benefits now accruing to •
the 7% preferred stock.
announced.—V, 130. 1?. 630.
MAY 17 1930.]
FINANCIAL CHRONICLE
3551
The directors have authorized the entering into a contract with J. P.
Dated May 1 1930; due May 1 1935. Interest payable M.& N.at Corn
Morgan & Co., underwriting the offer of 1,875,366 shares of the new $5 Exchange
pref.stock, by which they will agree to purchase or find purchasers for such all or part Bank Trust Co., New York, trustee. Denom. $1.000c*. Red.
by lot on 30 days' notice at any time before maturity at 100 and
shares as may not be exchanged.
Subject to the requisite approval of the stockholders, it is planned to send int. plus a premium of Si% for each 12 months' period or fraction thereof
of redemption
out the necessary notices relating to the terms of the exchange about from date series, of which to date of maturity. Authorized $3.000.000,
in
$2,250.000 is to be designated series A.
June 2 1930. Exchanges may be made between that date and July 21 1930. issuablePurchase Warrants.
Stock
-Each series A note will have attached thereto
Fractional shares will not be Issued, but in lieu thereof scrip will be delivered
to stockholders in respect of fractional interests, exchangeable for whole a stock purchase warrant detachable from the note only upon presentation
of the note and warrant to the trustee and exercise of the warrant,including
shares on or before Jan. 21 1931.
It Is proposed that dividends on the new stock issued on or before July 7 payment of the purchase price thereunder, or upon retirement prior to
1930, will commence to accrue from May 1 1930, and will be payable on maturity of the note to which the warrant is attached and endorsement
Aug. 1 1930, to holders of record on July 7 1930. Stockholders making by the trustee of such fact upon the warrant. Such warrant will entitle
the proposed exchange on or before the record date. July 7 1930, will receive the holder thereof to purchase from the corporation shares of its common
on Aug. 1 1930. the div. payable on their shares of the new $5 pref. stock, stock (no par), as at the time constituted, as follows: At any time on or
but will not receive any div. on their shares so surrendered in exchange. before May 1 1931, 55 shares at $18 per share; thereafter and to and incl.
Stockholders making the proposed exchange after July 7 1930, will receive May 1 1932, 50 shares at $20 per share; thereafter and to and incl. May 1
on Aug. 1 1930, the div. payable on their shares of stock so surrendered in 1934, 40 shares at $25 per share; thereafter and to and incl. May 1 1935.
exchange, but will not receive any dividend on their shares of the new $5 35 shares at $30 per share. After May 1 1935, such warrants will be void
and of no value
preferred stock. (See also V. 130. p. 3171).
The agreement under which such warrants will be issued will contain
provisions
thereof
May Acquire Winton Engine Co.
-Alfred P. Sloan Jr., from stockdesigned to protect the holdersevent ofagainst dilution resulting
diva, and split-ups and in the
merger, consolidation or
President of the General Motors Corp., issues the following recapitalization of the corporation, and such warrant agreement will also
provide that should common stock be purchasable, under any warrants
statement:
An offer has been made to Winton Engine Co. to purchase all its assets issued in connection with any other series of notes, at less than the current
and property of every kind and description for which General Motors will price at which common stock may then be purchased under the warrants
pay 126,667 shares of General Motors common stock. This is equivalent attached to the series A notes, the latter price shall be reduced so that it
to 1 1-3 shares of General Motors stock to each share of Winton Engine shall be the same as the current price, from time to time, under such other
warrants.
Co. stock outstanding.
Corporation will covenant in the indenture securing the notes
The Winton Engine Co. made the following announcement: moneys received teem the sale of stock by the exercise of warrantsthat all
accomAfter a long negotiation, this company has received an offer from General panying series A notes shall be retained by the trustee as and for a retireMotors Corp. to buy all of the assets of the Winton Engine Co. of every ment fund and applied to the purchase or redemption of series A notes,
sort and description, and to pay therefore 126,667 shares of General Motors and that the holder of any series A note, upon exercising the warrant attached thereto, shall have the privilege, if he so elect, to have the available
Corp. common stock and to assume liabilities of the Winton Engine Co.
This offer amounts to 1 1-3 shares of General Motors common stock for moneys in the retirement fund applied at the same time to the purchase
each share of the Winton Engine Co. stock outstanding, including both of his note at a fixed price of $990 and bit.
common and convertible preference shares, and if this sale is authorized
Data from Letter of Frank M. Firor, Pres. of the Company.
by the shareholders, it is expected that distribution of the
Company.-Incorp. in New York Aug. 20 1926, succeeded to a meat and
Motors
shares will be made to shareholders of the Winton EngineGeneral soon as provision
Co. as
business
practicable, and that the Winton Engine Co. will then be dissolved. The name since 1891. conducted in Brooklyn, New York under the "Gebel"
From a sales volume of slightly more than $8.000,000
present dividend on General Motors common is at the rate of $3 per
share
per annum,exclusive of extra dividends and rights,so that on distribution in 1927, the corporation, through acquisition of other old-established
the dividend is equivalent to the present $4 dividend on Winton common. businesses in New York,Boston, Mass.and Washington, D.C.and through
stock. No fractional shares of General Motors common stock can be the acquisition of more than 96% of the common stock of Jacob E. Decker
large pork packing establishment in Mason City. la.,
issued, but it is planned that appropriate scrip certificates representing & Sons, operating a volume
which reached $46,000.000 in 1929. The corfractional interests will be issued which, when accompabled by other scrip has built up a sales
poration, directly or through subsidiaries, operates two slaughtering estabcertificates totalling one or more even shares, will be exchangeable for shares lishments,
three meat processing plants and a chain of 29 retail stores in
of General Motors common stock.
York;
Your directors have unanimously voted to recommend to the share- Greater New D. C.; a slaughtering establishment and provision house in
Washington,
a provision plant in Milton, Pa.; and leases a large
holders that this proposal of General Motors Corp. be accepted.
provision plant in Boston, Mass.
In order to facilitate the distribution of the General Motors stock the
Security.
-Secured by pledge with the trustee of $1,404,S00 common
convertible preference shares of the Winton Engine Co. are being called stock (96.99') of
Jacob E. Decker & Sons and 72,000 shares (no par)
for redemption by the company on June 18 at the agreed price of $45 plus
accrued dividends. Preference shareholders have the right to convert common stock (100%) of Merkel. Inc.
-Proceeds will provide funds to retire all of the outstanding
Purpose.
into one share of common stock on or before June 18.
-year 6% sinking fund gold notes and to pay off all hank loans (originally
The acceptance of this proposal requires the affirmative vote of the 10
holders of record of two-thirds of the common stock of the Winton Engine incurred principally in the acquisition of subsidiary companies and imCo., and notice is enclosed of a n eating of shareholders on May 28. If provements to their properties), and for other corporate purposes.
Earnings.
-Consolidated earnings of the corporation and subsidiaries
the sale of assets is authorized by the shareholders, an amendment to the
articles of incorporation will be submitted to the meeting, changing the for year ended Dec. 28 1929 (inclusive of that part of the earnings of Jacob
name of the Winton Engine Co.to some name not using the word "Winton," E. Decker & Sons and Merkel,Inc. applicable to the corporation's holdings
In order to avoid any interference with the good-will to be acquired by the in the stocks of those companies) available for depreciation ($215,358),
interest charges, Federal income taxes and dividends, were $514,263.
General Motors Corp.
-V. 130, p. 3342.
equivalent to 2.69 times the combined annual interest charges amounting
to $190,935, on these series A notes and on $701,000 of real estate bonds
General Theatres Equipment, Inc.-Debs. Called.
and mortgages now outstanding on acquired properties. For the 16 weeks
All of the outstanding 15
-year 6% clriv. debentures. due July 1
have been called for payment July 1 next at 110 and Its. Debentures1944. ended April 19 1930. the corporation's books show consolidated earnings
on the same basis of $209,865.
be converted at the option of the holder at any time not later than the may initial stages of large expansion, Prior to 1929 the corporation then in its
10th
day prior to redemption date into common stock (to be represented by for dividends after all charges reported consolidated net profits available
and provision for Federal income taxes of
voting trust certificates) at the rate of three shares of common stock for $408,465 for the year ended
Dec. 31 1927 and $563,331 for the year ended
each $100 of debentures. The right of conversion will therefore expire on 101P ec. 31 1928.
June 211930. Debentures should be surrendered at the offices of the Chase
Listing.
-Corporation agrees to make application to list these series
National Bank of New York, Pine & Nassau Sta.. N. Y. City.
-V. 130, A notes (with warrants attached) on the New York Curb Exchange.
p.3172.
Consolidated Balance Sheet December 28 1929 (After Financing).
German Credit & Investment Corp.
Assets
Matflute
-Earnings.
Cash
6335,069 Notes payable, trade
$36,250
Earnings for Year Ended Jan. 31 1930.
Accounts receivable
1,153,613 Notes payable, misc.
85,708
Interest & dividends received
$383,022 Notes and misc. ate. roe
69,239 Accounts payable, trade.._
314,205
Profit on syndicate participation
4,000 Misc, accounts payable
2.458 Due from officers
138,163
Mortgaves receivable
3.149 Duets officers
41,168
Total income
$385.479 Inventories
1,362,939 Federal taxes on income
3,700
Loss on sale ofsecurities
5,882 Inv.inJacob E.Decker & Sons 2,033.892 Funded debt due within year
25,000
Misc. Inv. & accounts rec___
65,159 Mtges. payable within year
121,300
Balance
$379,597 Capital assets
5,006,156 Due Jacob E. Decker & Sons
119,992
Expenses
28,502 Deferred assets
447.502 Mortgages payable
311,000
Provision for taxes
62.065 Good-will
1,784,787 Collators,gold notes
2.250,000
64% 1st mtge. bonds (on
Netincome for year
$289,031
525,500
leasehold)
Surplus, Jan. 31 1929
600,087
927,313
63-4%Pref.stk.of Merkel,Inc.
7,545
Reserve for contingencies
Total surplus
$889,119
Common stock & inital sum. a5.714,350
Divs.on 1st pref.stock allotment certificates
Total (each side)
$12,265,503 Surplus
168.876
1,644,308
a Issued and outstanding,430,8093-4 shares;old issue,subject to exchange
Surplua. Jan. 31 1930
$720,243 of three shares of new issue for one share of old issue, 60 shares equivalent
-V. 123, p. 718.
to 180 shares; total 430,9893-4 shares -V.130, P. 3172.
Gibraltar Finance Corp., N. Y.
-New Financing, &c.
- Net sales Earnings for 16 Weeks Ended April 19 1930. 314.650,150
The stockholders have approved a proposal of the board of directors
Increase the capitalization by $5,000,000. This latest financing will to Net profit after charges. Federal taxes, etc
101,363
offered in the form of 1,000,000 shares of common stock designated be Earns, per shr.on 430.989 shs.corn.stk.(no par)
$0.23
as -V. 130, p. 3172.
"A" with a par value of $5, and is to be a voting stock.
The present stockholders will be offered the right of converting their
(B. F.) Goodrich Co.
units into the shares of the new common stock on a basis of four new shares
-To Issue $30,000,000 Debentures.
for each unit held. They will also have the further right of subscribing
The stockholders on May 12 authorized the Issuance of $30.000,000 15
for four additional shares of this new common at $10 per share.
year 6% convertible debentures.
The balance of 900,000 shares are to be offered for public subscription
The stockholders also increased the number of authorized common shares
at (without par value)
$12.50 per share by J. S. Barry & Co.
from 1,500.000 (of which 1,167,000 are outstanding)
It is understood that the corporation has had several
to 4,000,000 shares. A portion of the additional shares are required to be
of acquiring control of various prominent corporations but opportunities reserved to provide for conversion of the debentures. While the company
has refrained
from doing so until after the present increase in capitalization was approved. has no plan for the issue of the remaining shares, the directors believe that
-V. 129. p.4146.
it
be to the best interest of the company to have additional shares available for Issuance by the board for such consideration as it may fix from time
to time, so that advantage may be taken of such favorable opportunities
Gilmore Oil Co., Ltd.
-Listing.
as may arise.
The Los Angeles Stock Exchange has approved the listing of
86.667
The common stockholders of record May 2 will have
additional no par shares. Of this amount 10,190 shares which have
subbeen subscribe en or before May 22 to $25 face value of the the right toat 98
sold to A. F. Gilmore Co. and 6.477 shares issued from rights as of April
debentures
15,
a total of 16,667 shares are ofimmediate trading. Arrangements now being for each share of common stock held. The entire issue has been underwritten by a banking group consisting of Otis & Co.. Goldman, Sachs &
completed for conversion of $750.000 notes call for an additional
50.000 Co. and Chase Securities Corp. It is understood that the
shares, while 20,000 shares are being listed to cover that sold
employees. include the Continental Illinois Co., Chicago, and the C. T.group will also
The total listed is now 282,549 shares, while 210,972 are outstanding.
Securities Co..
- Cleveland, Ohio. Any un.subscribed part of the debenture issue will be
V. 130, p. 1124.
offered, for public subscription, by the banking group shortly after May 22.
The proceeds of the new debenture issue will be used to fund current
Glidden Co., Cleveland.
-Omits 1% Stock Dividend.
borrowings, most of which were incurredl n connection with the acquisiThe directors have declared the regular quarterly dividend of
the Hood and Miller Rubber companies.
share on the common stock and $1.75 a share on the prior preference50c. a tion ofdebentures will be convertible at their
principal amount into shares
payable July 1 to holders of record June 18. Quarterly dividend of stock, ofThe
common stock on the basis of $65 per share during the first two years
1% in
stock paid in each of the three preceding quarters has been omitted at
this from the date of the debentures; $70 per share during the three years next
time.
following; $75 per share during the five years next following; and $80 Per
President Adrian D. Joyce stated that the company had used all
maturity.
stock allotted for stock dividends, and that although it would be the of the share thereafter until May 7 voted to retire 11,880
on
shares of pref. stock
of the company to declare stock dividends from time to time, this policy In The stockholders the charter provisions.
accordance with
could
not be done until the stockholders had further increased the authorized
J. H. Connors, General Manager of mechanical division, and Arthur B.
common stock.
Newhall, General Manager of the footwear division, have been elected
Mr. Joyce said the company had shown a profit for each month
-V. 130. p. 2975.
this year, and that sales so far in May compare favorably with theso far Vice-Presidents. tire sales in the first days of May are
"The company's
ahead of those of
same
month last year.-V. 130. P. 2782.
April." according to President J. D. Tew. April sales in turn exceeded
sales in March-V. 130, P. 2975.
(Adolph) Gobel, Inc.
-Notes
Offered.
-Hitt, Farwell &
Co., New York are offering at 99 and int. $2,250,000 5
-year
63% collateral gold notes, series A (with stock purchase
warrants attached).
(F. & W.) Grand 5-10-25 Cent Stores, Inc.
-Gross Sales
1e3(J-April-1929.
$1 935.516 $1.588,397
-V. 130. P. 3363•
Increased 1930-4 Mos.-1929.
$347.1181$6,160,418 $5,571,833
Increase.
$588.584
[VOL. 130.
FINANCIAL CHRONICLE
3552
Gorham Mfg. Co.
-Earnings.
for and been accorded a further extension of time for making their exchanges
because of the impossibility, for various reasons, of doing so earlier. Simultaneously, common stockholders authorized the offer to 2nd pref. stockholders of the privilege of converting their 2nd pref. stock into common
stock, on a new and more favorable basis, and all 2nd pref. stockholders
have taken advantage of this offer, so that the outstanding stock of that
$946,750 issue is now entirely eliminated.
111,169
Shares of common stock outstanding have been increased from 542,929
to 1,016,961 (authorized issue 1,500.000 shares) and common stock equity
$1,057,918 (combined stated common capital and surplus) has been increased from
817,000,000 to over $30,000,000. (See also V. 129, P• 3973.)
In the preparation of the balance sheet (see V. 130, p. 3173), effect has
327,972 been given to the following transactions consummated early in 1930.
87.500 (1) The issuance of capital stock as follows: (a) 135,569 shares of $7 eumu.
pref. in exchange for 106,747 shares of 1st pref.7% cumu.series A,formerly
$642,446 outstanding: (b) 474,032 shares of common stock in exchange for stock of
other companies and for 31,860 shares of 2nd cony. pref. 8% cumulative,
formerly outstanding. (2) The reduction of current obligations aggregating
$3,931,481, by the application of cash received from the National Steel
$642,446 Corp. upon consummation of consolidation and from the sale of certain
Cr82 securities.
-V. 130, p. 3173.
--The
-Offering.
917,104
Harmon National Real Estate Corp.
1927.
1928.
1929.
Years Ended Jan. 31- 1930.
Gross profit from sales-x$3.662,406 x$4,045,762 x$3,635,767 $3.296.647
Commercial expenses-- - 2,306,270
2,395,084 y2,349,897
2,574,361
Profit from operations $1,356,136 $1,471,401 $1,240,682
Other income
138,650
138,352
256,479
Grossincome
$1,612,616 $1,609,753 $1,379,333
Int., cash disc, on sales,
prov. for shrinkage of
J565,627
inventpries, &c
316,175
285,381
Provision for Fed.taxes_
145,000
1
180,000
Net income for year... $1,182,235 81,113,577
1st preferred dividends
2,000
732,793
Common dividends
51,487
366,590
$813,706
534,387
Balance,surplus
Miscellaneous (net)__
Stock dividend (57
0)Surplus at begin. of yr
$279,319
Cr1,506
$329,297
Dr.2,500
$813,645
Dr.266,000
2.167,256
1.840,459
1,559,633
1
f
Profit & loss surplus_ $2.714,901 $2.167,256 $1,840,458 $1,559,633
Earns,per sh.on 185,580
$3.46
$4.39
shs. corn.stk.(no
00
$6.
depreciation.
x After deduction. y Includ$esd307
par)6.
Consolidated Balance Sheet Jan. 31.
1929.
LiaMitties1930.
Assets1930.
1929.
Cash
$1.284,830 $1,196,526 Acc'ts pay. & sun$285,323 $390,054
dry accruals
Notes & acc'ts rec,
117.360
93,029
less reserve
1,736,655 1,974,714 Dividends payable
1.80,000
145,000
Federal taxes
Fifth Ave. Realty
Res. ag'st invent'y
Corp. our. mon.
725,592
692,568
80,000 loss, &c
bond due May 1
176,318
2,945,874 3,806,212 Contingent habits. 236,607
Inventories
3,744,900
408,128 7% 1st pfd. stock_
Inv.(book value)_ 1,967,478
Common stock-25,502,190 1,646.670
Plant prop. (de613,775
2,063,728 2,059,550 Capital surplus.... 617,435
predated)
Earned surplus__ 2,714,901 2,167,256
Expends.applic. to
51,882
60,477
future opera'ns_
Total
176,318
810,287,053 $9,761,924
Contingent assets_ 236,607
-V.130, p. 2592.
a Represented by 185,580 shares (no-par value).
Granby Consolidated Mining, Smelting & Power Co.,
-Depreciation and Depletion Reserve Fund Increased by
Ltd.
$4,000,000.
The stockholders on March 3 approved a proposed resolution authorizing
an increase of the reserve fund for depletion and depreciation heretofore
established by the company from which distributions have been made to
shareholders as a return of capital. The directors believe it to be to the
best interest of the company and the shareholders to continue this policy.
See details in V. 130. p. 809.
company, with offices at 140 Nassau St., New York, is
offering Harmon National Syndicates Unit F.
Syndicate "F," with a total paid-in capitalization of $50,000, will invest
Its capital-as one of a series of syndicates formed by Harmon National
in real estate in four different suburban sections of Greater New York
and the metropolitan area.
Subscriptions to the syndicate may be made in units of $50 each. When
1,000 such units are subscribed, the syndicate will be closed.
Upon the closing of Syndicate "F" and the payment by its subscribers
to the Harmon National Real Estate Corp. of450,000, the latter will
convey the selected real estate to the American Trust Co. of New York,
as trustee, thus assuring absolute integrity in the handling of the Syndicate's assets.
Harnischfeger Corp., Milwaukee, Wis.-Sales Higher.
Corporation reports sales for the first quarter of 1930 of over 21% in
excess of sales for the same period last year, with net profits substantially
the same as in the first quarter of last year. Although earnings for the
first quarter constitute a small part of the year's earnings, the company
was able to cover all of its fixed charges including preferred dividends, with
a small balance available for the common stoek.-V. 130. p. 2593.
-Earnings.
Hartman Corporation.
1926.
1927.
1928.
1929.
Calendar Years*Total profits & income- $1,416,488 31,143,960 $1,192,723 $1,635,855
221,805
180,088
208.029
313.056
Interest charges
$935.930 $1,012,634 $1,414,050
$1,103,432
Net income
588,362
105.197 (y)516,221
585,847
Dividends paid
$897,829
$907,438
$347.568
$517.585
Balance,surplus
Totalsurplus Dec.31- - - $4,031,807 $3.514,218 $3,522,423 $2,999,861
Shares of class B stock
397,227
396,940
397,227
400.000
outstanding (no par)-..
The directors have declared a dividend of 1% on the common stock,
$2.26
$3.51
$2.06
$2.46
payable in common stock on June 25 to holders of record June 2 1930. Earns. per sh. on cap.stk
(see V. 130, p. 295).-V. 130. p. 3363.
* After depreciation, doubtful accounts receivable taxes, commissions
and collections and other expenses. y Includes dividends paid in class
-Expansion.
Great Atlantic & Pacific Tea Co.
A stock in 1926.-V. 130, p. 2782.
This company which is reported to be spending $50.000,000annually for
-Earnings.
California products, is planning the installation of retail outlets throughout
Hayes Body Corp.
California, a San Francisco dispatch says:
Earningsfor Quarter Ended March 31 1930.
"The opening of the ninth retail store in Los Angeles last week," President Gross income
$3,240,814
John A. Hartford says, "presages the ultimate installation of more than Costs
3,249,078
100 units In southern California, and while our plans are not yet crystallized
as to when activities may be extended to the San Francsico area, preliminary
$8,264
Operating loss
-V. 130, p. 3363.
work is now being carried forward."
3.515
Other income
-1% Stock Div.
(F. & W.) Grand-Silver Stores, Inc.
-Earnings.
Great Britain & Canada Investment Corp.
Earnings for Year Ended March 31 1930.
Revenuefrom investments
Revenuefrom stock dividendssold
Revenuefrom interest earned
$447,391
17,844
189,567
Loss
Miscellaneous charges
Depreciation
Interest, etc
$4,749
35.126
62,379
4.441
$106,695
Total loss
$654,802 -V.130, p. 2221.
71,926
-Earnings.
Hazeltine Corp.
267.072
1926.
1927.
1928.
1929.
Calendar Years$432,616
$350,086
$608,653
$919,835
$315,804 Royalties
Netrevenue for year
14.744
10,094
16,155
28,233
200,000 Other income
5% Cumulative preferred dividends
$364.831
$442.710
$624,808
$948,068
Totalincome
$115,804
March 31 1930(subject to dominion income tax)Surplus
166,775
145.678
224,277
434,723
Earns, per shr.on 350,000 shs. corn.stk
$0.32 Expenses and taxes
241.152
241.152
241,152
272,118
Total assets are shown as $11,869,176 of which $931,727 was in cash and Res.amort.of patents- call loans, and $10.762,182 in investment securities, which after taking
$55.880
$159,379 def$43,097
$241,226
Net profit
into consideration $720,323 credited to investment reserve, shows deprecia175,000
218,750
175,000
175,000
Dividends paid
tion from book value of $228,882 or 2.12%.
$1.25
$1.00
$1.00
$1.00
Rate
In his letter to shareholders, A. J. Nesbitt, Pres., says in part: "The
of cash on hand, call loans (secured)and security investments. Ellis. cap. stk. outstandassets consist
175.000
175,000
175,000
175,000
ing(no par)
made up of bonds and preferred and common stocks of leading public
Nil
$0.32
$0.91
$1.38
utility and industrial companies in the following proportions, as at March Earned per share
Comparative Balance Sheet Dec. 31.
31, 1930: Bonds, 12.83% preferred stocks, 23.03% bank stocks, 2.64%
1928.
Liabilities1929.
1928,
common stock, 53.54% cash and call loans. 7.96%. Their geographical
1929
Assets
Capital stock.. .43,290,928 $3,741,184
distribution was as follows: Canada, 37.65% United States, 40.44%
Pats., pat, marks,
28,028
53,080
British Empire (excl. Canada), 11.16%, and Foreign (excl. U. S. A.),
tr.-marks, &c_ _ 32,539,488 $3,647,276 Accts. Payable.___
3,424 Fed, income tax...
7,625
29,800
10.75%.
11,850
Furn.& equipment
539,005 Res. for amort. of
"The world-wide recession in market value of securities which took place Investments
164,961
797,422
patents
during the latter part of 1929 is reflected to some extent in this report. Royalties owing &
311,880
In spite of this recession in values directors are pleased to report that the
accrued
net depreciation of the securities held at March 31 1930, after applying Notes & accts. rec. 399,307
57,868
the amount of $720.323 at the credit of investment reserve account showed Cash
232,108
2,218
a net depreciation of approximately 2%. This depreciation is an unrealized Accrued interest11,669
6,286
loss which should be more than overcome during the first half of 1930, Subs.on cap.stk_ _
916
in view of the steady appreciation which has taken place in security values Rent prepaid
608
-V. 130, p. 631.
15,897
since the close of your corporation's fiscal year."
Cost of stk. purch_
Tot.(each side)j3,373,808 $4,574,256
3.301
Goodwill
-To Increase Stock.
Guardian Investors Corp.
x Represented by 175,000 shares of no-par value.
The directors have authorized an offer to exchange the capital stock
Quarter Ended March 311930.
for
of that corporation for the outstanding stock of Allied American industries, Grossincome Earnings
$427,794
Inc. on the basis of one share of Guardian Investors Corp. 1st preferred
94,7e13
stock $6 dividends series for one share of prior preferred stock $6 dividend Expenses
Industries, Inc. Common stock of Guardian
series of Allied American
$333,011
Profit before ov.for Fed. taxes & amortiz, of patents
Investors will be exchanged for Allied American Industries, Inc. common -V.130, p. 296.
stock on a share for share basis.
A special meeting of the stockholders of Guardian Investors Corp. will
--Earnings.
Hoskins Mfg. Co.
be held May 2019301 for the purpose of approving the proposed exchange and
1929.
1930
Quarter Ended March 31of increasing the amount of authorized common stock of Guardian In$136,921 $169,104
St taxes
vestors Corp. from 500,000 shares to 700,000 shares so as to provide the Net profit after charges
$1.41
$1.14
corporation with the additional common stock necessary to complete the Earns, per shr. on 120,050 shs corn. stk.(no par)----V.130, P. 1471.
exchange. See also V. 130, p. 3364.
Total revenue
Management & General expense
Interest on 446% convertible debentures
-Plan Consummated.
(M. A.) Hanna Co.
-ConsoliHudson Bay Mining & Smelting Co., Ltd.
dated Balance Sheet Dec. 31.The annual report for 1929 states in part as follows:
We are now able to report the completion of our program to align with
1928.
1929.
steel producing capacity the company's interests in Lake Superior iron ore,
$
Assets$
lake vessels and blast furnaces by turning over that part of its business Cash
461,550 2,918,106
which was formed in 1929 and is now one of Investments
to the National Steel Corp.
3,373,491 9,825,472
Heretofore the
the strong independent fully integrated steel companies.
70,928
59,419
consolidated Accr, int. recalls
assets and liabilities of subsidiary companies, which were fullyincluded the Accts. rec.,dep.,&o.
11,114
46,798
in the Hanna company's previous reports to stockholders, part of the Materials & suppl_ 554,403
92,489
working capital, properties and funded indebtedness of that in National Dews. with Royal
into stock investment
business which has now been converted
'jr. Co., Toronto 2,969.856 2,988,322
Steel Corp.
was thought Min'g claims&dev. 9,915,781 9,780,469
758,799
Concurrently with the formation of the National Steel Corp.it or provide 131dge.,mach.&eq_.x5,702,707
company and fund
37,454
feasible to simplify the capital structure of your
45,571
stockholders. Accord- Furn. & fixtures
Payment for the large accumulations due preferred $7 pref. stock for the Churchill River
exchanging the new
power develop._ 4.198,763 1.098,213
ingly the plan for creating and
consummated. At 0th.
311,961
then outstanding 1st pref. stock was proposed and
assets not Ws. 1,012,748
been actually
the present time more than 95% of the first preferred stock has
x After depreciation of $1,021,732
amount of 1st
exchanged for the new $7 pref. stock and of the very small
-V.128, p. 3694.
asked shares.
pref. stock still outstanding a substantial number of holders have
1928. 4
1929.
Liabilities$
351,419
Accounts payable. 611,952
Accrued °oilmen12,720
12,743
Batton insurance
29,189
Accrued payroll__ 106,173
Res.for depreo'n_ 110,219
Capital stock _ _y27,500,000 27,500.000
Total (each side)_28,341,088 27,893,329
y Represented by 2,500.000 no-par
FINANCIAL CHRONICLE
MAY 17 1930.]
3553
-To Redeem Notes.
Houston Oil Co. of Texas.
International Paper Co.
-Tenders.
The Bankers Trust Co., trustee, will until May 21 receive bids for the
The company has elected to pay off and redeem on July 15 next at 102%
-year sinking fund 5%% cony, gold notes, sale to it of 1st ref. mtge. bonds,5% series A and B,to an amount sufficient
and int. all of the outstanding 10
dated June 1 1928 and due June 1 1938. Payment will be made upon pre- to exhaust $100,426 at prices not exceeding 102% and int.-V. 129. p.3176.
sentation and surrender thereof at the Maryland Trust Co., northwest
Interstate Natural Gas Co., Inc.
-Stock of This Comcorner Calvert and Redwood Sts., Baltimore, Md.
The company has arranged for the purchase on its behalf, upon presenta- pany Offered in Exchange for Galena Oil Corp. Shares by
tion to the Maryland Trust Co., Baltimore, at any time on or before
-See Galena Oil Corp. above.
July 15 1930. the notes called for redemption at redemption price and inter- American Republics Corp.
est discounted at 4% from date of presentation to July 15 1930.-V.130, V. 129, p. 1753.
P. 3364.
Italo Petroleum Corp. of America.
-Earnings.
-
-Earnings.
Hudson Coal Co.
1927.
1928.
1929.
1926.
Calendar YearsRec,from sales of coal-S43,636,702 $42,629,055 $40,928,714 $57,574,566
Cost ofcoal sold (incl.renewals. replac. state
40,430.940 40,906,760 40,167.429 55,461,977
&local taxes)
18.212
21,273
10,091
31.219
Other expenses
Netoperating income_ $3,195,671 $1,704,083
Other income, int., rent932,453
425,948
als,&c
$740,012 $2,081,370
1.394,820
932,744
$4,128,124 $2.130,031 $2,134,832 $3,014.113
Totalincome
Int. on 1st mtge. sink.
1.020,833
1,750,000
1.750,000
fund 5% gold bonds
186,836
313,435
289,298
Other interest
277,551
Federal taxes
330,000
Depletion
1,483,054
1.437,602
1.303,823
214.345
Netincome
Dividends
$651,224def$1416,458 def$376,661 $2,192,218
1,215,428
Quarter Ended March 31Net income after interest, deprec. and depletion..
Earns, per sh. on 948,837 abs. com.stk. (ne par)._
-V.130, p. 2403.
1930.
884,045
Nil
1929.
$527.428
$0.53
Jackson 8c Curtis Investment Associates.
-Earnings.
Earnings for Three Months Ending March 31 1930.
Dividends received and payable
Interest received and accrued
Profit on securities sold
$15,427
2,688
19,641
Total income
Expenses
Reserve for taxes
$37,755
606
3.600
Net inconie for period
Dividend paid
$33,549
19,829
Balance to surplus
$13,719
Balance Sheet March 31 1930.
Liabilities
Balance
$651,224def$1416,458 def$376,661 sur$976.790 Industrial securities
x3872,975 Reserve for taxes
$21,469
Profit & losssurplus- 331,711.685 $25,802,675 $24,400,861 $14,724,634 Public utility securities
x453,517 Net worth
71.930,576
The not income of $651,224 in 1929 is equivalent to $3.67 a share on Railroad securities
x218,908
177,482 shares of capital stock.
-V.128, p.3522.
Miscellaneous securities
x145,705
Cash on deposit
86,957
Hutto Engineering Co., Inc.
-Defers Preferred Div.
Accrued interest & dividends_
8,624
The directors have voted to defer the semi-annual dividend of 33 % due Treasury stock
165,359
Total (each side)
$1,952,045
play 1 on the 7% cum. preferred stock. par $10.-V. 124, p. 514.
x At cost. y Represented by 35 304 certificates of beneficial interest
-V. 130, p. 811
(no par).
Industrial Fibre Corp. of America.
-Notes Called.
The company has called for payment May 16 next, $31,700 of8% deben(Byron) Jackson Pump Co.
ture gold notes, due May 16 1933. at 100 and interest. Payment will be
-Earnings.
Quarter Ended March 31made at the Irving Trust Co., 62 Broadway, New York City.
-V. 128,
1930.
1929.
Net profit after charges and Federal taxes
p.2641.
$200.400
$300,126
Earns, per sh. on 349,988 shs. cap.stock (no par)._
$0.57
$0.86
-Tenders.
International Agricultural Corp.
-v. 130, p. 1472.
The Bankers Trust Co., corporate trustee, 16 Wall St., N. Y. City,
until May 9 were to receive bids for the sale to it of 1st mtge. & coll. trust
Jefferson Fire Insurance Co., Newark, N. J.
-New
-year s. f. gold bonds dated May 1 1912, at prices not exceeding 103
20
.
and int. For this purpose a sum of $326,862 was held in the sinking fund, Directors-V. 129, p. 2066.
James L. Meeks. President of the Fort Hamilton Savings Bank and
director of the Merchants & Manufacturers Fire Insurance Co., and Daniel
-Split-up Approved.
International Arbitrage Corp.
McNamara Jr., member of the New York State Assembly and also director
The stockholders on May 14 ratified the directors' proposal to split the of the Merchants & Manufacturers Fire Insurance Co., Newark. N.
J..
.
bld $50 par value stock into ten new shares of $5 par value.
have been elected directors.
The directors declared the regular quarterly dividend of 2% in cash on
the old stock, payable June 2 1930 to holders of record May 20 1930.
Jewel Tea Co., Inc.
-Sales.
See also V. 130, P. 2783•
Period End. Apr. 19- 1930-4 Weeks
-1929. 1930-16 Weeks
-1929.
International Carriers, Ltd.
-Initial Cash Dividend.
- Sales no, of sales routes $1.257,747 $1,319.828 $4,951.619 $5,056,174
Avge.
1.232
1,177
1,223
1,155
The directors have declared an initial cash dividend of 25 cents a share on -V. 130. P.
2783.
the outstanding capital stock, payable July 1 to holders of record June 16.
The corporation is an investment trust sponsored by Calvin Bullock, the
Johns-Manville, Inc.
-Acquisition.
shares of which are listed on the New York Stock Exchange. The current
The corporation has purchased the assets and patents of the Stevens
liquidating value of the outstanding shares is $19.30 per share.
The company is one of the largest holders of railroad securities in the Sound Proofing Co.of Chicago,according to an announcement. Acquisition
of the Stevens properties marks the first development of importance thus
United States. Following the directors meeting It was announced that in
view of the fact that the company has been in operation less than a year far this year in the Johns-Manville program of expansion, and follows seven
and because of existing market conditions in general, the management felt new products or processes which were either acquired or developed during
that it was unwise at this time to attempt to fix a definite dividend policy. 1929 under Johns-Manville direction.
"The Stevens company manufactures patented structural products
The current distribution is made out of net dividends and interest actually
sound deadening in walls, floors and ceilings, and for the constructionfor
received and not from trading profits.
-V. 130. P. 3174.
of
antivibration platforms under machinery," explains the Johns-Manville
announcement. "Stevens systems have been widely used by well-known
-Earnings.
International Nickel Co. of Can., Ltd.
architects and engineers in apartments, hotels, hospitals, office
Three Months Ended March 314'1929.
1928.
a1930.
buildings,
garnings
$6.619,806 $7,391,661 $2.977,807 theatres, broadcasting studios, schools and clubs."
-V. 130. p. 2978.
Other income
469,048
297.133
46,562
Total income
$6,916,939 $7,860,709 $3,024,369
527.729
Administration and general expense-447,271
179,999
748.698
Reserved for taxes
582,957
253,574
Net operating income
Depreciation and depletion
Interest paid and accrued
Retirement system
$5.886.711 $6,584,282 $2.590.796
738,648
854,187
384.702
104.252
125.778
151.191
290,601
98.174
Profit
Dividends-Preferred
Common
$4.616,144 $5,590,191 $2,107,920
589,876
483,475
133.680
3,438,876 2.749.147
836,692
Balance
4693,792 $2,251,168
per share on 13.758,208 sha
Earningsa
common stock (no par)
$0.36
$0.30
a Figures of the Mond Nickel Co.. Ltd., included.
Consolidated General Balance Sheet March 31.
1930.
1930.
1929.
Assets-$
$
140,362,357 120,815,967 7% pref.stock- 27,627,825
property
Investments-- 3,565,277
956,637 Common stock
Inventories __ 17,181,592 15,145,389 (no par)
x57,360,542
Accts.& bills rec. 7,820,258 8.766,001 Deb stock and
Advances
216,072
mtge. pay.(of
Canad'n & U.S.
Brit. subsids.) 7,626,672
Govt. bonds
745,675 2,730,100 10-yr. serial 5%
Call & time loans 9,734,900 23,838,609
pur.mon.notes 1,500,000
2,166,595 2.495,791 Aeolis payable__ 4,194,376
Cash
Tax reserves... 4,451,791
Frei. div. pay__
483,475
laser. & eontin.
4,250,482
reserves
Retirement system reserve_
Capital surplus_ 48,428,731
Earned surplus_ 25,652,762
$1,137,539
$0•14
1929.
27,662.500
57,325,866
7,928,217
1.800,000
5,285,753
3,430,391
483,976
The directors have declared a dividend of 12% for the
according
to cable advices received by the company's bankers in year, York. A
dividend of the same amount was paid in the preceding New
year.
-V. 129.
P. 3020.
Kawneer Co.
-Further Acquisition.
-
Further expansion of this company is announced by President Francis J.
Plym, with the purchase of the Adelbert Coleman Architectural Metal
Work Co. of Chicago, formerly known as the Chicago Ornamental Iron
Works. This is the second recent acquisition of important allied companies
by the Kawneer company, the Zourl Drawn Metals Co. having
been acquired last month.
Assets, name and good-will were included in the purchase for a
cash consideration which is not stated. The Kammer Co. does not contemplate
any additional financing in the transaction according to the announcement.
"The purchase of the Coleman plant, which manufactures architectural
Metal work, including cast bronze, aluminum, nickel silver and
for building purposes, will considerably enlarge the operations ofiron, used
the Kawneer Co. in cast architectural materials," stated Mr. Plym in announcing
the purchase. The A delbert Coleman Co. will operated under its own charter as a division of the Kawneer Co. Benjamin R. Coleman, the former
President. will remain with the corporation.
-V. 130. p. 2594.
Kelvinator Corp.
-Earnings.
Quarter Ended March 31Gross profit
Operating expenses
Depreciation, interest. etc
1930.
1929.
1928.
$ 2,198.960 $1,495,791 *1.177.343
1,176.616
1.039,505
969,614
138,786
183,036
213.939
Net profit
$883.558
Shs.cap.stk. outstand (no par)
1,186,106
Earns, per sh. on 1,167,800 shs. cap.
471,248
stir. (no par)
$0.74
48,350,737 -V.130. p.3175.
19,390,347
2,835,531
181.576,655 174,964.567
Total
181,576,655 174,964,567
Total
x Represented by 13,758,208 no par shares,
-V. 130, P. 1646.
Investment Co. of America.
-Earnings.
The company reports for the period from Jan. 11930, to April 18 1930,
net profit of $670,174 after interest, Federal taxes, &c., equivalent after
sllowing for dividend requirements for 3 months and 18 days on 50,000
shares of 7% pref. and 10,000 shares of 7% Series B pref. stocks, to $4.08
a share on 137.627 shares of no-par common stock.
Balance Sheet April 18 1930.
Liabilities
Assets
deposits-- $918,372 Preferred stock
Cash & demand
$5,000,000
2,900,000 Series B prof. stock
:Secured loans
1,000,090
12,879,463 Common stock
investments
13,175,808
345,314 Accrued deb. int
Investment sales receivable.12,500
22,635 Federal tax reserve
liDivs. & accr. int.
206,013
271,250 Res. for operating exp
Deferred charges
3 433
Divs. rec. on stks. not owned
1,650
Reserve for contingency....
245,000
Res. for pref. divs
214,148
5% gold debs
5,000,000
$17,337,034 Surplus
Total (each side)
2,478.482
-V. 130. p. 2977.
x Represented by 137.627 no par shares.
(Rudolph) Karstadt, Inc.(Rudolph Karstadt Aktiengesellschaft), Hamburg, Germany.
-12% Dividend.
-
$273.250
1.167.800
$3,790
1.167.800
$0.23
Knox Hat Co., Inc.
-Smaller Dividend.
-
The directors have declared a quarterly dividend of $1 a share on the
non-voting common stock and on the class A common stock, both payable
June 15 to holders of record May 15. Previously, the company made
quarterly disbursements of $1.50 a share on both issues.
-V. 129, p. 1295.
Kreuger & Toll Co.
-Realty Subsidiary Reports Assets.
-
The Hufvudstaden Real Estate Co., largest owner of city real estate in
Sweden and one of Kreuger Sr Toll Co.'s principal Swedish investments,
reports net profit for 1929 of 1,540.000 kronor against 1,520.000 kronor for
the previous year. During 1929 the company acquired six additional
buildings in Stockholm,thus bringing total real estate holdings to 91 properties. Total assets of the company now amount to 47,650,000 kronor
(approximately $12,800.000). A dividend of8% which has been paid on its
pref. and common stocks for the last seven years, will be maintained for
1929.-V. 130. P. 3365.
Kroger Grocery & Baking Co.
-Sales.
Sates for 5 Weeks and 17 Weeks 4 Days Ended May 3.
-1929.
Decreased 1930-17 Wks. 4 Days
1930-5 Weeks
-1929. Dec,
*26,075.411 $27.434.602 $1,359,1911$91,802,056 $95,059,185 $3.257.129
The company had in operation on May 3 1930. 5,331 stores compared
on May 3 1929.-V. 130, P. 3365.
`with 5,367 stores
3554
FINANCIAL CHRONICLE
Kraft
-Phenix Cheese Corp.
-Merger Approved.
The stockholders on May 12 approved the merger ofthis company with
the National Dairy Products Corp. (See details in V. 130. p. 3175.)
Consolidated Income Accountfor Calendar Years
1926.
1929.
1927.
1928.
Net sales
$86,393,675 $75,648,426 $60,447,801 557,499.101
Cost of sales
71,421,360 65,543,917 51,330,283 49.863.985
Selling, admin. and gen.
expenses
6,078,488
7,464,996
10,672,811 7,202,265
[Vol,. 130.
Book value, after elimination of goodwill and patents of $3,479,638
March 31, this year, was equal to $35.97 a share on 185,000 shares ou
standing.
-V. 130. p. 3367.
(The) Mead Corporation.
-The Nation
-Bonds Offered.
City Co. and Field, Glore & Co., are offering at 97 and hit
to yield 6.31% $9,500,000 1st mtge.6% gold bonds, series
(with stock purchase warrants).
Dated as of May 1 1930; due May 1 1945. Denom. $1.000 c*. Int
Payable M. & N., without deduction for the normal Federal income ta
not exceeding 2%. Red. in whole or in part, on any int. date, upon 3
days' prior notice, at 105 if red, on or prior to May 1 1937; at 104 ther
after on or prior to May 1 1940; at 103 thereafter on or prior to May
Net earnings
$4,428,227 $2,722,642 $1,664,950 $1,473.966 1943, and at 102 thereafter prior to maturity. Also redeemable throng
Interest
96,591 the operation of the sinking fund on Nov. 1 1931, or any interest dat
-Notes payable
215,218
273.227
454,895
6% debentures
44.215 thereafter, upon 30 days' prior notice. at 102. City Bank Farmers True
38.325
Employ. 8% debentures
7,830 Co., New York, trustee. Corporation will agree to reimburse to th
9,857
Serial gold notes
owners resident in the respective states, upon application in the mann
189.821
204.167
specified in the mortgage, the following taxes paid in respect to there
Net income
$3,965,179 $2,063,579 $1,401,548 $1.325,329 bonds, or the interest thereon: The 4 mills tax in Penn., any securiti
Dividends on pref, stock
taxes in Maryland, not exceeding in the aggregate 45 cents on each $10
40,737 of the assessed value thereof in any year; any personal property or exem
of subsidiaries_ _-___ _
25,867
12.000
15.321
Prov. for Fed. Inc. taxes
173,420 Bon tax in Conn., not exceeding 4-10ths of 1% of the face amount thereo
185,717
450,340
200.000
in any year, and any Mass, income tax, not exceeding 6% of the interes
Net income of properties
or cos. acquired for
thereon in any year.
period Jan. 1 to date
Data from Letter of Geo. H. Mead, President of the Corporation
of acquisition
482,329
Company.
-Recently incorp. in Ohio. Has acquired a majority of th
Net income
$3,020,511 51.848,258 $1,189,965 $1,111,172 preferred stocks and substantially all of the common stock of The Mea
Control of the company has been acquired by National Dairy Products Pulp & Paper Co. and proposes to acquire the assets now owned by Th
Mead Pulp & Pam. Co. and its subsidiaries, The Mead Fibre Co. an
Corp. (see latter company below)
.-V. 130, p. 3175.
Mead Strawpulp Co. It has also acquired all of the preferred and commo
stocks of the Mead Paperboard Corp. and over 89% of the capital stock 0
Lanston Monotype Machine Co.
-Earnings.
-The Management, Engineering & Development Co., and is about
1927.
Years Ended Feb. 28- 1930.
1929.
1928.
the entire capital stock of The Chillicothe Realty Co.
Net earnings
x$862.790 x$796,195 51,049.469 $1,009.363 acquireMead Pulp &
'rhe
Paper Co. and its subsidiaries are engaged in th
Prem.on sale of treas.stk.
12.916
manufacture of a complete line of high-grade magazine and book paper
4.700.756 of which
Previous surplus
4,137,501
4.980,924 4.800,883
over 40% is sold to The Crowell Publishing Co. for use in th
Woman's Home Companion, the American Magazine
Weekly
Total
55.013,208 55.777.119 $5,850,352 $5,710.119 Mead Paperboard Corp. is a holding company, the and Collier'sof whic
subsidiaries
101.969
See x
Taxes
135,667
manufacture corrugating board and liner board used in the manufactur
360.000 of
390.000
360,000
Dividends (6%)
360,000
boxes and containers, and chestnut tanning extract which is sold
64,718
Obsolete mach. writ. off
39.318
31,480
102,515
companies engaged in the tanning of leather. The Management, Engi
373,234 flooring
Depreciation
271.246
& Development Co. is engaged in the development of processes
Fed. taxes (prior years)_
51,296
16,964
and in the construction of plants. for the manufacture of pulp and paper
Adjust,ofres,for deprec.
-Mortgage will provide for a sinking fund, with p
Sinking Fund.
of patents & plants fr.
greasively increasing semi-annual payments, commencing Sept. 21 1931
1903 to Feb.29 1928 to
calculated to retire, prior to maturity, 66 2-3% of the present and an
conform to deprec. aladditional Issue of series A bonds.
lowances by Fed. Govt
1,231.172
Warrants.
-This issue of series A bonds will be accompanied by st
P.& L.surplus
$4.532,593 $4,137.502 $4,980,924 $4,810.198 Purchase warrants, non-transferable apart from the bonds prior to May
After depreciation and taxes.
-V. 130. p. 2594.
1931, and exercisable on or before May 1 1940. but not thereafter, in th
manner to be specified in the stock purchase warrant agreement. Th
Leonard Custom Tailors Co.
-Extra Dividend.
warrants will entitle the holders thereof to purchase, in respect to eac
The directors have declared an extra dividend of 25 cents per share in $1.000 bond, 10 shares of common stock of The Mead Corp., at the fol
addition to the regular quarterly dividend of 435( cents per share on the lowing prices per share: on or prior to May 1 1934. at $30 a share; ther
common stock, no par value, payable June 1 to holders of record May 15. after, on or,prior to May 1 1937. at $40 a share, and thereafter, on o
-V. 129. p. 3334.
prior to May 1 1940, at $50 a share. Earnings for the year ended Dec
stock to
1929 were equivalent to approximately
- 31 presently outstanding, and for the year $2 a share of common approxiLincoln Forty-Second Street Corp.
-Transfer Agent.
be
1930, are estimated at
The Chase National Bank has been appointed transfer agent for an mately $3 a share of common stock.
authorized issue of 600,000 shares no par value common stock and 35,000
Listing.
-Application will be made to list these bonds on the New York
shares of $100 par value pref. stock (all outstanding).
Stock Exchange.
Capitalization.
-The present financing consists of the sale of this Lssu
Lion Oil Refining Co.
-Drilling Operations.
of
bonds, and the offering to the
The company has started drilling on its 80
-acre tract in Glasscock County, of 89.500,000 Corp. of rights to subscribe to holders of the common stock
The Mead
additional shares of common
Tex., it is announced. This well is an offset to a well just completed on an
to the extent of approximately
adjoiabeg tract by the Amerada Petroleum Co. The Amerada well, com- stock at $26 per share,outstanding, which offering hasone additional share
for each 4 shares now
been underwritten.
pleted at 2,240 feet, was gauged at 3,300 barrels per day of 33 gravity oil Upon completion of this financing and transactions in
initial flow. Holdings of the Lion Oil company in this territory total 640 with, and upon the assumption that the now outstanding connection thereminority holdings
acres.
stocks of The Mead Pulp & Paper Co. will be
The company has been active in the acquisition of acreage in southwest of preferred and common and
exchanged for preferred
Texas and has recently purchased leases near drilling wells in Dewitt. San capitalization of the latter willcommon stocks of The Mead Corp., the
be as follows:
Patricio and Jackson counties, Texas, President T. H. Barton announced.
Authorized.
Outstanding.
1st mtge.6% gold bonds
$15,000,000
a89,500,000
AC.2uisition.500,000 shs.
b36,641 she.
The company has purchased a controlling interest in the Pennsylvania Cum. pref. stock (no par)
c1.000,000 shs. d554,731 she.
011 Co., operating a chain of 21 retail service stations and our
bulk ter- Common stock (no par value)
a Series A, due 1945. b $6 series A. c Of which 145,000 shares are
minals, with headquarters at Memphis, Tenn. The company's stations are
located in Memphis and Jackson. Tenn., and in Northeastern Arkansas. reserved to provide for exercise of warrants, including the stock purchase
The purchase is in line with Lion 011's policy of developing sale in prefer- warrants to be attached to this issue of 1st mtge. bonds. d Not including
ential territory, and it is expected that the Pennsylvania 011 Co. chain will 2,812 shares held in treasury.
The subsidiaries of Mead Paperboard Corp. (other than Southern Exadd approximately 2,250,0013 gallons to sales of Lion Oil products during
the current year. A total of 130 retail outlets has been acquired by Lion tract Co., Del., which, being only 50% owned;is treated as an investment)
have outstanding $4.591,000 of 1st pref. stocks, of which $4,491.000 is
011 Refining Co. within the past 12 months.
-V.130, p.3366.
owned by Mead Paperboard Corp. The subsidiaries also have outstanding $1,551,000 of 2nd pref. stocks, none of which is owned by Mead PaperLiquid Carbonic Corp:
-Earnings.
board Corp. Of the outstanding common stocks of the subsidiaries, the
1929.
1930.
6 Mos. Ended March 31
Mead Paperboard Corp. owns the following percentages: Southern Extract
Net sales
55,459,756 54.751.800 Corp. (Tenn.). 100%; Sylva Paperboard Corp., 873. %; Jno. H. Heald
283.116 Co.,92%; Harriman Co., 87%% and Chilhowee Co.. 90%. The pref.
291.027
Net profit after int., deprec.& Fed,taxes
342,406
266.683 and common stocks of the subsiaiaries not held by Mead Paperboaru
Sits,corn.stk. outstand.(no par)
$0.85
$1.06 Corp. are held for the most part by companies engaged in the tanning of
Earns per share
- 130. p. 2039.
V.
leather and to which most of the output of tanning extract is sold.
Purpose.
-The proceeds of the sale of these bonds and of the offering of
MacMarr Stores, Inc.
-Sales Increase.
approximately 111,500 shares of common stock will oe applied to: (1) the
Increase. retirement of all funded indebtedness of Mead Pulp & Paper Co. The
Increased 1930-4 Mos.-1929.
1930
-April
-1929.
5307,769 j 528.680,688 $26,251,062 52.429,626 Mead Fibre Co. and Mead Paperboard Corp. now outstanding: (2) the
$7,112,243 36,804,474
of Mead Pulp
In April 1930 the company was operating 1,409 stores and 408 markets, discharge of current ooligationsconstruction of & Paper Co. and Mead
for the
new
compared with 1,327 stores and 236 markets in Aprll 1929.-V. 130, p. 2979. Strawpulp Co.. incurredpaper machine having aadaily paper mill, recently
capacity of 50 tons
completed, including a
and a plant for the manufacture of straw pulp, and (3) the increase of
-Sale, dec.McCallum Hosiery Co.
working capital.
Mills, Inc. below.
-V. 130, p. 984.
See Propper-McCallum Hosiery
Security -Bonds will be direct obligations of the corporation and will
be secured by a direct 1st mtge. on all of the real estate, buildings and
-Earnings.
McGraw-Hill Publishing Co., Inc.
fixed machinery and equipment now owned by Mead Pulp Sr Paper Co..
1928.
1930.
1929.
Quarter Ended March 31Strawpulp Co., subject to an existing lease
Mead
$520.023
$403,772 on a Fibre Co. and Mead piece of non-operating property. The actual
$534,980
Net earnings after all taxes
relatively unimportant
Earnings Per share on 600.000 shares
cost of these assets, less depreciation accrued, exceeds $15,000.000. The
$0.89
$0.87
$0.67
ock
common stock
mortgage will also cover all fixed assets hereafter acquired by the corpora- 130. p. 1291.
tion, subject only to purchase money mortgages or existing liens upon such
fixed assets not exceeding 66 2-3% of the cost or fair value thereof. In
-Sales Increase.
McLellan Stores Co.
addition, the entire capital stocks of Mead Paperboard Corp., and The
Increase. Chillicothe Realty Co.. and over 89% of the capital stock of The ManageIncrease.1 1930-4 Mos.-1929.
-April
-1929.
1930
$191,197 ment, Engineering & Development Co., will be pledged under the mortgage.
5258,827155,744,317 $5,553,120
$1,769.288 $1,510,461
-V.130, p. 3367.
-Mortgage will provide for a sinking fund, with progresSinking Fund.
sively increasing semi-annual payments, commencing Sept. 21 1931, cal-Earnings.
Mack Trucks, Inc.
culated to retire, prior to maturity. 66 2-3% of the present and any addi1928.
1927.
tional issue of series A bonds. On the basis of the initial issue of $9,500.1929.
3 Mos. End. Mar. 31- 1930.
03, the first sinking fund payment will retire $156.000 of series A bonds.
Net profits after deprec.,
The sinking fund payments may be matte either in bonds or in cash, or
maint., repairs & est.
$745,672 $1,459,304 Partly in bonds and partly in cash, and all cash is to be applied by the
$490,709 $1,429,587
Federal taxes
trustee to the redemption of series A bonds, which, together with all series
Sits. corn. stk. outst'd'g
735.678
713,434 A bonds delivered for account of the sinking fund, are to be cancelled.
755,625
763.320
(no par)
$1.01
$1.65
Earnings.
-The following tabulation has been preparea by Allen R.
$1.89
$0.64
Earns, per share
Smart & Co., certified public accountants, to reflect the net earnings from
- 130. p. 2040.
V.
properties to be directly owned by Mead Corp., and the proportionate
share of net earnings accruing to the stocks to be pledged under the mtge..
-Contract.
Magor Car Corp.
The corporation has received a contract from the Anglo-Chilean Consoli- adjusted,in each case, to give effect to transactions incident to this financing
flat cars and 20 20-ton
-ton capacity steel
Earnings from Propaties to bedated Nitrate Corp. for 225 20
will
Total Net
Proportion'Wed by The Mead Corp.
Befo
Enrertlyrniw
Net c a O n
capacity steel box cars, it was announced on May 10. This equipment new
at its
Earnings
After De- ate Share of
be used by the Lautaro Nitrate Co.. controlled by Anglo-Chilean,new plant
The
Before
Years
prec. Before Net Earns.
Pedro de Valdivia plant, now under construction in Chile. 1932.-V. 125.
Degree.,
Ended
Deprec.
Int. and
Accr. to Pled- Int. and
Int. and
be the largest in Chile and will be in full operation late in
will
Dec.31. Income Tax.
Charged. Income Tax. ged Stocks. Inc. Tax
P. 2274.
5759.241
92
$18,706
8
5
$282.642
51 023 177
1:18884
$740,535
:0
-Company Places 192
911,791
25.965
885,
826
Manhattan Electrical Supply Co.
1.270,113
40,850
435082,429289
1687762
1,229,263
to Current Liabilities at 7.22 to 1. of the 11992287
Current Assets Ratio
225,261
1.469.371
1,244,110
497.642
1741752
,;
standing
In denial of rumors in circulation as to the financial
416,987
2,016,560
1929
578.747
1,599,573
2,178,320
company, the following figures as of March 31 1930. have been furnished
The total net earnings, as set forth above, for the year ended Dec. 31
by the company.
times the annual
Total current assets amounted to 85.616.786 and current liabilities to 1929, amounted to $2.016.560. equivalent to over 35i of series A to be
mtge bonus
$777,058, giving a ratio of 7.22 to 1. Cash on hand March 31,last, totaled interest requirement of $570,000 on the let not reflect any benefits from
indebtedness. presently outstanding. These earnings do
$402,749 and on May 9 amounted to $821,786 with no bank
Net operating profits_ $4,299.503 $2,902,245 $1,652,523 $1,556.628
Miscellaneous inc.(net)_
12,427 Dr.82.662
128,724 Dr.179,603
the construction program now substantially completed, which program
involved the expenditure of about $4,500,000. It is estimated that the
total net earnings for the year ended Dec. 31 1930. will exceed $2,600,000,
equivalent to more than 4M times such annual interest requirement.
Consolidated net earnings of the combined enterprise for the 3 months
ended march 31 1930, reflecting only partially the benefits from the construction program, showed an increase of more than 30% over the correod
.
An
grc tAa Balance SheetALI: Dec. 31 1929 (Giving Effect to Present Financing).
Assets
$327,631 Accounts payable
$1,288,747
Cash
300,525
Notes & accounts reedy.,&c_ 2,182,482 Accrued liabilities
19,225 Reserve for accident claims__
57,466
Value of life insurance
213,688 Reserve for depreciation_ _- 3,454,004
Prepaid items
2,324,168 Minority hat. in subsid. co.'s:
Inventories
27,275,022
Preferred stocks
Real estate, plant & equip_
1,651,000
Corn.stk. & equit. in Burp_
Invest. in stock of Southern
112,310
875,000 1st mtge. 68, series A
Extract Co. (Del.)
9,500,000
284,001 Cum. pref. stock
Other investments
3,664,100
367,807 Common stock
Officers & emp.stock &vets_
12,867.261
183,076 Initial surplus, representing
Deferred charges
871,505 earned surplus of subs_ ___ 1,528,192
Patents, Processes, &I,
Total
-V. 130, p. 1474.
$34,423,607
Total
$34,423.607
Mead Paperboard Corp.
-New Control.
See Mead Corp. above.
-V. 130, P. 1665.
Mead Pulp & Paper Co.
-New Control.
See Mead Corp. above.
-V.130, p. 2223.
Melville Shoe Corp.
-Increase in April Sales.
April sales of this corporation amounted to $3,271,142. an increase of
59.6% over the $2,049,737 reported during the same month last year.
Bales of the recently acquired "Traveler" chain are combined with Melville
sales for the first time. Traveler sales contributed $496,523 to the combined
total. Melville sales. without Traveler sales, increased 35% from $2.049,
737 to 32.774,619. Sales during the first four months amounted to 58,332,692. an increase of 7% above the total of $7,773,874 last year. If this
increase Traveler was responsible for $4496,523 during April.
It was revealed that in the acquisition of the Traveler chain Melville
Issued approximately 17.000 shares of its own stock.
Earnings of the first four months are estimated to be 90 cents per common
share on tho number of shares to be presently outstanding. Earnings
during the same period last year amounted to 35 cents per share of common
stock then outstanding. Of the 90 cents estimated for the period. Traveler
is responsible for 15 cents.
-V. 130, p. 3177.
Mengel Co.(& Subs.), Louisville,Ky.-Earnings.1927.
1928.
Calendar Years1926.
1929.
Net sales
$18,373,494 816,383,502 812,200.340 512.454.546
9.370,298 9,709,115
Cost of sake
14,553,934 13,137.923
1.256.716
1,355,834
Sell., adm., &c., exp
1,504,201
1,275.089
539,991
Depreciation
571.929573,806
648,432
312,550
348,350
Interest (net)
319,156
260,138
57,000
90,254
152,021
Federal taxes (est.)
_
75.500
53,128
35,708
Miscell. deductions
3,812
Cr.3.048
Notes and accounts writ32,736
ten off (net)
8,488
9,644
Net profit
Previous surplus
Miscell. credits
$1,248,173
2,497,777
7,132
$902,754
2,006,201
207,940
$510,184
1,731,237
8498,066
1,462.373
306,020
Total surplus
$3.753,082 $3,116,895 $2,241,421 $2,266.459
235,221
Preferred diva. (7%)...
235,221
235,221
235,221
Common dividends
160,000
3,979
Miscellaneous charges
383,897
699,500
316,666
Profit & loss surplus
$2,658,359 52,497,776 $2,002,221 $1,714,572
Shares of com. outstanding (no par)
z60,000
240,000
315,276
z60,000
Earns. per share on corn_
$2.78
$4.58
$3.21
$4.38
Earnings for Quarter Ended March 31.
1928.
1929.
1927.
1930.
Net sales
$3,066,289 $5,343,465 14.071,128 $3,144,113
3,492.006
Cost of sales
2,711,128 4,652,658
2,761,237
$355,160
61,385
166,768
$690,806
77.179
155,673
$579,122
85,061
145,422
$3382,875
91,877
135,318
Net profit
Miscell. p. & I. items__ _
1127.008
Cr.35,404
$457,952
Dr.3,538
$348,638
$155,681
Net prof. bef. Fed. tax
-V.130, p. 2040.
$162.412
$454,415
$348,638
$155,681
Gross profits
Interest
Depreciation
3555
FINANCIAL CHRONICLE
MAY 17 1930.]
-Increase in Stock
Merchants Fire Assurance Co.
Stock Dividend.
-
-Earnings.
Mexican Seaboard Oil Co.(& Subs.).
Calendar YearsGross earnings
Costs and expenses
1926.
1929.
1928.
1927.
$3.269,979 11.439,468 83,112.759 $5.489.630
1,915,442
2,819.738 3,471.917
1.740,355
Gross profits
Other income_ ,
11.529,624 def$475.974
98,186
495.772
51.627.811
Total income
Interests,deprec &c- - 1,656.661
819.798
1,352,704
5293.021
253.117
52,017,713
125.014
$546,138 $2,142,728
2,778.384
4,277,370
Deficit
$28,850 51,332.906 32.232.246 52.134.642
-V.130, p. 634.
Above earnings include International Petroluem Co.
-Debentures Offered.
Michigan Steel Corp.
-Guardian
Detroit Co., Inc., and Fenton, Davis & Boyle are offering
at 100 and int. $1,000,000 6% sinking fund gold debentures
series B.
Dated May 1 1930: due Nov. 1 1938. Principal and interest (M.& N.)
payable at offices of Union Guardian Trust Co.. Detroit. trustee. Callable
on 30 days' notice all or part on any interest date at 105 to and including
Nov. 1 1933. the premium decreasing thereafter 1% for each year until
Nov. 1 1937 and thereafter callable at 10036 prior to maturity. Denom.
$1,000 and $500 c* Interest payable without deduction for Federal
income tax not exceeding 2%. Company will agree to refund,among others,
the Penn. and Conn. 4 mills personal property tax, and the Mass. Income
tax on interest not exceeding 6% per annum.
Data from Letter of George R. Fink, President of the Corporation.
Business.
-Corporation, organized in 1922 in New Jersey entered the
production of high grade sheet steel in the Detroit area on July 5 1923.
Located in one of the most important markets for this product in the world.
the corporation is favorably situated in physical relation to the automotive
industry. The output of the corporation supplies approximately 10%
of the high grade sheets used by automobile manufacturers in addition to
the demands of customers among stove, refrigerator, railway car and metal
furniture manufacturers.
Property.
-Corporation owns in fee a plant site of about 47 acres located
in the Village of Ecorse, approximately 9 miles from the center of Detroit
and within the Detroit switching limits. The plant consists of thoroughly
modern buildings, rolling mills and equipment, and has all facilities for
low cost production of high grade sheet steel. The tonnage capacity has
been steadily increased, having more than doubled since the inception of
business. The Corporation has consistently operated close to its capacity.
purpose.
-Proceeds derived from the sale of those debentures will be
used for additions to plant, for rearrangement of plant facilities and other
corporate purposes.
EARNINGS -Earnings of the corporation, for years ending Dec. 31
have been as follows:
Profit before
Net Profits Available
Deprec., Interest
for Interest and
and Federal Taxes Depreciation.
Federal Taxes.
Year5603,828
$46,544
$557,284
1924
1.122,309
54.364
1.067,945
1925
1.139.134
61.671
1.077.463
1926
1,205,229
68,177
1.137.052
1927
1.354.140
91,759
1,262.381
1928
1.939,262
2,094.497
155,235
1929
Average yearly earnings for the period 1924-29, available for interest
and Federal taxes, are more than 8.85 times yearly interest requirements
on this issue.
The books of the corporation for the first three months of 1930 show
earnings available for interest and Federal taxes of $388,297 or at the
annual rate of $1,553.188, as compared with $1,939,262 for 1929 as shown
above.
Sinking Yu:std.-Trust agreement and supplement thereto provide for a
sinking fund payable May 1 and Nov. 1, sufficient to retire 60% of these
debentures and any additional issue therein authorized by maturity.
CapitalizationAuthorized. To be Outsrg.
..- 53,000.000 42.208.000
6% sinking fund gold debentures
Common stock, non-par value
500,000 shs. b216,520 abs.
a 51,208,000 series A and $1,000,000 series B.
b As of Dec. 31 1929. Does not include 3,480 shares held in treasury
and does not include 2,200 shares declared as a 1% stock dividend on
amount outstanding. payable July 21 1930 to record holders of June 30
1930.-V. 130. P. 3177.
Missouri-Kansas Pipe Line Co.
-Status.
President Frank P. Parish says: "We are building up a major
unit in that industry and have developments of major proportions
under way in Texas, Missouri, Kansas, Nebraska, Minnesota, Illinois,
Indiana. Ohio, and Kentucky. We have financed these undertakings with
cash and through a wide distribution to investors of common stock. Our
stock is held to the extent of 95% by bona fide investors who realize the
great potentialities in the distribution of natural gas.
"Our auditors have prepared a statement of the company's position as of
March 31 which reflects additional stock underwritten during April. This
shows in the neighborhood of 127,000 000 available for the present construcWe owe no money except for current minor bills and are
tion program
paying in cash as our building program dictates. The future is exceedingly
bright."
-V.130. p. 3368.
The company has increased its common stock (par 510)from $2,250.000
to 53,000,000 and the pref. stock (par $100) from $750,000 to $1,000,000.
the increase to be distributed as follows: 32% J72,000 shares) of cont. as a
Morison Electrical Supply Co., Inc.
-Sales.stock dividend to corn, stockholders payable May 26 to holders of record
-April 1929.
1930
Increase.1 1930-4 Mos.-1929.
Increase.
May 7 3.000 shares com, to employees and agents for subscription at $65
being offered to common $168,915
$137,762
$31,153 $705,271
$516,873
$188.398
per share. The $250,000 increase in pref. is
stockholders at 105 in the proportion of one share for each 90 shares.
-V. -V. 130. P. 3368.
130, P. 812.
Merchants & Manufacturers Securities Co.
-Increases
Authorized Common Stock-Earnings, &c.
Earnings for the year ended March 31 1930, were the largest. in the
history of the company, according to the annual audit report of Ernst &
Ernst, just made public by President Aethur Greene. Not profit for the
year. after all charges and Federal income tax, totaled $529.998, or more
times the prior prof. div. requirements, and more than twice
than 7
the present div. requirements on the class A corn, stock. The net profits
were equivalent to 553 a share on the prior pref. stock and $3.01 a share
on tha average amount of class A stock outstanding through the year.
after providing for the preferred dividends.
Comparative consolidated balance sheets for the years ending March 31
1929 and March 31 1930, show that the capital and surplus of the company
increased from $4,490,128 to 55.729,618. The volume of accounts, notes,
&c., purchased in the year amounted to 553,809,234. an increase over the
previous year of $16,052,957.
Only a single change was made in the board of directors, Arthur W.
Outten of Chicago, a member of the board of the Chicago corporation,
replacing C. A. Shepardson, a Vice-President of The Guardian Detroit
Bank, Detroit.
The board also authorized the increase of class A shares of corn, stock
from 300,000 to 600,000 shares. Only 173.047 shares are outstanding at
present, but the action was taken to provide for a vigorous operation of a
program of expansion to which the company has committed itself.
-V.
1.29 p. 3645.
Metro-Goldwyn Pictures Corp.
-Earnings.
Results 28 Wks. End.- Mar.14'30. Mar.10'29. Mar.11'28. Mar.31'27.
Gross profit
$9,163,203 $5,935,809 $6.307,096 54,594.161
3,354.824 3,592.308 3,076.540
Operating expenses
3,654.031
15.509.172 52.580,985 32,714.788 $1,517.621
Operating profit
460.041
Miscellaneous income_ _
567.150
318,050
456.557
Net profit before income
$6.076,322 $3,041.026 $3,032.838 $1,974,178
taxes
-v.130, p.2598.
(Conde) Nast Publications, Inc.
-Earnings.-
Calendar Years1928.
1929.
1927.
1926.
Gross rev, from sales of
domestic publications,
advertising patterns,
printing, Sze
$10.251,328 $8,485.930 $7,798,859 $7,015,214
Produc„ sell., gen. &
adm. exp. (inc. chges.
for depreciation)
8,592,113
6,637.921
6.373 487 5,715,172
42: 1
93
Interest paid
59,072
34,890
58,865
Proportion of bond com11,682
mission & expenses_ _ _
11,349
13,650
15.645
Propor. part of profits &
losses (net) of foreign
165,742
9,794
Cr.14,585
subsidiary companies15.819
Provision for Federal &
213,975
244,295
State taxes
131..319
7 286
5
198,472
33,304
Loss on stock purchase
Cr.13,933
Cr.33,676
Cr.37,134
Int. received
Profit
Previous surplus
$1.345,653 $1,425,076 $1,213,903 11,011,240
1,639,208 , 897,848
242,715
887.419
$2,984,862 $2,322,924 $1,456,618 $1.898.659
Total
Prov. for prem. on ins.
policies
130.108
Prem, paid on pref. stk.
purchase
38.760
Loss though liquid, of
foreign subsidiaries_
32,246
6,067
55,783
52,072
Divs, on pref. stock_
639.250
638,888
470,741
102.166
Divs. on common stock_
Surplus at end of year_ $2,345,611 $1,639,208
$897,848 x$1,614,312
Earns. per sh.on 320,000
$4.20
$4.43
$33.62
ohs. corn. stk. (no par)
$2.9f
-year endow
x Entries incident to financing: Cash surrender value of 10
ment insurance (premiums in connection therewith have been charged
;
above). $141.115: total, including 31,614,312 surplus (as above", $1,755
-Tenders.
Midvale Co.
427. Less, loss on sale of stock of Park Ave. and 86th St. Corp, and
The Guaranty Trust Co.of New York, as trustee, until May 15 were to studio and apartment, construction, fittings and alterations, $216.812;
receive bids for the sale to it of Midvale Steel & Ordnance Co. 20
-year provision for employees bonus paid in stoat in January 1927. $45.900;
5% cony, sinking fund gold bonds, due March 11938. to an amount suffi- Dividend on common stock paid in stock of Montrose Development Corp..
cient to absorb $996,433, at prices not exceeding 105 and int.-V. 130, $1.250,000, operating surplus at Dec. 31 1926, after giving effect to Mao.
clog, $242.715.
p.2040.
3556
FINANCIAL CHRONICLE
zarnings foriQuarterZEnded March 31.
1930.
1928.
1929.
Net income after all digs.
including taxes
$433,494
$540,863
$524,450
Earns. per sh.on 320,000
she, of corn, stock (no
par)
$1.67
$1.64
$1.39
[VoL. 130.
Balance Sheet December 31.
1929,
1928;
1929.
1928.
Assets$
Liabilities-$
$399,13E Prop.(less deprec.)10,856,655 8,517,639 Preferred stock__ 2,000,000 4,005,200.
Treasury stock_ _ 641,598
.
85,992 Common stock_ _ _x8,250,000 1,537,139
Invest.& advances 805,484
704,833 Purch.money oblig 1,543,866 1,281,000.
$1.20 Inventories
9,463,564 9,990,658 Notes & accept'ces
Mtge. receivable
25,545
35,690 Payable, &c____ 1,625,000 3,090,885
Entire Issue of 1st Mtge. 64s Called.
Accle & notes rec_ 508,904
474,019 Com'l letters of cred 304,027
All of the outstanding $306,500 1st mtge. 10
-year 634% serial bonds Cash
1,462,321 1,128,976 Accounts payable_ 3,548,651 3,083,371
have been called for payment July 16 next. The 7% cumul. pref. stock, Deferred charges
300,000957,921
544,841 Stockholders
par $100, was recently retired and a total of 868,300 shares are in the Good-will
65,878
67,603
2,222,610 2,222,610 Miscell. reserves
treasury.
-V. 129, P. 3975.
9,605,456 10,341,885
Surplus
1927.
National Biscuit Co.
-Listing.
Total
26,944,604 23,705,359
26,944,604 23,705,359 Total
The New York Stock Exchange has authorized the listing of 140.000
x Represented by 660.000 no par shares.
shares of common stock (par $101 on official notice of issuance in connecEarnings for Quarter Ended March 31.
tion with the acquisition of business and assets of Pacific Coast Biscuit
1927.
1929.
1928.
1930.
Co., and 70,000 shares of common stock, on official notice of issuance in
"
$483,355
$711,080
$809,555
connection with the acquisition of business and assets of Bishop k Co., Net earns. after Fed,tax. 4470.552
Shs. corn, stock outstand
150.000
150.000
660,000
660.000
making the total amount applied for 6,210,000 shares.
Earnings per share
$2.86
$1.18
$4.30
$0.60
Consolidated Income Statement for 3 Months Ended March 31 1930.
x Before Federal taxes.
$5,943,947
Gross earnings
Sales for Month and Four Months Ended April 30.
625,112
Depreciation
653,219
1930
Reserve for Federal taxes
Decrease.
-April
Decrease. 1930-4 Mos.-1929.
-1929.
$992,902
37,163,605 $7,391,645
3228.040 J328,945.230 $29,938,132
$4.665.616 -V. 130, p. 3369.
Net earnings
.
32.924,036
Surplus beginning of period
National Radiator Corp.
-Earnings.
3,293
Adjustment income tax Item Biscuit merger
Calendar Years1928.
1929.
$37,592,946 Operating profit
Total surplus
$500,832
$306.364
434.078 Other income
Preferred dividends
73,040'
26,373
4,197.326
Common dividends
Total
$573,872
$332,737
$32,961.541 Reserve for depreciation
Surplus end of period
"
492,345
463,943
$0.70 Reserve for doubtful accounts
Earnings per share
327,066.
251.790
Adjustment of inventory-obsolete products
268.991
Consolidated Balance Sheet March 31 1930.
44,549
72,594
Miscellaneous
Liabilities
Assets
62,825
$1,116,867 Fixed charges on idle plants
$12,092,470 Accounts payable
Cash
743.958
756,377
200,266 Common dividend payable_ 4,197,326 Interest
U. S. Liberty bonds
3,040,949
Municipal bonds (N.Y.C.)_ 12,313,375 Reserve for taxes
Net loss
$1,234,329 $1,343,501
Reserve for insur.& conting. 8,206,559
Stocks and securities (mardef1,200,726 1,213.963
24,804,500 Priorsurplus
7,054,932 Preferred stock
ketable securities)
8.810
59,961,800 Surplus sub. cos
4,535,679 Common stock
Accounts receivable
24,537,388
8,877 784 Earned surplus
Raw materials
Total deficit
$2,426,246
$129,538
8,424,153
89,215,038 Capital surplus
Plant, real estate, &c
210,000
Preferred dividends
202,500
$134,289,543 Common dividends
$134,289,543 Total
Total
-V. 130, p. 2041.
$2,426,246
$542,038
Balance, surplus
658,689
Special reserves
-Listing, &C.
National Dairy Products Corp.
5,712
Excess ofcost over book value ofinvest,in sub.cos.
The New York Stock Exchange has authorized the listing of $33,264,500 Sundry adjustments, prior years
45,739
% gold debentures, due 1948, upon official notice of issuance as part Surplus contrib. by reduct. of cap.stk.
Cr.1,500,000
-Phenix Cheese Corp, Profit on debs. purchased for redemption
consideration for the property and assets of Kraft
Cr.168,369
making the total applied for $82,040,500. The Exchange has also authorized the listing of 665,287 additional shares of common stock (no par) upon
$809,329 $1,200,727
Profit and loss,deficit
the acquisition by the comofficial notice of issuance in connection with
The corporation reports for 12 months ended March 31 1930, net loss of
-Phenix Cheese Corp,
pany of the entire property and assets of Kraft
for depreciation, doubtful accounts, interest on
with authority to add 6,653 additional shares of common stock on and 31,172,152 after reserves
charges, against net loss of $1,340,259 in 12 months
after July 1 1930, and 6,720 additional shares on and after Oct. 1 1930 debentures and other
477.
upon official notice ofissuance from time to time as stock dividends, making ended March 31 1929.-V. 130, p.
the total amount applied for 6,098,343 shares.
National Short Term Securities Corp. (& Subs.).
The 665,287 additional shares ofcommon stock,together with 333,264,500 Consolidated Statement of Income Period Feb. 1 1930 to April 15 1930.
1%
, gold debentures, due 1948, will be issued as part consideration for the Interest earned, $12,107: less: interest paid
53
$10.826
remaining
entire property and assets of Kraft-Phenix Cheese Corp., the
11,920
loans
Discount accrued
consideration being (a) the assumption by the company of the outstanding Profit realized onon mortgage
8,704
securities
-Phenix Cheese Corp., and (b) $6,182,000 in cash, plus
liabilities of Kraft
160
Dividends received
additional sum equal to accrued dividends on the outstanding pref. stock
of Kraft-Phenix Cheese Corp. to the date of distribution in connection with
$331,610
Total income
company.
the dissolution of that
3.389
Office and general expenses
Pro Forma Comparative Combined Statement of Profitfor Years Ended Dec.31.
$28,222
Net profit for the period
(Including for each year accounts of all subsidiary companies owned at
8147.432
-Feb. 1 1930
Dec. 31 1929 and all wholly owned subsidiary companies acquired subse- Surplus
quent thereto or presently to be acquired, and including proportion of un$175,654
Total
distributed earnings for each year of all companies now controlled but not
$24.741
-Phenix Cheese Corp.)
Provision for dividends
wholly owned by Kraft
9.099
1929.
1928.
Provision for Federalincome taxes
$383,841,058 $390,600,052
sales
Net
8141,812
Surplus April 15 1930
Cost of sales, incl. distributing and admin. expenses, less mLscel. income and proportion of
Consolidated Statement of income Year Ended Jan. 31 1930.
undistributed earnings for the full year of con$75,924
earned
Interest
trolled subsidiaries of Kraft-Phenix Ch.Corp_ 347,215,220 349,518,054 Interest and commissions
8,923
paid
9.059,006
8,853,805
Depreciation
4,267.331
4,267,331
Interest for full year on $81,282,500 gold debs
$67,001
Balance
2,823.727
2,456,623
Federal income tax
61,206
Discounts accrued on mortgages and loans
88,536
$21,048,079 $24,931,934 Profit realized on securities
Balance
11,490
Dividends received
Dividend requirements for full year on pref.
12,000
156,998
stocks of subsidiaries outstanding at end of yr.
, $228,232
Total income
Dividends paid and accrued on pref. stocks of
8,936
817,278 Office & general expenses
834,708
National Dairy Products Corp
$219,296
Net profit for the period
Balance of profits available for dividends on
71,865
Dividends paid
common stock of Nat. Dairy Products Corp. $20.056,373 $24,102,657
Consolidated Balance Sheet as at Dec. 31 1929.
$147.432
Balance transferred to surplus
(Giving effect to additional issue of $33,364,500 53•I% debentures and -V. 128, p. 4016.
including all wholly owned subsidiary companies acquired subsequent to
Nevada Consolidated Copper Co.-Earnings.Dec. 31 1929 or presently to be acquired.)
1929.
1928.
1927.
1930.
Quer. End. Mar.31Assets
Netlbs. ofcopper prod__ 39,699,763 78,381,399 52,576,896 57,940,796
$2,778,761
820,089,274 Notes payable
Cash
Aver. mthly. prod.(lbs.) 13,233,254 26,127.133 17,525,632 19,313,598
1,424,140 Accts,pay.,incl.sundry accr. 18,851,335 Oper. profit from copper
securities
Marketable
597,606
Notes & accounts receivable 20,778,909 Divs. payable & accrued_- 3,027,523
$2,058,721 $6,361,659 $2,180,655 $1,514,337
Production
25,119,862 Prov. for Fed. & torn taxes
Inventories
616,044
533,370
796,425
517,667
452,998 Gold,silver & misc.earns
1,184,999 Reserve for contingenclee___
Receivable from employees81,282,500
300,849 5)j% gold debs., due 1948_
Value of life insurance
$2,674,765 $7.158,085 $2,698,322 $2,047,707
Total income
368,500
16,750,684 1st mortgage 6s (subeids.)._
Investments
433,565
420,261
450,340
423.904
351,620 Depreciation
433,762 Real estate mtges.(subeids.)
Advances
12,118 Minority stockholders' int.
Sinking funds
Net income
$2,224,425 $6,724.519 $2,278,061 $1,623,803
264,008
116,021,182 in capital & surp. of subs_
Capital assets
In his remarks to stockholders, D. 0. Jackltng, President, said in part'
451,300
1,962,649 Pref. stock of subsidiaries__
Deferred charges
The net production of copper from all sources for the first quarter totaled
801,605 7% pref. stock, class A--__ 6,680,400
Leasehold and licenses
4,995,000 39.699.763 lbs., compared with 55.086,066 for the fourth quarter of 1929.
7% pref. stock, class
19,653,410
Good-will purchased
x46,967,069 The average monthly production amounted to 13.233,254 lbs. againtt an
Common stock
27,730,979 average monthly output of 18,362,022 in the fourth quarter of last year
Capital surplus
After crediting revenue from gold and silver and other miscellaneous
29,733,848
Earned surplus
earnings and income from subsidiaries, the net cost per pound of copper
$224,533,447 produced was 9.76c. as compared with 9.14c. for the fourth quarter of
Total
$224,533,447
Total
1929. These costs include all operating and general charges of every kind
-V. 130. p. 3178.
except depreciation and reserve for Federal taxes.
x Represented by 5,870.884 shares (no par value).
The total quantity of company ores milled and smelted during the
-Sales.
Inc.
National Family Stores,
concenIncrease. quarter was 2,045,341 tons. Of this total 2,026,668 tons weresmelting
Increase. 1 1930-4 Mos.-1929.
-1929.
-April
1930
averaging 1.168% copper, and 18,673 were direct
$327,210 trating ore, to
$269,190[$2.003,951 $1,676,741
ore shipped
$552,138
smelters. In addition to company ores. 310,400 tons of
$821,328
custom ore was milled or smelted at the Nevada plants. The average
-V. 130. p. 2785.
daily tonnage of company ores milled at all concentrators was 22,519
-Transfer Agent.
preceding quarter.
National Harris Wire Co., Inc.
transfer agent compared to 30,863 per day for the
The average recovery in the form of concentrates from all company
The Equitable Trust Co. of New York has been appointed
material milled during the period was 86.35% of the total copper confor the class A and class B stocks.
tained therein, corresponding to 20.17 lbs. of copper per ton treated. as
-Earnings.
compared to a recovery of 84.20% and 19.82 lbs. per ton for the previous
National Tea Co.
1926.
1927.
quarter.
-V. 130, p. 2786.
1928.
1929.
Calendar Years$90,210.077 $85,881,696 $58,801,377 $53,657.785
New Jersey Zinc Co.
-Quarterly Report.Sales
1,817,221
3,199,833 b2,379,041
3.081.002
1927.
Operating profits
Quer. End, Mar. 311929.
1928.
1930.
232.000
333,000
377,393
349,735
x Total income
Federal taxes
$1,671,867 $2,026,935 $1,649,028 $1,769,480
981,632
981,632
981,632
981,632
$2,822,440 $2,046,041 $1,585,221 Dividends (2%)
$2,731,266
Net income
210,781
219,663
260.272
$787,848
Preferred dividends_ __162,217
$667,396
Balance, surplus
8690,235 81,045.303
596.275
597,682
598,900
- 1,057,966
Shares capital stock outCommon dividends
y490,816
y490,816
standing (par $25)--- 1,963.264
y490,816
$778,166
$1,511,084 $1,963,267 $1,228,696
$3.60
$33.36
Balance, surplus
$4.13
$0.75
150,000 Earnings per share
150,000
150,000
660,000
Shs.com.outst'g (no par)
x This item, which includes dividends from sub. cos. is shown after
$9.16
$12.17
$17.08
$3.88
Earns, per sh. on com
deductions for expenses, taxes, maintenance, repairs, depreciation and
amounting to
b Includes stock div. of National Tea Co., Minneapolis,
contingencies. y Par $100.-V. 130. D. 3178.
550.000.
MAT 17 1930.]
FINANCIAL CHRONICLE
-Sales.
• (J. J.) Newberry Co.
-1929.
-April
1930
1255,546 $1,808,532
_jr, 130, p. 2597.
Increase.] 1930-4 Mos.-1927.
$547,014187,462,649 $6,336,356
-Earnings.
-Newport Co.(& Subs.).
Calendar YearsNet sales
Cost of sales, selling and general expenses
Provision for depreciation
MI
Net income from operations
Miscellaneous income
Totalincome
Loss on sale of liberty bonds
-net
Interest charges
Provision for Federal income taxes
1929.
$11,084,647
8,659,708
557,750
$1,867,188
11,097
$1,878,286
196,000
Netincome for year carried to surplus account... $1.682,285
Balance, Dec. 31
2,169,328
Adjustments (net) applicable to prior years
Addition to surplus
3.655,602
Totalsurplus
$7.507,216
Dividends on prior corn,stock to April 15 1929Dividend accrued-class A cony. stock-Dec. 15
to 31 1928
Dividend on pref. stock of General Naval Stores
Co., Inc.(a sub.))
Premium on prior com, stock called for redempt.
April 15 1929
-Commission on sale of class A cony. stock & refinancing expense
Excess of purch. price of sub. cos. acquired over
book value of net tangible assets
Class A dividends paid
264,972
Common dividends paid
393,573
ment stores, central stations, and specialty dealers, which represents all
of the recognized sound channels of distribution. An important outlet
Increase. for the company's product is Sears, Roebuck & Co. through all of its retail
$1,126,293 stores as well as its mail order department.
CapitalizationAuthorized. Outstanding.
Class A shares (no par)
79,443 shs. 79,443 shs.
Class B shares (no par)
*409,662 shs. 330.219 shs.
1928.
* 79,443 shares reserved for conversion of Class A shs.
$7,494,727
Transfer agent and registrar.
-The Guardian Trust Company,Cleveland,
6,327.100 0., and First National Bank, Binghamton, N. Y.
444,680
Earnings.
-The net earnings of the company and the predecessor com$722,946 panies for the past 431 years have been as follows:
Net
104,165
Net per per sh.for
Net Earnings. Sh. of Cl. Cl."A'&
$827,112
"A".
Cl. "B."
40,992
8763,464
$9.61
$1.86
35,593 1926
933,621
11.75
2.27
65,100 1927
691,293
8.70
1928
1.68
923,954
11.63
2.25
$685,427 1929
151,715
1.90
.37
4,790,196 1930(1st quarter)
Financial Condition.
-Company's balance sheet as of Dec. 31 1929 shows
70.124
quick assets of $2,535,263 and current liabilities, including Federal income
taxes, of $269,529, or a ratio of over 9.4 to I. Of the current assets $1,$5.545,817 403,152 is represented by cash and marketable securities, which is more than
1.513,872 5 times the entire indebtedness of the Company.
-Company has paid regular cash dividends of 50 cents
Dividend Policy.
18,417 per quarter on the Class A shares since the issuance of these shares in Feb.
1927. Company Is now paying regular quarterly dividends of 25 cents
4,375 per share on its outstanding Class 34 shares.
664,875
702,377
472,574
Balance, Dec.31
$6,848,671 $2,169,328
Earns,per share on 432,517 shs.corn.stk.(no Par)$3.50
$1.19
Earningsfor Quarter Ended March 31.
1930.
1929.
$2,666,955 $2,591,106
Net sales
Costs & expenses
2,038,928 2,077.681
Operating profit
Other income(net)
3628.027
6.793
Totalincome
Depreciation
Federal taxes
$634,820
151,874
56,929
3557
Noranda Mines, Ltd.
-Probable New Contracts.
President J. Y. Murdoch is reported to be negotiating new contracts in
England for disposal of the copper output of the company, according to
Montreal advices. Reports say that any contract entered into will probably
be on a sliding scale, governed by current quotations for the metal.
Other advices state that Canadian Collieries has made a shipment from
British Columbia of 800 tons of coal to Callao, Peru, which is expected to
be the first of a series of regular shipments to the South American port.
-V. 130. p. 2983.
See Canadian Copper Refiners, Ltd., above.
Occidental Petroleum Corp.
-Earnings.
-
Quarter Ended March 311928.
1929.
1930.
Net income after all charges incl. deduct. earns, retained by Universal
$513,425
Consolidated Oil
$19,597
$46,384
$58,288
23.250 Earns, per sh. on 630,000 shs, coin.
$0.08
$0.07
$0.0,9
stock (no par)
$536,675 -V. 130, p. 2041.
130,745
Ontario Mineral Waters Ltd.-Pref. Stock Offered.
-A.
50,000
Pearce & Co., Ltd., Toronto, Out., are offering $400,000
E.
Net profit
$426,017
$355.930
Shares common stock outstanding (no par)
485,705
251,250 7% cum. red. preference stock at par ($100). carrying a
Earnings per share
$0.82
$1.01 bonus value common share with each four shares of preComparative Balance Sheet.
ference stock.
Mar. 31'30 Dec 31'29
Mar 31 '30 Dec 3129
Preference shares have preference as to capital and assets over other
Assets$
Liabilities$
$
securities and are entitled to a fixed cum. div. at the rate of 77
Prop ,plant & eq_x7,640,810 7,666,475 Capital stock
5,580,850 5,454,470 classes of
per annum, payable (J. & D.). Red. all or part on any div. date on 30
Form & process.-- 476,663
473,923 Purch money obllg y435,000
435,000 days' notice at $1.05 Per share and div., the redemption to take place within
Cash
641,121
761,345 Accounts payable- 11113,.
seven years from date of incorporation.
Accts receivable 1,149,830
944,565 Federal taxes
Authorized.
Capitalization.Outstanding.
Inventories
4,427,546 4,178,705 Contigent reserve$500,000
$430.000
Investments
7% cumulative preference shares
442,200
277,200 Other reserve
20,000 shs.
20,000 shs.
Deterred charges__ 185,239
218,712 Surplus
7,140,336 6,848,671 Common stock(no par)
The purpose of this issue of pref. stock, with the bonus of no par value
Total
14,963,409 14,520,925 Total
14,963,409 14,520,925 common stock, is to liquidate loans made to the company for the drilling
x After depreciation of $4,514,937. y Represented by 36,190 shares of well near Maple. Ont., and to undertake advertising and merchandising
(par $50) of $3 class A convertible stock and 485,705 shares of no-par as agreed with those interests who are to handle the distribution in Canada.
Preferred and common will be entirely issued and the company will obvicommon.
-V.130, P. 3369.
ously, in view of contracts made and pending, need no further funds.
N *?2:11.1
2.1g:N1 112:g71
Newton Steel Co. (Ohio).
-Stock Increased.
-
-Defers Preferred Dividend.
(S.) Oppenheimer & Co.
An amendment to the articles of incorporation was filed at Columbus,
The directors have voted to defer the quarterly dividend of $2 per share
Ohio, on May 15, increasing the number of no par value common shares to
-V. 122, p. 1181.
due May 1 on the preferred stock.
500,000from 300.000. The preferred capitalization continues at $3,927.500.
The increase was approved by the stockholders on April 23.-V. 130. p.2982.
-Listing.
Otis Elevator Co.
New York Dock Co.-Earnings.The New York Stock Exchange has authorized the listing of 65.000
shares 6% cum. pref. stock (par $100) on official notice of issuance in
Quar. End. Mar. 31- 1930.
1929.
1928.
1927.
exchange for a like number of outstanding certificates for 6% non-cum.
Revenues
$801,254
$1,135,140
$945,693
$874,550 pref. stock (par 51001.-V. 130, p. 2983.
Expenses
434,935
615,906
500,245
410.593
Taxes, interest, &c
146,105
283.389
361.267
294.744
-Operating Conditions Improve.
Otis Steel Co.
Operating conditions at the Otis Steel Co. have shown distrinct improveNet income
5162,059
$157,967 $ 220,214
$169.213 ment since the first of the current month, according to President E. J.
Earns. per sh.on com
$1.36
$0.53
$0.47
$0.63 Kulas. Production of hot strip and a number of other finished products is
-V. 130. P. 2982.
at the highest level of the year. According to President Kulas.the increase
In the company's releases and operating schedules reflects greater outputs
New York Transit Co.
-No Extra Dividend.
automobile producers.
-V. 130. P. 3370.
The directors have declared the regular quarterly dividend of 40c, a by large
share on the $10 par capital stock, payable July 15 to holders of record
-Earnings.
Pacific Coast Co.(& Subs.).
June 20. In the previous quarter an extra dividend of 10c. a share was
1929.
1928.
1927.
1926.
Calendar Yearspaid. See V. 130, p. 1293.
$5,003,400 84,440.927 33,991,230 85,017,218
Gross earnings
Operating expenses, &c- 4,460,010 4,057.383 3.627,685 4,419,097
Niles-Bement-Pond Co.(& Su bs.).-Earnings.-165,700
181.862
148.090
177.681
Taxes
Calendar Years1929.
1928.
1927.
1926.
Gross income
$2,556,740 $1,969,885 $1,699,179 $1.671,180
8215,455
$377,691
8201,683
$420,440
Net earnings
Selling & gen.expenses- _ 1,125,101
1,324,115 1,459,283
1,452.703 Other income
4,381
4,472
5,026
3,557
Operating profit
$645.770
$1.431,639
$239,896
$218,477
Total netincome
$382,163
8206.064
$220,480
$423.997
Other income
193,900
277.756
225,291
135,383
Deduct
245.833
Interest on bonds
200,000
200,000
200,000
Total income
$839.670
$1,709,395
8465,187
$353.860 Accrd. into disc.x
15,647
16,042
15,536
16,355 Depreciation
165,790
231,936
221,032
161,683 General interest(net)--12,042
11,228
Adminis.& gen.exp. nonrecurring
137,363
Net income
$4,437
$161,809
$155,398 def$21,625
Federal income tax
96.820
Div. on 1st prof
(131 %)19.062(5%)76,250 (57)76,250
Div. on 2d pref
(1%)40,000 %)160,000
Net Income
$1,309,422
$607,734
$244,155
$192,177
Pref. diva,sub. cos
50,799
101,913
152,286
Balance, surplus
$155,398 def$40,687 def$111,812 def$74,441
Pref. diva. Niles-Bement
x Accrued interest and discount on Carbonado Mine purchase.
Pond
33,751
351,430
Earnings .for Quarter Ended March 31.
Surplus
1930.
1929.
1928.
1927.
81.275.671
$205,505
$142.242
$39,891
Gross earnings
$1.221.129 $1,562,430 $1,117.659 $1.108.251
Consolidated Balance Sheet Dec. 31.
Operating expenses
1,119,186
1,398,768
1,076.002
1,009.925
1929.
1928.
1929.
1928,
Assets5
LiaMlities$
$
$
Net income
$101.943
$163.662
$41.657
$98,326
Property account- 3,630,088 5,386,506 Common stock -.x8,662,300 8,662,500
-V.130. p. 1127.
Miscell.invest__ 3,928,303
59,742 Preferred stock_
1,355,100
Stock &adv. to
do Assoc. cos-.
Paramount Public Corp. Dividend Officers,
787,800
Pratt & Whltn'y
Accounts payable
The directors have declared the regular quarterly dividend of $1 per share
Aircraft Co_
750,500 (incl. taxes)--- - 923,921
796,419 on the common stock, payable June 28 to holders of record June 6. The
Inventories
3,431,657 4,562,968 Adv. payments on
books will not close.
Accts.& notes reo- 1,582,132 2,115,549 contracts
At a meeting of the board held May 12, the following officers were duly
Cash
1,347,566 1,060,796 Res,for contung__ 298,510
153,446 elected. Adolph Zukor, President; Jesse L. Lasky, First Vice-President;
Real est. mtge---- 121,000
836,000 Surplus
4,261,035 3,254,096 Sidney R. Kent and Sam Katz, Vice-Presidents: Ralph A. Kohn,Treasurer;
Accrued Interest- 1,769
9,048
Secretary.
Deferred charges-- 103,252
228,250 Total (each side)_14,145,767 15.009,360 Elek John Ludvigh,
The following directors were elected members of the finance committee;
x Represented by 192,496 shares of no par value.
-V. 130. p. 1664.
William H. English, Sir William Wiseman, Frank Bailey, Casimir I.
Stralem and Adolph Zukor.
Nineteen Hundred Corp.
-Earnings, &c.
The following were elected members of the executive committee* Adolph
This company is incorp. ml New York and is engaged in the manu- Zukor, William H. English, Felix E. Kahn, Sam Katz, Sidney R. Kent,
and sale of electric household washing machines and koners. It Ralph A. Kohn, Jesse L. Lasky, Elek John Ludvigh, Emil E. Shauer and
facture
represents the consolidation of The Nineteen Hundred Washer Co., Inc., Eugene J. Zukor.-V. 130. P. 2983, 1127.
of Binghamton, N. Y., and The Upton Machine Co., of St. Joseph. Mich.,
Parmelee Transportation Co.
-Earnings.
The business of The Nineteen Hundred Washer Co.. Inc., was started in
1898 and is one of the oldest washing machine concerns in the United States.
The company reports net earnings for the quarter ended March 31 1930
The Upton Machine Co. has for many years supplied all of the washing of $173,657. This is after preferred dividend requirements and bond inmachine requirements of Sears, Roebuck & Co. The Nineteen Hundred terest and is equivalent to 58 cents per share on the 299,118 shares outCorp. manufactures and sells the following nationally-known washing standing as at that date.
machines: "The 1900 Cataract," "Whirlpool." "Water Witch," and
The above earnings only include dividends and sundry income received
"Kenmore." The company's product is sold through chain stores, depart- and do not take into account earnings due from its baggage transfer
and
3558
FINANCIAL CHRONICLE
[VOL. 130.
cab operating companies in New York. Chicago and Pittsburgh.
-V. 130,
p. 2984, 2041; V. 129, P. 3486, 3338.
Pierce corporation at a meeting that is to be called for
-June 12.
Patino Mines & Enterprises Consolidated, Ltd.
As to the terms of the deal, Mr. Untennyer said that the
Omits Dividend.
The directors have voted to omit the interim dividend usually declared Pierce corporation will get the equivalent of a little over
at this time. Last year at this time an interim dividend of 4s. was declared. one share of Sinclair stock for each four shares of Pierce
It was stated by an official of the company that with tin selling at the common
stock and would participate in all dividends on
prevailing low levels, earnings of the company are negligible and do not
warrant the payment of any dividend.
Sinclair stock from this date.
-V. 130, P. 2599.
The announcement further says:
(David) Pender Grocery Co.
-Gross Sales.
The pref. stock will he paid off with funds to be provided by Sinclair:
1930
-April
-1929.
the debentures and current liabilities will be assumed by Sinclair. On the
Increased 1930-4 Mos.-1929.
Increase.
$1,304,375
31,272,839
$31,536135,203,117 $4,975,608
$227,509
The company operates 423 grocery stores, 59 of which contain meat
markets.
-V. 130. P. 2599.
Penn-Mex Fuel Co.
-Earnings.
-Calendar Years-
Gross income
Operating expenses
Depreciation and depletion
Net income
Dividends
1928.
1929.
51.907.021 34,003.878
1.239.429
1,071,433
798,747
552.077
$283.510 $1,965,701
800,000
800,000
Balance,surplus
def$516,490 $1,165.701
Earnings per sh. on 400,000 shs. cap.stk. (par $25)-$0.71
$4.91
Balance Sheet Dec. 31.
1929.
1928.
1928.
1929.
etssets$
Liabilities
S
$
$
Producing dr nonAccounts payable..
84,799
65,950
producing prop_16,823,887 16,753,489 Capital stock
10,000,000 10,000,000
Cash dr accts. rec. 2,622,891 2,689,754 Res. for Mex. tax_
2,281
Materials, supplies
Res, for deprec. dr
dr oil
509,720
622,456
deplet
5,307,857 4,821,985
Stock owned &
Surplus &undiv.
adv.to subs_ ___ 137,846
75,829
profits
4,718,255 5,234,744
Total
20,094,343 20,141,528
-V.129, p. 2870.
Total
20,094,343 20.141.528
basis of the present regular dividend of $2 on Sinclair stock, without taking
into account the extra dividends it has been paying, Pierce common stock
will be able to pay (livs. of at least 50 cents per share per year.
The contract is, however, subject to verification by the Sinclair company
of the Pierce Petroleum Corp. titles and other details, as to which no
difficulty is anticipated.
There is apparently no place in the oil business in this country for small
companies without production. The business is becoming more and more
centralized in large unks and Pierce Petroleum Corp. has accordingly found
Itself unable, at any time during the six years of its existence to paY any
dividends whatever, nor wore the prospects for the payment of a div.
encouraging for the future. As an integral part of the Sinclair company its
plant and distributing facilities will he of far greater value than if operated
alone. I1'. as we believe. Sinclair stock increases in value and returns, the
Petroleum stockholders will share in that prosperity.
See also Sinclair Consolidated Oil Corp. below.
-V. 129,
p. 2984.
Prairie Pipe Line Co.
-Extra Dividend of 50c.
-
The directors have declared an extra dividend of 50c. per share and the
regular quarterly dividend of 75c. per share on the no par common stock.
both payable June 30 to holders of record May 31. Like amounts were
paid in each of the five preceding quarters. On Jan. 4 1929 the stock was
split on a 4
-for-1 basis and a 25% stock div. declared.
-V.130. p.3180,1842.
Propper-McCallum Hosiery Mills, Inc.
-Omits Div.
-
The directors have omitted the regular quarterly dividend of 50c. per
the common stock at this time.
Philadelphia & Reading Coal & Iron Corp.(& Subs.). shareadue onto the stockholders. President Leo Propper stated: "Since the
In letter
acquisition on Feb. 28 of the assets and good-will of the McCallum Hosiery
Consolidated Income Account Years Ended Dec. 31.
Co. (see V. 130. p. 984) as of Dec. 311929. the attention of your executive
1929.
1928.
has
Net sales
$63.756,610b$73,321,788 two been primarily focused upon the consolidation of the operations of the
companies. While it has already been demonstrated that consideraCosts,depreciation,depletion & operating tax
a60.481,936 c71,471.134
ble economies can be effected through the merger, the executives have
Gross profitfrom sales
$3,274,674 31.850,654 deemed it more expedient to move slowly in making drastic changes, in
order to lay the strongest possible foundation for the most effective and
Other operating income
747,164
profitable operation of the two businesses. The fiscal year of the company
Gross profit from operations
54.021,838 $1.850.654 has been changed to correspond with the calendar year. Present working
capital is fully adequate for our needs, besides taking care ofsuch machinery
Sell. administration & general expenses
2.781.789
and other commitments as both companies had at the time of the merger.
"On the other hand, the general business depression during the first
Profitfrom operations
31.240,049 51.850.654
Other income
457,733
222,162 quarter of the present year, which as is well known, has affected so many
businesses, has hit the hosiery business particularly hard and the company
Gross income
$1,697,782 32.072,816 is now passing through a period of very bad business in its line.
In view of this situation and in order to maintain the present excellent
Income charges
2.490.858 2.036.803
Minority interest
2.242 asset position, the directors have felt it to be more prudent and better
2,342
business judgment not to declare the usual dividend on the common stock.
Net loss
1795.418 prof$33.771 The directors hope and expect that with the return of better conditions
Previoussurplus
55.711.265 55,489.703 reinstatement of a dividend on the common stock can be anticipated with
Profit and loss credits
245,268
1,149,621 confidence."
Totalsurplus
Propper Silk Hosiery Mills Inc.
-Merger, &c.355.161.115 156.673,095
Coaladjustment
See Propper-McCallum Hosiery Mills, Inc., above.
d664.806
d407.665
-V.130. p.988.
Federal tax previous years
186,639
Reserve loss on coal stored
-Transfer Agent.
Railways Corp.
750,000
Appropriation for contingent
The Hibernia Trust Co. has been appointed transfer agent for 450,000
200,000
Miscellaneous
188.739
167.526 shares of common stock.
Profit and loss surplus
553,557.570 355,711.265
-Listing.
Punta Alegre Sugar Co.
a Includes depreciation and depletion of $1,585,704. b Includes other
The New York Stock Exchange has authorized the listing of certificates
operating income. c Includes expenses. d Loss on sales of coal stereo of deposit for 15
-year 7% sinking fund convertible debentures, due July 1
prior to 1928, including degradation.
1937 for not to exceed the $3,918,800 of such debentures now outstanding
and listed.
Consolidated Balance Sheet Dee. 31.
The Exchange also authorized the listing of certificates of deposit for
1928.
1929.
1929.
1928.
capital stock of the company for not to exceed, 381,537 shares of such
Ands$
Property met __a81,374,531 696,061,535 Capital stock -45,600,000 $5,600,000 capital stock now issued and outstanding, and listed on the New York
Securities
125,293
281,464 Surplus
53,557,570 55,711,265 Stock Exchange. See also V. 130, p. 2786. 3180.
Funded debt
Employ. comp.
60,347,367 30,076,467
-Listing.
Radio-Keith-Orpheum Corp.
1,313,896 1.267,422 Notes payable._
fund,&c
267,306 10,217,306
3,702,130 3,571,057 Accts. dr wages
The New York Stock Exchange has authorized the listing of 65,000 addiCash
Specialdeposits. 14,745,478
177,866
payable
4,014,321
3,970,889 tional shares of class A stock (no-par value) on official notice of issuance
Notes dr accts.
thereof upon the exercise of options; 44,000 additional shares of class A
Customers dep.
receivable.... 13.717,700 12,638,094
dr credit bal.
23,011 stock on official notice of issuance on conversion of bonds of Radio-KeithIron &steel prod 1,868,274 1,701,056 Accr. Int. & tax. 2,381,338 2,039,681 Orpheum-Western Corp.,a subsidiary,and 25,000 additional shares of class
4,300,356 8,155,090 Miners'benef.fd
Coal on hand_
41,810
133,696 A stock on official notice of issuance in connection with the acquisition of
Malls dr suppl's 3,268,137 3,631,657 Dorm & deple
properties making total amount of class A stock to be listed 3,244,392 shares.
By resolutions adopted on Nov. 19 1928 directors authorized the granting
reserves
Def. debit items 4,612,632 1,264,989
17.897,241
Wk.comp.res _ _ 1 521,827 1,545,823 of an option to Blair & Co., Inc.(now Bancamerica-Blair Corp.) and LehMin.Int.In sub _
56,167 man Brothers to purchase 100,000 shares of class A stock as follows: 25.000
55,330
Tot.(ea. sIde)129,028,427 128,750,230 Other reserve_ .._ 1,241,558 1,428,684 shares at $32 per share at any time prior to Nov. 11930; 25,000 shares at
x Represented by 1,400,000 no par shares. a After depreciation, de- $35.50 par share at any time prior to Nov. 1 1930; 25,000 shares at $39.50
pletion and obsolescence of 337,231,522. b Before depreciation, depletion Per share at any time prior to Nov. 1 1931: and 25,000 shares at $43 per
share at any time prior to Nov. 1 1931. All or any of these shares may be
and obsolescence -V.129, p. 1927.
purchased at any time prior to the dates aforesaid, but in lots of not less
than 5,000 shares each. As a result of the issue of additional shares of class
Phillips Petroleum Co.
-Listing, &c.-mentioned prices have each been reduced by 5.74 purThe New York Stock Exchange has authorized the listing of 707,490 A stock the above
additional shares of capital stock (no par value) as follows: 500 shares as suant to the terms of the option. Bancamerica-Blair Corp. and Lehman
part payment for certain properties of Mount Vernon Oil Co.; 1,337 shares Brothers have exercised their option to the extent of 50,000 shares which
for certain properties of Beard Oil Co. and Walker Tire & Service Co.; have been issued to them and which were previously applied for listing
1,700 shares for certain properties of Consumers Oil Co.; 6,500 shares for April 16 1930 and this application includes application to list the remaining
entire issue of outstanding common stock of Armould Oil Co. (Ill.), con- 50,000 shares of class A stock covered by the aforesaid option.
By resolutions adopted on Nov. 21 1928 directors authorized the granting
sisting of 2,000 shares (no par) and the exchange of their outstanding mtge.
bonds and outstanding preferred stock; 21,744 shares pursuant to allot- of an option to Joseph P. Kennedy to purchase 75.000 shares of class A.
ment and sale to officers and employees of the company,and 675,709 shares stock. The option permits the purchase of all or any of such 75.000 shares
on official notice of issuance and payment in full pursuant to offer to stock- in lots of not less than 5.000 shares at any time prior to May 15 1933, at $21
holders or sale to underwriters making the total amount applied for 3,- per share if purchased prior to May 15 1930,at 323.50 per share if purchased
thereafter and prior to May 15 1932,and at 526 per share if purchased there378,822 shares.
after and prior to May 15 1933. Joseph P. Kennedy has exercised his
The stockholders of record May 15 1930 will be given the right to sub- option to the extent of 60,000 shares, which have been issued to him and
scribe on or before June 16 for the 675,709 additional shares of stock at Which were previosuly applied for listing and
$32 per share on the basis of one share of new stock, for each four shares application to list the remaining 15,000 shares ofthis application includes
class A. stock covered by
held. This stock not so taken by the stockholders has been underwritten the aforesaid option.
at $32 yier share The purpose of this issue of additional stock is to provide
By resolutions of the directors adopted July
executive
funds for additions to and the development of the company's properties mittee, acting with the approval of the finance 8 1929, thewas vested comwith
committee
and marketing facilities and for general corporate purposes.
full authority finally to approve the terms of the creation and sale of$2,000,000 bonds of Radio-Keith-Orpheum-Western Corp. and to take such further
Add'l. Cos. Formed in Natural Gas and Utilities steps as might be necessary to consummate the purchase of the theatres of
Two
the so-called Pantages Chain,and to carry out a previous agreement between
Divisions.
Following the announcement last week of the formation of the Phillips the corporation, Radio-Keith-Orpheum-Western Corp. and Alexander
construct an 800 to 1,000 mile pipe line, at a cost of Pantages, Lois A. Pantages and Pantages Theatre Co. Pursuant to the
Pipe Line Co. to
$12,000,000 to 515,000,000, President Frank Phillips stated that incorpo- authority granted,the executive committee, with the approval of the finance
ration papers have been filed for the formation of two additional companies. committee, approved the execution of an indenture dated as of July 1 1929.
These new companies are the Phillips Natural Gas Co., which will be the with Security-First National Bank of Los Angeles and W. N. Bucklin, Jr.,
-year 6% sinking fund
vehicle for a considerable broadening of the Phillips Petroleum Co.'s markets as trustees, creating an issue to be known as 20
for its natural gas and which will carry on certain other activities of the secured cony, gold bonds of Radio-Keith-Orpheum-Western Corp. The
principal of the above described bonds is guaranteed by the corporation and
Phillips Petroleum Co. in the natural gas industry, and the Phillips Petro- It
was further provided that the bonds should be convertible into class A
leum Utilities Co., which will primarily distribute liquified petroleum gases
and coordinate the Phillips Petroleum Co.'s other activities in the utility stock, issued and reserved for that purpose.
Pursuant to the terms of an agreement dated as of May 1 1930 between
division.
Both the Phillips Natural Gas Co. and Phillips Petroleum Utilities Co. the corporation and Interstate Amusement Co. (Mo.), Interstate Amuse-V. 130, P. 3371. ment Co. has agreed to organize a corporation in Delaware to be known as
are capitalized at 100,000 no par common shares each.
"RHO Southern Corp.," to transfer to RHO Southern Corp.the leaseholds
-Samuel Unter- covering seven theatres in Texas, Arkansas and Alabama, all equipment,
Sale.
-Proposed
Pierce Petroleum Corp.
said
used in connection
confirmed the statement furnishings and other tangible property other intangible assetswithIntermyer, speaking for this corporation,
theatres, and the business, good will and
of
of H. P. Sinclair as to the agreement and that it had been state Amusement Co.; and the corporation has agreed to purchase all of the
authorized capital stock of
approved by the board of directors of both companies, 25,000 shares of the class ARHO Southern Corp. for $765,000 in csah and
stock. The above-mentioned $765,000 represubject only to the ratification of the stockholders of the sents the appraised value as of May 1 1930 of equipment, furnishings and
other tangible property Xand:the 25,000 shares represent the agreed Value
of the leaseholds, business, good will and other intangible assets. The
"(rectors May 7 1930 approved the agreement and authorized the taking by
he proper officers of the corporation of all action on its part required to be
sken under said agreement. The above 25.000 additional shares of class
stock will be capitalized on the books of the corporation at $40 per share.
-V. 130. p. 3180.
-Income Statement.
Railway & Light Securities Co.
12 Mos. Ending March 31nterest received & accrued
kish dividend
tofit-sale ofsec. after Federal taxes
1930.
$485,900
356,159
1,467,456
1929.
$332,983
249,224
515.479
$2,309,517 81.097,687
84,344
55.997
16.646
3.740
277,311
279,942
Total
Cxpenses
'axes,incl. Federal taxes on income
nterest and amort.charges
Balance
$1,931,215
Balance Sheet March 31 1930.
Liabilities
Assets
tends ¬es
64,239.919 Preferred stock
ocks
9,278,835 Pref. stock (6100 par) res for
iscellaneous securities
81,412 exchange
all loans
3,900,000 Collateral trust bonds
ash
4,805 Accounts payable
,ccounts receivable
74,908 Coupon interest accrued
ond interest receivable
62,658 Tax liability
Tote interest receivable
5,600 Contract with It 4 L See.
I se. interest receivable_
2,021
Co.(Maine)
(nem,debt disc. & expense
378,719 Common stock (149.919 shs..
'ref. stock ($100 par) acq
no par)
1.000
.eacquired sec.
-bonds
1.000 Earned surplus
uspense
1
vtal
-V. 130, p. 3181.
$18,030,833
$758.007
$1,530,200
1,000
5,500,000
15.041
108,312
193,124
1.000
1930.
832.801
818.188
889.370
868,606
This company, and its subsidiary, the Richfield Oil Corp. of New York,
has closed a contract under which large quantities of Richfield Aviation
gasoline will be stored at the New Orleans plant of the General American
Tank Storage & Terminal Co. it was announced in a joint statement
issued by Ralph Walsh. Vice-President and Gen. Mgr. of the New York
Company, and Hugo Epstein, President of the storage company.
The S. S. Huguenot arrived in New Orleans on May 3 with the first
consignment of gasoline from California. Operations will be carried on
by Richfield Oil from this new base to meet the steadily increasing demand
for the company's products in the southern and eastern states. In addition to the expansion in ordinary demand the company recently was
awarded substantial Government contracts to supply aviation gas along
-V. 130, p. 2985.
the Gulf coast and Atlantic Seaboard.
-Earnings.
Rio Grande Oil Co.
Quarter Ended March 31Sales
Costs & expenses
Interest on bonds
Depletion and depreciation
Federal tax
1930.
1929.
1928.
86.270.509 85,200,380 31,569.789
4,203,878
3,135,491
1,259,885
44,520
19,120
48,150
669,005
621,893
134,910'
148.841
160,550
Net income
Shs. com.stk. outstand (no par)
Earns, per share
-V. 130, p. 3181.
$1,204.265 81.263,325
1,263,270
1.200.000
$0.95
$1.05
1928.
843,357
816.133
879.380
825,097
1927.
839.000
779,339
860.511
824.014
Real Silk Hosiery Mills, Inc.
-Earnings.
Year Ended 15 Mos.End. Years Ended Sept. 31.
Period1927.
1926.
Dec. 31 '29. Dec. 31 '28.
anufacturing profit__. I
Not
1811.851,370 $8,699.380 $8,061,798
ell. & adminis. exp_ _ _ _; Avail. I 9,866,274 7.701,403
7,133,152
Operating profit
epreciation
$2,739,735 81,985.096
400.390
492,438
8997.977
366,769
Balance
ther income
82.339.345 $1,492,658
4.325
$631,208
89,082
Total income
terest
ederal taxes, &c
ubsidiary dividends..
82.339.345 81,496.983
37.547
275,342
183,847
7,605
$720,290
Net profit
82.026,455 $1,305,531
referred dividends_ _ _ _
163,536
107,156
ommon dividends
500,000
$539,552
169,663
600,000
174,438
6,300
Balance, surplus
$1,362,919 81.098.375 df$230,111
erns. per sh. on 200°00shs. corn.stk. (par
;10)
$1.85
$9.31
$5.49
V. 130. p. 2227.
$126,844
1,200,000
$0.24
-Earnings.
Ross Gear & Tool Co.
1930.
Calendar Years8565.581
Net income after all charges & Federal taxes
$3.77
Earns, per shr. on 150,000 shs. cap. stk. (no par)_ _
Earnings for Quarter Ended March 31.
589,398
Net income after charges & taxes
$18,030,883 Earns, per sh.on 150,000 shs. cap. stk.(no par)
$0.59
-V. 129, p. 648.
Total
29.
876,452
815,284
866.529
872,123
Richfield Oil Co. of California.-Establishes Storage
Base for Aviation Gas at New Orleans.
7,994,681
2,687,521
Rand (Gold) Mines, Ltd.
-Output (in,Ounces).Month of
nuary
ebruary
larch
pril
V. 130, p. 3372, 2600.
3559
FINANCIAL CHRONICLE
MAY 17 1930.]
1929.
$751 354
sb.ot
$245,531
$1.64
-Proposed Merger.
Rossville Com'erc'l Alcohol Corp.
-V. 128, p. 1923.
See American Solvents & Chemical Corp.
-Final Dividend.
Royal Dutch (Petroleum) Co.
Cable advices received by the Equitable Trust Co. of New York report
that the directors of the Royal Dutch Co. have declared a final dividend
of 14% on the ordinary shares. Announcement as to the amount of div..
and date of payment will be made by the Equitable Trust Co. at a later
date. This makes a total of 24% for the year 1929, as compared with
24% each for 1928 and 1927,23% for 1926 and 23% for 1925.-V. 130.
P. 3181.
-Earnings.
Royal Typewriter Co., Inc.(& Subs.).
1926.
1928.
1927.
Calendar Years1929.
$928,646 (Operating profit
$2.157,654 81,702.613 $1,465,108 $1,399,282
191,660 Interest, &c
281,634.
334,952
137,090
131,8171
210,0521
Federal taxes
254.533
$736.986
146,603
Net income
81.766.031 $1,360,744 $1,130,156 61.117,648.
532,354
801.118
Dividends
1.204,045
935,427
$883.589
$585,294
$561.986
$329.038
Surplus
8425,317
153.066
a After depreciation.
10.415
Earnings for Quarter Ended March 31.
$720,108
1930.
19 4
59
175,000 Net profit after deprec., interest & Federal taxes- - $427,580
$42 .331
$1.44800,000 Earns, per sh.00 268.618 shs. corn. stk.(no par)_ _$1.34
V. 129, p.4150.
df$254,892
-Corrected Sales.
Sally Frocks, Inc.
Increase.
-April
-1929.
Increase] 1930-4 Mos.-1929.
1930
$1.89
6513,043
$297,160
$209,536 81,569.175 $1,056,132
$506,696
-V. 130. p. 3372.
(Daniel) Reeves, Inc.
-Sales.
Sales for Five Weeks and Four Months Ended May 3.
1930-5 Weeks-1929.
Increased 1930-4 Mos.-1929.
Increase.
,610,538 $3,410,013
$200,525 1812,936,461 $12,438,357
$498,104
V. 130, P. 2600.
Remington Arms Co. Inc.
-Definitive Bonds.Definitive bonds are now ready in exchange for interim certificates of the
tome of 3
-year 51.5% gold notes, due March 1 1933. Exchange may be
jade at the offices of Lee, Higginson & Co., in New York, Boston and
1hicago.-V. 130, p. 2600.
Republic Steel Corp.
-To Start Large Scale Production
Electric Welded Pipe.
-
Scullin Steel Co.
-Earnings for Calendar Year 1929.
Profitfrom operations
Other income
$895.503'
20,128
Gross income
Depreciation of plant
Miscellaneous charges
Onterest on 1st mtge & debenture bonds
Provisions for Federal & State income taxes
$915.631
203,909
20,713
303.902
49,000
Net income for year
Surplus, Jan. 1 1929
$338,107
3.786.732
$4,124,839
Gross surplus
300,000
Large scale production of electric welded pipe will be started by the Dividends on preferred stock
13,915
orporation at its new pipe mill at Youngstown within the next few weeks, Miscellaneous charges
t was announced by Chairman Tom M. Girdier. Completion of the mill
Surplus, Dec.31 1929
83,810.923
1
being rushed and all of the important equipment is in place with the ex- Earns,
per sh. on 30,000 shs. common stock (no par)
$1.27
option of two large machines which are expected to be installed by the end
-V.123, p. 1771.
the current month.
Inquiries for the company's pipe to be produced under the Johnston
(The) Seagrave Corp.
-Registrar.
atents, controlled by the Republic Steel Corp., have been extremely heavy,
The City Bank Farmers Trust Co. has been appointed registrar of
ording to Mr. Girdler, and large bookings are assured as soon as delivery
-V. 130, p. 2985.
ates can be definitely fixed. The large present stimulation in demand for 125,000 shares of no par value common stock.
pe is coming partly from the phenomenal development taking place in
be construction of natural gas pipe lines.
Securities Investment Co. of St. Louis.--Pref. Stock
With the completion of the new production unit, the company will have
-Mark C. Steinberg & Co., Stix & Co. and Paul
wo mills for the making of small pipe from two to eight inches in diameter Offered.
nd one mill for the making of pipe from eight to sixteen inches. The capac- Brown & Co., St. Louis, are offering at 105 and dividend, to
4 of the mills will approximate 30.000 tons monthly -V. 130, p. 3181.
yield 7.62%, $427,500 8% cum. pref. stock.
-.T. Red. all
Preferred as to both assets and dividends. Divs. payable Q.
Revere Copper & Brass, Inc.
-Earnings.
or part on any div. date at 110 and dividends.
Earnings for Quarter Ended March 31 1930.
Authorized. Outstanding.
Capitalization.perating profit
$2,000,000
$950,000
8807.403 8% cumulative preferred stock
epreciation
75,000 vbs. 40,000 shs.
282,611 Common stock(no par)
terest
Data from Letter of T. C. Tupper, President of the Company.
148,890
ederal taxes
-Company was started in 1918 with a paid-in capital of
Business.
43,500
ash disc, on sales,interest paid, etc.(net)
13,244 $100,000 to finance manufacturers and merchants by purchasing evidences
ofindebtedness arising from the sale of a large variety of nationally marketed
Net profit
$319.158 products, such as automobiles, electric appliances and machinery. Divs.
stns. per sh.00 251,022 class A stock (no par)
$0.57 have been paid every year since organization, company having distributed.
V. 129, P. 3180.
$1,171,260 in cash diva, on pref. and corn,stocks since 1918.
-Balance sheet as of March 31 1930, after giving effect to this.
Assets.
Reynolds Brothers, Inc.
-Merger Approved.
financing, shows net quick assets of $2,019.598 as against a total issue of
See Reynolds Investing Co., Inc. below.
--V. 130. P. 3181.
8950,0008% pref. stock now outstanding. Company's assets consist almost
entirely of cash and receivables, which are constantly liquidating into cash.
Reynolds Investing Co.,Inc.
-Consolidation Approved.
- Company enjoys liberal lines of credit from leading banks on its notes.
At a special stockholders meeting held May 12 an additional issue of without collateral, and its commercial paper is sold on the same basis in the
217,949 shares of common stock was approved. This stock will be used open market.
acquire the assets of Reynolds Brothers, Inc., on a basis of 10 shares of
-Net earnings after taxes and all other charges available for
Earnings.
eynolds Investing for 13 shares of Reynolds Bros. Stockholders of dividends over the 5
-year period ended Dec. 31 1929, averaged $206,923
eynolds Bros., Inc.. at a meeting held May 12 approved the combination. Per annum, or 2.72 times div. requirements on the pref. stock now oute also V. 130. p. 3181.
standing including this issue. For the year 1929 such net earnings were
$203,200. Net income for the past five years adjusted only to give effect
Reynolds Spring Co.
-Earnings.
to a saving of interest at rates paid resulting from the new capital, but
without giving any other effect to this financing, would be equivalent to.
Calendar Years1929.
1928.
over 2.94 times dividend requirements on the amount of pref. stock now
les
85.128,794 $5,551,621
ost ofsales,selling & gen.exp
4,773,623
5,261,057 outstanding. stock is listed on the St. Louis Stock Exchange.
-V.124.P.
-This
Listed.
Operating profit
$355.171
$290.564 1081.
ther income
50.365
-Changes Name.
Security Management Co.
-V. 130. p. 638.
Total income
See Broad Street Management Corp. above.
$405,536
8290.564
epreciation & interest
290,574
286,973
-Transfer Agent.
Security Title & Guaranty Co.
Net income
$114,962
The Bank of America N. A. has been appointed transfer agent for 100,000'
63,591
V. 130, p. 302.
capital stock.
shares of
FINANCIAL CHRONICLE
3560
-Earnings.
Seeman Brothers, Inc.
Period End. Mar. 31- 1930-3 Mos.-1929.
Net profit after charges
& Federal taxes
$202,888
$130,770
Earns, per sh. on 125,000 abs. corn stock
$1.62
no par)
$1.04
-V. 130. p. 816.
1930-9 Mos.-1929.
5567,551
$639.778
$4.54
$5.11
-President Denies
Segal Lock & Hardware Co., Inc.
Merger Rumors
-May Acquire Other Companies, Thus Increasing Diversification of Products.
[VoL. 130.
Consolidated Balance Sheet Dec. 31.
1926.
1927.
1928.
1929.
Assets$
$
$
$
Property accounts
507,690,175 411,520,663 354,990,238 306,354,974
Inv. incl. int. in Comar
Oil Co6,335.781 5,020.952 3,834,864 3,350,971'
Advances to assoc. cos
987,088 1,451,101
318,788
925,824
Inventories
47,636,190 32,478,571 24,393,420 22,759,46
Materials and supplles_ - 8,968,480 7.451.350 6,450.052 6,100,792
Accounts & notes receiv- 19,560,919 12.594,372 10,603,873 9,595,981
Short-term & dem.loans 47.559,139 16,257.059 46,384,566 20,348,611
Cash
8,297,668 3,597,371 3,264,242 2,566,401
Marketable securities_ _ _ 2.873,280
1,361,901
Deferred charges
12.148,959 7,255.074 5.905,141
Louis Segal, President, states that there was absolutely no foundation
Total
661,996,417 496,494,202 456,813,484 373,890,222
to the reports circulated to the effect that the company will be merged with
one of its competitors, although 1. company has been approached on
he
Liabilities
the subject. "On the contrary, "lays Mr. Segal, "we are now carrying
16,965.404
Preferred stock
40,000.000
on negotiations for the acquisition of additional properties which will enable Common stock
233,604,725401,412.821 201,412,821 201,412.821
us to further diversify our operations and give better service."
Minority int. in subsid_ - 1.276,524 1,393.526 1,386,704 1,462,052
President Segal further states:
Funded debt
126.334,500 77.910,500 79,745,000
"For the first quarter of 1930 the business obtained by company was Accounts payable
20,603.197 17,748,326 13,710,971
3,270.030 1,953,549 1.556,360
substantially in excess of that obtained for the same period in 1929. Net Sundry accruals
unfilled orders Purch. money obllg., &c. 5,112,435
earnings for this period should show a gratifying increase and
862,433 1,721,207 1,646,991
on the books are greatly in excess of those held at this time last year.
Accr. Fed. tax. &c.. pay. 6,017,312 3,601.466 2.967,790 17,820,277
135.09::
"The stock of the company has been selling at an exceedingly low level, Accr. pref. dividends..
a level unjustified in our opinion by company's operations. Important Deprec. & deplet., res 175,512,049 139,588,202 108,684,271 84,159,011
developments are pending and activity in the market price of the com- Special reserve
15,000,000 15.000,000 15,000,000 15,000,00(
mon stock may develop, which we believe would be justified by future Surplus
35.265,642 37,023,379 30,628,357 35,288,575
events."
-V. 130, p. 2788.
Total
661,996,417 496,494,202 456,813,484 373,890,224
- x Represented by 13,068,497 no par shares.
-Earns.for Cal. Yr. 1929.
-V. 130, p. 3372.
Seneca Copper Mining Co.
$385,496
Received from copper
-Merger.
-Rights
Sheffield Steel Corp.
145,354
Inventory of copper on hand Dec. 31 1929
In connection with the merging of this company with the American!
18,157
Received from miscellaneous sources
Rolling Mills Co. the directors of the former have voted to offer stock
to subscribe on or before May 29 te
$549,007 holders of record May 21 the rightamount of
Totalincome
3% of their present holdings
480,502 additional stock at $50 a share to the
Operating expense
basis on which stock of
23,008 Complete details as to the made public shortly, it isthe merging companies
Taxes
stated.
60.088 are to be exchanged will be
expense
General
-V.130, p. 3182.
See American Rolling Mill Co. above.
6.817
Stamp mill maintenance
89,996
Depletion
-Dividend.
Shell Transport & Trading Co., Ltd.
12,000
Depreciation
The Equitable Trust Co. of New York has received word from its Londor
164.566
Bond interestfunded with capital stock
office that the "Shell" Transport & Trading Co., Ltd., has announced a
share, which is equivalent to 6s. per "Ameri
$287,970 dividend of 3s. per ordinary of the rate and date of payment of the div. it
Deficit for year
can share." Further notice
V.
- 129, p. 3181.
New York will be given out by the Equitable Trust Co. of New York at a
later date. A distribution of 2s. per ordinary share was made on Jan. 24
Service Stations, Ltd.
-Earnings.
last and one of 3s. per ordinary share on July 23 1929.-V. 130, p. 303
Earnings for Year Ended Dec. 31 1929.
-Quarterly Report.
Shenandoah Corp.(& Subs.).
$1,804.061
Gross operating profit
323.127
Provision for depreciation
Consolidated Income Statement 3 Mos. Ended Mar. 31 1930.
143.540 Stock dividends (valued at market prices following record dates)-$2,417.821
Provision for income taxes
a528.05
1.758,59
received
Cash dividends
$1,337,394 Profit on sale ofand interest
Net income
securities-net
306,016
Class A dividends
107,500
Class B dividends
$4,704,472
Total income
79.751 Expenses and interest
Preferred dividends
264,918
67,350
Preferred series A dividends
34,827
Interest paid in lieu of dividends to vendors of subsid. cos. purch_
54,439,55i
Netincome
b821,44
Blue Ridge Corp. preference stock
5741.950 Dividends paid onminority int,in com,stock of Blue Ridge Corp- 453,02
Balance, surplus
2,152,338 Income applic. to
Profit & loss surplus
V.
- 129. p. 3813.
Consol.inc. applic. to pref. and corn.stk. of Shenandoah Corp-$3,165,082
c612,44C
Dividends paid on Shenandoah Corp. preference stock
-Report.
Shareholders Corp.
Earnings for 3 Months Ended April 15 1930.
Interest received
Dividends received
Proceedsfrom sale of dividend stock
Profit on sales
$7,954
4,005
514
26,448
$38,921
2,504
1,030
576
78
Total
Managementfee
Organization expense
Interest paid
Transfer taxes
Provision for Federalincome tax
$4,188
3,380
$31,352
Net earnings
Balance Sheet, April 15 1930.
Liabilities
Assets-a$1,200,000
$375,773 Capltalstock
Cash in banks
2,504
Management fee accrued
Invests, at cost (market value
3.380
861,464 Federal income tax accrued_ -$980,634)
31,352
Undivided earnings
$1,237,236
$1,237,236 Total
Total
a Authorized 600,000 shares, issued and outstanding 120,000 shares
no par.
-V. 129. p. 3979.
-Earnings.
Shawmut Association.
Earningsfor 3 Months Ending March 311930.
Interest and dividends
Net gain on securities sold
Totalincome
Expenses and interest
Reserved for taxes
Netearnings
Dividends declared
Net consol.income applic. to coin.stk. of Shenandoah Corp- _ _$2,552,64
a After applying $1,103,240 of reserve for investments created in 192
out of capital surplus. b Had dividends on Blue Ridge Corp. pref. stoc
been paid entirely in cash, this item would have been increased by $26,955
c Had dividends on Shenandoah Corp. pref. stock been paid entirely in
cash, this item would have been increased by $25,150.
The value of the assets of the corporation at April 30 1930 based on closing
market prices on that date, after deducting liabilities of $7,779,962
amounted to $139,721,087, showing an appreciation of $41,448.964 since
Dec. 31 1929. In such valuations, the corporation's holdings of common
stock of Blue Ridge Corp. are taken on the basis ofsuch market prices of its
•
underlying assets less reserves.
As of April 30 1930. the capitalization of the corporation consisted ol
850,120 shares of $3 pref. stock, optional dividend series, and 5,895.542
shares of common stock.
The corporation's largest stock holding is in Blue Ridge Corp. Corporation also owned substantial amounts of the common stocks of the following
companies on April 30 1930'
Kraft-Phenix Cheese Corp.
Bethlehem Steel Corp.
May Department Stores Co.
Central States Electric Corp.
North American Co.
Commercial Investment Trust Corp.
Elec. Light & Power Pacific Gas & Electric Co.
Consolidated Gas
Pacific Lighting Corp.
Co.of Baltimore.
Southern California Edison Co.
Electric Bond & Share Co.
Goldman Sachs Trading Corp.
-V. 130, p. 2229.
-Gross Sales.
(Isaac) Silver & Brothers Co., Inc.
Increase.
Increased 1930-4 Mos.-1929.
-1929.
1930-April
$397,635
$184,615[$2.385,120 $1,987,484
$566,551
$751,166
$107,339 -V. 130, p. 2601.
19,318
-Earnings.
Silver King Coalition Mines Co.
$126,657
16,792
7,500
$102,365
79,540
$22,825
Surplus earnings
Condensed Balance Sheet March 31 1930.
Liabilities
Assets
a$6,638,025 Reserve for taxes
$155,132
Investments atcost
Accrued int. & acct. receivable 161,283 Equity for capital shares---y9,451,002
2,806,826
Cash In bank & on call
Calendar YearsOre sales
Other earnings
1929.
1926.
1928.
1927.
$4,088,419 $3,398,011 $3,185,818 53.118,444
68,749
93,367
58,937
55,562
$4,157,168 83,456,948 $3,241,380 $3,211.811
Total earnings
1,612,402
1,576,389
Mining,mill, S/c.,exp.-- 2,176,497 1,666,271
92,629
70,374
72,239
74,517
Depreciation
216,414
226,453
204,604
139.434
Tax reserve
$1,748,608 $1,489,707 $1,388,148 $1,312,624
Net income
1,337,71C
1,464,560
1,342,514
1,339,054
Dividends paid
$147,193
$49,094 def$25,08
- 5284,048
Balance, surplus1,220,467 1,219,940 1,219,94
(par $I) 1,220,467
Shs.cap.stk.oust.
$9,606,134 Earns, per share
$9,606,134 Total
$1.0
$1.43
$1.22
$1.14
Total
x Market value $7,919,300. y Paid in capital for 400,000 no par issued -V. 129, p.3979.
treasury shares $46,863 plus surplus and
-$8.150.000 less 2.300
shares
-Sales.
Simmons Co.
profits $1,347,865. Based on March 31 1920 market values, the net asset
Inc. or Dec.
1930.
-V. 130, p. 1297.
1929.
Month of Aprilvalue was $26.98 per share on that date.
$3,164,625 $3,414,194 Dec4249,5611
Sales of company proper
-Earnings.
Shell Union Oil Corp.(& Subs.).
4,563,348 4,317,440 Inc. 245,918
Total sales (incl. subsidiaries)
1926.
1927.
1929.
1928.
Calendar YearsTotal sales include sales of subsidiaries not owned and not included iv
$72,955,013x$68,538,816 $46,798,723 $65,044,901 1929 figures.
-V. 130.P. 2409.
Gross income
Depletion, deprec'n, &e.. 50,478,786 44,012,082 33,471,230 28,230,574
-To Acquire Pierct
Sinclair Consolidated Oil Corp.
Propor'n applicable to
minor stockholders in
-The corporation has contracted to buy all
295,361 Petroleum Corp.
19,838
106,103
12,227
subsidiaries
:
5,000,000 of the assets and business of the Pierce Petroleum Corp ,
Add'l appro.for spec. res
4,796,873 4,119,485 1,962,739
the transaction to take effect as soon as the contract it
Int. on debentures, &c
Net income
Previous surplus
ratified by stockholders of the Pierce corporation. Payment
for the properties .will be in Sinclair common stock. Aid
$54.596,628 $51,023,379 546,633.486 $56,323,745 official announcement further states:
distributing plants an
$17,573,249 $20,395,021 $11,344,914 $31,518,966
37,023,379 30,628.357 35,288.572 24,804.779
Total surplus
381,270 1.035,173
- 1,045,000
Preferred dividends 18,285.985 14,000,000 14,000.000 20,000.000
Common dividends
($2)
($1.40)
($1.40)
($1.40)
Rate
1,623,858
Prem,on pref.stk.red- _
$35,265,642 $37,023,379 $30,628,357 $35,288.572
Balance, surplus
10,000.000 10,000,000
."
8 497 10 000,
Shs. corn. outst.(no Par) 13.06 .
$3.04
$1.09
$5.10
$1.26
Earns. per sh.on cominterest in the income of Comar 011 Co.
4Including a half
The assets to be taken over include 707 bulk
969 service stations in the United States, and 183 agencies in Mexico
1,100 railway tank cars, a complete refinery at Sand Springs, Okla., having a normal crude oil charging capacity of 8,000 barrels dally, a slamming
refinery at Tampico, Mexico,_ with a normal crude oil capacity of 4,000
burels daily, a terminal at Texas City. Texas, 400 miles of pipe lines,
and interests in several tnousand acres of prospective oil lands. In addition to which, Sinclair takes over the net current assets of Pierce, amount-,
ire; to over 55,000,000 on Dec. 311929.
MAY 17 1930.]
FINANCIAL CHRONICLE
H.F. Sinclair, Chairman of the Sinclair board of directors,
commenting on the announcement, said:
The Pierce distributing facilities are peculiarly advantageous to our
mpany. There are practically no towns in which both companies have
plicate distributing plants. Addition of the Pierce facilities to those
eady established by Sinclair gives our company complete coverage from
e Gulf to the Lakes in he whole middle western section of the country.
Texas Oklahoma, Missouri and Arkansas, we acquire immediately
re than 1.500 bulk and service stations with a settled demand which
I now be met with Sinclair products.
This is one of those deals that are equally good for buyer and seller.
Is advantageous to Sinclair because of the marketing facilities we acquire
territory that we are able to supply with our own products; it is advaneons to Pierce because without production, refining capacity and dpsbution-which would cost millions to provide-it can not progress.
Considering only the most important consuming centers, Sinclair now
distribution facilities in 78 of the hundred principal markets of the
ted States. This number will be increased to 85 by the 1 ierm acquiion, which means that Sinclair will have direct representation in all
cept 15 of the largest consuming centers of the country and will be sell
gasoline actively in all of the heavy consuming states with the excepn of Pacific Coast States. All of the seven chief centers added through
e Pierce acquisition are in the South-central area where there is all yearund demand.
The Pierce company does approximately one-fourth of the total disbuting business of the Mexican Republic, its agencies and distributors
w being located in 227 Mexican towns and cities, and its emblem being
own not only along the coasts but also throughout the interior of the
public.
See also Pierce Petroleum Corp. above.
-V. 130, p. 2986.
Skelly Oil Co.
-Preferred Stock Authorized.
-
The stockholders on May 14 voted to amend the company's charter
permit of the issuance of $12,000.000 of 6% preferred stock. The
factors immediately met and confirmed the sale and issuance of the
ck and authorized application for listing the new stock on the New
rk Stock Exchange. (See also V. 130, P. 3182.1.-V. 130, P. 3372.
(F. H.) Smith Co.
-New Committee Formed for Protection
Holders of Bonds Sold Through the Smith Company.
-
Headed by George E. Roosevelt of Roosevelt & Sons as Chairman, a
mmittee for the protection of the holders of bonds sold through the
H.Smith Co. has been formed at the request of a number of bondholders,
rding to an announcement made by Mr. Roosevelt May 15. The
mmittee, which will maintain offices at 31 Nassau St., is composed, in
dition to Mr. Roosevelt, of the following: B. L. Allen, V.-Pres. Irving
t Co.; Charles E. Newton, formerly Attorney-General of the State
New York, and James L. Malcolm, City Solicitor of Catskill, N. Y.
. Newton and Mr. Malcolm formerly were members of a bondholders'
tective committee which was organized last January. However, they
ve recently resigned from such committee and are now members of the
wly formed committee. Charles D. Hilles Jr. is Secretary of the new
mmittee and its counsel are Root, Clark, Buckner & Ballantine.
The bonds which were sold by the F. H. Smith Co. are not its obligans, but are obligations of separate corporations, many of which are not
nnected in any manner with the Smith company. There are now outnding 43 different issues of bonds, each of which is secured by a separate
ortgage. Some of the issues undoubtedly are well secured, according to
e committee, and in all probability will require little attention beyond
e appointment of successor trustees, while in other issues litigations have
started and either receivers appointed or petitions for receivers filed
the new committee.
Although no call for deposits of bonds is being made by the new committee
this time, it is stated that in cases where investigation reveals this to be
ry bondholders will be so advised in so far as their names and adeases are available. Pending completion by the committee of its study
the situation, bondholders are advised to refrain from depositing their
nds with any other committee or disposing of their holdings at a subntial sacrifice.
-V.130. p. 3182.
Southern Dairies, Inc.
-Earnings.
-
3561
*30.000 shares to be reserved for the conversion of preferred stock, class
B, and 12,000 shares to be reserved for sale to the public for cash to net
the company at least $20 per share.
-All shares of the new company, both preferred and
Stock Provisions.
common, are of no par value. Preferred stocks of both classes are entitled
to dividends at the annual rate of $1.80 per share before any dividends
may be paid on the common stock.
Dividends on preferred stock, class A, are cumulative from the date of
original issuance. Dividends on preferred stock, class B,are not cumulative
for the first two years, but become cumulative thereafter.
Preferred stock of both classes is entitled to $28 per share plus accrued
dividends in liquidation, either voluntary or involuntary, before any distribution may be made to the common stock. In the event of voluntary
liquidation the preferred stock, class A. has preference over the preferred
stock, class B.
Preferred stock, class A, is callable in whole or in part at any time on
30 days notice at $28 per share plus accrued dividends. Preferred stock.
Class B, is similarly callable at $25 per share plus accrued dividends.
Preferred stock, class B,is convertible into preferred stock, class A,share
for share, at any time after two years from the date of original issuance.
Disposition of New Securities.
Preferred stock, class A, and common stock of the new company will be
offered for subscription to stockholders of Southwestern Stores. Inc. in
units, consisting of 1 share of preferred stock, class A, and 2 shares of common at $18 per unit.
Stockholders of Southwestern Stores, Inc. will receive the right to subscribe to 1 such unit for every 5 shares of preferred and (or) common stock
of Southwestern Stores. Inc. owned by them.
Of the preferred stock, class A. 12,000 shares will be reserved for sale to
the public at not less than $20 per share net to the new company.
Preferred stock, class B. of the new company will be issued to creditors
of the company whose claims have been allowed by the court and who have
assented to the plan, at the rate of 5 shares for every $100 of such claims.
Creditors claims aggregate approximately $500,000.
Warrants evidencing the right to subscribe to units, consisting of 1 share
of preferred stock, class A. and 2 shares of common stock, at $18 per unit,
will be mailed to stockholders of the old company by the new company on
or about June 1 1930. Such rights will accrue to stockholders of record
May 26 1930.
C. V. Cox has been elected president and general manager of the new
company.
The following have been elected members of the board of directors of
the new company: E. B. Tilton, Vice-Pres., Central Trust Co. of Illinois.
Chicago, Ill.; Chairman of the board. 0. V. Cox, Pres. of Southwestern
Stores Corp., Tulsa, Okla.; H. M.Bennett, Gen, Mgr. Lesser Cotton Co..
Little Rock, Ark.; Thomas Meloy, Ewell & Meloy, Consulting Engineers,
New York; Durbin Bond, Pres., Durbin Bond at Co., Inc., New York:
J. C. Rose, Asst. Sec. & Asst. Treas., Southwestern Stores Corp., Tulsa.
Okla., and W. A. Delaney, formerly owner of Piggly-Wiggly Stores at
Bartlesville and Pawhuska, Okla., Tulsa, Okla.
Pro
-forma Balance Sheet as at March 29 1930.
Liabilities
Assets-8286,533 Attorney's fees & organiz.en's-- $10,000
Cash
3,832 Mortgage on land, vacant
24,000
Accounts receivable
118,739 Accrued interest
720
Merchandise
364,916 Mortgage on fixed assets
50,000
Fixed assets
15,439 a Preferred stock, cl. A 2,000 abs 240,000
Deferred assets
b Preferred stock, Cl.B & surplus 464,739
$789,459 c Common stock
1
Total(each side)
a Authorized 82,000 shares; reserve for cony, of pref. stock, class B.
30.000 shares; reserve for stockholders of old company;40,000 shares;issued
to net $20 per share. 12.000 shares. b Authorized and reserved for creditors.
30.000 shares; c Authorized 155,000 shares; reserved for stockholders of
old company 80.000 shares; issued to reorganization managers, for services
rendered and to be rendered and held in escrow for management,75,000 abs.
-V. 130. P. 1844•
-Earnings.Spicer Manufacturing Corp.
Calendar YearsGross profit
Other income
1929.
1928.
1927.
1926.
$3,501,626 84,005,558 81,512,782 32,152.604
153,023
221.630
130,399
73.755
Calendar Years1929.
1927.
1926.
1928.
$3.654,649 $4,227.188 $1,643,181
et sales
Gross income
510.438,150 $11,734,954 $11.476,613 $12,629,888
Adm., gen. & sell. exp
1,259,764
1.415,168
501.829
t of goods said & sell',
deliv., gen.& adm.exP 8.912,383 10,143,292 10,034,903 10.900,501 Interest and discount_
Moving expense
202,485
275,000
25,000
Profit from operations $1,525,766 $1,591,662 $1,441,710 $1,729,387 Provision for Fed.taxes_
ther income
47,179
163,047
75,860
73,189
82,119.886 $2,609,533 $1,116.352
Net profit
2,114.587
5.452,770 4,455,650
Gross income
$1,688,814 $1,667,522 $1,488,888 $1,802.577 Surplus,Jan. 1.
ov. for depreciation_ _
811,126
830,000
427.237
517.189
Total surplus
$4,234.473 $8,062.303 $5,572.002
terest & discount____ _
419,881
289,019
408.841
358,152
ncoll. notes, accts., &c•
29,272 Profit of sub. cos. acq.
subseq.to Dec.31 '28..
471.390
ov. for Fed. & State
income tax (estimat)
20,000
25.000
2,500
92,094 Good-will& other intang.
val. chgd. to surplus_
5,266.386
erns. applic. to min.int
101.388
87,868
81.868
iscellaneous
23,446
20,768
17,254
36,982 Surplus appropriated for
retirement of pref.stk.
1,300.000
ismant. & trans. equip.
18,048
7,969
Prem.on secur. retired_
150,000
125,720
300,000
59.940
193,506
Net income for year__ $836.953
$113,046
$303,009
$768,888 Divs, paid on pref. stock
evious surplus
640,968
380.408
219.518
990,672
Total unappropriated
surplus Dec. 3i_-_ - $3.934.473 $2.114,587 $3,952,770
Total surplus
$754,014 $1,759,560
$683,417
$1.056,471
Shs. of com.out.
(no par)
357.750
357.750
inority interest (net)
313.750
Cr679Cr658
19,955
ash dividends paid.. _ - _
$7.12
$2.94
$5.09
93,750
792.081 Earns. per share on corn_
ck dividends
Earnings for Quarter Ended March 31.
84.000
on sales of cap.asset
203,109
180,876
307,523
12,019
1928.
1930.
1929.
dry adjustrn'ts(net)_
171.154
139,513
136,421
230.491 Total Inc. after deprec__ $531.027 81,089,567
$567,799
Balance, Dec.31
$380.408
327.234
327,009
147,531
$643,011
$219.518
$640,968 Adm.,selling & gen. exp.
. class A stock outstanding (no par)._
Net prof. bet. Fed. tax $203.793
162.500
$762,558
$420.268
250,000
210,000
160,000
arnings per share$3.35
$0.69
$1.44
$4.80 Shares com, stock outV. 129. p. 3813.
313,750
357.750
standing (no par)_ _
357.750
Earnings per share
$1.24
$1.92
$0.36
Southern Grocery Stores, Inc.
-Sales.
-V. 129, p. 2873.
Sales for Five Weeks and Four Months Ended May 3.
Standard Brands, Inc.
-Earnings.-1930-5 Weeks
-1929,
Increase.] 1930-4 Mos.-1929.
Increase.
„636,215 51,535,679
$100,536[$5,941,215 $5,009,679
Earnings for Quarter Ended March 31 1930.
$931,536
V. 130, p. 2602.
Gross profit
Expenses
Southland Royalty Co.
-Earnings.
-
Calendar Years1929.
St inc. after int.,deprec..deplet.,Fed.taxes, &c-- $1,233.239
es common stock outstanding (no par)
989.970
arnings per
Earnings for Quarter Ended March 31.
share$1.24
1930.
St profit after all reserves incl. abandoned royalties & Federal taxes
$366.185
erns. per sh.on 1,000,000 shs. corn.stk.(no par)_$0.37
V. 129, p. 814.
1928.
8946,546
1,000,000
$0.95
1929.
$294,000
$0.29
Southwestern Stores Corp.
-Organized.
-Bee Southwestern Stores, Inc. below.
Southwestern Stores, Inc.
-Reorganization Plan.
-
$2,226,359
493,836
57,640
35.893
$1,638,990
3,278.890
$4.917.880
200,000
39,798
222,432
$4.455,650
313.750
$4.51
1927.
$494,918
153,611
$341,307
313.750
$0.91
$11,294.112
7.630.379
Net operating Profit
Other income credits
$3,663,733
338,759
Total income
Income charges
Federal & foreign taxes
Equity of minority interest of subsidiary companies
$4,002,492
68,819
423,043
14,404
Net profit application to parent company
Profit & loss credits
Provision for general insurance reserve
Miscellaneous charges
$3.496,226
Cr.9,193
16,206
16,014
Netincome
Preferred dividends
Common dividends
$3.473.199
250,717
4.737,439
A plan for the reorganization of the company has been worked out by a
51.514.957
Deficit
mmittee consisting of E. B. Tilton, Thomas Meloy, R. W. Brinlee.
The plan has been approved by the directors and has been accepted by -V. 130. p. 1817.
ore than four-fifths in amount of the creditors, including such companies
-Expansion Program.
Standard Motor Construction Co.
Central Trust Co. of Illinois, Swift & Co., Armour & Co. and Dominion
The company will launch an extensive expansion program for the produc•res, Ltd. of Canada. The plan has also been approved by the Court
tion of Diesel engines for industrial use, said President Benjamin C. Smith
hich is administering the receivership.
The plan provides for the organization of a new company to be known as in his report to stockholders at the annual meeting on May 5. "Our previous
up with marine installations. Marine work
uthwestern Stores Corp. for the purpose of continuing the operation of business has always been tied
the majority of the factory's production,
e properties of the company now in receivership. The new company has at the present time is still taking
but the company is making extensive sales efforts and arranging for the
n organized.
production of industrial machinery that will require a large increase in
Authorized Capitalization of the New Company,
manufacturing facilities" he said.
armed stock, class A
*82,000 shares
Sales for 1929, Mr.Smith reported,showed an increase of 48% over 1928.
eferred stock, class B
30.000 shares Net earnings for 1929 were $49,905,the year being the first to return a profit
mmon stock
155,000 shares since the company changed its business from the manufacture of gasoline
3562
FINANCIAL CHRONICLE
motors to the production of Diesel engines. Conversion of the business has
now been completed, with the company standardizing on several popular
models of Diesel engines.
-V. 130. p. 3182.
Standard Oil Co. of California.-Report.-
[VOL. 130.
Super-Corporations of America Depositors, Inc.
S. W. Straus & Co.,Inc., are offering stocks of two fixed in
vestment trusts of Super-Corporations of America True
Shares. series A (maximum return series) and series B (capita
accumulation series) Price of shares of both series at marke
.
series A about $1034 per share and series B about $10 per sh
Earnings and Surplus Years Ended Dec. 31.
1929.
1926.
1928.
1927.
Operating income
$66,384,618 $66,026.086 $61,488,544 $70,840,636
Non-operating income
7,801,692
3,933,073
2.075.775
3,607,991
Coupon certificates in bearer form (registorable except as to coupons
Total net income
S70,317,691 $69,634,078 $63,564,319 $78,642,329 issued in denom.
Semi
100, 500, 1,000 and
Deform, depl. & amort_ 21,089,201 19,996.260 20,053366 18,670,314 annual dividendsof 5. 10, 25, 50, N. of each year at 2.000 shares. Strait
payable M. &
the office of
Income tax (estimated)_ 2.595,000
4,850.000 National Bank Re Trust Co. of Now York, or at any designated agency
3,300,000
3.554.000
Income
from presen
Net profit to surplus--$46,633.490 $46,083,818 $40,210.953 $55,122,014 normal derived from cash dividends on deposited stock is free shares
Federal income tax.
representing trust
issuec
Surplus beginning of yr_244,410,016 236,287,318 228,845,178 199,079,492 by Straus National Bank & Certificates of New
Trust Co.
York, trustee. Super
Adjustments
Cr127,892 Dr178,826 Cr290.695 Dr163,964 Corporations of America Depositors, Inc., depositor.
Basis of Selection.-The 30 corporations whose common stocks. all Hate(
Total surplus
$291,171.398 $282192.310 $269346,826 $254037,542 on the New York Stock Exchange. form the fixed portfolio of Super
Dividends
x37,782.295 37.782,294 33,059,507 825.192.364 Corporations of America Trust Shares have been selected because of thi
essential character of
industries they represent: their long-establisher
Surplus end of year_b$253,389,103 $244410,016 $236287.319 $228845.178 position of leadershipthe shese industries: their financial strength: till
in
She), cap. stock (no par)_ 12,845,980 12.594.098 12,594,098 12,594,098 stability of their earning power; their demonstrated
capacity to maintair
Earns per share
$4.38 an unbroken dividend record over a period of years: and thew prospects 0
$3.63
$3.19
$3.66
x Of which $6,297,050 paid in stock and $31.485,245 paid in cash. future growth. For tax reasons all foreign corporations were eliminated.
a Not including March 15 dividend paid by Standard Oil Co. (Calif.) and
No Substitutions
-Eliminations.
-No substitutions may be made in Um
proportionate payments to Pacific Oil Co. provided for at organization. deposited stocks except in certain cases of consolidation, merger or real'
b Of which $170,790,086 capital surplus and $82,599,017 earned surplus.
ganization of the underlying companies, but any stock which ceases is
pay usual dividends may be eliminated (and must be eliminated if no divi
Consolidated Balance Sheet Dec. 31.
dend is paid for six months thereafter), and also any stock which has be
1928.
1928,
1929.
1929.
come unavailable for the purpose of making deposit of additional unit(
Assets
may be eliminated. In event of sale of any of the underlying stocks, tin
Cash
21,345,781 34,637,624 Accts. payable_ 7,001,770 7.039,887 net proceeds shall be credited to the shareholders'
distribution of funds.
Accts. reedy
24,897,899 22,104,621 Gas'ne tax pay_ 2,241,274
1,931,271
Interest on All Funds.
-Interest at New York Clearing House rates or
Market secur
5,848,922 3,005,312 Accr. liab.(Fed.
the reserve fund in Series A and on current distribution funds in both
Invent., oils_ _ _ 52,228,119 48,575,032
2,426,000 3,245,000 Series A and Series B is credited to the shareholders' distribution
tax)
funds.
Invent, mat. dr
331,531
Other curr.'tab_ • 363,843
Marietahility.-There are two methods by which shares may he turned
supplies
9,903,740 9,884,014 Deferred credits 1,067,638 1,478,055 Into cash*
0th. curr. assets
49,223
84,736 Gen. Ins. retive. 10,895,363 10.535,424
(1) The distributors expect to maintain a close market and will furnish
Inv. In non-affil.
Res. for empis.
daily price quotations to leading newspapers.
companies__ _ 3,601,430 3,442,760
2,060,000 2,060,000
benefits
(2) 500 shares or multiples thereof may be converted through the truster
Inv. Mill. cos___ 8,772,759 4,092,865 Res. for conting. 4,130,000 4 106.000 with no
penalty into the underlying stocks. A lesser number of shares
Fixed assets_ _ _11474,377,754 461,515,921 Capital stock_ _b321,149,500 314,852,450
may be converted into
Prepd.&def.chgs 3,698,865 2,646,744 Cap. surplus__ _170,790,086 170,790,086 than 500Super-Corporations of cash through the trustee with no penalty.
Each
America Trust Share
Earned surplus_ 82,599,017 73,619.930 non-voting participating ownership in a unit which represents 1-201)00
includes the followini
block of common stocks deposited with the trustee:
Total
604,724,493 589,989,632
Total
604,724,493 589,989,632
Industrials
Railroads
a Less reserve for depreciation and depletion of R92,521.923. b $12,- Shares.
4 Atchison Topeka & Banta Fe Ry.
4 Allied Chemical & Dye Corp.
845,980 shares, no par value-stated value in 1929, and 12,594,098 shares
4 New York Central RR.
4 American Can Co.
in 1928.-V. 130. p. 2409.
4 American Tobacco Co. (Class B)
8 Pennsylvania RR.
4 Southern Pacific Co.
4 Borden Co.
Standard Oil Co. of New York.
-Acquisitions.
4 E. I. du Pont de Nemours & Co.
4 Union Pacific RR.
The company is reported to have acquired a number of retell marketing
4 Eastman Kodak Co.
Public Utilities
companies in the West, including the Allen Lubricating Co., The Harbor
4 American Power & Light Co.
12 General Electric Co.
Oil Co.. The Menard Oil Co., and the Dahlstrom Lubricating & Distribut4 American Telephone & Telegraph Co. 8 International Harvester Co.
ing Co., all in the State of Washington: and the Panhandle Oil Co.. operat4 Columbia Gas & Electric Corp.
4 Liggett & Myers Tab.Co.(Class B)
ing in Arizona.
-V.130. v. 3182.
4 Consolidated Gas Co. of New York
8 National Biscuit Co.
4 North American Co.
Standard Utilities, Inc.
4 Otis Elevator Co.
-Initial Dividend.
4 Pacific Gas & Electric Co.
4 Proctor & Gamble Co.
The directors have declared an initial hi-monthly dividend of 25c. a
8 United Gas Improvement Co.
8 Union Carbide & Carbon Corp.
*hare and an extra dividend of 11c, a share on the common stock, both
4 United States Steel Corp.
payable June 1 to holders of record May 20.-V. 130, p. 2409.
4 Standard OH Co.of California
4 Westinghouse Electric & Mfg. Co.
Starrett Corporation(& Subs.).-Earnings.8 Standard 011 Co.(Kew Jersey)
4 The Texas Corporation
xEarningsfor Year Ended March 311930.
Operating revenue
Series A (Maximum Return Series).
/3,541,802
Operating expenses
-The trustee will receive cash dividends on the
Source of Distributions.
1
deposited stocks together with interest allowed on the reserve and dlaOperating profit
$2,586.213 tribution funds. Stock split-ups, stock dividends, scrip dividends, warOther income
458.643 rants, rights and fractional shares will be sold by the trustee and all of the
foregoing becomes part of the shareholders'semi-annual distribution fund.
Gross income
-As an additional safeguard for those to whom current
Reserve Fund.
$3,044,855
Deductions from income
920,536 income is essential. a reserve fund amounting to $1,000 per unit (50c. per
share) is deposited with the trustee and will be used, to the extent availNet income
$2,124,310 'able when necessary to help maintain coupon payments of at least 60c. Per
Dividends paid & accrued
789.692 Series A trust share per year.
-Shareholders will be permitted, upon surrender of
Reinvestment Rights.
Surplus, March 31 1930
11,334,627 coupons, to reinvest all or any part of the semi-annual distributions in
Earnings per share on 380,000 shares corn.stk. outstand.(no par)
$3.51 trust shares of this series, in five-share lots, at the depositor's bid price
x Includes operations of The Wall and Hanover Street Realty Co. for 11 for such trust shares in force at the time of surrender.
months and Starrett Bros., Inc.. Illinois, for six months ended March
Series B (Capital Accumulation Series).
.31 1930. Does not include Forty Wall Street Corp.
-The trustee will receive cash dividends on the
Source of Distributions.
Consolidated Balance Sheet March 311930.
deposited stocks together With interest allowed on the distribution fund.
Assets
Stock dividends of 10% or less, scrip dividends. warrants, rights and frac,Cash
$3.318,550 Dividend payable
$219,000 Monal shares wlli be sold by the trustee. Stock split-ups and all stock
Marketable securities
713.124 Subset',to inv.secur., contra_ 2,062,700 dividends in excess of 10%, to the extent evenly divisible by four, will be
Bills receivabte
145,166 Buildings dr other accts. pay_
280,008 retained by the trustee: to the extent not so divisible they will be sold.
Accounts recely, from build.,
Accrued taxes, int., Maur.,&c
555,988 The proceeds of the foregoing sales become part of the shareholders' semitenants,&c
1,019.622 Real estate mortgages
7,000.000 annual distribution fund.
0th. accts. rec. Incl. amount
-As Series B shares feature principal appreciation
No Reserre Fund.
5% secured gold bonds
10,000,000
due from bankers for 510.Deferred credits
169,896 rather than return, no cash reserve fund has been provided. A. nine-year
000,000 5% secured gold
record of the underlying stocks shows that at no time during that period
Res. for accident insur., pref.
bonds,series of 1950
10,930,465
dive.,& contingencies
168,000 would a reserve fund have been needed in order to maintain payment of
Accrued interest receivable- 130,225 Preferred stock ($10 par)
2,600.000 at least 70c. per trust share.
Investment securities
5,798,181 Preferred stock (550 par)--.-14,600,000
-The trustee retains for the shareholders stock
Reinrestment Rights.
Invest. scour. reedy. under
Common stock
x9.600.000 sPlit-ups, and the larger stock dividends, as explained above, so that the
subscription-contra
2,062,700 Earned surplus
1,334.827 problem of their reinvestment does not arise; hence no reinvestment rights
Heal est.. build. &c..& good,
Series B shareholders.
are granted
will
"0,849,977
-Both Series A and B listed on Board of Trade of the City of
Listed.
Deferred & prepaid charges__ 3,622,209
Total(each side)
$48,590,219 Chicago.
t°
x Authorized 1,500,000 no par shares, issued 380,000 shares. 700,000
-Organized April 18
Super-Corporations of America Depositors, Inc.
shares of common stock are reserved for delivery upon the exercise of stock 1930
in Delaware. Company may engage in the business of buying,
purchase privileges.
-V. 130. p. 2044.
selling and generally dealing in investment securities of every nature and
description, and further may deposit securities with a bank or trust comStone & Webster Service Corp.
-Inc. in Mdse. Sales.
- pany organized in the United States or of any State thereof, and obtain
The companies under the supervision of the Stone & Webster Service and sell certificates of interest issued by said bank or trust company against
Corp. show an increase in merchandise sales of $78.164, or 7.3%, for the
first quarter of 1930, compared with the first quarter of 1929. The total the deposited securities.
The fiscal year of Super-Corporations of America Depositors, Inc., will
sale of merchandise was $1,142,683.-V. 130, p. 3183.
end Dec. 31.
Annual meeting, second Monday in Jan. of each year, at principal office
(Nathan) Strauss, Inc.
-Sales Increase.of the corporation. 565 Fifth Ave., N. Y. City.
1930-Aprt1-1929.
Increase.' 1930-4 Mos.-1929.
Directors of Super-Corporations of America Depositors, Inc., are'
Increase.
1789.174
1612,490
1176,684 $3,060,412 $2,426,360
$634,052 H. R. Amott, W. C. Clark, W. R. Gillespie, Nicholas R. Jones, Skiney
-V. 130, p. 2603.
H. Kahn, Walter S. Klee, John L. Laun, Charles Ridgely and Nicholas
Roberts, All of the foregoing are officers and directors of S. W. Straus
Stromberg-Carlson Telephone Mfg. Co.
-Extra Div.
- & Co., Inc., and subsidiary companies.
'.An extra dividend of 1234c. a share and the regular quarterly dividend
Officers are: Nicholas Roberts, Pres.; H. R. Arnett, V.-Pres.; W. C.
of 250. a share have been declared on the common stock both payable Clark, V.-Pres.; Sidney 11. Kahn, V.-Pres.: Walter S. Klee, V.-Pres.:
June 2 to holders of record May 19. Like amounts were paid on Dec.
John L. Laun, V.-Pres.•. Charles Ridgely, V.-Pres.: Nicholas R. Jones.
1929 and on March 1 last. On Aug. 31 1929 a quarterly distribution of Sec.; II. N. Gottlieb, Asst. Sec.: W. R. Gillespie, Treas.
25c. a share was made on this issue.
-V. 130, p. 1129.
I
Stutz Motor Car Co. of America, Inc.
-Status.
At a recent distributors' convention held at Indianapolis, Col. E. S.
Gorrell, President of the company declared, "We are in a much better
condition than we were a year ago to-day. Stutz cars are selling at an advanced price, effective April 1, production is on a schedule that increases
steadily from week to week, new men are being added to the payrolls and
more than $3,000,000 of contingent llabillties have been wiped out during
the year,_
"W e are making remarkable progress in recuperation from the adverse
business conditions of last Fall," continued Col. Gorrell. "To-day we have
no bank loans of any kind, and during the year 1929, the Stutz company
paid off approximately $1,800,000 worth of bank loans. We stand now
with quick assets of $189,310.91 more than a year ago to-day while our
accounts payable are $143,014.81 less than a year ago. Contingent liabilities
are $3,021,805.67 less than they were a year ago.
"Our production lines were closed for a short time during the dead of
Winter but the same is true of practically every automobile manufacturer
in the country. However, they were opened immediately following the
"Chicago automobile show and we are at the present time manufacturing
Stutz and Blackhawk cars on a steadily increasing schedule. With more
unfilled orders than at any time in the past eight months, we are facing a
very good year."
-V. 130, p. 2988.
-Listing--Sale of Stock, &c.
Superior Oil Corp.
The New York Stock Exchange has authorized the listing of 250,000
additional shares of stock (no par) on official notice of issuance and payment in full, making the total amount applied for 1.026,979 shares.
The directors April 29 1930 authorized the issuance and sale of 250,000
shares of stock to a syndicate at $8 per share, net to the corporation, as
follows:
125.000 shares are underwritten at $8 per share, and
125,000 shares are under option at $8 per share, said option to expire not
later than 90 days from April 29 1930.
The proceeds from the sale of this stock will be used to pay off certain
indebtedness and to provide additional working capital. The stock will
bo capitalized
per share. Stockholders have no pre-emptive rights.
Swedish Ball Bearing Co. (Aktiebolaget Svenska
Kullagerfabricken), Gothenburg, Sweden.
-Dividend.
-Lee, Himinson Trust Co. has received a dividend at the rate of 12%
on the class B shares deposited behind "American" share certificates, It Is
announced. This dividend, at the rate of $3.21 per "American" certificate, will be distributed to holders of dividend warrant No. 1 at the offices
of Lee. Higginson & Co.in New York. Boston and Chicago.
-V.130, p.3183.
3563
FINANCIAL CHRONICLE
MAY 17 1930.]
-Earnings.
Superior Steel Corp.
1927.
1928.
1929.
Calendar Years$7.269,608 86,685,589 $5.806,965
Gross sales
134,602
138.887
62.819
Freight, discount and allowances
5,960,363
5,213.535
6,539.447
Cost of sales
183.883
197,674
183,392
Selling expenses
169,798
161,735
193,466
General expenses
108,000
143,876
173,493
Provision for depreciation of property
Other charges (incl. taxes on bond int.,
16,771
19,738
65.577
prov. for uncoil. accounts, &c
Net profit from operations
Other income
$162.745
62,227
$76,297 lossS143.936
69,143
88,113
Gross income
Int. on 1st mtge. 6% s. f. gold bdsAmort. of bond disct. and expense
Otherincome charges
$224,972
98,853
21.600
29,644
$145.440 loss$55,823
94.676
110,310
21,600
21,600
Net income for year
Previous surplus
$74.874
597,040
829,165 loss$187.733
569,579
759,425
Gross surplus
Profit and loss charges
$671,914
Net profit
108473,380
Earns. per sh.00 100,000
Nil
shs.cap.stk.(par UN)
-V. 130, p. 1845.
$108.352 def$63.117 de1838,015
$598,743
1,703
$571.692
2.113
ofsupply engaged only in the manufacture of such asbestos textiles. Active
management of Southern Asbestos Co. was taken over by the company in
Jan. 1930. Prior to 1926 Thermold Rubber Co., a wholly-owned subsidiary of Thermoid Co.. was engaged in the manufacture of automobile
tires, tubes and mechanical rubber goods. In 1925 the company discontinued entirely the manufacture and sale of tires and tubes and then
concentrated more actively in the manufacture and sale of brake linings.
supplementing such activities with the continuance of the manufacture
of mechanical rubber goods, specialties and factory supplies, which has
proven profitable.
Consolidated Income Accountfor Years Ended Dec. 31.
iThermoid Rubber Co.,Stokes Asbestos Co.and Southern Asbestos Co.]
1928.
1929.
$7,658,223 $8,166,030
Net sales
5,131,129
5,138,452
Cost of sales. exclusive of depreciation
131.896
140.290
Depreciation
Gross profit
Selling and general expenses
32.379.481 $2.903,005
1,228,540
1,046,133
Net operating profit
Miscellaneous charges (net)
$1,333,348 81,674,465
61,268
113,690
Netincome after all charges except Fed.inc. tax_ 81,219.658 81,613.197
84.40
$3.53
*Earnings per share on 244.994 shares common stk_
$569,578
$671,914
Surplus at end of year
$597.040
* Based on present capitalization, after all charges and giving effect to
100.000
115,000
Shares cap.stock outet'g (par 8100)..
100.000 the issuance March 31 1930 of 14.696 additional shares of 7% cumulative
Ni convertible preferred stock.
$0.65
Earnings per share
$0.29
-Above figures are based on 100% ownership of Southern Asbestos
Note.
Balance Sheet Dec. 31.
Co. by Thermoid Co., whereas 56.6% ownership of the former was acquired
LtabfMies1929.
1928
Assets-1929.
1928.
in March 1929 and 37.8% additional was acquired in Sept. 1929. maldng
Land
$234,047 Capital stock-314,754,223 $4,154.223
-V.130. p.2988.
time.
Bldgs.,mach.& eq44,455,173 4,162,481 Accts payable_ _ _
82,206
173,162 the total 94.4%. Over 96% is owned at the present
37,453
1,010,713
467,851 Wages payable__.
Cash
63,508
-Sales, &v.Thompson Co.
(John R.)
501
Cust. credlt bal _ _
U.S.Liberty bonds 203,313
545
Decrease.
4,625
Accts. receiv., cust 226,642
387,087 int.onlstmtge.bds.
5,015
Decrease. 1930-4 Mos.-1929.
1930-AprO-1929.
$78,542
17,090
Notes receiv ,rust.
10,548 CM'wealtb of Pa.
U0.215185.062,840 35,141.382
$1.279,254 81.359.469
7,776
corp. loans tax_
Accr. int. receiv_
2,049
2,757
4,813
in operation in April 1930 than in
The company had four less units
821
Inventories
945,777 1,207,231 Fed.inc. tax on bd.
April 1929.
let mtge. 6% skg.
Notes & accts. rec.
(not current).__
59,822 fd.gold bds.,due
53,417
Expansion in Chicago.
1,850,000 2,006,000
Sinking fund-cash
560
573 1938
On the site at 23 West Randolph St., Chicago. a 3500.000 building is
671,915
Surplus
Company's serer.
597,039
establishto be erected by this company, to house that firm's 126th eating a comprein treasury
339,151
345,909
This is only one unit in
Tot. (each side)S7,409,520 $7,004,306 ment. Completion is set fortSept. 15. Chicago which will involve a total
143.466
148,168
Deferred charges
program outlined for
hensive building
x After depreciation. y Represented by 115,000 shares (par $100), but outlay of nearly $1,500.000 during the next few months.
building
Issued at less than par.
The second project, which will cost around 8175,000, will be a Chicago.
Earnings ,for Quarter Ended March 31.
at the northwest corner of North Clark St. and North
1928.
1927.
1929.
1930.
Ave..
directly across from Lincoln Park. This will be the location of the 125th
Net sales
$1,263,465 $2,173,668 $1,447,180 $1,589.934 Thompson restaurant in the company's nation-wide chain of cafes. It
1.438,606
2,012,966
1,556.816 will be ready for use about Aug. 1.
1,273,282
Expenses, &c
A third important unit in the Thompson development program is already
$8,574
$160,702
Balance
$33,118 well under way at 219 South Wabash Ave., Chicago. This is a four-story
loss$9,817
22,827
21,181
Other income
25,606 building which, it is claimed, involves a total expenditure on structure.
20,113
equipment and furnishings of $750.000 and is expected to be ready for
$31.401
8181,883
Total income
$58,724 guests on Sept. 1. The structure will house an elaborate Kennel restau810,296
94,518
73,531
Depr.,int., tax res., &c_
83,676
96.739 rant, owned, of course, by the Thomnson company.
-V. 130. P. 3373.
Nil
$1.08
Nil
Swedish Match Co.
-Earnings.
1927.
1926.
1928.
1929.
Kr.
Kr.
.
Earns for Cal. YearsKr.
hr.
Income for year
57,240,308 52,130,202 42,832,517 34.193.676
2,395.901
General expenses
1,867,214
2,998,205 3,168.633
Net profit
54.242,103 48,961.568 40,436,616 32,326,461
Prof. tran. from prey. yr 9.987.805 6,683,895 2,702,351
5,873.744
Balance Dec. 31
Dividends
Trans. to reserve fund_
64,229,908 55.645,463 43,138.967 38.200,206
27,000,000 27,000,000 18,000,000 18.000.000
1,000.000
Balance carried for_ _ _ 37,229.908 28.645,463 24.138.967 20.200,206
-V.130, p.3373.
-Tenders.
Taunton Cotton Mills Co.
The Atlantic National Bank of Boston, trustee. 10 Post Office Square,
Boston. Mass.. until May 15 were to receive bids for the sale to it of let
mtge. 6% 20
-year sinking fund gold bonds, to an amount sufficient to
exhaust $43,655, at a price not exceeding 110 and int.-V. 124, p. 2765.
-Earnings.
Telautograph Corp.
Quarter Ended March 31Gross income
Expenses
1930.
5253,061
114,876
ni:757
i )
109.818
Operating income
Depreciation
Miscellaneous expenses, &c
Taxes other than Federal
Federal tax (est.)
$138.185
36.609
2,950
2,896
10,530
$124,939
34,199
1,796
2.649
10,355
$85,200
228,760
$0.37
$75,940
192,000
$0.33
Net income
Shares common stock
Outstanding (no par)
-Nr. 130. p. 2230.
-Listing.
Tide Water Associated Oil Co.
The San Francisco Stock Exchange has authorized the listing, upon
official notice of issuance, of 1.617,475 additional shares of common stock,
no par value. On Jan. 16 1930, 1,102,961 shares of the common stock
previously listed were cancelled, thus making a net addition of 514.514
shares. The total listed will now amount to 9,004,820 shares.
Of the 1,102,961 shares which have been cancelled, (a) 107,257 shares
represents the balance remaining unappropriated of the 123,251 shares of
common stock, the listing of which was authorized on official notice of isof
suance in exchange for capital stock of Associated 011 Co.. on the basisfor
one share of common stock and one-third of a share of preferred stock
each share of capital stock of Associated Oil Co. under the company's
previous application, dated August 1 1928. 15,994 shares of the company's
common stock having been issued since its previous application and the
present application being made for the listing of shares to be issued on a
new basis of exchange, namely, three shares of the company's common
stock instead of one shares of common stock and one-third of a share of
preferred stock for each share of capital stock .of Associated Oil Co.: (b)
995,704 shares represents the balance remaining unappropriated of the
1,638,509 shares of common stock, the listing of which was authorized on
official notice of issuance in exchange for common stock of Tide Water
011 Co., on the basis of 1 e/4 shares of common stock for each share of the
common stock of Tide Water 011 Co., under the company's previous aplineation, dated June 19 1929, 642.805 shares of the company's common
stock having been issued since its previous application, and the present
application being made for the listing of shares to be issued on the same
basis of exchange under a new authorization for exchange following the
expiration on July 10 1929, of the offer of exchange dated June 10 1929.
The amount of 321.771 shares of said common stock, the listing of which
is applied for, is based upon the possible acquisition by the company 031
Co.
such exchange, of the outstanding capital stock of Associated Oil for.
and the 995,704 shares of common stock, the listing of which is applied
is based upon the possible acquisition by the company of the outstanding
common stock of Tide Water Oil Co. and such of said common stock as
could be issued on conversion of the outstanding preferred stock of Tide
-V.130, p. 3183.
Water Oil Co.
-April Traffic.
Transcontinental Air Transport, Inc.
An official statement, dated May 12, says:
Passengers carried by the T. A. T. Maddux Air Lines during April
increased 1,082 as compared with March, according to the company's
traffic report which has just been compiled. In April the total number
Texas Pacific Land Trust.
-To Receive Royalties.
of passengers carried numbered 5.165. The increase amounts to three
This Trust will receive $212,500 in cash as an initial payment from the 11-passenger plane loads daily.
Continental 011 Co. on commercial oil and gas leases in Loving, Reagan,
The report reveals a total of 13,833 passengers have been carried over
been
Reeves. Midland, Culberson, and Ector Counties, Texas. Leases aggre- the air line in the first four months this year since the low rates have than
-V. 130, p. 3373.
In effect. The present rates are equal to and in several cases lower
gate 145,000 acres.
fares. A fleet of 18 multhnotored passenger planes is now
rail Pullman
-Distribution:
Third Avenue Holding Co., Inc.
required daily to carry the traffic over the T. A. T. Maddox Lines.
Eight of the daily planes are operated on the eastern division between
Holders of undeposited first mortgage 7% serial gold loan certificates and
interest warrants of Third Avenue Holding Co., Inc., are being notified Columbus and Waynoka, Okla., two on the western division between
by the American Trust Co., as trustee, that it now has on deposit, in Clovis. N. M., and Los Angeles and eight on the California divisions
respect of each 8100 of these certificates together with unpaid interest between San Francisco and Ague Caliente, Mexico.
warrants, the distributive share of the proceeds of the foreclosure sale of
Four of the eastern division planes are operated on local runs scheduled
the premises covered by the mortgage or deed of trust, amounting to for use of business travelers and four are through planes over the entire
$13.32. Payment of this amount is subject to the presentation to the division connecting with trains of the Pennsylvania and Santa Fe railroads
trustee of such certificates and unpaid interest warrants for endorsement on the transcontinental service.
In the first four months this year, the traffic report states, planes of
of payment.
The notice issued by the trustee states that holders of certificates and the T. A. T. Maddux Lines have flown 726,956 miles, each month show-V. 130, p. 2988.
unpaid interest warrants who desire to become parties to the plan of re- ing a substantial increase over the previous month.
*I
organization dated March 4 1930 may do so at any timep-or to May 12
1931 by surrendering their holdings together with an assignment of the
-Listing.
Truax-Traer Coal Co.
distributive share to which such certificates are entitled to the Parkolu
The New York Stock Exchange has authorized the listing of 30,625 shares
Corp., 165 Broadway. N. Y. City.
of common stock (no par) upon official notice of issue pursuant to an offering to stockholders, and 5.000 shares of common stock upon official notice
Thermoid Co.
-Listing.
pursuant to an offering to officers, directors and employees, making
The New York Stock Exchange has authorized the listing of 254,994 of issue, amount of common stock applied for 370,625 shares.
total
shares of common stock (no par), which are issued and outstanding in the the
Consolidated Income Account 3 Mos. Ended March 31 1930.
hands of the public; 58,760 shares on official notice of issue upon the exercise
$1,196,380
of outstanding non-detachable purchase warrants for common stock at- Gross income from operations
763,120
to the 5-year 6% sinking fund gold notes; 20.000 shares on official Cost ofsales exclusive of depreciation & depletion
tached
133.963
notice of issue upon the exercise of outstanding options to purchase the Selling, general & administrative expenses
shares of common stock; and 96.306 shares on official notice of issue upon
$299,296
the conversion of now and presently to be outstanding 7% cumulative
Net operting profit
' 26.629
convertible preferred stock.
Other income(net)
Company is not itself engaged in manufacturing but Is a holding corn$325,925
Total net earnings
Pally; through its wholly-owned subsidiaries, Thermal(' Rubber Co. and
95,333
Stokes Asbestos Co., it is one of the largest fabricators of asbestos, sup- Provision for depreciation
28.854
depletion
plying approximately 20% of the estimated requirements of asbestos Provision for
46,313
brake lining for original equipment and replacement for the automotive In- Interest on debentures
17,097
in the United States. Recently the company has acquired in excess Federal income tax
dustry
of 95 8-10% of the present outstanding capital stock of Southern Asbestos
$138.328
Net earnings
Co.: the purpose of the acquisition of Southern Asbestos Co. was to assure
$0.56
the company of an adequate supply of the raw materials (to wit, asbestos Earnings per share (245,000 shares)
textiles, yarns, &c.) used in the manufacture of its products,from a source -V.130,1% 318 4
3564
FINANCIAL CHRONICLE
[VOL. 130.
Union Bag & Paper Corp.
-Listing.
The New York Stock Exchange has authorized the listing of 149,684
shares capital stock (no-par value) on official notice of issuance in exchange
for outstanding capital stock (par $100), in the ratio of one new share for
each share of $100 with authority to add 316 shares on official notice of
issuance in exchange for stock of Union Bag & Paper Co. and scrip of Union
Bag & Paper Corp. as previously authorized, making the total amount
applied for, 150,000 shares.
'
less than $75 a share; the proceeds of sale are to be used for general corporate purposes. The holders of previously issued common stock do not
have any pre-emptive right in or pre-emptive right to subscribe to the
40,000 shares of common stock. Of the 40.000 additional shares of common stock 10,000 shares have been sold at $80 a share. The entire proceeds of sale of the 40,000 additional shares of common stock are to be
capitalized.
-V. 130, p. 2989.
Annual Report
-Reduction of Capital, &c.-Pres. C. R.
McMillen in his remarks to the stockholders for the year
1929 says in part:
Calendar YearsGross income
Interest, taxes, insurance, &c
1929.
$795,499
285,154
1928.
$770,367
263,850
1927.
$350,966
171.826
Net income
Dividends
Placed in contingent reserve
$510,345
239,904
$506,517
239,904
115,000
$179,140
199.080
Balance, surplus
-V.129, p. 2093.
$270,441
$151,613
$80,060
Reference has been made in previous reports to the industrial situation,
which, to a very large extent, has been the cause of the company's poor
earnings. The paper industry generally has suffered severely from overproducing capacity. Unfortunately, this has caused industrial disorganization, which, in turn, has resulted in unprofitableseillng prices. At times
there has been complete demoralization in the paper and bag markets, due
to the misuse of this large excess capacity, and opportunities for profits,
consequently, have been small. To meet this situation, the management
has been steadily cutting expenses in every direction,and has effected sharp
reductions in producing and selling costs. These reductions in the cost of
the company's principal products have amounted in three years to approximately $30 per ton, and this has been accomplished with improvement in
quality. About one-half of these reductions have been made in the cost of
raw material; the balance in operating and selling economies. The cost of
production of our product is now about $10 per ton lower than it was a year
ago. Selling prices, however, have been too low to yield profits.
Paper bags were until a few years ago made largely from sulphite paper,
but in recent years the tendency has been steadily toward kraft paper, with
the result that certain of company's plants have become obsolete. Company's manufacturing equipment has been changed to the making of kraft
pulp, paper and products, but this has necessarily been accomplished slowly
and at a very substantial cost. Company has had to close down its sulphite
mill at Fenimore, N. Y.,and its entire plant at Cheboygan, Mich.,and has
recently sold the latter. The Cheboygan property, of no further possible
use to company, was sold to a public utility company, which sought the
water power rights. This improved the cash position of the company and
resulted in a substantial saving to the company in taxes, maintenance and
insurance costs, but established a book loss of approximately $1,725,000.
Besides other book losses we have written off the unamortized balance of
discount and expense on the bonds retired in 1926, amounting to $365.466.
The company has no capital expenditures to make in this year's budget,
as operating plants and equipment are in excellent condition.
While the directors are not able to make any definite prediction as to the
operating results of the current year,they are confident that notwithstanding
the unfavorable conditions in the industry, the program under which the
company is now working will result in a material improvement in earnings.
Owing to the changes which have taken place in the industry and the
changes on the value of the plants and facilities of the company which have
resulted therefrom, directors, after making a careful survey of the situation.
have reached the conclusion that the book value of the capital assets of the
company should be written down to figures which represent more nearly
their useful value, that the capital of the company should be reduced enough
to eliminate the deficit and create a substantial surplus, and that the stock
of the company should be changed into stock without par value.
It is obvious that unless the capital Is reduced,the company will not be in
a position to pay any dividends until it has made net earnings in excess of its
operating deficit.
Directors accordingly have written down the book value of the capital
assets of the company from $13,607,058 to $7,852,573, and reconunend that
the stockholders take the action necessary to reduce the par value of its
shares of stock from $100 to $30, thereby reducing its capital from $14,980.936 to $4,494,280, and to change this stock having a par value of $30 per
share into stock without par value.
(These changes in the capital stock of the company were authorized by
the stockholders at separate meeting held April 15 and April 164
Income Account for Calendar Years.
1929.
1928.
1926.
1927.
Sales
$9,822,492 $10,298,328 $11,467,222 $10.847,308
Cost ofsales
7,946,236
8.119.030 9,154,583 8.766.780
Manufacturing profit_ $1,876,256 $2,179,299 $2,312,638 $2,080,528
Interest received
12,163
52,169
10.346
11,022
Gross profit
1,888,419 2,189,644
2,323,661
2.132,698
Sundry expenses
1,992,575
1,930.709
1,837,554
1,968,936
Interest paid
268.235
53,929
127,997
86,061
Depreciation
377,699
257,110
261,205
254.029
Balance
def$750,089 sur$41,051
Bond disc. & exp. applying to bd. issue retired
May 1 1926
365,466
182,733
Loss on liquid'n of capital or non-usable as'ts 1,758,735
8,732
Total deficit
Previous surplus
$2,874,290
221,863
$150,414
372,276
sur$7.459 def$180,039
182,733
182,733
369,687
$362,772
1,280,009
$544,962
917,237
Total surplus
def$2,652,427
$221,863
$917,237
$372,276
Pro Forma Balance Sheet Dec. 31 1929.
Prepared to show how actual balance sheet would have appeared if
changes mentioned above had been made prior to Dec.31 1929.1
Assets
Liabilities
Capital assets
$7,852,573 1st mortgage 6s
$2,951,000
Investments
113.500 Purchase money obligations
105,000
Inventories
1,731,392 Bills payable(bankers)
1,425,000
Accounts receivable
646,432 Accounts payable
378,081
Bills receivable
19,631 Bond Interest accrued
59,020
Cash on hand ds in banks
809,713 Res.for Fed.taxes dr conting_
522,766
Deferred charges
168,149 Capital stock (146,074shs.)._ 4,382,231
1,518,292
Surplus
Total
-V.130. p. 3373.
$11,341,391
Total
$11,341,391
Union Drawn Steel Co.
-New President, &c.
-
United Bond & Share Corp.
-Earnings.
-
United Business Publishers, Inc.
-Earnings.
-
Quarter Ended March 311929.
1930.
Net profit before interest& taxes
$332,249
$326,016
Net available for dividends
193,446
210,382
Earns, per sh.on 150,000 shs. common stock
$0.79
$0.77
The company's record indicates that the net profit of a well diversified
list of trade publications is but little affected by a period of business depression. This company is the publisher and distributor of one of the largest
groups of trade publications in the world. Included among its 36 publications in the basic industry served are such trade journals as Iron Age.
Automotive Industries, Hardware Age, Dry Goods Economist, Automobile
Trade Journal and Motor Age, OH Field Engineering and Boot and Shoe
Recorder.
-V. 129, p. 3183.
United Carbon Co.
-Earnings.
Quarter Ended March 311930.
1929.
1928.
Net earnings after all charges incl. depreciation & depletion
4263.300 x$412,887
$142,732
x Depreciation and depletion charged off during first quarter of 1930 was
$387.858 compared with $384,914 in 1929.-V. 130,P. 1479; V. 129, p.3183.
The outstanding amount of 7% non-cumulative participating pref. stock
was reduced from 27,055 shares at the beginning of the quarter to 21,069
shares at its close. Deducting quarterly dividend requirements at the rate
of 7% on the latter amount, the first quarter's net earnings were equivalent
to about 57 cents a share on 393,073 shares of common stock.
-V. 130.
1). 1479; V. 129. p. 3183.
-Earnings.
United Carr Fastener Corp.
The corporation reports for the 3 months ended March 31 1930, after
depreciation, taxes and debenture interest, a net loss of $20,852. Cost of
rearranging the manufacturing departments to co-ordinate the production
of the merged company has been insured for the most part in this period
and charged entirely to current operations. The resulting economies in
operation are now beginning to be realized. During April there was a
decided improvement in the volume of business with a current marked
change in earnings.
Consolidated balance sheet as of March 31 1930 indicated that the
company is in a strong current position with $1,775,770 current assets
and $211,916 current liabilities, better than an 8 to 1 ratio.
-V. 130,
p.3373.
United Cigar Stores Co. of America.
-To Change Par.
The New York Stock Exchange has received notice from this company
of a proposed change in the authorized common stock from $60,000,000.
Par $10, to 6,000,000 shares of no par value, each present share to be
exchanged for one new share.
-V.130. p. 305.
-Own 77% of American FoundUnited Founders Corp.
ers Corp. Stock.
Bee latter company above.
-V. 130. p. 2231.
United States Distributing Corp.
-Earnings.
Calendar Years1928.
1929.
1927.
Sales and operating revenue
$41,411,968 $42,188,011 $42,893,529
Cost ofsales, operation & production.. 38,143,898 39.182,245 39,789,734
General & administrative expenses.... 1,180.037
1.265.558
1.160,632
Net profitfrom operations
Other income
$2,088,033 $1,845.133 31,838,237
76,027
27,936
26,324
Total
$2,164,060 $1,871,457 81,866,173
454,134
568.763
Depreciation and depletion
585.496
Interest paid (less received)
207,535
343.659
355.117
Federal taxes
123,040
63,500
107,000
Minority int. in West N.Y. Coal Co..
12,237
15,761
9,459
Net profit for the year
Surplus, Jan. 1
$1.118,045
1,678,307
$868,315 $1,069,228
1,876,073
5,565.550
Total
$2,796,352 $2,744,388 $6,634,778
Net adjust, resulting from plan for
readjust, of cap. stk. of U. S. Distributing Corp., and acq. of assets
of U. S. Trucking Corp. dated Jan.
17 1927, as amended & from reapp.
of certain property
3,605.818
Recap. & organiz, exp. written off_
112,223
Bond discount & expense written off
-new Issue
146,083
157,918
-old iss.
Prem.paid on retire of bonds
86,650
Divs. Pattison & Bowns, Inc., prior
pref. stock 6%
24,000
30.000
36,000
Divs. U. S. Distributing CorP.Pf.stk.
725,732
728.707
732,221
Excess of cost of cap. stk. of sub. co.
acquired over book value
76,141
72,565
Adjust.
17,073
Cr.27,072
-net
67,533
-affecting prior years_ _
Surplus. Dec. 31
-V. 30, p. 649.
$2,029,547 $1,678,307 $1,876,073
B. F. Fairless, let Vice-President of the Republic Steel Corp., has been
United States Freight Co.(& Subs.).
-Earnings.
elected President of the Union Drawn Steel Co., Beaver Falls, Pa.. a subCalendar Years
1929.
1928.
1927.
sidiary, to succeed E. S. Hoppa, who resigned as President and Gen. Mgr. Gross
$36,210,120 $30.844,673 $23,652,540
operating
J. U. Anderson. Treasurer of Republic Steel Corp., has been elected a Gross freight revenue
25.024.516 22,224.940 17,471,266
& cartage paid
director of the Union company to succeed the late E. T. McCleary.
Officers of the company, in addition to Mr. Fairless, are H. T. Gilbert,
Gross operating profit
$11,185,604 $8,619.73,2 $6,181,274
Vice-President; E. C. Rebeske, Secretary and Treasurer; J. Paul Mosley,
9,519,756
7,381,850 5,250.175
Assistant Secretary and Treasurer; George B. Mitchell, Vice-President in Operating costs
charge of sales and L. E. Creighton, Vice-President in charge of operations.
Netoper. profit
$1,665,848 $1,237,882
$931,099
The directors of the company, in addition to Mr. Fairless and Mr. Interest
50,672
74,187
38,594
Anderson, are R. J. Wysor (Vice-President in charge of operations of the Federal taxes, etc
191,799
79,436
96,839
Republic Steel Corp.), II. T. Gilbert (Vice-President in charge of sales of Depreciation
313,195
195,721
119.077
Republic), W. B. Ohl (Comptroller of Republic), George Davidson and
L. E. Creighton.
Net profit
$1.110,182
$658,398
8906.728
President Fairless announced that the company's plants and offices Dividends
854.599
767,675
532.555
would be maintained as previously with the exception of the sales offices
which will be moved to 'Youngstown in order better to co-ordinate their
Surplus
$125,843
$255,583
8139,053
sales efforts with those of the Republic Steel Corp. The company has
Consolidated Balance Sheet Dec. 31.
plants at Beaver Falls, Pa., Massillon, Ohio, Gary, Ind. and Hartford.
Assets
1928.
1928.
1929.
1929.
Conn.
-V. 130, p. 305.
Cash In banks_ _ _ _ $865,599 8633,335 Steam, bonds pay_ $25,000
850,000
Accept, receivable- 492,869
-Listing.
Steamship mortg'e
United Aircraft 8c Transport Corp.
Accts.
56,700
note; payable.. _
37,800
The New York Stock Exchange has authorized the listing of 181,567 Fur., receivable_ _ 2,197,870 2,177,870
fix. & equip.. 514,963
426,660 Real estate mortg'e
additional shares of common stock (no par) on official notice of issue from
Stationery St
375,000
notes payable_ _ 345,000
42,108
35,954
time to time in exchange for shares of common stock of National Air Trans- Steamships supp_
12,750
20,860
2,817,429 2,456,651 Notes payable_ _ _ _
port, Inc.: and 40,000 additional shares of common stock on official notice
74,558
Reserve for taxes_ 150,381
of issue and sale from time to time and payment in full, making the total Land, docks and
warehouses-. _ _ 2,191,493 1,308,943 Accts. payable-___ 1,340,880 1,286,555
amount of common stock applied for 2,260,658 shares.
29,143,591 6,577,840
29,381 Capital stock
The purpose of the issue of the 181,567 additional shares of common stock Inv,. In other com _ 750,500
457,274
868,244
Surplus
is to acquire all the outstanding shares of common stock of National Air Inv. In subs. in excess of
Transport, Inc., which are not now owned at the rate of one share of com- Treasury book val _ 2,088,919 1,814,646
stock _
3,162
National
582
mon stock of the corporation for every 3shares of common stock of
Air Transport, Inc., so acquired, such offer being good until May 15 1930.
Total811,936.757 88,890,678
Total
$11,936,757 $3,890,676
The directors by resolutions adopted April 22 authorized the issue and
-V. 130. P. 3373.
a Represeried by 299,640 shares of no par value.
sale from time to time of 40,000 additional shares of common stock a tot
MAY 17 1930.]
FINANCIAL CHRONICLE
-Underwriters Stock Issue.
United States Foil Co.
-
See Eskimo Pie Corp. above.
-V.129, p.2247.
3565
Walworth Co.
-Earnings.
Quarter Ended March 31
Gross profit
Expenses
Federal taxes
Depreciation
Interest
1930. •
1929.
$1,607,620 $1,615,816
U. S. Industrial Alcohol Co.
-Annual Report.
957,783
889,770
Consolidated Income Accountfor Calendar years. (Including Subsidiaries)
10,632
29.686
129,936
125,294
1929.
1928.
1927.
1926.
168,512
169,120
Operating income
$8,942,594 $7,196,712 $5.105,312
Adm.,sell.& gen.expens 2,392.746
1,910.763
1.855.491
Net profit
$3340,757
Depreciation
$401.946
1,245,424
1,038,042
654.433
Preferred dividends
14,930
17.544
159,882
90.000
55.304,424 54,247.907 $2,595,388 $1,451,926 Common dividends
Net earnings
Interest on notes, &c_
27.492
Surplus
3165.945
$294,402
Reserved for Fed. taxes_
583,566
470.105
350,861
319,679
319.925
300,000
Profit on sale of secur_
Cr1,133,474 Shares com,stock outstanding (no par)
Earnings per share
31.02
31.26
Net income
$4,720,858 53.777.801 $2.244,526 52,238.229 -V. 130, p. 2991.
DividendsWarner Bros. Pictures Co., Inc.
-Earnings.
U.S.Ind.A.Co.7% pf.
407,981
420,000
420,000
Cuba Dia. Co. 7% pf_
6 Months Ended March 174.635
1930.
82.537
128,562
1929.
Common.
(57)2.454.768(85)1380,000 (5)1200,000(1 X)300,000 Operating earnings
$30.424,702 312.399,879
Depreciation and amortorization
16,221,710 4.319,871
Balance, surplus
$2,266,091 $1,915,185
$541,989 $1,389,667 Interest on debs
473.251 a1.020,850
Prof.& loss surplus
15,238,355 14,214,215 16.373,306 18.263,380 Other interest and miscellaneous charges
2.264,663
(no par)
Corn. shs. outst.
373,846
320,000
240.000
1,372.000
y240,000 Prov. Fed.income tax
923.500
Earns, per corn.share....$12.63
$10.29
$7.25
$7.04
y Par $100.
Net earnings
810.093,078 86,135.657
Consolidated Balance Sheet, Dec. 31.
Other income
62,773
1929.
1928.
1929.
1928.
Total net earnings
Assets310,093.078 36,198.430
$
Liabilities$
$
Prop., pl.& mot_ _30,941,310 25.998,171 Common stock_ _x22,584,600 17,200,000 Net earnings applic. min.stkholders-Dr
218,523
111,126
Investments
884,318
450,588 Accts. payable_ _ _ 1,520,588 1,441,093 Equity in undistributed earns in affil.cos.-Cr- --- b217,554
c905,741
Cash
5,057,515 4,744,730 Federal tax
261,524
583,566
470,106 dEquity prof.sub.cos.-Cr
Secured loans_
1,000,000 Dividends payable 934,615
480,000
Netincome
Accts. rec.. &c..._ _ 5,691,128 3,801,417 Deprec. res., Oa 8,828,640 6,708,811
310,092.109 $7,254,570
Merchandise, &a_ 8,659,297 4,181,508 Surplus
247.343
364.357
15,238,355 14,214,214 Sirs. pref.stk outstanding
Earns.on pref
Deferred charges__ 456,796
339,614
$40-80
$19.91
Mrs.corn.stock outstanding
2.666.211
1,968.816
Total
49,890,364 40,514,024 Total..49.690,384 40,514,024 Earnings on common
33.67
$3.47
x Represented by 373,846 no par shares.
a Includes other interest and miscellaneous charges. b Equity in undis-V. 130, P. 2989.
tributed earnings of affiliated company to Nov. 1 1929, since consolidated.
United States Shares Financial Corp.
c During the period but prior to date of acquisition. d In undistributed
-Earnings.
profits of subsidiary and affiliated companies not consolidated.
Income Statement July 11 1929 to Dec. 31 1929.
Earnings for Quarter.
-The earnings for the quarter ended March 31
Dividends received
$32,966 1930 amount to $4,463,000 as compared with net earnings of $3,122,942
Interest received on call loans
18,285 for the corresponding quarter last year after the proper allocation of equity
Interest received on bonds and other
4.660 in earnings of affiliated companies during the period but prior to the
date of acquisition.
Total income
$55,910
The earnings for the quarter ended March 1 1930 are equivalent
Stock exchange listing expense
2,600 per share on the 247,343 shares of preferred stock and $1.62 perto $18.04
share on
Interest paid
3.993 the 2,666,211 shares of common stock outstanding on March 11930. The
Printing stock certificates
4.033 net earnings for the quarter ended March 2 1929 were equivalent to $8.57
Salaries
4,067 per share on the 364,357 shares of preferred stock and $1.48 per share after
Capital stock transfer and registrars'fees
9,837 allowing for the two for one splitup on the,984,908 shares of old common
Loss on sale of securities
818,754 stock outstanding on March 2 1929.
Other expense
6,204
The income report reveals the fact that the cash requirement for the 6%
optional convertible debentures for the 6 months ended March 1
Net loss
$793.577 ameunted to only $21.060. The balance of the requirements having 1930
been
-V.129, p. 2405.
paid through the subsequent issuance of 9,251.5 shares of common stock
In accordance with the optional privilege given to the holders of these
United States Steel Corp.
-Unfilled Orders.
debentures. -V.130, p.3185.
See under "Indications of Business Activities" on a preceding page.
V. 130, p. 3149.
Warner-Quinlan Co.
-Listing.
The New York Stock Exchange has authorized the listing of 126,590
United States Stores Corp.
-Agent Appointed.
The Empire Trust Co. has been appointed agent for the redemption of the additional shares of common stock (no par) on official notice of issuance and
payable in full pursuant to offer to stockholders or sale to underwriters and
preferred stock -V.130, p. 819.
18.065 additional shares of common stock to meet the additional requireUniversal Pictures Co., Inc.
-Earnings.
ments for conversion of the $6,860.000 10
-year 6% convertible gold debentures, making the total amount applied for 917.603 shares.
Year EndedNov. 2 '29. Nov. 3 '28. Nov. 5 '27. Nov. 6 '26.
Income from operations$29,111.380 $27,180,352 $28,635,718 S27.663,012
Consolidated Income Accountfor Calendar Years.
Costs & expenses
28,977.378 26,324,255 27,141.730 25,741,912
1929.
1928.
1927.
1926.
Sales,less discounts. &c.$15,538,182 $12,281,875 $8,930.135 $6.608,006
Operation income.___ $134,002
8856,097 $1,493.988 $1.921,091 Cost ofsales
11.603,467 8,506,208 6.647.629 5,262.821
Other income
357,356
238,547
adm. & gen. exps.. 1,960,010
178,680
1.797,176
296,999
992,421
517.406
Total income
$491,358 $1,094,644 81.672.668 $2,218,090
Balance
81.974.705 31,978,490 $1,290,084
$827,779
Provision Federal tax90.000
170,000
249,142
278.554
99,102
250.000 Other income
65.129
Net income
$491,358 $1,004,644 $1,502,666 $1,968,090
Total income
$2.223,847 $2,257,044 31,389,187
8892.908
1st preferred dividends
191,928
186,028
211.008
756.413
550,453
344.756
224,288 Deprec. and depletion
204.203
Interest
561,632
224,252
215,291
108.085
Surplus
$812,716 81.291.658 81.743,80
$305.330
Taxes
76,804
68,603
41,579
8.209
Earningsfor Quarter Ended February 1.
Net profit
3828,997 81.413.736 n787.560
1930.
1929.
1928.
8572.411
1927.
Net loss after all charges.
S18,811
$98.023prof$265,497prof$219,562 Int.in net earns of MuniEarns. per sh.on 250,000
cipal Service Corp...893,958
shs. corn. stk. (no par)
Nil
Nil
$0.72
$0.51
-V. 130, p. 306.
Total
81.722.955 81,413,736 *8787.560
8572.411
Amt. required to adjust
Utilities Hydro & Rail Shares Corp.
-Report.
inventory to price Jan.
The company reports total earned surplus gain from Dec. 31 1929 to
358,000
15 1930
May 12 1930. of 845,973, an increase after operating reserves and taxes of
$39,427. exclusive of income from stock dividends not realized upon.
Balance
31.364.955 81,413.736 *5787,560
8572.411
-V. 130. p. 3374.
Preferred dividends
101,327
101,327
66,250
35.000
Common dividends
719,529
719,529
436,610
294,320
Vanadi um Corp. of America (& Subs.).
-Report.
-Calendar Years1929.
1928.
1927.
Surplus
3544.100
1926.
$592.878
$284,700
$243,091
xNet earns, from oper $2,328,831 $1,976,166 $2,221,374
82,509,964 Shares of corn, outstandOther income
344,561
216,793
243,884
ing (no par)
632,948
488,359
163,053
240.830
149 960
Earns, per sh. on corn
$2.15
$2.72
$3.00
.58
Total income
$2,673,392 $2,192,959 $2,465,258 $2,673,017
1929 net income was equal to 32.96 per share on 581,939 shares, the
Deprec. & depletion-- - y608,448
251,305
358,211
326,461 average number of shares outstanding during the year and to $2.72 pft•
Other charges
7,427
6,926
29,277
118,870 share on 632,948 shares outstanding at the close of the year. This is before
Federal taxes
207,631
228,703
228,530
247,655 special inventory adjustment made on Dec. 31 1929 to give effect to a
reduction in market price made on Jan. 15 1930. After
Net income
$1,849,886 $1,706,024 $1,849,240 $1,980,031 net income is equal to $2.15 per share on 632,948 shares. such adjustment.
Dividends
1,468,648
1,506,548
1,506,548
The earnings per share on the average amount of common shares out1.413,014
standing during the year 1929 (339,752 shares) amounted to $3.86.
Balance, surplus
$381,238
$199,476
$342,692
•The net profits
$567.017
Previous surplus
3,190,239 2,996,293 2,664,162 2,313,933 Agivi, the date of itsfor 1928 include profits of Compania Petrolera del
acquisition March 1 1927 to Dec. 31 1927.-V. 130.
Adjustments
Dr.5,530 Dr.10,560 Dr.216,788 p.2991.
Dr.72,710
Profit & loss surplus-- $3,498,767 53,190,239 $2,996,293
Warren Brothers Co.
-Awarded $12,000,000 Contract.
$2.664,162
Shares capital stock outThe company has been awarded a contract by the Republic of Peru,
standing (no par)-- -378,367
376,637
376,637
376,637 South America, for the construction of 600 miles of roadway extending
Earn. per sh.on cap.stk.
$4.88
$4.53
$4.91
$5.26 from the capital city of Lima south along the coastal range to Arequita
x After deducting all exp. incident, to oper., incl. those for
repairs and and various other points in the interior. The cost of this road construction
maintenance. y Depreciation of plant, equip., patents, Stc., and
depletion will approximate $12,000,000. the purpose of which is to develop the
of mines.
interior cities and to furnish access to the Pacific Coast for the western cities
Consolidated Balance Sheet Dec. 31.
of Brazil. The roadway will be constructed of rock macadam of a special
1929.
1928.
1929.
type required for the peculiar needs of the country. The total construction
1928,
Assets$
Liabilities$
price of $12,000,000 will be paid by the Republic of Peru in cash. This
$
$
Plant. MP., patCapital stock -- __ y14,390,433
contract Is the first obtained by
company in that
eats. &c
111.148,913 11,206,572 Accounts payable- 288,203 14.338,097 the company is now operating thishas contracts forcountry. At present
or
road building in 12
213,481
Cash
824,954
785,349 Fed.. &c.. taxes- 214,118
-V. 130. p. 3374.
218,701 different countries outside of the United States.
Call loans
400,000 Reserves
130,583
134,141
Warren Foundry & Pipe Corp.(& Subs.).
Notes receivable__
3,078
3,959 Surplus
-Earnings.
3,498,767 3,190,239
Accts.receivable-- 482,264
Calendar Years1929.
743.656
1928.
1927.
1926.
Sundry debts
113,759
Bales &ry.oper.rev_ - _ $4,441,398 84,169,842 $4,573,429 85,427,004
87,560
Marketable secur. 2,656,752 2.266,194
General expenses. &c3.904.579 3,941,813 3,941.430 4,416,715
Other securities
150,000
150,000
Deposits
33,529
Net operating income- 8536,819
$228,029
26,089
$631,999 $1,010.289
Inventories
Miscellaneous income--2,825.701 2,185,126
169.724
217,561
116,227
126.086
Claims
73.740
28,325
Life Insurance.-Total income
3706,543
$445.590
8748,226 81,136.375
25,286
Miscellaneous charges....
98,026
Mtge.receivable- 305,480
117,452
11,220
135.110
174.502
315.000
Deferred charges- 147,350
312,394
127,907 Total(each side)18,520,104 18,092,640 Deprec.& depletion_ 295,572
y243.436
x After reserves for depreciation and depletion totaling
$3,209,139
5293,517
Net profit
315.744 4317,543
8718,437
y Represented by 378,367 (no par shares).
-Y. 129. P. 2556.
ghs. outst'g (no par val.)
250,000
250,000
250,000
500,000
Earnings per share
81.17
$0.06
$1.27
Walgreen Co.
81.44
-Sales Increase.
y Includes Federal taxes. z Represents net income of Replogle Steel
-1929.
-April
Increased 1930-4 Mos.-1929.
1930
Increase. Co. and its subsidiaries from Jan. 1 to Apr 19 1927
income of
$4,246,841 $3,542,958
5703,8831517,140,557 $13,375,533 $3,765,024 Waaren Foundry dc Pipe Corp. and its subsidiaries fromand net to
Apr. 19 Dec. 31
-V.00, p. 2605.
1927.-v. 129, p. 3491.
[Vol,. 130.
FINANCIAL CHRONICLE
3566
York Ice Machinery Corp.
-Large Orders.
Western Auto Supply Co.-Sales.Decrease.
Decreased 1930-4 Mos.-1929.
1930-Aprif-1929.
$41,100
81,160,000 $1,304,000
8144,000 33,734,500 33,775.600
1928.
YearsCalendar
1929.
Sales
$15,959.521 $12,521,379
1,002,607
Net profit after deprec.& Fed,taxes
532,671
193.843
She. Cl. A & Cl. B stock
195,961
$4.56
Earnings per share
$2.72
-V. 130, P. 2605.
Weston Electrical Instrument Corp.
-Earnings.
Two large orders have just been received by this corporation totaling
nearly $1,500,000, one from the United Fruit Co. for their new boats being
built at Newport News, Va., and Pall River, Masa., and the other from the
Anglo Chilean Nitrate Corp. for delivery to their plants in Chile.
The shipments for the company's plants at York. Pa., for the week of
April 19, exceeded any previous week in the company's history by nearly
20% -V. 130. p. 2412.
CURRENT
NOTICES.
-Charles Sutro, for many years senior partner of the firm of Sutro &
Co., and identified with the financial district of San Francisco, has retired
from active business. The present management of the firm as it is now
3797.267 constituted will continue with Sidney L. Schwartz as senior partner. Mr.
3573.750
$802,816
Schwartz has been with Sutro & Co. for almost a quarter of a century. He
30,411 served as President of the San Francisco Stock Exchange for the past six
9.609
90,928
106,302 years and has been prominent in the upbuilding of San Francisco as one of
77,738
93.963
$666.554 the leading financial centres of the United States. Sutro & Co. was estab$486,402
Net profit for year___
$617,923
$970,042
180,050 lished in 1858 and is the oldest stock brokerage firm on the Pacific Coast.
Divs, paid on Cl. A stk__
166,300
117.500
144,600
Common dividends
36.750
The firm, a member of the Now York Stock Exchange, operates three
$486,504 offices in New York City, ono office in Los Angeles, and one office in
$320.102
Balance, surplus
$473,323
$815,792
Oakland, all in addition to its San Francisco office.
-V.130, p. 2991.
-Winners of the 1930 awards for the best examples of public utility
-Earnings.
Westvaco Chlorine Products Corp.
newspaper advertising are included among 600 selected advertisements
1929.
1930.
Quarter Ended March 31used in the last 12 months by public utility companies, which have been
Net profits after deprec., Fed. taxes & other charges-. $239.762 $301,941
200,000 compiled for publication in the fourth annual Advertising Portfolio of the
225,155
Shs. COM.stk. outstanding (no Par)
$1.31 Public Utilities Advertising Association. A limited edition of the new
$0.89
Earns. per share
$1,569,166 against volume is on the press. Newspaper advertising appropriations by comThe total current assets on March 29 1930 were
current liabilities of $253,684 comparable with current assets at the end of panies in the competition in 1929 totaled millions of dollars. The comthe first quarter of 1929 of $1,671,341 and current liabilities of $282.487. panies
whose advertisements have been singled out by the committee as
-V. 130, p. 1300.
eligible for prizes will receive the formal awards from LOMB D. Gibbs,
List.
-Off
West Virginia Coal & Coke Co.
President, at the annual meeting of the Association to be held in WashThe New York Stock Exchange on May 7 struck from its list the 1st ington, D. C., May 20 and 21 in conjunction with the 26th annual conven1950. See also V. 130, p. 1670. tion of the
mtge.6% 25-yr.s. f. gold bonds, due Jan. 1
Advertising Federation of America.
-Earnings.
Wheeling Steel Corp.(& Subs.).
-Col. R. Potter Campbell, Chairman of the Board of Directors of
1929.
1930.
Quarter Ended March 31
Campbell, Peterson & Co., Inc., New York, announces the organization of
$2,711,241 $3.023,942 a company to represent them as part of their newly created Industrial
Net after Federal tax
884,114
1.083,909
Depreciation & mine exhaustion
344,585 Intelligence Service in France, Belgium, Switzerland, Italy, Spain,Portugal
374,108
Interest & discount
and Holland with headquarters at 30 Avenue Des Champs Elysees, Paris.
$1,253,224 $1,795,243 The company will be headed by Hart 0. Berg, of Paris. Mr. Berg,although
Net profit
99.400 an
99,400
Preferred A dividends
American citizen, was educated in Belgium and has resided in Europe
563,920
563,920
Preferred B dividends
for the past 40 years. Mr. Berg's company is being financed by both
396.829
Common dividends
American and French capital and will be the exclusive representative of
3193,075 31,131,923 Campbell, Peterson & Co. in the countries in which it operates.
Surplus
394,819
396,029
Shares common stock outstanding
-Harry LeRoy Jones has recently resigned as special Attorney in the
$2.86
$1.49
Earnings per share
office of the General Counsel, Bureau of Internal Revenue, to become
-V. 130, p. 2045.
associated with Brewster & Ivins, 815 Fifteenth St., N. W., Washington,
-New Director.
(J. G.) White & Co., Inc.
Texas, has also become associated with
William M. Everts, of the law firm of Murray. Aldrich & Webb, has D. C. Eustis Myres of Dallas,
this firm and will be in charge of the Dallas office. The partnership of
-V. 128. p. 1578.
been elected a director.
Brewster, Ivins & Graupner of California has been dissolved and its busi-Time Extended.
Wilcox Rich Corp.
ness will be continued by this firm. The firm of Holmes, Brewster & Ivies
-V. 130. p. 2991. 3374.
See Eaton Axle & Spring Co. above.
will continue under the name of Brewster & lying, in the practice of law
-See before the Federal Courts and Departments, giving special attention to
-Offer Made to Stockholders.
Winton Engine Co.
tax matters.
General Motors Corp. above.
-Maurice H. Van Bergh, President of Straus Brothers Co., Inc., has
Earnings for 4 Months Ended April 30.
been elected President of Straus Brothers Investment Co. with head1929.
1930.
$241,939 quarters in Chicago. Mr. Van Bergh joined the Straus Brothers organi$220,732
Net profit after charges and Federal taxes
Earnings per share on 95,000 shares combining
zation in 1925 and a year later was made manager of the Buffalo office.
$2.54 In 1927 the Straus Brothers Co., Inc., was organized to take over the
$2.32
preferred and common stocks
-V. 130. p. 3374.
investment business of the firm in New York State and in April of the
- following year Mr. Van Bergh was elected President of the new corporation
Worthington Pump & Machinery Corp.(& Subs.).
1926.
1929.
1928.
1927.
Earns. Cal. Yearsand a director of Straus Brothers Investment Co.
$15,343,075 $16.520.8.38 t17,141,458
Billings to customers_
-Frank E. Gernon, Chairman of the Bond Club Field Day Committee.
14,686,452 16,085,537 16,973,479
x Cost of sales
announces that a 24-page tabloid to be known as "The Daily News,"
$167.978 will be published for the annual outing under the direction of Jacques
32,142,410
$656,623
$435.301
Operating profit
90.637
102,349
81,965
Int. received, &c., net ). 526,9465
Cohen are John A. Straley and Fred N.
157.048 Cohen. Associated with Mr.
1
62,696
235.489
Int. & divs,from invest.)
Warburg. "The Daily News" was first published last year as successor
$415.664 to the "Bawl Street Journal," and is the Bond Club's annual travesty on
$2,669,356
$600.343
Gross income
$974,076
50,000 current events.
140,000
Reserve for Fedi taxes.$365,663
$600,343
-Montgomery, Scott & Co., members of the New York Stock Exchange
32,529,356
$974,076
Net income
Dividends on
announce that Weston D. Bayley, Stuart R. Stevenson and Elliot Holt
z293,624
782,997
Class A pref. --(14%)
partnership. William S. Maddox has
z464,475 have been admitted to general
Class B pref. -(12%) 1,238.601
withdrawn as a special partner, but will continue to be associated with
$974,076
$600,343 def$392,435 the firm in their Philadelphia office. J. Burr Bertram has become associated
$507,759
Balance
4,331.099 with the New York office of the firm.
3,938,665
4,939,396
4,539,008
Previous surplus
Fed. tax reserve of prior
-John J. O'Brien, President of H. M. Byllesby & Co., announces the
212,014
years not required.. _
appointment of J. P. Gardiner as advertising and publicity manager.
35,659,169 35.513,084 $4,539,008 $3,938,664 Mr. Gardiner is a former Chicago newspaper man, having been a financial
Total surplus
573,688
Plant adjustment
writer on several large dailies. Previous to that time he served on the
Profit & loss surplus-- $5,659,169 $4,939,396 $4,539,008 $3,938.664 financial staff of newspapers in several other Middle Western cities.
159.145
159.145
159.145
159.145
Shs. pref. A & B outatand
-Announcement is made of the formation of !fickle, d'Assern & Co.,
$2.29
$3.77
$6.12
r$15.89
Earned per share
general brokerage business and will hold membership
x Cost of sales including all operating and maintenance charges, deprec. which will transact a
in the New York Stock Exchange and the New York Curb Exchange.
ef plants and equipment, selling, general and administrative expenses.
on the 7% class A and The new firm, which will succeed Howard F. Ilickie & Co., will do business
y Allowing for annual dividend requirements
6% class B pref. stock, the balance is equal to $11.96 a share on 126.921 at 25 Beaver Street, N.Y.. which was the address of the old firm.
shares (par 3100) of common stock.
-Major L. Alfred Jenny, who designed the track work and yards of the
z Dividends paid for the 9 months to Sept. 30 1926.
Grand Central Terminal in New York and who was designing engineer in
Comparafire Balance Sheet December 31.
1928.
1929.
the Army transportation service in charge of planning all port and railroad
1928.
1929.
8
Liabilities$
Assets-$
$
fadlities for the A.E.P. in Franco, has become associated with the account,
Capital stock_ _ _ _ y20,951,000 20,951,000 ing and
x Property, plant ir
engineering firm of Eppler, Betz & Sangster, New York.
474,440
9,103,471 9,638,585 Accts. pay., &c_-- 697,756
equipment
J. A. Kissick, who for the past fifteen years has been engaged in
Foreign securities_ 2,803,586 2,803,586 Pref. div. pay____ 505,899
258,807 special work along organization, financing and investigation lines both In
1,224,793 1,316,479 Fed'', dm,tax res. 148,663
Cash
100,350
Miami!. cum liab_ 210,087
Call loans & govt.
a number of the leading Wall Street houses,
5,650,183 4,150,183 General reserves__ 964,215 1,704,679 this country and abroad for
securities
41,069 has been elected a Vice-President of the new investment security firm of
52,382
372,150 Insurance reserveMiscell. securities_ 356,963
122,729 E. T. Vander Pool & Co., Inc., 67 Wall St., New York.
Coating. reserve__ 122,729
Pref.stk.In tress'y 311,163
Amts.& notes ree_ 3,490,782 3,126,894 Special reserve... 380.991
-The New York Stock Exchange firm of F. L. Salomon & Co., have
5,997,562 6,446,920 Profit and loss
Inventories
5,659,169 4,939,390 purchased a membership on the New York Stock Exchange for Victor M.
surplus
Due by foreign MIll.
488,641
516,269
Cortes and have admitted him to general partnership. Mr. Cortes has been
Co.'s & agencies_
73,868
75,142
Misc. CWT. assets_
by F. L. Salomon & Co. since the time of theta
Total:(ea. side)_29,692,393 28,592,470 employed as telephone clerk
175,184
Deterred charges__ 162,479
organization in 1919.
x After depreciation of $7,935,245. y Represented by $5,592,833 class
Darwin R. Martin, formerly of O'Brian, Potter, Stafford & Co.. and
A 7% pref. stock. $10,321,671 class B 6% pref. stock, and $12,992,149
Christian It, Rlinck have formed the firm of Martin & Co., members
-V. 130. p. 1494.
common stock.
- Buffalo Stock Exchange, with offices at 15 Court St., Buffalo, to engage he
-Changes in Personnel.
Wright Aeronautical Corp.
the business of security dealers and brokers.
elected President succeeding Charles L.
Guy W. Vaughan has been
Inc. of Now Rochelle, N. Y., dealers in investment
Lawrence. Mr. Vaughan has been Vice-President and General Manager
secur- ities, have opened a New York office at 120 Wall St. for wholesale
for the past five years.
Aeroplane & Motor
Ralph A.
Arthur Nutt, Chief Motor Engineer of the Curtiss
distribution. The office will be under the management of
Co., Inc., has been elected a Vice-President of the Wright Aeronautical Hopkins.
formerly with E. R. Diggs & Co.
Corp.. in order that there may be a closer liaison between the engineering
dr Co.,
staffs of the Curtiss and Wright corporations.
Warren R. Palmer has become associated with E. F. Gillespie
Frank H.Russell for many years a Vice-President ofthe Curtiss Company Inc., 111 Broadway, N. Y., as Vice-President, and Edmond Bouchelle,
Corp. inasmuch as Thomas A. Cody, George E. Hudson and Couttlandt Luck have joined the
has been elected Vice-President of the Curtiss-Wright
he also Is devoting a large part of his efforts to the activities of the holding wholesale department of the same firm.
corporation.
-V. 130. p. 2412.
Calendar Years1929.
Earns, after deducting
cost to manufacturer,
repairs, deprec.,selling
& admin. expenses_ _ _ $1,216,439
Other deductions, less
other income
113,658
Federal income tax-. _
132,733
1928.
1927.
1926.
FINANCIAL CHRONICLE
MAY 17 193(.]
3567
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 OF
BUSINESS ACTIVITY."
Friday Night, May 16 1930.
COFFEE on the spot was quiet with Santos 4s, 133 to
%
143/20.; Rio 7s, 934c.; Victoria, 7-8s, 83 to 9e. On the 14th
%
inst, cost and freight offers from Brazil were again in light
supply with prices unchanged or slightly higher. For prompt
shipment Santos Bourbon 2-3s were quoted at 15.45 to
15.70c.; 3s at 13.40 to 143c.; 3-4s at 14.850.; 3-5s at 13 to
13.900.; 4-5s at 1234 to 133.c.; 5s at 12.90c.; 5-6s at 11.85
to 11.95c.; 6s at 103 to 113jc.; 6-7s at 10% to 103/2c.; 7-8s
%
at 8% to 8.90c.; 8s at 9.45c.; part Bourbon 2-3s at 15.40 to
15.95c.; 3-5s at 13.20c.; 6s at 11.20c.; Rio 7s at 83 c.; 7-8s
%
at 8.60c.; Victoria 7s at 8.55c.; 7-8s at 8.40c. For JuneJuly shipment in equal monthly quantities Santos Bourbon
4s are offered at 1334c.; 4-5s at 13e.; 5s at 123/2c., while
Victoria 7-8s for Aug.
-Nov. shipment inclusive in equal
quantity are offered at 8.20c. On the 15th inst.!here was
a fair supply of cost and freight offers from Brazil. Prices
in some cases were lower. For prompt shipment, Santos
Bourbon 2-3s were quoted at 15.05 to 15.7004 3s at 13.40 to
14%c.; 3-4s at 13.00 to 14.85c.; 3-5s at 13.10 to 13.90c.;
4-5s at 1234 to 14.05c.; 5s at 12.900.; 5-6s at 12.55c.; 6s at
10.65 to 103c.; 6-7s at 10.90c.; 7s at 103c.; 7-8s at 8.75 to
%
9.80c.; 8s at 9.45c.; part Bourbon 2-3s at 1534 to 15.950.;
3s at 14.600.; 3-5s at 13 to 13.30c.; 6s at 11.30c.; 7-8s at
8.4004 Rio 7s at 8% to 8.85e.; 7-8s at 8.40c. to 8.650.;
Victoria 5-6s at 934c.; 7s at 8.60 and 7-8s at 8.400. To-day
cost and freight offers were about unchanged.
Fair to good Cucuta, 1434 to 15c.; prime to choice,
to 163c.; washed, 1634 to 17%c. Colombian, Ocana, 153
1434
to 15c.; Bucaramanga, natural, 1434 to 1534c.; washed,
1734 to 18c. Honda, Tolima and Giradot, 1734 to 180.;
Medellin, 183. to 183c.; Manizales, 1734 to 18c.; Mexican,
washed, 1734 to 1834c.; Surinam, 1234 to 133/i43.; Ankola,
24 to 30c.; Mandelling, 36 to 35c.; Genuine Java, 27 to 28c.;
Robusta, washed, 1234 to 13c.; natural, 1034 to 11c.;
Mocha, 2234 to 233jc.; Harrar, 193 to 20%c.; Abyssinian,
%
1634 to 17c.; Guatemala, prime, 173 to 18c.; good, 16 to
17c.; Bourbon, 15 to 1534e. On the 10th inst. futures
were unchanged to 5 points net higher on Rio and one lower
to 10 higher on Santos with very little business, though Rio
and Santos cables were slightly higher. On the 12th inst.
futures were dull and May ended 12 points off to 3 up.
Brazil bought early but later European selling carried the
day. Santos cabled May 12: "Again buying for Government and owing to great amount of Rio and Santos, is
now only interested in this quality, paying equivalent of
12.25c. c.&f. for Rio 4s. Merchants here positively selling
on street 4s strictly soft equivalent to 13.50c. owing to
extreme scarcity. From to-day no more coffee allowed to
be shipped from interior to Santos until July 1. Many here
bearish but others believe that the 3,000,000 bags Wille
must buy for bankers before July 1 1931 will strengthen the
market. Owing to extreme scarcity of 5s and better that
are strictly soft, most exporters are hand picking their stocks
to produce high grades." On the 13th inst. futures advanced on a scarcity of contracts and a moderate demand
partly from Brazilian connections. There is still the old
tendency to overdo the short side and play into the hands
of the Defense Committee.
Prices advanced 5 to 28 points on Brazilian buying though
trading was not at all active. Rio rose 8 to 15 points and
Santos 5 to 21. Santos had the most attention. On the
14th inst. futures in a very dull market declined 1
points on Santos while Rio ended unchanged to 6 to 10
points
lower. Scattered liquidation and selling attributed
to
Brazil explained the decline. On the 15th inst. futures declined 10 to 23 points on an increase in invisible supplies
Brazil selling in a stagnant market. Brazil's interior and
on April 30 totaled 23,367,000 bags against 9,772,000 stocks
at
same time last year, according to the Sao Paulo Coffee the
stitute. The visible supply of the world on May 1 was Inp63,682 bags against 5,206,712 bags on May 1 1929. To 5,futures declined on weak Rio cables and selling by trade-day
and
other houses. Trading in futures was small. Brazil
to be the principal buyer. Europe sold. Rio closed seemed
1 point
lower to 2 higher with sales of 11,000 bags and Santos ended
points lower to 1 higher with sales of 16,000 bags. Final
rices show a decline for the week of 8 to 15 points on
Rio
and 4 to 16 points on Santos.
Rio coffee prices closed as follows:
Spot unoffic111_ 91
582812c
1zt
Jul
ni
8.23
IMarch
8.01nom May
0
8.47.1
7.850nom
7.7544nom
Santos coffee prices closed as follows:
13.24@13.26 Sept
12.17Q ---IMexch----11.63011.65
May
July
12.6302
IDec
11.86Q nomIMay
11.536 nom
COCOA closed 15 to 18 points higher to-day with sales
of 107. May ended at 7.62c.• July, 7.87c.; Sept., 8.17c.
Final prices are 13 to 19 points lower for the week.
SUGAR.
-Cuban prompt raws were quiet early in the
week at 3.240. duty paid. Later 1 7-16 to 3.21. Refined
was quiet at 4.90c. but resales were at 4.65 to 4.6734e.
Receipts at Cuban ports for the week were 105,224 tons
against 109,653 tons in the same week last year; exports
113,866 tons against 103,331 last year; stock (consumption
deducted) 1,745,895 tons against 1,543,222 last year;
centrals grinding 70 against 22 last year; of the export
Atlantic ports receive 67,161 tons; New Orleans, 8,026;
Interior United States, 4,585; Galveston, 8,560; Europe,
25,534. Receipts at United States Atlantic ports for the
week were 110,412 tons against 89,602 in the previous week
and 85,497 in the same week last year; meltings 65,477
against 57,552 in previous week and 51,623 last year;
importers' stocks 219,435 against 216,475 in previous week
and 367,077 last year; refiners' stocks 267,897 against 225,922
in previous week and 287,201 last year; total stocks 487,332
against 442,397 in previous week and 654,278 last year.
Futures on the 10th inst. were quiet closing 2 points lower
to 1 point higher with sales of 14,750 tons. Wall Street sold
Sept. and Dec. Investors bought. On the 12th inst. May
was 6 points down to a new low of 1.33c. and raw to 3.21c.
the lowest on record since 1860. Other months fell 1 to 2
points. On the 12th inst. sales of raw were 50,000 bags of
prompt Cuban early at 1 15-32c. c.&f. and later 116,000
bags at 1 7-150.
Havana press reports state that Dr. Gutierrez is said to
have stated that although the International Convention at
Brussels has been suspended, he has been invited by the
President of the convention to have an interview with him
in Paris and that perhaps the interview may result in another international conference early next year. On the 13th
inst. futures fell 2 to 5 points to new lows. These were becoming a commonplace. All months got down to a low level.
Cuba and Porto Rico are supposed to have sold freely.
Pressure from those quarters it seemed was too strong to be
resisted. The total sales were estimated at 54,800 tons
of the old contract and 4,850 of the new. On the 12th inst.
it is estimated between 200,000 and 300,000 bags of Cuba
sold at 1 7-16 to 3.21e. Philippines sold at 3.17 to 3.190.
delivered closing with Cuba nominally 3.21.0 On the 13th
inst. early London cables reported a sale of a cargo of raw
sugar for May shipment at 6s 9d. c. i. f. equal to 1.32o.
f. o. b. Cuba. The market was reported steady at the decline, with sellers of June shipment at 6s 103/2d. equal to
1.34c. f. o. b. Little interest was manifested by refiners.
The British trade is disposed to attach little credence to a
rumor that Java, felling the pinch of present low prices, is
approaching Continental producers on the subject of crop
restriction. British refined has been reduced 3d. On the
13th inst. 4,500 tons Philippine sold in port at 3.19e. delivered or 2 points under 1 7-16e. c. & f. Cuba.
On the 14th inst. the monotonous fall of futures to new
low levels continued-this time to 1.30e. for May rather
suggesting in an economic sense the ancient saying "the
descent Avernus is easy." Cuban selling accounted for the
new deline. But later when this selling ceased the tone
became better. Futures in fact closed 2 to 3 points higher
reflecting a better technical position. The sales were only
27,400 tons. The fact that a good rally is theoretically due
does not stimulate buying. Operators have been deceived
so often. Prompt Cuban was quoted at 1 7-16d. to 3.21o.
Refined was 4.90o. with fair withdrawals. Resales were
4.6234 to 4.65c. Present withdrawals are on the April 4
contracts which expire May 20. On the 14th inst. 2,000
tons of Philippine raw sugars in port sold to Philadelphia at
3.1534c. delivered, equal to 1 25-64c. c.&f. for Cubas, a new
low spot price. Futures on the 15th inst in an oversold
market advanced 3 to 6 points on talk of a new movement to
restrict production in Cuba and Porto Rico. The trading
was in 48,550 tons. Prompt Cuba dui., 1 7-16 to 3.21o.;
2,000 tons Philippines sold at 3.15%c.
Stocks on Czechoslovakia on May 1 1930 were 426,300 tons, against 512,300
tons on May 1 1929. Exports to European countries during
April this year from Czechoslovakia were 50,900 tons,
against 371600 in the same month last year; exports elsewhere during April 1930 were 100 against 400 last year.
Renewed rumors that negotiations are to be or have been
opened by Java with Cuba and European sugar producers
with a view to an agreement to restrict production next
year received little credence here. It is rumored that Java
has agreed with Germany, Poland and Czechoslovakia to
reduce production 20% next year if Cuba will agree to do the
Same.
Havana cabled that a total of 91 mills have now completed
grinding operations with an aggregate production of slightly
3568
FINANCIAL CHRONICLE
over 98% of Guma's estimate for these mills. According to
current reports Europe is in the market for 500,000 tons of
Cuban raw sugars at a little under present prices. Also,
there are renewed rumors that Russia is negotiating for the
purchase of 150,000 tons of Cuban raws. On the 15th inst.
it was rumored that a cargo of Cuban raw sugar had sold
early to New Orleans at 1 7-16c. e. & f. On the 15th inst.
two cargoes of Cubas for late May arrival sold to operators
at 1 7-16e. c. & f. New Orleans has bought 10,000 bags of
prompt shipment Cubas at 1 7-16c. and 1,000 tons Philippine for early June arrival at the equivalent delivered price
of 3.21e.
On the 15th inst. London was reported steadier on restriction rumors. It is understood that representatives of various
producing countries interested in Java's restriction proposition, are gathering at Amsterdam and that the matter is
likely to be taken up very promptly. In London there were
limited offerings of centrifugals for June shipment at 6s.
103.d. c.i.f. equal to 1.36e. f.o.b. for Cubas. Some improvement was noted in the trade demand. Java cabled
Willet & Gray as follows: "Exports in April to India, China,
Japan, &e., 110,000, against 26,907 in April last year;
exports from May 1 1929 to Apri130 1930 to Europe,282,572,
against 412,974 in the same period last year; to China,
India, Japan, &c., 2,110,974, against 2,208,965 in the same
period last year. Latest reports are that the Russian purchase has not yet been made but it is expected that it will
be completed to-day. To-day futures advanced early on
further covering and outside buying. Some say prices are so
low that they may discourage production. The ending was
at an advance for the day of 4 to 6 points. The market
still looks oversold. It was rumored that a cargo of Cuba
sold at 1 15-32e. or 3.24c. delivered. London was firmer
early to-day. British refined advanced 3d. and the trade
demand was reported heavy. Parcels of centrifugals were
sold for June shipment at 7s. c.i.f. equal to 1.38e. f.o.b.
3
and at 7s. 4d. c.i.f. or about 1.39c. f.o.b. There were
reported to be additional buyers at this price with the
offerings small. Final prices here show an advance for the
week of 3 to 6 points.
Closing quotations follow:
1.700nom
Spot unofficial-1 7-16 1Sept
1.59©1.60 Jan
1.410nom Dec
May
1.6701.68 March
1.7601.77
[VOL. 130.
including switches 500 bbls. old contracts. Crude S. E
73d. bid. Prices closed as follows:
gy
fot
a
July
September
October
Old.
New.
8.80
8.88@9.05
8.8608.90
9.0709.10
9.0809.10
November
December
January
February
March
April
8.45@8.5
8.47@8.5
8.49@8.5
8.49@8.6
8.6708.7
8.6808.8
PETROLEUM.
-The tank car prices of gasoline at r
fineries was raised late last week %c. by the Standard Oil Co
of New Jersey, the Sinclair Refining Co. and the Pure 0
Co.. These companies are now quoting 9c. while other co
pames marketing in this section are asking 10c. a gabo
The Sun Oil Co. advanced U. S. Motor in tank cars refine
%c. to 9e. The Richfield Co. announced an increase of %.
in tank cars at Baltimore and Norfolk to 9%c. The strengt
of the market is attributed to the marked increased in co
sumption. Gasoline buying of late has been on a larger seal
and a steady improvement is reported in the call for spo
goods. The contract movement is satisfactory. Stocks he
are small and consumption is steadily increasing. Leadin
refiners here quote 9 to 10c. in tank cars at refineries. E
port business is good, Kerosene was rather easier with 41-4
water white in tank cars 73 0.refineries. Export demand w
4
rather quiet. Domestic heating oils were in fair deman
Marme fuel oils were fairly active with bunker fuel oil grad
C $1.15 refineries. Diesel oil was steady at $2. Accordin
to adviees from Los Angeles major petroleum compani
have reduced drilling operations in the California oilfiel
almost 50%. Nearly all of the principal oil companies hay
entirely suspended drilling. The Shell Oil Co. which o
dinarily works around 60 strings, now has 35 operatin
while the Standard Oil Co. is working 33 against 50 normall
A price slash is threatened unless the independent operate
who have been against curtailment reduce their outpu
The South Penn Oil Co. to-day announced a further redu
tion of 25e. a barrel in Pennsylvania crude oil. That is
total reduction this year of 75c. The new top price f
Pennsylvania crude oil is $2.30 paid for oil run throug
National Transit Lines after July 11929. Oil run prior
that date commands $2.25 a barrel. The lowest price pai
for Pennsylvania crude under the new schedule is $1.95 f
oil run through the Buckeye Pipe Line. Other grade of o
July
1.51@
purchased by the South Penn Oil Co. are unchanged. T
LARD on the spot was quiet at 10.80 to 10.90e. for prime decline in Pennsylvania crude is attributed to continue
Western; refined to Continent 103 c.; South America, lie.; overproduction.
4
Brazil, 12e. Spot prime Western on the 13th inst. wa§ up
Tables of prices usually appearing here will be found on an earlier page
our
to 10.90 to 10.95e. Later it was 10.85 to 10.90c. Futures and department of "Business Indications," in an article entitled "Petrole
Its Products."
on the 10th inst. were unchanged to 3 points higher. Hogs
-On the 10th inst. lower cables caused sellin
RUBBER.
were steady at 10.25e. Futures on the 12th inst. advanced
2 to 5 points with grain higher, and shorts covering. Hogs and prices fell 12 to 14 points on the new contract and 1
averaged 10e. lower with western receipts 113,400 against to 20 on the old; sales 40 tons of new contract and 517 of ol
102,121 a year ago, but this was offset by stronger grain London declined 1-16d. New contract here closed on t
prices. Exports from New York last week were 6,128,000 10th inst. with May 14.38c., Sept. 15.080., Dec. 15.590
of lard against 5,662,000 the week before. Liverpool lard March 16.13e. Old contract, May 14.20 to 14.30c., Jul
was unchanged to 3d. higher. Futures on the 13th inst. 14.50c., Sept. 14.90c., Dec. 15.40e. Outside prices: Ribbe
advanced 3 to 5 points with hogs steady, cash lard higher smoked spot and May, 14% to 14%c.; spot first latex th*
and shorts covering. On the 14th inst. futures ended un- 14% to 14%c.; thin pale latex, 14% to 15c.; clean thi
13%c.; specky crepe, 13% to 137 2
/
e
changed to 5 points lower with grain at lower prices. Hogs brown No. 2, 13% to %
5
were steady. On the 15th inst. futures fell 2 to 5 points with rolled brown crepe, 9 to 9%c.; No. 2 amber, 13% t
4
hogs off 10 to 15 cents. Lard deliveries on contracts were 14%c.; No. 3, 13% to 137 3.; No. 4, 13% to 13%c. Para
.
4
250,000 lbs. Stocks of contract lard at Chicago for the first upriver fine spot, 15% to 153 3. Some begin already t
May consumption at around 48,000 ton
half of the current month increased 1,395,000 lbs. while estimate the Manufacturers'
Association report due th
during the same period a year ago there was a decrease of The Rubber
4,242,000 lbs. The trade was expecting a decrease of around week is expected to put the April consumption figure
4,000,000 lbs. To-day futures ended unchanged to 2 points about 41,000 tons agamst 35,914 in March and 47,521 to
higher with cotton and grain up. Final prices show a rise in April last year. London spot and May, 7 1-16d.; sp
opened at 7%d. On the 12th inst. the market was dull an
for the week of 3 to 5 points.
10 to 20 points lower. In London on May 12 the stock w
OF LARD FUTURES IN CHICAGO.
DAILY CLOSING PRICES
76,118 tons, against 75,540 tons in the previous week, a
Mon.
Fri.
Sat.
Tues. Wed. Thurs.
increase of 578 tons. On the 12th inst. London was 1-16
10.25
10.25
10.22
10.27
10.30
10.30
May
10.32
10.35
10.32
10.30
10.27
10.30
July
to 3-16d of
off; spot and May, 7d. Singapore was
10.57
10.55
10.50
10.52
September
10.50
10.52
May 65 d. In Liverpool the stocks on the 12th inst. we
%
PORK quiet; mess, $32; family, $34.50c.; fat back, $22.50 23,755 tons against 23,877 tons in the previous week,
to $26. Ribs, 14e. Beef firm; mess, $25; packet, $25 to reduction of 122 tons. Old contracts closed on the 12t
$26; family, $26.50 to $27.50; extra India mess, $42 to $44; inst. with May 14 to 14.1004 July, 14.30 to 14.40c.; Sept
:
No. 1 canned corned beef $3.10; No. 2, $5.50; six pounds, 14.70 to 14.80e. New contracts, May, 14.18c.; Sept
South America, $16.75; pickled tongues, $70 to $75. Cut 14.95e. Outside prices: Ribbed smoked spot and Ma
/
4
meats quiet but steady; pickled hams, 10 to 20 lbs., 180. to 14% to 143 c.;June,14% to 14%c.;July-Sept., 143 to 15e
%
%
19%c.; pickled bellies, 6 to 12 lbs., 188 to 193 c.; bellies, spot first latex thin, 14% to 14%c.; thin pale latex, 14%
inst. futures advanced 6 to 17 poin
4
clear, dry salted, boxed, 18 to 20 lbs., 16c.; 14 to 16 lbs., 143 c. On the 13th and 20
on the old. Dealers wante
also 16c. Butter, lower grades to high scoring, 27% to on the new contract
3534e. Cheese, flats, 19 to 26c.; daisies, 20 to 25c. Eggs, Sept. Not a few in switching sold May and July and boug
Sept. Some awaited visa statistics on the 14th and t
%
medium to extra firsts, 213 to 2534c.; closely selected, report on April consumption. But the technical positio
heavy, 26 to 27 1c; fancy whites, 1 to 2Mc. more.
was evidently stronger. The sales were 300 tons of ne
OILS.-Linseeb demand showed little or no improveent contract and 70 old. New closed with May 14.35c.; Sept
during the week but there was quite a little activity among 15.03 to 15.06c.; Dec., 15.53 to 15.55e. Old ended wit
crushers in taking care of deliveries against old contracts May 14.20 to 14.30c.; July, 14.50c.; Sept., 14.90e.; Dec
Raw oil in carlots, co-operage basis was still quoted at 14c. 15.400.; Jan., 15.60c. Outside prices were unchange
butbusiness would be accepted it is reported in some quarters London opened with spot and May 6 15-16d., but closed
at 13.8c. Shipments of Argentine flaxseed for the week are 7d.; Singapore, May, 6%d.
On the 14th inst. prices closed 10 to 20 points lower o
estimated at 787,000 bushels against actual shipments of
:
2,378,000 bushels for the same week last year. Cocoanet, the old contract and 9 off to 3 higher on the new Th
w
Manila Coast tanks, 63 to 6%c.; spot, N. Y. tanks, 6%c.; was virtually ignoring the consumption report which w
consumption
China wood N. Y. drums, carlots spot, 10c.; Pacific Coast, about what had been expected. The tons over Marc
spot-Dec. tanks, 8%c.; Soya liean, tanks coast, 940.; 40,207 tons in April, an increase of 4,293 stock on hand
domestic tank cars f. o. b. Middle Western mills 8%c; and the increases in imports and in the also about
e
tons were
Edible, Olive, 2 to 2.25c. Lard, prime 13%03.;extra strained 148,272 tons, against 107,658 transactions again wereas t
in
Winter N. Y. 113c. Cod, Newfoundland, 600. Turpentine, peeted. The bulk of the day's
49 to 55e. Rosin,$6.50 to $8.60. Cottonseed oil sales to-day new certificated contracts, in which 260 tons changed hand
MAY 17 1930.]
FINANCIAL CHRONICLE
3569
while 117% were sold on the "A" terms. New May closed Commerce. Stocks of coal stored in coke plants and steel
at 14.260.; September, 14.94c.; January, 15.74c.; old May, works are placed at 4,614,110 tons and 1,295,330 tons,
14.10 to 14.20e.; July, 14.30 to 14.50c.; September, 14.70 respectively, and coal in the hands of railroad consumers
to 14.80e. Ribbed smoked spot and May, 14% to 1438c. totalled 6,355,000 tons. Commercial stocks are not large.
/
London spot, May and June, 1 16d. higher at 7 1-16d.
TOBACCO as a rule has been quiet. Some buying of
Singapore, May,63 d. Singapore cabled the Rubber Ex%
.
change here: "The Johore Planters Association resolutioned Sumatra wrappers does not alter this fact. That descrip-cent cigars. Prices for it are
to favor the Government suggestion that weekly rest day be tion is wanted for making 5
observed by rubber plantations and native grower to the steady. At Amsterdam a good business was done in anticiprohibition of tapping on Sundays. They rejected second pation of a new tariff. Amsterdam cabled the U. S. "ToGovernment suggestions that tapping be prohibited during bacco Journal" on the 9th inst.: "Market firm at Sumatra
bimester winter season." The Rubber Association of America sale. About 5,500 bales bought for America." The
put the consumption in April at 40,207 tons, against 35,914 "Journal" quotes an opinion of a member of the trade just
in March and 47,521 in April 1929; arrivals, 49,927 tons, back from the sales to this effect: "Luckily the crop turned
against 45,430 in March and 54,171 in April last year; out far better than was first anticipated, but manufacturers
stocks on hand, 148,270, against 156,516 in March and and importers quickly realized that this crop would not
107,659 in April last year; stocks afloat 63,261, against produce the normal American supplies. This obvious shortage caused quite a scramble especially for the better lots
63,646 in March and 55,408 in April last year.
On the 15th inst. prices ended 20 points lower to 10 higher with the consequence that prices in general were not any
on the old contract and 17 lower to 4 higher on the new. lower this season than last year, but were again by no means
A mail order house cut tire prices 4 to 6 . Akron wired that as high as the top levels of various preceding crops. For the
it would have little if any effect. Outside prices here were as rest of the season one can hardly expect a change in the
a rule unchanged. May new contract 14.25c.; Sept., 14.91 present price." Havana Cuba, May 10: "Just the conto 14.920.; old May 14 to 14.20c.; July, 14.30 to 14.40c.; trary to rainy last week this has been a week of clear skies
Sept., 14.80e.; Dec., 15.20c.; March, 15.70c. Spot and May here in Havana and the same weather has prevailed in the
ribbed 14% to 143c.; No. 2 amber, 135 to 13%c.; London country, with possibly an exception here and there." May%
%
off; spot and May 6 15-16d.; June 7d. Singapore May,63td. field, Ky., "Continued bad weather for handling tobacco
/
To-day New York opened unchanged to 10 points lower on resulted in practically no deliveries during the week to the
the old and 3 to 14 points lower on the new contract. The markets remaining open." At Mayfield sales were 7,23q
'unofficial estimates of net changes in British crude rubber- lbs. for the week at an average of $8.94 or 77c. lower than
stocks as cabled to the Exchange here point to an increase in the preceding week. At Hopkinsville sales for the week
in London of 700 tons and in Liverpool of 700 tons. The 148,380 lbs. of dark at an average of $9.21 or 35e. lower than
old contract ended here unchanged to 10 points lower with the week before. At Clarksville sales 248,175 lbs. at an
sales of 80 lots and the new 10 to 25 points lower with sales average of $11.78 or 78c. lower. At Springfield sales
of 13 lots. London closed unchanged to 1-16d. lower; spot- 267,820 lbs.; average $12.90 or $1.12 lower than in the
preceding week." Premier Benito Mussolini, acting for the
May,6%d.; June,6 15-16d.; July-Sept.,7 1-16d.; Oct.
-Dec.,
7 5-16d.; Jan.
-March, 75 d. Singapore ended unchanged; Italian Tobacco Monopoly has, it is stated, raised from 10
%
No. 3 amber crepe spot, 6 1-16d. or 3-16d. net lower. Final to 33%, the retail prices of cigars, cigarettes and tobacco.
It is estimated that the higher prices thus put into effect will
prices show a decline for the week of 20 to 40 points.
add $26,200,000 annually to the fund for amortization of
HIDES.
-On the 10th inst. prices were irregular ending the public debt.
20 points lower to 4 higher with sales of only 150,000 lbs.
COPPER advanced %c. a pound early in the week to 13c.
May closed at 13.90 to 14.25e. on that day. Sept., 14.89 to
i
.c.
14.94. Imports this year are running ahead of last year. This rise was made in two advances of Y each. A good
Total to May 10th is 1,341,864 lbs., against 769,568 for the demand both for domestic and foreign account was reported
/
same time last year. On the 12th inst. future sales were at the rise. In fact when the price reached 123 0.the buying
large at lower prices ending 5 to 15 points net lower with was the heaviest seen since last Sept. when 90,000,000 lbs.
sales of 1,400,000 lbs. The trade bought a little more were sold in a few days. Copper companies and wire and
freely on the decline but professionals sold. River Plate brass manufacturers were the big buyers. Sales of copper_
frigorifico recent sales were 28,000 Argentine steers at 14% were estimated at 200,000 tons for six days up to Thursday,
to 143 c. with the tone steady after this business. City a new high record for purchases in so short a period. Foreign.
%
packer hides were dull. No offerings of May hides have sales on the 14th inst. were 16,000,000 lbs. and in the fore-,_
appeared; prices steady. Country hides were dull. Common noon of the 15th totalled 10,250,000 lbs. The export dedry hides were slow. Common dry Cucutas, 14c.; Orinocos, mand is holding up well but domestic buying has fallen off.
13%c.; Maracaibo La Guayra, Ecuador and Puerto Cabello, recently. Prices however were firm at 13e. for home de12 2c.; Central America and Savanilas, 12e.; Santa Marta, livery and 13.30c. c. i. f. European ports. In London on the
123 to 13e.; Packer spready native steers, 163c.; native 15th inst. spot standard dropped £1 to £55 5s; futures off
steers and butt brands, 14c.; Colorados, 13%c.
New 17s to 6d. to £55; sales 700 tons futures. Electrolytic unYork City calfskins 5-7s, 1.70e.; 7-9s, 2.050.; 9-12s., 2.70c. changed at £60 bid against £61 108 asked. At the second
On the 13th inst. prices ended unchanged to 5 points lower session in London standard fell 2s 6d. on sales of 350 tons of
with sales of 1,360,000 lbs. May closed at 13.90c. on that futures. There were no sales of futures on the 15th inst.
day. Sept. at 14.70c.; Dec. at 15.50 to 15.60c. On the
TIN was quiet and weaker. On the 15th inst. prices
14th inst. the market was active closing 5 points off to 15 dropped Ud. in the Straits tin markets. Early that day 5
up with sales of 1,360,000 lbs. Big traders have taken hold tons of prompt Straits sold at 323 c. f.o.b. New York, but
%
more aggressively than for some time past. May closed at at the close sellers were offering that position at 323c.;
14.05c.; July at 14.20c.; Sept., 14.65 to 14.72c.; Dec., June, 32.30c.; July, 32.45c.; Aug., 32.60e. Futures on the
15.560.; Feb., 15.80 to 15.90e. On the 15th inst. prices were exchange closed 55 to 65 points lower with sales of 130 tons:
irregular and trading less active ending 10 points off to 15 In London on the 15th inst. standard dropped £1 12s. 6d.
up. May closed at 13.95 to 14.10e.; Sept., 14.800.; Dec., to £147 10s. for spot and £149 5s. for futures; sales 50 tons
15.66c.; Feb., 15.90c. Of River Plate frigorifico hides, spot and 450 futures. Spot Straits declined £1 12s. 6d. to
3,000 La Blanca extremes sold at $34 or 1458c.; also 2,500 £149 10s.; Eastern c.i.f. London ended at £151 5s. on sales
/
La Blanca light steers sold at $28.50. To-day futures closed of 450 tons. At the second London session spot standard fell'
10 to 30 points lower with sales of 25 lots. June ended at £1, and futures £1 as.; sales 280 tons futures.
13.90c.; July, 14.050.; Sept., 14.64c.; Dec., 15.50 to 15.55c.
LEAD was a little more active at 5.600. New York and
OCEAN FREIGHTS -Some rates were low. Later 5.45c. East St. Louis early in the week. But recently the
grain was more active later at lower rates.
demand fell off because of the declines in London where
CHARTERS included coal, Hampton Roads, Juno, to Rio,
$3.35; prices on the 15th inst. fell 7s. 6d. to £17s. 6d. for both spot
part cargo, Hampton Roads, prompt to Montevideo, $3.35: Hampton and futures with sales
of 400 tons futures. At the second
-June, to Santos, $3.65. Grain: Montreal, second half
Roads. May
June, Greece, 2s, 11d.; Norfolk-Newport News, May 10-17, to Antwerp- session London advanced is. 3d. on sales of 50 tons futures.
Rotterdam-Amsterdam,8c. to 83c.: Montreal. June 2-14,to Mediterranean
ZINC was in better demand but trade is far from brisk.
11)4c.; Montreal, May. Mediterranean, 11c. Grain bookings, 53 loads to
English ports at Is. 6d. and is. 9d.; two loads to Glasgow at 2s. 3d.: eight Prices were 4.60 to 4.65e. East St. Louis. The margin of
loads to Rotterdam at 8c.; 14 to Antwerp at 9c.; three to Hamburg.
7c.; profit for producers of slab zinc is very slim despite the
May 13. 19 loads London at Is. 6d.; four to Rotterdam at 8c. Grain:
Montreal, May, Mediterranean, 15 loads to start on berth basis, some recent cut in the prices of ore. In London on the 15th inst.
say at 12c., others at 13c.; Montreal, prompt, Avonmouth or Manchester, prices fell 2s. 6d. to £16 7s. 6d. for spot and £17 for futures;
is. 730. one, and Is. 9d. two ports discharge; 35,000 qrs. Montreal,
sales 50 tons spot and 300 futures.
-June 10, Mediterranean, 103c. Tankers: Tampico, June
May 26
Ostermoor, 27s. 3d.; relet two voyages commencing California, July, to
STEEL has been declining with a decrease in output
to
United Kingdom-Continent, 44s.; dirty, Tampico, July, to OstermOor,
27s.; clean, prompt, to French Atlantic Gulf, 305.; Curacao, 28s. 6d.• measuring slowness of trade. Prices are the lowest since
Tampico, 32s.; North Atlantic or Black Sea, 25s. 6d.: Black Sea to United April 1922. The weakness spreads through pretty much
Kingdom-Continent, 22s. 6d., clean (last cargo whale oil) end May; Gulf
to United Kingdom-Continent,30s.6d.: Northern States to United Kingdom- the whole list. There is no blinking this fact. Prices for
Continent, 27s. 6d.. clean, May 20
-June 20: Constanza, 138.; Alexandria, the chief rolled products have fallen in some districts. Iron
14s. 6d.; Beyrouth, refined and (or) spirit, June-July. Sugar: Cuba.'
early June, to United Kingdom-Continent, 13s. 3d.; Cuba, June to United and steel scrap have recently been dropping to new lozis at
Kingdom-Continent, 128. Time: Trip up, delivery West Indies, May, the rate of 25 to 50 cents. Semi-finished steel is following
-edelivery St. Lawrence, 80c.
this trend. Steel production tends to decreaSe and some
COAL was in fair demand and some think there would be are doubtful whether there will be much it any increase
a better business if rail freight rates which it is said fully before next Autumn. The plate operations are put at 75%
double the cost of many kinds at the mine. Washington or 10% under the higher. The output of rails is decreasing.
wired May 14 that stocks of bituminous coal held by com- Youngstown reports the steel pipe capaeitY in the Youngsmercial consumers on April 1 totalled 33,100,000 tons, a town and Pittsburgh district as averaging 60% ,a disappointdecline of 3,800,000 tons from the total of 36,900,000 tons jag report. Seamless tube mills in that 'vicinity are not
reported on the same date last year, according to figures operating at more than 60%. Tin plate production averages
oompiled by the Bureau of Mines of the Department of 80%. Sheets are in demand for metal lath, refrigerators,
3570
[VOL. 130.
FINANCIAL CHRONICLE
steel shelving and furniture and for farm implements with
The following table shows the week's total receipts, the
some business with automobile concerns. The demand at total since
Aug. 1 1929 and the stocks to-night, compared
the end was summed up as mostly for steel pipe for gas
lines, fabricated steel and shipbuilding material but there is with last year:
no activity in anything.
Stock.
1929-30.
1928-29.
11% PIG IRON has remained dull and Eastern Pennsylvania
Receipts to
May 16.
This Since Aug This Since Aug
has dropped 50c. No.2x Buffalo is being offered, it is said,
Week. 1 1929. Week. 11928.
1930.
1929.
to New England at $16 at furnace. In the Central West
Galveston
4,906 1,725.764 6,404 2.740.954 230,304 229,358
prices have been depressed at the usual quiet period. Com- Texas
303 137,048
City
10,017
4,422
262 177,001
petition is naturally stirred. The composite price is put at Houston
6,359 2,593.300 6,755 2,823,575 672,465 383,004
297 386,964
$17.58 the lowest since July 1928. The drop was due to the Corpus Christi,,
11,485
___- 256,831
Beaumont
15.319
15,915
decline in Philadelphia prices.
New Orleans
17,910 1,598,979 6,750 1,533,153 412,481 244.075
Gulfport
498
WOOL.
-Boston was not stronger despite the firmness Mobile
2,669 388,801
17.480
1,149 268,653
5,051
and advancing tendency in London. Boston reported a fair Pensacola
32,186
424
12,797
Jacksonville
384
674
-_-_
186
business in Western grown 64s and finer wools. The market Savannah
867
10,516 465,125 1,612 355,326
15,840
46,902
is steady on original bag wools of this grade at 70 to 73c. Brunswick
7.094
Charleston
11,622 201,030
scoured basis. A little more business is being reported on Lake
20,206
40 165,806
26,949
Charles_
9,763
5,505
58-60s strictly combing territory wools, but prices are Wilmington _ _ - ---- 91,695 ---- 125.075 12,903 21.433
53
266
slightly easier. Ohio & Penn. fine decline, M blood, V and Norfolk
8,663 156,250 1,668 226,936
64,019
I
54,390
N'port News, &c_
92
Yi blood, 29 to 30c.; Territory clean basis, fine staple, 75 New York
46,094
11,220
591
53,993 180,720 177,279
Boston
to 80c.;fine medium, French combing, 70 to 75c.fine medium
242
2.084
1,962
8
4.796
3,243
Baltimore
43,095 1,071
1.117
1,735
53,416
clothing, 65 to 68c.; M blood staple, 70 to 75c.; Yi blood, Philadelphia
753
4,497
11
---5,216
63 to 65c.; 3 blood, 55 to 56c.; Texas clean, fine 12 months,
Totals
74.760 7.901.728 27.000 8.818.066 1.670 686 1.101.861
75 to 78c.; pulled, scoured basis, A super, 65 to 72c.; Australian, clean, 64-70s combing super, 55 to 57c.; New Zealand
In order that comparison may be made with other years,
clean basis, in bond 58-60s, 46 to 47c.; 46-48, 45 to 46c. we give below
the totals at leading ports for six seasons:
San Angelo, Texas, wired May 15th that sales of 130,000
lbs. of Texas fine 12 months' wool to Wright Bros. Of Boston, Receipts al- 1929-30. 1928-29. 1927-28. 1926-27. 1925-26.
1924-25.
Silberman & Son of Chicago and Charlotte, Va., woolen
Galveston_ _ _ _
4,906
6,404
25.952
13,774
10,936
11,809
mills at the sealed bid sale of the Wool Growers' Central Houston*_ ___
6,755
6.359
9,739
14,299
20.526
15,527
Storage Co. here this morning set new high price for the New Orleans.. 17 910
6,750
23,263
14,378
15.136
11,112
2.669
1,149
7.274
4,471
3,164
313
season, which thus far has been 27c. Prices not announced Mobile
Savannah_ __ _
1,612
7,829
10,516
9,640
14,729
546
known to be above 27c.
but
Brunswick 40
4,117
11,622
5,590
In London on May 13 the third series of Colonial wool Charleston _
3,290
1,705
266
971
53
5,457
933
93
sales in the current year opened. Offerings, 143,500 bales. Wilmington
Norfolk
8,663
1,668
1,801
2.864
2,707
2.475
The sales will close May 30. On May 13 attendance was N'port N.,&c.
12,062
2,356
3,377
3,178
1,804
1,209
large; offerings, 10,700 bales. Active general demand. All others
Prices advanced 72 to 10%. Merinos, 10% higher; Tot, this week 74,760 27,000 84,323 73,651 73,225 44,069
greasy crossbreds, both New Zealand and South American, Since A112 1 7 001 728 8.818.066 7.983.024 12228368 0_087_660 R 0(17.11R3
and New Zealand slipe were 73% higher compared with
*Beginning with the seaston of 1926, Houston figures include movement
March sales. Details:
of cotton previously reported by Houston as an interior town. The dis-
Sydney, 1,060 bales; greasy merinos, 10 to 1734d. Queensland, 580
bales; greasy merinos, 73j to 1334d. Victoria, 563 bales; scoured merinos,
1534 to 23d.; greasy, 12% to 17d. South Australia, 883 bales; scoured
merinos, 19 to 23d.• greasy, 7% to 12d. West Australia, 209 bales;
to
greasy merinos, 11 ' 13d. New Zealand, 3,825 bales; scoured merinos,
25 to 2534d.;scoured crossbreds, 13% to 15%d.; greasy,9 to 12%d. Cape,
-id. Puntas, 3,487 bales; greasy
72 bales; scoured merinos, 18 to i83
merinos, 7% to lid.; greasy crossbreds, 8 to 11d. New Zealand slipe
-bred lambs.
ranged 73i to 15d., latter half
In London on May 14 offerings, 9,200 bales. Prices firm.
Demand brisk from the Continent and occasionally from
America. The Falklands selection of greasy crossbreds
were all sold to Continental buyers at prices 7 to 10%
above March rates. New Zealand greasy crossbreds best
4
58s realized 13d.; 56s, 12d.; 50s, 113 d.; 46-48s, 11d.;
A
2
46s, 103/d.; shabby, 44. 46s, 93 d. Details:
Sydney, 620 bales; scoured merinos, 13 to 26d.; greasy, 123i to 18d.
Queensland. 1,052 bales; scoured merinos, 21% to 31d.• greasy. 10% to
12%d. Victoria, 463 bales; scoured merinos, 20 to 2430.; greasy, 113i to
'
15Yid. South Australia, 261 bales; scoured merinos, 15 to 23d.; greasy,
12 to 12% d. West Australia, 893 bales; scoured merinos, 1934 to 22d.;
greasy, 934 to 15d. Tasmania, 53 bales; greasy crossbreds, 1134 to 1234d.
New Zealand, 4,555 bales; scoured crossbreds, 934 to 1734d.; greasy, 834
to 13d. Falklands, 1,279 bales; greasy crossbreds. 8 to 13d. New Zealand
-bred lambs.
slipe ranged 8 to 161., latter half
In London on May 15 offerings, 10,700 bales. Home
and Continent good buyers. Fair demand from America.
Prices firm; slipe blanket grades tending upward. A larger
assortment of Cape wools, mainly greasy wools and all 5 to
7% above March closing rates. Details:
Sydney. 639 bales; scoured merinos, 2134 to 28d.; greasy, 10 to 20d.
Queensland, 960 bales; scoured merinos, 16 to 2634ci.; greasy, 10 to 1334d.
Victoria. 631 bales; scoured merinos, 1934 to 24d.; greasy. 13 to lb%.
South Australia, 193 bales; greasy brossbreds, 83.4, to 1134d. West Australia, 297 bales; greasy merinos, 834 to 1534d. Tasmania, 135 bales;
greasy crossbreds, 10 to 13d. New Zealand, 3,871 bales; scoured crossbreds. 1334 to 1834d.; greasy, 8 to 13d. Cape. 660 bales; greasy merinos,
63-4 to 13%d. Puntas, 3,223 bales; greasy merinos, 634 to 934d.; greasy
crossbreds, 7 to 12d. New Zealand slipe ranged 9d. to Hid., latter half-bred combing.
bred lambs. Puntas slipe ranged 1034 to 14d., latter half
SILK to-day closed 1 point off to 2 up with sales of 50
bales. May, 4.02 to 4.06c.; July, 3.88 to 3.900.; Sept.,
3.84 to 3.88c. Final prices are 1 to 5 points lower for the
week.
COTTON
Friday Night, May 16 1930.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams fL om the South to-night, is given below. For the
week ending this evening the total receipts have reached
74,760 bales, against 49,161 bales last week and 50,024 bales
the previous week, making the total receipts since Aug. 1
1929 7,901,728 bales, against 8,818,966 bales for the same
period of 1928-29, showing a decrease since Aug. 1 1929 of
917,238 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
789
Thurs.
351
Fri.
324
Total.
4,906
303
6.359
297
17,910
2,669
10,516
11,622
53
8,663
11,220
242
Galveston
Texas City
Houston
Corpus Christi
New Orleans
Mobile
Savannah
Charleston
Wilmington '
Norfolk
New York
Boston
291 2,514
637
---------------------303_
708
'
884
834
173
47
60
__
4,28 3,746 3,599 2,053
2:6
460 2,038
82
55
14
1,046 1,262
1,277 1,712 3.141
637 1,748 3,064 2,408 2,659
3
10
13
____
12
664
799
2,212 3.175 1.112
281 2,937
959 5.198
--------100
142
----
960
17
1,617
20
2,078
1,106
15
701
1,845
-___
Totals this week_
8,263 13,221 20,028 10,314 12,948
9,986 74.760
16
7
tinction between port and town has been abandoned.
The exports for the week ending this evening reach a total
of 33,630 bales, of which 8,661 were to Great Britain, 3,086
to France, 7,457 to Germany, 1,855 to Italy, 9,074 to Japan
and China, and 3,497 to other destinations. In the corresponding week last year total exports were 76,045 bales.
For the season to date aggregate exports have been 6,229,706
bales, against 7,307,958 bales in the same period of the previous season. Below are the exports for the week.
Exported to
Week Ended
GerMay 16 1930.
Great
Exports from
- Britain. France. man].
Total
4,838
1,323
359
1,304
1,929
994
300
800
1166
8,661
Galveston
IIouston
New Orleans_ Mobile
Savannah
Charleston
Norfolk
San Francisco_ --
3,086
406
3,244
4,325
1;655
1,581 7,564
866 6,900
795 12,708
240
971
1,929
994
550
15 2,014
1,855
9,074
3,497 33,630
250
7,457
Total.
1,855
13,450 1,955 17,335 5,385 17,613 14,605 5,702 76,045
31.485 16,936 49,443 24,522 10,300 25,407 10,739 168,832
Total 1929
Total 1928
From
Aup. 1 1929 to
May 16 1930. Great
Exportsfrom- Britain. France
Galveston_ __.
Houston
Texas City
Corpus Christi
Beaumont_ _.
Lake Charles_
New Orleans..
Mobile
Jacksonville
Pensacola _ .. _ _
Savannah..
Brunswick
Charleston__ _
Wilmington
Norfolk
New York_ _ _
Boston
Baltimore_
Philadelphia__
Los Angeles__
San Diego_ _
.
San Francisco
Seattle
Portland, Ore
Total
2,399
2,431
1,646
731
Japan&
Italy. Russia. China. Other.
Exported to
Germany.
Japan&
Italy. Russia China. Other.
Total.
191,795265,840 336,696 176,149 8,123288.602268,6371,533,642
213,041 338,946 441,393 175,672 12,521 331,987 206,131 1,719,691
35,5521 2,533
____ 3,151 12,068 95,379
26,737 15,338
102,113 71,070 53,580 36,517 41521 27731 30,257 362,789
15 319
.
-------3,291
_
3,7771 1,014
3,332 3,905
----- 450
5,038 3,654
318
9,823
363
252,916 79.401 212,176 172,513 15,875203,053 99,4891.035,423
____ 21,487 6,510 309,102
89,859 8,232 174,024 8,990
141
141
25,824
____
200
____ 1,000
55 32,586
5,507
__ 11.500 5.793 377,655
146,233 1,058 207,641 5,430
7,094
7,094
115 61,305
421
40,405 12,635 170,969
56,089
12,271 44,911
__
12,987
--------2,000 72,168
30,235 --------600
61,335-_
349 82,519
___ 2,497 8,736 52,239
3,630 9,1145 23,436 4895
-60 3,251
3,988
353 -332 -------
1,i58
72
40,833
5,250
8,316
--5:940
46,438
1,5Eio
500
3,150
200
229
___ 151,W) 2:iiii 248,750
8,150
2,900
____
____ 49,885
262 82,313
24,245
24,245
__
4,237
____
4,237
1 217,996800,8431,673,147634,457 78,0401163219662,2046,229,708
Fotal 1928-291.788,654765,9991,822,818820,173208,7061375057728,5537,307,958
Total 1927-28 1,313.984824,887 1,966,287 583,662244,477897,292785,8828,618,471
-It has never been our practice to Include in the
NOTE.
-Exports to Canada.
above table reports of cotton sh pments to Canada, the reason being that vIrtualli
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 March the exports to the Dominion the present season
have been 15,314 bales. In the corresponding month of the preceding season the
exports were 24,719 bales. For the eight months ended March 31 1930 there were
149,382 bales exported, as against 194,398 bales for the eight 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
May 10 at
Galveston
New Orleans
Savannah
Oharleston
Mobile
Norfolk
Other porta*
Other CoastGerGreat
Britain. France. many. Foreign wise.
5,800
2,658
Total.
Leaving
Stock.
4,000 14,000
2,000 37,500 192,804
240 11,150 401,331
200
200
46.702
250
250
26,699
200 2,325
2,726
220
220
54,170
500 23,000 871.609
9,948 9,544 39,585
8,825 10,640 50,251
5.366 13,338 47.717
3.610 74,645 1,596,041
4,410 88,262 1,103,599
3,618 83.046 1,240,890
5,200
2,623
1,01110
-125
2,500
2,000
11,958
Total 1930
14,136
Total 1929
13,007
Total 1928
*Estimated.
3571
FINANCIAL CHRONICLE
MAY 17 1930.]
4,500 20.000
1,044 4,585
----
1,000
the end of April 1929. The approximate daily consumption
was 21,300 bales, as against 21,600 bales in March and
26,100 bales in April 1929.
On'the 15th inst. the new crop advanced 10 to 17 points
on unfavorable rains In Texas and Oklahoma, with rumors
of new floods in Texas. That counted for more than
favorable rains in the Eastern belt. The Central belt did
not have enough rain. The old crop was quiet and ended
at a point net lower. At one time it was down 5 points.
The Liverpool cables were higher than due. The East
Indian crop was recently estimated at only 5,260,000 bales,
against 5,811,000 last year. The total foreign crop this
season is 12,146,000 bales, or 365,000 less than a year ago.
The increase in the American crop, including linters, was
put at 310,000 bales, offsetting the decrease in the East
Indian crop. Spot cotton was as dull as ever, and insignificant exports made a very strange, almost incredible,
showing as compared with that of a year ago, Le., an
approximate decrease of 1,170,000 bales. To-day prices advanced some 20 to 30 points, owing to heavy rains in the
Southwest, and bad reports from Texas. The Dallas "News"
says that heavy damage was done by recent torrential rains,
hail and sand storms, and overflowed bottom lands in Texas.
And very heavy replanting will have to be done. Heavy
rains to-day in Oklahoma and Arkansas and reports that
the Arkansas rivers were nearing the flood stage had no
small effect. Covering was active. Offerings were smalL
Contracts at times, indeed, were scarce. At the same time,
the Atlantic States, which need rain, got very little. On
the other hand, spot business was dull. Exports were still
small. The weekly statistics were, as a rule, bearish. Manchester was dull. Worth Street was quiet, and there were
reports that prices were cut 5.fic. in some cases. Georgia
mills, it is said, are running only 40 to 45 hours a week.
Carolina mills operate only every other week. Reports from
New England were gloomy. The National Association of
Cotton Manufacturers state that New England cotton mills
have gone much further in curtailment than those of other
sections of the country. They have not operated even a
full time day shift of 55 hours a week and night work is
practically unknown. In the first quarter of 1930 the
Association says the average spindle in place ran 73.2 hours
less than the legal limit in the New England States. Final
prices, owing to bad weather and heavy covering of shorts,
show a net rise for the week in the new crop of 30 to 50
points. The old has been neglected, and ends 3 to 4 points
net lower than a week ago. Spot cotton advanced 15 points
to-day to 16.50c. for middling, but for the week shows a net
decline of 5 points.
Speculation in cotton for future delivery has been on
only a moderate scale, but prices have advanced on the next
crop because of unduly heavy rains in the Southwest. At
times they have been very heavy in Texas and Oklahoma.
Within 24 hours they have been heavier in Oklahoma and
Arkansas. The old crop lagged behind the new crop, the
trading in it being smaller, not many people caring to
operate in it because of the uncertainty as to what will
be done about July. The premium on the old crop over
the new has accordingly been reduced. The cotton goods
situation at home and abroad is bad. On the 10th inst.
prices were irregular, within a narrow range, at one time
declining, but rallying later on the fear of a wet May, at
least west of the Mississippi River, and especially in Texas
and Oklahoma. Some sold out July in undoing straddles
and bought new crop. Fifty stations in Texas had rain,
with as much as three inches at highly productive points
of Central Texas. Oklahoma had very general rains. Texas
and Oklahoma want dry, warm weather. Dallas reported
that the heavy rains had done much damage in Texas. It
seems that lowlands were flooded. Rivers and streams
overflowed. Prices ended about unchanged for the day.
On the 12th inst. prices were very irregular, May and
July falling 35 to 36 points, and the new crop rising 30
to 40 points or more. This was largely due to liquidating
straddles by selling July. July's action had been disappointing under the selling' of trailers. There was vigorous
buying of new crop. It was strong because of the excessive
rains in the Western belt and an insufficiency of rains in
parts of the Eastern belt, especially the Atlantic States.
Texas, Oklahoma and Arkansas had rainfalls reaching in
some cases three to four inches. Louisiana had three to
four and a half inches. And night temperatures were too
cold. But the Liverpool cables were lower than due. Manchester was dull. The East Indian situation was still bad.
The troubles, too, are largely in the Sholapur district, the
cotton mill center of India. Spot cotton was dull and exports small. And the April figures of the Textile Merchants'
Association made an illuminating exhibit. The sales for the
month were 86.8% of the production against 111.8 in March
and 91.4 in February; shipments 98.5 against 101.6 in
March and 102.9 in February; stocks increased 0.9 of 1%
against a decrease in March of 1%,and in February of 1.7%:
unfilled orders decreased 7.8% against an increase of 7.5%
in March and a decrease of 7.8% also in February. On the
other hand, some of the textile news was more cheerful.
Manchester N. H., wired that the Newmarket Manufacturing Co., which had been running its cotton mills only four
days a week, has resumed work at the rate of 54 hours
weekly. The Nashua, N. H., mills large producers of fabrics and blankets, are operating no longer hours than
recently. The Exeter Mills have added to their output.
The Cotton Textile Institute at its annual convention at
Chicago on May 20 to 22 will feature new summer cotton
dresses, perhaps taking a hint from England, where a similar
effort Is being made with the aid of the Queen.
On the 13th inst. prices advanced 25 to 31 points on the
old crop, led by July, which was in smaller supply and
better demand, and declined five to 10 points on the new
crop, owing to beneficial rains in the Central and Eastern
belts. But at nearly 70 stations in Texas there were rainfalls of up to 5% inches. Rainfalls in Oklahoma were also
general, and in some cases reached two inches. This prevented the decline in the new crop from going very far.
In fact, at one time new crop months werea few points higher.
Spot markets advanced, though the sales were still very
small. Exports were under 1,500 bales. Worth Street and
Manchester were still dull. On the 14th inst. prices declined 20 to 32 points on beneficial rains in the Central
and Eastern belts, lower cables than due, and general
liquidation. July acted the best. The certificated stock
at six points was up to 447,300 bales, but this, though it
was noted with interest, was not a real factor in the
trading. Spot markets were dull and 20 to 25 points lower.
Exports were only 8,300 bales. Worth Street reported a
rather better business in print cloths, but for all that, on
the whole they were quiet. Finished goods sold very well.
Manchester was dull beyond moderate sales of cloths to
the home and South American trade.
The Census report placed the consumption for April at
532,382 bales, against 508,576 bales in March and 631,802
in April 1928. There were 1,667,394 bales in consuming
establishments at the end of the month, compared with
1,762,627 bales at the end of Match and 1,606,412 bales at
the end of April last year. Cotton on hand in public storage and compresses amounted to 3,636,296 bales against
4,189,113 bales at the end of March and 2,524,621 bales at
Staple Premiums
60% of average of
six markets quoting
for deliveries on
May 22 1930.
15-16
inch.
1-inch &
longer.
.28
.28
.28
.28
.26
.24
.71
.71
.71
.68
.67
.62
.56
.24
.23
.22
.61
.63
.56
.21
.21
.21
.49
.49
.49
.20
.49
.20
.49
.20
.20
.49
Differences between grades established
for delivery on contract May 22 1930.
Figured from the May 15 1930 average
quotations of the ten markets designated
by the Secretary of Agriculture.
.28
.47
1.00 on
White
Middling Fair
.88
do
Strict Good Middling.72
do
Good Middling
.50
do
Strict Middling
Basis
do
Middling
.71 off
do
Strict Low Middling1.73
do
Low Middling
2.88
*Strict Good Ordinary.. do
3.93
do
*Good Ordinary
.72 on
Extra White
Good Middling
.50
do do
Strict Middling
Even
do do
Middling
71 off
Strict Low Middling-- do do
1 75
do do
Low Middling
.23 on
Spotted
Middling
Good
.05 off
do
Strict Middling
.7100
do
Middling
1.70
*Strict Low Middling__ do
2.80
do
*Low Middling
.08 off
Strict Good Middling___Yellow Tinged
.55
do do
Goad Middling
1.05
do do
Strict Middling
1.65
do do
*Middling
2.32
do do
*Strict Low Middling-3.22
do do
*Low Middling
Light Yellow Stained_1.30 off
Good Middling
1.88
do
do do
*Strict Middling
2.53
do do do
*Middling
1.5500
Yellow Stained
Good Middling
2.40
do do
*Strict Middling
3.20
do do
*Middling
.85 off
Gray
Good Middling
1.20
do
Strict Middling
1.68
do
*Middling
1 70 off
Blue Stained
*Good Middling
245
do do
*Strict Middling
3.23
do do
*Middling
Mkt.
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:
May 10 to Map 16Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
16.55 16.30 16.55 16.35 16.35 18.50
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
May 16 for each of the past 32 years have been as follows:
1930
169
1928
1927
1926
1925
1924
1923
16,50c.
19.75c.
21.55c.
15.704.
18.85c.
22.65c.
31.504.
26.45c.
1922
1921
1920
1919
1918
1917
1916
1915
21.50c.
12.65e.
41.604.
30.05c.
27.304.
20.25c.
13.004.
9.804.
1914
1913
1912
1911
1910
1909
1908
1907
13.50c. 1906
12.00c. 1905
11.75c. 1904
15.95c. 1903
15.90c. 1902
11.35c. 1901
11.00c. 1900
12.05c. 1899
12.00o.
8.20c.
13.804.
11.404.
9.504.
8.06c.
9.75c.
6.19c.
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
35/2
FINANCIAL CHRONICLE
which show at a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed.
Spot Market
Closed.
Saturday_ _ _ Steady, unchanged_ Steady
Monday _ Quiet, 25 pts. dec.- Steady
Tuesday _ _ Steady, 25 pts. adv- Steady
Wednesday. Quiet, 20 pts. dec.. Steady
Thursday -- Quiet, unchanged_ _ Steady
Friday
Steady, 15 pts.adv_ Steady
Total week..
Since Aug. 1
SALES.
Spot.
Contect Total.
14,366
2.700
100
4,600
14;566
2.700
100
4,600
21,700 21,700
154,465 592.300746,765
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
May 10.
Monday,
May 12.
Tuesday, Wednesday, Thursday,
May 13.
May 14.
May 15,
Friday,
May 16.
East Indian, Brazil, ac.-
Liverpool stock
London stock
Manchester stock
Continental stock
Indiana afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Total East India, &c
Total American
[VOL. 130.
1930.
435,000
1929.
323,000
1928.
214.000
1927.
331,000
7.7,000
37,000
26,000
89,000
72,000
58,000
138,000 164,000 161,000
00,000 123,000 107,000
534,000 375,000 358,000
1,30.5 000 1,305,000 1,209,000
24,000
52,000
78,000
119,000
396,000
696,000
2,664.000 2,399,000 2,133,000 1,696,000.
3,826,511 3,345,013 3,795,256 5,174.982
Total visible supply
6.490.511 5,744,013 5,928,256 6,870,982
Middling uplands,Liverpool
8.54d. 10.25d. 11.71d.
8.91d.
Middling uplands, New York16.50c.
16.20e..
19.70c. 21.70c.
Egypt, good Sakel, Liverpool.....15.051. 19.06-1. 22.906. 17.96-1.
Peruvian, rough good, Liverpool..
14.50d. 14.00d. 10.500.
Broach, fine, Liverpool
6.206.
8.658.
8.05d.
9.901.
Timmvelly, good, Liverpool
7.55d.
8.50d.
9.806. 11.106.
a Houston stocks are now included in
they formed part of the interior stocks.the port stocks: in previous years.
•Estimated.
Continental
imports for past week have been 93,000 bales.
May
The above figures for 1930 show a decrease from last
Range__ 16.30-16.44 15.99-16.35 16.18-16.36 16.13-16.25 16.08-16.20 16.08-16.31
Closing.. 16.3516.12-16.3616.1316.1216.31 -- week of 100,990 bales, a gain of 746,498 over 1929, am
Juneincrease of 562,255 bales over 1928, and a falling off of
Range__
Closing_ 16.35 ---- 16.12 ---- 16.36 ---- 16.13 ---- 16.12 ---- 16.31 --- 380,471 bales from 1927.
July-Range. _ 16.31-16.50 16.10-16.48 16.26-16.46 16.23-16.38 16.20-16.32 16.19-16.42
AT THE INTERIOR TOWNS the movement
-that is,
Closing.. 18.4516.15-16.19 16.44-16.45 16.2516.24-18.28 16.39-16.42 the receipts for the week and since Aug.
1, the shipments for
August
the week and the stocks to-night, and the same items for the.
Range..
Closing. 15.70- 15.50
15.60- 15.40 15.40
15.55 --- corresponding periods of the previous year, is
set out in
Sept.detail below:
Range__
Closing. 14.9015.2015.20- 15.00
15.1015.30October
Movement to May 16 1930.
Range.. 14.80-14.98 14.82-15.34 15.18-15.35 14.95-15.14 14.99-15.14 15.16-15.37
Movement to May 17 1929.
Closing.. 14.91-14.93 15.30-15.34 15.24- 14.99
14.13-15.14 15.33-15.35
Towns.
Receipts.
Ship- 1Stocks
Receipts.
Oct.(new)_
Ship- 1Stocks
merits May
Range__ 14.58-14.72 14.55-15.03 14.87-15.03 14.65-14.82 14.69-14.83 14.87-15.08
ment
My
n
n
Week. Season. Week. 16.
Closing.. 14.64-14.67 15.00-15.02 14.95Week. I Season. Week.
14.71-14.72 14.82-14.83 15.05Nov.
Ala., Birm'ham
228 110,516
Range._
757, 8,478
410 53,352 1,7571 1,420,
Eufaula
19,928
47
1 5,392
Closing.. 14.95 -15.33
1
15,041
83: 3,166
15.17- 14.97-15.10 -15.32Montgomery
754 62,313
980 21,704
91
Woo. (new)
52,003,
540 9,918
Selma
25 72,557
619 17,495
Range__
1
57,3741
483' 10,827'
14.87-14.89
Ark.,Blytheville
127,876 2,303 20,347
Closing.. 14.75- 37 87,952
1510
490 8,586.
14.88 -- 14.6814.8015.02
H
Forest City
40 30,685
2 28,596
Dec.
459, 2,810'
95 7,457
121
61,605
885 10,938
Range.... 14.98-15.10 14.96-15.45 15.29-15.39 15.00-15.14 15.03-15.17 15.21-15.44
57,035
403 5,025
Hope
1,151
65
146
"iii
Closing.. 15.0415.38-15.42 15.29-15.31 15.08-15.11 15.17154
547'
.
15.39
Jonesboro_ _ _
158; 1,758
, 0
87 59 23
2
36 75
2 33,265
Dec. (new)
1,245
Little Rock
314 127,852 2,4071 13,512
Range__ 14.68-14.80 14.65-15.12 14.96-15.11 14.73-14,88 14.78-14.9114.98-15.17
12 118,138
-618 8,235
Newport _
.
51,365
586 1,648
3 47,798
Closing_ 14.7315.09-15.10 15.03-15.04 14.83
446 1,074,
14.9115.13-15.14
Pine Bluff
"iii 188,316 1,119, 21,694 113 142,503 769 7,291
Jan.
Walnut Ridge
55,895
118' 3,522
-- __
Range.... 15.07-15.12 14.99-15.36 15.30-15.40 15.02-15.15 15.04-15.19 15.33-15.40
2811 1,079'
Ga., Albany
____
6,482
Closing. 15.0915.3815.30- 65 1,583.
15.09
15.1915.41 -Athens
55 42,992 "iool 11:21 "5" 339, 0722
---Jan. (new)
9 2710
:
7
200. 6,257'
Atlanta
5,443 170,902 6,413 63,679
829 129,410 3,095 23,668
Range__ 14.77-14.87 14.72-15.10 15.00-1509 14.74-14.89 14.82-14.93 14.96-15.15
Augusta
2,386 308,159 3,055 65,835 1,28 241,093 2,809, 55,744
Closing. 14.8215.0615.02- 14.85
14.9315.12
Columbus....
125 25,477
200 1,538
210 51,371 1,133 10,380,
Macon
317 76,429 2,479 10,474
22
Range-52,080
552 2,966
Rome
800 15746
23,356
Closing_ 14.9215.1215.11 2,500 21,830
14.9115.0315.23
- La., Shreveport
116 145,230 1,586 46,360
March
145 051 2,898' 19,560
3 : 23
9
,
116 191,856 1,541 21,601
Range__ 14.98-15.08 14.90-15.28 15.09-15.22 14.88-15.08 14.99-15.13 15.16-15.37 Mciss0juni,Clb'tssd_a_l_
69
31e
6651 11,315
5,915
52 29,053
Closing.. 15.0220 146 495
15.19 -15.20,
1
293
14.97-14.98 15.13695
15.34-15.35
Greenwood..
335 232,253 1,618 51,621
9 189,138
April683' 16,057
Meridian_ 304 4,981
155 49,494
32 52,977
Range-3151 1,589.
_Natchez
ri I e
219 25,577
247 3,529
25 32,198
72, 4,789.
Vicksburg_
300 5,582
_
32,755
3294:392181
50 1,300.
Yazoo City....
Range of future prices at New York for week ending
218 5,852
3 41,793
203' 2,547'
o., t. Louis_ 4,848 295,101 4,675 10,768 3,737 4
51,560 4,860 16,092.
May 16 1930 and since trading began on each option:
N.C.,Greensb'o
107 21,591
151
538 9,42
23,987
292I 10,712'
Oklahoma
15 towns*
Option for
38,50
Range for Week.
58 749,741
217 772,081
967
Range Since Beginning of Option.
6271 11,651,
S.C., Greenville 2,751 179,491 8,136 40,07
3,679 201,630 5,186 35,515.
May 1930-_ 15.99 May 12 16.44 May 16 14.03 Mar. 10 1930 20.18 Sept. 3 1929 Tenn.,MemplUs 15,5301,911,673 32,059 58,162 13,19 1,751,594 20,987146,815
231
June 1930
32 54,210. ____1 1,005
8 28,858
4
15.28 Feb. 8 1930 18.87 Oct. 24 1929 Texas, Abilene_
Austin
69
July 1930- 16.10 May 12 16.50 May 10 14.22 Mar. 8 1930 20.00 Sept. 3 1929
11,476
70
46
48,489
98,
433
Brenham
33 11,130
77 2,761
Aug. 1930
2
35,451
15.63 Feb. 8 1930 18.34 Nov.22 1929
50 2,639
Dallas
441 12,453
Sept.1930
659 114,687
441 140,956
856; 5,962'
14.60 May 5 1930 16.20 Apr. 2 1930
Paris
383 75,124
746 20,069
6 90,498
Oct. 1930._ 14.80 May 10 15.37 May 16 14.29 May 5 1930 18.56 Nov.20 1929
1021
831
Robstown
____
32,702
274
14.55 May 12 15.08 May 16 14.00 May 5 1930 15.87 Apr. 4 1930
9
New
14,921
__--I
"6
San Antonio_
11
23,928
1,170
Nov. 1930
43,066 ---- 1,946
14.47 May 5 1930 17.78 Dec. 16 1929
Texarkana
4
-5Z25 60,696 381 3,541
14.87 May 13 14.89 May 13 14.69 May 8 1930 14.90 Apr. 15 1930
New
65,411
206 1,517
Waco
12 145,740 --_-1 4,365
154 106,084
364 6.992
Dec. 1930 14.96 May 12 15.45 May 12 14.40 May 5 1930 18.06 Jan. 13 1930
14.65 May 12 15.17 May 16 14.11 May 5 1930 16.28 Apr. 4 1930
New
Jan. 1931 14.99 May 12 15.40 May 13 14.50 May 5 1930 17.18 Feb. 1 1930 Total, 56 towns 35,8626,032,443 78,604843,575 26,1405.834,789 55.326481.152
14.72 May 12 15.15 May 16 14.19 May 5 1930 16.03 Apr. 4 1930
New
* includes the combined totals ot 15 towns in Oklahoma.
Feb. 1931_
16.09 Feb. 20 1930 16.65 Feb. 15 1930
The above totals show that the interior stocks have
Mar. 1931.... 14.90 May 12 15.37 May 16 14.30 May 5 1930 16.20 Apr. 1 1930
._
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.
May 16Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
bales
1930.
768,000
138,000
1929.
944,000
114,000
1928.
1927.
788,000 1,379,000
87,000
172,000
906,000 1,058,000
875,000 1,551,000
439,000
261,000
11.000
99,000
62,000
463,000
249,000
11,000
112,000
40,000
447,000
210,000
13,000
73,000
46,000
664,000
275.000
20,000
122,000
44,000
Total Continental stocks
872,000 789.000 875.000 1,125,000
Total European stocks
1.478.000 1,847,000 1,750.000 2,676,000
138,000 164,000 161,000
Indian cotton afloat for Europe
78,000
American cotton afloat for Europe 131,000 257,000 399,000 468,000
Eggpt,Brazil,&c..afloat for Europe 90,000 123,000 107,000 119,000
534,000 375,000 358,000 396,000
Stock in Alexandria. Egypt
1,305,000 1.305.000 1,209,000 696,000
Stock in Bombay.India
a1,670,686a1.191,861a1.323.936a1,727,938
Stock in U. S. ports
Stock in U.S.interior towns
a843,575 a481,152 a620,320 a710,044
U.S. exports to-day
250
Total visible supply
6,190,511 5,744,013 5,928.256 6.870,982
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. ports stocks
U. S. interior stocks
U. S. exports to-day
Total American
333,000 621,000 574.000 1,048,000
61,000 148,000
65,000
77,000
783,000 717,000 817,000 1,073,000
131,000 257,000 399,000 468,000
a1,870,68041,191,861a1,323.
727
93641, ,938
aS43,575 a481,152 a620,320 a710,044
250
3,826,511 3,345,013 3,795,256 5.174,982
decreased during the week 49,850 bales and are to-night
362,423 bales more than at the same time last year. The
receipts at all the towns have been 9,722 bales more than
the same week last year.
QUOTATIONS FOR MIDDLING COTTON AT OTHER:
MARKETS.
Week Ended
May lg.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
15.85
New Orleans--- 15.68
Mobile
15.05
Savannah
15.43
Norfolk
15.88
Baltimore
16.00
Augusta
14.94
Memphis
14.85
Houston
15.70
Little Rock..- _ - 14.90
Dallas
15.65
Fort Worth........
15.60
15.39
14.80
15.22
15.63
16.00
14.69
14.55
15.45
14.62
15.40
15.40
15.85
15.68
15.05
15.46
15.88
16.00
14.94
14.85
15.70
14.75
15.65
15.65
15.65
15.49
14.85
15.23
15.63
18.05
14.75
14.65
15.45
14.62
15.45
0.45
15.65
15.49
14.85
15.22
15.63
15.95
14.75
14.65
15.45
14.62
15.50
15.50
15.80
15.63
15.00
15.41
15.81.
ii:g8;
14.70,
15.55
14.80
15.60
15.60
NEW ORLEANS CONTRACT MARKET
Saturday,
May 10.
Monday,
May 12.
Tuesday, Wednesday, Thursday,
May 13.
May 14,
Mai/ 15.
Friday,
May 16.
May
15.97-15.98 15.70 Bid. 15.95- 15.76
15.75-15.90-15.95
June
July
16.0915.78-15.79 16.07-16.08 15.89-15.93 15.87-15.90 16.03 -August.._ _
September
October _ 14.6714.97-14.98 14.97-14.98 14.70-14.72 14.8215.03.15.05
November
December.. 14.77-14.78 15.0815.07-15.081.4.8314.91 Bid. 15.14Jan. ('31).. 14.83 Bld. 15.14 Bid. 15.08-15.10 14.84 Bid 14.94 Bid. 15.16-Bld
February
.
march
15.05-15.07 15.23-15.24 15.2414.96 Bid 15.11-Bid
15.33
April
May
Tone
Quiet.
Spot
Quiet.
Quiet
Quiet.
Quiet.
Quiet.
Potions..-. Steady.
Steady.
Steady. • Steady.
Steady.
Steady
MAY 17 1930.]
FINANCIAL CHRONICLE
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
*SINCE AUG. 1.
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-Since
Week. Aug. 1.
4,675 293,462
430
66,021
74
3.707
270
30,928
14,220 203,434
,
11,014 572,234
May 16ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
Week.
4,886
884
423
4,071
7,666
Since
Aug. 1.
435,124
81,009
5.573
41.569
197,693
566,391
30,683 1.169.791
17,910 1,327,359
11,462
472
7,183
396,790
1,670
513
12.764
109,754
18,816
607.115
Total to be deducted
19,417
497.398
14,947
735,685
Leaving total net overland *
11.266
672.393
2.963
591,674
84,361
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 11,266 bales, against 2,963 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 80,719 bales.
-1929-30--1928 ------29
In Sight and Spinners'
Since
Since
Takings.
Aug. 1.
Week.
Week.
Aug. 1.
Receipts at ports to May 16
27,000 8,818.966
74.760 7,901,728
Net overland to May 16
672,393
11,266
2,963
591,674
Southern consumption to May 16_105,000 4.315,000 125,000 4.646,000
Total marketed
191,026 12,889,121
Interior stocks in excess
633.665
*49.850
Excess of Southern mill takings
over consumption to May 1584,690
Came into sight during week--141.176
Total in sight May 16
14,107,476
North. spinn's' takings to May 16 18,786
154,963 14.056.640
*31.738
226,801
578.373
123,225
1,106,868
14.861,814
20,859
1,252,779
• Decrease.
Movement into sight in previous years:
Week1928
-May 17
1927
-May 18
1926
-May 19
Since Aug. 1Bales.
123,225 1927-28
154,301 1926-27
125,755 1925-26
Bales.
14,861,814
18.332.397
15.515,709
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING MARCH.
-Persons interested in this report will find it in our department headed "Indications of
Business Activity" on earlier pages.
COTTON GINNED FROM THE CROP OF 1929.
The Bureau of the Census of the Department of Commerce
issued on May 15 its final report on the cotton ginned from
the crop of 1929. This report in full will be found in an
earlier part of our paper under the heading "Indications of
Business Activity."
CENSUS REPORT ON COTTON CONSUMED AND
ON HAND IN APRIL, &c.
-This report, issued on May
14 by the Census Bureau, will be found in full man earlier
part of our paper in our department headed "Indications of
Business Activity."
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that there have been
very beneficial showers and rains in nearly every section
of the Cotton Belt during the week. There have even been
complaints from the western belt of too much moisture.
Temperatures have been mostly favorable. Planting has
been retarded by rains.
Texas.
-Progress of cotton in this State has been mostly
good in the southern portion but rather poor elsewhere
because of heavy rains washing the soil and delaying planting.
Mobile, Ala.
-There have been several hard rains and numerous showers in the cotton district that have been very
beneficial. More rain is needed. Considerable cotton is
up, but stands are bad. Planting continues.
Memphis, Tenn.
-Cotton is coming up to good stands.
Galveston, Tex
Abilene. Tex
Brenham. Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Henrietta. Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling. Tex
Nacogdoches. Tex
Palestine, Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford. Tex
Ardmore, Okla
Altus, Olda
Muskogee. Olda
Oklahoma City, Okla
Brinkley, Ark
Eldorado, Ark
Little Rock. Ark
Pine Bluff, Ark
Alexandria, La
Amite. La
New Orleans, La
Shreveport, La
Columbus. Miss
Greenwood, Miss
Vicksburg. Miss
Mobile. Ala
Decatur, Ala
Rain. Rainfall.
5 days 1.80 in.
2 days 1.84 in.
6 days 2.48 in.
dry
5 days 2.10 in.
4 days 4.69 in.
4 days 1.92 in.
4 days 3.48 in.
4 days 2.60 in.
3 days 4.97 in.
4 days 1.98 in.
4 days 3.40 in.
3 days 4.53 in.
4 days 4.02 in.
4 days 0.39 in.
4 days 2.70 in.
5 days 3.28 in.
4 days 3.11 in.
3 days 1.10 in.
4 days 2.68 in.
4 days 3.07 in.
4 days 2.12 in.
4 days 2.54 M.
5 days 4.40 in.
5 days 3.48 in.
2 days 4.61 in.
dry
dry
5 days 2.85 in.
4 days 3.16 in.
5 days 4.32 in.
4 days 1.55 in.
1 day
1.67 in.
4 days 0.95 in.
3573
Rain. Rainfall.
0.55 in.
I day
3 days 0.751n.
dry
1 day 0.21 in.
1 day 0.09 in.
6 days 2.70 in.
3 days 0.46 in.
3 days 1.25 in.
4 days 0.201n.
3 days 0.86 in.
2 days 1.06 in.
3 days 0.22 in.
4 days 1.78 in.
3 days 0.88 in.
2 days 0.23 in.
4 days 1.76 in.
Montgomery. Ala
Selma, Ala
Gainesville, Fla
Madison. Fla
Savannah,Ga
Athens, Oa
Augusta, Oa
Columbus, Ga
Charleston, S. C
Greenwood. S. C
Columbia,8.0
Conway, S.0
Charlotte, N. C
Newbern,N.C
Weldon, N. C
Memphis, Tenn
high 90
high 95
high 91
high 94
high 85
high 87
high 87
high 94
high 85
high 85
high 86
high 89
high 85
high 88
high 93
high 84
Thermometer
low 60 mean 75
low 57 mean 76
low 58 mean 75
low 61 mean 78
low 62 mean 74
low 57 mean 72
low 62 mean 75
low 59 mean 77
low 65 mean 75
low 59 mcnn 72
low 62 mean 74
low 59 mean 74
low 57 mean 72
low 59 mean 74
low 48 mean 71
low 56 mean 70
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:
May 16 1930. May 17 1929.
Feet.
Feet.
5.6
18.2
13.8
40.5
8.8
21.5
25.4
22.2
26.2
51.7
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gaugeAbove zero of gauge_
Above zero of gaugeAbove zero of gauge_
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Receipts at Ports.
1930.
Jas.
81.
Feb.
7-142128-Mar.
7-14....
21.._
28...
Apr.
11 __
18__
25_ _
May
2..
9.18_
1929. 1928.
Stocks at Interior Towns. IReceiptsfromPlantations
1930.
1929.
1928.
1930.
1929.
1928.
87.594155.731139.587 1.403.107 1.072.678 1,134,087 58414109.710 93.568
82.277 185.078 111.825 1,355,621 1,007,91 1.087.654
53.506 81,570 107.419 1.328.078 968,412 1,049,180
65.886 80.866 75,3231,306.632 936,02 1.023,120
91.438 91.438 62,2811 906.387 908.387 987.384
50,812 86.941
44,919 106.350
46,41 97,085
46,906 78.041
70.7651.256,075 849,195
73,2341,228,666 814.522
76.6371 781.667 1,202,943
88,473 1.163.170 752.959
84,7911
23.9781
48.
61.7981
70,218
40,089
50.481
81.798
65.392
68,945
49,263
26.545
941.943 18.248 29.74 34,435
916,246 17,510 71,677 48.435
887,170 20.692 64.230 47.567
863,788 7.323 49,833 65,091
49,351 59.884 80,2321,113,592 711,349 835.361 NU
18.27
47,498 48,659 73.0191.066,544 679,205 803,203
45 16,515
72,882 1,024.125 646,881 773,381 4.274 25.027
46,693
60.239 56,917 92,378 980,279 695,322 737,026 6.89 25.358
51,241 109.891 940.995 564,846 691,22 10,740
49.1610,133 110.912 893.425 512,891 649,289 1.591
4
74,760 27,000 84,323 843,575 481,152 620,320 24,910
61,805
40,861
43.060
59.006
7651 64,089
68.977
55,354
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1929 are 8,511,094 bales;
in 1928 were 8,970,880 bales, and in 1927 were 8,201,809
bales. (2) That, although the receipts at the outports the
past week were 74,760 bales, the actual movement from
plantations was 24,910 bales, stocks at interior towns
having decreased 49,850 bales during the week. Last year
receipts from the plantations for the week were nil bales
and for 1928 they were 55,354 bales.
•
WORLD'S SUPPLY AND TAKINGS OF COTTON.
following brief but comprehensive statement indicates
The
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings.
Week and Season.
Visible supply May 9
Visible supply Aug. 1
American in sight to May 16
Bombay receipts to May 15
Other India ship'ts to May 15
Alexandria receipts to May 1,4
Other supply to May 14 *b
Total supplt
Deduct
Visible supply May 16
1
1929-30.
Week.
Season.
6,591.501
3,735,957
141.176 14,107,476
56,000 3.134.000
676,000
19,000
15,000 1,635.200
646,000
7,000
1928-29.
Week.
Season.
5.929.919
4.175.480
123,225 14.861,814
45.000 2,874,000
12,000
563,000
15.000 1,584,200
5.000
546,000
6,829,677 23.934,633 6.130,144 24,604.494
6,490,511 6,490.511 5.744,013 5,744.013
Total takings to May 16_a
339.166 17,444,122 386,131 18,860,481
215,166 12,044,922 288.131 13.658,281
Of which American
1'24.000 5.399.200
Of which other
98.000 5.202.200
Europe from Brazil, Smyrna, West Indies, &c.
•Embraces receipts in
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 4.315,000 bales in 1929-30 and 4,646.000 bales in 1928 --29
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 13,129.122 bales in 1929.30 and 14.214,481 bales in
1928-29, of which 7.729,922 bales and 9,012,281 bales American.
b Estimated.
Thermometer
high 82 low 64 mean 73
high 90 low 48 mean 69
high 86 low 60 mean 73
hbsh 90 low 74 mean 82
high 86 low 70 mean 78
high 80 low 56 mean 68
high 82 low 50 mean 66
INDIA COTTON MOVEMENT FROM ALL PORTS.
high 88 low 46 mean 67
high 86 low 50 mean 68
1929-30.
1928-29.
1927-28.
high 82 low 60 mean 71
May 15.
high 90 low 56 mean 73
Receipts atSince
Since
Since
high 84 low 60 mean 72
Week.1 Aug. 1. 'Peek. Aug. I. Week. 1 Aug. 1.
high 84 low 60 mean 72
high 84 low 56 mean 70 Rnnnhnv
56.000 3.134.000 45.000 2.874.000 88.000 2.978.000
high 86 low 58 mean 72
high 86 low 56 mean 71
For the Week.
high 82 low 50 mean 66
Since August 1.
Exports
high 86 low 55 mean 71
Great Conti- Japan&
Great I Conti- Japan &
high 85 low 50 mean 68
from
Britain. nent. China. Total. Britain.
neat.
Total.
China.
high 80 low 51 mean 66
high 80 low 51 mean 66
high 86 low 53 mean 70 Eumnbay
10,000 37,000 47,000 73,0001 676.000 1,338,000 2,087,000
1929-30_
high 84 low 61 mean 73
1928-29._ 2;6E6 16,000 21,000 39,000 52,000 683,000 1,379,000 2,114,000
high 82 low 58 mean 70
4,000 18,000 22,000 65,000: 525,0001,001.0001,591,000
1927-28high 82 low 56 mean 69
high 89 low 62 mean 76 OtherIndla
19,000
19,000 135,0001 541,
1929-30high 87 low 60 mean 74
676,000
12,000 98,000 405,000
1928-29- 3,000 9,000
563,000
mean 78
17.000 95,500, 454,000
1927-28- 1,000 16,000
high 87 low 63 mean 75
549,500
high 86 low 57 mean 73
Total all
high 89 low 53 mean
29,000 37,000 66,000 208.0001,217,000 1.338.0002,763.090
-301929
high 87 low 64 mean 71
76
1928-29__ 5;6E6 25,000 21,000 51,000 150,0001,148,000 1.379,0002,677000
high 88 low 66 mean 76
1927-28.. L000 20,000 18,000 39,000 160.000 979.000 1,001.0002.140,590
high 88 low 55 mean 72
3574
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
11,000 bales. Exports from all India ports record an increase
of 15,000 bales during the week, and since Aug. 1 show an
increase of 86,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt.
May 14.
Receipts (contars)Ku This week
la Since Aug. 1
Exports (bales)To Liverpool
To Manchester,&c
To Continent and India
To America
[Vol,. 130.
FINANCIAL CHRONICLE
1929-30.
1928-29.
1927-28.
75,000
8,162,084
75,000
8,002,235
60,000
6,001.890
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
6,000 136.631
- 138,519
9,000 405,705
- 101,749
8,000 163.760
8,000 154,616
7.000 420,538
6,000 163,620
---- 131.296
--- 144.005
6,000 351,935
1,750 104.911
Totalexports
15,000 782,604 29,000 906,534 7.750 732,147
.LVote.-A canter is 99 lbs. Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ending May 14 were
75,000 cantars and the foreign shipments 15,000 bales.
Prices of futures at Liverpool for each day are given below:
Sat.
May 10.
to
May 16.
Mon.
Tues.
Wed.
Thurs.
Fri.
12.1512.3012.15 4.0012.15 4.0012,15 4.0012.15 4.0012.15 4.00
p. m.p. m p. m.p. m p. m.p. m.p. m.p. m.p. m p. m.p. m.p. m.
d.
d.
May
8.02
June
7.97
July
7.96
August
7.87
September- _
__ __ 7.82
October
7.87
November --------7.77
December
- -- 7.79
JAIL (1931) ------7.81
February
7.83
March
7.86
April
- - 7.87
May
. 7.89
d.
8.06
7.99
7.98
7.89
7.85
7.81
7.81
7.83
7.84
7.87
7.90
7.92
7.94
d.
8.04
7.97
7.96
7.88
7.84
7.80
7.80
7.82
7.83
7.86
7.89
7.91
7.93
d.
8.15
8.08
8.07
8.00
7.96
7.93
7.93
7.95
7.96
7.98
8.00
8.02
8.04
d.
8.14
8.08
8.07
7.99
7.96
7.94
7.94
7.97
7.98
8.00
8.02
8.04
8.07
d.
8.12
8.05
8.04
7.97
7.93
7.90
7.90
7.93
7.94
7.96
7.99
8.01
8.03
d.
8.02
7.95
7.94
7.87
7.83
7.80
7.80
7.83
7.84
7.86
7.89
7.91
7.94
d.
8.07
8.00
7.99
7.91
7.87
7.83
7.83
7.85
7.86
7.88
7.91
7.93
7.95
d.
8.07
8.00
7.99
7.91
7.87
7.83
7.83
7.86
7.87
7.89
7.91
7.93
7.95
d.
8.09
8.02
8.01
7.93
7.90
7.86
7.86
7.89
7.90
7.92
7.95
7.97
7.99
d.
8.13
8.06
8.05
7.98
7.95
7.92
7.92
7.94
7.95
7.97
8.00
8.02
8.04
BREADSTUFFS
Friday Night, May 16 1930.
Flour.
-Domestic trade was moderate, and export business did not improve late last week. Feed was weak; flour
MANCHESTER MARKET.
firm. Exports last week were 87,983 sacks, against 95,451
1930.
1929.
the week before. Feed later on was still weak and flour
832 Lbs. Shin- Colton
834 Lbs. Shirt- Cotton
steady. Later feed remained weak and flour about steady.
32* Cop
ing*, Common Middry 32s Coy
inn, Common MiddrI
Twist.
to Finest.
Uprds. Twist.
to Pines:.
Uprds. The exports from New York were only 3,000 barrels, and
from New Orleans 4,000 barrels. New York received 50,000
Jan.
d.
d. 5.4.
d.
d. s. d.
d.
a. d.
d.
s. d.
13 01434 12 2 012 4
10.85
8.85 153 015M 13 8 013 6
.
1
barrels; Boston,8,000; Philadelphia, 9,000; Baltimore, 5,000,
12%2213 11 4 2)12 0
1024
8.60 15 2216 13 3 1013 5
and New Orleans, 12,000. Towards the close of the week
14.
8.69 1522016% 13 3 013 6
12)401321 11 0 011
10.43
feed became steadier. Exports of flour were 32,860 sacks,
121i 01334 10 6 011 2
10.49
8.47 163401634 13 3 013 6
12 @13)2 10 4 011 0
8.49 1534191834 13 4 2213 7
10.75
mainly to Copenhagen.
Mar.1134013 10 2 010 6
8.18 152‘01622 13 4 013 7
11.12
Wheat advanced with some unfavorable reports from the
11% @1.2Ii 10 2 0010 6
8.05 15 616)4 13 5 013 7
10.77
11%018 10 4 011 0
8.64 15401654 13 4 @13 7
11.10
Southwest, dry weather in Canada, low temperatures in the
12 2213 10 4 @11 0
8.44 1534 018 3.4 13 4 013 7
10.95
North, and small world's shipments, and at times a very
Arn.12)22213)2 10 4 @II 0
8.85 13)401554 13 a 013 6
10.7$
fair export demand. Government buying, too, was reported.
8.76 1532016H 13 2 (013 4
10.99
123.401334 10 4 011 0
8.61 1535016% 13 2 013 4
10.19
113401234 10 1 010 5
On the 10th inst. prices advanced 11 to 2c. on the Govern/
2
12 013 10 1 010 5
8.74 15 016 13
10.23
@13 2
Mayment estimate of 525,070,000 bushels, or 18,000,000 below
12 013 10 1 010 5
10 0.
4
8.65 14ii 01512 12 7 013 1
the average estimate, 25,900,000 under the April estimate,
8.63 14%01522 12 7 @131
11;2012% 100 010 4
10.08
11H 012% 10 0 @10 4
8.54 1434 1534 12 7 @13 1
10.26
and 53,000,000 under the last crop, which was 578,336,000.
European people in some cases thought this an underestiSHIPPING NEWS.
-Shipments in detail:
Bales. mate. Yet the cables were strong. The crop estimate, if
NEW ORLEANS
-To China
-May 8-Atago Meru,25
25
To Marseilles
-May 10-Alsa. 200
200 correct, will show the smallest yield since 1917 excepting
To Japan
-May 8-Atago Meru, 4,300
4,360 in 1925. Export business was dull. But a good decrease
To Havre-May 9
--Notre Dame de Fourviere, 209
209 in
the United States visible supply was expected on Monday.
To Liverpool
-May 9-Dakarian, 2.674.
2,674
To Bordeaux
-May 9
-Notre Dame de Fourviere, 495
On the 12th inst. prices, though lower for a time, ended
495
To Manchester
-May 9-Dakarian, 1.964
1.964 / to 11
1
2
/ higher, on frost predictions for Kansas and
2
c.
To Dunkirk
-May 9-Missouri. 400
400
To Rotterdam-May 9-Spaarrdam, 220
220 Nebraska. Also the United States visible supply decreased
To Antwerp
-May 9
-Missouri, 125
125 last week 6,548,000. It is down now to 126,210,000 bushels,
To Corunna,-Mav 9-Spaarndam, 1.30
• 150
To Vera Cruz
-May 15
-Sinaloa, 300
300 against 108,453,000 a year ago. The winter wheat crop is
To Bremen
-May 9
-Erfurt, 1,256
1,256 at a stage when it could be severely damaged by frost.
r
To Hamburg
-May 9
-Erfurt--, 390
390
-To England-MEW 8- (7) .200
SAN FRANCISCO
200 French and German crop reports were unfavorable. WashTo France-May 8- (7) .100
100 ington wired the New York News Bureau on the 15th inst.:
To Japan
-May FE- (7) ,899-„__May 16- (7) ,200
1,090
To Great Britain
-May 8 (7). 600
600 "Farmers' National Grain Corp. will make a strong bid for
To Australia
-May 8- (7) . 15
15 export trade in connection with marketing of new wheat
GALVESTON-To Genoa
-May 8
-West Cohas, 1,855
1,855
To Japan
-May 14-Atago Maru, 406406 crop, it was indicated by A. E. Legge, Chairman of the
To Dunkirk
-May 10--Trolleholm, 312_ __May 12
---West
Federal Farm Board. He said that plans were now under
Camak,100
442
To Gothenburg-May 10-Trolleholm, 237
237 way for setting up of machinery to stimulate foreign sales
To Copenhagen
-May 10-Trolleholm, 880
880 of this grain. It Is not expected that the Grain Stabilization
-May 10-Yorck,924-- _May 13
To Bremen
-Endicott, 1475 2,399
-West Camak, 881
To Havre
-May 12
881 Corp. will enter export field. Exports of wheat are pro-May 12
-West Camak,380
To Ghent
380 ceeding at a steady level, nearly on the basis with last year,
-West Camak, 84
84 Mr.
To Rotterdam-May 12
Legge declared. Canadian wheat acreage has shown a
NORFOLK
-To Manchester
-May 12
-Clairton, 300
300
-Westfalen, 250
To Bremen
-May 16
250 slight decrease, according to information reaching the
-May 10
-West Camak, 159
HOUSTON-To Havre
159
To Bremen
-May 14
-Rio Panuco, 2.431
2,431 Board."
/
On the 13th inst. prices fell 12 to lc. net, in a small
-West Camak, 200
To Dunkirk
-May 10
200
To Antwerp
-May 10
-West Camak, 500
500 market. Early in the day there was a rise of about /
1
2
c.
To Rotterdam-May 10
-West Camak, 116---May 14
-Rio
Panuco, 250
366 on further and presumably injurious rains in the Southwest.
To Japan
-May 12-Atago Meru, 696
696 Liverpool advanced 11 to 1%d. Some European crop re/
2
To China
-May 12-Atago Mara,2,548
2.548
-May 12-Shickshinny, 994..
994 ports were unfavorable. The export sales were 1,000,000
CHARLESTON
-To Manchester
731 bushels, largely Manitoba. Argentine offered more freely
MOBILE
-To Bremen-May 10-Yselhaven, 731
240
To Rotterdam-May 10-Yselhaven, 240
-May 15-Shickshinny. 1,454
1,454 in Liverpool. Prom Canada came favorable crop advices.
-To Liverpool
SAVANNAH
475 The Farm Board was reported to be loading 315,000 bushels
-May 15-Shickshinny, 475
To Manchester
Total
33.630 out of elevator. The Canadian crop report said that the
LIVERPOOL.
-Sales, stocks, tic., for past week:
spring wheat seeding in Manaboba, Saskatchewan and
Apr.25. May 2.
May 9. May 16.
15,000 Alberta was 61 to 73% completed against 36 to 53% a
27,000
22.000
22,000
Sales of the week
12.000
2,000 year ago. A private estimate placed the Texas crop at
9.000
12.000
Of which American
2,000
3,000
5,000
1,000
Sales for export
bushels, against recent estimates of
58,000
48,000 30,000,000 to 35,000,000
62,000
Forwarded
39,000
815,000 797.000 788,000 768,000 a minimum of 40,000,00 bushels. The export sales mentioned
Totalstocks
Of which American
351,000 354,000 350,000 333.000 above included sales done by the pool since last Saturday.
48.000
51,000
44,000
53,000
Total imports
18,000
9,000 There were hints of export business in spring wheat from
10,000
Of which American
12,000
Amount afloat
143,000 134,000 129.000 109,000 Minneapolis.
The Canadian visible supply decreased
30.000
29,000
39,000
43,000
Of which American
5,503,000 bushels,and the total North American visible supply
The tone of the Liverpool market for spots and futures decreased 10,224,000 bushels. On the 14th inst. prices ended
each day of the past week and the daily closing prices of / to lc. lower on better crop reports from the Southwest
1
2
spot cotton have been as follows:
and the spring wheat section, dullness of the export trade,
selling of July by the East, weaker Liverpool cables, inSaturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
creased Canadian offerings, and some foreign selling. ExMarket, ..l
port sales were 400,000 to 500,000 bushels. Beneficial rains
Quiet
Quiet.
More
Dull.
Quiet.
12:15 I Quiet.
fell in the Southwest. But speculation was slow. Braddemand.
P. M.
8.548. street's world's visible supply decreased 13,397,000 bushels
8.52d.
8.628.
8.65d.
8.588.
8.59d.
Mid.UpYds
for the week and brought the total in sight to 349,000,000
5.000
4,000
4,000
2,000
2.000
3,000
Sales
bushels, against 336,000,000 a year ago.
Chicago wired that estimates on the carryover in the
Quiet
Quiet,
Quiet,
Futures. Q't.but st'y
{
Quiet. Q't,but st'y
unchanged 5 to 7 pts. 12 to17 pts unchanged unchanged 3 to 4 pts.
United tates on July 1 from the crops of 1928 and 1929
Market
to 2 pts. advance, advance. to 2 pts. to 1 pt. advance.
Opened
which have been burdensome and depressed prices, cover a
advance.
decline.
decline,
wide range. Last year they ran from 200,000,000 to 250,Quiet, but
Quiet,
Easy,
Market,1
Easy,
Quiet, Q't,but st'y
000,000 bushels, with the actual figure turning out to be
4
4 to 5 pts unchanged 10 to15 pts 12 to14 pts 1 to 5 pts. st'Y 0 to 9
advance. pts. adv._ 245,000,000 bushels. This year they range from 187,000,000
P.M.
decline,
decline. to4ots.adv. advance,
3575
FINANCIAL CHRONICLE
Ility 171930.]
to 235,000,000 bushels; the latter estimate by Nat C. Murray,
who is considered one of the most careful statisticians. It
may be that the expected surplus for 1930 will be reduced
from the present estimates, all depending upon the outcome
of the growing crops. The Government report, issued last
Friday, suggesting a yield of 25,000,000 bushels less than
the estimate in April, and 53,000,000 short of the 1929 actual
production, may eventually cut the carryover below 200,000,000 bushels, all depending upon the outcome of the spring
wheat crop. On the 15th inst. prices were irregular, but
1c.
/
ended % to 12 higher, with export sales in some cases
estimated at 2,000,000 bushels. This included Manitoba
hard winter and durums. Argentine shipments this week
were estimated at only 809,000 bushels against 2,500,000 last
week and over 6,000,000 this week last year. Good milling
wheat was not easy to buy. Crop reports were mixed, but
from the Southwest not quite so good.
To-day prices ended 2 to 2%c. higher, on heavy covering
In an oversold market Cold weather in the Northwest and
Canada had some effect. Export sales were stated at
800,000 to 1,000,000 bushels, mostly Manitoba. The East
bought. Some of the crop news was good, and some bad.
Small Argentine shipments for the week had a certain
effect. The world's total points to 9,955,000 bushels for
the world this week. Foreign stocks decreased in the first
half of May 1,750,000 bushels. Final prices show a rise
2
1
/
of 4 c. for the week.
nearby positions by cash interests. Shipping sales, moreover, reached 70,000 bushels. Purchases to arrive were only
4c.
2,000. Final prices show a rise for the week of 1 to 21
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
55
55
55
5434 5434 55
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
42
42
May
1W
July
40
September
December
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
50X 49% 49% 50$
50
May
50X Holi- 50% 50X 50% 51
July
4734 day 4734 4734 4754 48
October
1334
141 114 13t1
3351
tAg
Rye has felt the influence of the rise In other grain, particularly in wheat. One great drawback, however, is still
the absence of an export demand. On the 10th inst. prices
advanced % to %c. in answer to the rise in wheat. On the
12th inst. prices ended 1%c. higher, following wheat. The
United States visible supply decreased last week 1,008,000
bushels, against 299,000 last year. The total is 12,402,000
bushels, against 6,406,000 a year ago. On the 13th inst.
prices ended unchanged to %c. lower. On the 14th inst.
prices closed unchanged to 1%c. lower, being more or less
under the influence of the decline in wheat. On the 15th
inst. prices advanced % to %c., with wheat higher and
shorts covering. To-day prices ended 1% to 2c. higher, in
answer to the rise in wheat, the smallness of the offerings,
a forecast of colder weather and covering. Final prices
4c.
1
/
show a rise for the week of 2% to 3
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 hard
108% 111% 110% 110% 11134 113%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
St. Mon. Tues. Wed. Thurs. Fri.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
102% 103% 102% 1023' 103% 105%
58% 60
5834 5934 8134
July
May
10454 103% 103
104
103
108
65
62% 63
62
6434
September
106% 107% 10631 105% 106% 108% July
66
6854 67% 6634 6734 89H
December
110% 112% 111% 110% 111% 113% September
73A
7054 7234 7134 7034 71
December
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Closing quotations were as follows:
Sat. Mon. Tues. Wed. Thurs. Fri.
May
106
10634 105
108%
10654
GRAIN.
July
108
108% Hell- 108% 107
110%
Oats, New York
New York
110% day 111% 11034 111
October
11334 Wheat. red,fob new
55
No. 2 white
1.28x
No. 2
5205234
No.3 white
No.2 hard winter,f.o.b.--1.13S4
Indian corn advanced, partly on the supporting power of
Rye, New York
Corn,New York
the wheat rise. At one time a new low was reached. The
75
98% No. 2fob
No. 2 yellow, all rail
9654 Barley, New York
No.3 yellow, all rail
weather has at times been unfavorable, and receipts have
52065
Chicago cash
been small. Cash demand is good. On the 10th inst. prices
,
FLOURS
rallied after early weakness, closing 34c. lower to %c. Spring pat.high protein.S8.20 $6.50 Rye flour. patents
/
$4.700$5.10
334
6.00 Seminole. No. 2, pound
5.75
higher. On the 12th inst. the market was weak, but closed Suring patents
2.600 2.85
Oats goods
5.40
spring
2
/
% to 11c. higher, with reports of much delay in seeding Clears,firststraights- 5.100 5.60 Corn flour.
2.400 2.45
5.50
Soft winter
because of rains over big areas of the belt. The crop on a Hard winter straights 5.20 5.50 Barley goods
3.25
good sized acreage was planted under favorable conditions, Hard winter patents__ - 5.500 6.00 Coarse pearl, Nos. 1.
Fancy
4.850 5.10
winter clears
Hard
but these have latterly been interrupted. The United States Fancy Minn. patents 7.150 7.85
6.000 6.50
2. 3 and 4
7.400 8.10
visible supply decreased last week 2,939,000 bushels, bringing City mills
For other tables usually given here, see page 3491.
it down to 17,056,000 bushels against 22,827,000 last year.
On the 13th inst. prices ended 14c. lower to %c. higher.
/
The weather was unfavorable, but with wheat dragging the
bad weather counted for little. Shorts covered, however,
rather freely. The cash basis was unchanged to lc. higher.
The most bullish factor was the receipts of only 15 cars.
On the 14th inst. prices closed unchanged to %c. lower,
4c. higher. The trading was
though at one time % to 1
small. Everybody seemed to be awaiting a new cue for
some directions. The shipping demand from the East was
better and fairly large sales were made; 200,000 bushels
were chartered at Chicago for Buffalo. Country offerings
to arrive were light The weather was not the best imaginable for what planting remains to be done, but the market
kept in a rut awaiting more decisive developments of some
sort
c.,
2
1
On the 15th inst. prices advanced % to / with wheat
lower, and shorts covering more freely. July above 80c. ran
into selling. Country offerings were still small. Cash demand was good. Outside markets were a little higher than
Chicago, with light stocks in the hands of consumers and
rains delaying final planting. To-day prices ended 2 to 2%c.
higher. Trading was larger. The rise in wheat naturally
had some effect. Frost was forecast for the Dakotas and
Iowa. Cash demand was brisk. Cash prices were up /
2
1
to lc. Final prices show a rise for the week of 214 to 314c.
/
AGRICULTURAL DEPARTMENT'S REPORT ON
-The full report of the Department of AgriCEREALS,&e.
culture,showing the condition of the cereal crops on May 1,
as issued on the 9th inst., will be found in an earlier part of
this issue in the department entitled "Indications of Business
Activity."
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
MAY 13.
issued by the Department of Agriculture, indicating the influence of the'weather for the week ended May 13 follows:
There were very abnormal movements of "lows" during the week. At
the beginning of the period a rather energetic depression was central over
western Texas and moved thence northward over the Plains and finally
northwestward, which is very unusual. A second "low" had reached
Practically the same position in the Southwest on the morning of the 9th,
and this also moved northward over the Great Plains area; high pressure
persisted over the Eastern States. This pressure distribution resulted in
frequent rains in the trans-Mississippi area, and generous showers extended into some dry eastern sections during the latter part of the week,
but most Eastern States continued very dry. Low temperatures persisted over the western half of the country, but readings were abnoramlly
high in the East, though with considerably cooler weather toward the
close of the week.
Chart I shows that the weekly mean temperatures were from 4 deg. to as
much as 16 deg. above normal everywhere from the Mississippi Valley eastward, except in the extreme Southeast, with the relatively warmest weather
from the Ohio Valley northward. On the other hand, most of the western
half of the country was from 9 deg. to 12 deg. cooler than normal. In
the East freezing weather was confined to local areas in the interior of
New England, but in the West temperatures as low as freezing occurred
over much of the Plateau and in many Rocky Mountain districts.
Chart II shows that rainfall was substantial to heavy in most sections
DAILY CLOSING PRICES OF CORN IN NEW YORK.
from the Mississippi River westward to the Rocky Mountains, with large
Sat. Mon. Tues. Wed. Thurs. Frt. areas receiving from two to more than five inches. Moderate amounts ocNo. 2 yellow
9554 9654 9654 9634 9654 9834 curred in parts of the Ohio Valley, and rather generous falls in the northinterior of the South Atlantic seoDAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. ern east Gulf area, Tennessee, and the States there was again very little
Hon. Elsewhere in the more eastern
Sat. Mon. Tues. Wed. Thurs. Fri.
precipitation, though fairly good showers occurred locally in the North;
May
OH in much of the Atlantic seaboard little or no rain has occurred during the
July
j
793- 7934 7934
80
79
last three weeks. There was also very little precipitation in the far SouthSeptember
7954
west and in the Pacific States.
December
7434
Showers during the week brought at least temporary relief to droughty
northern
lower Mississippi
Oats have advanced with other grain, although the crop conditions in theGulf area, and the Valley, Tennessee, the Mountain porsecsouthern Appalachian
tions of the east
outlook is good, and old crop supplies are rather large. tions. In other Eastern States, extending westward to Ohio, little or no
But there has been a demand for nearby deliveries from relief from the drought was afforded. In these droughty areas spring
planting is being retarded, and germination and growth are slow. On
cash interests, and the shipping sales have made no bad the other hand, much of the heretofore dry section of the Southwest,
has
the
showing. On the 10th inst. prices advanced % to %c., especially Oklahoma and parts ofand adjoining States, now fromtoo much
washing
considerable damage
rain, with farm work retarded
owing to the firmness of other grain. On the 12th inst. soil, with local windstorms and hail. Elsewhere over the eastern half of
favorable, unusually
ended %c. higher, in response to the tone of other the country the weather of the week was generally10 days or two weeks
prices
Lake region where the season is now some
grain. The United States visible supply last week decreased so in the the average. Over central and northern sections of the transahead of
frebushels against 42,000 a year ago. The total is now Mississippi area there was more or less delay to field operations by and
1,991,000
the soil is now generally well supplied with moisture
quent
14,251,000 bushels against 10,234,000 last year. On the 13th crops, rains, but grass and small grains, are making good headway.
especially
Temperatures were generally favorable over the eastern half of the
Inst. prices closed unchanged after being at one time 14
/
it was mostly too cool for best results in the West. West2c.
1
to / lower on most months, and at another 1
4c. higher. country, but mostly favored, as were also small grain crops, but the
ern ranges were
prices closed Y8 to %c. lower, under the cold weather, with rain or snow, was detrimental to stock, especially
On the 14th inst.
considerable loss reported from a good many places. Freezeffects of the decline in other grain. On the 15th inst. lambs, with
ing temperatures also did more or less harm to tender crops, with some
/
prices advanced 14c. in response to higher markets for local damage to fruit and grain in several of the more western States. In
temperatures are needed in the Plateau and Rocky Mounother grain. To-day prices ended % to lc. higher, under the general, higher weather, with more sunshine, in the trans-Mississippi
tain areas; fair
Influence of the rise in other grain, as ,well.as buying of States; and rain in the more eastern sections of the country.
1
, 24
5.V51
,4%
3576
FINANCIAL CHRONICLE
SMALL GRAINS.—The continued dry weather
eastern Winter Wheat Belt resulted in rather poor in most parts of the
advance of the crop,
although in some south-central sections showers brought temporary relief.
There were further heavy rains in the southwestern and western areas of the
belt, with some improvement noted. In Kansas
excessive to none; winter wheat shows improvementrainfall varied fromsections, with the crop heading out in south-central in practically all disand southeastern
tricts and in root elsewhere, except in the extreme northwest. In the
more southwestern parts of th (belt rains caused
dition of the crop ranges from poor to good. Localimprovement, but conshowers
In parts of the South and East, but many sections still need were beneficial
rain, although
Wheat and oats are ripening rapidly in Georgia, with harvest begun. Moisture
was helpful in the far Northwest, but the cold delayed growth.
Spring wheat is reported as growing nicely with generally good stands
and color and the weather favorable for stooling. Oats are mostly improved, except in the drier sections of the Ohio Valley and Southeast.
Rice was favored in the South. while rye, barley, and flax are making
good advance in most areas.
CORN.—In the Great Plains States frequent rains and wet soil have retarded corn planting, which is now getting behind the seasonal average.
There was also some retardation in the upper Mississippi Valley, although
In Iowa seeding is fairly well abreast of the season, with about the normal
amount planted, and local cultivation begun.
Indiana, the week was generally favorable, and In Missouri, Illinois. and
much seeding was
plished, with cultivation begun in the southern portions of theaccomlatter
States. From the upper Ohio Valley eastward considerable corn was put
in, but the soil is generally too dry for germination.
COTTON.—In the eastern Cotton Belt rain is still needed, but in most
central parts showers during the week were very beneficial, while in
of the western belt there is now too much moisture; temperatures much
were
mostly favorable.
In Texas, progress of cotton was mostly good in the southern third,
but elsewhere rather poor because of heavy rains, washing soil, and local
storms, with planting and chopping delayed in the north. In Oklahoma,
planting was retarded by heavy rains, with the
generally too cool
and wet, and the early crop needs cultivation. weather Mississippi Valley
In the
States and northern east Gulf area, the weather was generally favorable,
as showers relieved droughty conditions in many places. In the eastern
belt, including much of Alabama, southern Georgia, western Florida,
eastern parts of the Carolinas. and Virginia, germination and growth the
are
slow, with stands irregular, and a general rain needed. Chopping has
begun in early fields as far north as South Carolina, and farther west to
central Arkansas and southeastern Oklahoma.
[VOL. 130.
"dampen" current activity in retail channels, it is still the
general expectation that total sales for May will run substantially in excess of the same period in 1929. This week's
business, while somewhat less than that of last week, has
approximated satisfactory volume, according to most reports,
and there is nothing in the immediate future to Indicate a
reversion to the comparative dullness which prevailed a few
weeks ago. The reflection of the improved retail position
is seen in secondary and primary quarters in a substantial
Increase in re-orderings, both as to the quantities ordered
and the number of individual buyers represented. It is now
evident that the consumer demand of the past few weeks,
emanating from the spell of "summery" weather, made lane
inroads into retail stocks, particularly of dress goods, and
men's ready-to-wear. However, as far as primary markets
are concerned, most of what is favorable in the aspect of
conditions is what is promised for the future. This is particularly true of cotton goods, where, with relatively little
manifestation of present improvement, the general active
participation in curtailment of production promises to go a
long way toward the restoration of normal conditions during
the coming few months. Woolen goods output, which has
been severely regulated to cope with sluggish buying of
late months remains restricted. As a consequence of the
even balance which has been maintained in woolens and
worsted markets, upward price revisions made during the
The Weather Bureau furnishes the following resume of week by the American Woolen Co. bid fair to be maintained.
Gradual improvement in markets for raw wool is also a
the conditions in the different States:
Virginia.—Richmond: Warm and dry most of the week, except beneficial constructive Indicator.
showers in southwest. Week favorable for farm operations, but
DOMDSTIC COTTON GOODS.—Erratic movements in
rain ratarding crop growth. Pastures and meadows short. Earlylack of
plantings of corn coining up to fair stands, but corn and cotton planting delayed the raw market are partly responsible for
continued unsettleaccount dry soil.
ment in cotton goods, the beneficial influence which current
North Carolina.—Raleigh: Rather warm, with considerable cloudiness;
some locally heavy and beneficial showers, but most of State without re- curtailment is expected to exercise in the trade
not having
lief from drought, especially in east. Progress of cotton poor to fair;
some good stands, but much not up. Rain much needed for tobacco, had time to be felt as yet. Recent forced sales of dress
except in some localities, where sufficient moisture.
goods, due to excessive surplus stocks in some quarters, are
South Carolina.—Columbia: Beneficial rains in most sections of northwest, where all crops materially improved and germination of cotton, reported to have proved a source of chagrin to manufacturers
corn, and lesser spring plantings accelerated, but elsewhere more mois- who yielded to pressure from buyers and parted with their
ture needed, especially for truck and potatoes in east and south. Too
dry for satisfactory tobacco transplanting in east. Corn planting con- merchandise on a close-to-cost basis. Some of the producers
tinues and chopping cotton began in some early fields. Winter cereals in point, having followed up their products into distributing
have taken on new vigor, although wheat and oats have headed on short channels, find that such goods
are proving popular in many
straw.
Georgia.—Atlanta: Frequent rains in northern half very beneficial, instances and are providing a very good margin of profit
but drought increasing in intensity over south. Considerable cotton must for the merchants who acquired them
at rock-bottom prices.
be replanted as much failed to germinate and stands generally only fair;
chopping completed in south and progressing rapidly in central. Prog- It is pointed out that while the present situation exists in
ress of corn fair; planting still under way on lowlands. Wheat and oats cotton goods, mill-men are not in a position
effectively to
ripening rapidly and harvesting begun. Tobacco growing nicely and sugar
combat such practices. As long as producers continue to
cane came up well.
Florida.—Jacksonville: Rain needed in west to germinate late cotton. carry such heavy stocks as are in evidence in primary quarDry and sunshiny. Corn, melons, tobacco, and truck well cultivated;
stands of corn locally poor in west and melons and truck backward. Citrus ters at the present time, buyers will tend to hold off for the
good on peninsula, but fruit dropping on uplands; much spraying against low values which producers so encumbered are practically
insect pests. Setting sweet potatoes delayed. Harvesting oats continued.
helpless to refuse. However, the curtailment program
Rain needed urgently in extreme west.
Alabama.—Montgomery: Warm: scattered showers somewhat helpful, which began to get under way some two weeks ago is now
but insufficient, and rain generally needed. Much corn remains un- in full swing, with approximately five
million spindles replanted; stands nostly poor to good. Oats mostly poor. Potatoes doing
well locally in coast section; mostly poor progress elsewhere. Progress ported inactive as compared with about three and a half
and condition of truck, vegetables, pastures, and minor crops mostly poor million at the end of last week, and there is
apparently a
to fair. Cotton planting continued locally in south; considerably delayed in most sections of central and north account insufficient moisture; growing belief in the prospect of very definite relief, if not
germination mostly poor to only fair; stands very poor to fairly good; complete alleviation, of the ailment which has so long de.
chopping in south and central.
Mtssissippi.—Vicksburg: Moderate to excessive rains in delta counties, pressed cotton goods. Already a measurable contraction
extreme north, and middle-east, but mostly dry in south third and only has taken place in some quarters, it is reported, and while
light falls elsewhere. Progress of cotton and corn poor to very good, depending upon rains; some damage from local storms in delta counties. this has not yet been noticeably reflected in decreasing stocks
Progress of gardens, pastures, and truck very irregular; mostly poor to on hand, it is maintained by many factors that the time
fair.
Louisiana.—New Orleans: Good rains in north and west relieved drought is not far distant when readjusted primary conditions will
In those sections. but dryness still persists in southeast, where some crops stimulate a return to normal trading practices, with hesibadly in need of moisture. Soil moisture now ample for germination and tance on
the part of buyers overcome by the knowledge that
growth of cotton in most principal growing areas; plants generally healthy
and considerable chopping in south and central. Cane doing fairly well, goods In mills are none too plentiful, and that contracting
but needs more rain. Rice generally benefited; some still to plant. Corn in advance is necessary if they are to be sure
of covering
and minor crops improved.
Texas.—Houston: Average temperatures, except cold in extreme west, their requirements. Print cloths 27-inch 64x60's construcwhere light frost on two mornings. Rainfall light in Rio Grande Valley tion are quoted at 4%c., and 28-inch 64x60's at
4%c. Gray
and moderate to excessive elsewhere, flooding lowlands in portions o
-inch 68x72's construction are quoted at 7c., and
central and north. Condition and progress of pastures and truck good. goods, 39
Rain improved winter wheat, barley, and spring oats; condition rather 39
-inch 80x80's at 9c.
poor to only fair. Progress and condition of rice and corn very good, although some damage to latter by high winds. hail, and washing. l'rogress
WOOLDN GOODS.—The American Woolen Co. this week
and condition of cotton good in most of the southern third, but elsewhere
averaged rather poor account washing rain and high winds; chopping, advanced prices on a number of its leading fabrics from 2c.
cultivation, and planting delayed in central and north by wet soil. Progress to 10c. a yard, an action which has been given the unqualiand condition of citrus good.
Oklahoma.—Oklahoma City: Seasonal temperatures; rainfall heavy to fied approval of most of the foremost manufacturers, and
excessive over practically whole State. Destructive wind, rain, and hall is confidently expected to prove effective in maintaining
in many localities. Cultivation and planting largely suspended as too the stability of prices In the goods
market. Predictions that
wet. Progress of winter wheat and oats good,except extensive hail damage
in northwest; condition ranges from poor to good. Progress and condition other producers will fall in line and advance prices accordor corn fair to very good; some to be planted and replanted; early needs ingly are not lacking, and rumors are already current of
cultivation badly. Progress of cotton poor; planting delayed as too cool
and wet; condition of early generally fair, but needs cultivation; some intentions of some of the larger factors to make correchopping in southeast.
sponding price-revisions before June 1. Clothing manuArkansas.—Little Rock: Progress of cotton fair to very good in most
portions; planting about completed and stands and condition very good facturers are particularly favored by the firmer prices,
in most places, but much damage in some localities due to excessive rains; which put them in a strong position to resist pressure for
chopping in most of central and south: cultivation badly needed. Progress
and condition of corn very good. Very favorable for wheat, oats, meadows, concessions from retailers. The latter have been pressing
pastures, rice, potatoes, truck, and fruit all of which are much improved. for reductions on the basis of downward revisions by mills
Tennessee.—Nashville: Generous rains afforded temporary relief and earlier in the year. The
outstanding favorable feature
materially changed crop situation. Progress of corn very good on uplands; little planted on lowlands as delayed by rains. Progress of winter remains the statistical position. Stocks in all quarters are
wheat very good and heading, but stalks short. Tobacco yellow in some at a low level, and those carried by first hands are lower
sections, and of poor quality; elsewhere progressing well; little transplanting. Progress of early-planted cotton very good; planting resumed. than they ever have been during such a period of general
Kentucky.—LouLsville: Stands of corn fair to good in first plantings: depression as the present.
scattering in later plantings, with much replanting indicated. Tobacco
plants very uneven; some of size for transplanting, which has commenced
FOREIGN DRY GOODS.—Primary linen markets con.
in south, where showers heavy; will commence with machines near end tinued relatively quiet during
the week, demand being pracof week in burley district. Progress of winter wheat poor: condition fair,
tendency to head short. Oats, clover, gardens, and meadows poor growth. tically confined to household linens and handkerchiefs.
However, reports of sales in increasing volume in retail
centers are leading selling-houses to expect a better demand
THE DRY GOODS TRADE
in the near future. Dress linens, and men's summer suitings
New York, Friday Night, May 16 1930.
are expected to benefit from current expanded retail busiunfavorable ness.
Provided that too many consecutive days of
Burlaps are quiet. Light weights are quoted at 5.10c.,
weather do not appear in what remains of this month to and heavies at 6.80c.
MAY 17 1930.]
FINANCIAL CHRONICLE
tate and Titg Repartuxele
NEWS ITEMS
Cisco, Texas.
-Petition Asks Receiver for City.
-The
Bondholders' Protective Committee, of which Charles P.
Bullard of New York City, is Chairman, has filed a petition
in the Federal District Court at Abilene, for the appointment of a receiver for Cisco under the provisions of recently
enacted legislation. The petitioners declared they are the
holders of $1,153,000 bonds of this city on which interest is
past due
-V. 130, p. 831-and page XX (advertisement).
We quote as follows from an Associated Press dispatch from
Abilene to the Dallas "News" of May 9:
3577
sinking fund. Redeemable, at the option of the Government, on May I
1940, or on any int. payment date thereafter, upon three months' published
notice, at 100% and accrued int., but, except for the sinking fund, only
as to the entire issue.
A total of $71,000,000 5
gold bonds of the Imperial
Japanese Government are being issued in the United States,
of which $21,000,000 bonds are to be exchanged for 4%
bonds of the Imperial Government, due Jan. 1 1931. For a
detailed description of the bonds, including the purpose for
which the $50,000,000 bonds just sold are issued and the
places of payment of both principal and semi-annual interest
refer to our"Department of Current Events and Discussions"
on a preceding page.
Jersey City, N.J.
-Property Taxes Trebled in Eleven Years.
-Statistics compiled by the Department of Commerce for
the year of 1928 show that the per capita property taxes of
the above city rose from $18.56 in 1917 to $56.95 in 1928.
The Department of Commerce made public the statistics for
the year ended Dec. 31 1928 on April 29.
Charles P. Bullard, John Brandon and Robert D. White of New York
and Henry E. Poor of Ohio, claiming to be holders of $1,153,000 in Cisco
city bonds with $2,000 past due, have filed a petition in Federal Court here
asking for appointment of a receiver for the city of Cisco under Texas law
enacted last year.
Hearing on the petition was set for May 30 at Amarillo by Judge James
In 1927 the per capita property taxes were $79.64. Property taxes
C. Wilson.
represented 69.6% of the total revenue for 1928, 78.4% for 1927. 57.6%
This was the latest move in Cisco's financial troubles. Suit for collec- for 1917. Property taxes collected increased 375.8%
from 1917 to 1927,
tion of unpaid bonds already was pending in Federal Court. Officials of but there was a decrease of
1927 to 1928.
the city last fall asked the court to name a receiver, but withdrew the of more than $9,000,000 of 27.8% fromthe collection of The receipt in 1927
back taxes,
which had been derequest.
At the April election the opposition ousted the administration from power layed by litigation, accounted for the increased percentage of revenue. The
department explained
by seating a majority on the commission. Mayor J. M. Williamson, the county of Hudson that the figures include 50.9% of the transactions of
for
the percentage being
serving his 16 consecutive year, and W. B. Statham, City Secretary, were on the ratio of the assessedthe same fiscal year,to that of the entire based
valuation
county.
indicted May 2 in connection with the alleged preparation and forwarding The figures for 1928 are based on anof the city population
estimated
of 324.700.
to the Attorney General of allegedly false certificate as to the tax valuation of Cisco. They are under bond.
Mississippi.
-Legislature Authorizes Note Sale.
-News-
Cordoba (Province of), Argentine Republic.
-$6,000,000 Certificates of Participation in Note Issue Sold.
-Sale of
certificates of participation in a $6,000,000 external
5%
United States gold note of the Province of Cordoba which has
been purchased by a group composed of the First National
Old Colony Corp., Hallgarten & Co., and Kissel, Kinnicutt
& Co., all of N.Y. City, was effected on May 13 by the holders of the note issue. The participation certificates were
sold at 100 and int., to yield 5.50%. The note is dated
May 10 1930 and is payable on Nov. 10 1930. MI KAM
"Prin. and int. payable in United States gold coin of the present sta- VA
O
of weight and fineness at the principal office in New York of The First of
Boston Corp. without deduction for any Argentine National, provincial or
municipal taxes. Callable as a whole, at any time prior to putturity, upon
20 days' notice by the province at par and accrued interest.
For further information regarding the above sale turn to
our "Department of Current Events and Discussions" on a
preceding page.
Illinois.
-Special Legislative Session on Tax Reform Convenes.
-On May 12 the State Legislature convened in special
session at the call of Governor Emmerson to consider plans
for the financial relief of Chicago and Cook County. Both
Houses recessed on May 13 and they will return to Springfield
next week. On the first day of the preliminary session 17
bills and a resolution were simultaneously introduced in both
legislative branches, being referred to the Houses as a
Committee of the Whole. The following is a list of the
measures introduced as they were given in the "United
States Daily" of May 15:
The resolution calls for submission of an amendment to the revenue
section of the constitution to be voted on at the November election; 13 of
the bills are for emergency financial relief for the City of Chicago; one would
revise the law of the purchase of a State artillery range; and the other 3
appropriate $110.000 for expenses of the special session.
A public hearing on the revenue amendment to the constitution will be
held at a joint session May 20.
Under the proposed bills the following schedule for the payment of taxes
In Chicago would be adopted:
1928 taxes, July 1 1930; 1929 taxes, Feb. 1 1931: 1930 taxes, Dec. 1
1931 taxes, Oct. 1 1932: 1932 taxes, Aug. 1 1933, and 1933 taxes, 1931:
June
I 11934.
After that the regular schedule to be resumed and taxes to become
delinquent May 1 of each year.
The joint resolution proposed by the revenue investigation commission
follows in full text:
That there shall be submitted to the electors of this State for adoption or
rejection at the next election of members of the General Assembly of the
State of Illinois, in the manner provided by law, a proposition to amend
Article IX of the constitution, by amending Sections 1. 2, 3. 9 and 10 to
read as follows;
Section 1. The general assembly shall have power to enact laws to
provide revenue.
Section 2. The general assembly shall have power to distribute revenues
paid into the State treasury, in whole or in part, among other Governmental bodies of the State; due consideration being given to the territorial
source of such revenues.
Section 3. The general assembly shall have power by general laws to
make reasonable exemptions from taxation,but such laws shall at all times
be subject to alteration, amendment or repeal.
Section 9. The general assembly may vest the corporate authorities of
cities, towns and villages with power to make local improvements by special
assessment, or by special taxation of contiguous property, or otherwise.
For all other corporate purposes, all municipal corporations may be vested
with authority to assess and collect taxes.
Section 10. The general assembly shall not impose taxes upon municipal
corporations or the property thereof, but shall require that all taxable
property within the limits of municipal corporations shall be taxes for the
payment of debts contracted under authority of law. Private property
shall not be liable to be taken or sold for the payment of the corporate
debts of a municipal corporation.
Imperial Japanese Government.
-$50,000,000
%
Gold Bonds Sold.
-A syndicate composed of J. P. Morgan
& Co., Kuhn, Loeb & Co., The National City Co., First
Nat. Bank, and the Yokohama Specie Bank, all of N. Y.
City, on May 12 offered and sold $50,000,000 53.% gold
bonds of the Imperial Japanese Government at 90 and accr.
int., to yield 6.20% to maturity. The bonds are dated
May 1 1930 and mature on May 1 1965. Coupon, in denom.
of $1,000. Prin. and semi-annual int.(May and Nov. 1) payable in New York in dollars and in London in sterling. The
following dealing with the provisions for the retirement of
the bonds is taken from the offering circular:
A cumulative semi-annual sinking fund, with payments beginning
May 1 1935, and calculated to be sufficient to redeem the entire issue on
or before maturity, is to be applied to the purchase of bonds if obtainable
at or below 100 0 and accrued int., or, if not so obtainable, to the
annual redemption, commencing Nov. 1 1935, at 100% and accr.semiint.,
of bonds called by lot. Not redeemable prior to May 1 1940 except for the
paper dispatches from Jackson report that the State Legislature recently passed the Woolfolk bond issue authorization
bill, authorizing the issuance of $5,000,000 in short-term
notes to replenish the State treasury. It is stated that payment will be provided from taxes to be received under the
revenue program recently adopted by the Legislature.
Measure Stressed by Governor.
-In an address made to the
House on May 9 Governor Bilbo directed special attention
to several measures which he is desirous of having passed
before adjournment. The New Orleans "Times-Picayune"
of May 10 listed these measures as follows:
"1-Utilization of surplus convict labor for the establishment of a 10,000
acre State farm to develop and demonstrate the agricultural possibilities
of the millions of acres of cut-over pine lands in Southern Mississippi.
purchasing agency.
2-A
-Reorganization of the banking system.
3
4
-An $82,000,000 bond issue to finance the road program-guaranteeing
$1,000,000 to each county "if needed."
5-A State board of charities to distribute the State's funds for charity
patients in private hospitals.
-Completion of the new code.
5
-Building a State-owned printing plant for State printing (does not
7
mention school text-books for the first time since he has been putting
this before the Legislature).
8-A $2,000,000 bond issue for permanent improvements at educational
and eleemosynary institutions.
-Law enforcement squad fdequately financed to enforce the laws.
9
"especially our prohibition laws."
10-A public utilities commission to control and regulate the power
companies of the State."
BOND PROPOSALS AND NEGOTIATIONS.
ABERDEEN, Bingham County, Ida.
-BOND DETAILS.
-The
321,000 issue of coupon sewer system bonds that was purchased by Heath.
Schlessman & Co. of Denver as 5s at
V. 130, p. 2070
-is dated
Jan. 1 1930. Denom.$1,000 and $500. Due on Jan. 1 as follows: $1,000,
1932 to 1946, and $1,500, 1947 to 1950, all incl. Prin. and int.(J.& J.1)
Payable at the Town Treasurer's office.
Financial Statement (as Officially Reported).
Actual valuation, official estimate
$1,000,000,
Assessed valuation. 1929
284,696
Total bonded debt, this issue only
21,000
Population, 650.
ALCORN COUNTY (P. 0. Corinth) Miss.
-BOND SALE.
-The
3200,000 issue of 5% semi-annual road bonds offered for sale on May 5V. 130, p. 2827
-was sold to Caldwell & Co. of Nashville, and associates
for a premium of $1,100, equal to 100.55.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-BOND SALE.
The following issues of4SI% coupon or registered bonds aggregating $9,050,000 offered on May 13-V. 130, p. 3031-were awarded to a sYnclicate
composed of the Union Trust Co. of Pittsburgh, Mellon National Bank,
both of Pittsburgh the Guaranty Co. of New York and the Bankers Co. of'
New York, at a price of 101.2043, a basis of about 4.13%:
$4,350,000 series 34 B-3 road bonds. Due serially in 30 years.
1.500,000 series No. 20 bridge bonds. Dated July 1 1929. Due serially
in 30 years.
894,000 series 34 A-4 road bonds. Dated May 1 1930. Due serially
In 30 years•
760,000 series 19-C bridge bonds. Dated May 1 1930. Due serially
in 30 years.
725,000 series No. 36 road bonds. Dated May 1 1930. Due serially
in 30 years.
500,000 series 6 Poor District bonds. Dated May 1 1030. Due serially
In 30 years.
200,000 series 2 jail extension bonds. Dated May 1 1930. Due serially
in 25 years,
.
121,000 series 14-G bridge bonds. Dated May 1 1930. Due serially
in 30 years.
All of the above bonds are in $1.000 denoms. Due as follows: $7.550,000
bonds, due $251,000 on May 1 from 1931 to 1955 incl., $243,000 on May 1
from 1956 to 1959 incl., and $303,000 in 1960, and $1.500,000 bonds
mature $50,000 annually on July 1 from 1930 to 1959 incl. The successful
bidders are re-offering the securities for public investment as follows:
The 1934 and 1935 maturities are priced to yield 4.00%, and the 1936
to 1960 maturities are priced to yield about 4.05%. The bonds due from
1930 to 1933 inclusive are not being offered. The bonds are stated to be
legal for New York and Pennsylvania savings banks and trust funds and
are payable as to both principal and semi-annual interest (May and Nov. 1)
at the office of the County Controller. Legality to be approved by Reed,
Smith, Shaw & McClay of Pittsburgh.
Financial Statement.
Assessed valuation
$2,594,716,574.00
Net debt,including this issue
76,610.859.20
Population (census 1920)
1,185,808
AMITY SPECIAL SCHOOL DISTRICT NO. 41 P. O. Amity), Clark
-BOND SALE.
-The $30,000 issue of semi-annual school
County, Ark.
-was purchased by the
bonds offered for sale on April 22-V. 130, p. 2446
Bank of Amity,as 6s, at par. Due in 20 Years.
COUNTY CONSOLIDATED SCHOOL DISTRICT
ANGELINA
-BONDS REGISTERED.
-On May 8 a
No. 3 (P. 0. Lufkin), Tex.
$28,000 issue of 5% serial school bonds was registered by the State
Comptroller.
ARKANSAS CITY, Cowley County., Kan.
-BOND SALE.
-The
349,000 issue of 43(% semi-annual refunding bonds offered for sale on
-was purchased by the Central Trust Co. of
May,12-V. 130. p. 2447
Topeka, at a price of 100.84, a basis of about 4.58%. Dated May 15 1930.
Due from 1931 to 1940, inclusive.
3578
FINANCIAL CHRONICLE
[Vol.. 130.
ARTICHOKE TOWNSHIP (P. 0. Correll), Big Stone County,
147.000 street and sewer bonds. Dated July 1 1930. Due on July 1,
Minn.
-BOND OFFERING.
-Sealed bids will be received until 2 P. rn•
as follows: $14,000, 1931 to 1933, and $15,000, 1934 to 1940,
on May 26. by Victor Hanson,Township Clerk, for the purchase of a $3,000
all incl. Denom. $1,000.
Issue of 5% semi-annual town hall bonds. Denom. $500. Dated May
330,000 public improvement bonds. Dated July 11930. Due $33.000
26 1930. Dun $5,000 from Dec. 10 1931 to 1936, incl. A certified check
from July 1 1931 to 1940, incl. Denom. $1.000.
for 10% of the bid, payable to the Township Treasurer, is required.
The offering notice states as follows: The rate of interest on each issue
per centum (5%) per annum, payable semi-annually
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-BOND OFFEFt- shall not exceed fiveApril
and October of each year on the grade crossing
/NO.-Enoch L. Johnson, County Treasurer, will receive sealed bids until on the first days of
abolition bonds; and payable semi-annually on the first days of January
11 a. m.(daylight saving time) on May 26, for the purchase of the follow- and
July of each year on the public improvement street and sewer bonds.
ing issues of coupon or registered bonds aggregating $247,000:
and the
$130.000 tax revenue bonds. Dated May 15 1930. Denom. $5,000. Due use any public improvement bonds, the option being given to the bidder to
of the following rates as a basic rate: 4%;43%,
or
%,4%,
May 15 1931.
117.000 tax revenue bonds. Dated May 15 1930. Denom. $1,000. "Due 5%, provided, however, that the bidder shall use the lowest of said basic
rates at which he will pay par or more for each issue of the bonds,with the
May 15 1931.
The offering notice states that the bonds are being issued against out- understanding that alfthree issues are to be sold to one party on an all or
none
standing delinquent and unpaid taxes due the County from the City of all bid the right being reserved to the City Commission to reject any and
bids. No split interest rate bids will be considered for any particular
Brigatine for the years 1928 and 1929. Interest payable semi-annually
on Nov. 15 1930 and May 151391. Rate of interest expressed in multiples Issue and one separate interest rate must be specified for each issue. If
an acceptable bid is had, the bonds will be awarded on the bid that is the
of one 1-100th of 1% to be suggested in proposal. Principal and interest
payable at the office of the County Treasurer. A certified check for 2% most advantageous to the City of Birmingham to be determined by deducting the amount of premium bid for said bonds from the total amount
of the amount of bonds bid for, payable to the order of the County Treas- of
urer, must accompany each proposal. The approving opinion of Caldwell of interest which the City will have to pay on said bonds under the terms
the bid.
& Raymond, of New York City, will be furnished the successful bidder.
Principal and interest payable at the Central Hanover Bank & Trust Co.
ATTLEBORO, Bristol County Mass.-LOAN OFFERING.
-William in New York City. Thomson Wood & Hoffman, of New York, will furnish
Marshall, City Treasurer, will receive sealed bids until 11 a.m. (Daylight the legal approval. A certified check for 1% of the bonds bid for, payable
Saving time) on May 2Ci, for the purchase at discount of a $150,000 tem- to the City,is required.
porary loan. Dated May 21 1930. Denoms. $25,000, $10,000 and $5,000.
BRADLEY BEACH,Monmouth County, N. J.
Payable on Nov. 21 1930 at the First National Bank of Boston. The notes
-BOND OFFERING.
will be certified as to genuineness and validity by the aforementioned Frederic B. Reichey, Borough Clerk, will receive sealed bids until 7:30
P.m. (Daylight Saving time) on May 27, for the purchase of $112,000 5%
Bank, under advice of Storey, Thorndike, Palmer & Dodge of Boston.
coupon or registered Ocean
AVA, Douglas County, Mo.-MATURITY.-The $15,000 issue of 1930. Denom. $1,000. Due Front improvement bonds. Dated June 1
on June 1, as
1943
• % registered water works extension bonds that was purchased at Par incl.; 35.000, 1944 to 1951 incl., and $6,000 follows: $4,000, 1932 to Prin.
from 1952 to 1955 incl.
by the Prescott,'Wright, Snider Co. of Kansas City
- and semi-annual i
-V. 130, p. 3402
mt.(Juno and Dec. 1) payable at the office of the Borough
is dated May 1 1930 and due in from 3 to 20 years. Int. payable on May Clerk. No more bonds are to be awarded than will produce a premium of
and Nov. 1. Denoms. $500 and $1,000.
$1,000 over $112,000. A certified check for 2% of the amount of bonds bid
BABYLON UNION FREE SCHOOL DISTRICT NO.4(P.O. Linden- for, payable to the order of the Borough, must accompany each proposal.
hurst) Suffolk County, N. Y.
-BOND OFFERING.-Christine I. The approving opinion of Caldwell & Raymond,of New York City, will be
Hopkins, District Clerk, will receive sealed bids until 8 p.m. (Daylight furnished to the successful bidder.
Saving time) on May 19, for the purIcase of $465,000 coupon or registered
County, N. J.
-BOND OFFERING.
BOGOTA,
-Harlan P.
school bonds,to bear interest at a rate not to exceed 6%,stated in a multiple Ross. BoroughBergen will receive sealed bids until 8 p. in. (daylight saving
Clerk,
of X or 1-10th of 1%. Dated May 1 1930. Denom.$1,000. Due on May 1, time) on May 22, for the purchase of $112,000 434 or 5% coupon or regisas follows: $5,000, 1931 to 1935 incl.: $10,000, 1936 to 1955 incl., and
tered public
bonds. Dated May 1 1930. Denom. $1,000. Due
$16,000 from 1956 to 1970 incl. Principal and semi-annual interest (May on May 1, asimpt.
to
follows: $3,000, 1932 to 1943 incl., and
and Nov. 1) payable in gold at the First National Bank, Lindenhurst, or 1962 incl. Prin. and semi-annual hit.(May and Nov.$4,000 from 1944 in
1) payable
at the Irving Trust Co., New York City. A certified check for $9,000, New York. No more bonds are to be awardeu than will produce ain gold
premium
payable at Charles Riehl, Treasurer, must accompany each proposal. of $1,000 over $112.000. A certified check for 2% of the amount of bonds
The approving opinion of Clay, Dillon & Vandewater of New York City, bid for payaole to Tyler E. Smith, Borough Collector, must accompany
as to the validity of the bonds will be furnished to the successful bidder.
each proposal. The approving opinion of Thomson. Wood & Hoffman,
BAINBRIDGE TOWNSHIP,Geauga County, Ohio.
-BOND OFFER- of New York City, will be furnished the successful bidder.
ING.
-Frank Jaros, Clerk of the Board of Trustees, will receive sealed bids
-BOND SALE.
-The $20.BOONE COUNTY (P. 0. Lebanon), Ind.
until 8 p. in. (eastern standard time) on May 22, for the purchase of the
000 434% 0. E. DeBard et al., Center Township highway impt. bonds
following issues of 5%% bonds aggregating 312,374,27:
-were awarded to Campbell & Co.,
$9,443.80 special assessment road construction bonds. One bond for offered on May 8-V. 130, P. 3032
of
equal
$443.80, all others for $1,000. Due on Oct. 1, as follows $443.80. of Indianapolis, at par plus a premium of $231,1930. to 101.15. a basison
One bond is due
about 4.27%. The bonds are dated March 11
1931, and $1,000 from 193210 1940, incl.
each Jan. and July 15 from July 15 1931 to Jan. 15 1941.
2,930.47 special assessment road construction bonds. One bond for
$560.47, all others for $500. Due on Oct. 1, as follows* $560.47.
-TEMPORARY LOAN.-Edmund
BOSTON, Suffolk County, Mass.
1931, and $500 from 1932 to 1940, incl.
L. Dolan, City Treasurer, on May 12 awarded a $1,000,000 temporary
,
Both issues are dated May 22 1930. Interest payable on April and Oct. loan to the Guaranty Co. of New 'York, to bear 3.05.% int., payable at
1. Bids for the bonds to bear interest at a rate other than 53 % will also maturity, at par plus a premium of $20. The loan is dated May 15 1930
be considered, provided, however, that where a fractional rate is bid such and Is due on Oct. 1 1930. Bids submitted were as follows:
fraction shall be g of 1% or a multiple thereof. A certified check for 5%
Int. Rate.
Bidderof the amount of bonds bid for, payable to the order of the Township Guaranty Co. of New York, par plus $20 (purchaser)
3.05
Treasurer, must accompany each proposal.
Faxon lade & Co
3.13
Salomon Bros. & Hutzler, par plus 57
BALTIMORE COUNTY (P. 0. Towson), Md.-OFFER $1,000.000
3.19
43.6% BONDS.
-The First National Securities Corp., of Baltimore, is Shawmut Corp., par plus $25
3.23
offering for public investment an Issue of $1,000,000 43 % coupon school First National Old Colony Corp.. par plus $17.50
,
3,34%
bonds at prices to yield 4.10%. The bonds are dated June 1 1929 and Chase Securities Corp., par plus $50
mature annually on June 1 from 1945 to 1959,ind. Legality to be approved
-LIST OF BIDS.
-The following
BOSTON, Suffolk County, Mass.
by Janney, Ober, Slingluff & Williams, of Baltimore. Detailed report is a list of the bids reported to have been submitted on May 8 for the purof the award of the bonds appeared in
-V. 130, P. 3402.
chase of the various issues of 4% bonds aggregaAng $3,195,000 awarded
Guaranty Co., of New York, both of
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.
-BOND SALE. to the National City Co., and the
1
-The Board of County Commissioners on May 8 awarded an issue of$5,000 New York City, jointly, at 100.4317, a basis of about 3.95%-V. 130. 1: •
3402.
township road construction bonds to the Fletcher American Co. of IndianRate Bid.
Bidderapolis, at par plus a premium of $45, equal to 100.90.
Nat'l City Co., & Guaranty Co. of N Y., jointly (purchasers)----100.4317
BARTLESVILLE SCHOOL DISTRICT (P. 0. Bartlesville), Wash- Curtis & Sanger, Stone & Webster and Blodget. Inc., F. S.
ington County, Okla.
-ADDITIONAL INFORMATION.
Moseley & Co.,E. H. Rollins & Sons. & Eldredge & Co..jointly_100.137
-The S60.000
Issue of coupon school bonds that was purchased oy the Harris Trust & Estabrook & Co., R. L. Day & Co., Harris, Foraes & Co.. First
Savings Bank of Chicago as 4%s
,&
Nat'l Old Colony Corp. Atlantic-Merrill Oldham Corp-jointly 100.06
-V. 130, p. 3223
-is dated May 1 1930.
Denom.$1,000. Due $3,000 from Jan. 1 1935 to 1954 incl. Principal and
-BOND OFFERING.
-Sealed bids
BOVILL Latah County, Idaho.
int. (J. & J. 1) payable at the State's fiscal agency in New York city.
will be received by W. J. Davis. Village Clerk, until 2 p. m. on May 27
Financial Statement.
for the purchase of a $10,000 issue of street improvement bonds. Int.
(As reported by the County Clerk and the School District Treasurer.) rate is not to exceed 6%, payable semi-annually.
Real value of taxable property, estimated
$23,494,718
-BOND OFFERING.
-It is stated
BOYLE, Bolivar County, Miss.
Assessed valuation for taxation
14,096,831
H. G. Smith, Town Clerk, until June 3
Total debt (this issue included)
655,000 that sealed bids will be received byof paving bonds.
for the purchase of a $35,000 issue
Lees sinhlnJ fund
$31,657
Net debt
623,343
-BOND SALE.
-The
BRISTOL COUNTY (P. 0. Taunton), Mass.
Population-Estimated by the Secretary, 20,000; city. 1920 Census,
$200,000 4% coupon Registry of Deeds (Fall River District) bonds offered
14,471; city, 1910 Census, 6.181.
-were awarded to Eldredge & Co., of Boston.
on May 12-V. 130, p.3402
BAY HARBOR, Bay County, Fla.
-BOND ELECTION.
-On May at 100.72, a basis of about 3.85%. The bonds are dated May 1 1930 and
30 a special election will be held for the purpose of passing upon a proposal mature $20,000 on May 1 from 1931 to 1940 incl. The following is a comcalling for the issuance of $65,000 in bonds for school building purposes.
plete list of the olds reported to have been submitted for the issue:
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
Rate Bid.
-BOND OFFERING.
Bidder-Sealed bids addressed to the Board of County Road Commissioners will Eldredge & Co. (purchasers)
100.72
be received until 10:30 a. m. (Central standard time) on May 23 for the Bristol County Trust Co., Taunton
100.61
purchase of $256,608 special assessment road assessment district bonds. First National Old Colony Corp., Boston
100.365
Rate of int, to be named in bid. Bonds are dated June 11930. Due over Merchants National Bank,of New Bedford
100.34
a period of years. Int. payable semi-annually on May 1 and Nov. 1. A Chase Securities Corp., Boston
100.266
certified check for $500, payable to the order of the County Treasurer, F. S. Moseley & Co., Boston
100.19
100.06
must accompany each proposal.
First National Bank of Attleboro
100.00
BEVERLY HILLS, Los Angeles County, Calif.
-BOND SALE.
-An Shawmut Corp.of Boston
issue of $117.000 4%% coupon park bonds was purchased on May 7 by
BRAWLEY SCHOOL DISTRICT (P. 0. Brawley) Imperial County,
Weeden & Co. of Los Angeles for a premium of $1,737. equal to 101.48, a Calif.
-The 560.000 issue of 6% coupon school bonds
-BOND SALE.
basis of about 4.38%. Dated July 1 1928. Due $3,000. July 1 1930 to offered for sale on May 5-V. 130, p. 3224
-was purchased by the Cum1968 incl. Prin. and int. (J. & J. 1) payable at the office of the City Treas- mings and Morrison Co., of Des Moines for a premium of $1,408, equal to
urer. Legality subject to approval of O'Melveny, Tuller & Myers of 102.346, a basis of about 5.70%. Denom. $500. Dated June 10 1930.
Los Angeles. Newspaper reports stated as follows:
Due $3,000 from 1931 to 1950, incl. Int. payable on June and Dec. 1.
Other bids for 43is were: R. H. Moulton & Co., $969; First National
-BOND OFFERING.
Bank of Beverly* Hills. $613; Dean Witter & Co., $579; United States
BRIDGETON, Cumberland County, N. J.
National Bank,$125:and First Detroit Co.,$57. Three bids were tendered Charles P.Corey, City Clerk, will receive sealed bids until 89.M (daylight
for 454s: Securities Division National Bank-italy Co.. $3,317; William R. saving time) on June 3 for the purchase of $350,000 coupon or registered
sewer bonds, to bear int. at either 434, 434, or 5%, payable semi-annually
Stoats & Co.. $2,670; and Heller. Bruce & Co.. $2,406.
BEXLEY, Ohio.
-BOND OFFERING.
-S. W. Roderick, Village Clerk, on Jan. 1 and July 1. Bonds are dated July 1 1930. Denom. $1.000.
will receive sealed bids until 12 m.on May 27,for the purchase of the follow- Due on July 1 as follows: $7,000, 1932 to 1944 incl.: $10,000, 1945 to 1969
incl., and $9,000 in 1970. Prin. and s-mi-ann. int, payable at the office
ing issues of 5% bonds aggregating $45,900:
of
$25,200 special assessment street improvement bonds. Denom. $1,000 and a the City Treasurer. No more bonds are lobe awarded than will produce
premium of $1,000 over $350,000. A certified check for 2% of the
$400. Due on Oct. 1, as follows: $3,000, 1931 to 1937, incl.;
amount of bonds bid for, payable to the order of the City,must accompany
1938, and $1,800 in 1939.
$2,400,
each proposal. The approving opinion of Hawkins, Delafield & Long10.300 special assessment street improvement bonds. Denom. $1,000, fellow of
N. Y. City will be furnished to the successful bidder.
$500 and $300. Due on Oct. 1, as follows: $1,000, 1931 to 1936,
had.; $1,300. 1937. $1.500, 1938, and $1,500 in 1939.
-BOND
BROOk PARK (P. 0. Berea) Cuyahoga County, Ohio.
6,900 special assessment street improvement bonds. Denoms. $900 and SALE.
-The $127,800 special assessment Sewer District No. 1 bonds
$750. Due on Oct. 1, as follows:$750. 1931 to 1938,incl., and $900 offered on April 14-V. 130, p. 2622
-were awarded as 534s to Mitchell.
In 1939.
Herrick & Co. of Cleveland. 'the bonds are dated April 1 1930 and mature
3,500 special assessment street lighting system bonds. Denom. $700. en Oct. 1,as follows: $8,000, 1931;S9.000, 1932;$8.000. l933;$9,000. 1934;
38,000, 1935; 59,000, 1936: $8,000, 1937; 59,000. 1938: $8,000, 1939;
Due $700 on Oct. 1 from 1931 to 1935, incl.
All of the above bonds are dated May 1 1930. Bids for the bonds to $9,000. 1940; 58,000. 1941; $9,000, 1942; $8.000. 1943; $9,000, 1944, and
bear interest at a rate other than 5% will also be considered, provided, $8,800 in 1945.
however, that where a fractional rate is bid such fraction shall be X off 1%
Vt.-BOND OFFER/NO.BURLINGTON, Chittenden
or a multiple thereof. A certified check for 2% of the amount of bonds bid Walter 0. Lane, City Treasurer, County,
will receive sealed bids until 4 p.
for must accompany each proposal.
(standard time) on May 23, for the purchase of $50.000 434% coupon or
-Seated registered road construction bonds. Dated June 11930. Denom. $1,000.
-BOND OFFERING.
BIRMINGHAM,Jefferson County, Ala.
,
bids will be received until noon on June 13, by C. E. Armstrong, City Due on Dec. 1 1957. Principal and semi-annual interest payable at the
Comptroller, for the purchase of the following three issues of bonds ag- office of the City Treasurer. The bonds will be prepared under the supervision of the Old Colony Trust Co., Boston. whose certificate as to legality
gegsimo a77 rossing ed o
$1,4de,OgO. dividab agglows:
bonds. Dated Oct. 1 1928. Due will be signed thereon. A certified check for 2% of the par value of the
1200,000 on Oct. 1 1934, 1938, 1942. 1945 and 1948. Denom. bonds bid for, payable to the order of the City Treasurer, must accompany each proposal. The legality of the bonds will be examined by Ropes,
$1,000.
MAT 171930.]
FINANCIAL CHRONICLE
Gray Boyden & Perkins, of Boston, whose favorable opinion will be furnished to the purchaser.
Financial Statement.
Assessed valuation, 1929
$37,943,981
Bonded debt, not including this issue
2,347.000
Water debt
None
funds
Sinking
39,815.46
Population, 1920
22,779
CALCASIEU PARISH GRAVITY DRAINAGE DISTRICT NO. 3
-BONDS VOTED.
-At a special election held
(P. 0. Lake Charles), La.
recently the voters approved a proposition calling for the issuance of
$85,000 in bonds to construct an adequate drainage system in the district.
CAMERON COUNTY WATER IMPROVEMENT DISTRICT NO.
-BOND OFFERING.
-We are informed that
14 (P. 0. Brownsville) Tex.
sealed bids will be recieved until May 27, by Lute P. Stover, President of
the District, for the purchase of an issue of $1,500,000 irrigation bonds.
(An issue of $1,650,000 6% semi-annual bonds was offered on Dec. 12
1929 and never definitely awarded.
-V. 130. P. 167).
CANADIAN COUNTY SCHOOL DISTRICT NO. 98 (P.O. El Reno),
-BOND SALE.
-The $5,000 issue of 4%% coupon school building
Okla.
bonds offered for sale on April 23-V. 130, p. 3032
-was purchased at
par by Mr. Herbert Keller, of El Reno. Denoms. $100 and $500. Dated
May 1 1930. Due serially in 10 years. Interest payable on Jan. & July 1.
CANISTOTA, McCook County, S. Dak.-BOND OFFERING.
-Sealed
bids will be received until 2 p. in. on May 19 by J. F. Haas, City Auditor,
for the purchase of an $18,0001 issue of5% water extension bonds. Denom.
$1.000. Dated Oct. 1 1929. Due on Oct. 1 as follows: $1.000, 1932 to
1947, and $2,000 in 1948. Prtn. and semi-ann. int. payable in Canistota,
or at a place designated by the purchaser. The City reserves the right to
furnish the legal opinion of Junell. Dorney, Oakley & Driscoll of Minneapolis, or some other recognized bond attorneys as to the validity of the bonds.
A certified check for 10% of'the bid, payable to the City Treasurer, is required.
CANON CITY, Fremont County, Colo.
-BOND DESCRIPTION.
The $80,000 issue of 434% coupon water extension bonds that was sold
at par-V. 130, p. 3224
-was purchased on May 5 by Peck, Brown & Co.
of Denver. Denom.$1.000. Dated May 11930. Due in 1945. Interest
payable on May and Nov. 1.
CANNONSBURG SCHOOL DISTRICT, Washington County, 1
3a.BOND SALE.
-The Mellon National Bank, of Pittsburgh, on May 5
purchased an issue of $50,000 434% school bonds at par, plus a premium
of $1,228.15, equal to 102.45, a basis of about 4.20%. The bonds mature
May 1 1940.
CANTON, Stark County, Ohio.
-BOND SALE.
-The following
Issues of bonds aggregating $59,819.04 offered on May 8-V. 130, p.3224
were awarded as 41 s to the BancOhlo Securities Co., of Columbus, at par
4
plus a premium of $53.82, equal to 100.08.a basis of about 4.48%;
$34,316.42 city's portion street impt. bonds. Due on April 1. as follows:
33.316.42, 1932; $3.500. 1933 to 1940 incl., and $3,000 in 1041.
25.502.62 storm water sewer construction bonds. Due on April 1. as
follows: $1,502.62, 1932; 32.000, 1933; 3500, 1934: 32.000, 1935;
5500. 1936: $2,000. 1937: 3500, 1939; 52,000, 1939: 3500. 1940:
$2,000, le41; $500, 1942; 32,000, 1943, and $500 from 1945 to
1946 inclusive.
Both issues are dated April 1 1930.
CARROLL COUNTY (P. 0. Huntingdon), Tenn.
-BONDS DEFEATED.
-At the special election held on May 8-V. 130. p. 2828
the voters defeated the proposed issuance of $350,000 in road bonds by
what was said to have been a small margin.
CASS COUNTY (P. 0. Logansport), Ind.
-BOND OFFERING.
Herbert D.Condon, County Treasurer, will receive sealed bids until 2 p. in.
on May 27, for the purchase of $9,600
% E.N. SvrIgart et al., Clay
Township road construction bonds. Dated May 15 1930. Denom. $480.
Due $480, July 15 1931; $480, Jan. and July 15 from 1932 to 1940 incl.. and
$480, Jan. 15 1941. Prin. and semi-ann. int. (J. & J. 15) payable at the
office of the County Treasurer.
CASS COUNTY (P. 0. Logansport), Ind.
-BOND SALE.
-The
$11,500
% Wise-Huffman road impt. bonds offered on May 7-V. 130,
-were awarded to the First & Tri-State National Bank Rz Trust Co.,
13. 3032
at par plus a premium of $120, equal to 101.04, a basis of about 4.30%.
The bonds are dated May 11930. Due 3575. July 15 1931; $575, Jan. and
July 15 from 1932 to 1941 incl. Bids for the %rue were a: follows:
BidderPremium.
First & TH-State National Bank & Trust Co.(Purchaser)
$120.00
Fletcher Savings & Trust Co., Indianapolis
97.75
Fletcher American Co., Indianapolis
67.00
3579
% coupon city bonds. Dated July 1 1930. Denom. $1,000. Due on
July 1. as follows: $10,000 in 1931 and 315,000 from 1932 to 1957 incl.
Interest payable on Jan. and July 1. A certified check for 2% of the amount
of bonds bid for, payable to the order of the city, must accompany each
proposal. Sale of the bonds will be subject to the favorable opinion of
Townsend,Elliott & Munson, of Philadelphia. as to their validity.
CLAREMONT SCHOOL DISTRICT, Sullivan County, N. H.
BOND OFFERING.
-Albert B. Kellogg, Secretary of the School District
Board, will receive sealed bids until 8 p.m. (Eastern Standard time) on
May 19, for the purchase of 335,000 416% coupon Stevens High School
,
bonds. Dated April 1 1930. Denom. 31,000. Due on Oct. 1, as follows:
$2,000, 1931 to 1946 incl., and $1,000 from 1947 to 1949 incl. Principal
and semi-annual interest (April and Oct. 1) payable at the First National
Bank of Boston. These bonds are 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.
Assessed valuation, 1929
516,453,160.00
Total bonded indebtedness (Town)
426,941.00
Water debt(Town)included in total debt
254,120.00
Total bond.indebted.(School District) not incl. this issue _411,900.00
Population (estimated)
11,006
CLEVELAND HEIGHTS, Cuyahoga County. Ohio.
-FINANCIAL
STATEMENT.
-In connection will the notice of the proposed sale on
May 19 of three issues of 434% various impt. bonds aggregating 3143.043
-we are in receipt of the following:
-V. 130, p. 3403
Financial Exhibit.
Assessed value for taxation:
1918
344.629,000
1920
85,446.500
1922
85,473,020
1926
145,451.610
1928
167,944,340
1929
169,621,780
Estimated actual value
210.030.425
Total bonded debt. including this issue
$6,259,169.17
Cash value of sinking funds held for debt redemption
1,414,241.06
Special assessment bonds included in total debt
3,947,290.31
General bonds included in total debt
2.311,878.86
Special assessment bonds are general obligations but special assessments
have been levied for the payment thereof.
Tax rate for 1929.32.29 per $100.
Populat'n: 1902, 1,564; 1910,2,955; 1920, 15,396; 1924.30.485; 1928,44377.
CLEVELAND HEIGHTS SCHOOL DISTRICT, Cuyahoga County,
-BOND SALE.
-The $100,425 434% school bonds offered on May 12
Ohio.
-were awarded to the Provident Savings Bank & Trust
-V. 130, p. 3032
Co. of Cincinnati at par plus a premium of 31.034.38. equal to 101.03, a
basis of about 4.38%. The bonds are dated June 1 1930 and mature
on Oct. 1 as follows: $3,425, 1930; $5,000, 1931; $4,000. 1932 and 1933
35,000, 1934; 34,000, 1935 and 1936; 35,000. 1937; $4,000, 1938 and 1939
$5,000. 1910; 34,000. 1941 and 1942; 35,000, 1943; $4,000, 1944 and 1945
35.000, 1946; 34.000. 1947 and 1948; 35,000, 1,949; $4,000. 1950. and
35.000 in 1951 and 1952. The following is an official tabulation of the
bids submitted for the issue:
BidderInt. Rate, Premium
Provident Savings Bank & Trust Co.(purchaser)
$1,034.38
4347
Seasongood & Mayer
808.00
434
Merrill, Hawley & Co
785.50
434
80.34
Breed, Elliott & Harrison
434 o
Otis & Co
141.00
434%
1.00
The Midland Bank
434%
Mitchell, Herrick & Co
466.00
434%
BancOhio Securities Corp
434%
141.55
Braun, Bosworth Sz Co
1,589.00
434%
First Detroit Co., Inc
434%
1.777.00
-BOND SALE.
-The following issues
CLIO, Genesee County, Mich.
-were
of bonds aggregating $45,000 offered on May 14-V. 130, p. 3403
awarded as 5s to the First Detroit Co. cf Detroit at par plus a premium
of 3275„ equal to 100.61.a basis of a b.. ; 4.86%;
bonds. Due $2,500 on June 1
$22,500 special assessment sewage dis
from 1931 to 1939 inclusive. 22,500 special assessment water works bonds. Due $2,500 on June 1
from 1931 to 1939 inclusive.
-LIST OF BIDDERS.
COAHOMA COUNTY (P.O. Friar Point) Miss.
-The following is a complete official list of the other bidders and their
bids (all for 5s) for the 3100,000 refunding bonds that were purchased by
-as 5s,
the First Securities Corp. of Memphis, on May 5-V. 130, p. 3403
at 101.70, a basis of about 4.83%:
CASTILE, Wyoming County, N. Y.
-BOND OFFERING.
-George C.
Premium.
BidderSmith, Village Clerk, will receive sealed bids until 8 p. m. on May 24, Saunders & Thomas of Memphis
$1,675
for the purchase of the following issues of bonds aggregating $23.000, to Hibernia Securities Co., New Orleans
1,510
bear interest at a rate not to exceed 5%%.
Boatmen's National Co., St. Louis
1,025
318,000 street improvement bonds. Denom. $2,000. Duo $2,000 on Well Roth & Irving Co., Cincinnati
776
July 1 from 1931 to 1939 inclusive.
721
Provident Savings Bank of Cincinnati
5.000 fire equipment bonds. Denom. $1,000. Due $1,000 on July 1 Commerce Securities Co., Memphis
700
from 1931 to 1935 inclusive.
600
Union & Planters Co.of Memphis
Both issues are dated July 1 1930. Principal and interest payable at
the Bank of Castile. A certified check for $50, payable to the order of
-BOND SALE.
COLUMBUS, Franklin County, Ohio.
-The $800,000
the Village, must accompany each proposal.
sewage disposal fund No. 2 bonds offered on May 15-V. 120, p. 3022,
awarded as 434s to M. M. Freeman & Co., Inc., of New York
CATRON COUNTY (P. 0. Reserve), N. Mex.-BOND SALE.
-A 3224-were
$43,400 issue of 6% semi-annual refunding bonds is reported to have been City and Grau & Co., of Cincinnati, at a price of 100.71, a basis of about
purchased by Joseph E. Grigsby & Co. of Pueblo. Denom. $1,000. one 4.17%. The bonds are dated May 15 1930 and mature as follows* $17,000.
for $400. Dated June 1 1930. Due as follows: $2,000, 1935 to 1941; Aug. 1 1931; $17,000, Feb. and Aug. 1 from 1932 to 1946 incl.; $17.000.
Feb. 1 1947 and $16,000 Aug. 1 1947; $16,000, Feb. and Aug. 1 from 1948
$2.400 in 1942, and 33,000. 1943 to 1951, all incl.
to 1954 incl., and $16,000, Feb. 1 1955.
CHEROKEE COUNTY ROAD DISTRICT NO. 1 (P. 0. JacksonAn official tabulation of the bids submitted for the bonds follows:
ville), Tex.
-BOND OFFERING.
-Sealed bids will be received by .1. S.
Int. Rate. Premium
BidderBolton, County Judge, until 2 p.m. on May 19, for the purchase of a
3294,000 issue of 5% road bonds. Denom. $1,000. Dated Aug. 10 1929 M. M.Freeman & Co., Inc., New York, and Grau & Co.
Cincinnati, jointly (purchaser)
and Feb. 10 1930. Due on Feb. and Aug. 10 from Aug. 10 1930 to Feb.
45,712
'"
101960. inclusive. Principal and interert (F. & A. 10) payable at the The Continental Illinois Co., Chicago; 13ancOhio Securities Co., Columbus
1,760
411%
Seaboard National Bank in New York City. (This sale includes all of
the remaining unsold bonds of a $400,000 issue.) A certified check for Harris, Forbes & Co., New York; National City Co., New
872
York; Hayden, Miller & Co., Cleveland
5% of the bid is required.
4"
.(This report corrects that given under "Jacksonville Road District No. Lehman Brothers, New York: Kountze Brothers, New
720
York: Title Guarantee Securities Co., Cincinnati
434%
1'-V. 130, p. 3406.)
434%
640
Otis dc Co., Columbus
Official Financial Statement.
First Detroit Co., Detroit; Stone, Webster & Blodgett,
Estimated actual value of taxable property
$10,000,000
434%
Inc., New York
552
Assessed valuation of taxable property, 1929
5.433,117 Chase Securities Corporation, New York456
Total bonded debt, including this issue
602,000 Foreman-State Corp., Chicago; First Union Trust &
4"
of district, approximately
Area
140,000 acres
Savings Bank, Chicago; First Wisconsin Co
77
434%
Average value of the land, per acre
$40.00 Stranahan, Harris & Oatis, Inc., Toledo
18,840
434%
Population of district
17,000 A. B. Leach & Co., Chicago; Phelps, Fenn & Co., New
Bonds were authorized by an election held Oct. 13 1927.
York; McDonald-Callahan & Co., Cleveland
434%
16,406
Votes cast for the bonds, 1,058; votes cast against the bonds, 265.
Roosevelt & Sons, New York
15,828
434%
Bonds payable from unlimited tax. Present rate for all purposes ($100 Ames, Emerich & Co., Chicago; Kean, Taylor & Co.,
valuation)
$2.72
New York; Boatmen's Nat. Co., St. Louis; Wells
Law under which bonds issued*
434
Dickey & Co., Minneapolis
14.380
"By virtue of constitution and laws of the State of Texas, and particu- Halsey, Stuart & Co., Chicago; E. H. Rollins & Sons. %
larly Section 52, Article 3, of the constitution, and Chapter 28, of
Chicago; Northern Trust Co., Chicago
13.168
434%
the General Laws passed by the Thirty-Ninth Legislature at its first Estabrook & Co., New York; Mitchell, Herrick & Co.,
called session, 1926."
Cleveland
12,809
434%
CHEROKEE COUNTY (P.O. Gaffney), S. C.
-BOND OFFERING.
CONCORD, Dixon County, Neb.-BOND SALE.
--The $15,000 issue
Sealed bids will be received until 11 a. in...lune 3 by Joe H. Hall, Clerk of of5% semi-annual water bonds offered for sale on May 6-V.130, p.3032
the Board of Commissioners, for the purchase of a $75,000 issue of coupon has been purchased by the Farmers State Bank of Concord, for a premium
funding bonds. Int, rate is not to exceed 6% stated in a multiple of % of of 3150, equal to 101.00, a basis of about 4.84%. Dated March 1 1930.
1%. Denom. $1,000. Dated Jan. 1 1930. Due on Jan. 1 as follows: Due in 20 years and optional after 5 years. The other bids were as follows:
$3,000, 1933 to 1936;$5.000, 1937 to 1939; 37,000. 1940 to 1942 and $9..000. Omaha National Co.,of Omaha,offered par and accrued hit., while Wachob,
1943 to 1945, all incl. Prin.and Int.(J. & J.) payable in gold in New York. Bender & Co. of Omaha,offered a $75 premium.
Purchaser will be required to furnish the approving opinion and bond
-BOND SALE.
COON RAPIDS, Carroll Count , Iowa.
-Two issues
blanks. A certified check for 2% of the bonds bid for, payable to the
of bonds aggregating 36.600 have ben purchased by the Iowa Savings
County, is required.
Bank of Coon Rapids. The Issues are as follows: $4,000 street improveCHERRYHILL TOWNSHIP SCHOOL DISTRICT(P.O. Penn Run, ment and $2,600 grading bonds.
-BOND S.4LE.-5. M. Vockel &
R. D. No. 2), Indiana County, Pa.
COOS COUNTY UNION HIGH SCHOOL DISTRICT NO. 2 (P. 0.
Co. of Pittsburgh recently purchased an issue of $25,000 school bonds at
-BOND OFFERING.
-Sealed bids will be received
Myrtle Point), Ore.
par plus a premium of 3459.25, equal to a price of 101.83.
until 5 p. in. on May 23 by Mabel Barklow, District Clerk,for the purchase
' CHESTER, Delaware County, Pa.
-BOND OFFERING.
-S. P. of a $4,000 issue of 6% semi-annual school bonds. Dated May 23 1930.
Gray,Superintendent of Accounts and Finance, will receive sealed bids until Due $500 from May 23 1932 to 1939 incl. A certified check for 5% must
1 p.m. (Eastern Standard time) on June 10, for the purchase of $400.000 accompany the bid.
3580
FINANCIAL CHRONICLE
[VOL. 130.
CORAL GABLES, Dade County, Fla.
-BONDS OFFERED FOR
Financial Statement.
INVESTMENT.
-An issue of $1,250,000 6% coupon refunding and im- Total amount of all general bonds issued and outstanding not
provement bonds is being offered for subscription to the public by a group
incl. the $300,000 water works extension and improvecomposed of H.L. Allen & Co.. B. J. Van Ingen & Co. and Brandon & Co.,
ment
-1930 offered for sale May 22 1930
$15,733,214.25
all of New York City, priced at 95 and accrued interest, to yield from Sinking bonds
fund
6.35% to 7.75%, according to maturity. Denom. 51.000. Due serially Water Worksapplicable theretoin the total amount of all 3,176,553.74
bonds included
on Jan. 1, June 1, June 15 and July 1 from 1933 to 1956 incl. Prin. and
general bonds issued and outstanding, Payable from
semi-annual in;. payable in gold at the Chase National Bank in New York
earnings
4,466,000.00
City. Legallty approved by Chester B. MassItch of New York City.
Sinking fund applicable thereto,included in the $3,176,553.74
Financial Statement (As Officially Reported).
sinking fund applicable to general bonds
598,068.21
Assessed valuation (1929)
$55,681,817 Special assessment bonds separate from and not included in
*Total bonded debt
8,179.000
the general bonds, issued and outstanding
1,638,184.00
Less sinking funds
180,437 Assessed ValuaTax Rate Assessed VaouaTax Rate
tion Taxable
Tax
Per $1,000 lion Taxable
Tax Per 51.000
Net debt
$7,998,563
Property.
Year, Valuation.
Property.
Year. Valuation.
Permanent population (estimated), 8,000; winter population (esti$216,164,740 1919-1920 $21.00
$332,714,250 1925-1926 322.40
mated), 12,000.
227,339,580 1920-1921
23.80
25.60
337,675,960 1926-1927
The city owns property valued at $7,219,760.29, of which $4,031,622.58
236,829,650 1921-1922
29.60
25.00
345,676.290 1927-1928
is income-producing property.
24.40
347,277.780 1928-1929
* Included in this total are $1,801,000 of self-liquidating bonds, which, 231,373,170 1922-1923 29.00
235,675,560 1923-1924 28.20
25.40
353,679,050 1929-1930
While general obligations of the city, are payable primarily from assess326,731.830 1924-1925
20.80
ments on property benefited.
Population Census 1910, 116,
577; 1920 152,599; 1925, 177,986; 1926,
CORAL GABLES, Dade County, Fla.
-ADDITIONAL DETAILS.
In connection with the sale of the $96,000 issue of6% semi-annual refunding 183,700; 1928, 191,500, and 1930, 225,000 including annexed territory.
DELAWARE Delaware County,
-BOND OFFERING.
-F. D.
bonds
-V. 130, p. 3033
-we are now informed that the bonds were Pur- King, City Auditor, will receive sealedOhio.
bids until 12 m. on June 2, for the
chased at par and accrued interest by local investors. Due from March 1
Purchase of $20,000 6% City Opera House repair bonds. Dated April 1
1932 to 1943 inclusive.
1930. Denom. $1,000. Due $2,000 on April 1 from 1931 to 1940 incl.
COVINGTON, Tipton County, Tenn.
-Sealed Prin. and semi-ann. int. (A. & 0. 1) payable at the depositary of the
-BOND OFFERING.
bids will be received -by J. J. Miller, City Recorder and Treasurer, until sinking fund in Delaware. The successful bidder will be required to pay
8 p.m. on May 20, for the purchase of a $50,000 issue of 5, 55:f. 535.
for the transcript of the proceedings at the legal rate, if the same is required.
,
and 6% semi-annual high school bonds. Dated May 1 1930: due $5.000
Financial Statement.
beginning May 1 1941 with option to retire all or any part on or after General bonded indebtedness
$276,645.00
said date. Authority: Chap. 382 of the Private Acts of Tennessee for 1929.
A $2,000 certified check, payable to the above-named official, must accom- Distributed: General bonds, including this Issue
$104,645.00
pany the bid.
*General bonds,sewage treatment plant
172,000.00
CRAFTON, Allegheny County, Pa.
-BOND OFFERING.
-J. 0.
Schreiber, Borough Clerk; will receive sealed bids until 7:15 p.m. (Eastern
Total
$276,645.00
Standard time) on June 3, for the purchase of $35,000 coupon bonds to
bear interest at either 454, or 43
,
6%. Dated July 1 1930. Denom. $1.000. Special improvement bonds
133,975.00
Due annually as follows: $1,000, 1937 to 1951 incl., and $5,000 from 1952
to 1955 incl. Interest payable semi-annually. A certified check for $1,000, Cash on hand in the sinking fund treasury for the redemption
payable to the order of the Borough, must accompany each proposal.
of general and special improvement bonds and interest-$33,943.57
13.450,000.00
CROWLEY COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Olney Duplicate "real and personal tax"
Population 1929, 8,756.
-BOND SALE.
-A $10,000 issue of 5% school bonds is
Springs), Colo.
*Note.
-Extra 2 mills levied by vote of people outside of all limitation
reported to have recently been purchased by an undisclosed investor
each year for sewage treament plant bonds "ordered constructed by the
Dated June 1 1930: due in 1949.
CRYSTAL LAKE CONSOLIDATED SCHOOL DISTRICT (P. 0. State Board of Health."
Bonds and Interest (general
Crystal Lake), Hancock County, Iowa.
-BOND SALE.
-The $52,000 Sept. 1, and Oct. 1, each year. and special) payable on March 1, April 1.
Issue of refunding bonds offered for sale on May 6-V. 130. p. 3403
-was
DELMAR-ELSMERE SEWER DISTRICT (Town of Bethlehem)
purchased by Geo. M.Bechtol & Co., of Davenport,as 4 Ms,for a premium
P. 0. Delmar, Albany County, N. Y.
-BOND OFFERING.
-Ray F.
of $455, equal to 100.875, a basis of about 4.43%. Due in 20 years.
Arthur,
CUMBERLAND TOWNSHIP SCHOOL DISTRICT (P. 0. Car- 8 p.m. Clerk of the Town of Bethlehem, will receive sealed bids until
(Eastern Standard time) on May 29, for the purchase of $294,000
michaels) Greene County, Pa.
-OFFERING DATE IS CHANGED.
J. Frank Gwynne, Secretary of the Board of Directors, states that he will coupon or registered sewer bonds to bear interest at a rate not to exceed
of 19' Dated April 1 1930. Denom.
%, stated in a multiple of
receive sealed bids until 2 p.m. (Eastern Standard time) on June 3, for the
purchase of $75,000 434% coupon or registered refunding bonds, instead $1,000. Due $7,000 on April 1 from 1935*to 1976 incl. Principal and semiOct. 1) payable
State
of on May 24 as originally intended-V.130. p. 3403. The bonds are dated annual interest (April andA certified checkin gold at the New York Alton
Albany.
National
April 11930. Denom. $1,000. Due June 1 (previously Dec. I) as follows: C. Rowe,Bank,Supervisor, must accompanyfor $10.000, payable to
Town
$2,000. 1931 to 1933 incl.; $3,000, 1934 to 1938 incl.; $4,000, 1939 to 1944 opinion of Reed, Hoyt & Washburn, of Neweach proposal. The approving
York City, will be furnished
incl., and $5,000 from 1945 to IMO ind. Principal and semi-annual int.
(June and Dec. 1) payable at the First National Bank, Carmichaels. A to the purchaser.
-AWARD $20,350,000 BONDS.
DETROIT, Wayne County, Mich.
certified check for 2'% of the amount of bonds bid for, payable to the order
of the Secretary, must accompany each proposal. Legality to be approved The $20,350,000 coupon or registered bonds offered on May 12-V. 130,
P. 3033
-were awarded at 100.11, a net interest cost basis to the city of
by Reed, Smith, Shaw & McClay, of Pittsburgh.
composed
about 4.415%,
Guaranty Co. of New York,
CURRY COUNTY SCHOOL DISTRICT NO. 47 (P. 0. Clovis), Lehman Bros.,to a syndicateCo., R. L.of the&
Estabrook &
Day
nd Eldredge & Co..
N. Mex.-BOND OFFERING.
-Sealed bids will be received until 2 Pan• all of New York City; First Union Trust & Savings
Co.,Vank, and the Foreman
on June 4, by Chas. H. Evans, County Treasurer, for the purchase of a State
,both of Chicago, Chatham Phenix Corp., of New York. Ames,
$22,500 issue of coupon school bonds. Int. rate is not to exceed 6%, pay- Emerich & Co., Chicago, Stranahan, Harris & Oatis, Inc., Toledo, Wallace.
Corp*
able semi-annually. Denom. $500. Dated July I 1930; due $1,500 from Sanderson & Co., and H. L. Allen & Co., both of New 'York City, Otis &
June 1 1935 to 1949,incl. The bids will be opened by the County Treasurer Co.. Toledo, F. S. Moseley & Co.. New York City, Watling. Lerchen
and the President or Secretary of the County Board of Educatilon, and the & Hayes, of Detroit, Hannahs, Bailin & Lee, New York City, First Nat'l
Board will award the bonds to the highest bidder offering not less than Co., Mercantile Commerce Co., and the Mississippi Valley
95% of the par value of the bonds. Bidders are required to submit a bid of St. Louis, First Wisconsin Co., and the Milwaukee Co.,Co., all three
both of Milspecifying (a) the lowest rate of inb. and premium, if any, above par, at waukee, Wells-Dickey Co., of Minneapolis, Stern Bros. & Co., of Kansas
which such bidder will purchase said bonds; or (b) the lowest rate of interest City, Fidelity Trust Co., Detroit, Darby & Co., of New York Cit ,y Laird.
at which the bidder will purchase said bonds at par. A certified check for Bissell & Meeds,of Wilmington, First Securities Co.,Minneapolis, Whittles
5% of the bid, payable to the County Treasurer, is required.
S. R. Livingstone & Co., both of Detroit. The
(These are the bonds originally scheduled for sale on May 28-V. 130, ley, McLean & Co.,and the $11,000,000 sewer bonds as 4s and the
successful syndicate took
P. 3224.)
remaining $9,350,000 bonds as 4hs. The bonds sold are as follows:
DANNEMORA UNION FREE SCHOOL DISTRICT NO. 1, Clinton $11,000,000 public sewer bonds. Due May 15 1960.
County, N. Y.
-BOND SALE.
-The $100,000 6% coupon or registered
5,600,000 street railway bonds. Due on May 15, as follows: $186,000.
school building construction and equipment bonds offered on May 121931 to 1939 incl. $103.000. 1940 to 1950 incl., $277.000.
V. 130, p. 3225
-were awarded to the Merchants National Bank, of Platte1951 to 1959 incl., and $300,000 in 1960.
burgh, at 103.34. a basis of about 5.709'. The bonds are dated Jan. 1
1,750,000 water supply bonds. Due on May 15, as follows: $58,000.
1930 and mature on Jan. 1, as follows: $2,000. 1932 to 1941 incl.; $3,000.
1931 to 1959 incl., and $68,000 in 1960.
1942 to 1951 incl., and $5,000 from 1961 incl.
1,000,000 Righting bonds. Due on May 15, as follows: $33,000, 1931 to
1959 incl., and 543,000 in 1960.
DANVILLE, Pittsylvania County, Va.-BOND SALE.
-The seven
1,000,000 airport bonds. Due on May 15, as follows: $33,000. 1931 to
Issues of coupon bonds aggregating $201,000, offered for sale on May 81959 incl., and $43,000 in 1960.
V. 130, p. 3225
-were awarded to Caldwell & Co., of Nashville, at a price
All of the above bonds are dated May 15 1930 and are being reoffered by
of 99.21. a basis of about 4.62%. The issues are divided as follows:
the successful bidders for public investment as follows: The $11,000,000
$35,000 4) % electrical extension improvement A bonds. Dated Jan. 1
,
5
% sewer bonds are priced to yield 4.35%, and the $9,350,000
%
1930. Due $7,000 from Jan. 1 1931 to 1935, incl. Int. payable
bonds are priced to yield from 3.50% for the 1931 maturity to 4.25% for
J. &
25,000 4 % 'electrical improvement C bonds. Dated Jan. 1 1930. Due the bonds due in 1960. The securities are stated to be legal investment for
savings banks and trust funds in New York, Massachusetts and other States
$1,000 from Jan. 1 1931 to 1955. incl. Int. payable J. & J.
26,0004% gas and water improvement bonds. Dated Jan. 1 1930. and are said to be general obligations of the entire City of Detroit, payable
Due $1,000 from Jan. 1 1931 to 1955, incl. Int. payable J. & J. from unlimited ad valorem taxes to be levied against all the taxable property
11,000 43 % airport construction and improvement bonds. Dated Jan. therein.
Financial Statement.
1 1930. Due $1,000 from Jan. 1 1931 to 1941, incl. Int. payable
53,681,781,130.00
Assessed valuation (1929)
Total bonded debt
328,537,697.55
80.000 4 % street improvement F bonds. Dated March 1 1930. Due
Less water bonds
$47,041,914.40
$4.000 from March 1 1931 to 1950, incl. Int. Payable M.& S.
Less sinking fund
28,548,450.27
20,000 4A % gas and water improvement B bonds. Dated March 1 1930.
Due $1,000 from March 1 1931 to 1950 incl. Int. payable M.& S.
252,947,332.88
5,000
% sewer improvement F bonds. bated March 1 1930. Due Net debt
Population 1920,_993,678: 1929 est., 1,601,073.
$1,000 from March 1 1931 to 1935, incl. Int. payable M.& S.
DIXIE COUNTY (P.O. Cross City), Fla.
-WARRANT OFFERING.
Denomination $1,000. Principal and interest are payable at the office
Sealed bids will be received by Robert W. Beatty, Chairman of the State
of the City Treasurer.
Road Department, at his office in Tallahassee, until 10 a. m. on June 9,
The following is an official list of the other bidders and their bids*
for the purchase
$75,000 issue of 6% semi-ann, coupon time warrants.
Name of BidderPrice Bid. Denom. $1,000. of a
Dated April 1 1929. Due on July 1 as follows: $5,000
*Caldwell & Co., Nashville,Tenn
$199,412.10 in 1930, and $7,000, 1931 to 1940 incl. Bids will be received for all or any
Taylor Wilson & Co., Cincinnati, and The Milwaukee Co.,
part of the warrants. A certified check for 2% of the bid, payable to the
Milwaukee
198,501.50 Chairman, is required.
Halsey,Stuart & Co.,lsr. Y.City
198,106.00
DU BOIS COUNTY (P.0.Jasper), Ind.
-BOND SALE.
-The 818,300
American National Bank, Danville; Peoples National Bank,
197,733.75 43 % George F. Schulte et all., Cass Township gravel highway construction
Charlottesville: State Planters Bank,Richmond
bonds offered on May 10-V. 130, p. 3225
-were awarded to the First
Fred'k E. Nolting & Co., Inc., Richmond; Harris, Forbes &
Co., Detroit
197,101.50 National Bank of Huntingburg, at par plus a premium of $284.02, equal to
First Detroit Co.,Detroit
196,879.00 101.74, a basis of about 4.15%. The bonds are dated April 15 1930 and
mature as follows: $500, July 15 1931; $1,000, Jan. 15 and $500, July 15
* Successful bid.
from 1932 to 1938 incl.; 51,000, Jan. and July 15 in 1939 and 1940, and
- 31 300 on Jan. 15 1941. Bids for the bonds were as follows:
DELAWARE COUNTY (P. 0. Muncie), Ind.
-BOND OFFERING.
13
W Max Shafer, County Auditor, will receive sealed bids until 10 a. m. on
W.
Premium.
May 17 for the purchase of $2,408 6% Bert F. Bradbury drain construction First National Bank, Huntingburg (Purchaser)
$284.02
bonds. Dated March 4 1930. Denom.$240.80. Due $240.80 on May 15 Citizens Trust Co
208.10
from 1931 to 1940 incl. Prin. and semi-ann. Int.(M.& N. 15) payable at Holland National Bank
201.00
Fletcher American Co
the office of the County Treasurer.
143.00
178.00
-E. E. Du Bois County State Bank
DAYTON, Montgomery County, Ohio.
-BOND OFFERING.
(Eastern
EAST ORANGE, Essex County, N. J.
-Lincoln
OFFERING.
Hagerman, Director of Finance, will receive sealed bids until 12 m.
-BOND
standard time) on May 22,for the purchase of $300,000 434% water works E. Rowley, City Clerk, will receive sealed bids until 8 p. m. (daylight
,
extension and impt. bonds of 1930. Dated June 1 1930. Denom. $1,000. saving time) on May 26 for the purchase of the following issues of 415%
semi-ann. int. coupon or registered bonds aggregating 32,168,000:
Due $12,000 on Oct. 1 from 1931 to 1955 incl. Prin. and
•
(A. & 0. 1) payable at the fiscal agent of the City of Dayton in New York $1,068,000 series No. 13 general improvement bonds. Due on June'1
as follows: $25,000, 1931 to 1949 incl., and $35,000 from 1950
City. Bids for the bonds to bear int. at a rate other than 43i% will also be
to 1966 incl.
considered, provided, however, that where a fractional rate is bid, such
900,000 series "00" school bonds. Due on June I as follows: $20,000.
fraction shall be )ti; of 1% or a multiple thereof. A certified check for 3%
1931 to 1950 incl., and $25,000 from 1951 to 1970 incl.
of the amount of bonds bid for, payable to the order of the City Accountant,
200,000 series "A" water bonds. Due $5,000 on June 1 from 1931 to
must accompany each proposal. The successful bidder will be furnished
upon request and without expense with the opinion of Messrs. Squire.
1970 incl.
. 4
All of the above bonds are dated June 1 1930. Denom. $1,000. PrinSanders and Dempsey of Cleveland, that the bonds are binding and legal
cipal and semi-annual interest (June and Dec. 1) Payable at the office of
obligations of the City of Dayton.
MAY 17 1930.1
FINANCIAL
the City Treasurer. No more bonds to be awarded than will produce a
premium of $1,000 over the amount of each issue. A certified check for
2% of the amount of bonds bid for, payable to the order of the city, must
accompany each proposal. The approving opinion of Hawkins, Delafield
& Longfellow of New York City will be furnished to the successful bidder.
EAST PITTSBURGH SCHOOL DISTRICT, AlleghenyCounty, Pa.
-The $70,000 4%% coupon reg. school bonds offered on
-BOND SALE.
-were awarded to J. H. Holmes & Co., of PittsMay 8-V. 130, p. 3033
burgh, at par plus a premium of $1.180, equal to 101.68, a basis of about
4.25%. The bonds are dated May 1 1930 and mature $10,000 on May 1
from 1935 to 1941, incl. Bids for the issue were as follows:
Premium.
Bidder$1,180.00
J. H. Holmes & Co. (Purchasers)
1,165.50
Mellon National Bank
882.50
Prescott Lyon & Co
811.25
S. M. Vockel & Co
4 0. 0
5 0 00
4.
6 3
A. B. Leach & Co
B. H Rollins & Sons
County, Kan.
-BOND SALE CORRECTION.
EFFINGHAM,Atchison
-We are informed by the City Clerk that the $72,000 issue of 5% coupon
internal improvement bonds was purchased at par by the Shawnee Investment Co. of Topeka, not by the Guarantee Title & Trust Co. of Wichita,
as reported in V. 130, P. 3033. Due $8,000 from Aug. 1 1932 to 1940 incl.
ELIZABETH, Union County, N. J.
-OFFER $444,000 434% BONDS.
-.J. S. Rippel & Co. of Newark. are offering an issue of $444,000 434%
coupon or registered temporary loan bonds, dated May 1 1930 and due on
May 1 1936, for public Investment priced to yield 4.15%. The bonds are
stated to be legal investment for savings banks and trust funds in New York,
New Jersey, Massachusetts and Connecticut and were awarded on May 6
at 100.16, a basis of about 4.22%-V. 130, P. 3403. A statement of the
financial condition of the city appeared in V. 130, p. 3225.
ELKHART SCHOOL CITY, Elkhart County, Ind.
-BOND OFFERING.
-Sealed bids addressed to the Board of School Trustees will be
received until 12 m. on May 22, for the purchase of $60,000 43 % school
building construction and equipment bonds. Dated July 1 1930. Denom.
$1,000. Due on July 1 1947. Prin. and semi-ann. int. (J & J 1) payable
at the First National Bank, Elkhart. A certified check for 3% of the
amount of bonds bid for, payable to the order of the Treasurer of the School
City, must accompany each proposal.
-BONDS REGISTERED.
-The 12
EL PASO, El Paso County, Tex.
issues of 434% bonds aggregating $1,362,000, that were sold on April 10
-V. 130. p. 2829
to a syndicate headed by Lehman Bros. of New York
were registered by the State Comptroller on May 6. Due from 1932 to 1960.
-BOND SALE.
ERIE SCHOOL DISTRICT, Erie County, Pa.
The $400,000 4%% coupon or reg. school bonds offered on May 8-V. 130,
-were awarded to the First National Bank of Erie, at par plus a
p. 3033
premium of $4,076, equal to 101.019, a basis of about 4.16%. The bonds
are dated June 1 1930 and mature on June 1, as follows: $10,000, 1932 to
1941, incl.; $15,000, 1942 to 1946, incl.; $20,000, 1947 to 1951, incl., and
$25,000 from 1952 to 1956. incl.
ERIN AND WARREN TOWNSHIPS FRACTIONAL SCHOOL
-BONDS DEFEATED AT ELECTION
DISTRICT NO. 2, Mich.
-SUBMITTED.
-At an election held on April 29
MEASURE TO BE RE
the voters rejected a proposal to issue $50.000 in bonds for school building
construction purposes by a vote of 101 "for" to 185 "against." The District
Clerk states that the issue is to be re-submitted for consideration at an
election called for May 17.
EVANSVILLE SCHOOL CITY, Vanderburg County, Ind.
-OFFER
-The Fletcher American Co., of Indianapolis,
.$100,000 434% BONDS.
is offering an issue of $100,000 434% coupon school bonds, due May 5
1950,for public investment at a price of 103.42, to yield 4.00%. The bonds
are said to constitute a direct general obligation of the School City of
Evansville, and are payable from unlimited ad valorem taxes. Legality
approved by Matson, Carter, Ross & McCord, of Indianapolis. Award
was made on May 5-V. 130, p. 3404.
Financial Statement.
$139,444,640.00
Assessed valuation
Total debt
2,708,500.00
Population, 114,000.
0. Fairfield) Freestone
FAIRFIELD SCHOOL DISTRICT (P.
County, Tex.
-BOND SALE.
-The $29,000 issue of 5% coupon school
-was purchased at par
bonds offered for sale on May 7-V. 130, p. 3225
on May 10 by the State Department of Education. Dated April 10 1930.
Due in 40 years. Int. payable on April and Oct. 1.
(These bonds were registered by the State Comptroller on May 9.)
FAIRF1EW (P. 0. North Olmstead) Cuyahoga County, Ohio.
BOND OFFERING.
-J. W. Smith. Village Clerk, will receive sealed bids
until 12 m.(Eastern Standard time) on June 2,for the purchase of $16,000
'6% Park land and improvement bonds. Dated April 11930. Denom.$500.
Due on Oct. 1, as follows: $500 from 1931 to 1938 incl., and $1,000 in 1939
and 1940. Prin. and semi-annual int. (April and Oct. 1) payable at the
First National Bank, Rocky River. Bids for the bonds to bear interest
at a rate other than 6% will also be considered, provided, however, that
where a fractional rate is bid such fraction shall be 34 of 1% or a multiple
thereof. A certified check for 5% of the amount of bonds bid for, payable
to the order of the Village Treasurer, must accompany each proposal.
FAIRMOUNT SCHOOL DISTRICT (P. 0. Fairmount), Richland
County, N. Dak.-BOND SALE.
-The $18,000 issue of coupon school
-was purchased by the
bonds offered for sale on May 3-V. 130. p. 3033
National Bank of Fairmount, as 534s, at par. Dated May 1 1930; due
from 1933 to 1950. incl. Int. payable on May and Nov. 1.
-BONDS OFFERED.
FARMINGTON, Oakland County, Mich.
N. H. Power, City Clerk, received sealed bids until 7.30 P• m• on May 15
for the purchase of $55,000 5% coupon sewer bonds. Dated May 1 1930.
Denom. $1,000. Due on August 1, as follows: $2,000, 1931 to 140 incl..
$3,000, 1141 to 1945 incl., ana $5,000 from 1946 to 1949 incl. Prin. and
semi-annual int. (Feb. and August 1) payable in Farmington.
Financial Statement.
Assessed valuation
82.692,270.00
Total inaeotedness as of May 1 1930
33,212.00
Population, 1.238.
FLOYD COUNTY (P. 0. New Albany),Ind.-BOND OFFERING.
William A. Beach, County Treasurer, will receive sealed bids until 10 a.m
on June 3, for the purchase of the following issues of 5% bonds aggregating
$45,000:
125,000 New Albany Township highway improvement bonds. Denom.
$625.
20.000 Georgetown Township highway improvement bonds. Denom.
$500.
Both issues are dated June 3 1930. Int. payable on Jan. and July 15.
CHRONICLE
3581
furnished. A certified check for $1,500, payable to the School District,
must accompany the bid.
FORT WORTH,Tarrant County, Tex.
-BOND OFFERING.-Sealed
bids wlll be received until 10 a. m.on May 27. by 0.E. Carr. City Manager,
for the purchase of an issue of $1,450,000 434% semi-annual city bonds.
Denom. $1,000. Dated June 1 1930. Due from 1935 to 1970. incl. The
purchaser is to state the price offered for the bonds as well as the amount
charged for printing and furnishing legal opinion.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
The following issues of bonds aggregating $112.672 offered on May 7-V.
3.
totla t Fini
0
o rt , .
r a
o
-were awarded ti5 4345 0 h1t7 a t Detroit Csi.,4af Detroit, at
130, p. 2830
par pins
Locklainle Road No. * improvement tionds,D e
2
tondon
p
4 :
4
follows: $3.809. March 1 and $4.000. Sept. 1 1931, and $411'
.00ir.
March and Sept. 1 from 1932 to 1940, incl.
32,863 McCutcheon Road improvement bonds. Due as follows: $1,863,
March 1 1931; 52.000, March 1 in 1932 and 1933, and $3,000 on
March 1 from 1934 to 1942, incl.
Both issues are dated June 1 1930. An official tabulation of the bids
submitted for the bonds follows:
Int. Rate.
Premium,
Bidder434%
Braun, Bosworth & Co., Toledo,0
$144.0
3.0
50
2
er
Seasongood & May,Cincinnati,0
91.00
W. L. Slayton & Co., Toledo,0
434%
43.4V
1,172.00
Otis & Co., Cleveland,0
434 V
22.53
Provident Saving Bank & Trust Co. Cin ti, 0
434
315.00
First Detroit Co., Detroit, Mich
434%
1,295.73
A. E. Herczel & Co., Chicago, Ill
216.00
%
BancOhio Securities Co., Columbus,0
434%
103.00
-Herrick Co., Cleveland,0
Mitchell
435%
205.00
Merrill, Hawley & Co.. Cleveland,0
SCHOOL DISTRICT (P. 0. San Jose) Santa Clara
FRANKLIN
-The $45,000 issue of 5% semi-annual
-BOND SALE.
County, Calif.
-was purchased
school bonds offered for sale on May 5-V. 130, p. 3034
by Weeden & Co., of San Francisco, for a premium of $1,658, equal to
103.68, a basis of about 4.48%. Dated May 1 1930. Due from May 1
1931 to 1950 ind. The other bids and bidders were as follows:
Premium.
Bidder443
196
R. H. Moulton & Co.,of San Francisco
$11:375
1,
National Banking Co., San Francisco
Dean Witter & Co., San Francisco
-A
-BOND SALE.
FREMONT COUNTY (P. 0. Sidney), Iowa.
$75.000 issue of funding bonds has been purchased by the White-Phillips
Co., of Davenport, as 434s, for a premium of $600, equal to 100.80.
FRESNO COUNTY WATER WORKS DISTRICT NO. 1 (P. 0.
-BOND SALE.
-The $67,000 issue of 79" coupon imp.
Fresno), Calif.
-was purchased b G. W.
bonds offered for sale on May 1-V. 130. p. 3226
Bond & Son, of Santa Ana,for a premium of 855, equal to 100.082, a basis
of about 6.98%. Dated April 11 1930. Due from 1931 to 1945. There
were no other t.idders.
-The Harris Trust
-BOND SALE.
GALESBURG, Knox County, 111.
& Savings Bank, of Chicago, recently purchased an issue of $150,000 43.4%
coupon park improvement bonds. Dated May 1 1930. Denom. $1,000.
Due on May 1, as follows: $7,000, 1931 to 1940 incl., and $8.000 from 1941
to 1950 incl. Prin. and semi-annual int. (May and Nov. 1) payable at
the First Galesburg National Bank & Trust Co., Galesburg. The purchasers are reoffering the bonds for public investment at prices ranging from
100.46 for the 1931 maturity, yielding 4.00%, to 102.66 for the 1950 maturity, yielding 4.30%.
Financial Statement (as Reported by the City Clerk).
$25.043,605
Assessed valuation for taxation (1929)
687,930
Total debt (this issue included)
$104,000
Less water debt
77.514
Less sinking fund
506,415
Net debt
Population, 1920 census, 23,834.
GARFIELD COUNTY CONSOLIDATED SCHOOL DISTRICT
-BOND OFFERING.
-It is reported that sealed
NO.2(P.O. Rifle), Colo.
bids will be received until Sept. 2, by Hattie McPhee, Sec. of the Board of
Education, for the purchase of a $95,000 issue of 6% semi-annual school
bonds. (These bonds were voted at an eleaion on May 5.)
-BOND SALE
.-The
GEAUGA COUNTY (P. 0. Chardon), Ohio.
$11.796.35 special assessment street improvement bonds offered on May
-were awarded as 434s to the Banc Ohio Securities
12-V. 130, p. 3226
Co., of Columbus, at par plus a premium of $73.25, equal to100.61, a
basis of about 4.58%. Dated as of date of sale. Due on Sept. 1 as follows:
8796.35, 1931; 81.000, 1932: $2,000, 1933, $1,000, 1934 to 1936, incl.,
$2.000, 1937, and $1.000 from 1938 to 1940, incl. Bids for the issue were
as follows:
Int. Rate. Prem.
Bidder434
$73.25
Banc Ohio Securities Co. (purchaser)
4"
63.00
Seasongood & Mayer, Cincinnati
64.00
Ryan, Sutherland & Co., Toledo
82.00
Slier, Carpenter & Roose, Toledo
4
69.00
Mitchell, Herrick & Co., Cleveland
4
54.26
Provident Savings Bank & Trust Co.. Cincinnati
-BOND OFFERING.
GIBSON COUNTY (P. 0. Princeton), Ind.
olds until 10 a. m.
Carl L. Woods, County Treasurer, will receive sealed
on May 26, for the purchase of the following issues of 434% bonds aggregating $21,500:
$17.000 Ben Benson et al., county road construction bonds. Dated May
15 1930. Denom. $850. Due $850 on May and Nov. 15 from
1931 to 1940 inclusive.
4,500 W. A. Dill et al., Patoka Township highway improvement bonds.
Denom. 450. Due $450, July 15 1931. $450. Jan. and July 15
from 1932 to 1940 incl.. and $450, Jan. 15 1941.
-BOND SALE.
GEORGETOWN COUNTY(P.O. Georgetown),S. C.
-The $70,000 issue of coupon funding bonds offered for sale on May 6V. 130, p. 3226
-was purchased by the Provident Savings Bank & Trust
Co.,of Cincinati, as 5s, for a premium of 81,155, equal to 101.65, a basis of
about 4.82%. Dated May 1 1930. Due from May 1 1935 :aa 1959, bid.
-BOND OFFERING.
GIFtARDVILLE, Schuylkill County, Pa.
Clayton Brown, Borough Sm., will receive sealed bids until 7 p. m.on May
26 for the purchase of 827,500 5% water bonds. Dated May 1 1930.
Denom. $500. Due $1,500 on May 1 from 1931 to 1948 incl. A. certified
check for $1,000 must accompany each proposal.
-BOND SALE.
-A $6,000 issue of
GLENWOOD, Mills County,Iowa.
% coupon city hall improvement bonds was purchased on May 5 by the
White-Phillips Co., of Davenport, for a premium of $24, equal to 100.40
a basis of about 4.67%. Denom.51.000. Dated May 1 1930. Due serially
FORDSON SCHOOL DISTRICT (P. 0. Dearborn), Wayne County, from 1934 to 1939 incl. Optional on any interest paying date. Int. payable
-LIST OF BIDS.
-The following is a list of the bids received on on May 1.
Mich.
May 5 for the $610,000 school bonds awarded as 430 to the group headed
GRAND VIEW IRRIGATION DISTRICT (P. 0. Grand View)
by the First Detroit Co. of Detroit at par plus a premium of $325, equal to
-BONDS NOT SOLD.
-The $26,000 issue of 6%
Owyhee County, Ida.
100.05, a basis of about 4.49%-V. 130, p. 3404.
-was not
BidderRate Bid, semi-annual irrigation bonds offered on May 10-V. 130, p. 3034
sold as there were no bids received. Dated July 1 1930. Due on Jan. 1
First Detroit Co. of Detroit and Braun, Bosworth & Co. and
Stranahan, Harris & Oatis, Inc., both of Toledo, jointly
1940.
100.05
'Guardian Detroit Co.. Detroit
100.049
GRAND VIEW SCHOOL DISTRICT(P.O. Visalia) Tulare County,
Continental Illinois Co., Chicago
100.03
-The $6,500 issue of 534% school bonds
-BONDS NOT SOLD.
Calif.
-was not sold as there were no bids
offered on May 5-V. 130. p. 2830
-BOND SALE.
FORT EDWARD, Washington County, N. Y.
incl.
Fort Edward National Bank. of Fore Edwarn, on May 7 purchased received. Due $250 from April 7 1931 to 1956
The
an issue of $5.500 5% registered street impt. bonds at 100.66. The con&
GRANGEVILLE, Idaho County, Ida.
-BOND OFFERING.
-Sealed
are date° July 1 1930. Denominations $1,000 and $1.500. Interest payable bids will be received until 8 p. m. on May 26, by H. Taylor. City Clerk,
in January ano. July.
for the purchase of a $35,000 issue of street improvement bonds. Int.
is not to exceed 6% payable semi-annually.
FORT MILL SCHOOL DISTRICT NO. 28 (P. 0. Fort Mill), York rate
-BOND OFFERING.
-Sealed bids will be received by C. S.
County, S. C.
-A $4,000
GRASTTINGER,Palo Alto County,lowa.-BOND SALE.
Link, Secretary of the Board of Trustees, until 11 a. m. on May 22,for the issue of 5% semi-ann, municipal building bonds has recently been purchased
purchase of a $75,000 issue of coupon school bonds. Interest rate is not by the White-Phillips Co., of Davenport,for a premium of 87,850, equal to
to exceed 6%, stated in a multiple of 34 of 1% and must be the same for 101.96, a basis of about 4.78%. Due from 1935 to 1948.
all of the bonds. Denom. $1,000. Dated April 1 1930. Due on April 1,
-BOND OFFERING
.-Two
GREAT FALLS, Cascade County, Mont.
as follows: $3,000. 1933 to 1939: $4,000, 1940 to 1943; $5,000, 1944 to 1947,
and 56,000, 1948 to 1950, all incl. Principal and interest (A. & 0.) payable issues of bonds aggregating $500,000 will be offered for sale at public auction
in gold at the Central Hanover Bank & Trust Co. in New York City. The on June 9 at 10 a. m. by w.H.Harrison,City Clerk. The issues are divided
approving opinion of Reed, Hoyt, & Washburn, of New York. will be as follows:
3582
FINANCIAL CHRONICLE
$400,000 Water bonds. Amortization bonds will be first choice. If amortization bonds cannot be disposed of to advantage, serial bonds
will be the second choice, and if serial bonds are issued, they will
be due and payable on July 1 as follows: $12,000. 1933 to 1935;
$16.000. 1936 to 1940; $24,000, 1941 to 1945; $32,000, 1946 to
1949, and $36,000 in 1950. The City reserving the option to
redeem any of said serial bonds six months prior to due date. An
$8,000 certified check, pays ;le to the City Treasurer, must accompany the bid.
100,000 Third St. main sanitary sewer bonds. The same conditions as
above obtain in this issue. Serial bonds will mature on July I
as follows: $3,000. 1933 to 1935; $4,000, 1936 to 1940 $6,000.
1941 to 1945; $8,000, 1946 to 1949, and $9,000 in 1950. Redeemable option reserved by City. A $2,000 certified check,
payable to the City Treasurer, is required.
Int. rate is not to exceed 5%. No split rate bids will be entertained, and
all bonds are to bear the same hit. rate. Denom. $1.000. Dated July 1
1930. Prin. and int. (J. & J.) payable either at the City Treasurer's office
or at the fiscal agency.
GREENVILLE, Greenville County, S. C.
-FINANCIAL STATEMENT.
-The following official statement is furnished in connection with
the offering schedule for May 29-V. 130, p. 3404
-of the $75,000 issue of
5% coupon sewerage system bonds:
Assessed value of property for taxation 1928
$10,537,605
Estimated actual value of property
105,000,000
Bonded indebtedness-Sewers
$225,000
Water
3,400,000
Other
1.464,500
[VoL. 130.
about 4.41%. The bonds are dated May 1 1,30 and mature on May 1,
as follows: $8,000, 1932 and 1933; $8,500, 1934; $9.000, 1935; $9.500,
1936; $10,000, 1937; 510.500, 1938: 511,000, 1939: 511.500, 1940; 312,000,
131 10 6 2,500, 1942;$13,500. 1943;$14,000,1944;$l5,000,1945,and $17,000
1941 1
1
.
Bid
Thefolowing is an official tabulation of the bids submitted for the issue:
BidderPremium.
Int. Rate.
John Nuveen & Co., Chicago (Purchasers)
$ .
Grand Rapids Trust Co., Grand Rapids
4 5
W. L. Slayton & Co., Toledo
2,363.7048.00
5 7°
First Detroit Co., Detroit
132.00
Harris Trust & Saving Ba,Chicago
Savings Bank
2,067.00
xBraun, Bosworth & Co., Toledo
2,266.00
Co.,Stranh, Harris & Ostia. Inc., Cincinnati
2,100.00
4
Industrial
Grand Rapids
*1,632.00
A. B. Leach .ifc Co., Inc., Chicago
4
Fidelity Trust Co. Detroit
1'312 5
55 4
8 .0
1
4
* Proposal not aCcording to terms ofsale. x Submitted an alternate bid
declared irregular.
HELLERTOWN SCHOOL DISTRICT, Northampton County, Pa.
-BOND OFFERING.
-A. C. Dimmick, Secretary of the Board of School
Directors, will receive sealed bids until 7 p.m. (standard time on May 26,
for the purchase of $100,000 43.6% coupon school bonds. Dated June 1
1930. Denom.$1,000. Due on June 1 1955. but optional on or after June 1
1931. Principal and semi-annual interest (June and Dec. 1) payable in
gold at the Saucon Valley Trust Co., Hellertovrn. A certified check for
5% of the amount of bonds bid for must accompany each proposal. Sale
of the bonds is subject to the approval of the Department of Internal
Affairs of Pennsylvania. These are the bonds for which all of the bids
Total bonded indebtedness incl. the above Issues
5.089,500 received on March 24 were returned unopened as the Borough Solicitor is
Floating debt
156,000 said to have failed to receive approval of the issue prior to the date of
Sinking fund
-V. 130, p. 2271.
239,000 scheduled sale.
Present population within City limits
30,000
HEMPHILL COUNTY (P. 0.
-BOND SALE.
In Mill settlements just outside the limits 20 to
40,000 We are informed that the two issues Canadian) Tex.
of bonds aggregating $700,000, that
GREENWICH Fairfield County, Conn.
-have since been purchased by
-BOND SALE.
-The follow- were voted on March 25-V. 130, p. 2450
coupon or registered bonds aggregating $990,000 offered a ;group composed of H. C. Burt & Co.. of Houston, D. E. Dunne & Co. of
ing issues of 4 M
on May 9-V.10. p. 3226
-were awarded to the First National Bank,and Wichita, and C. Edgar Honnold, of Oklahoma City, at par, as follows:
H. L. Allen & Co., both of New York, jointly, at par plus a premium of 3500,000 highway paving bonds as 536s and $200,000 right-of-way purchase
,
bonds as 5s. Due serially in 30 years.
$11,088, equal to 101.12. a basis of about 4.12%:
$300,000 concrete road reconstruction bonds. Dated March 1 1930. Due
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
$15,000 on March 1 from 1932 to 1951 incl.
North Bellmore) Nassau County, N. Y.
-BOND OFFERING.
-Frank
200.000 school bonds. Dated March 1 1930. Due $10,000 on March 1 Liese, District Clerk, will receive sealed bids until 8:30 p.m. (daylight
from 1932 to 1951 incl.
saving time) on May 21, for the purchase of 5172.0004% or 43% coupon
200,000 new highway construction bonds. Dated March 1 1930. Due or registered school bonds. Dated May 11930. Denom. $1,000. Due on
$10,000 on March 1 from 1932 to 1951 incl.
May 1 as follows: 55,000, 1932 to 1956 incl., $10,000, 1957 to 1960, incl.„
150.000 highway impt. bonds. Dated May 1 1930. Due on May 1, as and $7,000 in 1961. Principal and semi-annual interest (May and Nov. 1)
follows: $20,000, 1946; $35,000, 1947 to'1949 incl., and $25,000 payable in gold at the First National Bank Bellmore, or at the Bank of
In 1950.
America National Association, New York City. A certified check for 2%
75,000 underpass bonds. Dated March 1 1930. Due $5,000 on March 1 of the amount of bonds bid for, payable to the order of the Board of Educafrom 1932 to 1946 incl.
tion, must accompany each proposal. The approving opinion of Hawkins,
65,000 fire house bonds. Dated March 1 1930. Due $5,000 on March 1 Delafield & Longfellow of New York City, will be furnished to the purchaser.
from 1932 to 1944 incl.
HILLSIDE TOWNSHIP SCHOOL DISTRICT (P. 0.Hillside),
The successful bidders are reoffering the bonds for public investment at Bergen
-Arthur G. Woodfield, District Clerk,
-NO BIDS.
County. N. J.
prices to yield from 3.75 to 4.00%, according to maturity. Bids for the reports that
no bids were received on May 13 for the purchase of the $20,000
bonds were as follows:
not to exceed 5% interest coupon or registered school bonds offered for sale.
BidderPremium.
130,P.
First National Bank,and H.L. Allen & Co.(Purchasers)
$11.088.00 -V.1 from 3405. The bonds are dated July 1 1930 and mature $1,000 on
July
1932 to 1941 incl.
Lehman Bros. et al
10,845.10
Estabrook & Co.et al
10,147.50
-BOND SALE.
-The BaneHOBOKEN, Hudson County, N. J.
Eldredge & Co
9,437.95 america-Blair Corp. of New York City, bidding for $99,000 bonds of the
Phelps, Fenn & Co
6,445.35 $100,000 coupon or registered water issue offered on May 13-V. 130. p.
Bankers Co. of New York et al
3,653.10 3227-was awarded the bonds as 430, paying $100,238, equal to 101.25,
R.L.Day & Co.et al
6,623.10 a basis of about 4.36%. The bonds are dated May 15 1930 and mature on
May
$6,000. 1941 to 1949 incl.,
GROSSE POINTE SHORES (P. O. Grosse Pointe) Wayne County, and 15, as follows: $4,000, 1931 to 1940 incl. re-offering
$5,000 in 1950. The successful bidders are
the bonds due
Mich.
-BOND SALE.
-The $60,000 water mains installation bonds offered from
yield 4.15%, the maturities thereon May 5-V. 130, p. 3226
-were awarded as 43s to the First Detroit Co. after,1931 to 1935 inclusive, priced toas follows:
4.20%. Bids for the issue were
of Detroit, at par plus a premium of $340, equal to 100.56, a basis of about
Interest No.Bonds
Amount
4.42% The bonds mature on May 1, as follows: $2,000, 1931 and 1932,
Rate.
Bid.
BidderBid For.
$3.000, 1933 to 1935 incl., $4,000, 1936 to 1938 incl., and $5,000 from 1939 Banca& Lfa-woo7 Corp.(purchaser)......7
R pp meri ekBlai1
g
$100,238.00
,
99
to 1945 inclusive.
110000..183606..6960
100
complete list ef the bids submitted for the bonds, all of which were for Stenech Trust Co
A
100
4. a, follows:
Dewey, Bacon & Co
4%g
100
100,900.00
-Premium.
,Bider
-BOND ELECTION.
HOLMES COUNTY (P. 0. Lexington) Miss.
First Detroit Co.(purchaser)
100.566
On May 30 a special election will be held for the purpose of voting on a
Braun, Bosworth & Co., Toledo
100.55
proposed $50,000 bond issue for the construction of a county hospital.
Stranahan, Harris & Ostia, Inc., Toledo
100.53
Fidelity Trust Co., Detroit
100.84
-BOND SALE.
HOPKINS COUNTY (P. 0.Sulphur Springs) Tex.
Guardian Detroit Co., Detroit
100.04
An issue of $150,000 road bonds is reported to have been jointly purchased
HALLETSVILLE, Lavaca County, Tex.
-BOND SALE.
-A $49,500 at par by the Sulphur Springs State Bank, and the First National B
issue of paving bonds has recently been sold at a price of 96 as follows: both of Sulphur Springs.
$20,000 to a local purchaser;$15.000 to the First National Bank of Halletts-BOND OFFERING.
-Sealed
HOUSTON, Chickasaw County, Miss.
ville, and $14,500 to 1. J. Newman & Co., of San Antonio.
bids will be received until 7.30 p.m.on May 23, by Ashton Toomer,Mayor,
-BOND OFFERING. for the purchase of an issue of $125,000 6% semi-ann. general obligation
HAMILTON COUNTY (P.O. Cincinnati) Ohio.
ears. Legality approved by Thomson, Wood
-E. J. Dreihs, Clerk of the Board of County Commissioners, will receive bonds. Due in from 1 to 109
sealed bids until 12 m. on June 3, for the purchase of $144,910.23 43.i% & Hoffman of New York City. A $2,500 certified check must accompany
road construction bonds. Dated June 1 1930. Denom. $1,000, one bond for the bid.
$910.23. Due on Dec. 1, as follows: $14,910.23, 1931 .$15,000, 1932 to
HOWARD COUNTY CONSOLIDATED SCHOOL DISTRICT NO. fl
1935 incl., and $14.000 from 1936 to 1940 incl. Principal and somi-annual
-MATURITY.
-We are now informed that the
Tex.
interest (June and Dec. 1) payable at the office of the County Treasurer. (P. 0. Big Spring), semi-ann. school bonds that was purchased by the
Bids for the bonds to bear interest at a rate other than 43i% will also be $15,000 issue of 5% 3405
County
-matures in 7 years.
-V. 130, P.
considered, provided, however, that where a fractional rate is bid such
-RE
-OFFER $3,100,000
fraction shall be % of 1% or a multiple thereof. A certified check for $1,450,
HUDSON COUNTY(P.0.Jersey City), N. J.
payable to the order of the County Treasurer, must accompany each 4p
-Eldredge & Co., and M. M.Freeman & Co., Inc., both
tro BONDS.
proposal. A complete transcript of the proceedings with reference to issuance o .Y. City, jointly, are offering for public investment the various issues
of 4%% coupon or reg. bonds aggregating $3,100,000 awarded to them on
ofthe bonds will be furnished the successful bidder.
May $.-V. 130. p. 3405
-at prices to yield 3.75% for the 1931 maturity;
HARMON COUNTY UNION CONSOLIDATED SCHOOL DIS- 4.00%
for the bonds due in 1933; 4.10%
-BOND SALE.
-A $19,000 issue of for the for the 1932 maturity; 4.05% the remaining bonds maturing from
TRICT NO. 5 (P. 0. Hollis), Okla.
maturities, and
school bonds has recently been purchased by the Piersol Bond Co. of 1936 to 1934 and 1935 priced to yield 4.15%. The bonds are stated to be
1978, tad., are
Oklahoma City, as 5jis.
legal investment for savings banks and trust funds in New York and New
- Jersey and to be payable from unlimited taxes levied against all the taxable
-BONDS REGISTERED.
HARRIS COUNTY (P.O. Houston), Tex.
The $1,500.000 issue of coupon special road bonds that was sold on April property within the County.
-V.130,
14, as 4%s, to a group headed by the Guaranty Co., of New York
HUMMELSTOWN SCHOOL DISTRICT, Dauphin County, Pa.
p. 2831-was registered on May 9 by the State Comptroller. Due from BOND OFFERING.
M. Shoop, Secretary of the Board of Directors,
1931 to 1960,inclusive. The $2,000.000 issue of coupon Navigation District will receive sealed -A.
%
bids until June 2, for the purchase of $21,000
-V. 130, p. 2831
the same syndicate as 5s
bonds that was purchased by
$1.000. Due oh June 1 as follows: $5,000 in 1936,
school bonds.
was also registered by the State Comptroller on that date. Due serially 1941, 1946 andDenom. and $1,000 in 1952. Interest is payable semiin 1951,
over 30 years.
annually on June and Dec. 1.
HARTFORD WEST MIDDLE SCHOOL DISTRICT, Hartford
HUNTINGTON (P. 0. Huntington Station) Suffolk County,
-Frederick B. Merrels, Chairman of N. Y.
County, Conn.-BOIVD OFFERING.
-BOND SA,LE.-The following issues of coupon or registered bonds,
the District Committee, will receiye sealed bids at Phoenix State Bank & aggregating $63,000 offered on may 9-V. 130. p. 3227-were awarded
time) on May 26, for the pur- asou
Trust Co., Hartford, until 1 p. m.(standard
b 4jis. o Dewey, Bacon & Co. of New York City, at 101.64, a basis of
t 4 t 1%:
3
% school building construction and equipment bonds.
chase of $350,000
Dated June 2 1930. Denom.$1,000. Due $10,000 on June 1 from 1932 to
Phoenix $45,000 Huntington Sewer District bonds. Due on May 1 as follows:
1966 incl. Prin. and semi-ann. int. (J. & D. 1) payable at the
$2.000, 1935 $4,000, 1936 to 1942, incl., and $3.000 from 1943 to
State Bank & Trust Co., Hartford, which will certify as to the genuineness
1947, incl.
of the bonds. A certified check for 2% of the amount of bonds bid for,
18,000 street improvement bonds. Due on May 1 as follows: $1,000, 1935
payable to the Treasurer of the School District, must accompany each proto 1942, incl., and $2,000 from 1943 to 1947, incl.
legality of the issue will be passed upon by Gross, Hyde &
sal. The
Both issues are dated May 1 1930. The successful bidders, are reoffering
Williams of Hartford,and the purchaser will be furnished with their opinion the
bonds for public investment priced to yield 4.15% •
without charge.
Financial Statement.
Fianancial Statement as of May 2 1930.
West Middle School District of the Town of Hartford.
,283.495
Assessed valuation Town of Huntington
$59,876,239.00 Total bond issue, including proposed bond issue of 363,000,
excluding tax exempt property
Water
Grand list July 11929.
544
$285,000.00
Bonds outstanding
which Includesthe following:
73,599.34
$1,077,000
Floating indebtedness as of May 2 1930
212,500
Sewers
$358,599.34
85,000
Total debt
Incinerator
153,121.99
Town parks
20,000
Sinkingfund
Roads
1,772,960
$205.477.35
$3,167,400
Net debt
all
,
Population about 25,000.
This issue will not bring the legal debt limit of the City of Hartf,rd and
City
school districts therein up to 5% of the last completed grand list of saidvalue
HURON AND TUSCOLA COUNTIES (P. 0. Caro), Mich. BOND
including tax exempt property of $59,802,583 but excluding taxable
SALE.
-The $480,000 drain bonds offered on May 9-V. 130, R. 3405
of corporation stock of $411,150,130 ($440,452,982)•
the were awarded jointly to Stranahan, Harris & Oatis, Inc., andBlanchet,
The net debt of the district including this issue will be leas than 1% of
Bowman & Wood, both of Toledo. The bonds are dated May 15 1930 and
grand list of the district excluding tax exempt property.
mature on May 15 as follows: 540,000. 1931 and 1932: $45,000, 1933:
--BOND
HASTINGS SCHOOL DISTRICT, Barry County, Mich. bonds 550.000, 1934 to 1939, incl., and $55,000 in 1940.
SALE.
-The $170,000 school building construction and equipment
-NewsIDAHO,State of
Boise).
-NOTE SALE COMPLETED.
-were awarded as 43is to John Nuveen & paper reports from (P. 0.state that the entire issue of 5500.000 State
offered on May 6-V.138. p.3227
Boise
Co.. of Chicago, at par plus a premium of $658, equal to 100.38, a basis of
MAY 171930.]
FINANCIAL CHRONICLE
highway treasury notes has been subscribed. The State Department of
Public Investments purchased half of the issue as 5s at par-V.130, p.3035
-end the remainder was taken over by small investors.
ILLINOIS,State of(P.O. Springfield).
-BOND SALE.
-The E1.000.000 4% coupon waterway bonds offered on May 15-V. 130, p. 3405
-were
awarded to the First National Bank, and Halsey, Stuart di Co., Inc., both
of N. Y. City, at 99.05. a basis of about 4.16%. The bonds are dated
Jan. 1 1920 mature on Jan. 1 1937 and are being re-offered by the successful
bidders for public investment priced at 99.75 and int. They are stated to
be legal investment for savings banks and trust funds in New York,Illinois,
New Jersey, Massachusetts, Connecticut and other States.
INDIANAPOLIS, Marion County, Ind.
-BOND OFFERING.
William L. Elder, City Comptroller, will receive sealed bids until 12 m. on
May 29 for the purchase of $12,500 414% park district bonds. Dated
May 31 1930. Denom. $625. Due $625 on Jan. 1 from 1932 to 1941 incl.
Principal and semi-annual interest (Jan. and July 1) payable at the office
of the City Treasurer. A certified check for 234% of the amount of bonds
bid for must accompany each proposal.
INDIANAPOLIS,Marion County,Ind.
-BOND OFFERING -William
L. Elder, City Controller, will receive sealed bids until 11 a.m. (central
standard time) on May 21, for the purchase of $166,000 414% street improvement bonds of 1930. First issue. Dated June 1 1930. Denom.
$1,000. Due on July 1 as follows: $8,000 from 1932 to 1950,incl., and $14,000 In 1951. Prin. and semi-ann. int. (J. & J. 1) payable at the office of
the City Treasurer. A certified check for 214% of the amount of bonds
bid for must accompany each proposal.
INDIAN CREEK TOWNSHIP, Lawrence County, Ind.
-BOND
OFFERING.
-William Tod, Township Trustee, will receive sealed bids
until 1 p. m. on May 28 for the 'purchase of $21,800 5%, school bonds.
Dated April 15 1930. Denom. $500, one bond for $300. Due as follows:
$1,500,July 11930. $1,500. Jan. and July 1 from 1931 to 1936 incl. $1,500.
Jan. 1 and $800, July 1 1937. Interest payable semi-annually on Jan. and
July 1. A certified check for $175 must accompany each proposal.
INGLEWOOD ACQUISITION AND IMPROVEMENT DISTRICT
NO.1(P.O. Inglewood),Los Angeles,County, Calif.
-PRICE PAID.
The $145,255.58 issue of 75' coupon storm drain and paving bonds that
was purchased by the Pacific Co. of Los Angeles
-V. 130. P. 835
-was
awarded at par. Due from 1931 to 1959 inclusive.
IONIA INDEPENDENT SCHOOL DISTRICT (P. 0. Ionia), Chickasaw County, Iowa.
-BOND SALE.
-A $5,000 issue of 5% send-ann.
school bonds offered for sale on May 3, was purchased by the Ionia Savings
Bank of Ionia, for a premium of $117.05, equal to 102.34, a basis of about
4.52%. Due in from 1 to 10 years.
ISLAIS CREEK RECLAMATION DISTRICT (P. 0. San Francisco)
San Francisco County, Calif.
-BOND OFFERING.
-Sealed bids will
be received until 10 a. m.on May 29 by the District Clerk,for the purchase
ofan issue of$1,620,1526% improvement bonda. Dated Dec. 1 1929. Due
Dec. 1 1929. Due on Jan. I as follows: $162,152 in 1929 and $162,000 from
1933 to 1941 incl.
(These bonds were authorized on April 30 by the District Board
V. 130, D. 3409.)
JACKSON, Jackson County, Mich.
-BONDS DEFEATED AT
ELECTION.
-At an election held on May 5 the voters rejected a proposal
to issue $800,000 gen. sewerage system improve, bonds by a vote of 3,020
to 2.301 and also defeated a measure calling for the issuance of $519,500
water works system improve, bonds by a vote of 3,018 to 2,122.
JACKSON SCHOOL TOWNSHIP, Hamilton County, Ind.
-BOND
OFFERING.
-Otto K. Jensen, Township Trustee, will receive sealed bids
until 10 a. m.on May 31, for the purchase of $18.000 415% school building
construction bonds. Dated May 31 1930. Denom. $500. Due $2,000 on
July 1 from 1932 to 1940, incl. Principal and semi-annual interest (Jan.
and July 1) payable at the Citizens National Bank, Cicero, Ind.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND SALE.
-The
$35.400 434% coupon road construction bonds offered on May 8-V. 130,
-were awarded to the Fletcher Savings & Trust Co.,of Indianapolis,
P.3035
at par plus a premium of $367.80, equal to 101.03, a basis of about 4.295'.
The bonds are dated May 1 1930 and mature 31,770, July 15 1931; $1.790.
Jan. and July 15 from 1932 to 1940. incl., and $1,770, Jan. 15 1841. The
following is a complete list of the bids submitted for the bonds'
BidderPremium.
Fletcher Savings & Trust Co. (purchaser)
$367.80
City Securities Corp., Indianapolis
203.00
Fletcher American Co., Indianapolis
258.00
Inland Investment Co., Indianapolis
248.10
Campbell & Co., Indianapolis
329.00
JEFFERSON COUNTY (P. 0. Madison), Ind.
-BOND SALE.
-The
following issues of 434% bonds aggregating $38.100 offered on May 6V. 130, p. 3227
-were awarded to the Madison Safe Deposit & Trust Co.
of Madison, at par plus a premium of $415. equal to 101.08. a basis of
about 4.485''
$31,000 Louis Gordon et al., road construction bonds. Due 81.550,
July 15 1931; $1,550, Jan. and July 15 from 1932 to 1940, incl.,
and $1,550. Jan. 15 1941.
7,100 John Phillips et al.. Shelby Township road construction bonds.
Due $355, July 15 1931;$355, Jan. and July 15 from 1932 to 1940,
Ind., and 5355. Jan. 15 1941.
B 3th issues are dated April 30 1930. Bids for the bonds were an follows:
I
Premium.
Madison Safe Deposit & Trust Co.(Purchaser)
Fletcher American Co.,Indianapolis
183
City Trust Co..Indianapolis
209
Inland Investment Co..Indianapolis(Bid for $7,100)
75
JEFFERSON COUNTY (P. 0. Watertown), N. Y.
-BOND OFFERING -B.S. Hayes, County Treasurer, will receive sealed bids until 11 a.m.
(Eastern Standard time) on May 23, for the purchase of $150.000 414%
coupon county luspital bonds. Dated April 1 1930. Denom. $1,000.
Duo $10,000 on April 1 from 1931 to 1915, lel. Prin. and semi-ann. int.
(Ap. Si 0.1) payable at the Northern New York Trust Co.. Watertown.
A certified check for $3.000. payabl;. to the, order of the County Treasurer,
must accompany each proposal. The approving (minion of Clay,Dillon &
Vandewater, of N. Y. City, will be furnished to the successful bidder.
Finanatial Statement.
1 (imitations
Actual valuation real property,estimated
$125.000,000.00
Assessed valuation real property-1929_
96,553.345.00
Assessed valuation special franchises-1929
1,955,616.00
Tot. ass, valuation of real prop. & spec. franchises-1929- - 98.508.961.00
Debt
Bonded indebtedness outstanding
350.000.00
This issue
150,000.00
Total bonded indebtedness
.
$500,000.00
The bonded debt of the County upon the issuance of these bonds will
he
about 15 or 1.'";• of the assessed valuation.
The County owns property with an estimated valuation of $5,000,000,
which is 10 times the total bonded indebtedness.
Population, 1920 Federal census,82,250; 1925.State census.85.776;
1930.
estimated, 87.000.
JEFFERSON CITY, Jefferson County, Tenn.
-BOND SALE.
-An
$80,000 issue of paving and sewer bonds is reported to haverecently been
purchased by Joseph, Hutton & Estes, of Nashville, as 534s, paying a
premium of $985, equal to 101.23.
JONES COUNTY (P.O.Trenton), N.C.
-NOTES OFFERED.
-Sealed
bids were received until 3 p. in. on May 14, by C. G. Noble, Clerk of the
Board of Commissioners,for the purchase of a $30.000 Issue of not exceeding
6% revenue anticipation notes. Dated May 5 1930. Due on July 30 1930.
KANSAS CITY, Wyandotte County, Kan.
-CERTIFICATE SALE.
municipal trust ownership certificates has
-A 5450.000 issue of 514
recently been purchased by 1 erbert C. Heller & Co., Inc., of N. Y. City.
Dated March 1 1930: due from March 1 1932 to 1940,
Denom. $1.000.
Incl. Prin. and int.(M. & S. 1) payable at the Chemical Bank & Trust
Co. in N. Y. City.
3583
Interest payable semi-annually on April and Oct. 1. Bids for the bonds
to bear interest at a rate other than 5% will also be considered provided,
however, that where a fractional rate is bld such fraction shall be 14 of 1%
or a multiple thereof. A certified check for $1,000 must accompany
each proposal.
KERSHAW COUNTY HIGH SCHOOL DISTRICT NO. 14 (P. 0.
Westville, R. F. D.), S. C.
-BONE)DETAILS.
-The $40,000 issue of 6%
semi-annual school bonds that was sold to the Bank of Camden,of Camden.
at a price of 101.25-V. 130, p._3227
-is due as follows; 31.000. 1933 to
1935: 32.000. 1936 to 1943. and ;3,000, 1944 to 1950, all incl., giving a basis
of about 5.86%.
KING COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Seattle), Wash.
-BOND OFFERING.
-Sealed bids will be received until 1:30 p. m. on
June 6, by W. W.Shields, County Treasurer, for the purchase of an issue
of $1,500,000 school bonds. Interest rate is not to exceed 5%, payable
semi-annually. Denom. $1,000. Dated August 11930. Payable in equal
annual installments in from 2 to 25 years, optional after I year. Principal
and semi-annual interest payable at the County Treasurer's office, or at the
fiscal agency of the State in New York City. Bidders shall submit their
bids specifying (a) the lowest rate of Interest and premium, if any, above
par, at which such bidder will purchase said bonds: or (b) the lowest rate
of interest at which the bidders will purchase said bonds at par. The bonds
will be sold to the bidder making the best bid, subject to the right of the
School District to reject any and all bids. A certified check for 5% of the
0
bid is required. (This report supplements that given in V. 130, P. 3406.)
KITSAP COUNTY UNION HIGH SCHOOL DISTRICT NO. 4
-BOND SALE.
-A $72,000 issue of 4%% school
(P. 0. Poulsbo) Wash.
bends is reported to have recently been purchased at par by the State of
Washington.
KLEBERG COUNTY (P. 0. Kingsville) Tex.
-BOND SALE.
An issue of $150,000 road bonds is reported to have recently been purchased
at par by the King Estate at Kingsville.
KNOXVILLE, Knox County, Tenn.
-BOND OFFERING.
-Sealed
bids will be received by John C. Borden, Director of Finance, until 7.30
p. m. on May 20. for the purchase of an issue of $100,000 44% coupon
or registered park bonds. Denom. $1.000. Dated April 1 1930. Due on
April 1, as follows: $3,000, 1933 to 1940: $4.000, 1941 to 1945; $5.000.
1946 to 1950; $6,000, 1951 to 1954 and $7,000 in 1955. Prin. and int.
(A.& 0.) payable in gold in New York. Bids must be on a form which will
be furnished by the Director of Finance, or by Masslich & Mitchell, of
New York, whose approving legal opinion will be furnished the purchaser.
The law does not restrict the price at which these bends may be sold provided a 534% interest basis is not exceeded. These bonds are issued for
park purposes without a vote of electors, under an Act passed by the General Assembly of Tennessee. A $2,000 certified check, payable to the City
Treasurer, must accompany the bid.
LAKE TOWNSHIP (P. 0. Silver Lake), Kosciusko County, Ind.
-The $9,700 5% township building bonds offered on April 25
BOND SALE.
-V. 130, p. 2626-were awarded to Frantz at Larke of Silver Lake. The
issue matures $970 on June 30 from 1931 to 1940 inclusive.
LAPPATUBBA DRAINAGE DISTRICT (P.0. New Albany), Union
County, Miss.
-BOND OFFERING.
-Settled bids will be received by
Chas. Lee Crum, Attorney for the Commissioners, until 2 p. in. on May 19,
for the purchase of an $18,500 issue of 6% semi-ann. drainage bonds.
Denom. $500. Due in from 1 to 30 years. The right is reserved to sell
only $10,000 of these bonds. A certified check for 10% of the bid is required.
LANCASTER COUNTY (P.O. Lancaster), S. C.
-BOND OFFERING.
-We are informed that sealed bids will be received until May 27. by K.
M. Yoder, Clerk of the Board of County Commissioners, for the purchase
of a $24,000 issue of bridge refunding bonds. Interest rate is not to exceed
5%, Payable semi-annually,
LARAMIE COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Cheyenne)
-The $50.000 issue of semi-annual school bonds
Wyo.-BOND SALE.
-was jointly purchased by the
offered for sale on May 10-V. 130, p. 3036
Stock Growers' National Bank, and the American National Bank, both of
Cheyenne. Dated Jan. 1 1930. Due on Jan. 1 1940, 1945 and 1950.
LAWTON, Comanche County, Okla.
-BONDS NOT SOLD.
-The
three issue of not exceeding 6% semi-annual bonds aggregating $750.000
-were not sold as all the bids received
offered on April 29-V. 130, p. 28.32
rejected. The issues are as follows:
were
$600,000 water works bonds. Due $30,000 from 1936 to 1955, incl.
100,000 fire station equipment bonds. Dm $5,000 from 1936 to 1951
li i
50,000 sgl m sewer bonds. Due $2,500 from 1935 to 1955. In&
LEBANON, Boone County, Ind.
-BOND OFFERING.
-Sealed bids
addressed to the Board of School Trustees will be received until 9 a. m. on
May 23, for the purchase of $89,000 415% school construction and equipment bonds. Dated May 1 1930. Denom. $1,000. Due on July 1 as
follows: $10,000 from 1936 to 1943 incl., and $9,000 in 1944. Prin. and
semi-ann. int. (J. & J. 1) payable at the First National Bank of Lebanon.
A certified check for $500, payable to Lester F. Jones, Treasurer of the
School City of Lebanon, must accompany each proposal.
LEICESTER UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
Leicester), Livingston County, N. Y.
-BOND SALE.
-The $100.000
coupon or registered school bonds offered on May 9-V. 130, p. 3228
were awarded as 5.20s to George II. Gibbons & Co., of New York City,
at par plus a premium of $397.40, equal to 100.397, a basis of about 5.165'•
The bonds are dated June 1 1930 and mature on June I as follows: $2.000.
1931 to 1940, inclusive; $3,000, 1941 to 1950, inclusive, and $5,000 from
1951 to 1960, inclusive. Bids for the issue were as follows:
BidderInt. /Me Premium.
George B. Gibbons & Co. (purchasers)
$331133669975...004000
5 722005i
555....20
5.2007
A. C. Allyn & Co
Livingston County Trust Co
Coun
Genesee River National Bank & Trust
Farson, Son & Co
377.00
LEWIS COUNTY (P. 0. Lowville), N. Y.
-BOND OFFERING
E. IT. Barnes, County Treasurer, will receive sealed bids until 10 a. m.
(Eastern Standard time) on May 22, for the purchase of $100,000 414%
coupon or registered County hospital bonds. Dated March 11930. Denom.
$1,000. Due on March 1, as follows: $2,000, 1931 to 1950 incl., and $3.000
from 1951 to 1970 incl. Prin. and semi-annual interest (March and Sept. 1)
Payable at the office of the County Treasurer. A certified check for $2,000,
payable to the order of the County Treasurer, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater, of New York
City, will befurnished to the successful bidder without cost.
Financial Statement.
Valuations
Actual valuation, real property, equalized
534,090.178.00
Assessed valuation, real property-1930
21,427.695.00
Assessed valuation, special franchises-1930
295,766.00
real property & special franchises_
Total assessed valuation,
21.723.461.00
Debt
in
Boia edue
Thndiss indebtedness outstanding
$234.551.06
100.000.00
Total bonded indebtedness
334.551.06
The bonded indebtedneas of the County upon the Issuance of these bonds
will be about 111% of the assessed valuation.
Population-1920 Federal census. 23,704; 1925 State census, 24,713; and
1930 estimated. 25,500.
LEWISTOWN,Fulton County, Ill.
-BONDS VOTED.-At an election
held recently the voters authorized the issuance of 320.000 in lantels to
finance the construction of a school gymnasium by a favorable majority of
110 votes.
LINCOLN PARK DISTRICT (P. 0. Chicago), Cook County, Ill.
-The $1,800,000 4% bridge bonds offered on May 15BOND SALE.
-were awarded to a syndicate composed of the First
-v. 130, p. 3228
Union Trust & Savings Bank. Harris Trust & &mines Bank, Condnental
Illinois Co., and the Northern Trust Co., all of Chicago, at a price of 95.949.
a basis of about 4.55%. The bonds mature 3100,000 annually for a period
of 18 years.
-BOND SALE.
LONG BEACH,Nassau County, N. Y.
-The $250,000
KENT,Portage County, Ohlo.-BOND OFFERING.
-Frank Beeline, series G coupon water bonds offered on May 13-V. 130. p. 3406
City Auditor, will receive sealed bids until 12 m.on June 9 for the purchase awarded as 5103 to Rapp & Lockwood of New York City at 100.63,-were
en $35,000 5% water works system improvement bonds. Dated June 1 of about 5.19%. The bonds are dated May 1 1930 and mature on a basis
May 1
'•
Denom. $500. Duo $3,500 on Oct. 1 from 1931 to 1940 incl. as follows: $8,000. 1931 to 1950 incl., and $9,000 from 1951 to
1960 incl.
3584
FINANCIAL CHRONICLE
[voL. 130.
A complete list of the bids submitted for the bonds follows:
April 1 1930. Denom. $1,000. Due $2,000 on April 1 from 1931 to 1940
BidderRate Bid. Incl. Principal and semi-annual int. (April and Oct. 1) payable at the office
Int. Rate.
Rapp & Lockwood (Purchasers)
100.6399 of the County Treasurer. A certified check for 3% of the amount of bonds
5ii%
E.J. Coulon & Co
101.07
bid for, payable to the order of the Board of County Commissioners, must
5ii
Edmund Seymour & Co
101.259
5%
accompany each proposal. No conditional bid will be considered and the
Farson,Son & Co
101.657
opinion as to the validity of the bonds is to be furnished by successful
Hoffman & Co
100.171
bidder.
.M
O.W.McNear & Co
101.80
535 0
MARION COUNTY SCHOOL DISTRICT NO. 103 (P. 0. WoodLOS ANGELES COUNTY (P. 0. Los Angeles) Calif.
-LIST OF' burn), Ore.
-BOND OFFERING.
will be received until
BIDDERS.
-The following is an official list of the bidders for the three May 20. by the District Clerk, for-Sealed bidsof a $25,000 issue of
the purchase
5%
issues of bonds that were awarded on April 28-V. 130, p. 3406:
semi-annual school bonds. Dated July 1 1930. (These bonds were vote
at an election held on April 26.)
Los Angeles County Flood Control District
-Par Value $588,500.00
Heller, Bruce & Co
MARSHALLTOWN, Marshall County, Iowa.
-BOND OFFERING.
Bank ofItaly
9 3
1188 8 Sealed bids
56.'0
be received by Anne McMahon,City Clerk, until 7.30 P.in.
American Securities Co
972.00 on May 17,will the purchase of a
(award)
for
$33,500 issue of funding bonds. int. rate
Weeden & Co
Is not to exceed 5%, payable semi-annually.
Redondo Union High School District-Par Value $165,000.00. 759.00
MARYLAND, State of (P. 0. Annapolis).
R.H.Moulton & Co.. et al
-CERTIFICATE OF
$3,581.00
Wm.Cavalier & Co
-John M. Dennis, State Treasurer, will
(award) 6,740.00 INDEBTEDNESS OFFERED.
receive sealed bids until 12 m. on June 3, for the purchase of the following
Dean Witter & Co
2,209.00
Anglo London Paris Co.,et al
3,250.00 issues of 43 % certificates of indebtedness aggregating $2,245,000:
Weeden & Co.,et al
4,018.00 $750.000 road construction certificates of 1929. Due on June 15 as follows:
$44,000, 1933; $46,000, 1934; 848,000, 1935; 850,000, 1936;
Los Angeles County (Farm and Hospital
-Par Value $93,000.00.
852.000, 1937; $54,000, 1938: 857.600, 1939; 859,000, 1940;
Bank of Italy
$
862,000, 1941; $65,000, 1942; $68,000. 1943; $71,000, 1944 and
American Securities Co_ _ _ _ (award)(Co. to furnish legal opinion)
5 ..00
80
6 0
$74,000 in 1945.
Weeden & Co
122.00
750,000 bridge construction certificates of 1929. Due on :lune 15 as
Heller, Bruce & Co
14.00
follows: $44,000. 1933; $46,000, 1934; $48,000, 1935; 550.000.
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
1936: 852,000, 1937; $54,000, 1938; $57,000, 1939; 859,000, 1940:
DISTRICT NO. 149 (P. 0. Los Angeles), Calif.
-BOND OFFERING.
$62,000, 1941; 865,000, 1942; $68,000, 1943; $71,000, 1944 and
Sealed bids will be received by L. E. Lampten, County Clerk. until 2 P. m.
$74,000 in 1945.
on May 26 for the purchase of a $25,562.82 issue of improvement bonds.
745,000 special road construction certificates of 1929. Due on June 15
Int. rate is not to exceed 7%, payable semi-annually. Denoms. $1.000.
as follows: $43,000, 1933; $45.000, 1934; 547,000, 1935; 850,000.
$500 and one for $562.82. Dated May 5 1930. Due from May 5 1935 to
1936; 852,000, 1937: $54,000, 1938; 556,000, 1939; $59,000, 1940:
1954 incl. Prin. and int. payable in gold at the County Treasurer. A
562,000, 1941; 865,000, 1942: $67,000, 1943; $71.000, 1944 and
certified check for 3% of the bonds, payable to the order of the Chairman
$74,000 in 1945.
of the Board of Supervisors, must accompany the bid. The offering notice
All of the above certificates of indebtedness are dated June 15 1030 and
are in $1,000 denoms. Interest is payable semi-annually on June and Dec.
carries the following statement:
"The attention of the bidder is directed to the Acquisition and Improve- 15. A certified check for 5% of the par value of the amount bid for, payable
ment Act of 1925 as amended to the Resolution of Intention in the matter to the order of the State Treasurer, must accompany each propsal. The
of said Acquisition and Improvement District No. 149 of the County of offering notice says: "It is one of the terms of this offering that the bonds
Los Angeles and to all proceedings had thereunder."
when issued will be the legal and valid binding obligations of the State.
LOS ANGELES MUNICIPAL IMPROVEMENT DISTRICT NO. 75 The opinion of the Attorney-General of Maryland to this effect will be
delivered to the successful bidder. Bidders may, if they wish, make the
(P. 0. Los Angeles), Calif.
-BOND DESCRIPTION.
-The 8198,000
Issue of water system bonds that was jointly purchased by R. H. Moulton legality and validity of the bonds one of the terms of the bid by making the
& Co. and the Security-First National Co., both of Los Angeles, as 5X8 bid 'subject to legality' or using any equivalent form of expression, but
without leaving this question to the decision of the bidders or their counsel.
at a price of 100.115-V. 130, p. 3036
-is dated April 1 1930. Denom. All
$1,000. Due on April 1 as follows: $5,000, 1931 to 1966. and $6,000. or bids conditioned upon the approval of bidders or counsel, whether named
unnamed, will be treated as conditional bids and rejected, unless the
1967 to 1969, all incl. Prin. and int. payable in lawful money at the
City Treasury or at the Bank of America, National Association, New York. condition is waived by the bidder to the satisfaction of the board before
the opening of the bid.
Legality to be approved by O'Melveny, Tuller & Myers of Los Angeles,
MATADOR INDEPENDENT SCHOOL DISTRICT (P. 0. Matador)
LOUDON,Loudon County,Tenn.
-ADDITIONAL INFORMATION. Motley County, Tex.
-ADDITIONAL INFORMATION.
-The $60,000
-The $85,000 Issue of water works and sewerage bonds that was purchased Issue
of 5% semi-annual school bonds that was purchased by H. C. Burt
by Joseph, Hutton & Estes. Inc., of Nashville
-was & Co., of Houston
-V. 130, 'Feb.. 3228
-was awarded at 99.00 and matures
-V. 130. p. 3407
awarded at par. 5%% bonds in $1,000 denorns. Dated
1 1930.
Due as follows: $2,000, 1934 to 1943; $3,000. 1944 to 1953 and $5,000, as follows: $1,000, 1931 to 1940; $2,000, 1941 to 1950 and 83,000. 1951 to
1960, all incl., giving a basis of about 5.09%.
1954 to 1960, all incl. Int. payable on Feb. and Aug. 1.
-BOND SALE.
MEEKER, Rio Blanco County, Colo.
-An issue of
LOUISBURG, Franklin County, N. C.
-ADDITIONAL DETAILS.
$115,000
% water extension bonds is reported to have recently been
-The $30,000 issue of semi-annual public improvement bonds offered for
Purchased by Sidle, Simons, Day & Co. of Denver, and associates, at a
sale on May 2 and purchased by Spitzer, Rork* & Co. of Toledo
-V. 130.
-bears interest at 5%% and was awarded for a premium of $356. price of 95, a basis of about 6.18%. Due in 10 years.
p. 3406
equal to 101.18.a basis of about 5.36%. Due from Jan. 1 1931 to 1950.incl.
MENARD INDEPENDENT SCHOOL DISTRICT (P. 0. Menard)
-BOND SALE.
Menard County, Tex.
-A $50,000 issue of school bonds
LOUISVILLE, Jefferson County, Ky.-BOND OFFERING.
-Accord- is
reported to have been purchased by McIntyre & Charlton of San Antonio.
ing to report, sealed bids will be received by Samuel D. Jones, Business
Manager of the Board of Education, until May 29, for the purchase of an
MIAMI BEACH, Dade County, Fla.
-BOND SALE.
-We are now
Issue of $1,000,000 school bonds. (These bonds are said to be a part of a informed that a block of $256.000 of the $698,000 issue of street improve$3,000,000 issue.)
ment, sidewalks, sanitary sewer and beach protection, series H bonds,
LYNDHURST, Cuyahoga County, Ohio.
-OFFER $177,000 5X% and $19,000 of the $145,000 issue of bridge and water works bonds that were
-have since been
BONDS.
-The Ohio National Bank, of Columbus, is offering for public unsuccessfully offered for sale on May 7-V. 130, p. 3407
block of $177,000 5%% street improvement bonds priced to Purchased at private sale by the Natco Corp., Miami, as 6% bonds, at a
investment a
yield 4.90%. The bonds are dated March 1 1930 and mature on Oct. 1 price of 97.
as follows: $47.000. 1935; $37,000, 1936; 810,000, 1937; 845,000 In 1938
-BOND SALE -The two issues
MIAMI COUNTY (P. 0. Peru), Ind.
and $8,000 in 1939. Prin. and semi-annual interest (April and Oct. 1) of 4%% bonds aggregating $16,900 offered on May 8-V. 130, p. 3037
payable at Cleveland. Legally approved by Squire, Sanders & Dempsey,' were awarded to the Fletcher Savings & Trust Co., of Indianapolis, at par
of Cleveland.
plus a premium of $107.70, equal to 100.65, a basis of about 4.36%. The
Financial Statement.
bonds sold are as follows:
Assessed valuation
$10,973,320 $10,300 Salomon Zartman, Allen Township highway impt. bonds. Due
Total debt (including this issue)
2,044.950
one bond semi-annually from July 15 1931 to Jan. 15 1941.
Sinking fund
446,127
6,600 L. C. Turnipseed, Union Township road improvement bonds.
1,598,823
Net debt
Due one bond semi-annually from July 15 1931 to Jan. 15 1941.
Population (estimated)
3,000
Both issues are dated April 15 1930.
MCKENZIE COUNTY (P. 0. Schafer), N. Dak.-CERTIFICATE
-BOND OFFERING.MIAMISBURG, Montgomery County, Ohio.
SALE.
-The $30,000 issue of certificates of indebtedness offered for sale on Carl F. Lenz, Village Cleric, will receive sealed bids until 12 m.on May 17,
-was purchased by the County Seed & Feed for the purchase of $7,000 5%% special assessment street improvement
April 26-V. 130. p. 3036
Bond Sinking Fund. Dated May 11930. Due on Nov. 1 1932.
bonds. Dated June 1 1930. Denom.$100. Due $700 on Oct. 1 from 1931
McRAE SCHOOL DISTRICT (P.O. McRae) White County, Ark.
- to 1940, incl. Interest is payable on April and Oct. 1. Bids for the bonds
ADDITIONAL DETAILS.
-The $10,000 issue of6% coupon school build- to bear interest at a rate other than 5%% will also be considered, provided,
- however, that where a fractional rate is bid such fraction shall be 34 of 1%
ing bonds that was pwchased by Mr. W. E. Williams, of Newport
-is dated May 1 1930 and due from 1934 to 1944, incl. or a multiple thereof. A certified check for 5% of the amount of bonds bid
V. 130. p. 2832
for, payable to the order of the Village Treasurer, must accompany each
Denoms. $500 and $1,000. Int. payable on May and Nov. 1.
proposal.
MADISON GRADED SCHOOL DISTRICT (P. 0. Madison), Rock-BOND OFFERING.
MIDLAND, Midland County, Mich.
-Anna E.
-BOND SALE.
-The $90,000 issue of coupon
ingham County, N. C.
Coons, City Clerk, will receive sealed bids until 7 p.m. (Eastern Standard
-was purchased time) on
school bonds offered for sale on May I-V. 130, p. 3036
May 19,for the purchase of $40,000 water bonds. Rate of interest
by the White-Phillips Co., of Davenport. as 5,4s, for a premium of $477, to be suggested in proposal. Bonds are dated May 15 1903 and are part
equal to 100.53, a basis of about 5.19%. Dated May 1 1930. Due of an issue of $60,000 authorized by a vote of 631 for to 184 against at an
from 1932 to 1952. inclusive. Other bids were as follows:
Price Bid. election held recently. Interest is payable semi-annually on May and Nov.
Rate.
Bidder$90,405 15. Due on May 15 as follows: 82.000, 1932 to 1936,incl., and $3.000 from
5X
C. W. McNear & Co
90,180 1937 to 1946, incl. A certified check for $500 must accompany each
54.
5
Stranahan. Harris & Oatis
90,037 proposal.
Prudden & Co
91,125
Davies, Bertram Co
53
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE.
5% 0
91,008 The $1,100,000 issue of 4%% semi-ann. metropolitan sewerage bonds
Well, Roth & Irvin Co
5)4%
91,713 Offered for sale on May 15-V. 130. p.2833
Ryan, Sutherland 0
-was purchased by a syndicate
-BOND SALE.
-A $7,500 issue composed of the First Union Trust & Savings Bank, the Foreman State
MAGNOLIA,Columbia County, Ark.
of paving bonds Is reported to have recently been purchased by an undis- Corp., and the Continental Illinois Co., all of Chicago, at a price of 102.437,
a basis of about 4.28%. Dated May 1 1930. Due from May 1 1941 to
closed investor.
MAMARONECK UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. 1950 incl.
-The
-BOND SALE.
Mamaroneck) Westchester County, N. Y.
MITCHELL,Scotts Bluff County, Neb.-ADDITIONAL INFORMA$255,000 series C coupon or registered school bonds offered on May 9 TION.
-The $47,000 issue of sewer districts bonds that was reported sold
-were awarded as 4%s to Dewey, Bacon & Co., of New -V. 130, p. 3229
-was purchased at par by the Omaha National Co., of
-V.130. p. 3228
York City, at 100.23, a basis of about 4.23%. The bonds are dated July 1 Omaha. The bonds bear Interest at 4X % and mature in 10 years.
1929 and mature on July 1, as follows: $10.000, 1934 to 1940 incl., $15.000.
MONTGOMERY COUNTY (P. 0. Crawfordsville),
-BOND
1941 to 1945 incl.. $10,000. 1948 to 1957 incl., and $5,000 in 1958 and 1959. OFFERING -Lester 0. McClamrock, County Treasurer,Ind. receive
will
An official tabulation of the bids submitted for the issue follows: Rate
Bid. sealed bids until 10 a.m. on May 22, for the purchase of 812.000 4i5%
Int5re.
42
.
BidderEmerson E. Ballard et al.. Union Township highway improvement bonds.
100.23
Dewey, Bacon & Co.(purchasers)
102.1478 Dated May 15 1930. Denom. $600. Due $600, July 15 1931: WC Jan.
4.50%
Farson, Son & Co.
and July 15 from 1932 to 1940, incl., and $600 on Jan. 15 1941. Interest
100.554
4.401
Rutter & Co
is payable on Jan. and July 15.
100.198
4.30%
Roosevelt & Son
100.1399
4.40%
MONTGOMERY COUNTY (P. 0. Winona), Miss.
Rapp & Lockwood
-BONDS VOTED.
100.2174 -At a special election held recently, the voters approved the issuance of
4.30%
George B. Gibbons .Sc Co
100.169
.4.30%
B. J. Van Ingen & Co
$65000 in bonds for the purpose of constructing bridges on two road
100.099
4..30
4 ,70
0
projects. The New Orleans "Times
Barr Brothers & Co
-Picayune" of May 9 also reported as
100.41
follows:
Lehman Brothers
100.189
4.25
"A new high school building for Duck Hill, to serve the Montgomery
Stephens & Co
100.790
4.40
Special Consolidated Schools District, was approved at the polls by a vote
Batchelder & Co
100.119
4.30
of 158 to 150. Conditions during the past year have been so crowded that
First National Bank, Mamaroneck
100.186
4.30
it became necessary to erect a new betiding for high school students in the
Kinnicutt & Co
Kissell,
4.30%1189
00..
0
4.25
district, or send high school students to Winona.'
H. M.Byllesby & Co
Trust Company of Larchmont
100.8794
MONVEL, Grand Forks County, N. Dak.-BOND ELECTION.4.50%
A. B. Leach & Co
100.534
On May 27 the voters will again pass upon a proposal calling for the Issuance
4.60%
Marine Trust Co. of Bufialo
public investment of $3,000 in 6% light system bonds. Due from April 1 1931 to 1950, incl.
The successful bidders are reoffering the bonds for
all These bonds were previously offered on April 7 but were not awarded due
priced to yield 4.125%. The securities are said to be exempt from
to an error in the advertising. We are informed by 0. M.Sproule, Village
Federal and New York State income taxes, and are legal investment for Clerk, that there is no other indebtedness.
savings banks and trustf unds in New York State.
MOORESTOWN TOWNSHIP (P. 0. Moorestown), Burlington
-BOND OFFERING.
MARION COUNTY (P.0.Indianapolis),Ind.
-BOND OFFERING.
-Charles Laessle, Township Clerk,
m. on County, N. J.
Harry Dunn, County Auditor, will receive sealed bids until 10 a. Dated will receive sealed bids until 8 p. M. (daylight saving time) on May 26,
June 2, for the purchase of $20,000 4%% county bridge bonds.
MAy.17 1930.]
FINANCIAL CHRONICLE
for the purchase of $48,000 5% coupon or registered assessment bond.
Dated May 15 1930. Denom.$1,000. Due on May 15 as follows: $8,000,
1931. and $10,000 from 1932 to 1935 inclusive. Principal and semi-annual
interest (May and Nov. 15) payable at the Moorestown Trust Co., Moorestown. No more bonds are to be awarded than will produce a premium of
$1,000 over $48,000. A certified check for 2% of the amount of bonds
bid for, payable to the order of the Township, must accompany each
proposal. All legal matters in connection with the issuance of the bonds
have been passed upon by Walter Carson. Township Attorney, Camden.
MORGAN COUNTY (P. 0. Martinsville), Ind.
-BOND OFFERING.
-Gail G. Gross, County Treasurer, will receive sealed bids until 10 a.m.
onilMay 28, for the purchase of $8,700 5% Carl Labertew et al., Gregg
Township road construction bonds. Dated May 28 1930. Denom. $435.
Due $435, July 151931;$435, Jan. and July 15from 1932 to 1940,incl., and
$435 on Jan. 15 1941. Interest is payable semi-annually on Jan. and July15.
MUSKEGON,Muskegon County, Mich.
-BOND SALE
.-The $50.000
coupon impt. bonds offered on May 9-V. 130. p. 3408
-were awarded to
Braun, Bosworth & Co., of Toledo. at par plus a premium of $183, equal to
100.36. The bonds are dated May 1 1930 and mature $5,000 on May 1
from 1931 to 1940 incl.
NEW BEDFORD, Bristol County, Mass.
-LOAN OFFERING.
-The
City Treasurer will receive sealed bids until 11 a. m. on May 19, for the
purchase at discount of a $400,000 temporary loan, due on Nov. 14 1930.
NEW BERN, Craven County, N. C.
-BOND OFFERING.
-Sealed
bids will be received by F. T. Paterson, City Clerk, until 8 p. m. on May
27, for the purchase of an $80,000 issue of coupon or registered refunding
bonds. Int. rate is not to exceed 6%,stated in a multiple of
of 17 and
o,
must be the same for all of the bonds. Denom. $1,000. Dated June 1
1930. Due on June 1 as follows: $2,000, 1931 to 1950, and $4,000, 1951 to
1960, all incl. Prin. and int. (J. & D.) payable in gold in New York. The
approving opinion of Reed, Hoyt & Washburn of New York City, will
furnished. A certified check for 2% of the bid, payable to the City,be
Is
required.
NEBRASKA CITY, Otoe County, Neb.-BOND SALE CORRECTION.
-In connection with the sale of the two issues of coupon bonds,
aggregating 8273.000, to the U. S. National Co. of Omaha, at 100.501.130, p. 3408
-we are now informed that the bonus bear interest
(not 4(%), giving a basis of about 4.17%. Due in 20 years and at 4.(
optional
after 5 years.
NEW BRUNSWICK, Middlesex County, N. J.
-BOND OFFERING.
W. G. Howell. City Treasurer, will receive sealed bids until 10 a. m.(daylight saving time) on May 27, for the purchase of the following issues of 4,
43 or 4 X% coupon or registered bonds aggregating $1,100,000:
$525,000 assessment bonds. Due $75,000 on June 1 from 1931 to 1937 incl.
337,000 general impt. bonds. Due on June 1, as follows: $10,000. 1932,
$12,000. 1933, and $15.000 from 1934 to 1954 incl.
205,000 water bonds. Due on June 1. as follows: $5,000, 1932 to 1954
incl., and $6,000 from 1955 to 1969 inclusive.
33.000 school bonds. Due $1,000 on June 1 from 1932 to 1964 incl.
All of the above bonds are dated June 11930. Denom.$1.000. Prin. and
semi-annual int. (June and Dec. 1) payable in gold at the office of the City
Treasurer: interest on registered bonds will, on request, be remitted by mall
in New York exchange. No more bonds are to be awarded than will produce a premium of 81.000 over the amount of each issue. The bonds will
be prepared under the supervision of the International Trust Co.. New York
City, which will certify as to the genuineness of the signatures of the officials
and the seal impressed thereon. A certified check for 2% of the par value
of the bonds bid for, payable to the order of the City Treasurer,
accompany each proposal. Legality will be approved by Caldwell & must
Raymond, of New York City, whose opinion will be furnished the successful
bidder.
Financial Statement.
Assessed valuation taxable property, 1930
$44,413,476.00
Bonded debt, incl. these issues
5,560.000.00
Water bonds, included in above
876,000.00
Sink,funds for bonds other than water bds.as of Dec.31 1929
99.778.49
Net debt,incl. these issues, computed under N. J.laws as of
Dec.31 1929
1,873,043.76
Population. census 1930, 35,700.
NEW LEBANON, Montgomery County, Ohio.
-BOND OFFERING.
-O.F. Brumbaugh, Village Clerk, will receive sealed bids until 12
June 2, for the purchase of $3,500 6% fire apparatus purchase m. on
bonds.
Dated April 1 1930. Denom. $350. Due $350 on April 1 from 1931
to
1940, incl. Interest payable on April and Oct. 1. Bids for the bonds to
bear interest at a rate other than 6% will also be considered,
however, that where a fractional rate is bid such fraction shallprovided,
be X of
1% or a multiple thereof. A certified check for $400, payable to the order
of the Village, must accompany each proposal.
NOBLE COUNTY (P. 0. Albion), Ind.
-BOND OFFERING.
Wallace 0. Harder, County Treasurer, will receive sealed bids until 2 p.m.
on May 24, for the purchase of the following Issues of 5% bonds, aggregating $7.720:
94,680 Alexander Larson et al., Sparta Township highway improvement
bonds. Denom.$117. Due $117, July 15 1931; $117, Jan. an
July
15 from 1932 to 1950. incl.. and 8117. Jan. 15 1951.
3,040 Albert S. Bordner et al., Perry Township highway improvement
bonds. Denom. $76. Due $76, July 15 1931; $76, Jan. and July
15 from 1932 to 1950, incl., and $76, Jan. 15 1951.
Both issues are dated June 15 1930. Interest is payable on
Jan. ana
July 15.
NORFOLK COUNTY (P. 0. Dedham), Mass.
-TEMPORARY LOAN.
-The $150,000 temporary loan offered on May 13-V. 130.
P.
-was
awarded to the Shawmut Corp., of Boston. at 3.19% discount.3408
Is dated May 13 1930 and is payable on Nov. 15 1930 at the First The loan
National
Bank of Boston. Bids for the loan were as follows:
BidderDiscount
Shawmut Corp. (purchaser)
3.19%
Faxon, Gade & Co
3.23
Dedham National Bank
3.24
Salomon Bros. dc Hutzler, plus $1.50
3.25%
First National Old Colony Corp
3.255%
F. S. Moseley dc Co
3.295
Boston Safe tleposit & Trust Co
3.31
S. N. Bond & CO., Plus $8
3.40
Lang, Piper & Dadmun,Inc
3.42 o
NORTH ADAMS, Berkshire County, Mass.
-BOND SALE.-Estabrook & Co., of Boston, on May 13 purchased an issue of
$108.000 4%
coupon street widening. permanent pavement and bridge
construction
bonds at a price of 100.54, a basis of about 3.89%. The bonds
are dated
May 15 1930 and mature annually from 1931 to 1940 incl.
Bids for the
issue were as follows:
BidderRate Bid,
Estabrook & Co. (purchasers)
100.54
First National Old Colony Corp
100.38
R. L. Day & Co
100.33
Harris, Forbes & Co
100.33
North Adams Trust Co
100.26
Chase Securities Corp
100.236
Stone & Webster and Blodget. Inc
100.18
NORTH HEMPSTEAD UNION FREE SCHOOL
DISTRICT NO. 6
(P. 0. Manhasset), Nassau County, N. Y.
-BOND OFFERING.George H. Oestreich, District Clerk, will receive sealed bids
p. m. (daylight saving time) on May 27, for the purchase of until 8.15
$80,000 not
to exceed 6% interest coupon or registered school 13onds. Interest
be stated in a multiple of of 1.%. Bonds are dated June 1 1930. rate to
)j
Denom.
$1,000. Due $5,000 on June 1 from 1932 to 1947 Inclusive.
Principal and
semi-annual interest (June and Dec. 1) payable in gold at the First
Bank & Trust Co., Manhasset, or at the Chase National Bank, National
New York
City. A certified check for 2% of the amount of bonds bid for,
payable
to the order of the District Board of Education, must accompany
each
proposal. The approving opinion of Hawkins. Delafteld dc
New York City, will be furnished to the successful bidder. Longfellow, of
NORTH TONAWANDA, Niagara County, N. Y.
-BOND SALE.
The $25.000 coupon bridge bonds offered on May 12-V.
were awarded as 4;is to the Union Trust Co., of North 130, P. 3408only bidder, at 100.3116, a basis of about 4.47%. The Tonawanda, the
bonds
May 1 1930 and mature annually from 1935 to 1947 inclusive. are dated
3585
NUTLEY, Essex County, N. J.
-BOND OFFERING.
-Simon Blum,
Town Clerk, will receive sealed bids until 8 p. m. (daylight saving time)
on May 27, for the purchase of the following issues of bonds aggregating
0
$3250 0
$175; 00
'
temporary loan bonds. Dated May 29 1930. Due Nov. 15 1930.
150,000 tax revenue bonds. Dated June 13 1930. Due Dec. 12 1930.
Bidders to state rate of interest and denominations of bonds in proposal.
Interest Is to be paid at maturity. A certified check for 2% of the amount
of bonds bid for, payable to Raleigh S. Rife, Director of Finance, must
accompany each proposal. Legality will be approved by Thomson, Wood
& Hoffman, of New York City.
OCEAN COUNTY (P. 0. Toms River), N. J.
-BOND OFFERING.Fred G. Bunnell, Clerk of the Board of Chosen Freeholders, will reoeive
sealed bids until 11 a.m. (daylight saving time) on June 3, for the purchase of $333,000 4 % general road and bridge bonds. Dated June 1
1930. Denom. $1,000. Due on June 1, as follows* 817,000. 1931 to
1949, incl., and $10,000 in 1950. Prin. and semi-ann. Int. (June and
Dec. 1) payable at the Guaranty Trust Co., N. Y.City. No more bonds are
to be awarded than will produce a premium of $1,000 over $333.000. A
certidied check for 2% of the amount of bonds bid fer, payable to the
order of the County Treasurer, must accompany each proposal.
OHIO COUNTY (P. 0. Rising Sun), Ind.
-BOND SALE.
-The
86.0005% coupon Charles H.Vinup et al., road construction bonds offered
-were awarded to Charles Rice,of Aurora.Ind.,
on May 8-V. 130. p.2834
at par plus a premium of $118. equal to 101.96, a basis of about 4.59%.
The bonds are dated May 1 1930 and mature $300 on July 15 1931: $300
Jan. and July 15 from 1932 to 1940, incl.. and $300 on Jan. 15 1941. Bids
for the issue were as follows:
BidderPremium.
Charles Rice (purchaser)
$
City Securities Corp., Indianapolis
Fletcher Savings & Trust Co., Indianapolis
x1118
113
Oscar
lder: no reason advanced for not having received award. 25
B
h
x High xtbir
OICANOGAN COUNTY CONSOLIDATED SCHOOL DISTRICT
NO 111 (P. 0. Okanogan), Wash.
-BONDS NOT SOLD.
-We are informed by Dale S. Rice, County Treasurer, that the sale of the 819.000
Issue of not exceeding 6% school bonds that was scheduled for May 7
-had to be dropped awing to pending litigation. It Is
--V. 130. P. 3038
stated that the District will substitute an issue of $17.500 for the above in
the near future.
ORANGE COUNTY (P. 0. Santa Ana), Calif.
-BOND SALE.
-The
two issues of 5% semi-annual school bonds offered for sale on May 13-were awarded as follows:
V. 130, p. 3038
960.000 La Habra School District bonds to the American Securities Co.,
of San Francisco, for a premium of $1,115, equal to 101.85, a
basis of about 4.61%. Due $6,000 from 1931 to 1940. Ind.
26,000 Garden Grove Union High School District bonds to the National
Bank-Italy Co.,of San Francisco, for a premium of $616, equal to
102.36, a basis of about 4.60%. Due $2,000 from 1931 to 1943.
incl.
OTTAWA HILLS, Putnam County, Ohio.
-BOND OFFERING.
Frans S. Blue, Village Clerk, will receive sealed bids until 12 m.on May 29,
for the purchase of $29,083.59 6% street improvement bonds. Dated
June 1 1930. One bond for $1,083.59, all others for $1,000. Due on Sept. 1,
as follows: $2,083.59, 1931, and $3,000 from 1932 to 1940 incl. Principal
and semi-annual interest (March and Sept. 1) payable at the Security
Savings Bank & Trust Co., Toledo. Bids for the bonds to bear interest at a
rate other than 6% will also be considered, provided, however,that where a
fractional rate is bid such fraction shall be ;( of 1% or a multiple thereof.
A certified check for 2% of the amount of bonds bid for, payable to the
order of the Village Treasurer, must accompany each proposal. A complete
certified transcript of the proceedings evidencing the regularity and validity
of the issuance of the bonds will be furnished the successful bidder. Conditional bids will not be considered.
PADUCAH INDEPENDENT SCHOOL DISTRICT (P. 0. Paducah),
-BOND SALE.
Cottle County, Tex.
-A_ $75,000 issue of school bonds is
reported to have been purchased by the Well, Roth tz Irving Co. of Cineft•Al
l
'ODY, Essex County, Mass.
chinaA
PEtiB
-TEMPORARY LOAN.- 2-li J.
-7
Foley, City 'Treasurer, on May 13 awarded a $100.000 temporary loan
to Faxon, Gade di Co. of Boston at 3.23% discount. The loan is dated
May 13 1930. Denom. $25,000. $10,000 and $5,000. Payable on Dec. 10
1930 at the First National Bank of Boston. Validity to be
Storey, Thorndike, Palmer & Dodge of Boston. Bids for the loav were
sopm n by
-follows:
as
Bidder
Discount.
Faxon, Gade & Co. (purchasers)
3.23%
Warren National Bank, Peabody
3.245%
Bank of Commerce & Trust Co
3.26
Shawmut Corp. of Boston
3.27
Salomon Bros. & Hutzler
3.29%
W.0. Gay & Co
3.30%
Moseley & Co
E. S.
3.315%
S. N. Bond & Co. (plus $4)
344%
PEEKSKILL, Westchester County, N. Y.
-BOND OFFERING.
Isaac Yocom Jr., Village Clerk, will receive sealed bids until 12 M. (to be
opened at 7.30 p. m.) on May 26,for the purchase of $38,000 water system
extension bonds, to bear interest at a rate not to exceed 5%. Dated
July 1 1930. Denom. $1,000. Due on July 1 as follows: $2,000 in 1935
and $3,000 from 193610 1947 Inclusive. Principal and semi-annual interest
(Jan. and July 1) payable in gold at the Peekskill National Bank,Peekskill.
A certified check for $500, payable to the order of the Board of Water
Commissioners, must accompany each proposal.
PERRYSBURG, Wood County, Ohio.
-BOND OFFERING.
Wellstead, Village Clerk, will receive sealed bids until 12 m. on-Carl F.
May 23,
for the purchase of $46.800 5% special assessment street improvement
bonds. Dated June 1 1930. Denom. $1,000, one bond for $800. Due
1 as follows: $4,000, 1931 to 1933 inclusive:84.800, 1934, and $5,000
on Oct.
from 1935 to 1940 inclusive. Prindpal and semi-annual interest (April
and Oct. 1) Payable at the Perrysburg Banking Co., Perrysburg.
for the bonds to bear interest at a rate other than 5% will also be Bids
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 2% of
the amount of bonds bid for, payable to the order of the Village Treasurer,
must accompany each proposal.
PHELPS, Ontario County, N. Y.
-BOND OFFERING.
Village Clerk, will receive sealed bids until 8.in. on June-P. V. Keefe,
2,
chase of $63,000 4X % registered water bonds. Dated July 1for the pur1930. Denoms. $2,000 and $1,500. Due on July 1, as follows $1,500. 1935 to 1952,
incl., and $2,000 from 1953 to 1970, incl. Principal and semi-annual
interest (Jan. and July 1) payable at the Phelps National Bank. A certified
check for $1,000, payable to J. Fred Helmer, Village Treasurer, must
accompany each proposal. Before submitting a proposal bidders must
satisfy themselves as to the validity of the bonds.
PHILADELPHIA SCHOOL DISTRICT, Pa.
-OFFER
-The National City Co., of New York City, is$1,000.000
4,4% BONDS.
offering a
block of $1,000,000
% coupon or registered school bonds for public
investment at prices yielding about 4.05%. The bonds are dated
1930 and mature annually on Nov. 1 from 1942 to 1956 inclusive. May 1
are stated to be legal investment for savings banks and trust funds In They
New
York and Pennsylvania and are part of a $2,000,000 issue awarded on
April 30 at 100.718, a basis of about 4.19%.-V. 130. D. 3230.
PITTSBURGH, Allegheny County,Pa.
-BOND SALE.
-The following issues of 411% coupon or registered bonds aggregating $5,451,000
offered on May 14-V. 130. p.3230
-were awarded to a syndicate composed
of Graham, Parsons & Co., Roosevelt & Son. First National Old Colony
Corp. Estabrook & Co., Kountze Bros., E. H. Rollins & Sons, First
Detroit Co., Inc., Stone & Webster and Blodget, Inc.. and George
Gibbons & Co., Inc., all of New York City, at par plus a premium B.
of
970.018.09, equal to 101.2845, a basis of about 4.13%:
$2,850,000 funding bonds. Dated March 1 1930 and due in 30 equal annual
instalments.
2,100,000 series B street bonds of 1930. Dated April 1 1930 and due
in
30 equal annual instalments.
501,000 airport bonds of 1929. Dated Sept. 1 1929 and due in 30
equal
annual instalments.
Interest on all of the above bonds is payable semi-annually.
$1,000, $500 and $100. Prin. and semi-ann. int. payable at the Denom.
office of
3586
FINANCIAL CHRONICLE
the City Treasurer. The successful bidders are reoffering the bonds for
public investment at prices to yield 3.50% for the 1930 and 1931 maturities,
3.75% for the 1932 maturity, 3.90% for the 1933 maturity, 4.00% for the
1934 maturity, and 4.05% for the bonds due from 1935 to 1960 incl. The
amount of bonds due annually is as follows: $16,700, 1930, $181,700 from
1931 to 1959 incl., and $165,000 in 1960. The securities are stated to be
legal investment for savings banks and trust funds in New York, Pennsylvania, Massachusetts and other States. The following is a list of the bids
submitted for the issues:
BidderAmt. Bid.
Graham, Parsons & Co., et at (purchasers)
$5,521.018.09
Union Trust Co. of Pittsburgh, et at
5,518,090.74
Bancamerica-Blair Corp., et at
5.513,742.00
Prescott Lyon & Co., et at
5,507,925.75
Peoples-Pittsburgh Trust Co., et al
5,502,015.9
Financial Statement (as Officially Reported).
Assessed valuation
$1,164,663,760
Total bonded debt (incl. these issues)
63,802.500
Less water debt
$9,477,800
Less sinking fund
13,299,153
3.821,353
Net debt
Population 1920 census, 594,277; present estimate, 686,245$ '
. 50 503'347
, PLEASANT PLAINS TOWNSHIP SCHOOL DISTRICT NO. 2,
Lake County, Mich.
-BOND OFFERING.
-J. I. Foster, Secretary of
the Board of Education, will receive sealed bids until 4:30 p. m. (Eastern
Standard time) on May 19, for the purchase of $22,000 school bonds, to
bear interest at a rate not to exceed 5%. Bonds are to mature serially
in 19 years. All proposals must state that the cost of printing bonds and
of legal expense will be assumed by the successful bidder.
PONTIAC, Oakland County, Mich.
-BOND OFFERING.
-E. A.
Maurer, City Clerk,
receive sealed bids until 11 a. m. on May 20, for
the purchase of$450,000 general obligation city hospital construction bonds,
to bear interest at a rate not to exceed 6%, payable semi-annually on
March and Sept. 1. Bonds are dated Sept. 1 1929. Denom. $1.000.
Due $8,000 on Sept. 1 from 1930 to 1959, incl. Principal and semi-annual
interest payable at the office of the City Treasurer. A certified check for
3% ofthe amount of bonds bid for must accompany each proposal. Printed
bonds to be furnished by successful bidder. The city will furnish legal
opinion of Chapman & Cutler, of Chicago, as to validity of the bonds.
PONTOTOC COUNTY CONSOLIDATED SCHOOL DISTRICT
NO. 4 (P. 0. Ada) Okla.
-BONDS OFFERED.
-Sealed bids were received
until 10 a.m. on May 14, by H. E. Smith, District Clerk, for the purchase
of a $6,000 issue of school bonds, Denom. $500. Due $500 from 1935 to
1946 incl. Int. rate to be specified by the bidder.
PORTAGE SCHOOL TOWNSHIP,St. Joseph County, Ind.
-BOND
SALE.
-The $30,000 5% coupon school improvement bonds offered on
May 12-V. 130; p. 3039
-were awarded to the Fletcher Savings & Trust
Co., of Indianapolis, at par plus a premium of $1,383, equal to 104.61,
a basis of about 4.31%. The bonds are dated May 1 1930 and mature
$2,000 on Jan. 1 from 1931 to 1945 inclusive.
PORTAGE TOWNSHIP SCHOOL DISTRICT (P. 0. Port Clinton)
Ottawa County, Ohio.
-BOND SALE.
-The State Teacher's Retirement System of Columbus, during April purchased an issue of $45,000 5%
school building construction bonds at a price of par. Due serially.
PORT ANGELES, Clallam County, Wash.
-A
-BOND SALE.
$28.056.25 issue of 7% Local Improvement District No. 128 bonds has
been purchased by the First National Bank of Port Angeles.
PORT ARTHUR, Jefferson County, Tex.
-We are
-BOND SALE.
now informed that the seven issues of bonds aggregating $3,005,000 that
were unsuccessfully offered on Feb. 15-V. 130, p. 1320
-have since been
purchased at private sale by Eldredge & Co. of New York as 5s. The
Issues are divided as follows:
$580,000 street improvement bonds.
*78,500 water works bonds.
180.000 drainage bonds.
300,000 bridge bonds.
300,000 bridge bonds.
*36.500 sanitary sewer bonds.
36,500 sanitary sewer bonds.
*30,000 park improvement bonds
(All of the above mature from 1931 to 1970.)
$1,'700,000 sea wall bonds. (This issue matures from Feb. 1 1931 to 1950.)
The sea wall bonds are reported to have been taken over from the
contractor.
* These bonds were registered by the State Comptroller on May 8.
BONDS OFFERED FOR INVESTMENT.
-The purchaser is now re
offering the above bonds for public subscription at prices to yield from
4 to 4.80%. according to maturity. It is reported that they are direct
general obligations of the entire city.
and
PORT JERVIS, Orange County, N. Y.
-BOND OFFERING.-John F
Cleary, City Clerk, will receive sealed bids until 8 p. m. on May 26 for the
purchase of the following issues of 5% bonds aggregating $73,000:
$38,000 fire alarm system bonds. Due on July 1 as follows: $5,000, 1031
to 1937 incl., and $3,000 in 1938.
• 35,000 garbage incinerator plant bonds. Due $5,000 on July 1 from 1933
to 1939 incl.
Both issues are dated July 1 1930. Denom. $1,000. Principal and
semi-annual interest payable at the office of the City Treasurer. A certified
check for $1,003, covering both issues, must accompany each proposal.
PORT OF SEATTLE (P. 0. Seattle) King County, Wash.
-BOND
SALE.-Tbe $500,000 issue of port bonds offered for sale on May 13-was purchased by a syndicate composed of the Continental
V. 130, p.3230
Illinois Co. of Chicago, the First Seattle, Dexter Horton Securities Co. of
Seattle, and the Wells-Dickey Co., of Minneapolis. as 43is, at par. Dated
June 1 1930. Due in from 2 to 30 years. No other bids were received.
PORTSMOUTH CITY SCHOOL DISTRICT, Scioto County, Ohio.
-BOND OFFERING -William 0. Hazelbeck, Clerk of the Board of Education, will receive sealed bids until 2 p. m. (Eastern standard time) on
June 2 for the purchase of the following issues of 5% bonds aggregating
$750,000:
2500.000 land purchase and school building construction and equipment
bonds. Dated Jan. 1 1930. Denom. $1,000. Due $12,000 on
Jan. 1 and $13,000 on July 1 from 1931 to 1950 incl. Prin. and
semi-annual int. (Jan. and July 1) payable at the Central National
Bank of Portsmouth.
250,000 school building construction bonds. Dated Jan. 151930. Denom.
$1,000. Due $6,000 on Jan. 15 and $7,000 on July 15 from 1931
July 15 from 1941 to 1950
to 1940 incl., and $6,000 on Jan.
(Jan. and July 15) payable
incl. Principal and semi-annua'
at the First National Bank of „.tsmouth.
Bids for either of the above Issues to bear interest at a rate other than
5% will also be considered; provided, however, that where a fractional rate
is bid such fraction shall be M of 1% or a multiple thereof. Although
different interest rates may be bid for each issue, split rate bids will not be
considered. A certified check for $7.500, Payable to the order of the
Treasurer of the City School District, must accompany each proposal.
The proceedings of the issuance of these bonds have been taken under the
supervision of Squire, Sanders & Dempsey of Cleveland, whose approving
opinion may be obtained by the purchaser at his own expense. Bids must
be so conditioned or wholly unconditional.
-BOND OFFERING.
POUGHKEEPSIE, Dutchess County, N. Y.
George A. Deel, City Treasurer, will receive sealed bids until 1 p. m.
19 for the purchase of $175,000 45(, 431 or
(daylight saving time) on May
% coupon or registered series of 1930 registered bonds. Dated June 1
1930. Denom. $1,000. Due on June 1 as follows: $5,000, 1935 to 195z
incl.; $15,000 in 1953, and $...0,000 from 1954 to 1960 Incl. Principal and
semi-annual interest (June and Dec. 1) payable in gold at the Fallkill
National Bank & Trust Co., Poughkeepsie. A certified check for 2% of
the amount of bonds bid for, payable to the order of the CityTreasurer,
must accompany each proposal. The approving opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished to the successful bidder.
PROVIDENCE,Providence County, R. L-REOFFER $2,000,000 4%
BONDSi-The four issues of 4% bonds aggregating $2,000,000 awarded
on May 8 to a syndicate composed of M. F. Schlater & Co., Stephens &
Co., Seasongood & Mayer. and H. M.Byllesby & Co.,at 99.139, a basis of
-are being reoffered by the successful
about 4.11%-V. 130. p. 3408
bidders for public investment priced to yield from 3.50% to 4.00% according to maturity. The bonds are said to be legal investment for savings
[VOL. 130.
banks and trust funds in New York, Massachusetts and Connecticut.
Due $100,000 on June 1 from 1931 to 1950 incl.
PULASKI, Giles County, Tenn.
-BOND SALE.
-A $15,000 issue of
5% semi-annual right-of-way bonds has recently been purchased by Caldwell
& Co., of Nashville. Dated April 1 1930. (These bonds were voted on
April 29.)
PURSLEY TOWNSHIP (P. 0. Chickasha) Grady County, Okla.
BONDS OFFERED.
-Sealed bids were received until 2 p.m. on May
by Claud Klutts, Township Clerk, for the purchase of a $12,000 Issue14.
of
not exceeding 5,;.6% semi-annual road bonds. (These bonds were recently
voted).
PUTNAM VALLEY (P. 0. Cold Spring), Putnam County, N. Y.
BOND OFFERING.
-Harry G. Silleck, Town Supervisor, will receive
sealed bids until 12.30 p.m.(Daylight Saving time) on June 5. for the purchase of $27,500 coupon or reg. highway bonds, to bear int. at a rate not
to exceed 6%,stated in a multiple of 1-20th of 1%. Dated July 1 1930.
Denom. $1.000. Due $2,500 on July 1 from 1931 to 1941, incl. Prin.
and semi-ann. int. (J. & J. 1) payable in gold at the Westchester County
National Bank, Peekskill. A certified check for 2% of the amount of
bonds bid for, payable to the order of the Town Supervisor, must accompany
each proposal. The approving opinion of Hawkins, Delafield & Longfellow.
of N.Y. City, will be furnished to the successful bidder.
RACINE COUNTY (P. 0. Racine), Wis.-B0,1VD OFFERING.
-An
issue of $1,000,000 43. % semi-annual court house and Jail bonds will be
offered for sale by Harry Basinger. County Clerk, at 10 a. m. (Eastern
Standard time) on June 5. Denom. $1,000. Dated July 1 1930. Due
$50,000 from July 1 1931 to 1950 incl. According to the offering notice
the County reserves the right to redeem bonds maturing from July 1 1940
to 1950, on two months notice by advertising in a newspaper published
in the City of Racine once each week for three consecutive weeks, by payment in full amount of the prin. and accr. int, to date of redemption together with premium equal to 1% of the principal amount of bonds. Sale
to be open but sealed bids will receive consideration. The legal approval
of Charles B. Wood, of Chicago, will be furnished. All bids must tie accompanied by a $5,000 certified check, payable to the County Treasurer.
RENTON, King County, Wash.
-BOND SALE.
-The $100,000 issue
of water extension, series "A" bonds offered for sale on May 8-V. 130,
-was purchased by the First National Bank of Renton,as 5s,at par.
lo• 3230
RIDGEFIELD PARK, Bergen County, N. J.
-BOND OFFERING.
Edward G. Hoyt, Village Clerk, will receive sealed bids until 8.15 p.m.
(Daylight Saving time) on May 27, for the purchase of the following issues
of 4N,5, or 5 % coupon or reg. bonds aggregating $302,990:
$200,000 improvement bonds. Due on June 1, as follows: $7,000, 1931
and 1932, $8,000. 1933 and 1934, and $10,000 from 1935 to 1951.
incl.
102.000 assessment bonds. Due on June 1, as follows: $10,000, 1931 to
1933. incl. and $12,000 from 1934 to 1939, incl.
• Both issues are dead June 1 1930. Denom.$1,000. Prin,and semi-ann.
int. (J. & D. 1) payable in gold at the Ridgefield Park Trust Co., or at
the Chase National Bank, N. Y. City. No more bonds are to be awarded
than will produce a premium of $1,000 over the amount of each issue. A
certified check for 2% of the amount of bonds bid for, payable to the order
of the Village. must accompany each proposal. The approving opinion
of Hawkins, Delafield & Longfellow, of N. Y. City, must accompany each
proposal.
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND SALE.
-The
following issues of bonds aggregating $42,460 offered on May 5:-V. 130.
p.2629
-were awarded to Otis & Co.of Cleveland,as 5s, at par plus a premium of $136,equal to 100.32, a basis of about 4.92%:
$31,410 special assessment improvement bonds. Due on Oct. 1, as follows:
$2,410, 1931. 53,000, 1932 $4,000, 1933 33,000. 1934 to 1939
inclusive, and $4,000 in 1940.
6.975 special assessment improvement bonds. Due on Oct. 1, as follows:
$1,375, 1931. and $1.400 from 1932 to 1935 incl.
4,075 special assessment improvement bonds. Due on Oct. 1, as follows:
$2,000, 1931, and 52,075 in 1932.
All of the above bonds are dated March 1 1930. Bids for the issues were
as follows:
Int. Rate. Premium.
BidderOtis & Co.,Cleveland (purchasers)
5
$136.00
Banc Ohio Securities Co., Columbus
5
92.40
W.L. Slayton & Co., Toledo
209.00
5
Mitchell, Herrick & Co.,Cleveland
13.30
5
0
Seasongood & Mayer Cincinnati
55.00
-BOND OFFERING.ROSEBUD COUNTY (P. 0. Forsyth), Mont.
Sealed bids will be received by A. R. Sickler, Chairman of the Board of
County Commissioners, until June 16, between 10 a. m. and 5 p. m., for
the purchase of an issue of $160,000 refunding bonds. Denom. $1,000 or
$500. Due $8,000 in from 1 to 20 years. Purchaser is required to furnish
bonds, at no expense to the County. A certified check for 2%, payable to
the County Treasurer, is required.
-BOND SALE.
-The following
ROSELAND, Essex County, N. J.
issues of coupon or registered bonds aggregating $66,000 offered on May 9V. 130, p. 3039
-were awarded as 5s to M. M.Freeman & Co. of Philadelphia, as stated herewith:
$34,000 improvement bonds sold at par plus a premium of $391.72, equal
to 101.15, a basis of about 5.12%. The bonds mature on May 15,
as follows: $2,000, 1932 to 1938 incl., and $1,000 from 1939 to
1958 inclusive.
32,000 assessment bonds sold at par plus a premium of $174.56, equal to
100.54, a basis of about 5.13%. Due on May 15, as follows:
53.000, 1931 to 1934 incl., and $4,000 from 1935 to 1939 incl.
Both issues are dated May 15 1930.
Rufus Waplea & Co., of Philadelphia, the only other bidders, bid a
premium of $108.80 for the $32,000 issue and a premium of $299.20 for
the $34,000 issue.
RYE UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Rye) West-BOND OFFERING.
-Edgar L. Howe, Clerk or
chester County, N. Y.
the Board of Education, will receive sealed bids until 8 p. m. (daylight
saving time) on May 22, for the purchase of $497,000 coupon or registered
school bonds, to bear interest at a rate not to exceed 6%, stated in a multiple
,
of 31' or 1-10th of 1%. Dated June 1 1930. Denom. 51.000. Due on June
1 as follows' $12,000, 1931: 515,000, 1392 to 1950, incl., and $20,000 from
1951 to 1960, incl. Principal and semi-annual interest (June and Dec. 1)
Payable at the First National Bank & Trust Co., Mamaroneck, or at the.
Chase National Bank. New York City, at the option of the holder. A.
certified check for $10,000. payable to R. P. Brewer, Treasurer, must
accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater, of New York City, will be furnished to the purchaser without
cost.
Financial Statement.
Valuations
Assessed valuation
$18,817,454
Actual valuation, estimated
24.000,000
Tax rate 1929. $7.39 per $1,000.
Debt
Bonded debt outstanding
5232,000,
This issue
497.000
Total bonded debt
$729,000
Population, 1920 estimated. 2,500; 1925 estimated, 3,500; 1930 School'
Census, 4,912.
SAGINAW COUNTY (P. 0. Saginaw) Mich.
-BOND OFFERING.
The Clerk of the Board of County Road Commissioners will receive sealed
bids until 12:30 p.m.(Central Standard time) on May 23, for the purchase •
of $230,000 Road Assessment District No. 136 bonds, to bear interest
at a rate not to exceed 6%. Dated June 1 1930. Denom. to suit Purchaser•
Legal opinion and printing of the bonds to be paid for by purchaser.
ST. CHARLES SCHOOL DISTRICT (P. 0. St. Charles) St. Charles
County, Mo.-LIST OF BIDDERS.
-The following is an official list of
the bids received for the $70,000 issue of 4U% coupon school bonds that
was awarded on May 5-V. 130. p. 3409
-to the Lafayette South Side
Bank & Trust Co. of St. Louis, at 103.26, a basis of about 4.40%:
Price Bid.
Names of Other BiddersMississippi Valley Trust Co., St. Louis
$103.25
102.82•
Prescott-Wright-Snider-Kansas City
102.81
Boatmen's National Bank,St. Louis
102.72
Mercantile-Commerce Bank & Trust Co., St. Louis
102.63
Stix & Co., St. Louis,
102.43;
Stifel-Nicolaus & Co.,St. Louis
MAY 17 1930.]
FINANCIAL CHRONICLE
3587
ST. JOSEPH, Berrien County, Mich.
-BOND OFFERING.
-J. R.
Financial Statement (As Officially Reported).
Stone. City Clerk, will receive sealed bids until 8 p.m. on May 19, for the Real value of taxable property, estimated
S35.000,000
purchase of $26,700 special assessment paving and sewer bonds. Rate of Assessed valuation, 1929
28.728,677
Interest to be suggested in bid. Interest is payable semi-annually on April Total bonded debt, including this issue
319.500
and Oct. 15. Bonds mature on Oct. 15, as follows: $2,800, 1931 to 1937 Sinking fund
75,000
incl.; $3,300. 1938. and $3,800 in 1939. Principal and semi-annual interest Net debt
244,500
payable at the office of the City Treasurer. A certified check for 5% of the Population, 1920 census, 18,182; population,
estimated. 20,000.
amount of bonds bid for must accompany each proposal.
SHIAWASSEE COUNTY (P. 0. Corunna) Mich.
-BOND SALE.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFER- The First Detroit Co.
--George A. Swintz, County Treasurer, will receive sealed bids until road assessment districtof Detroit, on May 9 purchased two Issues of 6%
ING.
bonds
10 a.m. on May 19, for the purchase of the following issues of 5% bonds, of $627, equal to 101.37. Theaggregating 845,582.17 at par plus a premium
bonds mature serially.
aggregating 3150,000'
SIOUX COUNTY (P. 0. Fort Yates) N. Dak.-CERTIFICATES NOT
$94,000 Jacob Crouse et al., Edison road construction bonds. Denom.
SOLD.
-The $15,000 issue of certificates of indebtedness offered on May6$1,175. Due $4.700 on May 15 from 1931 to 1950, incl.
56.000 Bert Matthews et al., Ice road construction bonds. Denem. V. 130, p. 3040
-was not sold as there were no bids received. reports J. R.
Harmon, County Auditor.
$1,400. Due $2,800 on May 15 from 1931 to 1950, incl.
Both issues are dated May 1 1930. Interest is payable on May and
SOMERVILLE, Middlesex County, Mass.
-TEMPORARY LOAN.
Nov. 15.
The Shawmut Corp. of Boston,on May 12, purchased a $200,000 temporary
ST. LAWRENCE COUNTY (P. 0. Canton) N. Y.-130ND SALE.
- loan at 3.21% discount. The loan is dated May 13 1930 and payable
The $260,000 43.1% coupon or registered highway bonds offered on May 13 $100 000 on Oct. 30 and on Dec. 9, both in .930. Bids for the loan were
_Ir. 130. 13. 3409
-were awarded to Kissel, Kinnicutt at Co. of New York as follows:
City, at 100.947, a basis of about 4.17%. The bonds are dated May 1
BidderDiscount.
1930 and mature on May 1, as follows: 510,000, 1943; $30,000, 1944; Shawmut Corporation (purchaser)
3.21
$50,000, 1945 and 1946; $70,000, 1947, and $50,000 in 1948. The bonds Bank of Commerce & Trust Co
324%
are stated to be legal investment for savings banks and trust funds in New First National Old Colony Corp
3.21
York State and are being re-offered by the successful bidders for public Salomon Bros. & Hutzler, plus $5
3.26
investment at prices to yield 4.10%. An official list of the bids submitted Faxon,
3.265%
for the issue follows:
Merchants National Bank
3.28:
BidderSOUTH EUCLID, Cuyahoga County, Ohio.
Rate Bid.
-BOND SALE.
Kissel, Kinnicutt & Co.(purchasers)
The $114,162 special assessment improvement bonds offered on April 14100.947
Bankers Company of New York
-were awarded as 6s to W. L. Slayton & Co., of Toledo.
100.8697 V. 130. p. 2630
Roosevelt & Son
at par plus a premium of $155, equal to 100.13, a basis of about 5.98%.
100.798
Batchelder & Co
The bonds are dated Nov. 1 1929 and mature on Oct. 1, as follows: $11.162.
100.75
Marine Trust Co.. Buffalo
1931: $12,000. 1932; $11,000, 1933; 312.000, 1934; 511.000, 1935;
100.669
Dewey,Bacon & Co
1936; $11,000, 1937; $12.000, 1938, and $11,000 in 1939 and 1940. $12,000.
100.61
Geo. B. Gibbons & Co
100.4979
SOUTH ORANGE, Essex County, N. J..
-BOND SALE.
-The five
M.T. Trust Co.. Buffalo
100.4813 Issues of coupon or registered bonds offered on May 12-V. 130, p.
syndicate composed of the Bancamerica-Blair
SAINT PETERSBURG, Pinellas County, Fla.
-BONDS NOT SOLD. 3231-were awarded to a Co.,
and A. B. Leach & Co., all of New York
-The two issues of bonds aggregating 51,350,000, offered en May 12- Corp., B. J. Van Ingen &
V. 130, p. 3039
-were not sold as no bids were received. The issues are City, as follows:
$265,000 general impt. bonds sold as 435s,at a price of par. Due on June
divided as follows:
1.
as follows: $10,000, 1931 to 1940 incl., and $15,000 from 1941 to
$350.000 6% refunding bonds. Dated May 1 1930. Due from May 1
1951 incl.
1933 to 1955.
194,000 water bonds ($202,000 offered) sold as 4355, at 104.12, a basis of
1,000.000 535% municipal improvement bonds. Dated July 1 1929.
about 4.18%. Due on June 1, as follows: $5,000, 1931 to
Due on July 11959.
1963
Inclusive. $6,000 from 1964 to 1967 incl., and 35.000
in
SALEM, Columbiana County, Ohio.
118.000 sewer bonds ($122,000 offered) sold as 435s, at 103.38. a1968.'of
-BOND OFFERING.-Helen R.
basis
about 4.24%. Due on June 1, as follows: $3,000, 1931 to 1964
Woerther, City Auditor, will receive sealed bids until 12 M. on May 23,
incl., and $4,000 from 1965 to 1968 incl.
for the purchase of $10.056 5% bonds issued to pay judgments obtained
113.000 park and playground bonds sold as 434s. at 100.54, a basis of
against the city. Dated June 1 1930. Denom. 31,000, except one bond for
about 4.21%. Due on June 1,as follows:$2,000, 1931 to 1934 incl.
$1,056. Due on Oct. 1, as follows: 32.056, 1931, and $2,000 from 1932 to
and $3,000from 1935 to 1969 incl.
1935 incl. Interest payable semi-annually on April and Oct. 1. Bids for the
60,000 library bonds sold as 430,at a price of par. Due $2,000 on June 1
bonds to bear interest at a rate other than 5% will also be considered,
from 1931 to 1960 inclusive.
provided, however, that where a fractional rate is bid such fraction shall
All of the above bonds are dated June 1 1930 and aggregate $750,000, of
be ;I of 1% or a multiple thereof. A certified check for 5% of the amount of
bonds bid for, payable to the order of the City Treasurer, must accompany which $637,000 bonds are 434s and $113,000 bonds are 434s. The successeach proposal. The transcript for this issue has been approved by Messrs. ful bidders are reoffering all of the bonds for public investment priced to
Squire, Sanders & Dempsey. Cleveland. and their unqualified approving yield from 4.00% to 4.20% according to maturity.
opinion will be furnished to the successful bidder, if desired, without charge.
SPENCER COUNTY (P. 0. Rockport), Ind.
-BOND SALE.- to
Otherwise all bids must be unconditional.
$10,700 435%y road construction bonds offered May 5-V. 130, p. 3040
were awarded to the City Securities Corp. of Indianapolis. at par plus a
SALEM, Marion County, Ore.
-BOND OFFERING.
-Sealed bids will premium of
$110, equal to 101.0-, a basis of about 4.30%. The bonds
be received by Mark Poulson, City Recorder, until 7:30 p.m. on May
19,
for the purchase of a $50.000 issue of 435% semi-annual bridge bonds. mature as follows: 5535, July 15 1931; 3535, Jan and July 15 from 1932
Denom. $1,000. Dated May 15 1930. Due on May 15, as follows: $2,000. to 1940. incl. and $535 on Jan. 15 1941.
bonds will and $3.00. 1941 to 1950, all incl. The approving opinion of
SPRINGFIELD, Hampden County, Mass.
-The
Teal, Winfree, McCulloch & Shuler, of Portland, will be furnished. The City Treasurer will receive sealed bids until -NOTE OFFERING.
12
bonds will no sold for not less than par and accrued interest. A certified chase at discount ofan issue of 5500.000 notes. m. on May 20, for the purDated May 21 1930. Paycheck for 2% par of the bonds, paysole to the city, must accompany the bid. able on Nov. 131930.
SALEM, Essex County, Mass.
STAMFORD, Fairfield County Conn.-LOAN OFFERING.
-TEMPORARY LOAN.
-The 3500,000
-Leroy
temporary lean, comprising a $300,000 issue, due Nov. 7 1930, and a I. Holly, City Treasurer, will receive sealed bids until
$200,000 issue. due Nov. 24 1930, offered I on May 13-V. 130, p. saving time) on May 19, for the purchase at discount of 12 m. (daylight
a $100,000 tem3408
-was awarded to the Salem Trust Co., at 3.12% discount. The loan porary loan. Dated May 19 1930. Denoms $25,000, $10,000 and
$5,000.
Is dated May 14 1930. Bids for the loan were as follows:
Due on Oct. 6 1930. The notes will be engraved under the supervision of
BidderDiscount. the Old Colony Trust Co., Boston, which will guarantee the signatures and
Salem Trust Co.(purchaser)
will certify that they are issued by virtue and in pursuance of an order of
3.12
Merchants National Bank, Salem, plus $2.55
the common council, to validity of which order has been approved by
3.18
Shawmut Corp.. plus $7
Storey, Thorndike, Palmer & Dodge, of Boston.
3.19 0
Salomon Bros. & Hutzler, plus $7
3 19%
STEVENS POINT, Portage County, Wis.-BOND SALE.
Warren National Bank, Peabody
-The
3.235% $50,000 issue of 5% coupon or registered storm sewer bonds
Bank of Commerce & Trust Co
offered for
3.26
sale on May 9-V. 130, p. 3040
-was purchased by the Central Illinois
Day Trust Co., plus $1
3.27
Co., of Chicago, for a premium of $2,750, equal to 105.50, a basis of about
F.S. Moseley & Co
3.285
4.38%. Dated June 1 1930. Due from June 1 1934 to 1958, incl. The folS. M.Bond & Co.. plus $14
3.40
lowing is an official list of olds:
BidderSALT LAKE CITY, Salt Lake County, Utah.
-BOND SALE.
Rate ec Premium
-A Seipp, Princell & Co., Chicago
$315.000 issue of sinking fund bonds is reported to have recently been pur$1,640.00
First Wisconsin Co..
'Milwaukee
chased by the Central Trust Co., and Snow-Goodart & Co., both of Salt
2,650.00
R. E. Herezel & Co., Chicago
Lake City, at a discount of 53,790, equal to 98.796.
5
2,280.00
Lavrrence Stern & Co., Chicago
435
719.00
5
2.461.00
SAN ANGELO, Tom Green County, Tex.
H. M. Byllesby Co., Chicago
-BOND SALE.
435
557.50
-The
3150,000 issue of 5% semi-annual school bonds offered for sale on May 13- Ames, Emerich & Co., Chicago
435
423.00
2,553.00
5%
V. 130, P. 3409
-was purchased by the Well, Roth & Irving Co. of Cin- Halsey, Stuart & Co., Chicago
434 o
175.00
cinnati, at a price of 100.14, a basis of about 4.99%. Dated April 1 1930. H. C. Speer & Sons Co., Chicago
5
2,230.00
Due from 1931 to 1970 inclusive.
Kent, Grace & Co., Chicago
435
131:65
5
2,121.00
435
181.75
SAND SPRINGS SCHOOL DISTRICT (P. 0. San Springs), Tulsa J. W. Dunegan Stevens Point
5
1,975.00
Central Illinois Co.,
434%
765.00
County, Okla.
*2,750.00
-BOND SALE.
-The $41,000 Lague of school bonds offered First Union Trust Chicago
& Savings Bank.
for sale on May 12-V. 130, p. 3409
-was purchased by the San Springs
Chicago
435%
326.00
Home, Inc., of San Springs, as 5s, at par. Dated Oct. 1 1929. Due
5%
218300
The Milwaukee Co.. Milwaukee
435%
250.00
from Oct. 1 1934 to 1954 inclusive.
5%
1:850:00
* Successful bid.
SARATOGA, Carbon County, Wyo.-BOND SALE.
-We are
.
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
-BOND SALE.
informed that a $3,479 issue of general obligation bonds has been purchased
-The
$3,420 435% Charles E. Hale et al., Haddon Township highway impt.
by a local bank.
bonds offered on May 6-V. 130, p. 3040
-were awarded to the Peoples
SEASIDE HEIGHTS, Ocean County, N. J.
--BOND OFFERING
- National Bank & Trust Co., of Sullivan, at par plus a premium of $6.75.
Mary A. Tindall, Borough Clerk, will receive sealed bids until 8 p.m. on equal to 100.19, a basis of about 4.46%. The bonds are dated May 1 1930
May 26, for the purchase of $3360,000 6% coupon or reg. assessment bonds. and mature as follows: $171, July 15 1931, 5171, Jan. and July 15 from
Dated July 1 1930. Denom. $1,000. Due $36.000 on July 1 from 1931 1932 to 1940 incl., and $171, Jan. 15 1941. A bid of par plus a premium
to 1940, incl. Prin. and semi-ann. int. (J. & J. 1) payable at the First of $6.60 was made by the Fletcher Savings & Trust Co., of Indianapolis.
National Bank, Toms River. No more bonds are to 1B3 awarded than
SUNSET SCHOOL DISTRICT (P. 0. Hanford) Kings County,
produce a premium of $1,000 over 5360,000. A certified check for will Calif.
-BOND SALE.
-The $20,000 issue of 6%
2%
of the amount of bonds old for, payable to the order of the Borough Treas- offered for sale on May 6-V. 130, p. 3040 semi-annual school bonds
-was
urer, must accompany each proposal. The approving opinion of Caldwell Moulton & Co., of San Francisco, for a premium of purchased by R. H.
$287, equal to 101.43,
& Raymond,of Now York City, will be furnished to the successful bidder.
a basis of about 5.37%. Due $5,000 from April 7 1931 to 1934 inclusive.
SHELBY COUNTY (P. 0. Shelbyville) Ind.
SWAMPSCOTT_, Essex County, Mass.
-BOND SALE.
-NOTES OFFERED.
The following issues of 431% bonds aggregating $33,000 offered on May 7- W. Libby, Town Treasurer, received sealed bids until 7 p.m. on -James
-were awarded as stated herewith:
V. 130, p. 3040
for the purchase of an Issue of $100,000 revenue anticipation notes. May 16.
Denom.
$13,400 Frank E. Ileppner et al., highway improvement bonds sold to $25,000. Payable on Nov. 10 1930 at the First National Bank of Boston.
Campbell & ?o. of Indianapolis at par pins a ,premium of $301, Certified as to genuineness and validity by the Commonwealth of
Massachusetts.
euuai
basis
Jan.In
alid4i
1£1
1
.1
SWARTHNORE SCHOOL DISTRICT, Delaware County, Pa.
.11,
1941.
ADDITIONAL, INFORMATION.
-In connection with the report of the
12,000 Benjamin Surpas et al., highway improvement bonds sold to sale of $137,500 434% school bonds at 100.10, a basis of
about 4.24%, to
Breed, Elliott St*Harrison, of Indianapolis, at par plus a premium the Delaware County National Bank, of ChesterV. 130, p. 3410
of $270, equal to 102.25, a basis of about 4.31%. Due $600. July 15 learn that if M. M.F`reeman & Co., of Philadelphia, were associated-we
with
1931; $600, Jan. and July 15, from 1932 to 1940 incl., and $600. the banking institution in the purchase of the issue. The bonds
are dated
Jan. 15 1941.
May 1 1930 and mature serially In 30 years. Prin.
7,600 Henry Mohr et al., highway improvement bonds sold to the (May and Nov. 1) payable at the office of the Districtand semi-annual int.
Treasurer. Legality
Fletcher Savings & Trust CO., of Indianapolis, at par
be approved by Duane, Morris & Ileckscher, of Philadelphia.
premium of $156, equal to a basis of about 4.35%. Dueplus a to
$380,
SWITZERLAND COUNTY (P. 0. Vevey), Ind.
-BOND OFFERING.
July 15 1931; $380. Jan. and July 15 from 1932 to 1940 incl., and
-0. E. Panborn, County Treasurer, will receive sealed bids until 9 a. m.
$380. Jan. 15 1941.
on June 2,for the purchase of the following issues of 435% bonds aggregating
All of the above bonds are dated April 15 1930.
$19,450:
SHERIDAN COUNTY (P. 0. Sheridan), Wyo.-BOND SALE.
-A $11,250 George Grimes et al., Craig Township gravel road construction
Issue of 531'% refunding bonds has recently been mirchased by
$200.000
bonds. Denominations $562.50. Due $562.50, July 15 1931.
Geo. W. Vallery & Co., of Denver. Denom. $1,000. Dated June 1 1930.
$562.50, July 15 from 1932 to 1940 incl., and 3562.50, July 15 1941.
Due on June 1 as follows: $12,000, 1935 to 1942, and $13,000, 1943 to
8.200 L. H. Morrison et al., Cotton Township gravel road construction
inclusive. Principal and interest (J. St D. 11 payable at the
1950. all
bonds. Denom.$410. Due $410,July 15 1931.8410,Jan. and
July
County Treasurer's office, or at the Chemical Bank & Trust Co. in New
15 from 1932 to 1940 incl., and $410. Jan. 15 1941.
York City. Legal opinion of Pershing, Nye, Tallmadge & Bosworth,
Both issues are dated May 18 1930. Interest is payable on Jan. and July
of Denver.
15.
$21V:28
%,r1 324i3117
o 6:10
0701 1 3
211g
3588
FINANCIAL CHRONICLE
TEMESCAL JOINT SCHOOL DISTRICT (P. 0. Ventura) Ventura
-BOND SALE.
County, Calif.
-The $6,500 issue of 5% semi-annual
school bonds offered for sale on May 6-V. 130, p. 2837
-was purchased at
par by the County Treasurer. Due $500 from May 1 1931 to 1943, incl.
Woother bids were received.
[Vol.. 130.
$23,600 M. S. Sonntag et al., Pigeon Township highway improvement
bonds. One bond is due semi-annually from July 15 1931 to
Jan. 151941.
22,000 Asa Hlllyara et al., Scott Township road improvement bonds.
Two bonds are due semi-annually from July 15 193i to Jan. 151941.
12,960 Henry Barket et al.,Pigeon Township highway improvement bonds.
One bond is due semi-annually from July _5 1931 to Jan. 15 1941.
Principal and semi-annual interest on all of the above issues (Jan. and
July 15) are payable at the office of the County Treasurer.
TIVOLI, Dutchess County, N. Y.
-NO BIDS.
-Walter H. Woolsey,
Village Clerk, reports that no bids were received on May 12 for the purchase of the $16,000 not to exceed 5% interest coupon or registered highway
bonds offered for sale (V. 130, p. 3232). The bonds are dated May 1
1930 and mature $1,000 on May 1 from 1931 to 1946, inclusive.
VENTNOR CITY, Atlantic County, N. J.
-BOND SAL,E.-A syndiBONDS REOFFERED.
-The Village Clerk has extended the time limit cate composed of Rufus Wapies & Co., of Philadelphia, C. W. McNear &
for the reception of sealed bids for the purchase of the issue to 8 13• m. CO., of N. Y. City, and C. C. Collings & Co., of Philadelphia, bidding for
(Eastern standard time) May 19
$515,000 bonds of the $516,000 coupon or reg. school issue offered on May
12-V.130. p.3040
-was awarded the securities as 55,at par plus a premium
TARRYTOWN, Westchester County, N. Y.
- of$1,878.40,equal to 100.36,a basis ofabout 4.97%. The bonds are dated
-BOND OFFERING.
I. Wyckoff Cole, Village Clerk, will receive sealed bids until 8 p. m.on May May I 1930 and mature on May 1, as follows: $14,000, 1934 to 1941, incl.
26 for the purchase of $54,000 coupon or registered grade elimination bonds. $19,000, 1942 to 1959, incl., and $19,000 in 1960. The successfiul bidders
to bear int. at a rate to be named in bid, stated in a multiple of 1-10 or 31 are re-offering the bonds for public investment to yield 4.75%. Bids for
of 1%. Dated June 1 1930. Denom.$1,000. Due $3,000 on June 1 from the issue were as follows:
1931 to 1948 incl. Int. Is payable semi-annually. A certified check for
No. Bonds
$1.000, payable to the order of the Village, must accompany each proposal.
BidderInt. Rate. Bid For, AmountBid.
The approving opinion of Caldwell & Raymond of N. Y. City, will be fur- Rufus Waples & Co., C. W. McNear &
nished to the purchaser.
Co.,and C. C.Collings & Co.
(Awarded
bonds)
$516,878.40
515
57
-The Hoffman Sc Co.
TAUNTON, Bristol County, Mass.
-TEMPORARY LOAN.
516
516.111.00
5%
$200,000 temporary loan offered on May 13-V.130,P.3410
-was awarded Bankers Trust Co.,of Atlantic City
516
534%
516,999.99
to the First National Old Colony Corp., of Boston, at 3.115% discount. Rapp & Lockwood
510
516,579.00
534%
The loan is dated May 14 1930 and is payable on Nov. 13 1930. Bids re- E.J. Coulon & Co
515
516,393.00
5%
ceived were as follows:
VERNON COUNTY (P. 0. Viroqua), Wis.-BOND OFFERING.
Discount.
Bidder3.115% Sealed bids will be received by Berlis Moore, County Clerk, until 10 a.m.
First National Old Colony Corp. (purchaser)
on June 5, for the purchase of an issue of $100,000 434% coupon highway
3 7
.16
Day Trust Co., Plus $1
improvement bonds. Denom. $1,000. Due on May 1 1934. Prin. and
3.17
Faxon, Gade & Co
int. (M. & N.) payable at the office of the County Treasurer.
3.18
Salomon Bros. & Hutzler, plus $5
F.S. Moseley & Co., plus 35
3.19
VERNON PARISH (P. 0. Leesville), La.
-BOND OFFERING.
-I$
3.20
Webster & Atlas National Bank
Is reported that sealed bids will be received until June 2 by V. D. Craft,
3.22
Shawmut Corporation
Clerk of the Police Jury, for the purchase of a $50,000 issue of 6% semi3.25
Bank of Commerce & Trust Co
annual road bonds.
3.30
W.O.Gay & Co
3.50%
S.N.Bond & Co., plus$12
WABASH COUNTY (P. 0. Wabash), Ind.
-BOND OFFERING.-On May Parvin Bond, County Treasurer, will receive sealed bids until 2 p. in. on
-BONDS PURCHASED.
TEXAS, State of (P. 0. Austin).
per- May 20, for the purchase of the following issues of 434% bonds, aggregat12 the State Board of Education purchased $412,000 bonds for the
manent school fund. The bonds will be paid for in installments. The ing 115,000:
Dallas "News" of May 13 gave the list of purchases as follows: Olton In- $10,000 American Ax et al. Liberty Township road construction bonds.
Denom. $500. Due $500, July 15 1931; 3500, Jan. and July 15
Independent School Dhitrict, Lamb County, 110.000: Cherokee County
from 1932 to 1940, inclusive, and 3500. Jan. 15 1941.
Common School District No. 69. $10,000; Floyd County District No. 12.
5,000 Dan Frantz et al. Chester Township road construction bonds.
Rural High School District No. 12,$15,000: San Patrick)
$10,000; Childress
Denom. $625. Due 3625, July 15 1931_,' 1625, Jan. and July 15
Common School District No. 9, $15,000; Harris County No. 13. $20,000:
from 1932 to 1938, inclusive, and $625, Jan. 15 1939.
Angelina County No. 3, $27,000; Fairfield Consolidated District, $29,000;
Both issues are dated May 15 19:30. Interest is payable on Jan. and
Quanah Independent District. $120,000; Shallowater District, Lubbock
County, $55,000; Lorena District, McLennan County, $35,000; Saltillo July 15.
District, Hopkins County, $25,000, and Morse District, Hansford County,
WALNUT GROVE CONSOLIDATED SCHOOL DISTRICT (P. 0.
140.000. All bear 5%.
-BOND SALE.
-The $60,000 issue of
Carthage), Leake County, Miss.
THREE RIVERS (CITY OF) AND LOCKPORT TOWNSHIP 6% coupon school building bonds offered for sale on May 5-V. 130.
-was purchased by the Capital National Bank, of Jackson. for a
1(P.O. Three Rivers), Mich.
-BOND SALE. p. 3232
SCHOOL DISTRICT NO.
-were premium of $430. equal to 100.716, a basis of about 5.93%. Denom.
-The $65,000 school bonds offered on May 14-V. 130. p. 3410
awarded as 430 to H. M.Byllesby & Co. of Chicago,at par plus a premium 31.000. Dated June 1 1930. Due on June 1 1950. Interest payable
as
of $338. equal to 100.52, a basis of about 4.43%. The bonds are dated on June and Dec. 1.
(We are informed by B. J. Barnett, Chancery Clerk, that this sale is
MN), 1931 to 1935, incl.,
Marl. 1930 and mature on Jan. 1 as follows:
$5.000. 1936 to 1941, incl., $4,000, 194210 1946,incl., and $5.000 in 1947. subject to revalidation.)
WARWICK (P.O. Apponaug), Kent County, R. I.
-BOND SALE.
TOPEKA SCHOOL DISTRICT (P. 0. Topeka) Shawnee County,
% coupon water bonds offered on May 9-V. 130, p.
-The $475,000 issue of 43 % semi-annual school The $300,000
-BOND SALE.
Kan.
3232
-were awarded to Harris, Forbes at Co., of Boston, at 99.50, a basis
-was purchased by
bonds offered for sale on May 13-V. 130, p. 2079
C. F. Childs & Co., of New York, for a premium of $10,397.75, equal to of about 4.54%. The bonds are dated May 1 1930 and mature on May I,
1955 inclusive, and 37.000 from 1956 to 1980,
102.18. a basis of about 4.25%. Dated Feb. 1 1930. Due $25,000 from as follows: 15,000, 1931 to Co. of New
Inclusive. The Guaranty
York, the only other bidder, ofFeb. 1 1932 to 1950. inclusive.
fered 99.471 for the bonds.
TROY CITY SCHOOL DISTRICT, Miami County, Ohlo.-BOND
-BOND OFFERING.
WASHINGTON COUNTY (P.O.Salem),Ind.
SALE.
-The $310,000 434% coupon school building construction bonds
offered on May 12 (V. 130, p. 3232) were awarded to Seasongood & Mayer C. 11, Smedley, County Treasurer, will receive sealed bids until 2 p.
Par plus a premium of $1,151, equal to 100.37, a basis of on May 24, for the purchase of the following issues of 5% bonds, aggreof Cincinnati at
about 4.46%. The bonds are dated March 1 1930 and mature as follows: gating $35,000:
16,000 March and Sept. 1 in 1931 and 1932. and $6,500 on March and 122,000 John F. Bishop et. al. highway improvement bonds. Denom.
11,100. Due $1,100, July 15 1930 31,100, Jan. and July 15
Sept. 1 from 1933 to 1954, inclusive.
from 1931 to 1939 inclusive, and $1,100. Jan. 15 1940.
Bils for the issue were as follows:
13,000 William J. Oliver et al. highway improvement bonds. Denom.
Tht, Rate, Prem.
Bidder$650. Due 3650, July 15 1930 $650, Jan. and July 15 from 1932
Seasongood & Mayer and Assel, Goetz & Moerlein, Inc.,
to 1939 inclusive, and $650. Jan. 15 1940.
31,151
4%
both of Cincinnati, in
(purchasers)
Interest on both issues is payable semi-annually on Jan. and July 15.
591
Mitchell, Herrick & Co., Cleveland
4
310
Davies
-Bertram Co., Cincinnati
-BOND OFFERING.
WATERTOWN, Middlesex County, Mass.
62 Harry W.Brigham, Town Treasurer, will receive sealed bids until 3.30 P.m.
Merrill, Hawley & Co., Cleveland
4
5,394 (Daylight Saving time) on May 20, for the purchase of170.0004% coupon
Provident Savings Bank & Trust Co., Cincinnati
4
5,332 James Russell Lowell School addition bonds. Dated May 1 1930. Denom.
Otis & Co., Cleveland
434%
5,119 $1,000. Due on May 1, as follows: $5,000, 1931 to 1940, incl., and $4,000
Braun, Bosworth & Co.. Toledo
5,084 from 1941 to 1945, hid. Prin. and semi-annual hit. (M. ,St N. 1) payable
BancOhlo Securities Corp., Columbus
4
5,082 at the First National Bank of Boston. The bonds will be engraved under
4
Ryan, Sutherland & Co., Toledo
2,048 the supervision of and certified as to their genuineness by the Old Colony
Foreman State Corp., Chicago
4
favorable opinion of Storey, Thorndike, Palmer &
Trust Co., Boston.
-BOND OFFERING.-WilUam S. Dodge, of Boston, asThe
UTICA, Oneida County, N. Y.
to the validity of the bonds will be furnished without
Pugh, City Comptroller, will receive sealed bids until 12 m. (daylight charge to the successful bidder.
saving time) on May 20, for the purchase of the following issues of coupon
Financial Statement May 1 1930.
bonds aggregating $632,000, to bear interest at a rate not to exceed 434 %, Valuation for year 1929 less abatements
$54,939,415.00
stated in a multiple of 1-20th of 1%:
Total debt (present loan included)
2,128,500.00
bonds issued for the purpose of providing funds for paving, re- Water debt (included in total debt)
$250,000
143,000.00
paving, resurfacing streets and nubile places in the City and for
Population (estimated), 25,000.
Dated e
30
u
Me
ll2agaT
19 rilinft1;r1 proKlft7 193 e
5
3
-BOND OFFERING.
WELLS COUNTY (P. 0. Bluffton), Ind.
Denominations 31,000 and 4500.
Claude L. Mounsey, County Treasurer, will receive sealed bids until 10
110,000 bonds issued for the purpose of providing funds for improvements a. m. on May 27, for the purchase of $5,500 5% S. B. Slane et al., Union
City. Due Township highway improvement bonds. Dated March 3 1930. Denom
to creeks and culverts and natural waterways in the
35.500, May 1 from 1931 to 1950 inclusive. Dated May 1 1930. $275. Due $275 on May and Nov. 15 from 1931 to 1940 inclusive. Int.
Denominations $1,000 and $500.
is payable semi-annually on May and Nov. 15.
100,000 bonds issued for the purpose of providing funds for the preparation of plans and the construction of trunk line and intercepting
WEST WHITTIER SCHOOL DISTRICT (P. 0. Los Angeles) Los
connections. Due 35,000, May 1 from Angeles County, Calif.
sewers and outlets and
-BOND SALE.
-The $40,000 issue of 5% semi1931 to 1950 inclusive. Denom. $1,000. Dated May 1 1930. annual school bonds offered for sale on May 5-V. 130, p. 3041
-was
100.000 bonds issued for the purpose of providing funds for the construc- purchased by the Win. R. Stasis Co. of Los Angeles, for a premium of
tion of storm water sewers. Due $5,000, May 1 from 1931 to 31,389, equal to 103.47, a basis of about 4.56%. Dated May 1 1930.
Due 32000 from May 1 1931 to 1950, incl. Newspaper reports gave the
1950 inclusive. Dated May 1 1930. Denomination $1,000.
45,000 bonds issued for the purpose of providing funds for land acquisi- other bids as follows: Securities Division National Bankitaly Co.$1,313;
tion and bridge construction purposes. Due $2,250, May 1 from Wooden & Co., $1,212; R. H. Moulton & Co., $616 and Dean', Witter
1931 to 1950 inclusive. Denominations $1,000 and $250. Dated & Co.,$609.
May 1 1930.
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-BOND SALE.
15,000 bonds issued for playground construction and equipment purposes. Due $1,000, May 1 from 1931 to 1945, inclusive. Dated The three issues of 434% coupon bonds aggregating $16,240 offered on May
3-V. 130, p. 3041
-were awarded as follows:
May 1 1930. Denominations $1,000.
12,000 bonds issued for the purpose of providing funds for the payment $9,600 Louis Shoyer, et al., Union Township highway improve, bonds sold
to the First & Tri-State National Bank, of Fort Wayne,at par plus
for services preparing plans and specifications for the erection
a premium of $97.75, equal to 101.01, a basis of about 4.29%. Due
of a new city hall building. Dated May 1 1930. Denom.$1.000.
$480, July 15 1931 $480, Jan. and July 15 from 193210 1940, incl.,
All of the above bonds are to bear a uniform rate of intereit, which is
and $480 on Jan. 15 1941.
to be payable semi-annually on May and Nov. 1. Principal and interest
4,000 John F. Kerch et al., Union Township highway improve, bonds sold
payable in gold at the office of the City Treasurer. No bids for less than
to the Citizens State Bank. Columbia City, at par plus a premium
par and accrued interest will be considered. A certified check for $12,640,
of $34.25, equal to 100.85, a basis of about 4.32%. Due $200,
payable to the order of the City Comptroller, must accompany each proJuly 15 1931 $200, Jan. and July 15 from 1932 to 1940, incl., and
pmal. The favorable opinion of Clay, Dillon & Vandewater, of New
$200, Jan. 15 1941.
York City, as to legality, will be on file in the City Comptroller s office
2,640 Lyman Schrader et al., Columbia Township highway improve.
of bonds.
before delivery
bonds sold to Mrs. 0. Huffman, a local investor, at par plus a
-The $60,000
-MATURITY.
premium of $18.25, equal to 100.68.a basis of about 4.36%. Due
VANCOUVER, Clarke County, Wash.
$132, July 15 1931 $132, Jan .and July 15 from 1932 to 1940, incl.,
semi-annual fire and police station building bonds that was
Issue of 5%
-matures
and $132, Jan. 15 1941.
purchased at par by the State of Washington-V. 130, p. 3410
All of the above bonds are dated April 15 1930.
from 1931 to 1950, inclusive.
Sedgwick County,
WICHITA SCHOOL DISTRICT (P. 0.
VISALIA UNION HIGH SCHOOL DISTRICT (P. 0. Visalia), Kans.-BOND OFFERING.-Sealed bids Wichita) received by Louis
will be
-June 6 has been set by Gene's,
-BOND ELECTION.
Tulare County, Calif.
proposed $210,000 bond issue to for the Secretary of the Board of Education, until 7:30 p.m. on May 21,
the District Trustees for an election on a
purchase of a $450,000 issue of 434% school bonds. Denom.$1,000.
finance school building construction.
Dated May 1 1930. Due $30,000 from Aug. 1 1931 to 1945, incl. Prin.
-BOND OFFER- and int. (F & A.) payable at the office of the State Treasurer. The
(P.O.Evansville), Ind.
VANDERBURGH COUNTY
approving Opinions
-Charles 0. Wesselman, County Treasurer, will receive sealed bids Elcock & Martin, of Clay, Dillon & Vandewater of New York, and
ING.
%
of Wichita, will be furnished. The said Board reserved
until 10 a.m. on May 24, for the purchase of the following issues of
the right to repurchase for a period of 60 days subsequent to sale any or
bonds, aggregating 358,560:
amitivcilypt
MAY 17 1930.]
FINANCIAL CHRONICLE
all of the first maturing E60,000 of said bonds at the bid price. No other
bonds of this issue will be sold for 90 days subsequent to May 21 1930.
The Secretary will furnish the mired bidding forms. A certified check
for 2% of the bid, payable to the Treasurer of the Board, is required.
WILMINGTON, New Castle County, Del.—BOND SALE.—The
$1,500,000 43 % coupon or registered sinking fund bonds offered on
May 12—V. 130, p. 5233—were awarded to a groop composed of the
First National Bank, Salomon Bros. & Hutzler, and Darby & Co., all of
New York City, at 'ear plus a premium of $103,950, equal to 106.93,
basis of about 4.11%. The bonds are dated June 2 1930 and mature a
follows: $35,000 April 1 and $240,000 Oct. 1 1960 $244.800 April as
1
and $249.650 Oct. 1 1961 $254,650 April 1 and $259,750 Oct. 1 1962,
and $216,150 on April 1 1963. The successful bidders are reoffering the
bonds for public investment priced to yield 4.05%. They are stated to
be legal investment for savings banks and trust funds in New York, Massachusetts, Delaware and other States. A statement of the financial condition of Wilmington appeared in—V. 130, P. 3233.
WINCHESTER, Frederick County, Va.—BOND SALE.—The
$145,000 issue of 434% semi-annual sewer, street, school and refunding
bonds offered for sale on May 9—V. 130, p. 3041—was purchased jointly
by H. M. Byllesby & Co., and Morris Mather & Co., both of New York,
at a price of 99.46, a basis of about 4.53%. Dated May 1 1929. Due from
1959 to 1964, incl. Among the other bids were the following:
Bidder—
Price Bid.
First National Old Colony Corp
$143,709.50
Eldredge & Co
143,477.50
Bancamerica-Blair Corp
142,400.00
First Detroit Co
141,462.00
Frederick E. Nolting & Co
141,243.50
(There were 4 other bids received.)
WINSLOW TOWNSHIP (P. 0. Camden), Camden County, N. J.—
BOND SALE.—M. M. Freeman & Co. of Philadelphia are reported
have recently purchased an issue of $160,000 6% improvement bonds to
a price of par. Dated April 1 1930. Denom. $1,000. Due on April at
follows: $134,000 in 1935 and $26,000 In 1936. Prin. and semi-ann. 1 as
int.
(Apr. & Oct. 1) payable at the Haddonfield National Bank, Haddonfield,
or at the Chase National Bank, N. Y. City. Legality approved by Caldwell & Raymond of N. Y. City.
WINTERS INDEPENDENT SCHOOL DISTRICT (P. 0.
Runnels County, Tex.—BONDS REGISTERED.—On May 8Winters),
the State
Comptroller registered a $30,000 issue of 5% serial school bonds.
YAMHILL COUNTY SCHOOL DISTRICT NO. 29 (P. 0. Newberg),
Ore.—BOND SALE.—The $10,000 issue of school bonds offered for sale
on May 2—V. 130, P. 3223—was purchased by the State of Washington,
as 514s, at par.
YOUNGSTOWN, Mahoning County, Ohio.—BOND OFFERING.—
James E. Jones, Director of Finance, will receive sealed bids tmtll 12 m.
(eastern standard time) on May 21, for the purchase of $467,581.80 5%
special assessment street improvement bonds. Dated May 1 1930.
$1,000 and $516.36. Due on Oct. 1 as follows: $93,516.36 from Denoms
1931
1935, incl. Prin. and semi-annual interest (April and Oct. 1) payable to
the office of the Sinking Fund Trustees. Bids for the bonds to bear at
at a rate other than 5% will also be considered, provided, however, Mt.
that
where a fractional rate is bid such fraction shall be X of 1% or a
thereof. A certified check for 2_% of the amount of bonds bid for,multiple
payable
to the order of the Director of Finance, must accompany each proposal.
3589
BURLINGTON, Ont.—BOND SALE.—Harris, McKeen & Co. of
Toronto on May 1 purchased an issue of $77,000 5X% coupon high school
construction bonds at 100.05, a basis of about 5.49%. The bonds are
dated May 1 1930 and mature in 1960. Int. payable semi-annually.
EDMONTON ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT NO. 7, Alta.—BOND SALE.—The $125,000 school bonds offered
on May 9—V. 130, p. 3042—were awarded as 5s to the Royal Financial
Corp. of Toronto at 97.11, a basis of about 5.25%. The bonds mature
In 40 equal annual installments.
LACHUTE, Que.—BONDS DEFEATED AT ELECTION.—At an
election held recently the ratepayers rejected two proposed by-laws calling
for the issuance of $290,000 in bonds for water and sewerage construction
purposes. One by-law for $184,000 sewerage system bonds was defeated
by a majority of 87 votes and the other for $106,000 water system bonds
lost by a majorit of 23 votes.
MONTREAL (Catholic School Commission of), Que.—$1,500.000
SCHOOL BONDS OFFERED.—The $1,500.000 5% school bonds awarded
on May 6 at 99.437, a basis of about 5.039'. to a group headed by Wood.
Gundy & Co., of Toronto—V. 130, p. 3412—are being reoffered by the
successful bidders for public investment at 101 and accrued interest,
yielding 4.94%. The offering notice says: These bonds are a direct and
primary obligation of The Montreal Catholic School Commission, the
boundaries of which coincide with those of the City of Montreal. While
these bonds are issued by The Montreal Catholic School Commission,they
are virtually guaranteed, both as to principal and interest, by the City
of Montreal. Taxes levied by the Catholic School Commission are collected at the same time and in the same manner as other municipal taxes.
ONTARIO,Province of (P. 0. Toronto).—$30,000,000 4X% BONDS
SCHEDULED TO BE
—A special dispatch from Toronto to the
SOLD.
New York "Times" of May 15 reported,In effect, that an issue of $30,000,000 4 % long-term provincial bonds would shortly be marketed to refund
a similar amount of short-term notes outstanding.
ONTARIO, Province of (P. 0. Toronto).—BOND OFFERING.—
Monteith, Provincial Treasurer, will receive sealed bids until 12m.
I.
(Daylight Saving time) on May 21, for the purchase of $30,000,000 4 X%
coupon provincial bonds, the proceeds of which will be used as follows:
$22,000,000 for new capital expenditures and $5,000,000 for refunding
ta
tol w
Krrrseg. The li:nV ag9
a l
0
61 A .
$
3 000
8341,000, N34; 8356;000, 1935; ass72,0u0. 1936; z389,00, 1937: $406,000
.
,
1938; $424.000, 1939; $443,000, 1940: $463,000, 1941: $484,000. 1942
$506,000, 1913: 3529,000, 1944; $552,000, 1945; $578.000, 1946; 1604,000
0
1047; 8630.000, 1948; 5659, 00. 1949; $688,000, 1950; $720,000, 1951
5752,000, 1952; $786,000, 1953; $822,000, 1954; 5858,000, 1955: $897,000
1056; $937,000, 1957; $980,000, 1958; $1,023,000. 1959; $1,069,000, 1960
51,118,000, 1961; $1,167,000, 1962; $1,221,000, 1g63; $1,276,000, 1964
51,332,000, 1965; 11,392.000, 1966; $1,002.000, 1967; 51,048.000, 1968
$1,095,000. 1969, and $1,141,000 in 1970. Prin. and semi-ann. hit.(May
and Nov. 15) payable at holders' option in gold coin of lawful money of
Canada at the office of the Provincial Treasurer, Toronto, or at the agents
of the Provincial Treasurer in the cities of Montreal, Winnipeg, Vancouver,
Regina, Halifax, Calgary and St. John. Canada, or in gold coin of the
United States of America of the present standard of weight and fineness
at the agents of the Provincial Treasurer in the City of Neff York. or in
London. England, at the fixed rate of $4.86 2-3 to the pound sterling.
Delivery of and full payment for bonds with accrued int. to date of payment to be made in Canadian funds at the office of the Provincial Treasurer
in Toronto on June 4 1930. Tenders must be for the whole amount offered
and each tender must be accompanied by a certified check for $300.000.
QUEBEC Que.—BOND SALE.—The $3,333,000 5% coupon, registerCANADA, its Provinces and Municipalities.
able as to principal improvement bonds offered on May 13—V. 130, p. 3412
—were awarded to a syndicate composed of Dominion Securities Corp.,
ALBERTA, Province of (P. 0. Edmonton).—$5,000,000
TREASURY Bank of Montreal, A. E. Ames & Co., and Banque Canadienne Nationale,
BILLS SOLD.—Subsequent to the postponement of the sale of
$2.900,000 all of Canada, at 100.5189, a basis of about 4.97%. The bonds are dated
% 30
-year improvement bonds for which bids had been called for
Apr1130 May 1. 1930 and mature on May 1, 1960. It is stated that a sinking fund
—V.130, p. 3233—Provincial officials privately sold an issue of
$5,000,000 Is to be provided, sufficient to retire them at maturity. Interest is payable
4% treasury bills to a group composed of Wood, Gundy & Co. A. E.
Ames semi-annually on May and Nov. 1. Principal and interest payable at the
& Co. Dominion Securities Corp., and the Imperial Bank of
Canada, all office of The Chase National Bank of the City of New York in United
of Canada. The bills are dated May 1 1930 and are payable in New
York States gold coin of the present standard of weight and fineness; also payable,
on Nov. 1 1930.
at the holder's option, in Canadian gold coin in Canada in the cities of
NEW LOANS
,,no mlicr3Wir600_,,"elna
t
t
FINANCIAL
NOTICE OF WATER BOND ISSUE
AND SALE
BY THE
Town of Mountainair
TORRANCE COUNTY,
NEW MEXICO.
PUBLIC NOTICE IS HEREBY GIVEN
that the Board of Trustees of the Town of Mountainair, in the County of Torrance and State of
New Mexico, intends to issue, negotiate and sell
the negotiable coupon water bonds of said town
In the amount of $38,060.00. for the purpose of
securing funds for the construction of a system
for supplying water for the said Town of Mountainair, and for necessary appurtenances in connection therewith. said bonds to bear date
June 1 1930.
Said bonds will be payable serially, $2.000.00
on June 1st in the years 1932 to 1950, inclusive.
Said bonds will bear interest at a rate not exceeding six per centum per annum, payable semiannually, on the first days of December and
June in each year, and consist of thirty-eight
bonds in the denomination of $1,000.00 each,
numbered consecutively from 1 to 38, inclusive:
said bonds, principal and interest, being payable
at the banking house of Kountze Brothers, in the
City of New York, U. S. A.
Sealed bids shall be sent to the Clerk of the said
town, at Mountainair, New Mexico, on or before
the 2nd day of June, A. D. 1930, at the hour of
8:00 o'clock P.M., at which time any bids for
said bonds will be publicly opened. Bidders
are requested to submit bids specifying (a) the
lowest rate of interest and premium, if any,
above par, at which such bidder will purchase
said bonds; or (b) the lowest rate of interest at
which the bidder will purchase said bonds at par.
Each bid is to be accompanied by an unconditional certified check for five per cent, of the
amount bid for said bond issue, the amount
thereof to be retained by the town as liquidated
damages in case the successful bidder shall fail or
neglect to complete the purchase of said bonds
within thirty days following the acceptance of
his bld.
The bonds will be sold for cash to the highest
and best bidder, in no case for less than par and
accrued interest to date of delivery. The said
board reserves the right to reject any and all
bids offered.
The approving opinion of Pershing, Nye.
Tallmadge k Bosworth, attorneys of Denver.
Colorado, will be furnished with the bonds.
THE TOWN OF MOUNTAINAIR,
NEW MEXICO.
Attest:
By P. E. LAWSON,
ELMER E. SHAW,
Mayor.
Town Clerk.
Cotton—
Friendship—
Advertising—
A large part of the cotton business is done
through personal friendship—the same sort
of mutual faith which is necessary to every
business.
BUT—did you ever stop to think of the large
part played by consistent publicity in developing the initial introduction?
An advertisementin the"Chronicle" will help
you form new friendships among the people
constituting the "backbone" of the World's
Cotton Industry.
3590
FINANCIAL CHRONICLE
Montreal, Quebec and Toronto. The successful bidders are reoffering
the bonds for public investment, subject to approval of legal proceedings
by Brown. Montgomery & McMichael, at a price of 101.95 and interest,
yielding 4, 4 %.
7
,
The following is a complete list of the bids submitted for the bonds:
-Rates BidBiddera
Dominion Securities Corp.; Bank of Montreal; A. E.
Ames & Co., and Banque Canadienne Nationale,
jointly
100.5189 99.657
Bancamerica-Blair Corp.; Kountze Bros.; Hanson Bros.;
R. A. Daly & Co.. and Bank of Nova Scotia, jointly-100.50
National City Co.; Harris, Forbes & Co., and Guaranty
Co. of New York, jointly
100.1837
McLeod, Young, Weir & Co.', Fry, Mills, Spence & Co.;
Bell, Gouinlock & Co.. and Canadian Bank of Commerce 99.9228
Greenshields & Co.; Hannoford, Birks & Co.: Societe de
Placement du Canada; E. H. Rawlings & Co., and
Mead & Co
99.84 • 99.57
Wood. Gundy & Co.; Nesbitt. Thomson & Co., and
Royal Bank of Canada
99.48
99.78
QUEBEC (Reverend Sisters of Charity of) Que.-ADDITIONAL
INFORMATION
-LIST OF BIDS.
-In connection with the report of
the sale of $550.000 5% bonds, due Feb. 1 1955, to Wood, Gundy & Co.
of Toronto. at 98.30, a basis of about 5.16%-V. 130, P. 3412
-we learn
that the Royal Bank of Canada, of Montreal, was associated with the
afore-mentioned investment house in the award. Bids for the issue were
reported as follows:
BidderRate Bid.
Wood, Gundy & Co., and Royal Bank of Canada, jointly (purchasers)
98.30
A.E.Ames & Co.,and Banque Canadienne Nationale,jointly
97.92
General Bond Corp
97.15
Credit Anglo-Francais, Ltd
97.12
McLeod,Young, Weir & Co
96.91
-BOND SALE.
REVELSTOKE, B. C.
-The 560.000 5% water works
construction bonds offered on April 23-V. 130, p. 2278
-were awarded to
Pemberton & Son, of Vancouver, at 95.93, a basis of about 5.40%,. The
bonds are dated July 15 1929. Denom. $1,000. Duo July 15 1944. Interest
Was payable on Jan.and July 15. Bonds and interest are payable at Revelstoke.
SHAWINIGAN FALLS, Que.-BOND OFFERING.
-A. R. Meldrum,
Secretary-Treasurer of the Trustees of the Dissentient School Municipality
of Shawinigan Falls, will receive sealed bids until 6 p. m. on May 28 for
the purchase of $29,500 5% school bonds. Dated Dec. 11930. Elenom.
$1,000, $500 and $100. Due serially in 29 years. Bonds are payable at
Montreal.
THREE RIVERS, Que.-BOND OFFERING.
-Jacques Denechaud,
City Treasurer, will receive sealed bids until 4 p.m. on May 19, for the
purchase of the following issues of various improvement bonds aggregating
,377.600. to bear interest at either 5 or 5Y6%,stated in proposal:
1.839,500 bonds issued by virtue of by-laws Nos. 57, 58, 59, 60, 61, 62
and 63. Dated May 1 1928. Due in 49 annual instalments.
225,000 bonds issued by virtue of by-law No. 69. Dated Nov. 1 1929.
Due in 20 annual instalments.
132,400 bonds issued by virtue of by-laws Nos. 64a, 66 and 68. Dated
Nov. 11929. Due in 30 annual instalments.
100,000 bonds issued by virtue of by-law No. 70. Dated Nov. 1 1929.
Due in 40 annual instalments.
45.000 bonds issued by virtue of by-law No. 64. Dated Nov. 1 1928.
Due in 30 annual instalments.
35,700 bonds issued by virtue of by-law No. 65. Dated May 1 1929.
Due in 30 annual instalments.
Interest on all of the above bonds will be payable semi-annually on May 1
and Nov. 1.
mei The offering notice says: Both the principal of these bonds and the
Interest thereon will be payable at the holder's option, at the chief office
of the Banque Canadlenne Nationale, in the City of Montreal, or at any of
2
FINANCIAL
the branches of the said bank in the city of Three Rivers, or in the city of
Montreal, or in the city of Quebec. These bonds shall be issued in denoms.
of $100.00 or multiples of $100.00 at the purchaser's option. The said
tenders will be considered at the meeting of the Council of the city of Three
Rivers, on May 19 1930, at 8 o'clock p.m., or so soon thereafter as the
Council or its Committee can do so. Each tender must be accompanied by a
certified check payable to the order of the city of Three Rivers, equal to
1% of the par value of the issues. The check of the tenderer whose offer
Is accepted shall be handed to him after the completion of his contract,
without interest. The accrued interest on the bonds must be added to the
price of the bonds at the time of their delivery.
TORONTO, Ont.-BOND SALE.
-The following issues of 5% coupon,
registerable as to principal bonds aggregating $13,396,000 offered on
May 14-V. 130, p.3412
-were awarded to a syndicate composed of the
National City Co.,Dillon, Read & Co., Bankers Co. of New York, Guaranty
Co. of New York, Harris, Forbes & Co., all of New York City. Dominion
Securities Corp., and the Canadian Bank of Commerce, both of Toronto,
at a price of 100.2149, a basis of about 4.96% •
$8,229,000 local improvement North Toronto sewerage system bonds.
Due as follows: 5381,000. 1931; 5400,000, 1932; $420,000.
1933: $441,000, 1934; 5464,000, 1935 $487,000, 1936; 5511,000.
1937: $537,000, 1938; $564,000, 1939 $592,000. 1940; 5621,000.
1941; $652.000. 1942; 5685.000. 1943 5719,000. 1944. $755,000.
1945.
3,261,000 local improvement consolidation bonds. Due as follows:
$259,000. 1931; 5272,000, 1932; 5286,000, 1933; 5300.000, 1934;
5315,000. 1935; $331.000, 1936; 3348,000. 1937: $365,000, 1938:
5383.000. 1939. and $402,000 in 1940.
1,906,000 hydro-electric system bonds. Due as follows: 358,000, 1931:
$61,000, 1932; $64,000. 1933: 567.000, 1934; 370,000, 1935:
374,000, 1936: 877,000, 1937; 881,000, 1938; $85,000, 1939:
589.000. 1940: 594,000, 1941; $98.000, 1942: 5103.000. 1943:
3109,000, 1944: 5114.000, 1945; 3120.000. 1946; $126,000. 1947:
5132,000. 1948: $139,000. 1949. and 3145.000 In 1950.
The entire $13,396,000 bonds are dated April 1 1930 and mature annually
as follows: 5698,000, 1931; 8733.000, 1932: 3770,000. 1933; $808,000, 1934:
5849,000, 1935: 3892.000. 1936: 3936,000. 1937: 3983.000. 1938:51.032,000,
1939; $1,083,000, 1940; 5715,000, 1941; 3750,000. 1942; $788,000, 1943;
$828,000, 1944; $869,000, 1945; 5120,000. 1946; 8126,000, 1947; $132,000,
1948; 5139,000, 1949, and 3145.000 in 1950.
-The successful bidders are reoffering
BONDS PUBLICLY OFFERED.
the bonds for public subscription at prices ranging from 100.81 for the
1931 maturity, yielding 4.001. to 101.89 for the 1950 maturity, yielding
4.85%. Principal and semi-annual interest (April and Oct. 1) payable
at the holder's option in U. S. gold coin at the agency of the Canadian
Bank of Commerce in New York City, or in Toronto in Canadian gold
coin, or in London, Eng., at a fixed rate of $4.86 2-3 to the pound sterling.
icial tabulation of the bids submitted for the bonds follows:
Bidder
Rate Bid.
The National City Co., Ltd. Dillon, Read & Co.; Harris, Forbes
•
& Co.; Guaranty Co. of New York; Bankers' Co. of New York;
commercinion Securities Corp., Ltd.; the Canadian Bank of
the Dom e
*100.2149
Wood, Gundy & Co., Ltd.; A. E. Ames & Co., Ltd.: the Royal
Bank of Canada; the Chase Securities Corp.; the Continental
Minis Co------------------------------------------------ 100.179
Bank of Montreal; McLeod, Young, Weir & Co., Ltd.; Fry, Mills.
Spence & Co.; Bell, Gouinlock & Co.: Hanson Bros., Inc.; First
National BaWK, N. Y.; First National Old Colony Corp.;
Hallgarten & Co.; Stone & Webster and Blodgett; Salomon Bros. 99.9183
& Hutzler; First Detroit Co., Inc.; Eldredge & Co
Bancamerica-Blair Corp., N. Y.; Halsey, Stuart & Co., Inc.,
N. Y.; First Union Trust & Savings Bank, Chicago; Kountze
Bros., N. Y.; E. H. Rollins & Sons, Boston; Guardian Detroit
Co., Detroit; It. A. Daly & Co., Ltd., Toronto; the Bank of
Nova Scotia, Toronto; Matthews & Co., Ltd., Toronto; the
Dominion Bank, Toronto: Fleming, Denton & Co., Toronto;
W.C.Pitfield & Co., Toronto; WelLs, Dickey & Co., Minneapolis 99.788
* Accepted bid.
FINANCIAL
CHICAGO
FINANCIAL
-----
CHICAGO
Paul C. Dodge & Co., Inc.
HARRIS,SMALL & CO.
INVESTMENT SECURITIES
150 CONGRESS ST., W.
DETROIT
120 SOUTH LA SALLE STREET
CHICAGO
SAINT LOUIS
[VoL. 130.
-- •
UTILITY
KANSAS CITY
PHILADELPHIA
Joel Stockard & Co., Inc.
Investment Securities
EW.Clark4Co,
BANKERS
Main Office
MPAN
IN% F51
Penobscot Bldg.
DETROIT
Branch Offices:
[ So. La Salle St., CHICAGO
230
Kalamazoo
Jackson
Dearborn
New York St. Louis Milwaukee Louisville
Members Detroit Stock Exchange
Indianapolis Detroit Minneapolis
Richmond San Francisco
Locust and Sixteenth Streets
Philadelphia
Members of Detroit Stock Exchange
Established 1837
Charles A. Parcells & Co.
Members New York and Philadelphia
INVESTMENT SECURITIES
Stock Exchanges
PENOBSCOT BUILDING, DETROIT, MICH.
WHITTLESEY,
McLEAN &CO.
CHICAGO, ILL.
PAUL & CO., Inc.
INVESTMENT BONDS
LISTED STOCKS
iluctioneer5
PENOBSCOT BUILDING. DETROIT
Adrian H. Muller & Son
1420 Walnut St.,
PHILADELPHIA
Investment
120 Broadway
NEW YORK
Securities
A. 0. Slaughter & Co.
Members
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
120 SOUTH LA SALLE STREET
Established 1938
MINING ENGINEERS
WARREN A. TYSON & CO.
Investment Securities
1518 Walnut Street
PHILADELPHIA
H. M. CHANCE & CO.
19 Liberty Street
NEW YORK
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Building
PHILADELPHIA
Stock & Bond Auctioneers
Sales Every Wednesday
@FedFRASER